Common use of Construction Period Clause in Contracts

Construction Period. Notwithstanding anything set forth in the foregoing Section 10.1 or any other provision of this Lease or the Work Letter to the contrary, during the “Construction Period” (defined below) only, the following provisions shall be applicable: 10.2.1 with respect to any indemnity obligation of Tenant arising at any time during the Construction Period only, (A) the term “Landlord Parties” shall mean and shall be limited to Xxxxxx Realty Finance Partnership, L.P. (or any entity that that succeeds to Xxxxxx Realty Finance Partnership, L.P.’s interest as Landlord under this Lease) and shall not include any other person or entity; provided, however, that Landlord may include in any claim owed by Tenant to it any amount which Landlord shall pay or be obligated to indemnify any other person or entity, and (B) any indemnity obligation shall be limited to losses caused by, or arising as a result of any act or failure to act of, Tenant or Tenant’s employees, agents or contractors; and 10.2.2 during the Construction Period only, Tenant’s liability under this Lease for (A) Tenant’s actions or failures to act under the Lease during the Construction Period, including, without limitation, Tenant’s indemnity obligations (calculated in accordance with Accounting Standards Codification (ASC) 840-40-55) plus (B) Base Rent and Additional Rent (though the parties acknowledge that Tenant’s obligation to pay Base Rent and Additional Rent shall not occur until Tenant is obligated to pay the same pursuant to the terms of Articles 3 and 4 of this Lease) shall be limited to eighty-nine and five-tenths percent (89.5%) of “Landlord’s Project Costs” (defined hereinbelow) determined as of the date of Landlord’s claim for such amount owed by Tenant. As used herein, “Landlord’s Project Costs” shall mean the amount capitalized in the Project by Landlord in accordance with U.S. generally accepted accounting principles, plus other costs related to the Project paid to third parties (other than lenders or owners of Landlord), excluding land acquisition costs, but including land carrying costs, such as interest or ground rent incurred during the construction period, and including all costs incurred by Landlord in connection with the development and construction of the Base Building and Common Areas of the Project. For the avoidance of doubt, Landlord and Tenant agree that:

Construction Period. Notwithstanding anything set forth 4.1 The Lessor will commence construction of the Project on second half of 2020 and undertakes to complete the construction of Layan Green Park and the Leased Property to be ready for residence on or before September, 30th, 2022 (The Completion Date). The said period may be extended in case of force majeure circumstances. The extended construction period shall not be deemed a breach hereof or be grounds for termination of this Agreement. The Lessor shall inform the foregoing Section 10.1 Lessee in writing by the seven (7) days’ notice of the reason for such extension and the expected time frame for this delay. In case of force majeure circumstances or any other provision of this Lease necessary reason, the Lessor shall provide relevant documents or the Work Letter audio- visual materials as a sufficient proof to the contrary, during Lessee. Both parties agree to extend the “Construction Period” (defined below) only, said construction period by the following provisions shall be applicable:time period of action of force majeure circumstances. 10.2.1 with respect 4.2 The Lessor undertakes to any indemnity obligation of Tenant arising at any time during construct the Construction Period only, (A) the term “Landlord Parties” shall mean and shall be limited to Xxxxxx Realty Finance Partnership, L.P. (or any entity that that succeeds to Xxxxxx Realty Finance Partnership, L.P.’s interest as Landlord under this Lease) and shall not include any other person or entity; provided, however, that Landlord may include in any claim owed by Tenant to it any amount which Landlord shall pay or be obligated to indemnify any other person or entity, and (B) any indemnity obligation shall be limited to losses caused by, or arising as a result of any act or failure to act of, Tenant or Tenant’s employees, agents or contractors; and 10.2.2 during the Construction Period only, Tenant’s liability under this Lease for (A) Tenant’s actions or failures to act under the Lease during the Construction Period, including, without limitation, Tenant’s indemnity obligations (calculated condominium project in accordance with Accounting Standards Codification the layout plan and a description supporting the approved plan attached hereto or the plan amended by the official authority under the law on building control when it requires plan to be amended in accordance with construction techniques or professional standards; and register the condominium development with the competent authority under the law on such project within ninety (ASC90) 840-40-55) plus (B) Base Rent and Additional Rent (though the parties acknowledge that Tenant’s obligation to pay Base Rent and Additional Rent shall not occur until Tenant is obligated to pay the same pursuant to the terms of Articles 3 and 4 of this Lease) shall be limited to eighty-nine and five-tenths percent (89.5%) of “Landlord’s Project Costs” (defined hereinbelow) determined as of days from the date of Landlord’s claim the completion of the construction of Layan Green Park, including completion of Personal Property and Common Property. 