Capital Additions Financed by Landlord. Upon the request of Tenant, Landlord may elect to finance a Capital Addition, if Landlord, Tenant and ALS Holdings mutually agree to Tenant's performing such work (each, a "Landlord Capital Addition"). If Landlord agrees to finance a Landlord Capital Addition, Tenant shall provide such information as Landlord may from time to time request, including, without limitation, the following: (i) Reasonable evidence that such Landlord Capital Addition will be, and upon completion, has been, completed in compliance with all applicable Legal Requirements, all Other Requirements and all Facility Mortgage Requirements; (ii) Copies of any required building, zoning and land use permits and approvals and, upon completion of such Landlord Capital Addition, a copy of the certificate of occupancy for such Landlord Capital Addition, if required; (iii) Such information, certificates, licenses, permits or other documents necessary to confirm that Tenant will be able to use the Landlord Capital Addition upon completion thereof in accordance with the applicable Facility's Intended Use, including all Legal Requirements and all Other Requirements; (iv) An Officer's Certificate and a certificate from Tenant's architect, if available, setting forth, in reasonable detail, the projected (or actual, if available) Capital Additions Cost and invoices and lien waivers from Tenant's contractors for such work; (v) A deed conveying to Landlord title to any land acquired for the purpose of constructing the Landlord Capital Addition free and clear of any liens or encumbrances, except those approved by Landlord, and, upon completion of the Landlord Capital Addition, a final as-built survey thereof reasonably satisfactory to Landlord; (vi) Endorsements to any outstanding owner's policy of title insurance, for Capital Additions Costs in excess of $500,000, covering the applicable Facility or commitments therefor, reasonably satisfactory in form and substance to Landlord, (A) adding any land acquired for purposes of constructing the Landlord Capital Addition, (B) updating the same without any additional exceptions except as reasonably approved by Landlord, and (C) increasing the coverage thereof by an amount equal to the Capital Additions Cost relating to such Landlord Capital Addition; and (vii) Copies of plans and specifications relating to such Landlord Capital Addition and other instruments reasonably required by Landlord.
Appears in 4 contracts
Samples: Property Lease Agreement (Brookdale Senior Living Inc.), Property Lease Agreement (Provident Senior Living Trust), Property Lease Agreement (Brookdale Senior Living Inc.)
Capital Additions Financed by Landlord. Upon If Landlord shall, (i) at the request of TenantTenant and in Landlord's sole discretion, Landlord may or (ii) in the exercise of its rights of first refusal to provide financing pursuant to Section 6.6 hereof, elect to finance a Capital Addition, if Landlord, Tenant and ALS Holdings mutually agree to Tenant's performing such work (each, a "Landlord Capital Addition"). If Landlord agrees to finance a Landlord any proposed Capital Addition, Tenant shall provide Landlord with such information as Landlord may from time to time request, including, without limitation, the following:
(ia) Reasonable evidence Evidence that such Landlord Capital Addition will bebe and, and upon completion, has been, completed in compliance with all the applicable Legal Requirements, all Other Requirements requirements of State and all Facility Mortgage Requirementsfederal law with respect to capital expenditures for health care facilities;
(iib) Copies of any required all building, zoning and land use permits and approvals and, upon completion of such Landlord Capital Addition, a copy of the certificate of occupancy for such Landlord Capital Addition, if required;
(iiic) Such information, certificates, licenses, permits or other documents necessary to confirm that Tenant will be able to use the Landlord Capital Addition upon completion thereof in accordance with the applicable Facility's Primary Intended Use, including all Legal Requirements required federal, State or local government licenses and all Other Requirementsapprovals;
(ivd) An Officer's Certificate and a certificate from Tenant's architect, if available, architect setting forth, in reasonable detail, the projected (or actual, if available) Capital Additions Cost Cost, and invoices and lien waivers from Tenant's contractors for such work;
(ve) A deed conveying to Landlord title to any land acquired for the purpose of constructing the Landlord Capital Addition free and clear of any liens or encumbrances, except those approved by Landlord, and, upon completion of the Landlord Capital Addition, a final as-built survey thereof reasonably satisfactory to Landlord;
