Upgrade Expenditures. On or before the date that is thirty (30) days after the expiration of each Lease Year, Tenant shall provide to Landlord documentation and other evidence demonstrating to Landlord’s reasonable satisfaction that Tenant has, during the preceding Lease Year, expended an amount equal to or exceeding the CapEx Amount, multiplied by the aggregate rentable square footage of the Facilities on the last day of the preceding Lease Year, for Upgrade Expenditures relating to the Premises. As used herein the “CapEx Amount” shall mean an amount equal to One Dollar ($1.00) (as adjusted at the end of each Lease Year for increases since the Effective Date in the CPI). “Upgrade Expenditures” means expenditures in commercially reasonable amounts to Persons not affiliated with Tenant for (i) upgrades or improvements to each Facility that have the effect of maintaining or improving such Facility, including new or replacement wallpaper, tiles, window coverings, lighting fixtures, painting, upgraded landscaping, carpeting, architectural adornments, common area amenities and the like, including, without limitation, capital improvements or repairs (including repairs or replacements of the roof, structural elements of the walls, parking area or the electrical, plumbing, HVAC or other mechanical or structural systems), and (ii) other improvements to each Facility as reasonably approved by Landlord, which shall include those matters, if any, that Landlord has approved in writing as of the Effective Date based on descriptions and budgets that Tenant has provided prior thereto.
Upgrade Expenditures. Tenant shall include with each Minimum Rent payment, starting with the first (1st) full month of the Term, a deposit to be added to a reserve (in the aggregate, the “CapEx Reserve”) equal to, with respect to each Facility, one-twelfth 1/12th of the amount shown on Schedule 4 based on the age of such Facility (as adjusted at the end of each Lease Year for increases since the Effective Date in the CPI, the “CapEx Amount”), multiplied by (ii) the aggregate number of units in such Facility on the date such payment is due. Landlord shall not be deemed to hold the same in trust or as an agent for Tenant. Tenant acknowledges that the impounding of such funds in the CapEx Reserve shall constitute a true escrow, and that Tenant has no, and hereby waives any, interest in or right or title to any funds escrowed pursuant to this Section 8.3, whether legal, equitable, beneficial or otherwise. From time to time, but not more often than once in any calendar month and provided that no Event of Default is then continuing, Landlord will pay to Tenant amounts from the CapEx Reserve to reimburse Tenant for Upgrade Expenditures made by Tenant during the prior rolling twenty-four (24) month period during the Term (or portion thereof), as reasonably determined by Landlord based on evidence of such expenditures submitted by Tenant; provided that such amount shall not exceed with respect to any individual Facility in any rolling twenty-four (24) month period during the Term, two (2) times the CapEx Amount multiplied by the average number of beds in such Facility over such period. Landlord shall make the reimbursements to Tenant required hereunder within twenty-one (21) days after satisfaction, in all material respects, of all conditions to such reimbursement. Upon reasonable advance request, Landlord may require Tenant to procure mechanic’s lien waivers, in form and substance reasonably satisfactory to Landlord, in
Upgrade Expenditures. (a) Tenant shall deliver to Landlord, with each payment of Minimum Rent, a deposit to be added to a reserve (the “Upgrade Reserve”) equal to the sum of (a) of one-twelfth (1/12th) of the Applicable Annual Reserve (as hereinafter defined and as adjusted annually after the tenth (10th) Lease Year for increases in the CPI since the commencement of the tenth (10th) Lease Year), multiplied by (b) the aggregate number of assisted living units in the Facility (the “Upgrade Minimum”) minus (c) the Upgrade Overage (as hereinafter defined). As used herein, the “
Upgrade Expenditures. On or before the date that is thirty (30) days after the expiration of each Lease Year, Tenant shall provide to Landlord documentation and other evidence demonstrating to Landlord’s reasonable satisfaction that Tenant has, during the preceding Lease Year, expended an amount equal to or exceeding the CapEx Amount, multiplied by the aggregate rentable square footage of the Facilities on the last day of the preceding Lease Year, for Upgrade Expenditures relating to the Premises. As used herein the “CapEx Amount” shall mean an amount equal to One Dollar ($1.00) (as adjusted at the end of each Lease Year for increases since the Effective Date in the CPI). “Upgrade Expenditures” means expenditures in commercially reasonable amounts to Persons not affiliated with Tenant for (i) upgrades or improvements to each Facility that have the effect of maintaining or improving such Facility,
