Rehabilitation Projects Required After Lease Year 15 Sample Clauses

Rehabilitation Projects Required After Lease Year 15. Because of the length of the Term, Tenant shall be required to perform certain substantial capital replacement and rehabilitation work with respect to the facilities and improvements on the Property in order to ensure that the marina on the Property will be in good order, repair and condition upon the expiration of the Term. In order to identify required capital replacement and rehabilitation projects, Tenant, at its expense, shall cause an engineering firm reasonably acceptable to Landlord prepare and present to Landlord an updated marina engineering report on or before the end of Lease Year 15, and Tenant shall decide on an updated capital replacement and rehabilitation program covering the remaining Term if the Initial Term has not been extended as provided in Section 1.5(b), or the next fifteen (15) years of the Term if the Initial Term has been so extended. If the Initial Term has been extended as provided in Section 1.5(b), this process shall be repeated every fifteen (15) years thereafter during the Term. The engineering firm preparing the report shall be informed of Tenant’s obligation to ensure that the marina on the Property is in good order, repair and condition and functionally viable upon the expiration of the Term. Landlord, at Xxxxxxxx’s expense, may obtain a peer review of each Tenant engineering report. The capital replacement and rehabilitation work noted in the engineering report, with reasonable modifications or additions noted in Landlord’s peer review, if any, shall be completed by Tenant, at its expense, by such reasonable methods and in accordance with such schedule as shall be determined by Xxxxxx, subject to Tenant’s obligation to surrender possession of the Property to Landlord with the marina on the Property in good order, repair and condition and functionally viable upon the expiration of the Term, regardless of whether the capital replacement reserve deposits described in Section 11.5 are adequate to fund the entire cost of such work. Xxxxxxxx agrees to cooperate with Tenant in connection with any public financing of such work through the issuance of Community Facilities District (CFD) bonds or other bonds proposed by Xxxxxx.
Sample 1
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Related to Rehabilitation Projects Required After Lease Year 15

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  • DATE OF COMMENCEMENT AND SUBSTANTIAL COMPLETION § 3.1 The date of commencement of the Work shall be: (Check one of the following boxes.) [ « » ] The date of this Agreement. [ « » ] A date set forth in a notice to proceed issued by the Owner. [ « » ] Established as follows: (Insert a date or a means to determine the date of commencement of the Work.) « » If a date of commencement of the Work is not selected, then the date of commencement shall be the date of this Agreement.

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