Common use of Capital Expenditures Account Clause in Contracts

Capital Expenditures Account. The Capital Expenditures Account shall be maintained with a Lending Institution reasonably satisfactory to Landlord or with any Facility Mortgagee. Except for losses resulting solely and directly from any negligence or willful misconduct of Landlord, Landlord shall not be liable to Tenant or any other Person for any decline in the value of the funds held in the Capital Expenditures Account. Furthermore, neither Landlord nor any Facility Mortgagee shall bear responsibility for the financial condition of, nor any act or omission by, any Lending Institution at which the Capital Expenditures Account is located. The interest from deposits into the Capital Expenditures Account shall be retained in the Capital Expenditures Account to be applied in accordance with the terms of this Section 11.3. Tenant hereby grants to Landlord a first priority security interest in the Capital Expenditures Account pursuant to the Uniform Commercial Code (the “UCC”) of the State whose laws govern the perfection of such security interest, and the provisions of Section 21.1.1.1 below shall be applicable to such security interest. Upon the occurrence of any Potential Default or any Event of Default, Landlord or any Facility Mortgagee may apply any funds held in the Capital Expenditures Account to cure such Potential Default or Event of Default or on account of any damages suffered or incurred by Landlord in connection therewith. In connection with any assignment of Landlord’s interest under this Lease, the assigning Landlord or any predecessor shall have the right, to transfer all Xxxxxxxxxxx Xxxxx amounts in the Capital Expenditures Account and still in its possession or control to such assignee and, upon such transfer, the assigning Landlord or any such predecessor, as the case may be, transferring any such amounts shall thereupon be completely released from all liability with respect to such amounts so transferred, and Tenant shall look solely to said assignee in reference thereto.

Capital Expenditures Account. In addition to any other deposit required under this Lease, on the date hereof, Tenant shall make an initial deposit of $80,000 into the Capital Expenditures Account. The Capital Expenditures Account shall be maintained with a Lending Institution reasonably satisfactory to Landlord or with any Facility Mortgagee, and, for purposes of Section 11.3.1.2(b) above and the other terms of this Lease, Landlord shall, with respect to each Capital Expenditures Deposit, keep records allocating such deposit to the appropriate Leased Property(ies) hereunder. Except for losses resulting solely and directly from any negligence or willful misconduct of Landlord, Landlord shall not be liable to Tenant or any other Person for any decline in the value of the funds held in the Capital Expenditures Account. Furthermore, neither Landlord nor any Facility Mortgagee shall bear responsibility for the financial condition of, nor any act or omission by, any Lending Institution at which the Capital Expenditures Account is located. The interest from deposits into the Capital Expenditures Account shall be retained in the Capital Expenditures Account to be applied in accordance with the terms of this Section 11.3. Tenant hereby grants to Landlord a first priority security interest in the Capital Expenditures Account pursuant to the Uniform Commercial Code (the “UCC”) of the State whose laws govern the perfection of such security interest, and the provisions of Section 21.1.1.1 below shall be applicable to such security interest. Upon the occurrence of any Potential Default or any Event of Default, Landlord or any Facility Mortgagee may apply any funds held in the Capital Expenditures Account to cure such Potential Default or Event of Default or on account of any damages suffered or incurred by Landlord in connection therewith. In connection with any assignment of Landlord’s interest under this Lease, the assigning Landlord or any predecessor shall have the right, and the obligation, to transfer all Xxxxxxxxxxx Xxxxx amounts in the Capital Expenditures Account and still in its possession or control to such assignee and, upon such transfer, the assigning Landlord or any such predecessor, as the case may be, transferring any such amounts shall thereupon be completely released from all liability with respect to such amounts so transferred, and Tenant shall look solely to said assignee in reference thereto.

