Common use of Changes to Plans and Specifications Clause in Contracts

Changes to Plans and Specifications. Purchaser shall have the following rights in respect of changes to the Plans and Specifications for the Improvements to be constructed on the Property: (a) In respect to any Property, Seller will not enter into a change order to the general contract for the construction of the Improvements on such Property (the "General Contract") without first receiving Purchaser's approval (such approval not to be unreasonably withheld, conditioned or delayed) where such change order would (i) effect a material change in the structural system of the Improvements other than as described in the Outline of Structural Systems attached hereto as Schedule K, or (ii) effect a change which would decrease the cost of the Improvements by Fifty Thousand Dollars ($50,000.00) or more and result in a reduction of a standard provided for in the Systems Standards Manual applicable to such Improvements. (b) Seller shall provide to Purchaser a copy of any change order to the General Contract which effects a change in the amount of One Hundred Thousand Dollars ($100,000.00) or more. Such copies will be for informational purposes only; Purchaser will not have the right to approve or disapprove changes in the Plans and Specifications except to the extent provided for in Section 2.7(a) above. (c) In the event that Seller materially deviates from the Plans and Specifications as to any Property (and such deviation (x) resulted in a material change in the structural system of the Improvements to such Property other than as described in the Outline of Structural Systems attached hereto as Schedule K, or (y) resulted in a change which decreased the cost of the Improvements by Fifty Thousand Dollars ($50,000.00) or more and resulted in a reduction of a standard or standards provided for in the Systems Standards Manual applicable to such Improvements), Seller may, but is not obligated, to remedy such deviations. If Seller elects not to remedy the deviations, Purchaser's sole remedy shall be either (i) to terminate this Agreement with respect to the affected Property, in which event this Agreement shall terminate and be of no further force or effect with respect to the affected Property and Seller shall reimburse to Purchaser the Purchaser's expenses incurred in respect of such affected Property, not to exceed $30,000 (and direct Escrow Agent to refund to Purchaser that portion of the Deposit allocable to the affected Property as provided in Section 10.3), or (ii) to proceed to close in accordance with this Agreement without any abatement in the Allocable Purchase Price for such Property.

Changes to Plans and Specifications. (a) Purchaser and Tenant shall each have the following rights in respect of changes to the Plans and Specifications for the Improvements to be constructed on the Property: (a) : In respect to any Property, Seller will not enter into a change order to the general contract or otherwise materially modify the plans and specifications for the construction of the Improvements on such Property as the same is in effect on the Effective Date (the "General Contract") without first receiving Purchaser's and Tenant's approval (such approval not to be unreasonably withheld, conditioned or delayed) where such change order would (i) effect a material change in the structural system of the Improvements to such Property other than as described in the Outline of Structural Systems attached hereto as Schedule K, or (ii) effect a change which would decrease the cost of the Improvements with respect to any Property by Fifty Thousand Dollars ($50,000.00) or more and per change order or One Hundred Fifty Thousand Dollars ($150,000.00) or more in the aggregate for all change orders, or (iii) would result in a reduction of a standard provided for in the Systems Standards Manual applicable to such Improvements. (b) Seller shall provide to Purchaser and Tenant a copy of any change order to the General Contract which effects a change in the amount of One Hundred Thousand Dollars ($100,000.00) or more. Such copies will be for informational purposes only; neither Purchaser nor Tenant will not have the right to approve or disapprove changes in the Plans and Specifications except to the extent provided for in Section 2.7(a) above. (c) In the event that Seller materially deviates from the Plans and Specifications as to any Property (and such deviation (xw) resulted in a material change in the structural system of the Improvements to such Property other than as described in the Outline of Structural Systems attached hereto as Schedule K, or (yx) resulted in a change which decreased the cost of the Improvements by Fifty Thousand Dollars ($50,000.0050,000) or more and per change or One Hundred Fifty Thousand Dollars ($150,000.00) or more for all changes in the aggregate, or (y) resulted in a reduction of a standard or standards provided for in the Systems Standards Standard Manual applicable to such Improvements), Seller may, but is not obligated, shall provide written notice to Purchaser and Tenant and in such notice Seller shall elect whether to remedy such deviations, which election shall be binding on Seller. If Seller elects not to remedy the deviations, Purchaser's and Tenant's sole remedy (which may be exercised by either of them) shall be either (i) to terminate this Agreement with respect to the affected Property, in which event this Agreement shall terminate and be of no further force or effect with respect to the affected Property and Seller shall reimburse to Purchaser and Tenant the Purchaser's and Tenant's respective direct, out of pocket expenses incurred in respect of such affected Property, (and an allocable share of expenses attributable generally to the transactions contemplated by this Agreement and not attributable specifically to any Property), not to exceed $30,000 (and direct Escrow Agent to refund to Purchaser that portion of the Deposit allocable to the affected per Property as provided in Section 10.3)per party, or (ii) to proceed to close in accordance with this Agreement without any abatement in the Allocable Purchase Price for such PropertyProperty except as may be specifically provided for herein.

