Physical Improvements Clause Samples

The Physical Improvements clause defines the responsibilities and standards related to any construction, alteration, or enhancement of tangible structures or facilities on a property. It typically outlines what types of improvements are permitted or required, who is responsible for making them, and any necessary approvals or compliance with laws and regulations. This clause ensures that all parties are clear about their obligations regarding physical changes to the property, helping to prevent disputes and maintain the property's value and condition.
Physical Improvements. The use and disposition of real property and equipment under this Agreement shall be in compliance with the requirements of 24 C.F.R. Part 84, 24 C.F.R. 570.502-504, as applicable, which include but are not limited to the following: 9.1 Any physical improvements over $5,000 must be secured by a promissory note, lien document, special warranty deed and deed of trust as specified in the Loan Documents. In addition, a fixed assets listing must be maintained in accordance with federal regulations for the full compliance period as described in Section 9.2. Annual physical inventory must be conducted to ensure the property is still in condition and use as required by the CDBG program. 9.2 Real property under the Subrecipient’s control that was acquired or improved in whole or in part with CDBG funds must be used in accordance with the terms of this Agreement and the HUD regulations for a period of ten years, or for such longer period of time as determined to be appropriate by the City. 9.3 After expiration of the required use period, Subrecipient is free to use the real property for another use without obligation to the City.
View SourceView Similar (3)
Physical Improvements. Subtenant acknowledges that it has inspected the Sub-Premises and agrees to accept possession of the Sub-Premises in their "as is" condition, it being understood and agreed that Landlord shall have no obligation to construct tenant improvements in the Sub-Premises or alter or improve in any way the present condition of the Sub-Premises. Subtenant further acknowledges that no representations as to the repair of the Sub-Premises, nor promises to alter, remodel, or improve the Sub-Premises, have been made by Sublandlord. Notwithstanding the forgoing, the Subtenant acknowledges that the Sublandlord has expended not in excess of THIRTY-SIX THOUSAND AND NO/100 ($36,000.00) DOLLARS of the Improvement Allowance as defined in the Primary Lease and that all amounts of the Improvement Allowance in excess of THIRTY-SIX THOUSAND AND NO/100 ($36,000.00) DOLLARS may be expended by Subtenant to improve the Sub-Premises in accordance with the provisions of the Primary Lease.
View SourceView Similar (2)
Physical Improvements. 8.1 Any physical improvements made to real property as part of the Activity performed and funded with CDBG Funds pursuant to this Agreement must be secured by a promissory note, lien document, special warranty deed or deed of trust, depending on the type of property and improvement, and as specified in the Loan Documents, if the fair market value of the physical improvement(s) is greater than $5,000. In addition, a fixed assets listing must be maintained in accordance with federal regulations for the full term of the security. Annual physical inventory must be conducted to ensure the property is still in condition suitable to secure the value of improvement required by the CDBG program. 8.2 Real property under the Subrecipient’s control that was acquired or improved in whole or in part with CDBG funds must be used in accordance with the terms of this Agreement and the HUD regulations for a period of ten years, or for such longer period of time as determined to be appropriate by the City. 8.3 After expiration of the term of the security instrument, Subrecipient is free to use the real property for any purpose, without obligation to the City. 8.4 Any personal property and equipment acquired with funding provided under this Agreement shall be used and disposed of in compliance with the requirements of 24 C.F.R. Part 84, 24 C.F.R. 570.502-504, as applicable.
View Source
Physical Improvements. As used herein, “Physical Improvements” means and includes interior and exterior improvements to buildings, site, fixtures and attachments, as well related infrastructure improvements that directly improve the subject Property itself, the actual value of which shall be a minimum of $300,000.00 (inclusive of Washington State Sales Tax). “Physical Improvements” does not include the cost of permitting, consulting services, drafting of plans or construction documents, or any similar type of cost that is related to improvement of the Property but does not add direct value to the Property. It is the understanding of the parties hereto that Buyer will incur such improvement-related costs, but that these shall not count towards the $300,000.00 of actual physical improvements that must be made to the subject Property before the Construction Completion Date. In the event of a Fundamental Breach, if Seller exercises its option to re-purchase the Property, Seller shall add to the Repurchase Price the estimated value of those Physical Improvements, if any, actually constructed on the Property, as determined by a disinterested, third- party appraiser. Buyer and Seller agree that in such event, however, any increase to the Repurchase Price shall not exceed $299,999.99.
