Initial Improvements definition
Examples of Initial Improvements in a sentence
The Lessee shall have no right or claim of compensation of any nature from the Lessor in the event of a termination, assignment, or expiration of this Lease in circumstances where the Approved Costs of Initial Improvements and/or Alterations have not been applied by the Lessee to offset Annual Rent as of the date of such termination, assignment, or expiration of this Lease.
The Lessee must commence the construction of the Initial Improvements by the end of the [X]( ) year of the Lease Term and must complete construction within two (2) years of the issuance of any Notice to Proceed issued by the Lessor.
Following completion of the Initial Improvements, the Trust Fund moneys will be expended for Golf Course improvements in accordance with a schedule of planned future Golf Course improvements (“Future Improvements Plan”).