Common use of Periodic Refurbishment of Premises Clause in Contracts

Periodic Refurbishment of Premises. After the commencement of the fourth (4th) Agreement Period and prior to the sixth (6th) Agreement Period, but in any event Company shall expend to refurbish, replace or supplement such Improvements, furnishings, trade fixtures and equipment no less than One Hundred Fifty and No/100 Dollars ($150.00) per square foot of the non-commissary portion of the Premises for an estimated total of and No/100 Dollars ($ , . ) and shall additionally expend such sums as may be required by the Chief Executive Officer with respect to the portions of the Premises dedicated for commissary and support space, subject to the right of the Aviation Authority, in the Aviation Authority’s sole discretion, to direct Company to make all or any portion of such expenditure at such earlier time prior the commencement of such fourth (4th) Agreement Period as it deems appropriate. Provided, however, under this Article 6.G. an expenditure for Improvements, furnishings, trade fixtures or equipment shall not include interest charges, Company’s own overhead expenses or any portion of Company’s expenditures which exceed the fair market price for any such Improvement, furnishing, trade fixture or equipment. In no event, shall the closing of the Premises or any portion thereof for the purpose of completing the Company’s Periodic Refurbishment Improvements result in any reduction or other abatement in Company’s obligations to pay the Aviation Authority the Concession Fees pursuant to Article 5 of this Agreement. In order to ensure that funding is available for such periodic refurbishment, Company and Aviation Authority will enter into a Concession Improvement Trust, hereafter known as the “Trust”. The sole purpose of the Trust is to fund the Company’s obligations as provided above in this Article 6.G. All costs necessary to plan, design, and construct the remodeling, refurbishment or replacement of Improvements, furnishings, trade fixtures or equipment shall be paid from the accumulated funds held in the Trust. Company shall deposit monthly into the Trust a total of /100 Dollars ($ ) which equates to One Hundred Fifty Dollars and No/100 Dollars ($150.00) per square foot for refurbishment of the portion of the Premises. Payment shall commence on first (1st) day of the fifth (5th) month after the Commencement Date, and continue for forty-one (41) consecutive months thereafter. Disbursements from the Trust shall be requested by Company or may be directed by the Aviation Authority. The Aviation Authority will determine the need for such disbursement in consultation with Company, but such disbursement shall be at the sole discretion of the Aviation Authority. Aviation Authority shall deliver monies from the Trust, after execution of a payment certificate, to a designated payee, outright and free of Trust. A payment certificate shall be executed by an authorized representative of Company and the Chief Executive Officer. In the event that Company has expended its own funds and those of the Trust in excess of One Hundred Fifty Dollars and No/100 Dollars ($150.00) per square feet of the Premises prior to the commencement of the fourth (4th) Agreement Period for refurbishment as described in this Article 6.G., and the commissary and support space for food storage have been refurbished to the standards to be established by the Chief Executive Officer, the Trust will be discontinued and any remaining balance in the Trust will be refunded to Company. In the event that Company has not expended in excess of the minimum sums set forth above in Improvements, furnishings, trade fixtures or equipment prior the commencement of the fourth (4th) Agreement Period, Aviation Authority may, at the Aviation Authority’s sole option, grant Company additional time to make such expenditures or take possession of the remaining balance in the Trust without recourse from Company.

Periodic Refurbishment of Premises. After the commencement of the fourth (4th) Agreement Period and prior to the sixth (6th) Agreement Period, but in any event Company shall expend to refurbish, replace or supplement such Improvements, furnishings, trade fixtures and equipment no less than One Hundred Fifty and No/100 Dollars ($150.00) per square foot of the non-commissary portion of the Premises for an estimated total of and No/100 Dollars ($ , . ) and shall additionally expend such sums as may be required by the Chief Executive Officer with respect to the portions of the Premises dedicated for commissary and support space, subject to the right of the Aviation Authority, in the Aviation Authority’s sole discretion, to direct Company to make all or any portion of such expenditure at such earlier time prior the commencement of such fourth (4th) Agreement Period as it deems appropriate. Provided, however, under this Article 6.G. an expenditure for Improvements, furnishings, trade fixtures or equipment shall not include interest charges, Company’s own overhead expenses or any portion of Company’s expenditures which exceed the fair market price for any such Improvement, furnishing, trade fixture or equipment. In no event, shall the closing of the Premises or any portion thereof for the purpose of completing the Company’s Periodic Refurbishment Improvements result in any reduction or other abatement in Company’s obligations to pay the Aviation Authority the Concession Fees pursuant to Article 5 of this Agreement. In order to ensure that funding is available for such periodic refurbishment, Company and Aviation Authority will enter into a Concession Improvement Trust, hereafter known as the “Trust”. The sole purpose of the Trust is to fund the Company’s obligations as provided above in this Article 6.G. All costs necessary to plan, design, and construct the remodeling, refurbishment or replacement of Improvements, furnishings, trade fixtures or equipment shall be paid from the accumulated funds held in the Trust. Company shall deposit monthly into the Trust a total of /100 Dollars ($ ) which equates to One Hundred Fifty Dollars and No/100 Dollars ($150.00) per square foot for refurbishment of the portion of the Premises. Payment shall commence on first (1st) day of the fifth (5th) month after the Commencement Date, and continue for forty-one (41( ) consecutive months thereafter. Disbursements from the Trust shall be requested by Company or may be directed by the Aviation Authority. The Aviation Authority will determine the need for such disbursement in consultation with Company, but such disbursement shall be at the sole discretion of the Aviation Authority. Aviation Authority shall deliver monies from the Trust, after execution of a payment certificate, to a designated payee, outright and free of Trust. A payment certificate shall be executed by an authorized representative of Company and the Chief Executive Officer. In the event that Company has expended its own funds and those of the Trust in excess of One Hundred Fifty Dollars and No/100 Dollars ($150.00) per square feet of the Premises prior to the commencement of the fourth (4th) Agreement Period for refurbishment as described in this Article 6.G., and the commissary and support space for food storage have been refurbished to the standards to be established by the Chief Executive Officer, the Trust will be discontinued and any remaining balance in the Trust will be refunded to Company. In the event that Company has not expended in excess of the minimum sums set forth above in Improvements, furnishings, trade fixtures or equipment prior the commencement of the fourth (4th) Agreement Period, Aviation Authority may, at the Aviation Authority’s sole option, grant Company additional time to make such expenditures or take possession of the remaining balance in the Trust without recourse from Company.