4.3 Late completion and/or late conveyance; Should “the Lessor”, through no fault of “the Lessee”, fail by the Completion Date, to complete construction of the Condominium Unit, the Building, and/or the Common Property and/or fail to register the lease of the Leased Property to “the Lessee” within 6 months of the Completion date in Clause 4.1 provided always that “the Lessee” has reasonably been available or has arranged for appropriate representation to be available to take such amount owed by Tenant. As used herein, Lease Registration “Landlord’s Project Coststhe Lessor” shall mean pay the interest to “the Lessee” at the rate of 7.5% (Seven point five per cent) per year of the amount capitalized in paid by “the Project by Landlord Lessee” already calculated after the 6 months after Completion Date until the date “the Lessor” register the lease of the Leased Property to “the Lessee” in accordance with U.S. generally accepted accounting principles, plus other costs related this Clause whereupon “the Lessee” shall be entitled to deduct the Project full amount of said penalty from the last instalment to be paid to third parties (other than lenders or owners of Landlord), excluding land acquisition costs, but including land carrying costs, such as interest or ground rent incurred during against the construction period, and including all costs incurred by Landlord Lease Price in connection accordance with the development and construction of the Base Building and Common Areas of the Project. For the avoidance of doubt, Landlord and Tenant agree that:Payment Schedule.

Construction Period. Notwithstanding anything set forth in the foregoing Section 10.1 or any other provision of this Lease or the Work Letter to the contrary, during the a. The “Construction Period” (defined below) only, the following provisions shall be applicablea period of 18 (Eighteen) months commencing from the Compliance Date for the Project. However, it is being clarified here that the Concessionaire shall, within the Construction Period: 10.2.1 with respect i. Develop and complete the Project at the Project Site and make it fully operational in all respect; ii. Obtain all the necessary applications at its cost and procure all necessary/ mandatory Clearances including environmental clearances that are required for commencing the construction and execution of the Works unconditionally or if subject to any indemnity obligation of Tenant arising at any time during the Construction Period only, (A) the term “Landlord Parties” shall mean conditions then all such conditions have been satisfied in full and shall be limited to Xxxxxx Realty Finance Partnership, L.P. (or any entity that that succeeds to Xxxxxx Realty Finance Partnership, L.P.’s interest as Landlord under this Lease) such clearances are in full force and shall not include any other person or entity; provided, however, that Landlord may include in any claim owed by Tenant to it any amount which Landlord shall pay or be obligated to indemnify any other person or entity, and (B) any indemnity obligation shall be limited to losses caused by, or arising as a result of any act or failure to act of, Tenant or Tenant’s employees, agents or contractorseffect; and 10.2.2 during iii. The Concessionaire is required to obtain for the Circuit House accreditation as a 4-star hotel from the concerned accreditation agency within 3 (three) months from the date of issuance of the Construction Period onlyCompletion Certificate or Provisional Certificate whichever is issued earlier. The Concessionaire is expected to ensure the timely renewal of such accreditation that remains valid and subsisting throughout the O&M Period. Failure to renewal/restoration of the accreditation or withdrawal thereof shall constitute Concessionaire Event of Default which may lead to termination. b. In the event that Construction Completion Date is not achieved for any reason other than Force Majeure or reasons attributable to the Authority or any Competent Authority, Tenant’s liability under this Lease the Concessionaire shall pay to the Authority damages for (A) Tenant’s actions or failures to act under the Lease during delay beyond the Construction PeriodCompletion Date an amount of Rs 15,000 ( Rupees Fifteen Thousand Only) i.e 0.1% of the Performance Security per day for every day of delay or part thereof until Construction Completion Date is achieved. Provided that nothing contained in this sub article (b) shall be deemed or construed to authorize any delay by the Concessionaire in achieving Construction Completion Date. The Concessionaire shall be liable for replenishing/maintain the Performance Security to its original amount i.e INR 1,50,00,000. c. In the event that Construction Completion Date does not occur within 120 (one hundred and twenty) days from the Scheduled Construction Completion Date, including, without limitation, Tenant’s indemnity obligations (calculated the Authority shall be entitled to invoke the Performance Security and to terminate this Agreement for a Concessionaire Event of Default in accordance with Accounting Standards Codification (ASC) 840-40-55) plus (B) Base Rent the provisions of Article 22 hereof. Provided that instead of terminating this Agreement, the Authority may at its sole option extend the time for achieving Construction Completion on such terms and Additional Rent (though the parties acknowledge that Tenant’s obligation to pay Base Rent and Additional Rent shall not occur until Tenant is obligated to pay the same pursuant to the terms of Articles 3 and 4 of this Lease) shall be limited to eighty-nine and five-tenths percent (89.5%) of “Landlord’s Project Costs” (defined hereinbelow) determined conditions as of the date of Landlord’s claim for such amount owed by Tenant. As used herein, “Landlord’s Project Costs” shall mean the amount capitalized it deems fit in the Project by Landlord in accordance with U.S. generally accepted accounting principles, plus other costs related to the Project paid to third parties (other than lenders or owners of Landlord), excluding land acquisition costs, but including land carrying costs, such as interest or ground rent incurred during the construction period, and including all costs incurred by Landlord in connection with the development and construction of the Base Building and Common Areas of the Project. For the avoidance of doubt, Landlord and Tenant agree that:its sole discretion.

