Capital Improvement Fund. The College District shall maintain as its primary objective, the safety of principal with regard to all monies collected. The College District shall seek to maxim- ize the return of such funds while ensuring sufficient funds for timely payments of its obligations.
Capital Improvement Fund. Commencing with the month (the “First Deposit Month”) following the month during which the earliest of the date of the substantial completion of the Landside Improvements, the date of the substantial completion of the Waterside Improvements, or the Required Completion Date occurs, and continuing during the remaining Term of the Lease, Lessee shall establish and maintain a reserve fund (the “Capital Improvement Fund”) in accordance with the provisions of this Section 5.13 for the cost of Permitted Capital Expenditures (as defined below) for the Premises. Lessee and County agree and acknowledge that the purpose of the Capital Improvement Fund shall be to provide funds for the costs of additions, replacements, renovations or significant upgrades of or to the Improvements on the Premises, including building exteriors and major building systems (such as HVAC, mechanical, electrical, plumbing, vertical transportation, security and communications systems, structural components, heavy equipment attached to and constituting a part of the building (such as attached cranes, lifts, slings, racking system, fueling system and equipment), or roof) that significantly increase the capacity, efficiency, useful life or economy of operation of the Improvements or their major systems, after the completion of the Redevelopment Work (“Permitted Capital Expenditures”). Permitted Capital Expenditures shall not include any costs for the Redevelopment Work or the Subsequent Renovation. In addition, Permitted Capital Expenditures shall not include the cost of periodic, recurring or ordinary expenditures, repairs or replacements that keep the buildings or their major systems in an ordinarily efficient operating condition, but that do not significantly add to their value or appreciably prolong their useful life. Permitted Capital Expenditures must constitute capital replacements, improvements or equipment under generally accepted accounting principles consistently applied. Commencing on the fifteenth (15th) day of the First Deposit Month and continuing on or before the fifteenth (15th) day of each month thereafter during the remaining Term, Lessee shall make a monthly deposit to the Capital Improvement Fund in an amount equal to one-half percent (0.50%) of total Gross Receipts and Gross Revenues for the previous month. All interest and earnings on the Capital Improvement Fund shall be added to the Capital Improvement Fund, but shall not be treated as a credit against the Capital Improv...
Capital Improvement Fund. During every twelve (12) month period commencing May 1, 2005, Tenant shall complete at least $40,000 of capital improvements at the Premises. On or before May 1, 2006 and annually thereafter, Tenant shall deliver to Landlord: (i) a schedule with detailed descriptions and documentation reasonably satisfactory to Landlord evidencing the amount of capital improvements completed in the prior 12-month period commencing May 1; (ii) if such amount is less than $40,000, cash equal to the difference between $40,000 and the total of the documented, completed capital improvements; and (iii) requests (if any) for disbursement from the Capital Improvement Fund in accordance with the terms and provisions of this Section 12.3. Such funds shall be held by Landlord in a "Capital Improvement Fund", which shall not bear interest for the benefit of Tenant. If Tenant completes more than $40,000 of capital improvements at the Premises during a 12-month period commencing May 1, Tenant shall be entitled, upon prior written request to Landlord and subject to Landlord's reasonable approval, to either (1) withdraw funds (to the extent such funds have been deposited by Tenant in prior years) from the Capital Improvement Fund to cover the costs in excess of $40,000 incurred by Tenant for capital improvements to the Premises; provided, further each such withdrawal request shall be for a minimum of $5,000 and each item comprising such request shall be for a minimum of $1,000, or (2) to the extent insufficient funds exist in the Capital Improvement Funds, Tenant shall be entitled to a "Capital Improvement Credit", which may be carried forward and applied against the required $40,000 of capital improvements to be completed in a subsequent 12-month period.
