Limited Capital Repair Undertaking Sample Clauses

Limited Capital Repair Undertaking. As to each specific action called for in Buyer’s preliminary list set forth on the Attachment 2 attached to and made a part of this Second Amendment (the “Preliminary Action List”), Buyer shall, within ten (10) days after Closing, submit to Seller at least one (1) written, third-party study or report obtained by Buyer and stating the need for each specific action (in each instance, an “Action Item”) called for in the Preliminary Action List (as to each Action Item, an “Action Report”). (1) After having received an Action Report with respect to each Action Item, Seller may independently investigate the factual predicates for each such Action Item and/or Action Report. (A) If Seller shall, as a consequence of such investigation, determine to contest any such Action Item or Action Report, Seller shall notify Buyer in writing, no later than January 31, 2006, of each Action Item or Action Report so contested. Promptly after delivery of any such notice, representatives of both Parties shall meet at a mutually acceptable time and place, and thereafter as often as they reasonably deem necessary, to exchange relevant information and to attempt to resolve Seller’s contest. If any Seller’s contest has not been resolved by February 28, 2006, or if the Parties fail to meet within a reasonable time, Seller may initiate arbitration of the dispute as provided in Section 4(b)(2). (B) As to every Action Item not contested by Seller in writing on or before January 31, 2006, Seller shall thereafter, at Seller’s sole cost and expense, promptly commence, and thereafter continuously prosecute to completion (as mutually and reasonably determined by the Parties, each and every such Action Item. (2) Seller shall have the right to initiate an arbitration under Section 4(b)(1)(A) by delivering to Buyer, no later than March 1, 2006, one or more written notices (in each instance, an “Action Report Dispute Notice”) stating Seller’s contention that one or more specific actions set forth on the Preliminary Action List are not be necessary to render the Leased Premises as to which such specific action(s) may pertain fit to be used for Seller’s the intended use of such Leased Premises, as contemplated by the Lease for such Leased Premises, in accordance with the practices generally recognized as then acceptable by other companies in its industry and operating comparable real properties in the geographic region in which the Leased Premises are located. If Seller fails to timely deliver an Ac...