CONDITION OF PROPERTY, ALTERATIONS AND REPAIRS. Section 5.1. Tenant has examined the Property, is familiar with the physical condition, expenses, operation and maintenance, zoning, status of title and use that may be made of the Property and every other matter or thing affecting or related to the Property, and is leasing the same in its "As Is" condition. Landlord has not made and does not make any representations or warranties whatsoever with respect to the Property or otherwise with respect to this Lease. Tenant assumes all risks resulting from any defects (patent or latent) in the Property or from any failure of the same to comply with any governmental law or regulation applicable to the Property or the uses or purposes for which the same may be occupied. Section 5.2. During the Primary Term and each Extended Term, at Tenant's sole cost and expense, Tenant shall keep the Property and the adjoining sidewalks and curbs (unless third parties are responsible for the cleaning and maintenance of such adjoining sidewalks and curbs), if any, clean and in good condition and repair, free of accumulations of dirt, rubbish, snow and ice, and Tenant shall make all repairs and replacements, structural and non-structural, foreseen and unforeseen, and shall perform all maintenance, necessary to maintain the Property and any sidewalks and curbs adjacent thereto in good condition and repair (unless third parties are responsible for the cleaning and maintenance of such adjoining sidewalks and curbs). When used in this Section 5.2, the term "repairs" shall include all necessary additions, alterations, improvements, replacements, renewals and substitutions. All repairs made by Tenant shall be not less than equal in quality and class to the original Alteration and shall be made in compliance with all Requirements (hereinafter defined). Landlord shall not be required to furnish any services or facilities or to make any repairs or alterations to the Property, and Tenant hereby assumes the full and sole responsibility for the condition, operation, repair, replacement, maintenance and management of the Property, and all costs and expenses incidental thereto. Section 5.3. Landlord shall not be responsible for the cost of any alterations of or repairs to the Property of any nature whatsoever, structural or otherwise, whether or not now in the contemplation of the parties. To the extent not prohibited by law, Tenant hereby waives and releases all rights now or hereinafter conferred by statute or otherwise which would have the effect of limiting or modifying any of the provisions of this Article 5. Section 5.4. Tenant shall have the right at any time and from time to time during the Term to make, at its sole cost and expense, changes, alterations, additions or improvements (collectively, "Alterations") in or to the Property subject, in each case, to all of the following: (a) No Alteration shall be undertaken except after fifteen (15) days' prior notice to Landlord, provided that no such notice shall be required with respect to any nonstructural Alteration involving an estimated cost of less than the Threshold Amount (hereinafter defined) (as estimated by a licensed architect or engineer reasonably approved by Landlord) or involving an actual cost (based on a lump sum or guaranteed maximum price contract) less than the Threshold Amount. (b) No structural Alteration, and no other Alteration involving an estimated cost of more than the Threshold Amount (as estimated by a licensed architect or engineer reasonably approved by Landlord) shall be made without the prior written consent of Landlord, which consent shall not be unreasonably withheld, delayed or conditioned. Notwithstanding the foregoing, Tenant may make Alterations consisting of normal painting, carpeting, wall coverings, installation, removal or reconfiguration of cubicles, demountable wall partitions or other similar office installations and office decorations without Landlord's prior written consent. (c) Any Alteration when completed shall be of such a character as not to reduce the value of the Property below its value immediately before such Alteration. (d) No Alteration shall be performed by Tenant if the same would materially reduce the cubic content of the usable area of the Building, or weaken, temporarily or permanently, the structure of the Building or any part thereof, or impair any zoning or materially impair other amenities of the Property. (e) The reasonable cost and expense of Landlord's, and the cost and expense of Mortgagee's review of any plans and specifications required to be furnished pursuant to Section 5.5 below shall be paid by Tenant to Landlord, within ten (10) days after demand, or, at the option of Landlord, as Additional Rent. (f) For purposes of Sections 5.4 and 5.5,the "Threshold Amount" shall mean an amount equal to $250,000.00, exclusive of equipment. For purposes of determining the Threshold Amount, an Alteration shall include any series of related improvements (exclusive of equipment) whose cost, in the aggregate equals or exceeds $250,000.00.
