Major Capital Improvements. Any program of capital improvements, involving an addition to the Hotel, or designed to substantially upgrade or change the nature or image of the Hotel (as opposed to a renovation or refurbishing which takes place as part of the normal or cyclical upkeep of the Hotel), shall be deemed to be a "Major Capital Improvement." Major Capital Improvements will be undertaken only at the request of Lessee, whether on its own initiative or at the suggestion of Manager, and in any event shall not be included in the Capital Renewals Budgets.
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Samples: Management Agreement (Equity Inns Inc), Management Agreement (Equity Inns Inc), Management Agreement (Equity Inns Inc)
Major Capital Improvements. Any program of capital improvements, involving an addition to the Hotel, or designed to substantially upgrade or change the nature or image of the Hotel (as opposed to a renovation or refurbishing which takes place as part of the normal or cyclical upkeep of the Hotel), shall be deemed to be a "Major Capital Improvement." Major Capital Improvements will be undertaken only at the request of LesseeOwner, whether on its own initiative or at the suggestion of Manager, and in any event shall be subject to the approval of Manager, and shall not be included in the Capital Renewals Budgets.
Appears in 1 contract
Major Capital Improvements. Any program of capital improvements, involving an addition to the Hotel, or designed to substantially upgrade or change the nature or image of the Hotel (as opposed to a renovation or refurbishing which takes place as part of the normal or cyclical upkeep of the Hotel), shall be deemed to be a "Major Capital Improvement." Major Capital Improvements will be undertaken only at the request of LesseeOwner, whether on its own initiative or at the suggestion of Manager, and in any event shall not be included in the Capital Renewals Budgets.
Appears in 1 contract
Samples: Management Agreement (American Realty Capital Hospitality Trust, Inc.)