(vif) Endorsements to any outstanding owner's policy of title insurance, for Capital Additions Costs in excess of $500,000, insurance covering the applicable Facility Leased Property, or commitments a commitment therefor, reasonably satisfactory in form and substance to Landlord, (A) adding any land acquired for purposes of constructing the Landlord Capital Addition, (Bi) updating the same such policy without any additional exceptions except as reasonably approved by Landlord, and (Cii) increasing the coverage thereof by an amount equal to the Fair Market Value of the Capital Addition (except to the extent covered by the owner's policy of title insurance referred to in subparagraph (g) below);
(g) If appropriate, (i) an owner's policy of title insurance insuring fee simple title to any land conveyed to Landlord pursuant to subparagraph (e) above, free and clear of all liens and encumbrances, except those approved by Landlord, and (ii) a lender's policy of title insurance, reasonably satisfactory in form and substance to Landlord and any Facility Mortgagee;
(h) An appraisal of the applicable Leased Property by a Qualified Appraiser, acceptable to Landlord, and/or an Officer's Certificate stating that the value of the applicable Leased Property upon completion of the Capital Addition exceeds the Fair Market Value thereof prior to the commencement of such Capital Addition by an amount not less than 80% of the Capital Additions Cost relating to such Landlord Capital AdditionCost; and
(viii) Copies Prints of plans architectural and specifications engineering drawings relating to such Landlord Capital Addition and such other certificates, documents, opinions of counsel, appraisals, surveys, certified copies of duly adopted resolutions of the board of directors of Tenant authorizing the execution and delivery of any lease amendment, or other instruments as may be reasonably required by Landlord, any Facility Mortgagee and any Lending Institution advancing or reimbursing Landlord or Tenant for any portion of the Capital Additions Cost. If Landlord shall finance the proposed Capital Addition, Landlord may elect (with Tenant's consent, such consent not to be unreasonably withheld) to obtain repayment of amounts so financed by an increase in the Rent payable hereunder.
Appears in 3 contracts
Samples: Master Lease Agreement (Crescent Real Estate Equities Inc), Master Lease Agreement (Magellan Health Services Inc), Master Lease Agreement (Crescent Real Estate Equities Co)
Capital Additions Financed by Landlord. Upon If Landlord shall, at the request of TenantTenant and in Landlord's sole discretion (except as provided in Section 6.5), Landlord may elect to finance a Capital Addition, if Landlord, Tenant and ALS Holdings mutually agree to Tenant's performing such work (each, a "Landlord Capital Addition"). If Landlord agrees to finance a Landlord any proposed Capital Addition, Tenant shall provide Landlord with such information as Landlord may from time to time request, including, without limitation, the following:
(ia) Reasonable evidence Evidence that such Landlord Capital Addition will be, and and, upon completion, has been, completed in compliance with all the applicable Legal Requirements, all Other Requirements requirements of State and all Facility Mortgage Requirementsfederal law with respect to capital expenditures for facilities like the Facilities;
(iib) Copies of any required all building, zoning and land use permits and approvals and, and upon completion of such Landlord Capital Addition, a copy of the certificate of occupancy for such Landlord Capital Addition, if required;
(iiic) Such information, certificates, licenses, permits or other documents necessary to confirm that Tenant will be able to use the Landlord Capital Addition upon completion thereof in accordance with the applicable Facility's Primary Intended Use, including all Legal Requirements required federal, State or local government licenses and all Other Requirementsapprovals;
(ivd) An Officer's Certificate and a certificate from Tenant's architect, if available, setting forth, in reasonable detail, the projected (or actual, if available) Capital Additions Cost and invoices and lien waivers from Tenant's contractors for such work;
(ve) A deed conveying to Landlord title to any land acquired for the purpose of constructing the Landlord Capital Addition free and clear of any liens or encumbrances, except those approved by Landlord, and, upon completion of the Landlord Capital Addition, a final as-built survey thereof reasonably satisfactory to Landlord;
