Modifications, Substitutions and Replacements Clause Samples
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Modifications, Substitutions and Replacements. After the date of Substantial Completion for any Leased Asset consisting of Property and after the Acquisition Date for any Other Asset, the Lessee, at its sole cost and expense, may at any time and from time to time make alterations, renovations, improvements and additions to such Leased Asset or any part thereof and substitutions and replacements therefor (collectively, "Modifications"); provided, however, that: (i) except for any Modification required to be made pursuant to a Requirement of Law (a "Required Modification"), no Modification shall impair the value, utility or useful life of such Leased Asset or any part thereof from that which existed immediately prior to such Modification; (ii) the Modification shall be done expeditiously and in a good and workmanlike manner; (iii) the Lessee shall comply with all Requirements of Law and Insurance Requirements applicable to the Modification, including the obtaining of all permits and certificates of occupancy, and the structural integrity of such Leased Asset shall not be adversely affected; (iv) subject to the terms of Article XVI relating to permitted contests, the Lessee shall pay all costs and expenses and shall discharge (or cause to be insured or bonded over) within sixty (60) days after the same shall be filed (or otherwise become effective) any Liens arising with respect to the Modification; (v) such Modifications shall comply with Section 13.1(a); and (vi) the Lessee shall be required to obtain the prior written approval of the Lessor, which approval shall not be unreasonably withheld, with respect to any alterations (other than Required Modifications and/or alterations authorized by the Construction Agency Agreement) that shall (A) materially affect any structural element of the Improvements to any Property or major building system therein, or (B) cost in excess of the Threshold Amount or (C) materially change the nature of the Improvements to any Property or the amount of usable area therein or the utility thereof for the purposes contemplated by the Lessor and the Lessee as of the date hereof and the date of the Lease Supplement therefor. All Modifications shall remain part of such Leased Asset and shall be subject to this Lease and title thereto shall immediately vest in the Lessor; provided, however, that Modifications that meet each of the following conditions shall not be subject to this Lease: (x) such Modifications are not Required Modifications, (y) such Modifications were not financed ...
Modifications, Substitutions and Replacements. (a) So long as no Lease Event of Default has occurred and is continuing, Lessee, at its sole cost and expense, may at any time and from time to time make alterations, renovations, improvements and additions to a Property or any part thereof (collectively, "Modifications"); provided, that: (i) except for any Modification required to be made pursuant to a Legal Requirement or an Insurance Requirement, no Modification, individually, or when aggregated with any (A) other Modification or (B) grant, dedication, transfer or release pursuant to Section 12.2, shall impair the value of such Property or the utility or useful life of such Property from that which existed immediately prior to such Modification; (ii) the Modification shall be performed expeditiously and in a good and workmanlike manner; (iii) Lessee shall comply with all Legal Requirements (including all Environmental Laws) and Insurance Requirements applicable to the Modification, including the obtaining of all permits and certificates of occupancy, and the structural integrity of such Property shall not be adversely affected;
Modifications, Substitutions and Replacements. During the Lease Term, the Lessee, at its sole cost and expense, may at any time and from time to time make alterations, renovations, improvements and additions to the Property or any part thereof and substitutions and replacements therefor (collectively, "Modifications"); provided, however, that:
(i) except for any Modification required to be made pursuant to a Requirement of Law (a "Required Modification"), no Modification shall adversely affect the Fair Market Sales Value of the Property below the Lease Balance following the completion of such Modification;
(ii) such Modifications shall be (and shall be done in a manner) consistent with the Plans and Specifications for the Property;
(iii) such Modifications shall comply with Sections 8.3 and 9.1(a); and
(iv) the Lessee shall have provided notice to the Lessor of any structural Modification the cost of which exceeds 10% of the Lease Balance.
.1). All Modifications shall remain part of the realty and shall be subject to this Master Lease; provided, however, that Modifications that (x) are not Required Modifications, (y) were not financed by the Lessor and (z) can be removed without causing Material damage to or diminution in the Fair Market Sales Value of the Property below the Lease Balance shall be the property of the Lessee or other third party and may be removed by Lessee during the Lease Term and up to 30 days following the expiration or earlier termination thereof and shall not be subject to this Master Lease. The Lessee may place upon the Property any trade fixtures, machinery, equipment, inventory or other property belonging to the Lessee or third parties and may remove the same, subject, however, to the terms of Section 9.1(a); provided, however, that such trade fixtures, machinery, equipment, inventory or other property can be removed without causing material damage to or diminution in the Fair Market Sales Value of the Property below the Lease Balance; provided, further, however, that the Lessee shall keep and maintain at the Property and shall not remove from the Property any Equipment financed or otherwise paid for by the Lessor pursuant to the Participation Agreement.
