Construct Improvements. The Parties acknowledge that Lessee shall construct an FBO campus, comprised of the Improvements, all as defined herein, and all as generally depicted on Exhibit “C,” which is attached hereto and incorporated herein, on the FBO Premises Land, in accordance with the terms and conditions of the Lease, and in three phases as set forth herein. Lessee’s estimated minimum investment for the construction of the Phase I Improvements is estimated to be no less than Thirty Million Dollars and no/100 ($30,000,000.00) and for each of Phase II Improvements and Phase III Improvements shall be no less than Five Million Dollars and no/100 ($5,000,000.00) for each phase. Prior to each phase of construction, Lessee shall provide its budget for the portion of the Improvements to be constructed for review by the Authority to confirm the estimated minimum investment is being satisfied. For the purposes of valuation, improvements may consist of soft costs of up to fifteen percent (15%) of the estimated minimum investment. Soft costs include only the following expenses: architectural and design expenses; permitting; engineering; development fees, project management, legal fee (to the extent said fees are limited to legal services directly related to the architectural, design permitting, engineering, development, project management of the particular phase of construction), bond financing costs and professional fees. All improvements constructed or placed on the Premises, including, but not limited to, drainage and landscaping, shall be of attractive construction and first-class design; comply with any and all applicable governmental laws, regulations, rules, and orders; follow standard construction methods; and be constructed in accordance with applicable requirements of this Article. Within one hundred twenty (120) days of completion of construction of each of the phased improvements, Lessee shall provide its final costs, including a schedule detailing the costs of constructing the Improvements by category and amount (the “Improvements Actual Construction Costs”). The report shall be in a form acceptable to the Lessor, and shall contain an opinion or attestation report, as applicable, from an independent Certified Public Accountant regarding the information contained the schedules illustrating the total investment which will be the basis of the adjustment to the Term as set forth above. The report shall not contain a qualified opinion, an adverse opinion, or a disclaimer of opin...
Construct Improvements. Cause the Improvements to be constructed on the Property substantially in accordance with the Plans and Specifications and in compliance with all applicable regulations including zoning and setback requirements, and so as not to encroach upon or overhang into any easement or right-of-way; to cause such construction to proceed continuously; and to complete construction of the Improvements by the Scheduled Completion Date, time being of the essence; to furnish to Lender a foundation survey upon completion of all foundations, and an as-built survey upon completion of the Improvements, each in form satisfactory to Lender showing the extent of construction of the Improvements without violation of set back lines, zoning requirements or restrictive covenants and showing no encroachments or other conditions which could adversely affect the value and utility of the Property or Improvements, except for any plats, repeats, or easements necessary for the development of the Property and approved by the Lender.
Construct Improvements. Cause the commencement of construction of the Improvements within ten (10) days of the date hereof, if such construction has not already begun; cause the Improvements to be constructed on the Property and in accordance with the Site Plan and the Plans and Specifications in all material respects; furnish Owner a foundation survey promptly upon completion of the foundations of the Improvements; cause the Improvements to be constructed in compliance with and thereafter remain in compliance with all applicable covenants and restrictions of record and all applicable laws, ordinances and regulations, including, without limitation, Applicable Environmental Law, the Applicable Healthcare Laws, Americans with Disabilities Act and regulations thereunder, and laws, ordinances and regulations relating to subdivision, zoning, building codes, set back requirements and environmental matters; and cause the Improvements to be constructed so as not to encroach upon or overhang any Property line, setback line, easement or right-of-way; cause such construction to proceed continuously (subject to temporary cessation to the extent not in violation of SECTION 6.09); complete construction of the Improvements by the Project Completion Date, time being of the essence; and furnish to Owner within thirty (30) days of Owner's request a current foundation survey and upon substantial completion an as-built survey, each in form satisfactory to Owner showing the location of the Improvements without violation of set back lines, zoning or subdivision requirements, covenants or restrictions and showing no encroachments or other conditions which could materially adversely affect the value and utility of the Property or Improvements, and upon substantial completion furnish Owner a final date-down endorsement to its title insurance policy bringing the effective date current, adding the ALTA 3.1 zoning endorsement and comprehensive endorsement (if not yet a part of the policy) and showing no additional title exceptions which have not been approved in writing by Owner.
