Repairs and Equipment Reserve Sample Clauses

Repairs and Equipment Reserve. A. Management Company shall establish, in respect of each Fiscal Year from and after the Management Commencement Date, a reserve escrow account in the name of TRS (“Reserve”) in a bank approved by TRS. All disbursements and withdrawals from the Reserve shall be made by representatives of Management Company whose signatures have been authorized. The Reserve shall be in an amount equal to the greater of: (i) four percent (4%) of Gross Revenues; or (ii) the amount required under the Franchise Agreement for the Hotel or by any Qualified Lender. The Reserve shall be held in a bank, savings and loan association, or other financial institution designated by TRS to cover cost of: (i) Replacements and renewals to the Hotel's FF&E; and (ii) Certain non-routine repairs and maintenance to the Hotel building which are normally capitalized under generally accepted accounting principles, such as exterior and interior repainting, resurfacing building walls, floors, roofs and parking areas, and replacing folding walls and the like, but which are not major repairs, alterations, improvements, renewals, or replacements to the Hotel building's structure or to its mechanical, electrical, heating, ventilating, air conditioning, plumbing, or vertical transportation systems, the cost of which are TRS's sole responsibility under Section 8.03. B. All amounts from time to time in the Reserve, and all interest thereon, shall at all times be owned by, and be the exclusive property of, TRS, and Management Company shall make no claim thereto. Proceeds from the sale of FF&E no longer necessary for the operation of the Hotel shall be deposited in the Reserve, as shall any interest which accrues on amounts placed in the Reserve. Neither (i) proceeds from the disposition of FF&E, nor (ii) interest which accrues on amounts held in the Reserve shall (x) result in any reduction in the required contributions to the Reserve set forth in 8.02 A above, or (y) be included in Gross Revenues. Management Company shall provide to TRS each month a copy of the bank statement relating to the Reserve and a reconciliation of such Reserve account. C. Management Company shall prepare an estimate (“FF&E Estimate”) of the expenditures necessary during the ensuing Fiscal Year for (i) replacement and renewal of the Hotel FF&E and (ii) building repairs of the nature contemplated by Section 8.02 A 2, and shall submit such FF&E Estimate to TRS for TRS's review and approval at the same time it submits the Preliminary ...
Sample 1Sample 2Sample 3See All (18)
AutoNDA by SimpleDocs
Repairs and Equipment Reserve. 47 8.03 Building Alterations, Improvements, Renewals, and Replacements...54 8.04 Liens............................................................57 8.05
Sample 1See All (4)
Repairs and Equipment Reserve. 7.03 Building Alterations, Improvements, Renewals and Replacements ......
Sample 1
Repairs and Equipment Reserve. A. Management Company shall establish, in respect of each Fiscal Year from and after the Management Commencement Date, a reserve escrow account in the name of Owner ("Reserve") in a bank approved by Owner. All disbursements and withdrawals from the Reserve shall be made by representatives of Management Company whose signatures have been authorized. The Reserve shall be in an amount equal to the greater of: (i) % of Gross Revenues or (ii) the amount required --- under the Franchise Agreement for the Hotel or by any Qualified Lender, in a bank, savings and loan association or other financial institution designated by Owner to cover the cost of: 1. Replacements and renewals to the Hotel's FF&E; and 2. Certain non-routine repairs and maintenance to the Hotel building which are normally capitalized under generally accepted accounting principles, such as exterior and interior repainting, resurfacing building walls, floors, roofs and parking areas, and replacing folding walls and the like, but which are not major repairs, alterations, improvements, renewals or replacements to the Hotel building's structure or to its mechanical, electrical, heating, ventilating, air conditioning, plumbing or vertical transportation systems, the cost of which are Owner's sole responsibility under Section 8.03. B. All amounts from time to time in the Reserve, and all interest thereon, shall at all times be owned by, and be the exclusive property of, Owner, and Management Company shall make no claim thereto. Proceeds from the sale of FF&E no longer necessary for the operation of the Hotel shall be deposited in the Reserve, as shall any interest which accrues on amounts placed in the Reserve. Neither (i) proceeds from the disposition of FF&E, nor (ii) interest which accrues on amounts held in the Reserve, shall either (x) result in any reduction in the required contributions to the Reserve set forth in
Sample 1
