Capital Repair means the repair of items which is made necessary either by some unusual or unforeseen occurrence which renders the item unsuitable for its intended use or causes it to perform in an inadequate manner.
Capital Repair means the replacement of Equipment (or series of related Equipment) with Replacement Equipment that is reasonably estimated to cost, in aggregate, in excess of $750,000 or the replacement of any structural element or related elements of the Leased Premises, such as the roof, that is reasonably estimated to cost in excess of $750,000.
Capital Repair means any renovation, replacement, repair or improvement to the Leased Property (or portion thereof) the cost of which constitutes a Capital Expenditure and any renovation, replacement, repair or improvement set forth and approved in the Capital Budget.
Examples of Capital Repair in a sentence
Landlord shall be responsible for the cost and 24 performance of the Capital Repair and Replacement of the Plaza and Plaza Improvements.
All work performed in connection with Capital Repair or improvements shall be authorized by the Town, agreed to and supervised by CineLux and performed by duly licensed, qualified, contractors agreed to by Town and CineLux.
As used herein, “Option Purchase Price” means the sum of Seven Million Five Hundred Seventy Eight Thousand Four Hundred Four and 00/Hundreds ($7,578,404.00) plus any Capital Repair Costs incurred by Landlord in accordance with Section 15.2.1. The Option may only be exercised by Xxxxxx during the a period beginning on the Commencement Date and ending on July 1, 2017 (the “Option Period”).
More Definitions of Capital Repair
Capital Repair means any repair to an academic facility and, if necessary, related areas such as the physical plant and grounds that brings the state of condition or efficiency of the academic facility to a state of
Capital Repair shall have the meaning specified in Section 8.2.
Capital Repair shall not include (i) Maintenance and (ii) Casualty Repair Work.
Capital Repair means any work (including all labor, supplies, materials and equipment) reasonably necessary to repair, restore, refurbish or replace any equipment, facility, structure or other component of the Fairgrounds and Landlord FF&E, if such work is necessitated by:
Capital Repair is agreed to mean the repair or replacement of a major component or structural part of the Premises and shall also include the rebuilding of a major component or structural part of the Premises after the end of its useful life. Based on the information acquired in its inspection, together with its historic use of the Premises, Tenant represents that it has no actual knowledge that any Capital Repairs will be required during the Initial Term or if the Lease is renewed, during any Renewal Term. In the event any Capital Repairs to the Premises are reasonably necessary during the Term and Tenant does not wish to make such Capital Repair at Tenant’s sole expense, Tenant shall so advise Landlord in writing and Landlord may, in its sole discretion, elect to make, or not to make, such Capital Repair. Notwithstanding the foregoing, Xxxxxx agrees that whenever it determines that it is reasonably possible to make a temporary repair or patch and defer the need for a Capital Repair, it shall make such temporary patch or replacement. In the event Landlord elects not to make any Capital Repairs, Tenant shall have the right, but not the obligation to make such repairs at its own expense. Xxxxxx acknowledges and agrees that even if Xxxxxx determines it is unable to occupy the Premises due to the condition of the Building or the Premises, all of its rent payments shall continue to be non-refundable even if Tenant determines that it could occupy the Building or the Premises if a Capital Repair was made. Notwithstanding the foregoing, Landlord and Tenant agree that in the event of a casualty loss or event (hereinafter “Casualty”) causing material physical damage to the Premises or Building for which there is insurance coverage as determined by the insurer issuing the applicable policy of insurance, that subject to and conditioned upon any requirements or conditions imposed by Landlord’s lender (including, without limitation, any restrictions or conditions on disbursement of insurance payments or proceeds), funds paid by an insurer with respect to such Casualty shall be released to fund the cost of a Capital Repair resulting from such Casualty, upon such terms as shall be reasonably acceptable to Landlord and provided that Landlord shall not be required to make any payment of any kind toward such Capital Repair.
Capital Repair. (as defined in Section 10.1 below) or any substantial non-capital alterations or replacements required by any change in applicable laws affecting the Premises during the Term, (unless, and to the extent, such repairs, alterations, or replacements are incurred as the result of Tenant's negligent or willful failure to perform its obligations under this Lease, in which case such repairs, alterations, or replacements shall be covered by Tenant's indemnity obligations. Additionally, "Lease Expenses" shall include the cost of repairs and replacements which Tenant is required or elects to make pursuant to Sections 25 and 26 below. Landlord, at Landlord's sole cost and expense, shall operate, maintain and repair those portions or the Project that are not included in the Premises during the Term. Tenant's failure to perform its maintenance and repair obligations under this Lease shall give Landlord the right, subject to Section 23.3 hereof, to cure such failure and the reasonable cost of Landlord's curing such failure, which shall be included as a Lease Expense payable by Tenant to Landlord. Notwithstanding the foregoing, Landlord acknowledges and agrees that Landlord acquired the Building from Tenant in its "as is" condition on the Commencement Date, with all defects, known or unknown, as such condition exists on the Commencement Date, and neither Tenant's payment of the Lease Expenses, nor any other obligation of Tenant set forth in this Lease, shall be used by Landlord as a means to circumvent the parties' intention to have Tenant convey ownership of the Building to Landlord on the Commencement Date in its "as is" condition. Therefore, Tenant shall not be obligated to pay for any costs or expenses relating to repairs, alterations, modifications, replacements or other maintenance of the Building to the extent such work may result in the Building being placed in a better condition then conveyed to Landlord or the Commencement Date, unless such repairs, alterations, modifications, replacement, or maintenance is required by Tenant's breach of any provisions of this Lease.
Capital Repair means (a) any and all work reasonably necessary or appropriate to repair, restore, refurbish or replace any equipment, structure or any other component of ON Line (or any portion thereof) after ON Line COD necessitated by (i) any defect in design, Transmission Use and Capacity Exchange Agreement Privileged and Confidential Execution Version construction or installation, (ii) physical or functional obsolescence or (iii) modifications required by any Applicable Law or (b) the substitution, replacement, enlargement or improvement of any structure, facility, equipment, property, land or land rights constituting part of ON Line after ON Line COD, in each case with respect to clauses (a) and (b), the associated costs of which would be capitalized in accordance with GAAP; provided, however, that Capital Repairs do not include any Operating Activities or work resulting from any Event of Loss or any Condemnation Action.