Capital Expenditures Account. The Capital Expenditures Account shall be maintained with a Lending Institution reasonably satisfactory to Landlord or with any Facility Mortgagee. Except for losses resulting solely and directly from any negligence or willful misconduct of Landlord, Landlord shall not be liable to Tenant or any other Person for any decline in the value of the funds held in the Capital Expenditures Account. Furthermore, neither Landlord nor any Facility Mortgagee shall bear responsibility for the financial condition of, nor any act or omission by, any Lending Institution at which the Capital Expenditures Account is located. The interest from deposits into the Capital Expenditures Account shall be retained in the Capital Expenditures Account to be applied in accordance with the terms of this Section 11.3. Tenant hereby grants to Landlord a first priority security interest in the Capital Expenditures Account pursuant to the Uniform Commercial Code (the “"UCC”") of the State whose laws govern the perfection of such security interest, and the provisions of Section 21.1.1.1 below shall be applicable to such security interest. Upon the occurrence of any Potential Default or any Event of Default, Landlord or any Facility Mortgagee may apply any funds held in the Capital Expenditures Account to cure such Potential Default or Event of Default or on account of any damages suffered or incurred by Landlord in connection therewith. In connection with any assignment of Landlord’s 's interest under this Lease, the assigning Landlord or any predecessor shall have the right, to transfer all Xxxxxxxxxxx Xxxxx amounts in the Capital Expenditures Account and still in its possession or control to such assignee and, upon such transfer, the assigning Landlord or any such predecessor, as the case may be, transferring any such amounts shall thereupon be completely released from all liability with respect to such amounts so transferred, and Tenant shall look solely to said assignee in reference thereto.

Capital Expenditures Account. The Capital Expenditures Account shall be maintained with a Lending Institution reasonably satisfactory to Landlord or with any Facility Mortgagee, and, for purposes of Section 11.3.1.2(b) above and the other terms of this Lease, Landlord shall, with respect to each Capital Expenditures Deposit, keep records allocating such deposit to the appropriate Leased Property(ies) hereunder. Except for losses resulting solely and directly from any negligence or willful misconduct of Landlord, Landlord shall not be liable to Tenant or any other Person for any decline in the value of the funds held in the Capital Expenditures Account. Furthermore, neither Landlord nor any Facility Mortgagee shall bear responsibility for the financial condition of, nor any act or omission by, any Lending Institution at which the Capital Expenditures Account is located. The interest from deposits into the Capital Expenditures Account shall be retained in the Capital Expenditures Account to be applied in accordance with the terms of this Section 11.3. Tenant hereby grants to Landlord a first priority security interest in the Capital Expenditures Account pursuant to the Uniform Commercial Code (the “UCC”) of the State whose laws govern the perfection of such security interest, and the provisions of Section 21.1.1.1 below shall be applicable to such security interest. Upon the occurrence of any Potential Default or any Event of Default, Landlord or any Facility Mortgagee may apply any funds held in the Capital Expenditures Account to cure such Potential Default or Event of Default or on account of any damages suffered or incurred by Landlord in connection therewith. In connection with any assignment of Landlord’s interest under this Lease, the assigning Landlord or any predecessor shall have the right, and the obligation, to transfer all Xxxxxxxxxxx Xxxxx amounts in the Capital Expenditures Account and still in its possession or control to such assignee and, upon such transfer, the assigning Landlord or any such predecessor, as the case may be, transferring any such amounts shall thereupon be completely released from all liability with respect to such amounts so transferred, and Tenant shall look solely to said assignee in reference thereto.

