Common use of Construction of Capital Additions Clause in Contracts

Construction of Capital Additions. (a) If no Event of Default shall have occurred and be continuing, Tenant may, subject to the terms and conditions contained in this Article, construct or install Capital Additions on the Property with the prior written approval of Landlord. Tenant shall not be permitted to create any Encumbrance on the Property in connection with any such Capital Addition. (b) Prior to commencing construction of any Capital Addition, Tenant shall submit a written proposal to Landlord setting forth in detail any proposed Capital Addition which proposal shall include plans and specifications, permits, licenses, contracts and other information concerning the proposed Capital Addition. Without limiting the generality of the foregoing, the proposal shall indicate the approximate projected cost of constructing the proposed Capital Addition, the use or uses to which it will be put and a good faith estimate of the change, if any, in the Tenant's gross revenue that Tenant anticipates will be caused by the addition of the proposed Capital Addition to the Property. Tenant shall not commence to build any Capital Addition unless Tenant shall first have provided Landlord with either (i) a lien payment and completion

Appears in 1 contract

Samples: Lease and Security Agreement (Balanced Care Corp)

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