Common use of Maintenance Reserve Account Clause in Contracts

Maintenance Reserve Account. [Optional] (a) The Lessee must establish and manage a Maintenance Reserve Account. The funds in the Maintenance Reserve Account will be used to carry out, on a project-by-project basis, repair and maintenance needs of the Premises that are non-recurring within a seven-year time frame. Such projects may include repair or replacement of foundations, building frames, window frames, sheathing, sub floors, drainage, rehabilitation of building systems such as electrical, plumbing, built-in heating and air conditioning, roof replacement and similar projects. The Lessee will carry out projects as the Lessor directs in writing in advance of any expenditure being made and in accordance with project proposals approved by the Lessor. No projects may be commenced until the Lessee receives written approval from the Lessor in accordance with Section 10 of this Lease. (b) Projects paid for with funds from the Maintenance Reserve Account will not include routine, operational maintenance of facilities or housekeeping and grounds keeping activities. Nothing in this section lessens the responsibility of the Lessee to carry out the maintenance and repair of the Premises from funds other than those in the Maintenance Reserve Account. (c) The Lessee must establish the Maintenance Reserve Account within its accounting system. The Lessee must deposit into this account, within fifteen calendar (15) days after the last day of each month during the Lease Term, a sum equal to: percent ( %) of the Gross Revenues (as defined in Section 5.4(b) of this Lease) for the previous month. If the Lessee fails to make timely deposits into the account, the Lessor may terminate this Lease for default or may require the Lessee to post a bond in an amount equal to the estimated annual account deposits based on the preceding year’s Gross Revenues. The Lessee must periodically at times prescribed by the Lessor submit written reports to the Lessor containing such information as the Lessor may require concerning the Maintenance Reserve Account and the related activities of the Lessee. (d) The balance in the Maintenance Reserve Account will be available for projects in accordance with its purpose. For all expenditures made for each project from the Maintenance Reserve Account, the Lessee must maintain auditable records, including invoices, xxxxxxxx, canceled checks, and other documentation required by the Lessor. The Lessor must approve in writing all withdrawals or expenditures from the account. (e) Failure to expend Maintenance Reserve Account funds when directed by the Lessor will be considered as a material breach of this Lease for which the Lessor may seek monetary damages and other legal relief, including termination of this Lease. (f) At the termination or expiration of this Lease, the Lessee must pay all unexpended Maintenance Reserve Account funds to the Lessor as Additional Rent.

Maintenance Reserve Account. [Optional] (a) The Lessee must establish and manage a Maintenance Reserve Account. The funds in the Maintenance Reserve Account will be used to carry out, on a project-by-project basis, repair and maintenance needs of the Premises that are non-recurring within a seven-year time frame. Such projects may include repair or replacement of foundations, building frames, window frames, sheathing, sub floors, drainage, rehabilitation of building systems such as electrical, plumbing, built-in heating and air conditioning, roof replacement and similar projects. The Lessee will carry out projects as the Lessor directs in writing in advance of any expenditure being made and in accordance with project proposals approved by the Lessor. No projects may be commenced until the Lessee receives written approval from the Lessor in accordance with Section 10 of this Lease. (b) Projects paid for with funds from the Maintenance Reserve Account will not include routine, operational maintenance of facilities or housekeeping and grounds keeping activities. Nothing in this section lessens the responsibility of the Lessee to carry out the maintenance and repair of the Premises from funds other than those in the Maintenance Reserve Account. (c) The Lessee must establish the Maintenance Reserve Account within its accounting system. The Lessee must deposit into this account, within fifteen calendar (15) days after the last day of each month during the Lease Term, a sum equal to: percent ( %) of the Gross Revenues (as defined in Section 5.4(b) of this Lease) for the previous month. If the Lessee fails to make timely deposits into the account, the Lessor may terminate this Lease for default or may require the Lessee to post a bond in an amount equal to the estimated annual account deposits based on the preceding year’s Gross Revenues. The Lessee must periodically at times prescribed by the Lessor submit written reports to the Lessor containing such information as the Lessor may require concerning the Maintenance Reserve Account and the related activities of the Lessee. (d) The balance in the Maintenance Reserve Account will be available for projects in accordance with its purpose. For all expenditures made for each project from the Maintenance Reserve Account, the Lessee must maintain auditable records, including invoices, xxxxxxxxbillings, canceled checks, and other documentation required by the Lessor. The Lessor must approve in writing all withdrawals or expenditures from the account. (e) Failure to expend Maintenance Reserve Account funds when directed by the Lessor will be considered as a material breach of this Lease for which the Lessor may seek monetary damages and other legal relief, including termination of this Lease. (f) At the termination or expiration of this Lease, the Lessee must pay all unexpended Maintenance Reserve Account funds to the Lessor as Additional Rent.

Maintenance Reserve Account. [Optional]Optional]‌ (a) The Lessee must establish and manage a Maintenance Reserve Account. The funds in the Maintenance Reserve Account will be used to carry out, on a project-by-project basis, repair and maintenance needs of the Premises that are non-recurring within a seven-year time frame. Such projects may include repair or replacement of foundations, building frames, window frames, sheathing, sub floors, drainage, rehabilitation of building systems such as electrical, plumbing, built-in heating and air conditioning, roof replacement and similar projects. The Lessee will carry out projects as the Lessor directs in writing in advance of any expenditure being made and in accordance with project proposals approved by the Lessor. No projects may be commenced until the Lessee receives written approval from the Lessor in accordance with Section 10 of this Lease. (b) Projects paid for with funds from the Maintenance Reserve Account will not include routine, operational maintenance of facilities or housekeeping and grounds keeping activities. Nothing in this section lessens the responsibility of the Lessee to carry out the maintenance and repair of the Premises from funds other than those in the Maintenance Reserve Account. (c) The Lessee must establish the Maintenance Reserve Account within its accounting system. The Lessee must deposit into this account, within fifteen calendar (15) days after the last day of each month during the Lease Term, a sum equal to: percent ( %) of the Gross Revenues (as defined in Section 5.4(b) of this Lease) for the previous month. If the Lessee fails to make timely deposits into the account, the Lessor may terminate this Lease for default or may require the Lessee to post a bond in an amount equal to the estimated annual account deposits based on the preceding year’s Gross Revenues. The Lessee must periodically at times prescribed by the Lessor submit written reports to the Lessor containing such information as the Lessor may require concerning the Maintenance Reserve Account and the related activities of the Lessee. (d) The balance in the Maintenance Reserve Account will be available for projects in accordance with its purpose. For all expenditures made for each project from the Maintenance Reserve Account, the Lessee must maintain auditable records, including invoices, xxxxxxxx, canceled checks, and other documentation required by the Lessor. The Lessor must approve in writing all withdrawals or expenditures from the account. (e) Failure to expend Maintenance Reserve Account funds when directed by the Lessor will be considered as a material breach of this Lease for which the Lessor may seek monetary damages and other legal relief, including termination of this Lease. (f) At the termination or expiration of this Lease, the Lessee must pay all unexpended Maintenance Reserve Account funds to the Lessor as Additional Rent.