View Source
Physical Improvements. The use and disposition of real property and equipment under this Agreement shall be in compliance with the requirements of 24 CFR 570.502-505, as applicable, which include but are not limited to the following: 8.1 Any physical improvements expenditure must be secured by a promissory note, lien document, special warranty deed and deed of trust as specified in the Loan Documents. In addition, a fixed assets listing must be maintained in accordance with federal regulations for the full compliance period. Annual physical inventory must be conducted to ensure the property is still in condition and use as required by the CDBG program. 8.2 Real property under the Subrecipient's control that was acquired or improved in whole or in part with CDBG funds must be used in accordance with the terms of this Agreement and the HUD regulations for a period of ten years, or for such longer period of time as determined to be appropriate by the City. 8.3 After expiration of the required use period, Subrecipient is free to use the real property for another use without obligation to the City. 8.4 If the real property that was acquired or improved is not used in accordance with CDBG guidelines, the Subrecipient shall pay the City an amount equal to the current market value of the property less any portion of the value attributable to expenditures of non-CDBG funds for the acquisition of or improvement to the property in accordance with 24 CFR Part 570.
View Source
Physical Improvements. It is understood and agreed that all permanently installed physical improvements to the licensed premises existing at the expiration of this agreement shall be considered part of the premises and become the property of Licensor. Any movable or transportable improvements made by Licensee shall remain the property of Licensee (ie. stands, booths, P.A. system, tents).
View Source

Related to Physical Improvements

  • Initial Improvements (a) On the Commencement Date, Tenant shall accept the Premises in its “as is” condition. All improvements, alterations and betterments (an “Alteration”) shall be performed by Tenant at Tenant’s expense in accordance with the terms of this Article 5. (b) Tenant may improve the Premises for Tenant’s initial occupancy in accordance with detailed specifications and working drawings to be prepared by Tenant’s engineers and architects. The detailed specifications and working drawings are hereinafter referred to as “Tenant’s Plans”, and the work shown by the Tenant’s Plans is hereinafter referred to as “Tenant’s Initial Improvements”. Tenant’s Initial Improvements shall include, and Landlord shall have no liability to tenant for not performing, the work specified on Exhibit H. (c) Tenant shall proceed forthwith to cause Tenant’s Plans to be prepared by an architect licensed as such in the State of New York. Tenant’s Plans, including structural and mechanical drawings and specifications, shall be prepared at Tenant’s sole cost and expense. Tenant shall submit five (5) sets of Tenant’s Plans and two (2) CAD discs which shall contain such Tenant’s Plans in CAD format to Landlord for Landlord’s approval. Landlord agrees to review Tenant’s Plans and to approve the same or make written exceptions thereto within fifteen (15) Business Days from the date of the submission of the plans. Landlord agrees not to unreasonably withhold or delay its approval of Tenant’s Plans, and failure by Landlord to provide the written exceptions within the fifteen (15) Business Day period aforesaid shall be deemed approval of Tenant’s Plans; provided, however, that five (5) Business Days prior to the expiration of such fifteen (15) Business Day period, Tenant shall send a second notice to Landlord with the phrase “FAILURE TO APPROVE OR DISAPPROVE TENANT’S PLANS WITHIN FIVE (5) BUSINESS DAYS AFTER THE DATE HEREOF SHALL RESULT IN THE DEEMED APPROVAL OF TENANT’S PLANS” in bold lettering at the top of such notice. If Landlord disapproves Tenant’s Plans, Tenant shall revise them and re-submit them to Landlord for approval. Any disapproval given by Landlord shall be accompanied by a statement in reasonable detail of the reasons for such disapproval, itemizing those portions of the plans so disapproved. Landlord shall advise Tenant within fifteen (15) Business Days following receipt of Tenant’s revised plans of Landlord’s approval or disapproval of the revised plans or portions thereof, and shall set forth its reasons for any such further disapproval in writing and in reasonable detail. If Landlord fails to approve or disapprove such revised plans within such fifteen (15) Business Day period, Landlord shall be deemed to have approved such revised plans or such portions thereof; provided, however, that five (5) Business Days prior to the expiration of such fifteen (15) Business Day period, Tenant shall send a second notice to Landlord with the phrase “FAILURE TO APPROVE OR DISAPPROVE TENANT’S PLANS, AS REVISED, WITHIN FIVE (5) BUSINESS DAYS AFTER THE DATE HEREOF SHALL RESULT IN THE DEEMED APPROVAL OF TENANT’S PLANS, AS REVISED” in bold lettering at the top of such notice. Any dispute regarding the reasonableness of Landlord’s withholding of its consent to Tenant’s Plans shall be submitted to expedited arbitration pursuant to Section 9.19 hereof. Upon approval by Landlord of Tenant’s Plans, Tenant shall submit the same to the New York City Department of Buildings for approval and for issuance of a building permit to perform the Improvements. Landlord