(vif) Endorsements to any outstanding owner's policy of title insurance, for Capital Additions Costs in excess of $500,000, insurance covering the applicable Facility Leased Property or commitments therefor, reasonably satisfactory in form and substance to Landlord, (A) adding any land acquired for purposes of constructing the Landlord Capital Addition, (Bi) updating the same without any additional exceptions except as reasonably approved by Landlord, and (Cii) increasing the coverage thereof by an amount equal to the Fair Market Value of the Capital Additions Cost relating Addition (except to such the extent covered by the owner's policy of title insurance referred to in subparagraph (g) below);
(g) If appropriate, (i) an owner's policy of title insurance insuring fee simple title to any land conveyed to Landlord Capital Additionpursuant to subparagraph (e) above, free and clear of all liens and encumbrances, except those reasonably approved by Landlord, and (ii) a lender's policy of title insurance, reasonably satisfactory in form and substance to Landlord and any Facility Mortgagee; and
(viih) Copies Prints of plans architectural and specifications engineering drawings relating to such Landlord Capital Addition and such other certificates, documents, opinions of counsel, appraisals, surveys, certified copies of duly adopted resolutions of the board of directors of Tenant authorizing the execution and delivery of any lease amendment or other instruments reasonably required by Landlord, any Facility Mortgagee and any Lending Institution advancing or reimbursing Landlord or Tenant for any portion of the Capital Additions Cost. If Landlord shall finance the proposed Capital Addition, Tenant shall pay to Landlord all reasonable costs and expenses paid or incurred by Landlord and any Facility Mortgagee or Lending Institution which has committed to finance such Capital Addition in connection therewith, including, but not limited to, (a) the reasonable attorneys' fees and expenses, (b) all printing expenses, (c) all filing, registration and recording taxes and fees, (d) documentary stamp taxes, (e) title insurance charges, appraisal fees, and rating agency fees, and (f) commitment fees.
Appears in 2 contracts
Samples: Master Lease Agreement (Brookdale Living Communities Inc), Master Lease Agreement (Senior Housing Properties Trust)
Capital Additions Financed by Landlord. Upon the request of Tenant, Landlord may elect to finance make available funds and pay for a Capital Addition, if Landlord, Tenant and ALS BLC Holdings mutually agree in writing that the cost of such Capital Addition proposed by Tenant will be added to Tenant's performing such work the Lease Basis (each, a "Landlord Capital Addition"). If Landlord agrees to finance fund the costs of a Landlord Capital Addition, Tenant shall provide such information as Landlord may from time to time request, including, without limitation, the following:
(i) Reasonable evidence that such Landlord Capital Addition will be, and upon completion, has been, completed in compliance with all applicable Legal Requirements, all Other Requirements and all Facility Mortgage Requirements;
(ii) Copies of any required building, zoning and land use permits and approvals and, upon completion of such Landlord Capital Addition, a copy of the certificate of occupancy for such Landlord Capital Addition, if required;
(iii) Such information, certificates, licenses, permits or other documents necessary to confirm that Tenant will be able to use the Landlord Capital Addition upon completion thereof in accordance with the applicable Facility's Intended Use, including all Legal Requirements and all Other Requirements;
(iv) An Officer's Certificate and a certificate from Tenant's architect, if available, setting forth, in reasonable detail, the projected (or actual, if available) Capital Additions Cost and invoices and lien waivers from Tenant's contractors for such work;
(v) A deed conveying to Landlord title to any land acquired for the purpose of constructing the Landlord Capital Addition free and clear of any liens or encumbrances, except those approved by Landlord, and, upon completion of the Landlord Capital Addition, a final as-built survey thereof reasonably satisfactory to Landlord;
(vi) Endorsements to any outstanding owner's policy of title insurance, for Capital Additions Costs in excess of $500,000, insurance covering the applicable Facility or commitments therefor, reasonably satisfactory in form and substance to Landlord, (A) adding any land acquired for purposes of constructing the Landlord Capital Addition, (B) updating the same without any additional exceptions except as reasonably approved by Landlord, and (C) increasing the coverage thereof by an amount equal to the Capital Additions Cost relating to such Landlord Capital Addition; and
(vii) Copies of plans and specifications relating to such Landlord Capital Addition and other instruments reasonably required by Landlord.
