Common use of Major Capital Expenditures Clause in Contracts

Major Capital Expenditures. (a) On or before December 1 of each Lease Year, Tenant, or Manager at the direction of 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 or vertical transportation elements of the Leased Improvements ("Major Capital Expenditures"). Major Capital Expenditures shall also include (i) 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, and (ii) all other Environmental Claims of third parties other than Landlord, Tenant, Manager or their agents, successors and assigns (except those treated as Tenant's sole cost and expense under Section 5.1.4(b)), provided that in the case of this clause (ii) such Environmental Claims, together with all other such Environmental Claims of the type contemplated in this clause (ii) under all of the Other Leases, exceed $250,000 and are less than $1,250,000 (it being expressly agreed that Landlord's obligation under this clause (ii) shall not exceed, in the aggregate, $1,000,000 for all of the leased properties contemplated by this Lease and the Other Leases). Landlord shall not withhold its approval to such Major Capital Expenditures as are required, in Tenant's reasonable judgment (or Manager's reasonable judgment if directed by Tenant to prepare the Building Estimate), for the Leased Property to comply with the Product Standards or for costs associated with the removal or remediation of Hazardous Substances. If Tenant or Manager, as applicable, does not receive Notice of Landlord's disapproval of the Building Estimate or any item therein, within twenty (20) Business Days after delivery of the Building Estimate to Landlord, then Landlord shall be deemed to have approved the Building Estimate or such items, as applicable. 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.