agrees, at Tenant’s cost and expense, to reasonably cooperate with Tenant and Tenant’s independent licensed architect and engineer in providing information needed for the preparation of Tenant’s Plans, the application for a building permit and all other permits required for the Improvements, and to promptly execute all documents reasonably necessary to be signed by Landlord. (d) Tenant agrees to hire a reputable general contractor, construction manager or subcontractors and materialmen (hereinafter “Contractor(s)”) to be approved by Landlord such approval not to be unreasonably withheld or delayed (other than with respect to Contractors performing connections to any Building systems which Contractors shall be those designated by Landlord provided such Contractors shall perform such work at market prices). For purposes of Tenant’s Initial Improvements, ▇▇▇▇▇, ▇▇▇▇ & ▇▇▇▇▇▇ and ▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇ Consulting Engineers are deemed approved by Landlord. Tenant shall cause its Contractor(s) to perform Tenant’s Initial Improvements in a good and workmanlike manner in accordance with (x) the approved Tenant’s Plans and any material amendments or additions thereto approved by Tenant and Landlord and all municipal authorities having jurisdiction; provided, however, that, with respect to any subsequent amendments, additions, change orders or modifications after Landlord’s approval of Tenant’s Plans, Landlord shall approve or disapprove of such changes within fifteen (15) Business Days of the receipt of such changes from Tenant and (y) all provisions of Laws and any and all permits and other requirements specified by any ordinance, law or public regulation. If Landlord fails to approve or disapprove such subsequent amendments, additions, change orders or modifications within such fifteen (15) Business Day period, Landlord shall be deemed to have approved such subsequent amendments, additions, change orders or modifications or such portions thereof; provided, however, that five (5) Business Days prior to the expiration of such fifteen (15) Business Day period, Tenant shall send a second notice to Landlord with the phrase “FAILURE TO APPROVE OR DISAPPROVE TENANT’S PLANS, AS REVISED, WITHIN FIVE (5) BUSINESS DAYS AFTER THE DATE HEREOF SHALL RESULT IN THE DEEMED APPROVAL OF TENANT’S PLANS, AS REVISED” in bold lettering at the top of such notice. Tenant shall cause the Contractor(s) to obtain and maintain throughout the work, Workers’ Compensation Insurance and New York State Disability Insurance in the amounts required under any applicable Laws and comprehensive general liability insurance, including contractual liability coverage, in an amount of not less than $2 million combined single limit for bodily injury or death for any one occurrence, and for property damage, plus a $10 million umbrella policy; provided, however, that any subcontractor or materialman shall only be required to carry such liability insurance as is being carried by prudent subcontractors or materialmen within such trade at the time such subcontractor or materialman is being employed by Tenant or its Contractors. The liability coverage shall name Landlord and Overlandlord as additional insured parties, and Tenant shall deliver to Landlord proper certificates of insurance confirming the coverages described above prior to commencement of Tenant’s Initial Improvements. If Tenant acts as its own General Contractor or Construction Manager, Tenant shall obtain and maintain such insurance. All Contractor(s) shall be members of a union affiliated with the building trades in the City of New York that has jurisdiction over the Building and Tenant’s Initial Improvements. Tenant shall pay Landlord, within thirty (30) days after being billed therefor, the actual out of pocket fees and disbursements paid by Landlord to architects, engineers and other technical advisors, other than the regular staff of Landlord for reviewing Tenant’s Plans, provided such fees are commercially reasonable. (e) Landlord shall pay to Tenant pursuant to Section 5.01(f) hereof Construction Costs and Softs Costs (as hereinafter defined) in an amount (the “Construction Allowance”) which shall not exceed $1,638,850.00, provided, however, that payments in respect of Soft Costs shall not in the aggregate exceed fifteen percent (15%) of the Construction Allowance. Tenant shall pay from its own funds, and Landlord shall have no obligation with respect to, (y) any and all costs which are not Construction Costs or Softs Costs and/or (z) any and all Construction Costs in excess of the Construction Allowance or Soft Costs in excess of the limitation described in the foregoing sentence. As used in this Lease, the term “Construction Costs” means amounts actually incurred and paid by Tenant and Tenant’s contractors, subcontractors and vendors in connection with Tenant’s Initial Improvements solely for the documented, bona fide cost of (i) construction supplies and materials which are physically installed in and made a part of the Premises, including the documented, bona fide costs of carpeting, wall coverings, partitions, any electric meter or submeter, and permit fees, and (ii) labor actually performed within the Premises. The term “Soft Costs” means amounts actually incurred and paid by Tenant in connection with Tenant’s Initial Improvements solely for the documented, bona fide cost of accounting, legal, architectural, engineering and other professional or consulting services.