Appears in 2 contracts
Samples: Property Lease Agreement (Brookdale Senior Living Inc.), Property Lease Agreement (Provident Senior Living Trust)
Capital Additions Financed by Landlord. Upon (a) Tenant shall request that Landlord provide or arrange financing for a Capital Addition by providing to Landlord such information about the request Capital Addition (a "Request") as Landlord may request, including without limitation, all information referred to in Section 10.1 above. Landlord may, but shall be under no obligation to, obtain the funds necessary to meet the Request. Within thirty (30) days subsequent to receipt of Tenanta Request, Landlord may elect shall notify Tenant as to whether it will finance a the proposed Capital AdditionAddition and, if so, the terms and conditions upon which it will do so, including the terms of any amendment to this Lease. In no event shall the portion of the projected Capital Addition Cost comprised of land, if any, materials, labor charges and fixtures be less than ninety percent (90%) of the total amount of such cost. Tenant may withdraw its Request by notice to Landlord at any time before or after receipt of Landlord, Tenant 's terms and ALS Holdings mutually agree to Tenant's performing such work conditions.
(each, a "Landlord Capital Addition"). b) If Landlord agrees to finance a Landlord the proposed Capital Addition, Tenant shall provide such information as Landlord may from time with the following prior to time request, including, without limitation, the followingany advance of funds:
(i) Reasonable evidence that such Landlord Capital Addition will be, and upon completion, has been, completed in compliance with all applicable Legal Requirements, all Other Requirements and all Facility Mortgage Requirementscustomary or other required loan documentation;
(ii) Copies of any required building, zoning and land use permits and approvals and, upon completion of such Landlord Capital Addition, a copy of the certificate of occupancy for such Landlord Capital Addition, if required;
(iii) Such information, certificates of need, regulatory approvals of architectural plans and other certificates, licenses, permits or other documents requested by either Landlord or any lender with whom Landlord has agreed or may agree to provide financing which are necessary to confirm that Tenant will be able to use the Landlord Capital Addition upon completion thereof in accordance with the applicable Facility's Primary Intended Use, including all Legal Requirements required federal, state or local government licenses and all Other Requirementsapprovals;
(iviii) An an Officer's Certificate and and, if requested, a certificate from Tenant's architect, if available, setting forth, forth in reasonable detail, detail the projected (or actual, if available) cost of the Capital Additions Cost Addition;
(iv) an amendment to this Lease, duly executed and invoices acknowledged, in form and lien waivers from Tenant's contractors for substance satisfactory to Landlord, and containing such workprovisions as may be necessary or appropriate, including without limitation, any appropriate changes in the legal description of the Land, the Fair Market Value and the Rent, which shall be increased in an amount at least equal to the principal and interest on the debt incurred by Landlord to finance the Capital Addition;
(v) A a deed conveying title to Landlord title to any land acquired for the purpose of constructing the Landlord Capital Addition Addition, free and clear of any liens or encumbrances, encumbrances except those approved by Landlord, Landlord and, upon both prior to and following completion of the Landlord Capital Addition, a final an as-built survey thereof reasonably satisfactory to Landlord;
(vi) Endorsements endorsements to any outstanding owner's policy of title insurance, for Capital Additions Costs in excess of $500,000, insurance covering the applicable Facility Leased Property and any additional land referred to in Section 10.3(b)(v) above, or commitments therefora supplemental policy of title insurance covering the Leased Property and any additional land referred to in Section 10.3(b)(v) above, reasonably satisfactory in form and substance to Landlord, Landlord (A) adding any land acquired for purposes of constructing the Landlord Capital Addition, (B) updating the same without any additional exceptions exceptions, except as reasonably approved may be permitted by Landlord, ; and (CB) increasing the coverage thereof by an amount equal to the Fair Market Value of the Capital Additions Cost relating Addition (except to such the extent covered by the owner's policy of title insurance referred to in subparagraph (vii) below);
