Minimum Qualified Capital Expenditures. Each Lease Year Lessee shall expend with respect to each Facility at least Three Hundred Dollars ($300) per-licensed-bed for Qualified Capital Expenditures to improve the Facilities, which amount shall be increased each Lease Year, beginning with the second Lease Year, by the lesser of (i) the proportionate to increases in the CPI (expressed as a percentage) or (ii) two and one half percent (2.5%).
Minimum Qualified Capital Expenditures. Each Lease Year Lessee shall expend with respect to each Leased Facility at least Three Hundred Twenty Five Dollars ($325.00) per-licensed-bed for Qualified Capital Expenditures to improve the applicable Facility, which amount shall be increased each Lease Year, beginning with the second Lease Year, in proportion to increases in the CPI from the Commencement Date to the commencement of each such Lease Year ("Minimum Qualified Capital Expenditures"). The parties acknowledge that the amount expended by Lessee in completion of the Special Project Capital Expenditures shall not be offset against Lessee's obligation to fund the Minimum Qualified Capital Expenditures set forth in this Section 8.3.2. If Lessee expends with respect to any Facility more than the Minimum Qualified Capital Expenditures in any Lease Year, the excess Minimum Qualified Capital Expenditures shall be credited against Xxxxxx's Minimum Qualified Capital Expenditures required with respect to such Facility for the next Lease Year, and if the amount of the credit exceeds Xxxxxx's Minimum Qualified Capital Expenditures required with respect to such Facility for the next Lease Year, such excess shall be credited against Xxxxxx's Minimum Qualified Capital Expenditures required with respect to such Facility for the following Lease Years. At least annually, at the request of Lessor, Lessor and Lessee shall review capital expenditures budgets and reasonably agree on modifications, if any, required by changed circumstances and the changed conditions of the Leased Properties.
Minimum Qualified Capital Expenditures. Each Lease Year, Tenant, a Subtenant or a UPL-IGT Manager shall expend with respect to the Leased Facilities at least Four Hundred Dollars ($400.00) per-licensed-bed for Qualified Capital Expenditures on a portfolio wide basis on average over a rolling two (2) Lease Year period (i.e., the current Lease Year and the previous Lease Year) to improve the Facilities, which amount shall be increased each Lease Year, beginning with the second Lease Year, in proportion to increases in the CPI from the Commencement Date to the commencement of each such Lease Year (“Minimum Qualified Capital Expenditures”). With respect to the Existing Leases, the amount spent by Tenant, a Subtenant or a UPL-IGT Manager on Qualified Capital Expenditures, as defined under this Lease, for the final Lease Year under the Existing Leases prior to the Commencement Date, shall be included in the calculation the two (2) year rolling average for Qualified Capital Expenditures for the first and second Lease Year under this Lease. Approved Improvements funded by Landlord pursuant to Section 9.3 and constituting Qualified Capital Expenditures shall be included in the calculation of Minimum Qualified Capital Expenditures for the Lease Year in which such amounts are funded. At least annually, at the request of Landlord, Landlord and Tenant shall review capital expenditures budgets and reasonably agree on modifications, if any, required by changed circumstances and the changed conditions of the Leased Properties.
Minimum Qualified Capital Expenditures. During each calendar year of ----------------------------------------- the Term, Tenant shall expend at least $300.00 per unit for Qualified Capital Expenditures to the Facilities of which, on average during the Term, no less than $250.00 per unit per calendar year shall be spent on items which are capitalized on the books of Tenant, as compared to on routine repair and maintenance items. At least annually, at the request of Landlord, Landlord and Tenant shall review capital expenditures budgets and agree on modifications, if any, required by changed circumstances and the changed conditions of the Leased Property.
Minimum Qualified Capital Expenditures. During each calendar year of the Term, Tenant shall expend or escrow an average of at least $1,153.00 per bed (or, with respect to the Lafayette Facility, $400.00 per licensed bed per year on average as calculated over an aggregate three calendar year period) for Qualified Capital Expenditures to improve the Facilities (provided that as to any Facility with respect to which a certificate of occupancy has not been outstanding for at least a year, the minimum Qualified Capital Expenditures required by this section shall be waived until the calendar year immediately following the year in which such certificate of occupancy is issued). Thereafter throughout the Term, Tenant shall expend or escrow such minimum amount each calendar year, increased annually on each anniversary of the Original Effective Date in proportion to increases in the CPI. Within 60 days after the end of each fiscal year, Tenant shall deliver to Landlord a certificate in the form of Exhibit G listing the Qualified Capital Expenditures made in the prior year. If the entire minimum amount was not expended in such year, the certificate will include certification that the balance of the current minimum amount has been deposited in a reserve account to be used solely for Qualified Capital Expenditures for the Facilities. At least annually, at the request of Landlord, Landlord and Tenant shall review capital expenditures budgets and discuss possible modifications to the Leased Property; provided that Tenant shall not be required by the terms of this sentence to implement any such modifications. Tenant shall be required to complete the capital expenditure projects described on Exhibit O within the time periods specified thereon and all amounts incurred by Tenant in connection therewith shall comprise Qualified Capital Expenditures, and count towards the minimum Qualified Capital Expenditures required to be spent per year pursuant to this §16.6. Notwithstanding the foregoing, with respect to the Lafayette Facility, the initial average annual minimum Qualified Capital Expenditures shall be $400.00 multiplied by the number of licensed beds at such Facility and calculated over an aggregate three calendar year period.