Repairs and Equipment Reserve. A. Manager shall establish, on a consolidated basis (or on such other basis as may be reasonably required by lenders providing financing to Lessee or Lessor with respect to the Inns), an escrow reserve account ("Repairs and Equipment Reserve" or the "Reserve"), in a bank or similar institution reasonably acceptable to both Manager and Lessee, to cover the cost of: 1. Replacements and renewals related solely to the FF&E of the Inns; and 2. Certain routine repairs and maintenance to each Inn's buildings which are normally capitalized under generally accepted accounting principles, such as exterior and interior repainting, resurfacing building walls, floors, roofs and parking areas, buying or leasing replacement vehicles, and replacing folding walls and the like, but which are not major repairs, alterations, improvements, renewals or replacements to such building's structure or to its mechanical, electrical, heating, ventilating, air conditioning, plumbing or vertical transportation systems, the cost of which are to be paid by Lessee under Section 7.03, rather than from the Reserve. B. Subject to the provisions of subsection E, below, each Fiscal Year, Manager shall transfer into the Reserve an amount equal to five percent (5%) of Gross Revenues for each of such Fiscal Years. Transfers into the Reserve shall be made at the time of each interim accounting described in Section
Sample 1
Repairs and Equipment Reserve. A. Tenant shall, on behalf of Landlord and in Landlord's name but with Tenant having the sole authority to make withdrawals or transact other business with respect thereto, establish and maintain, on a consolidated basis, an escrow reserve account (the "Repair and Equipment Reserve" or the "Reserve") in a bank designated by Landlord. The Reserve shall be used to cover the cost of FF&E Replacements consisting of: 1. Replacements and renewals related solely to the FF&E of a Hotel (including communication systems and computer systems); 2. Certain routine repairs and maintenance to the building structures of a Hotel, the cost of which is normally capitalized under generally accepted accounting principles, such as exterior and interior repainting, resurfacing building walls, floors, roofs, and parking areas, and replacing folding walls and the like, but which are not alterations, improvements, renewals, or replacements to the structure of the building or to its mechanical, electrical, heating, ventilating, air conditioning, plumbing, or vertical transportation systems, the cost of which are Landlord's sole responsibility under Section 8.03; and 3. Lease payments for any FF&E and motor vehicles that are leased instead of purchased and not treated as Deductions pursuant to Item 16 of the definition of Deductions. B. As of the Effective Date, Landlord and Tenant shall make the Initial Reserve Deposit into the Reserve. Except as provided below and subject to the provisions of Section 8.02.E, for each Fiscal Year during the term of this Agreement, Tenant shall transfer into the Reserve an amount equal to five percent (5%) of Gross Revenues attributable to each such Hotel for such period of time. Commencing with Fiscal Year 1997, Tenant shall have the right, but not the obligation, to increase the amount it transfers into the Reserve to any amount to greater than five percent (5%) but not exceeding six percent (6%) of Gross Revenues for such Fiscal Year and each successive Fiscal Year if, based upon a review of capital requirements for the Hotels, such increase is mutually agreed upon by Landlord and Tenant; provided, however, that Landlord's agreement to increase the amount to be transferred into the Reserve to up to six percent (6%) of Gross Revenues shall not be required if Operating Profit for each of Fiscal Years 1994 through 1996 equals or exceeds the amounts shown as Operating Profit on Exhibit I. For purposes of the preceding sentence, Operating Profit shall ...
Sample 1
Repairs and Equipment Reserve. A. Manager shall establish and maintain, on a consolidated basis, an escrow reserve account ("Repairs and Equipment Reserve" or the "Reserve") in a bank designated by Owner and reasonably satisfactory to Manager (or in a liquid investment account such as a money market account, as determined by Manager in its reasonable judgment after consulting with Owner) to cover the cost of FF&E Replacements consisting of: 1. Replacements and renewals to the FF&E of a Hotel (including communication systems and computer systems), and 2. Certain routine repairs and maintenance to the building structures of a Hotel the cost of which is normally capitalized under generally accepted accounting principles such as exterior and interior repainting, resurfacing building walls, floors, roofs and parking areas, and replacing folding walls and the like, but which are not alterations, improvements, renewals or replacements to the structure of the building or to its mechanical, electrical, heating, 47 ventilating, air conditioning, plumbing or vertical transportation systems, the cost of which are Owner's sole responsibility under Section 8.03.
Sample 1
AutoNDA by SimpleDocs