Appears in 1 contract
Samples: Lease Agreement (Infocrossing Inc)
CONDITION OF PROPERTY, ALTERATIONS AND REPAIRS. Section 5.1. Tenant has examined the Property, is familiar with the physical condition, expenses, operation and maintenance, zoning, status of title and use that may be made of the Property and every other matter or thing affecting or related to the Property, and is leasing the same in its "As Is" condition. Landlord has not made and does not make any representations or warranties whatsoever with respect to the Property or otherwise with respect to this Lease. Tenant assumes all risks resulting from any defects (patent or latent) in the Property or from any failure of the same to comply with any governmental law or regulation applicable to the Property or the uses or purposes for which the same may be occupiedoccupied and Tenant hereby waives all claims with respect to the same, including without limitation, all tort and breach of warranty claims.
Section 5.2. During the Primary Term and each Extended Term, at Tenant's sole cost and expense, Tenant shall keep the Property and the adjoining sidewalks and curbs (unless third parties are responsible for the cleaning and maintenance of such adjoining sidewalks and curbs), if any, clean and in good condition and repair, free of accumulations of dirt, rubbish, snow and ice, and Tenant shall make all repairs and replacements, structural and non-structural, foreseen and unforeseen, and shall perform all maintenance, necessary to maintain the Property and any sidewalks and curbs adjacent thereto in good condition and repair (unless third parties are responsible for the cleaning and maintenance of such adjoining sidewalks and curbs). When used in this Section 5.2, the term "repairs" shall include all necessary additions, alterations, improvements, replacements, renewals and substitutions. All repairs made by Tenant shall be not less than equal in quality and class to the original Alteration and shall be made in compliance with all Requirements (hereinafter defined). Landlord shall not be required to furnish any services or facilities or to make any repairs or alterations to the Property, and Tenant hereby assumes the full and sole responsibility for the condition, operation, repair, replacement, maintenance and management of the Property, and all costs and expenses incidental thereto.
Section 5.3. Landlord shall not be responsible for the cost of any alterations of or repairs to the Property of any nature whatsoever, structural or otherwise, whether or not now in the contemplation of the parties. To the extent not prohibited by law, Tenant hereby waives and releases all rights now or hereinafter conferred by statute or otherwise which would have the effect of limiting or modifying any of the provisions of this Article 5.
Section 5.4. Tenant shall have the right at any time and from time to time during the Term to make, at its sole cost and expense, changes, alterations, additions or improvements (collectively, "Alterations") in or to the Property subject, in each case, to all of the following:
(a) No Alteration shall be undertaken except after fifteen (15) days' prior notice to Landlord, provided that no such notice shall be required with respect to any nonstructural Alteration involving an estimated cost of less than the Threshold Amount (hereinafter defined) (as estimated by a licensed architect or engineer reasonably approved by Landlord) or involving an actual cost (based on a lump sum or guaranteed maximum price contract) less than the Threshold Amount.
(b) No structural Alteration, and no other Alteration involving an estimated cost of more than the Threshold Amount (as estimated by a licensed architect or engineer reasonably approved by Landlord) shall be made without the prior written consent of Landlord, which consent shall not be unreasonably withheld, delayed or conditioned. Notwithstanding the foregoing, Tenant may make Alterations consisting of normal painting, carpeting, wall coverings, installation, removal or reconfiguration of cubicles, demountable wall partitions or other similar office installations and office decorations without Landlord's prior written consent.
(c) Any Alteration when completed shall be of such a character as not to reduce the value of the Property below its value immediately before such Alteration.
(d) No Alteration shall be performed by Tenant if the same would materially reduce the cubic content of the usable area of the Building, or weaken, temporarily or permanently, the structure of the Building or any part thereof, or impair any zoning or materially impair other amenities of the Property.
(e) The reasonable cost and expense of Landlord's, and the cost and expense of Mortgagee's review of any plans and specifications required to be furnished pursuant to Section 5.5 below shall be paid by Tenant to Landlord, within ten (10) days after demand, or, at the option of Landlord, as Additional Rent.
(f) For purposes of Sections 5.4 and 5.5,the "Threshold Amount" shall mean an amount equal to $250,000.00, exclusive of equipment. For purposes of determining the Threshold Amount, an Alteration shall include any series of related improvements (exclusive of equipment) whose cost, in the aggregate equals or exceeds $250,000.00.
