Common use of General Maintenance and Adequate Reserves Clause in Contracts

General Maintenance and Adequate Reserves. Except as where otherwise provided in this MOA, the City shall, at its sole cost and expense, keep and maintain the Plaza and all fixtures and improvements located thereon in good condition and repair, subject to ordinary wear and tear. All such maintenance and repair for which the City is responsible should be performed by the City in a good and workmanlike manner in compliance with all applicable laws. Adequate reserves for the Plaza will be maintained by the City. The calculation of the reserves shall be based on the useful life of each asset in the Park Plaza and the cost to replace said asset. These reserves shall be set aside on an annual basis, and shall be calculated such as to ensure that adequate funds are available for any needed renovation and repairs of the Plaza. The reserve funds may be used for capital maintenance or repairs (over $5000 and over one-year extension of useful life) and for capital improvements.

General Maintenance and Adequate Reserves. Except as where otherwise provided in this MOA, the City shall, at its sole cost and expense, keep and maintain the Plaza and all fixtures and improvements located thereon in good condition and repair, subject to ordinary wear and tear. All such maintenance and repair for which the City is responsible should be performed by the City in a good and workmanlike manner in compliance with all applicable laws. Adequate The City will maintain adequate reserves for the Plaza will be maintained by maintenance of the CityPlaza. The calculation of the reserves shall be based on the useful life of each asset in the Park Plaza and the cost to replace said asset. These reserves shall be set aside on an annual basis, and shall be calculated such as to ensure that adequate funds are available for any needed renovation and or repairs of the Plaza. The reserve funds may be used for capital maintenance or repairs (over $5000 and over one-year extension of useful life) and for capital improvements.