Related to Repairs and Equipment Reserve

  • Maintenance Repairs and Alterations 7.1 Lessee's Obligations. -------------------- (a) Subject to Lessor's obligations under Paragraphs 6.2(b), 6.3(a), 7.3, 9 and 40, Lessee shall keep in good order, condition and repair the non- structural elements of the Premises and every part thereof, (whether or not the need for such repairs occurs as a result of Lessee's use, any prior use, the elements or the age of such portion of the Premises) including, without limiting the generality of the foregoing, all exposed plumbing, heating and air conditioning, ventilating, electrical, lighting facilities and equipment within the Premises, fixtures, walls (interior and nonstructural elements of exterior), ceilings, floors, windows, doors, plate glass and skylights located within the Premises, and all driveways, parking lots and striping thereon, landscaping, exterior lighting, fences and signs located on the Premises and sidewalks and parkways adjacent to the Premises. If the cost of repairing an element of the Premises is covered by a warranty obtained by Lessor from a third party contractor, subcontractor, consultant or material supplier in connection with construction work performed on the Premises prior to the Effective Date, Lessor shall make available such warranty to Lessee and shall assign to Lessee Lessor's rights thereunder, provided that Lessee shall not take any action which shall invalidate any such warranty or derogate from Lessor's remedies or recourse thereunder. (b) Lessee shall maintain the Premises as provided in Paragraph 7. I (a) and in accordance with the requirements of all Laws and any covenants or restrictions as may from time to time be applicable to Lessee's specific manner of use of the Premises and the conduct and operation of Lessee's business. Lessee, in keeping the Premises in good order, condition and repair, shall exercise and perform good maintenance practices and any damage or deterioration shall not be deemed "ordinary wear and tear" if the same could have been prevented by good maintenance practice. Lessee's obligations shall include restorations, replacements or renewals when determined not to be due to ordinary wear and tear or when made necessary due to failure to perform proper maintenance. (c) If the term of this Lease, as the same may be extended or renewed, exceeds five (5) years, Lessor shall have the right to require Lessee to repaint the exterior of THE improvements. but not more often than once every five (5) years, as reasonably necessary. (d) Lessee's obligations under this Paragraph 7.1 shall not apply to replacement, repair or restoration of items which are Lessor's obligation to replace, repair or restore pursuant to the terms of Paragraph 6.3(a) (relating to Existing Defects) Paragraph 7.3(a) relating to structural repairs and certain replacements) Paragraph 9 (relating to destruction of the Premises) or Paragraph 14 (relating to condemnation of the Premises).

  • MAINTENANCE, REPAIRS, OR ALTERATIONS The Tenant shall, at their own expense and at all times, maintain premises in a clean and sanitary manner, and shall surrender the same at termination hereof, in as good condition as received, normal wear and tear excepted. The Tenant may not make any alterations to the leased premises without the consent in writing of the Landlord. The Landlord shall be responsible for repairs to the interior and exterior of the building. If the Premises includes a washer, dryer, freezer, dehumidifier unit and/or air conditioning unit, the Landlord makes no warranty as to the repair or replacement of units if one or all shall fail to operate. The Landlord will place fresh batteries in all battery-operated smoke detectors when the Tenant moves into the premises. After the initial placement of the fresh batteries it is the responsibility of the Tenant to replace batteries when needed. A monthly "cursory" inspection may be required for all fire extinguishers to make sure they are fully charged.