(vii) if required by Landlord, (A) an owner's policy of title insurance insuring fee simple title to any land conveyed to Landlord pursuant to subparagraph (v), free and clear of all liens and encumbrances except those approved by Landlord and (B) a lender's policy of title insurance satisfactory in form and substance to Landlord and the Lending Institution advancing any portion of the Capital Addition Cost;
(viii) if required by Landlord, prior to commencing the Capital Addition, an M.A.I. appraisal of the Leased Property indicating that the Fair Market Value of the Leased Property upon completion of the Capital Addition will exceed the Fair Market Value of the Leased Property prior thereto by an amount not less than one hundred percent (100%) of the Capital Addition Cost; and
(viiix) Copies such other certificates (including, but not limited to, endorsements increasing the insurance coverage, if any, at the time required by Section 13.1), documents, opinions of plans counsel, appraisals, surveys, certified copies of duly adopted resolutions of the Board of Directors of Tenant authorizing the execution and specifications relating to such Landlord Capital Addition delivery of the lease amendment described above and any other instruments as may be reasonably required by LandlordLandlord and any Lending Institution advancing or reimbursing Tenant for any portion of the Capital Addition Cost.
(c) Upon making a Request, whether or not such financing is actually consummated, Tenant shall pay or agree to pay, upon demand, all reasonable costs and expenses of Landlord and any Lending Institution which has committed to finance such Capital Addition which have been paid or incurred by them in connection with the financing of the Capital Addition, including, but not limited to, (i) the fees and expenses of their respective counsel, (ii) all printing expenses, (iii) the amount of any filing, registration and recording taxes and fees, (iv) documentary stamp taxes. transfer taxes, intangible taxes, and other similar charges, if any, (v) title insurance charges, appraisal fees, if any, rating agency fees, if any, and (vi) commitment fees, if any, and (vii) costs of obtaining regulatory and governmental approvals, including but not limited to any required certificates of need, for the construction, operation, use or occupancy of the Capital Addition.
Appears in 1 contract
Capital Additions Financed by Landlord. Upon If Landlord shall, (i) at the request of TenantTenant and in Landlord's sole discretion, Landlord may or (ii) in the exercise of its rights of first refusal to provide financing pursuant to Section 6.6 hereof, elect to finance a Capital Addition, if Landlord, Tenant and ALS Holdings mutually agree to Tenant's performing such work (each, a "Landlord Capital Addition"). If Landlord agrees to finance a Landlord any proposed Capital Addition, Tenant shall provide Landlord with such information as Landlord may from time to time request, including, without limitation, the following:
(ia) Reasonable evidence Evidence that such Landlord Capital Addition will bebe and, and upon completion, has been, completed in compliance with all the applicable Legal Requirements, all Other Requirements requirements of State and all Facility Mortgage Requirementsfederal law with respect to capital expenditures for health care facilities;
(iib) Copies of any required all building, zoning and land use permits and approvals and, upon completion of such Landlord Capital Addition, a copy of the certificate of occupancy for such Landlord Capital Addition, if required;
(iiic) Such information, certificates, licenses, permits or other documents necessary to confirm that Tenant will be able to use the Landlord Capital Addition upon completion thereof in accordance with the applicable Facility's Primary Intended Use, including all Legal Requirements required federal, State or local government licenses and all Other Requirementsapprovals;