Appears in 1 contract
Samples: Lease Agreement (Infocrossing Inc)
CONDITION OF PROPERTY, ALTERATIONS AND REPAIRS. Section 5.1. Tenant and Landlord have entered into this Lease to enable Tenant to continue its possession and use of the Property subject to the terms and conditions hereof. In connection with Tenant’s prior interest and prior and continuing possession of the Property, Tenant has examined the Property, is familiar with the physical condition, expenses, operation and maintenance, zoning, status of title and use that may be made of the Property and every other matter or thing affecting or related to the Property, and is leasing the same in its "“As Is" ” condition. Landlord has not made and does not make any representations or warranties whatsoever with respect to the Property or otherwise with respect to this Lease, except as set forth in Section 20.15 below. Tenant assumes all risks resulting from any defects (patent or latent) in the Property or from any failure of the same to comply with any governmental law or regulation applicable to the Property or the uses or purposes for which the same may be occupied.
Section 5.2. During the Primary Term and each Extended Term, at At Tenant's ’s sole cost and expense, Tenant shall keep the Property and the adjoining sidewalks and curbs (unless third parties are responsible for the cleaning and maintenance of such adjoining sidewalks and curbs), if any, clean and in good condition and repair, reasonably free of accumulations of dirt, rubbish, snow and ice, and Tenant shall make all repairs and replacements, structural and non-structural, ordinary and extraordinary, foreseen and unforeseen, and shall perform all maintenance, necessary to maintain the Property and any sidewalks and curbs adjacent thereto in good condition and repair (unless third parties are responsible for and as existing on the cleaning Commencement Date, reasonable wear and maintenance of such adjoining sidewalks and curbs)tear excepted. When used in this Section 5.2, the term "“repairs" ” shall include all necessary or desirable additions, alterations, improvements, replacements, renewals and substitutions. All repairs made by Tenant shall be not less than equal in quality and class to the original Alteration construction and shall be made in compliance with all Requirements (hereinafter defined). Landlord shall not be required to furnish any services or facilities or to make any repairs or alterations to the Property, and Tenant hereby assumes the full and sole responsibility for the condition, operation, repair, replacement, maintenance and management of the Property, and all costs and expenses incidental thereto.
Section 5.3. Landlord shall not be responsible for the cost of any alterations of or repairs to the Property of any nature whatsoever, structural or otherwise, whether or not now in the contemplation of the parties. To the extent not prohibited by law, Tenant hereby waives and releases all rights now or hereinafter conferred by statute or otherwise which would have the effect of limiting or modifying any of the provisions of this Article 5.
Section 5.4. Tenant shall have the right at any time and from time to time during the Term to make, at its sole cost and expense, changes, alterations, additions or improvements (collectively, "“Alterations"”) in or to the Property subject, in each case, to all of the following:
(a) No Alteration shall be undertaken except after fifteen (15) days' ’ prior notice to Landlord, provided that no such notice shall be required with respect to any nonstructural Alteration involving an estimated cost of equal to or less than the Threshold Amount (hereinafter defined) (as estimated by a licensed architect or engineer reasonably approved by Landlord) or involving an actual cost (based on a lump sum or guaranteed maximum price contract) equal to or less than the Threshold Amount.
(b) No structural Alteration, and no other Alteration involving an estimated cost of more than the Threshold Amount (as estimated by a licensed architect or engineer reasonably approved by Landlord) shall be made without the prior written consent of Landlord, which consent shall not be unreasonably withheldwithheld or delayed, delayed or conditionedand in the event Landlord fails to respond to Tenant’s request for such consent within ten (10) Business Days of Tenant’s request, Landlord’s consent shall be deemed to have been granted. Notwithstanding the foregoing, Tenant may make Alterations consisting of normal painting, carpeting, wall coverings, installation, removal or reconfiguration of cubicles, demountable wall partitions or other similar office installations coverings and office decorations without Landlord's ’s prior written consent. If, at the time Tenant requests such Landlord consent, either Tenant or Guarantor is not Investment Grade, then no Alteration for which consent is required and which exceeds the Threshold Amount may be commenced until Tenant shall obtain a payment and performance bond in the full amount of the estimated cost of the Alteration from a surety reasonably acceptable to Landlord.
(c) Any Alteration when completed shall If and only to the extent that it would be of reasonable for third party consultants to be engaged for such a character review and/or inspection, as not to reduce the value of the Property below its value immediately before such Alteration.
