Capital Repair/Replacement Sample Clauses

Capital Repair/Replacement. Notwithstanding the foregoing in this Section 10, if one or more of the Building Systems or a portion thereof actually requires a repair that (a) (i) is at a cost in excess of 50% of the cost of replacing that Building System or applicable portion thereof or otherwise requires replacement, and (ii) is at a cost in excess of $25,000 in any one occurrence, or (iii) would be a capitalized expenditure under Generally Accepted Accounting Principles, and (b) is not the result of Tenant’s negligence, failure to maintain, misuse of the Premises or a breach by Tenant of its obligations under this Lease (which repair and replacement shall be Tenant’s responsibility), then Tenant must notify Landlord in writing of the need for such repair or replacement along with supporting estimates for their cost. In such event, the Building System or affected portion thereof shall be either replaced or repaired by Landlord, at Landlord’s determination (“Capital Repair/Replacement”). The cost of a Capital Repair/Replacement shall be initially paid by Landlord and amortized over the useful life of the applicable Capital Repair/Replacement in accordance with generally accepted accounting principles plus interest at a rate equal to the Lease Interest Rate, and the annual amortized amount shall be paid by Tenant to Landlord monthly, as Additional Rent, in equal installments, during the remainder of the initial Term (and any Renewal Period that is exercised by Tenant) until the cost of such Capital Repair/Replacement has been fully amortized as an Operating Expense, both before and after the Single Tenant Conversion Date. If any Capital Repair/Replacement is not fully amortized over the initial Term of the Lease and any Renewal Period, Tenant shall only be responsible for the costs amortized during the initial Term and any Renewal Period with Tenant reserving the right to prepay its obligation at any time.
Sample 1
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Related to Capital Repair/Replacement

  • Repair and Replacement Company shall be responsible to Lessor for reasonable replacement costs, or reasonable repair costs of all Equipment which is lost, stolen, or damaged while in the care, custody and control of Company as a result of Company's sole negligence in accordance with paragraph 2 above, reasonable wear and tear excepted, using the Actual Cash Value of the Equipment at the time of such loss. Prior to repairing the Equipment, Lessor shall submit to Company at least three estimates, including at least one estimate from a repair facility designated by Company. In the event the Equipment is lost or stolen, Company shall file a police report.

  • Repair or Replacement Except where an appraisal has been made, the Insurer, instead of making payment, may, within a reasonable time, repair, rebuild or replace the property damaged or lost with other of like kind and quality if, within seven days after the receipt of the proof of loss, it gives written notice of its intention to do so.

  • Cost of Repairs 54.1 Loss or damage to the Works or Materials to be incorporated in the Works between the Start Date and the end of the Defects Correction periods shall be remedied by the Contractor at the Contractor's cost if the loss or damage arises from the Contractor's acts or omissions.

