Common use of Mid-Term Refurbishment Clause in Contracts

Mid-Term Refurbishment. Tenant shall refurbish, redecorate and modernize the interior and exterior of the public retail area of the Premises after the fourth (4th) anniversary of the Full Rent Commencement Date for pre-security locations and after the fifth (5th) anniversary of the Full Rent Commencement Date for post-security locations (the “Mid-Term Refurbishment Date”). On or before the date that is thirty (30) days before the Mid-Term Refurbishment Date, Tenant shall give notice to Director of its intended plan with respect to such mid-term refurbishment requirements. All such mid- term refurbishments will be subject to the requirements of this Lease, including Director’s approval rights under this Section 7. Tenant shall invest thirty five percent (35%) of the Minimum Investment Amount. Tenant shall complete all such refurbishments on or before the date that is six (6) months after the Mid- Term Refurbishment Date. The Director shall be authorized to waive, reduce or delay such requirement provided Director is satisfied that Tenant has developed and shall implement a maintenance program necessary or appropriate to keep the facilities in good condition throughout the term of the Lease.Upon completion of the mid-term refurbishment, Tenant shall provide City with documentation of expenses as specified in Section 7.1 [Minimum Investment] for mid-term refurbishment investment.

Mid-Term Refurbishment. (a) Should the City exercise the Extension Option, Tenant shall refurbish, redecorate and modernize the interior and exterior of the public retail area of the Premises after the fourth (4th) anniversary of the Full Rent Commencement Date for pre-security locations and after the fifth (5th) anniversary of the Full Rent Commencement Date for post-security locations (the “Mid-Term Refurbishment Date”). The Airport Director shall be authorized to waive or reduce such requirement provided Airport Director is satisfied that Tenant shall perform such mid-term refurbishment and otherwise develop and implement a maintenance program necessary or appropriate to keep the facilities in good condition. (a) If City exercises City’s Option, if any, Tenant shall perform in the first year of the Extension Option such mid-term refurbishment and otherwise develop and implement a maintenance program necessary or appropriate to keep the facilities in good condition, as determined by the Airport Director. (b) On or before the date that is thirty (30) days before after the Mid-Term Refurbishment DateExercise Option Notice is received, Tenant shall give notice to Director of its intended plan with respect to such mid-term refurbishment requirements. All such mid- mid-term refurbishments will be subject to the requirements of this Lease, including Director’s approval rights under pursuant to this Section 7. Tenant shall invest thirty five percent (35%) of the Minimum Investment Amount. Tenant shall complete all such refurbishments on or before the date that is six (6) months after the Mid- Mid-Term Refurbishment Date. The Director shall be authorized to waive, reduce or delay such requirement provided Director is satisfied that Tenant has developed and shall implement a maintenance program necessary or appropriate to keep the facilities in good condition throughout the term of the Lease. (c) Upon completion of the mid-term refurbishment, Tenant shall provide City with documentation of expenses as specified in Section 7.1 [Minimum Investment] for mid-term refurbishment investment.