Capital Programs Sample Clauses

Capital Programs. Purchaser and Seller acknowledge that Operator is currently engaged in certain material programs of Capital Improvements at the Hotel approved by Seller in the Annual Budget for the Hotel for 2006 and enumerated on the 2006 Capital Status Report set forth as Exhibit S to this Agreement under the captions “Approvals” (collectively, the “Capital Programs”) and contemplating aggregate expenditures on account of such Capital Programs in the aggregate amount of $3,878,000 (the “Approved Cap Ex Amount”). Of such aggregate amount, the Capital Programs identified as the “2005 Carryover Projects” on Exhibit S are estimated to cost an aggregate of $1,725,000 and the other Capital Programs contemplated for 2006 on Exhibit S are estimated to cost an aggregate of $2,153,000. Purchaser acknowledges and agrees to be bound by Seller’s approval of the scope of all of the Capital Programs and to complete such Capital Programs in accordance with the HMA, provided that Purchaser and Seller have agreed as follows: (a) Seller shall be debited and Purchaser shall be credited at Closing with the amount, if any, by which Seller’s aggregate expenditures on Capital Programs in 2006 are less than the aggregate Approved Cap Ex Amount forecast on Exhibit S to have been expended on the Capital Programs in 2006. If, however, Seller has expended more than the Approved Cap Ex Amount on the Capital Programs as of the Closing Date, Seller shall receive a credit and Purchaser shall be debited with the amount of such excess expended by Seller. (b) Purchaser shall assume the obligations under the HMA for the payment of costs of the Capital Programs not paid as of the Closing Date, with any cost savings or cost overruns following the Closing Date solely for the account of Purchaser. Purchaser shall fund at Closing into the Hotel’s Accounts the full amount of the credit afforded Purchaser pursuant to this Section (or such lesser amount as Seller and Operator shall approve as necessary to ensure the uninterrupted progress to conclusion of the Capital Programs and the payment in full and timely fashion following the Closing Date of all progress and other payments due under for the conduct of the Capital Programs). (c) Seller shall not approve (and shall ensure that Operator shall not commence or commit to) any of the Capital Improvements at the Hotel enumerated on the 2006 Capital Status Report set forth as Exhibit S to this Agreement which are not identified under the captions “Approvals” (i.e. ar...
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Capital Programs. A. For Work Programs that include construction or renovation activity, Grantee acknowledges that Grant Funds provided under this Agreement are to be used to perform capital improvements, and that such Grant Funds may not be used for subsequent repairs or improvements to the facility following completion of the Work Program. To fund such subsequent work, Grantee shall establish an adequate building repair and maintenance program, subject to review and approval by City that preserves and enhances the life expectancy of the improvements. This may include seeking monies from other sources to establish a building repair/maintenance reserve fund to cover future improvements. No MOH/OEWD monies may be used to fund such reserves. B. For all construction and rehabilitation projects for which permits are required by the San Francisco Building Code, Grantee will obtain the approval of the Mayor’s Office on Disability ("MOD") prior to or concurrent with all such applications for Building Permits from the San Francisco Department of Building Inspections unless the project is exempted from MOD review. Projects exempted from MOD review and sign off are those projects that are defined as such in the Bidding and Contracting Manual published by MOH/OEWD.
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