  • Lessee Improvements (a) Lessor and Lessee agree that the Lessee Improvements described in subparagraph (b) below (the "Lessee Improvements") shall be completed by Lessee on or before October 1, 2002. (b) If plans and specifications (collectively the "Plans") for Lessee Improvements are not attached hereto at the time of execution of this Lease, Lessee shall provide such Plans to Lessor within thirty (30) days prior to the date any such Lessee Improvements are to be commenced pursuant to this Lease. Upon receipt of such Plans, Lessor shall have ten (10) days in which to either approve such Plans or provide Lessee with Lessor's objections and comments. If Lessor objects to such Plans, Lessee shall promptly make necessary changes and provide Lessor with such revised Plans within twenty (20) business days after receipt of Lessor's objections and comments. In the event Lessor and Lessee approve the Plans, Lessee shall promptly undertake the construction of the Lessee Improvements and diligently pursue to completion such Lessee Improvements. (c) In the event the Plans for the Lessee Improvements have not been completed and approved by both Lessor and Lessee by the close of business on October 1, 2002, this Lease, at the option of either Lessor or Lessee by written notice to the other, may be terminated and upon the delivery of such notice, neither Lessor nor Lessee shall have any furth rights or obligations hereunder; provided, however, any such termination notice must be receivJ by either Lessor or Lessee by no later than November 1, 2002 in order to be effective. (d) The construction of the Lessee Improvements shall be in compliance with all applicable laws including, but not limited to, building codes, zoning regulations, compliance with the Americans with Disabilities Act and any other federal, state or local laws (the "Applicable Laws") and shall be the sole responsibility of Lessee. Incidental to Lessee's obligation to comply with the terms and conditions set forth in this Exhibit D, Lessor and Lessee do hereby agree as follows: (i) Any changes or modifications Lessee desires to make to the Plans shall be subject to Lessor's prior written approval; (ii) Lessee agrees that its contractors will perform and provide the work and materials to construct the Lessee Improvements in accordance and compliance with all Applicable Laws; and (iii) Upon completion of the Lessee Improvements and within five (5) business days after demand by Lessor, Lessee shall deliver to Lessor (x) final releases of liens from contractors performing the work or providing the materials for the Lessee Improvements and from any lienors giving written notice as provided under Applicable Laws, (y) a final contractor's affidavit from the general contractor in accordance with Applicable Laws or customary practice, and (z) any supporting documentation regarding final completion and payment of the costs of the Lessee Improvements reasonably requested by Lessor. 2. Prior to commencement of any work on the Lessee Improvements, either Lessee or its contractor shall obtain the following insurance, at Lessee's own expense, with carriers admitted to do business in the state in which the Premises are located and holding a Best's Rating of A-6 or better: (a) Workers' Compensation and Employer's Liability Insurance - Statutory Workers' Compensation Insurance Employer's Liability Insurance with limits of $1,000,000 each accident, all employees, and disease. (b) Commercial General Liability Insurance (1986 ISO form or the equivalent) with minimum limits of: Combined Single Limit Bodily Injury & Property Damage combined: $2,000,000 each occurrence $2,000,000 general aggregate-each project and/or location (c) Business Automobile Liability Insurance with limits of: Single Limit Bodily Injury & Property Damage combined: $1,000,000 each accident This insurance should cover all owned, non-owned or hired automobiles to be used in furtherance of work. (d) Builder's Risk on the cost of the Lessee Improvements. Certificates of Insurance evidencing the above coverages shall be submitted to and approved by Lessor prior to commencement of work on the Lessee Improvements. (a) Lessee shall keep the Premises and the Building free from any liens arising out of any work performed, materials furnished, or obligations incurred by or on behalf of Lessee. Should any claim of lien or other lien be filed against the Premises or the Building by reason of any act or omission of Lessee or any of Lessee's agents, employees, contractors or representatives, then Lessee shall cause the same to be canceled and discharged of record by bond or otherwise