Alterations, Additions and Improvements
Alterations, Additions and Improvements legal bond as one of the interesting documents relating to hotel property
One of the interesting agreements between the lessor and lessee party of hotel property is the bond with regard to Alterations, Additions and Improvements. Stating that the lessee can freely make improvements and necessary changes in overall property, lessor has also the right to terminate the lease after the expiry of the lease period. The lessee while improving the hotel interiors and structure can make any changes that he or she likes but should not exceed the net proceeds of the total income of the hotel.
Complex nature of such agreement
Due to such complicated nature of the agreement, people tend to get familiar with the terms before agreeing to such kind of bond. By availing the pre-written legal forms on Alterations, Additions and Improvements that are found in online forums, the interested parties get themselves aware of the pre-determined terms and legal decisions that is required by such type of agreements.
Former property owner may get back his share of property
Interested parties do not generally prefer the support of attorneys in such agreements and they are mostly kept confined between the property owners and the lessee party. It is said that once the changes are made, the property will again be regarded as the exclusive property of its former owner (the lessor).Though the lessee party doesn’t have to spend his own money on such alterations and improvements, he doesn’t stand to gain much out of the agreement either.
Still it can be said that the easy accessibility of such online forums catering to legal procedures are regarded to be very significant in recent times, offering to its users with special facilities.
Where to download Alterations, Additions and Improvements Template?
Sample Template Preview
Alterations, additions and improvements.
Lessee agrees that it will, as soon as it is permitted to do so by competent governmental authorities, install and build a new swimming pool in accordance with a sketch of the same which is attached to and made a part of this agreement and will erect _________ cabanas and a cabana deck in accordance with a sketch of the same which is attached to and made a part of this agreement, will install a central air-conditioning system of a kind and type to be agreed upon by the parties; will tile all guest bathrooms in accordance with a sketch which is attached to this agreement, will redecorate the lobby by refurnishing the same either with new furniture or reupholstering the existing furniture, by repainting, and by installing new drapes and rugs and by doing such other things as may be necessary to give the lobby a pleasing and inviting appearance; and will modernize the front and ocean-side entrances of the building in accordance with a sketch of the same attached to this agreement.
Notwithstanding the fact that lessee undertakes to accomplish the above improvements as soon as it is possible to do so, the parties agree that at such time as lessee has spent for such improvements $_____, it shall not be required to continue with such improvements, excepting only as the money for such improvements becomes available from the net proceeds of the hotel, and lessee shall not be required to furnish additional money, in excess of $_____, other than that money which may be obtained by financing which can be repaid out of the net proceeds of the hotel operation, and providing further that the total amount of money to be expended by lessee as provided above, shall not be more than $_____.
At such time as the improvements are made and completed, they shall immediately become the sole and exclusive property of lessor and shall be returned to lessor upon the expiration date of this lease agreement, free from any lien of any kind or nature so far as any of the actions of lessee are concerned.