Minimum Qualified Capital Expenditures. During each calendar year of the Term, Tenant shall expend at least $125.00 per bed for Qualified Capital Expenditures to improve the Facilities (provided that as to any Facility with respect to which a certificate of occupancy was not issued prior to the end of the first calendar year, the minimum qualified capital expenditures required by this Section shall be waived until the calendar year immediately following the year in which such certificate of occupancy is issued). Thereafter throughout the Term, Tenant shall expend such amount each calendar year, increased annually in proportion to increases in the CPI. At least annually, at the request of Landlord, Landlord and Tenant shall review capital expenditures budgets and agree on modifications, if any, required by changed circumstances and the changed conditions of the Leased Property.
Minimum Qualified Capital Expenditures. During each calendar year of the Term, Tenant shall expend at least $450.00 per unit for Qualified Capital Expenditures to improve the Facilities (provided that as to any Facility with respect to which a certificate of occupancy was not issued prior to the end of the first calendar year, the minimum Qualified Capital Expenditures required by this section shall be waived until the calendar year immediately
Minimum Qualified Capital Expenditures. During each Lease Year, Tenant shall, at Tenant’s option, either expend or escrow at least the Minimum Capital Expenditures Amount per unit for Qualified Capital Expenditures to improve the Facilities (provided that as to any Facility with respect to which a certificate of occupancy was not issued prior to the end of the first Lease Year, the minimum qualified capital expenditures required by this section shall be waived until the Lease Year immediately following the Lease Year in which such certificate of occupancy is issued). Thereafter throughout the Term, Tenant shall expend or escrow the applicable Minimum Capital Expenditures Amount for such Lease Year. Within 60 days after the end of each Lease Year, Tenant shall deliver to Landlord a certificate in the form of Exhibit G listing the Qualified Capital Expenditures made in the prior Lease Year. If the entire minimum amount was not expended in such Lease Year, the certificate will include certification that the balance of the current minimum amount has been deposited in a reserve account to be used solely for Qualified Capital Expenditures for the Facilities. Any amounts expended or escrowed under the Assumed Mortgage for capital expenditures shall be credited toward the Qualified Capital Expenditure requirements of this §16.6.
Minimum Qualified Capital Expenditures. During each calendar year of the Term, Tenant shall expend or escrow at least $400.00 per unit for Qualified Capital Expenditures to improve the Facilities (provided that as to any Facility with respect to which a certificate of occupancy was not issued prior to the end of the first calendar year, the minimum qualified capital expenditures required by this section shall be waived until the calendar year immediately following the year in which such certificate of occupancy is issued). Thereafter throughout the Term, Tenant shall expend or escrow such minimum amount each calendar year, increased annually in proportion to increases in the CPI. Within 60 days after the end of each fiscal year, Tenant shall deliver to Landlord a certificate in the form of Exhibit G listing the Qualified Capital Expenditures made in the prior year. If the entire minimum amount was not expended in such year, the certificate will include certification that the balance of the current minimum amount has been deposited in a reserve account to be used solely for Qualified Capital Expenditures for the Facilities. At least annually, at the request of Landlord, Landlord and Tenant shall review capital expenditures budgets and agree on modifications, if any, required by changed circumstances and the changed conditions of the Leased Property.
Minimum Qualified Capital Expenditures. During each calendar year of the Term, Tenant shall expend at least $450.00 per unit for Qualified Capital Expenditures to improve the Facilities (provided that as to any Facility with respect to which a certificate of occupancy was not issued prior to the end of the first calendar year, the minimum Qualified Capital Expenditures required by this section shall be waived until the calendar year immediately following the year in which such certificate of occupancy is issued). Thereafter throughout the Term, Tenant shall expend such amount each calendar year, increased annually in proportion to increases in the CPI. Within 60 days after the end of each fiscal year, Tenant shall deliver to Landlord a certificate in the form of Exhibit N listing the Qualified Capital Expenditures made in the prior year. If the entire minimum amount was not expended in such year, the certificate will include certification that the balance of the current minimum amount has been deposited in a reserve account to be used solely for Qualified Capital Expenditures for the Facilities. At least annually, at the request of Landlord, Landlord and Tenant shall review capital expenditures budgets and agree on modifications, if any, required by changed circumstances and the changed conditions of the Leased Property. Notwithstanding the foregoing, Tenant shall be deemed to have satisfied the requirements of this §16.6 by providing Landlord with written documentation that it has expended an average of $450.00 per unit per year calculated on a three year rolling average.