Periodic Refurbishment of Premises. After the commencement of the fourth (4th) Agreement Period and prior to the commencement of the sixth (6th) Agreement Period, but in any event Company shall expend to refurbish, replace or supplement such Improvements, furnishings, trade fixtures and equipment no less than One Hundred and Fifty and No/100 Dollars ($150.00) per square foot of the non-commissary portion of the Premises for an estimated total of Seven Hundred Twelve Thousand Five Hundred and No/100 Dollars ($ , . $712,500.00) and shall additionally expend such sums as may be required by the Chief Executive Officer with respect to the portions of the Premises dedicated for commissary and support space, subject to the right of the Aviation Authority, in the Aviation Authority’s sole discretion, to direct Company to make all or any portion of such expenditure at such earlier time prior the commencement of such fourth (4th) Agreement Period as it deems appropriate. Provided, however, under this Article 6.G. an expenditure for Improvements, furnishings, trade fixtures or equipment shall not include interest charges, Company’s own overhead expenses or any portion of Company’s expenditures which exceed the fair market price for any such Improvement, furnishing, trade fixture or equipment. In no event, shall the closing of the Premises or any portion thereof for the purpose of completing the Company’s Periodic Refurbishment Improvements result in any reduction or other abatement in Company’s obligations to pay the Aviation Authority the Concession Fees pursuant to Article 5 of this Agreement. In order to ensure that funding is available for such periodic refurbishment, Company and Aviation Authority will enter into a Concession Improvement Trust, hereafter known as the “Trust”. The sole purpose of the Trust is to fund the Company’s obligations as provided above in this Article 6.G. All costs necessary to plan, design, and construct the remodeling, refurbishment or replacement of Improvements, furnishings, trade fixtures or equipment shall be paid from the accumulated funds held in the Trust. Company shall deposit monthly into the Trust a total of /100 Dollars Sixteen Thousand One Hundred Ninety-Three and 19/100 ($ $16,193.19) an amount which equates to One Hundred and Fifty Dollars and No/100 Dollars ($150.00) per square foot for refurbishment of the portion of the Premises. Payment shall commence on first (1st) day of the fifth (5th) month after the Commencement Date, Date and continue for fortyForty-one Three (4143) consecutive months thereafter. Disbursements from the Trust shall be requested by Company or may be directed by the Aviation Authority. The Aviation Authority will determine the need for such disbursement in consultation with Company, but such disbursement shall be at the sole discretion of the Aviation Authority. Aviation Authority shall deliver monies from the Trust, after execution of a payment certificate, to a designated payee, outright and free of Trust. A payment certificate shall be executed by an authorized representative of Company and the Chief Executive Officer. In the event that Company has expended its own funds and those of the Trust in excess of One Hundred Fifty Dollars and Fifty No/100 Dollars ($150.00) per square feet of the Premises prior to the commencement of the fourth (4th) Agreement Period for refurbishment as described in this Article 6.G., and the commissary and support space for food storage have been refurbished to the standards to be established by the Chief Executive Officer, the Trust will be discontinued and any remaining balance in the Trust will be refunded to Company. In the event that Company has not expended in excess of the minimum sums set forth above in Improvements, furnishings, trade fixtures or equipment prior the commencement of the fourth (4th) Agreement Period, Aviation Authority may, at the Aviation Authority’s sole option, grant Company additional time to make such expenditures or take possession of the remaining balance in the Trust without recourse from Company.