Construction Period. Notwithstanding anything set forth i. The Construction Period shall be for a period of 12 (Twelve) months (starting from the Compliance Date) wherein the Concessionaire shall complete full and final construction and development of the Project/ Project Facilities in all respect, as defined in this Agreement including all necessary/ mandatory clearances, permits etc. which are required for commencing the construction and execution of the Project Works, so that all such conditions have been satisfied in full, and all such Clearances, Permits, etc. are in full force and effect. ii. It is being clarified here that the Concessionaire shall have to upgrade the existing incomplete hotel Complex and henceforth, develop the Complex which should have all the facilities as prescribed in the foregoing Section 10.1 or any other provision of MoT guidelines for procuring minimum three star hotel rating and as prescribed in this Lease or the Work Letter to the contraryConcession Agreement. Also, during the “Construction Period” (defined below) only, the following provisions shall be applicable: 10.2.1 with respect to any indemnity obligation of Tenant arising at any time during the Construction Period only, (A) the term “Landlord Parties” shall mean and shall be limited to Xxxxxx Realty Finance Partnership, L.P. (or any entity that that succeeds to Xxxxxx Realty Finance Partnership, L.P.’s interest as Landlord under this Lease) and shall not include any other person or entity; provided, however, that Landlord may include in any claim owed by Tenant to it any amount which Landlord shall pay or be obligated to indemnify any other person or entity, and (B) any indemnity obligation shall be limited to losses caused by, or arising as a result of any act or failure to act of, Tenant or Tenant’s employees, agents or contractors; and 10.2.2 during the Construction Period only, Tenant’s liability under this Lease for (A) Tenant’s actions or failures to act under the Lease during the Construction Period, includingthe Concessionaire shall be required to develop Hotel Complex, Banquet Facility, Coffee Shop, Indoor Activity Zone, Food Court and Parking on the Project Site. However, no other structure shall be allowed without limitationthe prior permission from the Concessioning Authority. iii. In the event that Project Construction Completion Date is not achieved prior to the expiry of 12 months for any reason other than Force Majeure or reasons attributable to the Concessioning Authority or any Competent Authority, Tenant’s indemnity obligations (calculated the Concessionaire shall, subject to paragraph below, pay to the Concessioning Authority damages for delay beyond the date on which the construction completion was due to the extent of 0.1% of the Performance Security per day for every day of delay subject to maximum Rs. 75.00 Lakhs until the construction completion is achieved. Provided that nothing contained in accordance with Accounting Standards Codification (ASC) 840-40-55) plus (B) Base Rent and Additional Rent (though this paragraph shall be deemed or construed to authorize any delay by the parties acknowledge Concessionaire in achieving Project Construction Completion Date. iv. In the event that Tenant’s obligation to pay Base Rent and Additional Rent shall Project Construction Completion Date does not occur until Tenant is obligated to pay within 120 (one hundred and twenty) days from the same pursuant to date on which the terms of Articles 3 and 4 of this Lease) Project Construction Completion Date was due, the Concessioning Authority shall be limited entitled to eighty-nine invoke the Construction Performance Security and five-tenths percent (89.5%) to terminate this Agreement on account of “Landlord’s Concessionaire Event of Default. Provided that instead of terminating the Concession Agreement, the Concessioning Authority, may at its sole discretion, extend the time for achieving Project Costs” (defined hereinbelow) determined Construction Completion Date on such terms and conditions as of the date of Landlord’s claim for such amount owed by Tenant. As used herein, “Landlord’s Project Costs” shall mean the amount capitalized in the Project by Landlord in accordance with U.S. generally accepted accounting principles, plus other costs related to the Project paid to third parties (other than lenders or owners of Landlord), excluding land acquisition costs, but including land carrying costs, such as interest or ground rent incurred during the construction period, and including all costs incurred by Landlord in connection with the development and construction of the Base Building and Common Areas of the Project. For the avoidance of doubt, Landlord and Tenant agree that:it may deem fit.