Modifications, Substitutions and Replacements. During the Lease Term, the Lessee, at its sole cost and expense, may at any time and from time to time make alterations, renovations, improvements and additions to any Property or any part thereof and substitutions and replacements therefor (collectively, "Modifications"); provided, however, that:
Modifications, Substitutions and Replacements. (a) Lessee, at its sole cost and expense, may at any time and from time to time make alterations, renovations, improvements and additions to the Property or any part thereof and substitutions and replacements therefor (collectively, "Modifications"); provided that: (i) no Modification shall Materially impair the value, utility or useful life of the Property or any part thereof from that which existed immediately prior to such Modification; (ii) the Modification shall be done expeditiously and in a good and workmanlike manner; (iii) subject to the provisions of Article 13 concerning contests, Lessee shall comply with all Requirements of Law (including all Environmental Laws) and comply with all Insurance Requirements applicable to the Modification, including the obtaining of all permits and certificates of occupancy, and the structural integrity of the Property shall not be adversely affected; (iv) subject to the terms of Article 13 relating to permitted contests, Lessee shall pay all costs and expenses and shall discharge (or cause to be insured or bonded over) within sixty (60) days after the same shall be filed (or otherwise become effective) any Liens arising with respect to the Modification; and (v) such Modifications shall comply with Sections 8.2 and 10.
Modifications, Substitutions and Replacements. During the Basic Term, the Lessee, at its sole cost and expense, may at any time and from time to time make alterations, renovations, improvements and additions to any Property or any part thereof (collectively, "Modifications"); provided, however, that:
(a) except for any Modification required to be made pursuant to any Applicable Law or Insurance Requirements (a "Required Modification"), no Modification shall cause the Fair Market Sales Value of such Property, determined as a whole after the completion of such Modifications, to be below the then current Lease Balance for such Property;
(b) such Modifications shall be (and shall be done in a manner) consistent in all respects with the Plans and Specifications for applicable Property;
(c) such Modifications shall comply with Articles VIII and IX.; and
(d) promptly after the completion of any Modification which cost in excess of $2,500,000 to complete, the Lessee shall give written notice thereof, together with a description of the Modification, to the Lessor and the Administrative Agent.
Modifications, Substitutions and Replacements. The Lessee, at its sole cost and expense, may at any time and from time to time make alterations, renovations, improvements and additions to the Property or any part thereof and substitutions and replacements therefor (collectively, "Modifications"); provided, however, that: (i) except for any Modification required to be made pursuant to a Requirement of Law (a "Required Modification"), no Modification shall impair the value, utility or useful life of the Property or any part thereof from that which existed immediately prior to such Modification; (ii) the Modification shall be done expeditiously and in a good and workmanlike manner; (iii) the Lessee shall
Modifications, Substitutions and Replacements. So long as no Lease Event of Default has occurred and is continuing, Lessee, at its sole cost and expense, may, at any time and from time to time, make alterations, renovations, improvements and additions to the Property or any part thereof (collectively, "Modifications"); provided, that: (i) except for any Modifications required to be made pursuant to a Legal Requirement or an Insurance Requirement, no Modifications shall materially impair the value, utility or useful life of the Property from that which existed immediately prior to such Modifications and Lessee shall deliver to Lessor an Officer's Certificate prior to commencing such Modifications to such effect; (ii) the Modifications shall be done expeditiously and in a good and workmanlike manner; (iii) Lessee shall comply with all Legal Requirements (including all Environmental Laws) and Insurance Requirements applicable to the Modifications, including the obtaining of all permits and certificates of occupancy, and the structural integrity of the Property shall not be adversely
Modifications, Substitutions and Replacements. 11 10.2. Notice to the Lessor . . . . . . . . . . . . . . .. . . . . . 12
Modifications, Substitutions and Replacements. During the Lease --------------------------------------------- Term, the Lessee may not make any alterations, renovations, improvements and additions to the Property or any part thereof.