  • Maintenance Repairs and Alterations 7.1 Lessee's Obligations. -------------------- (a) Subject to Lessor's obligations under Paragraphs 6.2(b), 6.3(a), 7.3, 9 and 40, Lessee shall keep in good order, condition and repair the non- structural elements of the Premises and every part thereof, (whether or not the need for such repairs occurs as a result of Lessee's use, any prior use, the elements or the age of such portion of the Premises) including, without limiting the generality of the foregoing, all exposed plumbing, heating and air conditioning, ventilating, electrical, lighting facilities and equipment within the Premises, fixtures, walls (interior and nonstructural elements of exterior), ceilings, floors, windows, doors, plate glass and skylights located within the Premises, and all driveways, parking lots and striping thereon, landscaping, exterior lighting, fences and signs located on the Premises and sidewalks and parkways adjacent to the Premises. If the cost of repairing an element of the Premises is covered by a warranty obtained by Lessor from a third party contractor, subcontractor, consultant or material supplier in connection with construction work performed on the Premises prior to the Effective Date, Lessor shall make available such warranty to Lessee and shall assign to Lessee Lessor's rights thereunder, provided that Lessee shall not take any action which shall invalidate any such warranty or derogate from Lessor's remedies or recourse thereunder. (b) Lessee shall maintain the Premises as provided in Paragraph 7. I (a) and in accordance with the requirements of all Laws and any covenants or restrictions as may from time to time be applicable to Lessee's specific manner of use of the Premises and the conduct and operation of Lessee's business. Lessee, in keeping the Premises in good order, condition and repair, shall exercise and perform good maintenance practices and any damage or deterioration shall not be deemed "ordinary wear and tear" if the same could have been prevented by good maintenance practice. Lessee's obligations shall include restorations, replacements or renewals when determined not to be due to ordinary wear and tear or when made necessary due to failure to perform proper maintenance. (c) If the term of this Lease, as the same may be extended or renewed, exceeds five (5) years, Lessor shall have the right to require Lessee to repaint the exterior of THE improvements. but not more often than once every five (5) years, as reasonably necessary. (d) Lessee's obligations under this Paragraph 7.1 shall not apply to replacement, repair or restoration of items which are Lessor's obligation to replace, repair or restore pursuant to the terms of Paragraph 6.3(a) (relating to Existing Defects) Paragraph 7.3(a) relating to structural repairs and certain replacements) Paragraph 9 (relating to destruction of the Premises) or Paragraph 14 (relating to condemnation of the Premises).

  • Tenant Repairs Except for those items for which Landlord is responsible by virtue of Section 4.02 below, Tenant shall, at its own cost and expense, clean, repair, maintain and replace the interior of the Premises and any improvements, equipment and fixtures therein, including without limitation all plate glass, lighting and other fixtures and equipment inside the Premises whether or not they were initially installed at Landlord's expense, and any HVAC, electrical and mechanical systems that service the Premises, so as to keep them in good operating condition and in compliance with the requirements from time to time of all governmental authorities having jurisdiction. All repairs, maintenance and/or replacements made by Tenant shall be subject to Landlord's prior written approval, which will not be unreasonably withheld provided that the same are at least equal in quality and class to the original work and/or fixtures and equipment. In the event that Tenant fails to make any necessary repairs, Landlord shall have the right, at its option, after providing written notice to Tenant, to perform on behalf of Tenant any repair or replacement approved by Landlord and one hundred five percent (105%) of the reasonable cost and expense incurred shall be due within thirty (30) days of demand. Landlord and Tenant agree that the Landlord will obtain a reasonable and customary maintenance, repair and service contract on the HVAC system serving the Premises, the cost of which shall be billed to Tenant and shall be deemed to be Additional Rent. The parties agree that, notwithstanding any provision of this Lease to the contrary, Tenant's obligation to pay for the maintenance, repair and replacement of the Building-standard systems (which includes the HVAC, sprinkler, electrical and plumbing systems) serving the Premises shall be limited to: (i) the cost of maintaining and making minor repairs to the Building-standard systems serving the Premises; (ii) the cost of the afore-mentioned service contract on the HVAC system; (iii) Tenant's Share of any such costs that are included in Operating Expenses; and (iv) the first $4,000.00 per year of the cost of major repairs or the cost of replacing such Building-standard systems serving the Premises. Tenant shall promptly place all of its refuse in the trash receptacles provided for this purpose and shall not allow same to accumulate within the Premises or anywhere on the Common Areas. It is understood and agreed that all property of Tenant kept, stored or maintained in the Premises or the Project shall be at the sole risk of Tenant. Tenant agrees at its sole cost and expense to comply with all present and future laws regarding the collection, sorting, separation and recycling of waste products, garbage, refuse and trash.