Changes to Plans and Specifications. Purchaser shall have the following rights in respect of changes to the Plans and Specifications for the Improvements to be constructed on the a Property: (a) In respect During the period beginning on the date that LLBC approves the Design Development Plans pursuant to the Little Xxxx Xxxxx Contract, and ending on the later of (x) the date the Final Plans are approved by LLBC, Declarant and Orange County, Florida ("Final Plans Approval Date") and (y) the date the general contract ("General Contract") for the construction of such Improvements is entered into ("Contract Date"), the Purchaser shall have the right to approve (i) any Propertychange in the Plans and Specifications which would effect a material change in the structural system of the Improvements other than as described in the Outline of Structural Systems attached hereto as Schedule K, and (ii) any change in the Plans and Specification which results in the reduction of a standard provided for in the Systems Standards Manual applicable to such Improvements, such approval not to be unreasonably withheld by Purchaser. Any change to the Plans and Specification required by Orange County, Florida (or any other governmental authority having jurisdiction) or by LLBC or Declarant under the CC&Rs or Little Xxxx Xxxxx Contract, shall be deemed approved by Purchaser. (b) During the period beginning on the later of (x) the Final Plans Approval Date and (y) the Contract Date, Seller will not enter into a change order to the general contract for the construction of the Improvements on such Property (the "General Contract") Contract without first receiving Purchaser's approval (such approval not to be unreasonably withheld, conditioned or delayed) where such change order would (i) effect a material change in the structural system of the Improvements other than as described in the Outline of Structural Systems attached hereto as Schedule K, or (ii) effect a change which would decrease the cost of the Improvements by Fifty Thousand Dollars ($50,000.00) or more and result in a reduction of a standard provided for in the Systems Standards Manual applicable to such Improvements. (bc) Seller shall provide to Purchaser a copy of any change order to the General Contract which effects a change in the amount of One Hundred Thousand Dollars ($100,000.00) or more. Such copies will be for informational purposes only; Purchaser will not have the right to approve or disapprove changes in the Plans and Specifications except to the extent provided for in Section 2.7(a) and Section 2.7(b) above. (cd) In the event that Seller materially deviates from the Plans and Specifications as to any Property (and such deviation (x) resulted in a material change in the structural system of the Improvements to such Property other than as described in the Outline of Structural Systems attached hereto as Schedule K, or (y) resulted in a change which decreased the cost of the Improvements by Fifty Thousand Dollars ($50,000.00) or more and resulted in a reduction of a standard or standards provided for in the Systems Standards Manual applicable to such Improvements), Seller may, but is not obligated, to remedy such deviations. If Seller elects not to remedy the deviations, Purchaser's sole remedy shall be either (iA) to terminate this Agreement with respect to the affected Property, in which event this Agreement shall terminate and be of no further force or effect with respect to the affected Property and Seller shall reimburse to Purchaser the Purchaser's expenses incurred in respect of such affected Property, not to exceed $30,000 140,000 (and direct Escrow Agent if, with respect to refund to Purchaser that portion of the Deposit allocable to all Properties except for the affected Property as provided in Section 10.3)Property, either (i) Closing has occurred, or (ii) the contemplated Closing will not occur as a result of Purchaser's election to proceed to close in accordance with terminate this Agreement without any pursuant to Sections 2.3, 2.4, 2.5, 2.7(d), 8.4 or 10.1 of this Agreement, then the Deposit shall be refunded to Purchaser) or (B) to consummate the transactions contemplated hereby, notwithstanding such deviation, with an abatement in the Allocable Purchase Price for the Ownership Interests in the Owner of the affected Property equal to the amount of the cost reduction resulting from such Propertydeviation, such abatement not to exceed $500,000.

Changes to Plans and Specifications. Purchaser shall have the following rights in respect of changes to the Plans and Specifications for the Improvements to be constructed on the Property: (a) In respect to any the Property, Seller will not enter into a change order to the general contract for the construction of the Improvements on such Property (the "General Contract") without first receiving Purchaser's approval (such approval not to be unreasonably withheld, conditioned or delayed) where such change order would (i) effect a material change in the structural system of the Improvements other than as described in the Outline of Structural Systems attached hereto as Schedule K, or (ii) effect a change which would decrease the cost of the Improvements by Fifty Thousand Dollars ($50,000.00) or more and result in a reduction of a standard provided for in the Systems Standards Manual applicable to such ImprovementsManual. (b) Seller shall provide to Purchaser a copy of any change order to the General Contract which effects a change in the amount of One Hundred Thousand Dollars ($100,000.00) or more. Such copies will be for informational purposes only; Purchaser will not have the right to approve or disapprove changes in the Plans and Specifications except to the extent provided for in Section 2.7(a) above. (c) In the event that Seller materially deviates from the Plans and Specifications as to any Property (and such deviation (x) resulted in a material change in the structural system of the Improvements to such Property other than as described in the Outline of Structural Systems attached hereto as Schedule K, or (y) resulted in a change which decreased the cost of the Improvements by Fifty Thousand Dollars ($50,000.00) or more and resulted in a reduction of a standard or standards provided for in the Systems Standards Manual applicable to such ImprovementsManual), Seller may, but is not obligated, to remedy such deviations. If Seller elects not to remedy the deviations, Purchaser's sole remedy shall be either (i) to terminate this Agreement with respect to the affected PropertyAgreement, in which event this Agreement shall terminate and be of no further force or effect with respect to the affected Property and Seller shall reimburse to Purchaser the Purchaser's expenses incurred in respect of such affected the Property, not to exceed $30,000 (and direct Escrow Agent to refund to Purchaser that portion of the Deposit allocable to the affected Property as provided in Section 10.3Deposit), or (ii) to proceed to close in accordance with this Agreement without any abatement in the Allocable Purchase Price for such PropertyPrice.