Repairs Maintenance and Replacements. 8.01 Routine Repairs and Maintenance ------------------------------- Management Company shall maintain the Inns in good repair and condition and in conformity with applicable laws and regulations and shall make or cause to be made such routine maintenance, repairs and minor alterations, the cost of which can be expensed under generally accepted accounting principles, as it, from time to time, deems reasonably necessary for such purposes. The cost of such maintenance, repairs and alterations shall be paid from Gross Revenues and shall be treated as a Deduction in determining Operating Profit. The cost of non-routine repairs and maintenance, either to an Inn building or its FF&E, shall be paid for in the manner described in Sections 8.02 and 8.03.
8.02 FF&E Reserve ------------
A. Management Company shall establish an escrow reserve account for the Inns ("FF&E Reserve") in a bank designated by Owner and approved by Management Company to cover the cost of:
1. Replacements and renewals related solely to the Inns' FF&E; and
2. Certain routine repairs and maintenance to the Inns' buildings which are normally capitalized under generally accepted accounting principles, such as exterior and interior repainting, resurfacing building walls, floors, roofs and parking areas, and buying or leasing replacement vehicles, 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 paid by Owner under Section 8.03 rather than from the FF&E Reserve.
B. During the period of time from the Effective Date up to the end of the 1989 Fiscal Year, Management Company shall transfer into the FF&E Reserve an amount equal to one percent (1%) of Gross Revenues from the Inns for such period of time; during the 1990 Fiscal Year, Management Company shall transfer into the FF&E Reserve an amount equal to two percent (2%) of Gross Revenues from the Inns for such Fiscal Year; during Fiscal Year 1991, Management Company shall transfer into the FF&E Reserve an amount equal to three percent (3%) of Gross Revenues from the Inns for such Fiscal Year; during the 1992 Fiscal Year, Management Company shall transfer into the FF&E Reserve an amount equal to four percent (4%) of Gross Revenues from the Inns for such Fiscal Year; during the Fiscal Year 1993, Management Company shall transfer into the FF&E Reserve ...
Repairs Maintenance and Replacements. 7.01 Routine Repairs and Maintenance ------------------------------- Manager shall maintain each Inn in good repair and condition and in conformity with applicable laws and regulations and shall make or cause to be made such routine maintenance, repairs and minor alterations, the cost of which can be expensed under generally accepted accounting principles, as it, from time to time, deems necessary for such purposes. The cost of such maintenance, repairs and alterations shall be paid from Gross Revenues and shall be treated as a Deduction in determining Operating Profit.
Repairs Maintenance and Replacements. 5.01 Repairs and Maintenance to be Paid from Gross Revenues.........................................13 5.02 Repairs, Maintenance and Equipment Replacements to be Paid from Reserve........................13 5.03 Major Repairs Alterations, Improvements, Renewals, and Replacements to be Funded by Owner......15 5.04
Repairs Maintenance and Replacements. Routine Repairs and Maintenance...................................... 78 8.02 FF&E Reserve......................................................... 78 8.03 Building Alterations, Improvements, Renewals, and Replacements................................................ 85 8.04 Liens................................................................ 90 8.05 Ownership of Replacements, Etc....................................... 91
Repairs Maintenance and Replacements. Landlord shall maintain the roof and exterior structure, and the HVAC system (except for ordinary maintenance), in good repair and shall at its own cost and expense promptly make all necessary repairs thereto. Landlord shall also be responsible for replacing within a reasonable amount of time any and all interior and exterior fixtures and/or structures that are beyond repair, including but not limited to, exterior structures, interior fixtures, HVAC system, and roofing. Tenant shall maintain the interior of the leased premises in good repair, reasonable wear and tear excepted, to include any necessary lighting replacement and janitorial services, and Tenant shall at its own cost and expense make all necessary repairs to those improvements (except those items to be maintained by the Landlord set