(d) No Alteration shall be performed by Tenant if the same would materially reduce the cubic content of the usable area of the Building, or weaken, temporarily or permanentlyapplicable, the structure of the Building or any part thereof, or impair any zoning or materially impair other amenities of the Property.
(e) The reasonable cost and expense of Landlord's, and the cost and expense of Mortgagee's (i) such consultants’ review of any plans and specifications required to be furnished pursuant to Section 5.5 below and (ii) such consultants’ inspection of any Work (as defined below), following Tenant’s completion thereof, related to an Alteration for which Landlord’s consent is required pursuant to Section 5.5 below, shall in each case be paid by Tenant to Landlord, within ten (10) days after demand, or, at the option of Landlord, as Additional Rent.
(fd) For purposes of Sections 5.4 and 5.5,the "5.5, the “Threshold Amount" ” shall mean an amount equal to $250,000.00500,000, exclusive of equipmentwhich amount shall be deemed to be increased annually to coincide with the annual increases, if applicable, in the Consumer Price Index. For purposes of determining the Threshold Amount, an Alteration shall include any series of related improvements (exclusive of equipment) whose cost, in the aggregate equals or exceeds $250,000.00500,000 (as so increased).
(e) The provisions and conditions of Section 5.5 shall apply to any work performed by Tenant under this Article.
Section 5.5. Tenant agrees that all Alterations, repairs, Restoration and other work that Tenant shall be required or permitted to do under the provisions of this Lease (each hereinafter called the “Work”) shall be (i) performed in a good and workmanlike manner, and in accordance with all Requirements and any plans and specifications therefor which shall have been approved by Landlord to the extent that such approval is required hereunder, (ii) commenced and completed promptly and (iii) done in accordance with all of the following terms and conditions:
(a) If the Work shall (i) involve any structural Work, (ii) involve any repair, Alterations, Restoration or other Work for which plans and specifications are required to be filed pursuant to any Requirement or (iii) cost in excess of the Threshold Amount, then the Work shall not be commenced until detailed plans and specifications (including layout, architectural, mechanical and structural drawings), prepared by a licensed architect or engineer reasonably approved by Landlord shall have been submitted to and approved by Landlord, which approval shall not be unreasonably withheld, conditioned or delayed, and in the event Landlord fails to respond to Tenant’s request for such consent within ten (10) Business Days of Tenant’s request, Landlord’s consent shall be deemed to have been granted.
(b) All Work shall be commenced only after all required municipal and other governmental permits, authorizations and approvals shall have been obtained by Tenant and any notices required for such work have been provided by Tenant, at its own cost and expense, and the originals thereof delivered to Landlord. Landlord, at Tenant’s written request, will promptly execute any documents necessary to be signed by Landlord to obtain any such permits, authorizations and approvals, provided that Tenant shall bear any expense or liability of Landlord in connection therewith.
(c) No Work costing more than the Threshold Amount or involving any structural Work shall be undertaken except under the supervision of a licensed architect or engineer reasonably approved by Landlord.
(d) The cost of all Work shall be paid promptly so that the Property and Tenant’s leasehold estate therein shall at all times be free from (i) liens for labor or materials supplied or claimed to have been supplied to the Property or Tenant, except that Tenant shall have the right to contest such liens so long as reasonably adequate security (which may be in the form of a bond) shall be provided to Landlord, and (ii) chattel mortgages, conditional sales contracts, title retention agreements, security interests and agreements, and financing agreements and statements.
(e) At all times when any Work is in progress, Tenant shall maintain or cause to be maintained with such companies and for such periods as Landlord may require (i) workmen’s compensation insurance covering all persons employed in connection with the Work, in an amount at least equal to the minimum amount of such insurance required by law; and (ii) for the mutual protection of Landlord, Tenant and any Mortgagee, (1) builder’s risk insurance, completed value form, covering all physical loss, in an amount reasonable satisfactory to Landlord, and (2) commercial general liability insurance against all hazards, with limits for bodily injury or death to any one person, for bodily injury or death to any number of persons in respect of any one accident or occurrence, and for Property damage in respect of one accident or occurrence in such amounts as Landlord may reasonably require. Such commercial general liability insurance may be satisfied by the insurance required under Section 6.1(a), but may be effected by an endorsement, if obtainable, upon the insurance policy referred to in said Section. The provisions and conditions of Article 6 hereof shall apply to any insurance which Tenant shall be required to maintain or cause to be maintained under this subsection.
