Common use of Changing Costs, Scope or Timing of Work Clause in Contracts

Changing Costs, Scope or Timing of Work. Borrower shall deliver to Agent revised sworn statements of estimated costs of the Improvements, showing changes in or variations from the original Sworn Construction Cost Statement, as soon as reasonably practicable after such changes are known to Borrower. Borrower shall deliver to Agent a revised construction schedule, if and when there has been one or more delays in construction resulting in a net aggregate delay of thirty (30) days or more. Borrower shall promptly furnish Agent with two (2) copies of all changes or modifications in the Plans, contracts or subcontracts for the Property, as approved by Agent, prior to incorporation of any such change or modification into the Property, whether or not Agent’s consent to such change or modification is required hereby; provided that if Agent’s prior consent was not required with respect to such change, Borrower shall deliver such change at the time of the next Draw Request. Borrower shall not make or consent to any change or modification in such Plans, contracts or subcontracts, and no work shall be performed with respect to any such change or modification, without the prior written consent of Agent, if such change or modification would in any material way alter the design or structure of the Improvements or materially change the rentable area thereof in any way, or increase or decrease the cost of the Improvements by $500,000.00 or more for any single change or modification, or if the aggregate amount of all changes and modifications increases the total amount set forth in the original Sworn Construction Cost Statement by more than $1,000,000.00; provided, however, that such increases or decreases in costs shall not include changes in the budget due to construction interest costs). Agent shall reply within ten (10) Business Days after receipt of (a) the request for approval of a change order from Borrower and (b) all information reasonably necessary for Agent and Inspecting Architect to evaluate such proposed change order. Agent shall promptly notify Borrower if the materials it has received in connection with any such request for approval are not sufficient to satisfy the condition set forth in clause (b) of the preceding sentence.

Changing Costs, Scope or Timing of Work. If Borrower becomes aware of any change in the approved costs set forth in the Budget which would materially increase, change, or cause a reallocation of the costs as shown on the Budget, Borrower shall deliver immediately notify the Lender in writing and promptly submit the following to Agent Lender for approval: (i) a budget reallocation request, in form and substance approved by the Lender and (ii) a proposed revised sworn statements of estimated costs of the Improvements, showing changes in or variations Budget. Borrower shall have no right to receive further disbursements from the original Sworn Construction Cost Statement, as soon as reasonably practicable after such changes Loan proceeds unless and until the budget reallocation request and the revised Budget are known to Borrowerapproved by the Lender. Borrower shall deliver to Agent the Lender a revised construction schedule, if and when there any target date set forth therein has been one delayed by ten (10) consecutive days or more more, or when the aggregate of all such delays in construction resulting in a net aggregate delay of equals thirty (30) days or more. Borrower shall promptly furnish Agent Lender with two (2) copies of all changes or modifications in the Plans, contracts or subcontracts for the Propertycontracts, as approved by Agent, prior to incorporation of any such change or modification into the Property, whether or not Agent’s consent to such change or modification is required hereby; provided that if Agent’s prior consent was not required with respect to such change, Borrower shall deliver such change at the time of the next Draw Request. Borrower shall not make or consent to any change or modification in such Plans, contracts or subcontracts, and no material supply contracts for the Projects. No work shall may be performed with respect (a) (i) if pursuant to any Change Order or pending Change Order where such change or modification, without work will not increase the prior written consent of Agent, if such change or modification would in any material way alter the design or structure of the Improvements or materially change the rentable area thereof in any way, or increase or decrease the cost of the Improvements by $500,000.00 or more for any single change or modification, or if the aggregate amount of all changes Contract Price (as defined and modifications increases the total amount set forth in the original Sworn Construction Cost Statement General Contract) by more than $1,000,000.00the Change Order Amount or which, together with the aggregate of Change Orders theretofore executed by Borrower will not result in a change in excess of the Aggregate Change Order Amount without prior written approval thereof by Lender in its sole discretion; provided, however, that or (ii) if pursuant to any Change Order or pending Change Order where such increases or decreases in costs shall not include changes work will increase the Contract Price (as defined and set forth in the budget due to construction interest costs). Agent shall reply within ten (10General Contract) Business Days after receipt by more than the Change Order Amount or which, together with the aggregate of (a) the request for approval of Change Orders theretofore executed by Borrower will result in a change order from Borrower in excess of the Aggregate Change Order Amount without prior written approval thereof by the Lender, and (b) without the Lender’s receipt of evidence that Borrower has obtained the prior approval of all information reasonably necessary parties whose approval is required, including, without limitation, sureties and governmental authorities. No work may be performed pursuant to any Change Order or pending Change Order prior to delivery thereof to and, if required hereunder, approval by, the Lender. No review by the Lender of any contract or change order shall make the Lender responsible for Agent and Inspecting Architect to evaluate the adequacy, form or content of such proposed contract or change order. Agent shall promptly notify Borrower if the materials it has received in connection with any such request for approval are not sufficient to satisfy the condition set forth in clause (b) of the preceding sentence.

