Required Capital Improvements. Notwithstanding anything to the contrary set forth in this Lease, in the event that a Governmental Authority requires that a capital improvement or alteration to the Property is necessary in order for the Property to comply with Applicable Laws (a “Required Improvement”) and Tenant is otherwise obligated to perform such Required Improvement under this Lease, Tenant shall perform such Required Improvement at its sole cost and expense unless (i) the order issued by the Governmental Authority relating to the Required Improvement occurs in the last sixth (6) months of the Base Term or, if the Renewal Option has been properly exercised, the Renewal Term, and (ii) the cost of the Required Improvement exceeds Three Hundred Thousand Dollars ($300,000), in which case Tenant shall be entitled to terminate this Lease within thirty (30) days of Tenant’s receipt of knowledge of such order upon not less than sixty (60) days’ prior written notice to Landlord of such termination; provided, however, if Landlord elects to make such improvements at Landlord’s cost or if the Required Improvement is a result of or caused by Tenant’s (or Tenant’s subtenant’s) act, omission, activity, requirement or use of the Property, then Tenant shall have no right to terminate this Lease and shall otherwise be required to either (i) perform or construct such Required Improvement at its sole cost and expense (unless Tenant has no right to terminate this Lease due to Landlord’s election to pay for such Required Improvement) or (ii) discontinue the use which resulted in the Required Improvement provided such discontinuance of use shall result in the Governmental Authority no longer requiring the construction of the Required Improvement or (iii) contract for construction of such Required Improvement in cooperation with Landlord if Landlord elects to pay for such Required Improvement.
Required Capital Improvements. Each of the capital improvement items listed on Exhibit E hereto (“Required Capital Improvements”) shall be completed by the applicable Required Completion Date.
Required Capital Improvements. Borrower shall cause Mortgage Borrower and Operating Lessee to complete all Required Capital Improvements as required under each Property Improvement Plan in all material respects and in a good and workmanlike manner subject to and in compliance with the terms of each Property Improvement Plan and the terms of this Agreement, subject to Force Majeure delays and any extension of time for the completion of such Property Improvement Plan, if any granted by the applicable Franchisor.
Required Capital Improvements. To such Seller's knowledge, such Seller has received no written notice from any governmental body requiring such Seller to make any material repairs or changes to the Constituent Properties or the Improvements to comply with legal requirements, except for written notices with which such Seller has complied in all material respects.
Required Capital Improvements. As a condition of granting this Lease to Tenant, commencing with the date of full execution of this Lease, Xxxxxx agrees to act with all commercially reasonable speed to obtain all permits and to commence construction for the Non-Elective Capital Improvements, in accordance with the description and schedule set forth in Exhibit D-2. The Elective Capital Improvements and the Non-Elective Capital Improvements, in accordance with Exhibit D-2, are hereby designated and approved as Qualified Capital Improvements by the County and the same are subject to Rent credit.
Required Capital Improvements. As soon as I/I work completed within 5 yrs reasonably practicable and no later than two years following Closing, the Buyer shall begin to undertake the capital improvements necessary set forth in Exhibit K.
Required Capital Improvements. Each of Borrower and Operating Lessee shall complete all Required Capital Improvements as required under each Property Improvement Plan in all material respects and in a good and workmanlike manner subject to and in compliance with the terms of each Property Improvement Plan and the terms of this Agreement, subject to Force Majeure delays and any extension of time for the completion of such Property Improvement Plan, if any granted by the applicable Franchisor.
Required Capital Improvements. 26 8.1.b. Tenant's Use of Premises and/or Facilities....................26 8.1.c. Verification of Capital Improvements..........................27 8.2 Covenant to Keep Premises Free of Liens..........................27 ARTICLE 9 - CHANGES, ALTERATIONS AND ADDITIONS................................27
Required Capital Improvements. Tenant has agreed prior to the commencement and/or during the first season and provided Tenant is able to obtain all necessary building permits on or before January 1, 1993 or such later date to which Tenant consents to provide capital improvements (the "Project") to the Premises and/or Facility that cost at least Two Million Dollars ($2,000,000.00). Up to $500,000.00 of the required capital improvements may consist of the cost of furniture, fixtures and equipment for the Premises and/or Facilities. No provision contained in this section shall in any manner restrict Tenant from undertaking expenditures for capital improvements to the Premises and/or Facility in excess of the cost of the required improvements. The actual improvements to be made are subject to finalization of all architectural and engineering plans with respect to the Facility.
Required Capital Improvements. The Concessionaire will be solely responsible for all capital improvements related to the System (the “Facilities”) that are required to be completed during the Term in accordance with the terms of the Concession Agreement, including all capital improvements required by the Operating Standards and by Changes in Law. The Concessionaire, in accordance with all other requirements of the Agreement, will fully fund and complete the design and preparation of all construction documents and construction work for the demolition, reconstruction, structural repairs and restoration of any and all of the Facilities at its sole cost and expense.