  • Repairs and Alterations (14.1) Tenant shall keep and maintain the Leased Premises in good repair and condition; keep in good running order the heating and air conditioning systems, electric wiring, toilets, water pipes, water, gas and electric fixtures; replace all locks and deliver keys to Landlord after replacement of locks, trimmings, glass and plate glass broken during the tenancy, regardless of the manner in which same may have been broken, unstop all water fixtures that may become choked and repair all water pipes and plumbing that may burst. If any elevators, escalators, lifts, machinery or appliances (herein called "equipment") are situate on the Leased Premises, Tenant shall care for, maintain and repair same, and shall indemnify and save harmless Landlord from any liability or claims for damages or injuries to persons and property arising therefrom. Tenant shall not make any alterations of, additions to or changes in the Leased Premises or equipment without the prior written consent of Landlord, which consent shall not be unreasonably withheld, and all alterations, changes and improvements, by whomsoever made, shall be the property of Landlord. (14.2) Tenant agrees that all additions and improvements and attached equipment and fixtures installed in or on the Leased Premises by the Tenant, including but not being limited to, electric wiring, electric fixtures, show window reflectors, screens, screen doors, awnings, awnings frames floor coverings, landscaping, furnaces and air conditioning machinery and equipment, shall immediately become the property of the Landlord and shall not be removed by Tenant at the termination of this Lease, unless requested to do so by the Landlord, in which event Tenant agrees to do so and to repair promptly any damage caused by such removal. (14.3) Nothing contained in this Lease shall be construed as requiring Landlord to make any repairs, except of a structural nature. Landlord shall maintain and make all necessary structural repairs to the foundations, load bearing walls and roof. This does not include the repairing of any glass or moving parts such as passage and overhead doors. (The Tenant will maintain the ------ common areas as outlined in the Addendum.) alterations, rebuilding, replacements, changes or additions placed by Tenant thereon, in as good condition and repair as the same were in at the commencement of the original term, normal wear and tear excepted; provided, however, Tenant shall not be required to return the Leased Premises and equipment in as good condition as aforesaid if the same are damaged or destroyed by fire or otherwise, unless caused by Tenant's fault or negligence which is not adequately covered by insurance.

  • Plant and Equipment The plants, structures and equipment of the Company are structurally sound with no known defects and are in good operating condition and repair and are adequate for the uses to which they are being put; and none of such plants, structures or equipment are in need of maintenance or repairs except for ordinary, routine maintenance and repairs which are not material in nature or cost. Except as set forth in Schedule 3.16, the Company has not received notification that it is in violation of any applicable building, zoning, anti-pollution, health or other law, ordinance or regulation in respect of its plants or structures or their operations and no such violation exists.

  • Office Space, Equipment and Facilities Provide such office space, office equipment and office facilities as are adequate to fulfill the Adviser’s obligations hereunder.

  • Contractor’s Equipment Payment for required equipment owned by the Construction Manager or an affiliate of the Construction Manager will be based solely on an hourly rate derived by dividing the current appropriate monthly rate by 176 hours. No payment will be made under any circumstances for repair costs, freight and transportation charges, fuel, lubricants, insurance, any other costs and expenses, or overhead and profit. Payment for such equipment made idle by delays attributable to the Government will be based on one-half the derived hourly rate under this subsection.

  • Repair (a) Tenant, at its sole cost and expense, shall take good care of the Premises, including all building equipment and systems located therein and serving the Premises. Tenant shall make all repairs, interior or exterior, structural or otherwise, as and when needed, to preserve the Premises, the need for which repair arises out of (i) the performance or existence of any Alteration to the Premises made by Tenant, (ii) the installation or operation of Tenant's property or fixtures, and the movement of same in or about the Premises or the Building, (iii) the acts, failures to act or negligence of Tenant or Tenant's servants, employees, contractors, agents, visitors or licensees, or (iv) the use, of the Premises by Tenant or Tenant's servants, employees, contractors, agents, visitors or licensees. Landlord shall not be liable for and, except as provided in Paragraph 20, there shall be no abatement of Rent with respect to any injury to or interference with Tenant's business arising from any repairs, maintenance, alteration or interruption of services in or to any portion of the Office Park or Building, including the Premises, or to the fixtures, appurtenances and equipment therein. (b) All repairs and replacements made by or on behalf of Tenant shall be made and performed in a workmanlike manner (i) at Tenant's cost and expense and at such time and in such manner as Landlord may designate, (ii) by contractors approved by Landlord, (iii) such work shall be at least equal in quality, value, and utility to the original work or installation, and (iv) in accordance with the Rules and Regulations for the Building adopted by Landlord from time to time and in accordance with all applicable laws and regulations of governmental authorities having jurisdiction over the Premises. If Tenant shall fail after 10 days' notice by Landlord to proceed with due diligence to make repairs required to be made by Tenant, Landlord may make the repairs at the expense of Tenant and the expenses thereof incurred by Landlord shall be reimbursed immediately as Additional Rent after submission of a xxxx or statement there for.

