Emergency Capital Expenditures. In the event that Provider believes that the acquisition of Capital Equipment is needed or any Capital Improvement is required immediately, Provider shall so notify the Board and request, after stating the reasons therefor, an emergency purchase of Capital Equipment and/or Capital Improvement. The Board shall respond promptly, but in no event later than twenty-four (24) hours after receiving such emergency request. If such emergency request is approved, the Board and Provider will coordinate the purchase of the Capital Equipment and/or Capital Improvement in an expedited manner. If Provider must act without approval of the Board in order to prevent an immediate threat, legal title to any Capital Equipment purchased by Provider shall rest with Provider; however, title to any Capital Improvement shall remain the property of the Board. The Board will reimburse Provider for all reasonable emergency Capital Improvement expenditures. In addition, the Board at its option may purchase any Capital Equipment acquired by Provider in an emergency at its fair market value, to be determined at the time the Board exercises its right of purchase.
Emergency Capital Expenditures. The amount to be transferred from the Revenue Account for the payment of Emergency Capital Expenditures on the [Proposed Transfer Date] [Revenue Account Secondary Withdrawal/Transfer Date] is $[ ].
Emergency Capital Expenditures. In the event that Operator believes that the acquisition of Capital Equipment is needed or any Capital Improvement is required immediately to avoid any threat to the safety and well-being of the Residents, Operator shall so notify the Board and the Board’s Facility Maintenance Coordinator and request, after stating the reasons therefor, an emergency purchase of Capital Equipment and/or Capital Improvement. Due to the urgent nature inherent in such contexts, notification to the Board requesting authorization may be accomplished via telephone or electronic mail. The Board shall respond promptly, but in no event later than twenty-four (24) hours after receiving such emergency request. If such emergency request is approved, the Board and Operator will coordinate the purchase of the Capital Equipment and/or Capital Improvement in an expedited manner. If Operator must act without approval of the Board in order to prevent an immediate threat to the health, safety, or wellbeing of a Resident, legal title to any Capital Equipment purchased by Operator shall rest with Operator, however, title to any Capital Improvement shall remain the property of the Board. The Board will reimburse Operator for all necessary and reasonable emergency Capital Improvement expenditures after examining the circumstances surrounding such purchases; however, the Board reserves the right, upon submission of a detailed invoice, to review the cost of emergency repairs and/or procurements made by Operator, to verify that they are reasonable prior to reimbursing Operator for same. In addition, the Board at its option may purchase any Capital Equipment acquired by Operator in an emergency at its fair market value. Such value shall be determined at the time the Board exercises its right to purchase, but such valuation shall take into account any amount that Operator paid for such Capital Equipment which was in excess of fair market value at the time of such emergency purchase, it being understood and agreed that Operator may pay in excess of fair market value in time of emergency if reasonably necessary for the health, safety, or welfare of Residents of the Veterans Home.