  • Required Repairs Borrower shall perform all of the repairs (on an Individual Property by Individual Property basis) at the applicable Individual Properties, as more particularly set forth on Schedule 5.1.32 hereto (such repairs hereinafter referred to as “Required Repairs”) (i) in compliance with all applicable Legal Requirements, (ii) in a Lien-free, good and workmanlike manner and (iii) prior to the date set forth on Schedule 5.1.32 with respect to such Required Repairs (each such date, a “Required Repair Deadline”). It shall constitute an Event of Default if Borrower does not complete each Required Repair by the applicable Required Repair Deadline, provided that, if Borrower shall have been unable to complete a Required Repair by the applicable Required Repair Deadline, after using commercially reasonable efforts to do so, including, without limitation, if caused by delays due to weather or force majeure, such Required Repair Deadline shall be automatically extended solely as to such Required Repair to permit Borrower to complete such Required Repair so long as Borrower is at all times thereafter diligently and expeditiously proceeding to complete the same. Notwithstanding the foregoing, to the extent any Required Repair is the responsibility of a Tenant pursuant to a Lease, Borrower shall be obligated only to use commercially reasonably efforts to have such Tenant complete such Required Repair on or prior to the Required Repair Deadline.

  • Maintenance, Alteration and Repair (a) Resident is responsible for and agrees to take good care of the premises, fixtures and all common areas. Resident may not remove any of Owner’s property and will not perform any repairs, upgrades, painting, wallpapering, electric changes or other alterations of the premises without prior written consent from Owner. Resident will be responsible for damage from waste stoppages caused by foreign or improper objects or improper use in lines serving bathrooms, damage to fixtures, appliances, doors, windows, screens, damage from water faucets left on or from doors left open, and repairs or replacements to alarm devices necessitated by misuse or damage by Resident and/or guests. Extraordinary appliances or furnishings such as satellite dishes, hot tubs, pool tables, water beds or high utility-consuming devices may not be installed or placed on the premises or anywhere at the Property without Owner’s prior written consent, in its sole discretion. SAMPLE (b) In the case of a malfunction of any utilities or damage by fire, water or similar cause, or any water leak, suspected mold or microbial growth, electrical problem, broken glass, broken lock or any other condition that Resident reasonably believes poses a hazard to health and safety, Resident must promptly notify Owner in writing. Owner will act with reasonable time and diligence in making repairs and reconnections; Resident may not withhold or reduce payment of rent or other charges during such time. Maintenance and repair requested by Resident will generally be performed between 8am and 8pm, unless the work is considered an emergency, in which case work may take place at any time. Owner may temporarily disconnect equipment or utilities to avoid property damage and/or to perform repairs requiring such interruption, in Owner’s sole discretion. Owner will not be liable for any inconvenience, discomfort, disruption or interference with Resident use of the premises because of ongoing repairs, alterations or improvements to the Property or any apartment. (c) Following move-in, Resident is responsible for providing and changing all light bulbs and batteries (for smoke detectors and remote controls) in the assigned apartment. A written maintenance report requesting assistance in changing these items may be submitted for maintenance staff assistance, with extra charges payable by Resident as applicable per Owner’s published rates. From time to time, maintenance staff may enter the assigned apartment with or without notice to inspect and change furnace filters and to provide pest control.

  • MAINTENANCE, REPAIRS, OR ALTERATIONS The Tenant shall, at their own expense and at all times, maintain premises in a clean and sanitary manner, and shall surrender the same at termination hereof, in as good condition as received, normal wear and tear excepted. The Tenant may not make any alterations to the leased premises without the consent in writing of the Landlord. The Landlord shall be responsible for repairs to the interior and exterior of the building. If the Premises includes a washer, dryer, freezer, dehumidifier unit and/or air conditioning unit, the Landlord makes no warranty as to the repair or replacement of units if one or all shall fail to operate. The Landlord will place fresh batteries in all battery-operated smoke detectors when the Tenant moves into the premises. After the initial placement of the fresh batteries it is the responsibility of the Tenant to replace batteries when needed. A monthly "cursory" inspection may be required for all fire extinguishers to make sure they are fully charged.

