“Tenant shall satisfy the Operating Condition throughout the Term of the Lease. If, at any time during the Term of the Lease, Tenant fails to satisfy the Operating Condition (defined below), for reasons other than Excused Closure (defined below) or Force Majeure, then upon written notice from Landlord to Tenant and Tenant’s failure to comply with the Operating Condition within seven (7) days thereof, Landlord shall have the right, in addition to any other remedies available to it, to terminate the Lease and recapture the Leased Premises, without payment to Tenant, effective ten (10) days after Landlord’s notice thereof to Tenant.”
5. Tenant’s Remodel. Subject to Force Majeure, prior to September 1, 2018 (the “Remodel Deadline”), Tenant shall commence and complete a remodel of Tenant’s Building. For the purposes hereof, “Remodel” shall include the installation of a new roof, new heating, ventilation and air conditioning units, new luxury recliners in all auditoriums, and other interior and exterior improvements. Tenant shall invest no less than $1,200,000 in the Remodel (the “Minimum Investment”). If, by the Remodel Deadline, Tenant has not made the Minimum Investment as certified by a financial officer of Tenant, then Tenant shall continue paying Annual Fixed Rent until Tenant has made the Minimum Investment as certified by a financial officer of Tenant, after which time Tenant shall have the right to pay Modified Annual Fixed Rent as provided in Section 3 above.
6. Effect and Effectiveness of Amendment. This Amendment modifies and amends the Lease, and the terms and provisions hereof shall supersede and govern over any contrary or inconsistent terms and provisions set forth in the Lease. The Lease, as previously amended and as hereby further amended and modified, remains in full force and effect and is hereby ratified and confirmed.
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