Common use of Construction Contract; Cost Budget Clause in Contracts

Construction Contract; Cost Budget. Prior to Tenant’s execution of the construction contract and general conditions with Contractor (the “Contract”), Tenant shall submit the Contract to Landlord for its approval, which approval shall not be unreasonably withheld or delayed. Prior to the commencement of the construction of the Tenant Improvements, and after Tenant has accepted all bids for the Tenant Improvements, Tenant shall provide Landlord with a detailed breakdown, by trade, of the final costs to be incurred, or which have been incurred, as set forth more particularly in Sections 2.2.1.1 through 2.2.1.8 above, in connection with the design and construction of the Tenant Improvements to be performed by or at the direction of Tenant or the Contractor (which costs form a basis for the amount of the Contract, if any (the “Final Costs”). Such Final Costs shall also demonstrate any amounts by which the Final Costs exceed the Tenant Improvement Allowance. In the event that, after the Final Costs have been delivered by Landlord to Tenant, the costs relating to the design and construction of the Tenant Improvements shall change, any additional costs necessary to such design and construction in excess of the Final Costs shall, to the extent they exceed the remaining balance of the Tenant Improvement Allowance, Tenant shall make payments for such additional costs out of its own funds, but Tenant shall continue to provide Landlord with the documents described in Sections 2.2.2.1(i), (ii), (iii) and (iv) above, for Landlord’s approval, prior to Tenant paying such costs.

Construction Contract; Cost Budget. Prior to Tenant’s execution of the construction contract and general conditions with the Contractor (the “Contract”), Tenant shall submit the Contract to Landlord for its approval, which approval shall not be unreasonably withheld or delayed. Prior to the commencement of the construction of the Tenant Improvements, and after Tenant has accepted all bids for the Tenant Improvements, Tenant shall provide Landlord with a written detailed breakdowncost breakdown (the “Final Costs Statement”), by trade, of the final costs to be incurred, or which have been incurred, as set forth more particularly in Sections Section 2.2.1.1 through 2.2.1.8 2.2.1.9 above, in connection with the design design, permitting and construction of the Tenant Improvements to be performed by or at the direction of Tenant or the Contractor (which costs form a basis for the amount of the Contract, if any (the “Final Costs”). Such Final Costs shall also demonstrate any amounts by which If the Final Costs specified on the Final Costs Statement exceed the Tenant Improvement AllowanceAllowance (the “Over-Allowance Amount”), then Tenant shall pay directly to the Contractor with respect to each Draw Request, Tenant’s pro rata share of such Over-Allowance Amount as determined pursuant to Section 2.2.2 above, and such payment by Tenant shall be a condition to Landlord’s obligation to disburse or pay Landlord’s pro rata portion of the Tenant Improvement Allowance (other than for any Non-Construction Allowance Items). In the event thatIf, after the Final Costs have Statement has been delivered by Landlord to Tenant, the costs relating to the design design, permitting and construction of the Tenant Improvements shall change, any additional costs necessary to such design and construction in excess of changes shall be incorporated into the last approved Final Costs shall, to the extent they exceed the remaining balance Statement and Landlord’s and Tenant’s pro rata share of the Tenant Improvement Allowance, Tenant shall make payments for such additional costs out of its own funds, but Tenant shall continue be adjusted to provide Landlord with the documents described in Sections 2.2.2.1(i), (ii), (iii) and (iv) above, for Landlord’s approval, prior to Tenant paying take into account such costschanges.

Construction Contract; Cost Budget. Prior to Tenant’s execution of Tenant shall engage the construction contract Contractor under a Stipulated Sum Agreement (or Guaranteed Maximum Price Contract) accompanied by Landlord's general terms and general conditions with Contractor ("General Conditions"), which General Conditions shall be in the “form attached as Schedule 1 hereto (collectively, the "Contract”"). The Contract shall include the provision set forth in Schedule 2 attached hereto. At such time as Tenant enters into a Contract, Tenant shall submit provide Landlord with a final budget with respect to the Contract to Landlord for its approval, which approval shall not be unreasonably withheld or delayedImprovements covered by such Contract. Prior to the commencement of the construction of the Tenant ImprovementsImprovements within the applicable Phase(s), and after Tenant has accepted all bids for the Tenant ImprovementsImprovements within such Phase(s), Tenant shall provide Landlord with a detailed breakdown, by trade, of the final costs to be incurred, incurred or which have been incurred, as set forth more particularly in Sections 2.2.1.1 through 2.2.1.8 2.2.1.8, above, in connection with the design and construction of the Tenant Improvements within each Phase to be performed by or at the direction of Tenant or the Contractor (Contractor, which costs form a basis for the amount of the Contract, if any Contract with respect to such Phase(s) (the “"Final Costs”"). Such Final Costs shall also demonstrate any amounts by which If the Final Costs exceed for the Tenant Improvement Allowance. In subject Phase(s) are estimated to be more than such amounts shown on the event thatEstimated Budget, after then the Final Costs have been delivered pari passu ratio described in Section 4.2.1 above shall be equitably modified by Landlord to and Tenant, provided that (i) in no event shall Landlord be obligated to pay an aggregate amount in excess of the costs relating to Improvement Allowance and the Space Planning Allowance for the design and construction of the Tenant Improvements shall change, any additional costs necessary to such design and construction in excess all of the Final Costs shallImprovements for all of the Phases combined, and (ii) Landlord's obligations to pay Landlord's pari passu share with respect to the extent they exceed subject Phase(s) shall be subject to Landlord's right to retain the remaining balance of the Tenant Improvement Allowance, Tenant shall make payments for such additional costs out of its own funds, but Tenant shall continue Final Retention(s) pursuant to provide Landlord with the documents described in Sections 2.2.2.1(i), (ii), (iii) and (iv) Section 2.2.2 above, for Landlord’s approval, prior to Tenant paying such costs.