(f) Upon completion of any Work, Tenant, at Tenant’s expense, shall obtain certificates of final approval of such Work required by any governmental or quasi-governmental authority and shall furnish Landlord with copies thereof, together with “as-built” plans and specifications for such Work (if plans and specifications are required to be prepared pursuant to this Lease).
(g) The conditions of Section 5.4 shall have been complied with, to the extent applicable to the Work.
Section 5.6. Any Work shall be subject to inspection at any reasonable time and upon reasonable prior notice from time to time by Landlord or its duly authorized representative.
Section 5.7. For purposes of this Lease, the word “structural” when used in connection with any Work shall mean Work affecting the load bearing walls, support beams, structural components of the roof, replacement of the roof (whether or not of structural components), or foundation of the Building or Work involving any significant alterations or improvements to the Building’s mechanical, electrical, sanitary, plumbing, heating, air-conditioning, ventilating, utility or any other service systems.
Section 5.8. Except as set forth in this Section 5.8, all fixtures, structures and other improvements other than Trade Fixtures installed in or upon the Property at any time during the Term shall become the property of Landlord and shall remain upon and be surrendered with the Property. Notwithstanding the foregoing, if, at the time of Landlord approval of any Work, Landlord notifies Tenant in writing that Landlord will require such Work to be removed from the Property prior to the Expiration Date or earlier termination of this Lease, then Tenant shall cause such Work to be removed so from the Property, at Tenant’s expense, and the affected area shall be restored to its prior condition, reasonable wear and tear excepted. All property required to be removed by Tenant at the end of the Term remaining in the Property after the end of the Term shall be deemed abandoned and may, at the election of Landlord, either be retained as Landlord’s property or may be removed from the Property by Landlord at Tenant’s expense. Tenant shall be responsible for, and shall reimburse Landlord immediately after written demand therefor, any damage to the Property caused in whole or in part by the removal or demolition of any property remaining on the Property which Tenant is required to remove pursuant to this Section 5.8 or which Tenant elects under the provisions of this Lease to remove. The provisions of this Section 5.8 shall survive the expiration or earlier termination of the Term.
Appears in 1 contract
CONDITION OF PROPERTY, ALTERATIONS AND REPAIRS. Section 5.1. Tenant has examined the Property, is familiar with the physical condition, expenses, operation and maintenance, zoning, status of title and use that may be made of the Property and every other matter or thing affecting or related to the Property, and is leasing the same in its "“As Is" ” condition. Landlord has not made and does not make any representations or warranties whatsoever with respect to the Property or otherwise with respect to this Lease. Tenant assumes all risks resulting from any defects (patent or latent) in the Property or from any failure of the same to comply with any governmental law or regulation applicable to the Property property or the uses or purposes for which the same may be occupied.
Section 5.2. During the Primary Term and each Extended Term, at At Tenant's ’s sole cost and expense, Tenant shall keep the Property and the adjoining sidewalks and curbs (unless third parties are responsible for the cleaning and maintenance of such adjoining sidewalks and curbs), if any, clean and in good condition and repair, free of accumulations of dirt, rubbish, snow and ice, and Tenant shall make all repairs and replacements, structural and non-structural, foreseen ordinary and unforeseenextraordinary, and shall perform all maintenance, maintenance necessary to maintain the Property and any sidewalks and curbs adjacent thereto in good condition and repair (unless third parties are responsible for the cleaning and maintenance of such adjoining sidewalks and curbs)repair. When used in this Section 5.2, the term "“repairs" ” shall include all necessary additions, alterations, improvements, replacements, renewals and substitutions. All repairs made by Tenant shall be not less than equal in quality and class to the original Alteration and shall be made in compliance with all Requirements (hereinafter defined). Landlord shall not be required to furnish any services or facilities or to make any repairs or alterations to the Property, and Tenant hereby assumes the full and sole responsibility for the condition, operation, repair, replacement, maintenance and management of the Property, and all costs and expenses incidental thereto.
Section 5.3. Landlord shall not be responsible for the cost of any alterations of or repairs to the Property of any nature whatsoever, structural or otherwise, whether or not now in the contemplation of the parties. To the extent not prohibited by law, Tenant hereby waives and releases all rights now or hereinafter conferred by statute or otherwise which would have the effect of limiting or modifying any of the provisions of this Article 5.