  • Maintenance, Alteration and Repair (a) Resident is responsible for and agrees to take good care of the premises, fixtures and all common areas. Resident may not remove any of Owner’s property and will not perform any repairs, upgrades, painting, wallpapering, electric changes or other alterations of the premises without prior written consent from Owner. Resident will be responsible for damage from waste stoppages caused by foreign or improper objects or improper use in lines serving bathrooms, damage to fixtures, appliances, doors, windows, screens, damage from water faucets left on or from doors left open, and repairs or replacements to alarm devices necessitated by misuse or damage by Resident and/or guests. Extraordinary appliances or furnishings such as satellite dishes, hot tubs, pool tables, water beds or high utility-consuming devices may not be installed or placed on the premises or anywhere at the Property without Owner’s prior written consent, in its sole discretion. SAMPLE (b) In the case of a malfunction of any utilities or damage by fire, water or similar cause, or any water leak, suspected mold or microbial growth, electrical problem, broken glass, broken lock or any other condition that Resident reasonably believes poses a hazard to health and safety, Resident must promptly notify Owner in writing. Owner will act with reasonable time and diligence in making repairs and reconnections; Resident may not withhold or reduce payment of rent or other charges during such time. Maintenance and repair requested by Resident will generally be performed between 8am and 8pm, unless the work is considered an emergency, in which case work may take place at any time. Owner may temporarily disconnect equipment or utilities to avoid property damage and/or to perform repairs requiring such interruption, in Owner’s sole discretion. Owner will not be liable for any inconvenience, discomfort, disruption or interference with Resident use of the premises because of ongoing repairs, alterations or improvements to the Property or any apartment. (c) Following move-in, Resident is responsible for providing and changing all light bulbs and batteries (for smoke detectors and remote controls) in the assigned apartment. A written maintenance report requesting assistance in changing these items may be submitted for maintenance staff assistance, with extra charges payable by Resident as applicable per Owner’s published rates. From time to time, maintenance staff may enter the assigned apartment with or without notice to inspect and change furnace filters and to provide pest control.

  • REPAIRS AND IMPROVEMENTS 14.1 Prior to registration of transfer, the Purchaser shall not be entitled to effect any alterations to the Property without the prior written consent of the Seller. 14.2 The Seller shall not be obliged to compensate the Purchaser for any authorised alteration effected in the event of the sale being cancelled. 14.3 The Purchaser shall be liable for any damages suffered by the Seller as a result of any alterations effected by the Purchaser, not authorised by the Seller.

  • Maintenance & Repairs 5.1 Lessee shall at all times be responsible for maintaining at its own expense the leased premises in a clean, orderly and safety condition, except as hereinafter provided. Lessee shall be responsible, at its own expense, to clean and maintain all trade fixtures, machinery and equipment furnished by Lessee within the leased premises. Lessee shall be responsible to deposit normal office waste and rubbish at a location at the Central School as designated by Lessor. 5.2 Lessee shall be responsible to perform all repairs the need for which is caused by Xxxxxx's use of the premises except that Lessor shall be responsible to perform major repairs of a structural nature. Lessor shall be responsible to arrange for removal of waste and rubbish from the location designated as the deposit location for lessees. All costs incurred by Lessor pursuant to the obligations of this Paragraph shall be included within "operating costs". 5.3 Lessor shall provide custodian services for the common areas of Central School. Costs incurred by Lessor in providing such custodian services shall be included within "operating costs".

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!