Upgrade Expenditures. Tenant shall include with each Minimum Rent payment, starting with the first (1st) full month of the Term, a deposit to be added to a reserve (in the aggregate, the “CapEx Reserve”) equal to, with respect to each Facility, one-twelfth 1/12th of the amount shown on Schedule 3 based on the age of such Facility (as adjusted at the end of each Lease Year for increases since the Effective Date in the CPI, the “CapEx Amount”), multiplied by (ii) the aggregate number of units in such Facility on the date such payment is due. Landlord shall not be deemed to hold the same in trust or as an agent for Tenant. Tenant acknowledges that the impounding of such funds in the CapEx Reserve shall constitute a true escrow, and that Tenant has no, and hereby waives any, interest in or right or title to any funds escrowed pursuant to this Section 8.3, whether legal, equitable, beneficial or otherwise. From time to time, but not more often than once in any calendar month and provided that no Event of Default is then continuing, Landlord will pay to Tenant amounts from the CapEx Reserve to reimburse Tenant for Upgrade Expenditures made by Tenant during the prior
Upgrade Expenditures. Tenant shall deliver to Landlord, with each payment of -------------------- Minimum Rent, a deposit to be added to a reserve (the "UPGRADE RESERVE") equal -- to the sum of (A) of ONE-TWELFTH (1/12TH) of the Applicable Annual Reserve (as hereinafter defined and as adjusted annually after the tenth (10th) Lease Year for increases in the CPI since the commencement of the tenth (10th) Lease Year), multiplied by (B) the aggregate number of licensed dementia care beds and assisted living units in all of the Facilities (the "UPGRADE MINIMUM") minus (C) the Upgrade Overage (as hereinafter defined). As used herein, the "APPLICABLE ANNUAL RESERVE" means: Lease Years Applicable Annual Reserve ----------- ------------------------- One through Four $ 360.00 Five through Seven $ 460.00 Eight through Ten $ 500.00 Each Lease Year thereafter $ 500.00th) Lease Year.
Upgrade Expenditures. (a) Without limiting Borrower's obligations to maintain the Facilities under this Agreement, within thirty (30) days of the end of each Loan Year starting with the end of the second (2nd) Loan Year, Borrower shall provide Lender with evidence satisfactory to Lender in the reasonable exercise of Lender's discretion that Borrower has in such Loan Year spent on Upgrade Expenditures an annual average amount of at least Two Hundred Fifty Dollars ($250) per living unit (as such amount is adjusted annually at the end of each Loan Year for increases in the Cost of Living Index or a similar replacement index since the Loan Closing Date).
Upgrade Expenditures. (a) Without limiting Tenant's obligations to maintain the Premises under this Lease, within thirty (30) days after the end of each Lease Year commencing with the end of the applicable Lease Year shown on Schedule 2, Tenant shall provide Landlord with evidence satisfactory to Landlord in the reasonable exercise of Landlord's discretion that Tenant has in 9393.9 (NHP Portfolio Lease)
Upgrade Expenditures. Tenant shall include with each Minimum Rent payment, starting with the first ( ft) full month of the Term, a deposit for each Facility to be added to a reserve (the "CapEx Reserve") equal to one-twelfth (1/12th) of the Applicable Annual Reserve for such Facility (as adjusted at the end of each Lease Year for increases since the Effective Date in the CPI, the "CapEx Amount"), multiplied by (ii) the aggregate number of assisted living care units at such Facility (the "Upgrade Minimum"), minus (c) the Upgrade Overage (as hereinafter defined). As used herein, the "Applicable Annual Reserve" means: Age of Facility (Years) Applicable Annual Reserve Zero through Three $ 200.00 Four through Seven $ 300.00 Eight or more Years $ 450.00
Upgrade Expenditures. (A) Tenant shall include with each Minimum Rent payment, starting with the twenty-fifth (25th) month of the Term, a deposit to be added to a reserve (the "CAPEX RESERVE") equal to one-twelfth (1/12th) of the amount equal to (I) TWO HUNDRED FIFTY DOLLARS ($250) (as adjusted at the end of each Lease Year for increases since the Effective Date in the CPI, the "CAPEX AMOUNT"), multiplied by (II) the aggregate number of living units or beds, as applicable, in all of the Facilities on the date such payment is due. This reserve shall bear interest, which shall be added to and become a part thereof. Landlord shall not be deemed to hold the same in trust or as an agent for Tenant. Tenant acknowledges that the impounding of such funds in the CapEx Reserve shall constitute a true escrow, and that Tenant has no, and hereby waives any, interest in or right or title to any funds escrowed pursuant to this Section 8.3, whether legal, equitable, beneficial or otherwise. From time to time, but not more often than once in any calendar month and provided that no Event of Default is then continuing, Landlord will pay to Tenant amounts from the CapEx Reserve to reimburse Tenant for Upgrade Expenditures made by Tenant during the prior rolling thirty-six (36) month period during the