(ivd) An Officer's Certificate and a certificate from Tenant's architect, if available, architect setting forth, in reasonable detail, the projected (or actual, if available) Capital Additions Cost Cost, and invoices and lien waivers from Tenant's contractors for such work;
(ve) A deed conveying to Landlord title to any land acquired for the purpose of constructing onstructing the Landlord Capital Addition free and clear of any liens or encumbrances, except those approved by Landlord, and, upon completion of the Landlord Capital Addition, a final as-built survey thereof reasonably satisfactory to Landlord;
(vif) Endorsements to any outstanding owner's policy of title insurance, for Capital Additions Costs in excess of $500,000, insurance covering the applicable Facility Leased Property, or commitments a commitment therefor, reasonably satisfactory in form and substance to Landlord, (A) adding any land acquired for purposes of constructing the Landlord Capital Addition, (Bi) updating the same such policy without any additional exceptions except as reasonably approved by Landlord, and (Cii) increasing the coverage thereof by an amount equal to the Fair Market Value of the Capital Addition (except to the extent covered by the owner's policy of title insurance referred to in subparagraph (g) below);
(g) If appropriate, (i) an owner's policy of title insurance insuring fee simple title to any land conveyed to Landlord pursuant to subparagraph (e) above, free and clear of all liens and encumbrances, except those approved by Landlord, and (ii) a lender's policy of title insurance, reasonably satisfactory in form and substance to Landlord and any Facility Mortgagee;
(h) An appraisal of the applicable Leased Property by a Qualified Appraiser, acceptable to Landlord, and/or an Officer's Certificate stating that the value of the applicable Leased Property upon completion of the Capital Addition exceeds the Fair Market Value thereof prior to the commencement of such Capital Addition by an amount not less than 80% of the Capital Additions Cost relating to such Landlord Capital AdditionCost; and
(vii1) Copies Prints of plans architectural and specifications engineering drawings relating to such Landlord Capital Addition and such other certificates, documents, opinions of counsel, appraisals, surveys, certified copies of duly adopted resolutions of the board of directors of Tenant authorizing the execution and delivery of any lease amendment, or other instruments as may be reasonably required by Landlord, any Facility Mortgagee and any Lending Institution advancing or reimbursing Landlord or Tenant for any portion of the Capital Additions Cost. If Landlord shall finance the proposed Capital Addition, Landlord may elect (with Tenant's consent, such consent not to be unreasonably withheld) to obtain repayment of amounts so financed by an increase in the Rent payable hereunder.
Appears in 1 contract
Samples: Master Lease Agreement (Magellan Health Services Inc)
Capital Additions Financed by Landlord. Upon If Landlord shall, at the request of TenantTenant and in Landlord's sole discretion, Landlord may elect to finance a Capital Addition, if Landlord, Tenant and ALS Holdings mutually agree to Tenant's performing such work (each, a "Landlord Capital Addition"). If Landlord agrees to finance a Landlord the proposed Capital Addition, Tenant shall provide Landlord with such information as Landlord may from time to time request, including, without limitation, the following:
(ia) Reasonable evidence Evidence that such Landlord Capital Addition will be, and upon completion, has been, been completed in compliance with all the applicable Legal Requirements, all Other Requirements requirements of State and all Facility Mortgage Requirementsfederal law with respect to capital expenditures for healthcare facilities;
(iib) Copies of any required all building, zoning and land use permits and approvals and, and upon completion of such Landlord Capital Addition, a copy of the certificate of occupancy for such Landlord Capital Addition, if required;
(iiic) Such information, certificates, licenses, permits or other documents necessary to confirm that Tenant will be able to use the Landlord Capital Addition upon completion thereof in accordance with the applicable Facility's Primary Intended Use, including all Legal Requirements required federal, State or local government licenses and all Other Requirementsapprovals;
