Common use of Capital Expenditure Requirement Clause in Contracts

Capital Expenditure Requirement. (a) Tenant shall build, install, place or erect improvements to the Property which total a minimum of One Million Five Hundred Thousand Dollars ($1,500,000.00) during the first three (3) years of the Lease Term, provided that Tenant has made a total of Five Million Dollars ($5,000,000.00) of Improvements during the first three (3) years under this lease and under a lease that Tenant has entered into as of the date hereof between Tenant and Big Boulder Corporation. (b) Improvements for the purposes of 29(a) shall consist of chair lifts, snow-making equipment, groomers, computer wiring, building renovations, new buildings and ski facility maintenance equipment. (c) Security for the improvements to be installed under the terms of this paragraph shall be set forth in the attached Escrow Agreement which is incorporated herein.

Capital Expenditure Requirement. (a) Tenant shall build, install, place or erect improvements to the Property which total a minimum of One Million Five Hundred Thousand Dollars ($1,500,000.00) during the first three (3) years of the Lease Term, provided that Tenant has made a total of Five Million Dollars ($5,000,000.00) of Improvements during the first three (3) years under this lease and under a lease that Tenant has entered into as of the date hereof between Tenant and Big Boulder CorporationBlue Ridge Real Estate Company. (b) Improvements for the purposes of 29(a) shall consist of chair lifts, snow-making equipment, groomers, computer wiring, building renovations, new buildings and ski facility maintenance equipment. (c) Security for the improvements to be installed under the terms of this paragraph shall be set forth in the attached Escrow Agreement which is incorporated herein.