Construction Period. Notwithstanding anything set forth From and after the Delivery Date, Tenant shall have the right to construct the Tenant Improvement Work. Tenant hereby agrees and acknowledges that portions of the Landlord Work described in the foregoing Section 10.1 or any other provision 5 of this Lease or the Work Letter Letter, which shall not interfere with or delay the Tenant Improvement Work, may not be completed until after the Delivery Date, in which event Landlord and Tenant shall reasonably cooperate with each other in accordance with the terms and conditions of such Section 5 of the Work Letter. The period commencing on the Delivery Date, and expiring on the day immediately preceding the New Premises Commencement Date (as defined in Section 2(d) below), shall hereinafter sometimes be referred to the contrary, during as the “Construction Period.” (defined below) only, the following provisions shall be applicable: 10.2.1 with respect to any indemnity obligation of Tenant arising at any time during the Construction Period only, (A) the term “Landlord Parties” shall mean and shall be limited to Xxxxxx Realty Finance Partnership, L.P. (or any entity that that succeeds to Xxxxxx Realty Finance Partnership, L.P.’s interest as Landlord under this Lease) and shall not include any other person or entity; provided, however, that Landlord may include in any claim owed by Tenant to it any amount which Landlord shall pay or be obligated to indemnify any other person or entity, and (B) any indemnity obligation shall be limited to losses caused by, or arising as a result of any act or failure to act of, Tenant or Tenant’s employees, agents or contractors; and 10.2.2 during the Construction Period only, Tenant’s liability under this Lease for (A) Tenant’s actions or failures to act under the Lease during During the Construction Period, including, without limitation, Tenant’s indemnity obligations (calculated in accordance with Accounting Standards Codification (ASC) 840-40-55) plus (B) Base Rent and Additional Rent (though the parties acknowledge that Tenant’s obligation to pay Base Rent and Additional Rent Tenant shall not occur until Tenant is be obligated to pay New Premises Base Rent (as defined in Section 4(c) below) and/or Tenant’s Share of Direct Expenses with respect to the same pursuant New Premises, but shall pay for any and all Utility Services (as defined in, and subject to the terms and conditions of, Section 6.1 of Articles 3 and 4 of this the Lease) shall be limited relating to eighty-nine the New Premises (in addition to the Original Premises), and five-tenths percent (89.5%) of “Landlord’s Project Costs” (defined hereinbelow) determined as otherwise comply with all of the date terms and conditions of Landlordthe Lease and this First Amendment. If Tenant completes the Tenant Improvement Work prior to the expiration of the Construction Period, Tenant shall have the right to occupy the New Premises without the payment of New Premises Base Rent and/or Tenant’s claim Share of Direct Expenses with respect to the New Premises, but shall continue to pay for any and all Utility Services relating to such amount owed by TenantNew Premises (and shall continue to pay any and all amounts due and owing under the Lease with respect to the Original Premises), and otherwise be subject to all of the terms and conditions of the Lease (and this First Amendment). As used herein, “Landlord’s Project Costs” shall mean Notwithstanding anything to the amount capitalized contrary contained in the Project by Landlord in accordance with U.S. generally accepted accounting principlesLease and/or this First Amendment, plus other costs related if Tenant does not complete the Tenant Improvement Work until after the expiration of the Construction Period, the New Premises Commencement Date shall not be delayed as a result thereof, except to the Project paid to third parties extent of any Landlord Delay or Construction Force Majeure (other than lenders or owners of Landlordas such terms are defined below), excluding land acquisition costs, but including land carrying costs, such as interest or ground rent incurred during the construction period, and including all costs incurred by Landlord in connection with the development and construction of the Base Building and Common Areas of the Project. For the avoidance of doubt, Landlord and Tenant agree that:.