within thirty (30) days after the filing thereof. Should Lessee fail to discharge such lien within such thirty (30) day period, then Lessor may discharge the same, in which event Lessee shall reimburse Lessor, on demand, as additional rent, for the amount of the lien or the amount of the bond, if greater, plus all administrative costs incurred by Lessor and interest at the maximum rate permitted by law in connection therewith. The remedies provided herein shall be in addition to all other remedies available to Lessor under this Lease or otherwise. Lessee shall have no power to do any act or make any contract that may create or be the foundation of any lien, mortgage or other encumbrance upon the reversionary or other estate of Lessor, or any interest of Lessor in the Premises or the Building. NO CONSTRUCTION LIENS OR OTHER LIENS FOR ANY LABOR, SERVICES OR MATERIALS FURNISHED TO THE PREMISES SHALL ATTACH TO OR AFFECT THE INTEREST OF LESSOR IN AND TO THE PREMISES OR THE BUILDING. (b) Lessee and its contractor agree to defend, indemnify and hold harmless Lessor from all loss, liability, claims and expense, including, but not limited to, reasonable attorneys' fees, arising from property damage or bodily injury, including, but not limited to, death to any person or persons, caused in whole or in part by the negligence or misconduct of Lessee or its contractor or their agents, employees or subcontractors, except to the extent that any of such is caused by the gross negligence or willful misconduct of Lessor. Lessee shall provide to the Lessor the Lessee contractor's agreement to so defend, indemnify and hold harmless the Lessor. 4. Provided that Lessee has (a) completed the Lessee Improvements and occupied the Premises, (b) complied with the terms and conditions set forth in the Lease and the construction of Lessee Improvements is in accordance with the Plans and in compliance with Applicable Laws, and (c) provided Lessor with (i) a copy of all bills or invoices and lien waivers, with respect to all of the Lessee Improvements, and (ii) a copy of a Certificate of Occupancy or other appropriate document acceptable to Lessor, then, upon the occurrence of all of such events, Lessor shall pay to Lessee an amount of up to but not in excess of $10.00 per rentable square foot in the Premises (the "Lessee's Allowance"). However, in the event Lessee does not spend $10.00 per rentable square foot or more on the Lessee Improvements, any of the Lessee's Allowance not used by Lessee shall be forfeited and not payable by Lessor. All costs of the Lessee Improvements in excess of $10.00 per rentable square foot shall be paid by Lessee and Lessor shall have no liability with respect thereto. During construction of the Lessee Improvements, Lessor, or its designated representative, shall have the right to inspect construction of the Lessee Improvements; and Lessee understands and agrees that any inspection by Lessor or its designated representatives shall not impose upon Lessor any liability or responsibility with respect to whether or not such Lessee Improvements have been constructed in accordance with the Plans or Applicable Laws. 5. Notwithstanding any provision in the Lease to the contrary, Lessor and Lessee specifically agree that (i) Lessee, provided it has obtained the insurance coverages set forth in paragraph 2. above, shall have access to the Premises in order for Lessee or its contractor to commence the Lessee Improvements, and (ii) Rent shall commence on October 1, 2002.

  • School Improvement The parties do hereby mutually agree that the school improvement process currently in effect will continue. Any plan developed by the committees shall not be in conflict with the master agreement or board policy.

  • ALTERATIONS & IMPROVEMENTS Tenant shall not make any alterations, additions or improvements or do any type of construction to the Property without first obtaining Landlord's written consent. Unless prior written agreement is reached between Tenant and Landlord, any such alterations, additions, improvements or construction shall become part of the Property and shall remain at the expiration of Tenant's Lease term. If Landlord approves of alterations, additions, improvements or construction in writing and Tenant intends to use contractors to undertake such work, the contractors must first be approved in writing by Landlord. Tenant must also place any funds to cover the amount of any alterations, additions, improvements or construction in an escrow account approved by Landlord before the commencement of the work. Landlord shall designate the times and manner of the work being done, exclusively.