Capital Improvement Project Clause Samples
A Capital Improvement Project clause defines the terms and conditions under which significant upgrades, renovations, or additions to a property or facility are planned, approved, and executed. Typically, this clause outlines the types of projects considered capital improvements, the process for obtaining necessary approvals, and the allocation of costs between parties, such as a landlord and tenant. Its core practical function is to ensure clarity and agreement on how major property enhancements are managed, thereby preventing disputes over responsibilities and financial obligations.
Capital Improvement Project. With respect to any Real Estate now or hereafter owned by the Borrower or any of its Subsidiaries which is utilized principally for shopping centers, capital improvements consisting of rehabilitation, refurbishment, replacement, expansions and improvements (including related amenities) to the existing Buildings on such Real Estate and capital additions, repairs, resurfacing and replacements in the common areas of such Real Estate all of which may be properly capitalized under GAAP.
Capital Improvement Project. With respect to any Real Estate now or hereafter owned by the Borrower or any of its Subsidiaries which is utilized principally for shopping centers, capital improvements consisting of rehabilitation, refurbishment, replacement, expansions and improvements (including related amenities) to the existing Buildings on such Real Estate and capital additions, repairs, resurfacing and replacements in the common areas of such Real Estate all of which may be properly capitalized under GAAP. Capital One. As defined in the preamble hereto. Capitalization Rate. Seven and one-half percent (7.50%).
Capital Improvement Project. In the event that such Loan relates to any Capital Improvement Project or portion thereof, the Borrower represents and warrants that such Loan will reimburse the Borrower for or pay costs incurred for work on the Capital Improvement Project identified above, which work covered by this request is in place or is for stored materials which are properly secured. The Borrower further certifies that all materialmen, laborers, subcontractors and any other parties who might or could claim statutory or common law liens and are furnishing or have furnished material or labor to the Mortgaged Property in connection with such Capital Improvement Project have been paid (or will be paid from the proceeds of the requested advance) all amounts due for such labor and materials.
Capital Improvement Project. In the event that such Loan relates to any Capital Improvement Project or portion thereof, the Borrower represents and warrants that such Loan will reimburse the Borrower for or pay costs incurred for work on the Capital Improvement Project identified above, which work covered by this request is in place or is for stored materials which are properly secured. Attached hereto are invoices, receipts or other evidence satisfactory to the Majority Banks to verify the cost of such work. [Also attached hereto are affidavits, lien waivers of other evidence reasonably satisfactory to the Majority Banks showing that all materialmen, laborers, subcontractors and any other parties who might or could claim statutory or common law liens and are furnishing or have furnished material or labor to the Mortgaged Property in connection with such Capital Improvement Project have been paid all amounts due for such labor and materials.]
Capital Improvement Project. In the event that such Loan relates to any Capital Improvement Project or portion thereof, the Borrower represents and warrants that such Loan will reimburse the Borrower for or pay costs incurred for work on the Capital Improvement Project identified above, which work covered by this request is in place or is for stored materials which are properly secured. The Borrower further certifies that all materialmen, laborers, subcontractors and any other parties who might or could claim statutory or common law liens and are furnishing or have furnished material or labor to the Mortgaged Property in connection with such Capital Improvement Project have been paid (or will be paid from the proceeds of the requested advance) all amounts due for such labor and materials. The total amount heretofore borrowed under the Loans for Capital Improvement Projects, exclusive of the amount requested hereby, is $______________, leaving $___________ available for disbursements under Section ____ of the Credit Agreement for Capital Improvement Projects.
Capital Improvement Project. Any CAPITAL EXPENDITURE of $25,000 or greater in value, to enhance or expand WWTP capabilities. PARTIES’ cost allocation (share) for CAPITAL IMPROVEMENT PROJECTS shall be based on proportional share of overall Treatment Capacity per Section 1(w).
Capital Improvement Project. Information during the construction period including but not limited to all change orders and modifications to the construction documents and all inspection reports of the Capital Improvement Project. Upon written notice to Recipient, the Department may require its advance written approval of all future change orders and modifications. Deviations from the plans and specifications which have the effect of reducing the quality, life or utility of a specified item or system must receive the prior written approval of the Department. Should change orders be submitted to the Department for its approval, they shall be deemed accepted if not responded to in writing within ten
Capital Improvement Project. “CIP”): Any CIP project(s) in the vicinity of the Project as identified by City; and/or