Common use of Major Capital Expenditures Clause in Contracts

Major Capital Expenditures. (a) On or before December 1 of each Lease Year, Tenant shall deliver to Landlord, for Landlord's approval, an estimate (the "Building Estimate") of the expenses necessary for repairs, alterations, improvements, renewals, replacements and additions, all of which are non-routine or major, to the Leased Improvements which are not covered under Section 5.1.2(a) and which are normally capitalized under GAAP such as repairs, alterations, improvements, renewals, replacements and additions to the structure, the exterior facade, the mechanical, electrical, heating, ventilating, air conditioning, plumbing and vertical transportation elements of the Leased Improvements ("Major Capital Expenditures"). Major Capital Expenditures shall also include all costs associated with any removal or remediation of Hazardous Substances (except those treated as Tenant's sole cost and expense under Section 5.1.4(b)), regardless of whether such costs are normally capitalized under GAAP. Landlord shall not withhold its approval to such Major Capital Expenditures as are required, in Tenant's reasonable judgment, for the Leased Property to comply with the Product Standards or for costs associated with the removal or remediation of Hazardous Substances. If Tenant does not receive Notice of Landlord's disapproval of the Building Estimate within twenty (20) Business Days after delivery of the Building Estimate to Landlord, then Landlord shall be deemed to have approved the Building Estimate. In the event Landlord disapproves the Building Estimate, Landlord's Notice shall identify disputed items on a line item basis. Items not identified as disputed in such Landlord's Notice shall be deemed approved.

Major Capital Expenditures. (a) On or before the Commencement Date (with respect to the first partial Fiscal Year) and December 1 of each Lease YearFiscal Year thereafter, Tenant shall deliver to Landlord, for Landlord's approval, an a detailed line-item estimate (the "Building Estimate") of the expenses necessary for repairs, alterations, improvements, renewals, replacements and additions, all of which are non-routine or major, to the Leased Improvements which are not covered under Section 5.1.2(a) and which are normally capitalized under GAAP (which expenses shall include, with respect to any cost item, any customary market-rate supervisory fee, and any other fee commonly referred to as "purchasing fees", charged by Tenant, Manager or any Affiliated Person for services rendered in connection herewith) such as repairs, alterations, improvements, renewals, replacements and additions to the structure, the exterior facade, the mechanical, electrical, heating, ventilating, air conditioning, plumbing and vertical transportation elements of the Leased Improvements ("Major Capital Expenditures")) which Major Capital Expenditures Tenant believes should be made to the Leased Property for the following Lease Year, together with estimates of professionals and other appropriate backup. Major Capital Expenditures shall also include all costs associated with any removal or remediation of Hazardous Substances (except those treated as at Tenant's sole cost and expense under Section 5.1.4(b) and referenced in Section 4.2)). Except as provided in paragraph 5.1.3(b) below, regardless Tenant acknowledges the provisions of whether such costs are normally capitalized under GAAP. Section 22.19 shall not be applicable to this Section 5.1.3 and any Major Capital Expenditures not approved by Landlord shall not withhold its be made. In addition, any such approval shall not constitute Landlord's agreement that the repairs, alterations, improvements, renewals, replacements and additions giving rise to such a Major Capital Expenditures as Expenditure or the plans and specifications therefore are required, or will be in Tenant's reasonable judgment, for compliance with Applicable Laws nor shall such approval constitute the Leased Property to comply assumption by Landlord of any liability in connection with the Product Standards or for costs associated with the removal or remediation of Hazardous Substances. If Tenant does not receive Notice of Landlord's disapproval of the Building Estimate within twenty (20) Business Days after delivery of the Building Estimate to Landlordsaid repairs, then Landlord shall be deemed to have approved the Building Estimate. In the event Landlord disapproves the Building Estimatealterations, Landlord's Notice shall identify disputed items on a line item basis. Items not identified as disputed in such Landlord's Notice shall be deemed approvedimprovements, renewals, replacements and additions contemplated thereby.