Capital Expenditures Account. At the commencement of the Initial Term, Landlord shall deposit in an interest bearing account maintained by Tenant (the "CAPITAL 23 30 EXPENDITURE ACCOUNT") the amount of $265,687.00 for the purpose of funding repairs, replacements and capital improvements to be made on the Premises from time to time. The Capital Expenditures Expenditure Account shall be maintained with Genesee Regional Bank, a Lending Institution New York State Chartered Commercial Bank ("GENESEE") for so long as, in the exercise of Tenant's reasonable discretion from time to time, Genesee has sufficient financial strength and stability to reasonably satisfactory to Landlord or guaranty that funds deposited with any Facility Mortgagee. Except for losses resulting solely and directly from any negligence or willful misconduct of Landlord, Landlord shall it will not be liable subject to risk of loss. If at any time Tenant deems, in Tenant's reasonable discretion, that Genesee does not have sufficient financial strength and stability to reasonably guaranty that funds deposited with it will not be subject to risk of loss, Tenant shall have the right to move all or any other Person for any decline in the value portion of such funds to another financial institution or institutions selected jointly by Landlord and Tenant and to make subsequent Capital Expenditure Deposits (as hereinafter defined) thereto. Subject to Section 5.6.1 below, within sixty (60) days of the funds held first day of the second Lease Year of the Initial Term, and sixty (60) days of the first day of each Lease Year thereafter, Tenant shall make additional deposits (the "Capital Expenditure Deposits") in the Capital Expenditures AccountExpenditure Account in an amount equal to 3% of Tenant's annual revenue generated from Tenant's ordinary course business operations at the Premises. Furthermore, neither Landlord nor any Facility Mortgagee shall bear responsibility Tenant may withdraw monies deposited in the Capital Expenditure Account for the financial condition ofpurpose of making repairs, nor any act replacements and capital improvements on the Premises to be applied as follows: first, as required to comply with the provisions of this Lease and, second, as Tenant deems necessary or omission bydesirable. All such repairs, any Lending Institution at which replacements and capital improvements funded by the Capital Expenditures Account is located. The interest from deposits into the Capital Expenditures Expenditure Account shall be retained in the Capital Expenditures Account deemed to be applied in accordance with the terms of this Section 11.3. Tenant hereby grants to Landlord a first priority security interest in the Capital Expenditures Account pursuant to the Uniform Commercial Code (the “UCC”) part of the State whose laws govern the perfection of such security interest, and the provisions of Section 21.1.1.1 below shall be applicable to such security interest. Upon the occurrence of any Potential Default or any Event of Default, Landlord or any Facility Mortgagee may apply any funds held in the Capital Expenditures Account to cure such Potential Default or Event of Default or on account of any damages suffered or incurred by Landlord in connection therewith. In connection with any assignment of Landlord’s interest under this Lease, the assigning Landlord or any predecessor shall have the right, to transfer all Xxxxxxxxxxx Xxxxx amounts in the Capital Expenditures Account and still in its possession or control to such assignee and, upon such transfer, the assigning Landlord or any such predecessor, as the case may be, transferring any such amounts shall thereupon be completely released from all liability with respect to such amounts so transferred, and Tenant shall look solely to said assignee in reference theretoPremises.

Capital Expenditures Account. The Capital Expenditures Account shall be maintained with a Lending Institution reasonably satisfactory to Landlord or with any Facility Mortgagee. Except for losses resulting solely and directly from any negligence or willful misconduct of Landlord, Landlord shall not be liable to Tenant or any other Person for any decline in the value of the funds held in the Capital Expenditures Account. Furthermore, neither Landlord nor any Facility Mortgagee shall bear responsibility for the financial condition of, nor any act or omission by, any Lending Institution at which the Capital Expenditures Account is located. The interest from deposits into the Capital Expenditures Account Account, if any, shall be retained in the Capital Expenditures Account to be applied in accordance with the terms of this Section 11.3. Tenant hereby grants to Landlord a first priority security interest in the Capital Expenditures Account and all funds from time to time on deposit therein or otherwise deposited or paid to Landlord pursuant to this Section 11.3. During the Uniform Commercial Code (the “UCC”) continuance of the State whose laws govern the perfection of such security interest, and the provisions of Section 21.1.1.1 below shall be applicable to such security interest. Upon the occurrence of any Potential Default or any Event of Default, Landlord or any Facility Mortgagee may apply any funds held in the Capital Expenditures Account to cure such Potential Default or Event of Default pay any amounts due Landlord under this Lease or on account of any damages suffered or incurred by Landlord in connection therewith. Any funds so applied shall be replenished by Tenant within 10 Business Days of demand therefor by Landlord. In connection with any assignment of Landlord’s interest under this Leasein the Premises (or any portion thereof), the assigning Landlord or any predecessor shall have the right, right to transfer some or all Xxxxxxxxxxx Xxxxx amounts in the Capital Expenditures Account and still in its possession or control to such assignee and, upon such transfertransfer and assumption of the obligations pursuant to the terms and conditions of this Lease with respect to such amounts, the assigning Landlord or any such predecessor, as the case may be, transferring any such amounts shall thereupon be completely released from all liability with respect to such amounts so transferred, and Tenant shall look solely to said assignee in reference thereto.