out above). At the commencement of the lease term all glass in the leased premises shall be in good condition and undamaged. Tenant will, at its own expense, replace all glass thereafter broken or damaged. Tenant, at its sole cost and expense, shall comply with and shall cause the premises to comply with all federal, state and local statutes, laws, regulations and ordinances and shall be responsible for obtaining all required permits and certificates necessary to conduct its business in the premises. Tenant covenants and agrees to perform all obligations on its part to be performed hereunder including, without limitation, the obligation, to conduct its business on the premises in a dignified manner and to maintain the premises in a clean and orderly condition. Failure of Tenant to perform its obligations as aforesaid shall give Landlord the right to terminate Lease Agreement if Tenant shall not have commenced compliance with the written notice of Landlord within twenty-four (24) hours after receipt thereof and, upon such termination of Lease, Landlord may reenter the premises and shall have no further obligations hereunder. In the event that the premises fall into disrepair or become uninhabitable for reasons which are not the fault of Tenant, Tenant will notify Landlord of the maintenance issue in writing. If Landlord does not enter and repair the premises to make it habitable again, Tenant may vacate premises and terminate this lease after ninety-six (96) hours of said written notice. For maintenance problems that do not make the premises uninhabitable, Tenant may vacate premises and terminate the lease if Landlord has not made the requested repairs within thirty ...
Repairs Maintenance and Replacements. 8.01 Repairs and Maintenance ----------------------- Tenant shall, on Landlord's behalf and as Landlord's agent with respect to such obligation, maintain each Hotel in good repair and condition and in conformity with applicable laws and regulations and shall make or cause to be made such routine maintenance, repairs, and minor alterations, the cost of which can be expensed under generally accepted accounting principles, as it, from time to time, deems necessary for such purposes. The cost of such maintenance, repairs, and alterations shall be paid from Gross Revenues and shall be treated as a Deduction in determining Operating Profit.
Repairs Maintenance and Replacements. 7.01 Routine Repairs and Maintenance ------------------------------- Management Company shall maintain the Hotel in good repair and condition and in conformity with applicable laws and regulations and shall make or cause to be made such routine maintenance, repairs, and minor alterations, the cost of which can be expensed under generally accepted accounting principles, as it, from time to time, deems necessary for such purposes. The cost of such maintenance, repairs, and alterations shall be paid from Gross Revenues and shall be treated as a Deduction in determining Net House Profit. The cost of non-routine repairs and maintenance, either to the Hotel building or its fixtures, furniture, furnishings, and equipment ("FF&E") shall be paid for in the manner described in Sections 7.02 and 7.03.
Repairs Maintenance and Replacements. 10
5.01 Manager's Maintenance Obligation 10 5.02 Repairs and Maintenance to be Paid from Gross Revenues 11 5.03 Repairs and Maintenance to be Paid by Owner or Landlord 11 5.04 [Reserved] 11 5.05 Capital Estimate 11 5.06 Additional Requirements 12 5.07 Ownership of Replacements 12 6.01 General Insurance Requirements 13 6.02 Waiver of Subrogation 13 6.03 Risk Management 13 6.04 Damage and Repair 13 6.05 Damage Near End of Term 14 6.06 Condemnation 14 6.07 Partial Condemnation 15 6.08 Temporary Condemnation 15 6.09 Allocation of Award 16 6.10 Effect of Condemnation 16 7.01 Real Estate and Personal Property Taxes 16
Repairs Maintenance and Replacements. 5 SECTION 16. COMPLIANCE WITH LAWS.............................................5
Repairs Maintenance and Replacements. Throughout the term of this Lease, the Tenant/Purchaser shall, at its sole cost and expense, maintain and keep the Premises (including sidewalks, parking, entrance and exitways) in as good order and repair as at the Lease Commencement Date, ordinary wear and tear excepted and shall make any and all replacements required for this purpose. The Tenant/Purchaser shall promptly perform, or cause to be performed, all required repairs to the Premises. These obligations include but are not limited to snow removal, paving, painting, HVAC, electric, plumbing, roof repairs and glass.