Changing Costs, Scope or Timing of Work. Borrower shall deliver to Agent revised Bondowner Representative revised, sworn statements of estimated costs of the ImprovementsProperty, showing changes in or variations from the original Sworn Construction Cost StatementLoan Budget, as soon as reasonably practicable after such changes are known to Borrower. Borrower shall deliver to Agent Bondowner Representative a revised construction schedule, if and when there any target date set forth on DWT 19920588v5 0017787-000267 Exhibit G hereto has been one or more delays in construction resulting in a net aggregate delay of delayed by thirty (30) consecutive days or more, or when the aggregate of all such delays equals ninety (90) days or more. Borrower shall promptly furnish Agent Bondowner Representative with two (2) copies of all changes or modifications in the Plans, and if requested by Bondowner Representative, contracts or subcontracts for the Property, as approved by AgentBondowner Representative, prior to incorporation of any such change or modification into the Property, whether or not AgentBondowner Representative’s consent to such change or modification is required hereby; provided that if Agent’s . No work may be performed pursuant to any change order or pending change order prior consent was not required with respect to such change, Borrower shall deliver such change at the time of the next Draw Requestdelivery thereof to Bondowner Representative. Borrower shall not make or consent to any change or modification in such Plans, contracts or subcontracts, and no work shall be performed with respect to any such change or modification, without the prior written consent of AgentBondowner Representative, if such change or modification would in any material way alter the design or structure of the Improvements Property or materially change the rentable area thereof in any way, or increase or decrease the Property cost of the Improvements by $500,000.00 75,000 or more for any single change or modification, or if the aggregate amount of all changes and modifications increases the total amount set forth in the original Sworn Construction Cost Statement by more than exceeds $1,000,000.00; provided, however, that such increases or decreases in costs shall not include changes in the budget due to construction interest costs). Agent shall reply within ten (10) Business Days after receipt of (a) the request for approval of a change order from Borrower and (b) all information reasonably necessary for Agent and Inspecting Architect to evaluate such proposed change order. Agent shall promptly notify Borrower if the materials it has received in connection with any such request for approval are not sufficient to satisfy the condition set forth in clause (b) of the preceding sentence250,000.

Changing Costs, Scope or Timing of Work. If Borrower becomes aware of any change in the approved costs set forth in the Budget which would materially increase, change, or cause a reallocation of the costs as shown on the Budget, Borrower shall deliver immediately notify Administrative Agent and the Lenders in writing and promptly submit the following to Administrative Agent for approval: (i) a budget reallocation request, in form and substance approved by the Administrative Agent and (ii) a proposed revised sworn statements of estimated costs of the Improvements, showing changes in or variations Budget. Borrower shall have no right to receive further disbursements from the original Sworn Construction Cost StatementDisbursement Fund unless and until the budget reallocation request and the revised Budget are approved by the Administrative Agent and the Lenders (provided, as soon as reasonably practicable after however, that if any Lender fails to respond to Administrative Agent within five (5) Business Days of receipt of written notice of Administrative Agent’s proposed determination, such changes are known Lender shall be deemed to Borrowerhave concurred with such proposed determination). Borrower shall deliver to Administrative Agent and the Lenders a revised construction schedule, if and when there any target date set forth therein has been one delayed by ten (10) consecutive days or more more, or when the aggregate of all such delays in construction resulting in a net aggregate delay of equals thirty (30) days or more. Borrower shall promptly furnish Administrative Agent with two (2) copies of all changes or modifications in the Plans, contracts or subcontracts for the Propertycontracts, as approved by Agent, prior to incorporation of any such change or modification into the Property, whether or not Agent’s consent to such change or modification is required hereby; provided that if Agent’s prior consent was not required with respect to such change, Borrower shall deliver such change at the time of the next Draw Request. Borrower shall not make or consent to any change or modification in such Plans, contracts or subcontracts, and no material supply contracts for the Projects. No work shall may be performed with respect (a) (i) if pursuant to any Change Order or pending Change Order where such change or modification, without work will not increase the prior written consent of Agent, if such change or modification would in any material way alter the design or structure of the Improvements or materially change the rentable area thereof in any way, or increase or decrease the cost of the Improvements by $500,000.00 or more for any single change or modification, or if the aggregate amount of all changes Contract Price (as defined and modifications increases the total amount set forth in the original Sworn Construction Cost Statement General Contract) by more than $1,000,000.00the Change Order Amount or which, together with the aggregate of Change Orders theretofore executed by Borrower will not result in a change in excess of the Aggregate Change Order Amount without prior written approval thereof by Administrative Agent in its sole discretion; or (ii) if pursuant to any Change Order or pending Change Order where such work will increase the Contract Price (as defined and set forth in the General Contract) by more than the Change Order Amount or which, together with the aggregate of Change Orders theretofore executed by Borrower will result in a change in excess of the Aggregate Change Order Amount without prior written approval thereof by Administrative Agent after consultation with the Lenders (provided, however, that such increases or decreases in costs shall not include changes in the budget due if any Lender fails to construction interest costs). respond to Administrative Agent shall reply within ten five (105) Business Days after of receipt of (a) the request for approval written notice of a change order from Borrower Administrative Agent’s proposed determination, such Lender shall be deemed to have concurred with such proposed determination), and (b) without Administrative Agent’s and the Lenders’ receipt of evidence that Borrower has obtained the prior approval of all information reasonably necessary for parties whose approval is required, including, without limitation, sureties and governmental authorities. No work may be performed pursuant to any Change Order or pending Change Order prior to delivery thereof to and, if required hereunder, approval by, Administrative Agent and Inspecting Architect to evaluate the Lenders. No review by Administrative Agent or the Lenders of any contract or change order shall make the Lenders and/or Administrative Agent responsible for the adequacy, form or content of such proposed contract or change order. Agent shall promptly notify Borrower if the materials it has received in connection with any such request for approval are not sufficient to satisfy the condition set forth in clause (b) of the preceding sentence.