(ivd) An Officer's Certificate and a certificate from Tenant's architect, if available, architect setting forth, in reasonable detail, the projected (or actual, if available) Capital Additions Cost and invoices and lien waivers from Tenant's contractors for such work;
(ve) A deed conveying to Landlord title to any land acquired for the purpose of constructing the Landlord Capital Addition free and clear of any liens or encumbrances, except those approved by Landlord, and, upon completion of the Landlord Capital Addition, a final as-built survey thereof reasonably satisfactory to Landlord;
(vif) Endorsements to any outstanding owner's policy of title insurance, for Capital Additions Costs in excess of $500,000, insurance covering the applicable Facility Leased Property or commitments therefor, reasonably satisfactory in form and substance to Landlord, (A) adding any land acquired for purposes of constructing the Landlord Capital Addition, (Bi) updating the same without any additional exceptions except as reasonably approved by Landlord, and (Cii) increasing the coverage thereof by an amount equal to the Fair Market Value of the Capital Addition (except to the extent covered by the owner's policy of title insurance referred to in subparagraph (g) below);
(g) If appropriate, (i) an owner's policy of title insurance insuring fee simple title to any land conveyed to Landlord pursuant to subparagraph (e) above, free and clear of all liens and encumbrances, except those approved by Landlord, and (ii) a lender's policy of title insurance, reasonably satisfactory in form and substance to Landlord and any Facility Mortgagee;
(h) An appraisal of the Leased Property by Valuation Counselors or some other Member of the Appraisal Institute of America, acceptable to Landlord, and/or an Officer's Certificate stating that the value of the Leased Property upon completion of the Capital Addition exceeds the Fair Market Value thereof prior to the commencement of such Capital Addition by an amount not less than 80% of the Capital Additions Cost relating to such Landlord Capital AdditionCost; and
(viii) Copies Prints of plans architectural and specifications engineering drawings relating to such Landlord Capital Addition and such other certificates, documents, opinions of counsel, appraisals, surveys, certified copies of duly adopted resolutions of the board of directors of Tenant authorizing the execution and delivery of any lease amendment or other instruments reasonably required by Landlord, any Facility Mortgagee and any Lending Institution advancing or reimbursing Landlord or Tenant for any portion of the Capital Additions Cost. If Landlord shall finance the proposed Capital Addition, Tenant shall pay to Landlord all reasonable costs and expenses paid or incurred by Landlord and any Facility Mortgagee or Lending Institution which has committed to finance such Capital Addition in connection therewith, including, but not limited to, (a) the reasonable attorneys' fees and expenses, (b) all printing expenses, (c) all filing, registration and recording taxes and fees, (d) documentary stamp taxes, (e) title insurance charges, appraisal fees, and rating agency fees, and (f) commitment fees.
Appears in 1 contract
Samples: Master Lease Agreement (Senior Housing Properties Trust)
Capital Additions Financed by Landlord. Upon (a) Tenant shall request that Landlord provide or arrange financing for a Capital Addition by providing to Landlord such information about the request Capital Addition (a "Request") as Landlord may request, including without limitation, all information referred to in Section 10.1 above. Landlord may, but shall be under no obligation to, obtain the funds necessary to meet the Request. Within thirty (30) days subsequent to receipt of Tenanta Request, Landlord may elect shall notify Tenant as to whether it will finance a the proposed Capital AdditionAddition and, if so, the terms and conditions upon which it will do so, including the terms of any amendment to this Lease. In no event shall the portion of the projected Capital Addition Cost comprised of land, if any, materials, labor charges and fixtures be less than ninety percent (90%) of the total amount of such cost. Tenant may withdraw its Request by notice to Landlord at any time before or after receipt of Landlord, Tenant 's terms and ALS Holdings mutually agree to Tenant's performing such work conditions.