  • Repairs 10.01 Except as otherwise provided in this Section 10, Tenant agrees at its own expense to keep the Improvements, including all structural, electrical, mechanical and plumbing systems at all times in good appearance and repair except for reasonable and normal wear and tear. Tenant will also pay all other expenses in connection with the maintenance of the Premises including repair and upkeep of grounds, sidewalks, driveways and parking areas in a first class condition. 10.02 Notwithstanding any other provision of this Lease, from and after the date Tenant takes occupancy of the Premises any repairs, additions or alterations to the improvements or any of its systems (e.g., plumbing, electrical, mechanical) structural or non-structural, which are required by any law, statute, ordinance, rule, regulation or governmental authority or insurance carrier, including, without limitation, OSHA, will be the obligation of Tenant. Provided, however, that Tenant shall not be responsible for any repairs, additions or alterations to the building or any of its systems (e.g. plumbing, electrical, mechanical) structural or non-structural which are required by any law, statute, ordinance rule, regulation or governmental authority or insurance carrier, including without limitation, OSHA if a violation or noncompliance existed at the time Tenant took occupancy of the Premises, in which case Landlord shall be responsible for the repairs, additions or alterations as required. 10.03 Tenant acknowledges that he has examined the Premises prior to the making of this Lease, that he knows the condition thereof, that no representations as to the condition of the state of repairs thereof have been made by Landlord or Landlord's agent which are not expressly set forth herein, and that except as otherwise specifically set forth herein, Tenant hereby accepts the Premises in their present condition at the date of execution of this Lease. Anything contained herein to the contrary notwithstanding, the Premises at 0000 Xxxxxxxxx Xxxxx shall be in good order and repair upon the date occupancy is delivered to Tenant. Tenant will inspect the Premises at 0000 Xxxxxxxxx Xxxxx prior to occupancy to assure that the facilities and equipment are in good condition and Landlord will agree to repair facilities or equipment reasonably identified as substandard. Landlord shall not be required to replace carpeting or repaint provided the walls and floors are in good condition, reasonable wear and tear excepted.

  • Maintenance Repairs Utility Installations Trade Fixtures and Alterations (a) Section 8.1(a) is amended in its entirety to read as follows: Subject to the provisions of Sections 8.2, 10, and 15, Tenant shall, at Tenant's sole cost and expense and at all times, keep the Building Complex and every part thereof in good order, condition and repair (whether or not the need for such repairs occurs as a result of Tenant's use, any prior use, the elements or the age of such portion of the Building Complex), including, without limiting the generality of the foregoing, plumbing, electrical lighting facilities, boilers, fired or unfired pressure vessels, fire hose connections, fixtures, interior walls, exterior walls, roof, ceilings, floors, windows, doors, plate glass, and skylights, parking areas and lighting, driveways, sidewalks, landscaping, irrigation systems, and subject to Section 8.1(b) below, heating, air conditioning and ventilating systems, but excluding any items which are the responsibility of Landlord pursuant to Section 8.2 below. Tenant, in keeping the Building Complex in good order, condition and repair, shall exercise and perform good maintenance practices, including, without limitation, providing janitorial services to the Building Complex substantially equivalent to those attached hereto as Exhibit I and, snow, ice and trash removal service. Tenant's obligations shall include restorations, replacements or renewals when necessary to keep the Building Complex and all improvements thereon or a part thereof in good order, condition and state of repair. (b) Section 8.1(b) is amended in its entirety to read as follows: Tenant shall procure and pay the cost of a contract for maintenance of the heating, air conditioning and ventilating systems for the Building Complex with a reputable contractor licensed in the State of Colorado and reasonably satisfactory to Landlord. (c) Section 8.1(c) is amended to replace, in both places where it is used, the word "Premises" with the words "Building Complex" and to add the words "including, without limitation, the Premises," before the words "after twenty". (d) Section 8.2 is amended in its entirety to read as follows:

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