Common use of Construction of Capital Additions to the Leased Property Clause in Contracts

Construction of Capital Additions to the Leased Property. (a) If no Event of Default has occurred, Lessee shall have the right (but not the obligation) upon and subject to the terms and conditions set forth below, to construct or install Capital Additions on any Property with the prior written consent of Lessor, not to be unreasonably withheld, conditioned or delayed (provided that such consent is not required with respect to any Capital Addition that will cost less than One Million Dollars ($1,000,000)). Lessee shall not be permitted to create any Lien on such Property in connection with such Capital Addition, except as provided in Section 10.3. In order to obtain Lessor’s prior written consent, Lessee shall submit to Lessor in writing a proposal setting forth in reasonable detail any such proposed Capital Addition. In addition, Lessee shall promptly furnish to Lessor such additional information relating to such proposed Capital Addition as Lessor may reasonably request. Lessor shall have ten (10) days following receipt of the last information so requested relating to the proposed Capital Addition to respond whether Lessor has approved of such proposed Capital Addition, it being agreed that failure to timely respond shall be deemed a rejection of the proposed Capital Addition.

Appears in 1 contract

Samples: Master Lease Agreement (MPT Operating Partnership, L.P.)

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Construction of Capital Additions to the Leased Property. (a) If no Event of Default has occurred, and no event has then occurred which with the giving of notice or passage of time or both would constitute an Event of Default hereunder, and be continuing, Lessee shall have the right (but not the obligation) upon and subject to the terms and conditions set forth below, to construct or install Capital Additions on any Property with the 67 4834-1440-2281v12 prior written consent of Lessor, not to be unreasonably withheld, conditioned or delayed (provided that such consent is not required with respect to any Capital Addition that will cost less than One Ten Million and No/100 Dollars ($1,000,00010,000,000.00)). Lessee shall not be permitted to create any Lien on such Property in connection with such Capital Addition, except as provided in Section 10.310.2. In order to obtain Lessor’s prior written consent, Lessee shall submit to Lessor in writing a proposal setting forth in reasonable detail any such proposed Capital Addition. In addition, Lessee shall promptly furnish to Lessor such additional information relating to such proposed Capital Addition as Lessor may reasonably request. Lessor shall have ten (10) days following receipt of the last information so requested relating to the proposed Capital Addition to respond whether Lessor has approved of such proposed Capital Addition, it being agreed that failure to timely respond shall be deemed a rejection of the proposed Capital Addition.

Appears in 1 contract

Samples: Master Lease Agreement (MPT Operating Partnership, L.P.)

Construction of Capital Additions to the Leased Property. (a) If no Event of Default has occurredshall have occurred and be continuing, Lessee shall have the right (but not the obligation) right, upon and subject to the terms and conditions set forth below, to construct or install Capital Additions on any the Leased Property with the prior written consent of Lessor, provided. however, that Lessor's consent shall --------- ------- not to be unreasonably withheld, conditioned or delayed (provided that such consent is not required with respect to for any Capital Addition the estimated cost of which, when added to the estimated cost of all other Capital Additions commenced within the same calendar year, does not exceed $50,000; and provided, further. that will cost less than One Million Dollars ($1,000,000)). Lessee shall ------------------ not be permitted to create any Lien Encumbrance on such the Leased Property in connection with such Capital Addition without first complying with Section 9.1(b) hereof. Prior to commencing construction of any Capital Addition, except as provided in Section 10.3. In order to obtain Lessor’s prior written consent, Lessee shall submit to Lessor in writing a proposal setting forth in reasonable detail any such proposed Capital Addition. In addition, Lessee Addition and shall promptly furnish provide to Lessor such additional plans and specifications, permits, licenses, contracts and other information relating to such concerning the proposed Capital Addition as Lessor may reasonably request. Lessor shall have ten (10) days following receipt Without limiting the generality of the last information so requested relating to foregoing, such proposal shall indicate the proposed approximate projected cost of constructing such Capital Addition and the use or uses to respond whether Lessor has approved of such proposed Capital Addition, which it being agreed that failure to timely respond shall will be deemed a rejection of the proposed Capital Additionput.

Appears in 1 contract

Samples: Lease Agreement (Ramsay Health Care Inc)

Construction of Capital Additions to the Leased Property. (a) If no Event of Default has occurredshall have occurred and be continuing, Lessee shall have the right (but not the obligation) right, upon and subject to the terms and conditions set forth below, to construct or install Capital Additions on any the Leased Property with the prior written consent of Lessor; provided, however, that Lessor's consent shall ------------------ not to be unreasonably withheld, conditioned or delayed (provided that such consent is not required with respect to for any Capital Addition the estimated cost of which, when added to the estimated cost of all other Capital Additions commenced within the same calendar year, does not exceed $50,000; and provided, further, that will cost less than One Million Dollars ($1,000,000)). Lessee shall ------------------ not be permitted to create any Lien Encumbrance on such the Leased Property in connection with such Capital Addition without first complying with Section 9.1(b) hereof. Prior to commencing construction of any Capital Addition, except as provided in Section 10.3. In order to obtain Lessor’s prior written consent, Lessee shall submit to Lessor in writing a proposal setting forth in reasonable detail any such proposed Capital Addition. In addition, Lessee Addition and shall promptly furnish provide to Lessor such additional plans and specifications, permits, licenses, contracts and other information relating to such concerning the proposed Capital Addition as Lessor may reasonably request. Lessor shall have ten (10) days following receipt Without limiting the generality of the last information so requested relating to foregoing, such proposal shall indicate the proposed approximate projected cost of constructing such Capital Addition and the use or uses to respond whether Lessor has approved of such proposed Capital Addition, which it being agreed that failure to timely respond shall will be deemed a rejection of the proposed Capital Additionput.

Appears in 1 contract

Samples: Lease Agreement (Ramsay Health Care Inc)

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Construction of Capital Additions to the Leased Property. (a) If no Event of Default has occurred, and no event has then occurred which with the giving of notice or passage of time or both would constitute an Event of Default hereunder, and be continuing, Lessee shall have the right (but not the obligation) right, upon and subject to the terms and conditions set forth below, to construct or install Capital Additions on any Property with the prior written consent of Lessor, not to be unreasonably withheld, conditioned or delayed (provided it being understood that such consent is not required with respect to any Lessor has approved the Required Capital Addition that will cost less than One Million Dollars ($1,000,000)Additions). Lessee shall not be permitted to create any Lien on such Property in connection with such Capital Addition, except as provided in Section 10.3. In order to obtain Lessor’s prior written consent, Lessee shall submit to Lessor in writing a proposal setting forth in reasonable detail any such proposed Capital Addition. In addition, Lessee shall promptly furnish to Lessor such additional information relating to such proposed Capital Addition as Lessor may reasonably request. Lessor shall have ten (10) days following receipt of the last information so requested relating to the proposed Capital Addition to respond whether Lessor has approved of such proposed Capital Addition, it being agreed that failure to timely respond shall be deemed a rejection of the proposed Capital Addition.

Appears in 1 contract

Samples: Master Lease Agreement (MPT Operating Partnership, L.P.)

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