(each, a "Landlord Capital Addition"). b) If Landlord agrees to finance a Landlord the proposed Capital Addition, Tenant shall provide such information as Landlord may from time with the following prior to time request, including, without limitation, the followingany advance of funds:
(i) Reasonable evidence that such Landlord Capital Addition will be, and upon completion, has been, completed in compliance with all applicable Legal Requirements, all Other Requirements and all Facility Mortgage Requirementscustomary or other required loan documentation;
(ii) Copies of any required building, zoning and land use permits and approvals and, upon completion of such Landlord Capital Addition, a copy of the certificate of occupancy for such Landlord Capital Addition, if required;
(iii) Such information, certificates of need, regulatory approvals of architectural plans and other certificates, licenses, permits or other documents requested by either Landlord or any lender with whom Landlord has agreed or may agree to provide financing which are necessary to confirm that Tenant will be able to use the Landlord Capital Addition upon completion thereof in accordance with the applicable Facility's Primary Intended Use, including all Legal Requirements required federal, state or local government licenses and all Other Requirementsapprovals;
(iviii) An an Officer's Certificate and and, if requested, a certificate from Tenant's architect, if available, setting forth, forth in reasonable detail, detail the projected (or actual, if available) cost of the Capital Additions Cost Addition;
(iv) an amendment to this Lease, duly executed and invoices acknowledged, in form and lien waivers from Tenant's contractors for substance satisfactory to Landlord, and containing such workprovisions as may be necessary or appropriate, including without limitation, any appropriate changes in the legal description of the Land, the Fair Market Value and the Rent, which shall be increased in an amount at least equal to the principal and interest on the debt incurred by Landlord to finance the Capital Addition;
(v) A a deed conveying title to Landlord title or an amendment to the Hospital Tract Ground Lease adding to the premises demises thereunder any land acquired for the purpose of constructing the Landlord Capital Addition Addition, free and clear of any liens or encumbrances, encumbrances except those approved by Landlord, Landlord and, upon both prior to and following completion of the Landlord Capital Addition, a final an as-built survey thereof reasonably satisfactory to Landlord;
(vi) Endorsements endorsements to any outstanding owner's policy of title insurance, for Capital Additions Costs in excess of $500,000, insurance covering the applicable Facility Leased Property and any additional land referred to in Section 10.3(b)(v) above, or commitments therefora supplemental policy of title insurance covering the Leased Property and any additional land referred to in Section 10.3(b)(v) above, reasonably satisfactory in form and substance to Landlord, Landlord (A) adding any land acquired for purposes of constructing the Landlord Capital Addition, (B) updating the same without any additional exceptions exceptions, except as reasonably approved may be permitted by Landlord, ; and (CB) increasing the coverage thereof by an amount equal to the Fair Market Value of the Capital Additions Cost relating Addition (except to such the extent covered by the owner's policy of title insurance referred to in subparagraph (vii) below);
(vii) if required by Landlord, (A) an owner's policy of title insurance insuring fee simple title to any land conveyed to Landlord pursuant to subparagraph (v), free and clear of all liens and encumbrances except those approved by Landlord and (B) a lender's policy of title insurance satisfactory in form and substance to Landlord and the Lending Institution advancing any portion of the Capital Addition Cost;
(viii) if required by Landlord, prior to commencing the Capital Addition, an M.A.I. appraisal of the Leased Property and the Hospital Improvements indicating that the Fair Market Value of the Leased Property and the Hospital Improvements upon completion of the Capital Addition will exceed the Fair Market Value of the Leased Property and the Hospital Improvements prior thereto by an amount not less than one hundred percent (100%) of the Capital Addition Cost; and
(viiix) Copies such other certificates (including, but not limited to, endorsements increasing the insurance coverage, if any, at the time required by Section 13.1), documents, opinions of plans counsel, appraisals, surveys, certified copies of duly adopted resolutions of the Board of Directors of Tenant authorizing the execution and specifications relating to such Landlord Capital Addition delivery of the lease amendment described above and any other instruments as may be reasonably required by LandlordLandlord and any Lending Institution advancing or reimbursing Tenant for any portion of the Capital Addition Cost.
(c) Upon making a Request, whether or not such financing is actually consummated, Tenant shall pay or agree to pay, upon demand, all reasonable costs and expenses of Landlord and any Lending Institution which has committed to finance such Capital Addition which have been paid or incurred by them in connection with the financing of the Capital Addition, including, but not limited to, (i) the fees and expenses of their respective counsel, (ii) all printing expenses, (iii) the amount of any filing, registration and recording taxes and fees, (iv) documentary stamp taxes. transfer taxes, intangible taxes, and other similar charges, if any, (v) title insurance charges, appraisal fees, if any, rating agency fees, if any, and (vi) commitment fees, if any, and (vii) costs of obtaining regulatory and governmental approvals, including but not limited to any required certificates of need, for the construction, operation, use or occupancy of the Capital Addition.
Appears in 1 contract