Section 5.4. Tenant shall have the right at any time and from time to time during the Term to make, at its sole cost and expense, changes, alterations, additions or improvements (collectively, "“Alterations"”) in or to the Property subject, in each case, to all of the following:
(a) No Alteration shall be undertaken except after fifteen (15) days' ’ prior written notice to Landlord, provided that no such written notice shall be required with respect to any nonstructural Alteration involving an estimated cost of less than the Threshold Amount (hereinafter defined) (as estimated by a licensed architect or engineer reasonably approved by Landlord) or involving an actual cost (based on a lump sum or guaranteed maximum price contract) less than the Threshold Amount.
(b) No structural Alteration, and no other Alteration involving an estimated cost of more than the Threshold Amount (as estimated by a licensed architect or engineer reasonably approved by Landlord) shall be made without the prior written consent of Landlord, which consent shall not be unreasonably withheld, delayed conditioned or conditioneddelayed. Notwithstanding the foregoing, Tenant may make Alterations consisting of normal painting, carpeting, wall coverings, installation, removal or reconfiguration of cubicles, demountable wall partitions or other similar office installations installations, and office decorations without Landlord's ’s prior written consent.
(c) Any Alteration when completed shall be of such a character as not to reduce the value of the Property below its value immediately before such Alteration.
(d) No Alteration shall be performed by Tenant if the same would materially reduce the cubic content of the usable area of the Building, or weaken, temporarily or permanently, the structure of the Building or any part thereof, or impair any zoning or materially impair other amenities of the Property.
(e) The reasonable cost and expense of Landlord's’s, and the cost and expense of Mortgagee's ’s review of any plans and specifications required to be furnished pursuant to Section 5.5 below shall be paid by Tenant to Landlord, within ten (10) days after demand, or, at the option of Landlord, as Additional Rent.
(f) For purposes of Sections 5.4 and 5.5,the "5.5, the “Threshold Amount" ” shall mean an amount equal to $250,000.00, exclusive of equipment250,000. For purposes of determining the Threshold Amount, an Alteration shall include any series of related improvements (exclusive of equipment) whose cost, in the aggregate equals or exceeds $250,000.00250,000.
(g) The provisions and conditions of Section 5.5 shall apply to any work performed by Tenant under this Article.
Section 5.5. Tenant agrees that all Alterations or Restoration that Tenant shall be required or permitted to do under the provisions of this Lease and for which Landlord’s consent is required (each hereinafter called the “Work”) shall be (i) performed in a first-class, workmanlike manner, and in accordance with all Requirements, as well as any plans and specifications therefor which shall have been approved by Landlord, (ii) commenced and completed promptly and (iii) done in accordance with all of the following terms and conditions:
(a) If the Work shall (i) involve any structural repair, or (ii) cost in excess of the Threshold Amount, then the Work shall not be commenced until detailed plans and specifications (including layout, architectural, mechanical and structural drawings), prepared by a licensed architect or engineer reasonably approved by Landlord shall have been submitted to and approved by Landlord, which approval shall not be unreasonably withheld, conditioned or delayed.
(b) All Work shall be commenced only after all required municipal and other governmental permits, authorizations and approvals shall have been obtained by Tenant, at its own cost and expense, and upon Landlord’s request, the originals thereof delivered to Landlord. Landlord will, on Tenant’s written request, promptly execute any documents necessary to be signed by Landlord to obtain any such permits, authorizations and approvals, provided that Tenant shall bear any expense or liability of Landlord in connection therewith.
(c) No Work costing more than $250,000.00 shall be undertaken except under the supervision of a licensed architect or engineer reasonably approved by Landlord. Landlord shall approve any engineer licensed in the Commonwealth of Pennsylvania, who has experience in the Philadelphia Metropolitan area and in work similar to the proposed Work.
(d) If the Work will cost more than $500,000.00 (as estimated in writing by a licensed architect or engineer reasonably approved by Landlord or based upon the actual cost of the Work (based on a lump sum or guaranteed maximum price contract for the Work), it shall not be commenced until Tenant shall have obtained and delivered to Landlord, such security or evidence of ability to pay the estimated cost of such Work as shall be reasonably satisfactory to Landlord, including but not limited to a performance bond and a labor and materials payment bond, each in an amount equal to the estimated cost of such Work less $500,000.