Capital Improvement Fund. 5.6.1. Tenant shall establish and maintain a reserve fund (the "Capital Improvement Fund") during the Term of this Lease (as “
Capital Improvement Fund. 5.6.1. As of the conversion of the construction financing for the Project to term phase financing, Tenant shall establish and maintain, for the remainder of the Term (as “
Capital Improvement Fund. The Commission shall establish an improvement fund or 17 funding mechanism for each capital improvement project. The Commission may fund all or part of the cost 18 of a capital improvement contained in the capital improvement program of the plan in accordance with 19 Minn. Stat. § 103B.251, The Commission and Hennepin County may establish a maintenance fund to be 20 used for normal and routine maintenance of an improvement constructed in whole or in part with money 21 provided by Hennepin County pursuant to Minn, Stat, § 103B.251. The levy and collection of an ad 22 valorem tax levy for an improvement, payment of bonds, or maintenance shall be by Hennepin County 23 based upon a tax levy resolution adopted by a majority vote of all eligible Members of the Board and 24 remitted to the County on or before the date prescribed by law each year. If it is determined to levy for 25 maintenance, the Commission shall be required to follow the hearing process established by Minn. Stat.
Capital Improvement Fund. (a) There shall be credited to the Capital Improvement Fund (i) beginning on the first Business Day of the month and after making the deposits required by Section 5.02(b)(i) through (viii) an amount of Authority Revenues equal to that which may be necessary to make the balance on deposit therein equal to the Capital Improvement Fund Requirement for the Fiscal Year as set forth in the applicable Annual Budget in equal monthly deposits over such Fiscal Year, (ii) the proceeds of any condemnation awards, (iii) proceeds of insurance (other than use and occupancy insurance), (iv) the proceeds of sales of property constituting a part of the Systems and (v) the proceeds of any termination or similar payment received by the Authority under any interest rate swap or similar hedge agreement. Earnings on moneys held in the Capital Improvement Fund shall be retained therein.
Capital Improvement Fund. [for leases for other than hotel use]
Capital Improvement Fund. The Capital Improvement Fund is a dedicated reserve account for new improvements or upgrades to the System.
Capital Improvement Fund. Commencing with the month following the date of commencement of the Renovation Work (but not later than the Required Phase Commencement Date for the first Phase of the Renovation Work), and continuing each month thereafter during the remaining Term of the Lease, Lessee shall establish and maintain a reserve fund (the “Capital Improvement Fund”) in accordance with the provisions of this Section 5.13 for the cost of Permitted Capital Expenditures (as defined below) for the Premises. On or before the fifteenth (15) day of each such month Lessee shall make a monthly deposit to the Capital Improvement Fund in the following applicable amount: (a) for the above time period prior to the earlier of the Completion Date or the Required Completion Date, the monthly deposit to the Capital Improvement Fund shall be in the amount of one and one-half percent (1.5%) of Gross Receipts for the immediately preceding month; and (b) for the time period from the earlier of the Completion Date or the Required Completion Date through the end of the Term of the Lease, the monthly deposit to the Capital Improvement Fund shall be the greater of (i) one and one-half percent (1.5%) of Gross Receipts for the immediately preceding month, or (ii) $54.17 for each apartment unit, adjusted on an annual basis each January 1 by the same percentage as the percentage increase in the Consumer Price Index from November, 2009 to the month of November immediately preceding such then-current January 1 adjustment date. All interest and earnings on the Capital Improvement Fund shall be added to the Capital Improvement Fund, but shall not be treated as a credit against the monthly Capital Improvement Fund deposits required to be made by Lessee pursuant to this Section 5.13. Lessee and County agree and acknowledge that the purpose of the Capital Improvement Fund shall be to provide funds for the costs of additions, replacements, renovations or significant upgrades of or to the Improvements on the Premises, including building exteriors and major building systems (such as HVAC, mechanical, electrical, plumbing, vertical transportation, security, communications, structural or roof) that significantly increase the capacity, efficiency, useful life or economy of operation of the Improvements or their major systems, after the completion of the Renovation Work (“Permitted Capital Expenditures”). Permitted Capital Improvements also include such items as (i) replacement or major resurfacing (1½” or deeper) of the...
