Renovation Costs definition

Renovation Costs. For any Property, the aggregate of the costs estimated to be incurred by the applicable Borrower with respect to the renovation of such Property, as demonstrated in a certificate certified by a Responsible Officer of the Borrower Representative delivered to and approved by the Diligence Agent and the Agent as provided in the Diligence Agent Agreement; provided that, with respect to any Property for which such costs exceed 15% of the Asset Purchase Price, the Agent and the Lenders shall have a right to request recalculation of the Renovation Costs in any case where any of them considers the assessment thereof not reasonably satisfactory. For the avoidance of doubt, Renovation Costs do not include any fees, costs or expenses associated with any ongoing recurring repairs or maintenance to any Property.

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Renovation Costs means costs incurred after December 31, 2000, to plan, design, install, construct, and purchase technology-enabled infrastructure equipment to provide a commercial building with technology-enabled infrastructure.

Renovation Costs means all of the costs and other expenses incurred by Tenant in connection with the design, planning, preparation, commencement, carrying out and completion of the Renovation Work which costs and other expenses are of the type set forth in the Construction Budget and, where specific items are identified in the Construction Budget, are for such items or functionally equivalent items; provided, however, costs related to the negotiation, documentation or finalization of (x) the contractual and business arrangement between Landlord and Tenant (including, without limitation, costs associated with Tenant's proposal to enter into this Lease, to the extent such costs would not otherwise have been necessary or required to perform the Renovation Work) or (y) the contractual and business arrangement between Ardee and Pavilion shall not be included as "Renovation Costs".

Examples of Renovation Costs in a sentence

• If the Casualty Renovation Cost for any single Property exceeds five percent (5%) of such Property’s Allocated Amount, or if the Casualty Renovation Costs, in the aggregate for all of the Properties that have suffered a casualty, exceeds two and one half percent (2.5%) of the Purchase Price, then Purchaser may, at its option, elect to terminate this Agreement with respect to the impacted Property or Properties.

• For the avoidance of doubt, Renovation Costs do not include any fees, costs or expenses associated with any ongoing recurring repairs or maintenance to any Property.

• If the Casualty Renovation Cost for any single Property exceeds five percent (5%) of such Property’s Allocated Amount, or if the Casualty Renovation Costs, in the aggregate for all of the Properties that have suffered a casualty, exceeds two and one half percent (2.5%) of the Purchase Price, then Purchaser may, at its option, elect to terminate this Agreement with respect to the impacted Property or Properties provided the impacted Property is not one of the Necessary Properties.

• In addition, if any mechanic's or materialmen's lien is filed against the Hotel or any interest therein by reason of any claim relating to the Managed Premises (other than Renovation Costs which Owner is responsible for paying) then within 30 days after the filing thereof Manager shall cause the same to be discharged of record by filing the necessary bond or otherwise.

• Manager shall only use the Capital Contributions for Property Acquisition and Renovation Costs (and, to the extent necessary, to fund Reserves) in accordance with the terms of this Agreement and the Annual Business Plan and Budget.

More Definitions of Renovation Costs

Renovation Costs means, with respect to any period for which such calculation is being made, the total renovation costs spent or incurred in such period by or on behalf of the Company in respect of the Property, including all soft costs (other than financing costs) and all hard costs (including furniture, fixtures and equipment, operating supplies and equipment, and systems).

Renovation Costs means an amount equal to the sum of (a) the Hard Costs and (b) the Soft Costs as such Renovation Costs may be modified as expressly set forth in this Agreement.

Renovation Costs shall have the meaning given to such term in Section 5(a)(i).

Renovation Costs means costs incurred [after]:

Renovation Costs means any and all costs, fees and expenses incurred by the Company arising out of and in connection with, (a) securing the Renovation Approvals with respect to the enhancement, improvement, modification, remodeling and/or the renovation of any Car Wash Facilities, and (b) the enhancement, improvement, modification, remodeling and/or renovation of the Car Wash facilities, including, without limitation, engineering, architectural, land planning, legal, accounting and other professional costs, fees and expenses, incurred in connection with the foregoing.

Renovation Costs means costs incurred after December 31, 2000, for plans, designs, and construction and for the purchase and installation of equipment to provide an existing commercial building with technology-enabled infrastructure.

Renovation Costs shall have the meaning given to such term in Section 5(a)(i). "Renovation Work" shall have the meaning given to such term in Section 5(a)(i). "Required Information" shall have the meaning given to such term in Section 9(c)(i). "Reserve Account" shall mean an account established by Owner for the purposes set forth in Section 7(b)(i) at a bank selected by Owner. "Restaurant" shall have the meaning given to such term in the second WHEREAS clause of this Agreement. "Restaurant Name" shall have the meaning given to such term in Section 18(b). -11- <PAGE> "Restaurant Plans" shall have the meaning given to such term in Section 5(a)(i). "Restaurant Work" shall have the meaning given to such term in Section 5(a)(i). "Revised Budgeted Project Costs" shall have the meaning given to such term in Section 5(g). "▇▇▇▇" shall have the meaning given to such term in Section 1 3(c)(iii)(C)(4). "Secured Loan" shall mean and include (a) any mortgage encumbering the Hotel or all or any part of Owner's interest therein, (b) any pledge or collateral assignment of all or any part of the direct or indirect ownership interests in Owner, (c) any sale/leaseback or similar financing transaction, together with all other instruments evidencing or securing the payment of the indebtedness secured by such mortgage, pledge, collateral assignment or the obligation to make rental or other payments in connection with any such sale/leaseback or similar financing transaction, and (d) all amendments, modifications, supplements and extensions of such instruments. In the event of any sale/leaseback, the tenant under the lease shall be treated as Owner for purposes of this Agreement. "Soft Opening Date" shall mean the date that Manager shall commence the testing of equipment and procedures (including the kitchen and Staff) at the Managed Premises and the Managed Premises shall be open for so-called "rehearsal" seatings. The parties hereby agree that the Soft Opening Date shall occur no later than January 1, 2001; provided, however, that if the Owner fails to substantially complete the Renovation Work to be performed by Owner on or before January 1, 2001 and such failure is not the result of the acts or omissions of the Manager, the Soft Opening Date shall be delayed by one day for each day by which Owner so fails to substantially complete such work. "Staff" shall mean all individuals working in the Managed Premises at any time during the Term up to and including the level of restaurant manager, inclu...