(e) Subject to Tenant’s contest rights pursuant to Section 11.4, the cost of all Work shall be paid promptly so that the Property and Tenant’s leasehold estate therein shall at all times be free from (i) liens for labor or materials supplied or claimed to have been supplied to the Property or Tenant, and (ii) chattel mortgages, conditional sales contracts, title retention agreements, security interests and agreements, and financing agreements and statements.
(f) At all times when any Work is in progress, Tenant shall maintain or cause to be maintained with such companies and for such periods as Landlord may require (i) workmen’s compensation insurance covering all persons employed in connection with the Work, in an amount at least equal to the minimum amount of such insurance required by law; and (ii) for the mutual protection of Landlord, Tenant and any Mortgagee, (1) builder’s risk insurance, completed value form, covering all physical loss, in an amount reasonable satisfactory to Landlord, and (2) commercial general liability insurance against all hazards, with limits for bodily injury or death to any one person, for bodily injury or death to any number of persons in respect of any one accident or occurrence, and for Property damage in respect of one accident or occurrence in such amounts as Landlord may reasonably require. Such commercial general liability insurance may be satisfied by the insurance required under Section 6.1(a), but may be effected by an endorsement, if obtainable, upon the insurance policy referred to in said Section. The provisions and conditions of Article 6 hereof shall apply to any insurance which Tenant shall be required to maintain or cause to be maintained under this subsection.
(g) Upon completion of any Work, Tenant, at Tenant’s expense, shall obtain certificates of final approval of such Work required by any governmental or quasi-governmental authority and shall furnish Landlord with copies thereof, together with, if the cost of such Work exceeds the Threshold Amount, “as-built” plans and specifications for such Work.
(h) The conditions of Section 5.4 shall have been complied with, to the extent applicable to the Work.
Section 5.6. Any Work shall be subject to inspection at any reasonable time and from time to time and when accompanied by a representative of Tenant, by Landlord, its architect and Mortgagee, or their duly authorized representatives, and if Landlord’s architect or Mortgagee upon any such inspection shall be of the opinion, which opinion shall not be unreasonable, that the Work is not being performed substantially in accordance with the provisions of this Article 5 or the plans and specifications, or that any of the materials or Workmanship are not first-class or are unsound or improper, Tenant shall correct any such failure and shall replace any unsound or improper materials or Workmanship.
Section 5.7. For purposes of this Lease, the word “structural” when used in connection with any Work shall mean Work affecting the load bearing walls, support beams, roof, foundation of the Building or that materially affects the proper functioning of the Building’s mechanical, electrical, sanitary, plumbing, heating, air-conditioning, ventilating, utility or any other service systems.
Section 5.8. All fixtures, structures and other improvements other than trade fixtures (including, without limitation, process equipment and compressors), de-mountable wall partitions, Tenant’s generator, and those items listed on Exhibit “B”, installed in or upon the Property at any time during the Term shall become the property of Landlord and shall remain upon and be surrendered with the Property. Prior to the commencement of any Work, Landlord will, upon written request by Tenant, notify Tenant whether Landlord will require such Work to be removed from the Property prior to the Expiration Date or earlier termination of this Lease. If Tenant fails to request such determination at the time of any such Work, Landlord may notify Tenant no later than one hundred twenty (120) days prior to the Expiration Date, that Landlord elects to have the same removed by the Expiration Date at Tenant’s expense. All property permitted or required to be removed by Tenant at the end of the Term remaining in the Property after Tenant’s removal shall be deemed abandoned and may, at the election of Landlord, either be retained as Landlord’s property or may be removed from the Property by Landlord at Tenant’s expense. Tenant shall be responsible for, and shall reimburse Landlord immediately after written demand therefor, any damage to the Property caused in whole or in part by the removal or demolition of Tenant’s fixtures, structures or other improvements which Tenant is required to remove pursuant to this Section 5.7 or which Tenant elects under the provisions of this Lease to remove. The provisions of this Section 5.7 shall survive the expiration or earlier termination of the Term. Notwithstanding the foregoing, Tenant shall not be required to insure any property which Landlord elects to remain on the Property at the expiration of the Term.
Appears in 1 contract