Construction Period. Notwithstanding anything Upon expiration of the Due Diligence Period, but subject to the obtaining of Tenant's Permits and subject to the obtaining of Landlord's prior written approval of such work as shall be shown in Tenant's Plans, Tenant shall have a period of up to eighteen (18) calendar months following the end of the Due Diligence Period to commence and complete its demolition and construction at the Leased Premises in accordance with and pursuant to Tenant's Permits (such period being sometimes herein referred to as the "CONSTRUCTION PERIOD") (without extension for events of force majeure). Prior to the commencement of Tenant's Work Tenant shall provide to Landlord copies of Tenant's Permits. During the Construction Period, Tenant shall perform such alterations and work as shall have been approved by Landlord in accordance with Tenant's Plans, upon and subject to the terms and conditions set forth in this Section 4.4, and subject to Tenant's payments described in Section 44 and Exhibit B hereinbelow. If Tenant shall at any time abandon or otherwise fail to perform Tenant's Work in accordance with and pursuant to Tenant's Permits, such abandonment or failure shall constitute an Event of Default hereunder. Such work shall include, but not be limited to the foregoing obtaining of the required certificate of occupancy of the Leased Premises, as required in Section 10.1 or any other provision 5.1 of this Lease. Provided that Tenant shall not be in default of this Lease or the Work Letter to the contrarybeyond any applicable notice and cure period hereunder, during the “Construction Period” (defined below) only, the following provisions shall be applicable: 10.2.1 with respect to any indemnity obligation of Tenant arising at any time during the Construction Period only, Landlord agrees to designate, from time to time, upon request of Tenant, a temporary staging area (A) the term “Landlord Parties” shall mean "STAGING AREA"), in and around the Property, for use by Tenant and Tenant's Contractors. The use of the Staging Area shall be limited subject to Xxxxxx Realty Finance Partnershipall of the terms and conditions of this Lease, L.P. except that Tenant shall not be required to pay any fee for the use thereof. The tentative initial Staging Area is shown on Exhibit C. Notwithstanding the foregoing, Tenant shall accept the Staging Area so designated by Landlord in its "as-is where-is condition", with all faults, it being agreed that Landlord shall not be required to perform any work or expend any sums to ready the Staging Area for Tenant's use. Tenant's use of the Staging Area shall be at Tenant's sole risk. The use of the Staging Area shall not interfere with the use and enjoyment of the Property or the Building by Landlord, or any tenants, occupants, guests or invitees thereof, nor interfere with any work being performed by or on behalf of Landlord in and around the Property or the Building. Landlord reserves the right to change the location of any previously designated Staging Area to a new location within reasonable proximity to the Leased Premises, upon five (5) days notice to Tenant, and all costs and expenses of moving and relocating shall be borne by Tenant. At the end of the Construction Period (or any entity that that succeeds to Xxxxxx Realty Finance Partnership, L.P.’s interest as Landlord under this Lease) and shall not include any other person or entity; provided, however, that Landlord may include in any claim owed earlier cessation of the use of the Staging Area by Tenant to it any amount which Landlord shall pay or be obligated to indemnify any other person or entity, and (B) any indemnity obligation shall be limited to losses caused by, or arising as a result of any act or failure to act ofTenant, Tenant shall promptly remove (and/or cause its Contractors to promptly remove), all vehicles, equipment, machinery, materials, debris and all other personal property on or Tenant’s employeesprior to said date, agents or contractors; and 10.2.2 during so that the Construction Period only, Tenant’s liability under this Lease for (A) Tenant’s actions or failures to act under the Lease during the Construction Period, including, without limitation, Tenant’s indemnity obligations (calculated Staging Area is left in accordance with Accounting Standards Codification (ASC) 840-40-55) plus (B) Base Rent and Additional Rent (though the parties acknowledge that Tenant’s obligation to pay Base Rent and Additional Rent shall not occur until Tenant is obligated to pay the same pursuant to the terms of Articles 3 and 4 of this Lease) shall be limited to eighty-nine and five-tenths percent (89.5%) of “Landlord’s Project Costs” (defined hereinbelow) determined condition as existed as of the date of Landlord’s claim for such amount owed by upon which Tenant. As used herein, “Landlord’s Project Costs” shall mean the amount capitalized in the Project by Landlord in accordance with U.S. generally accepted accounting principles, plus other costs related to the Project paid to third parties (other than lenders or owners of Landlord), excluding land acquisition costs, but including land carrying costs, such as interest or ground rent incurred during the construction period, and including all costs incurred by Landlord in connection with the development and construction of the Base Building and Common Areas of the Project. For the avoidance of doubt, Landlord and Tenant agree that:'s use thereof commenced.

