Major Renovation Sample Clauses

Major Renovation. If in any Lease Year during the Term of ---------------- this Lease, a renovation of the Facility is required, either pursuant to (i) the agreed upon Capital Budget, or (ii) as otherwise agreed to by Lessor, and the total cost of such renovation (including, but not limited to, any termination fees and penalties, including liquidated damages, if such renovation is incurred in connection with a change of the existing franchise), is or will be equal to or greater than eight percent (8%) of actual or projected Gross Revenues derived or to be derived from the Leased Property for such Lease Year (a "Major Renovation"), Lessor and Lessee hereby agree that the Rent payable under Section 3.1 hereof shall be adjusted, based upon the following formula: First, an amount equal to the sum of 4% of the actual Gross Revenues derived from the Leased Property for each Lease Year of the Term for the period commencing from January, 1998 to and including the then current Lease Year, based upon 4% of the actual or projected Gross Revenues for such Lease Year in which the Major Renovation shall occur (the "Cumulative Capital Expenditure Reserve") shall be compared to the total amount of Capital Expenditures actually paid by Lessor for the Leased Property during such period (the "Cumulative Capital Expenditures"). If the Cumulative Capital Expenditure Reserve exceeds the Cumulative Capital Expenditures, the excess amount shall be subtracted from the total cost of the Major Renovation, and the Rent shall be increased by an amount equal to 7% of the difference from and after the date on which such Major Renovation has been substantially completed (the "Completion Date"). If the Cumulative Capital Expenditures exceed the Cumulative Capital Expenditure Reserve, the excess amount shall be added to the total cost of the Major Renovation, and the Rent shall be increased by an amount equal to 7% of the sum from and after the Completion Date. In the event that Lessor and Lessee are unable to agree to the Rent adjustment or the Completion Date pursuant to this Section, after using good faith efforts to do so, the matter shall be submitted to arbitration under Section 40.2 hereof.

Major Renovation. The obligations under this Subsection are separate from and in addition to all of the preceding obligations under this subsection. ▇▇▇▇▇▇ understands and agrees that, in order to operate a first- class business, maintain the Improvements in a first-class condition, and to provide up-to-date facilities of first-class order, periodic major renovation and refurbishing of the Improvements is necessary. During the first year and the third year of the term of this Lease (or such other time approved in writing by the Port) Lessee shall submit to the Port for Port approval a detailed plan for ▇▇▇▇▇▇’s major renovation and refurbishing of the Improvements, which provides for the commencement of work on such dates as may be authorized in writing by the Port. Within 90 days after receipt of said detailed plan of major renovation and refurbishing the Port shall approve, disapprove or request amendments to said plan, and Lessee within 30 days thereafter, as appropriate, shall submit to the Port a new or amended plan. The Port shall approve or disapprove the new or amended plan within 60 days after ▇▇▇▇▇▇’s submittal. The Port’s approval shall not be unreasonably withheld or delayed. After approval of the plan and necessary building permits by the Port, Lessee shall promptly secure all necessary permits and approvals for the work and commence construction, and thereafter diligently complete the same as provided in said Port-approved plan.

Major Renovation. Notwithstanding anything contained in this Lease to the contrary, in the event the Premises, is damaged or destroyed and this Lease has not been terminated as elsewhere provided herein, and Landlord does not complete the reconstruction of the Premises and the building the Premises are located in, within two hundred seventy (270) days after such damage or destruction, Tenant, at its option, may terminate this Lease effective upon written notice thereof to Landlord given at any time prior to the substantial completion of such reconstruction.