Construction Period. Notwithstanding anything set forth The Company shall commence construction of the Project on or before the Required Commencement Date and shall cause such construction to continue with diligence and continuity in compliance with the foregoing Section 10.1 or any other provision of this Lease or Project Plans and the Work Letter to Construction Schedule in order that the contrary, during the “Construction Period” (defined below) only, the following provisions Project shall be applicable: 10.2.1 with respect to any indemnity obligation of Tenant arising at any time during "completed" on or before the Construction Period onlyRequired Completion Date, (A) the term “Landlord Parties” shall mean and shall be limited to Xxxxxx Realty Finance Partnership, L.P. (or any entity that that succeeds to Xxxxxx Realty Finance Partnership, L.P.’s interest as Landlord under this Lease) and shall not include any other person or entity; provided, however, that Landlord the Required Completion Date may include in any claim owed be extended for a period equal to proven delays caused by Tenant to it any amount which Landlord shall pay fire, earthquake or be obligated to indemnify any other person or entityacts of God, and (B) any indemnity obligation shall be limited to losses caused byacts of public enemies, or arising as a result of any act or failure to act ofriot, Tenant or Tenant’s employeesinsurrection, agents or contractors; and 10.2.2 during the Construction Period only, Tenant’s liability under this Lease for (A) Tenant’s actions or failures to act under the Lease during the Construction Period, including, without limitation, Tenant’s indemnity obligations (calculated in accordance with Accounting Standards Codification (ASC) 840-40-55) plus (B) Base Rent and Additional Rent (though the parties acknowledge that Tenant’s obligation to pay Base Rent and Additional Rent shall not occur until Tenant is obligated to pay the same pursuant to the terms of Articles 3 and 4 of this Lease) shall be limited to eighty-nine and five-tenths percent (89.5%) of “Landlord’s Project Costs” (defined hereinbelow) determined as governmental regulation of the date sale of Landlord’s claim materials and supplies or the transportation thereof, strikes directly affecting the work of construction or shortages of material or labor resulting directly from governmental control or diversion, but in no event shall the Required Completion Date be extended for such amount owed by Tenantcauses for more than a total of 45 days unless the Bank otherwise consents. As used herein, “Landlord’s Project Costs” shall mean the amount capitalized in the Project by Landlord shall be deemed "completed" on the date that all of the following conditions have been satisfied (the "Final Completion Date"): (i) The Project shall have been completed in accordance with U.S. generally accepted accounting principlesthe Project Plans and all Legal Requirements, plus other costs related and the Company shall have furnished to the Bank, at the Company's expense, a standard AIA form of Certificate of Project paid Completion, signed by the Project Architect, certifying that the Project has been completed in a good and workmanlike manner and in accordance with the Project Plans; (ii) A valid notice of completion shall have been recorded and the applicable lien periods shall have expired, or, in lieu thereof, the Bank shall have received and approved final lien waivers and releases, in form and substance satisfactory to third parties (other than lenders the Bank, from all contractors, subcontractors, laborers and materialmen employed or owners of Landlord), excluding land acquisition costs, but including land carrying costs, such as interest or ground rent incurred during the construction period, and including all costs incurred by Landlord furnishing materials in connection with the development and construction of the Base Building Project; (iii) All claims of lien and Common Areas of stop notices that may have been recorded or notice thereof served on the Project. For Bank, the avoidance of doubtIssuer or the Trustee shall have either been paid in full and released or the Company shall have posted a surety bond sufficient to discharge the same; (iv) The Company shall, Landlord at its expense, have delivered or caused the Title Company to deliver to the Bank and Tenant agree that:the Trustee the reissued Bond Trustee Title Policy and the reissued Bank Title Policy, as described in Exhibit H, which policies shall show no exceptions to title not

Construction Period. Notwithstanding anything set forth in the foregoing Section 10.1 or any other provision of this Lease or the Work Letter to the contrary, during the a. The “Construction Period” (defined below) only, the following provisions shall be applicablea period of 18 (Eighteen) months commencing from the Compliance Date for the Project. However, it is being clarified here that the Concessionaire shall, within the Construction Period: 10.2.1 with respect i. Develop and complete the Project at the Project Site and make it fully operational in all respect; ii. Obtain all the necessary applications at its cost and procure all necessary/ mandatory Clearances including environmental clearances that are required for commencing the construction and execution of the Works unconditionally or if subject to any indemnity obligation of Tenant arising at any time during the Construction Period only, (A) the term “Landlord Parties” shall mean conditions then all such conditions have been satisfied in full and shall be limited to Xxxxxx Realty Finance Partnership, L.P. (or any entity that that succeeds to Xxxxxx Realty Finance Partnership, L.P.’s interest as Landlord under this Lease) such clearances are in full force and shall not include any other person or entity; provided, however, that Landlord may include in any claim owed by Tenant to it any amount which Landlord shall pay or be obligated to indemnify any other person or entity, and (B) any indemnity obligation shall be limited to losses caused by, or arising as a result of any act or failure to act of, Tenant or Tenant’s employees, agents or contractorseffect; and 10.2.2 during iii. The Concessionaire is required to obtain the necessary approval from competent authority within 3 (three) months from the date of issuance of the Construction Period onlyCompletion Certificate or Provisional Certificate whichever is issued earlier. b. In the event that Construction Completion Date is not achieved for any reason other than Force Majeure or reasons attributable to the Authority or any Competent Authority, Tenant’s liability under this Lease the Concessionaire shall pay to the Authority damages for (A) Tenant’s actions or failures to act under the Lease during delay beyond the Construction PeriodCompletion Date an amount of INR 10,500/- ( Rupees Ten Thousand Five Hundred Only) i.e 0.1% of the Performance Security per day for every day of delay or part thereof until Construction Completion Date is achieved. Provided that nothing contained in this sub article (b) shall be deemed or construed to authorize any delay by the Concessionaire in achieving Construction Completion Date. The Concessionaire shall be liable for replenishing/maintain the Performance Security to its original amount i.e. INR 1,05,00,000/- c. In the event that Construction Completion Date does not occur within 120 (one hundred and twenty) days from the Scheduled Construction Completion Date, including, without limitation, Tenant’s indemnity obligations (calculated the Authority shall be entitled to invoke the Performance Security and to terminate this Agreement for a Concessionaire Event of Default in accordance with Accounting Standards Codification (ASC) 840-40-55) plus (B) Base Rent the provisions of Article 22 hereof. Provided that instead of terminating this Agreement, the Authority may at its sole option extend the time for achieving Construction Completion on such terms and Additional Rent (though the parties acknowledge that Tenant’s obligation to pay Base Rent and Additional Rent shall not occur until Tenant is obligated to pay the same pursuant to the terms of Articles 3 and 4 of this Lease) shall be limited to eighty-nine and five-tenths percent (89.5%) of “Landlord’s Project Costs” (defined hereinbelow) determined conditions as of the date of Landlord’s claim for such amount owed by Tenant. As used herein, “Landlord’s Project Costs” shall mean the amount capitalized it deems fit in the Project by Landlord in accordance with U.S. generally accepted accounting principles, plus other costs related to the Project paid to third parties (other than lenders or owners of Landlord), excluding land acquisition costs, but including land carrying costs, such as interest or ground rent incurred during the construction period, and including all costs incurred by Landlord in connection with the development and construction of the Base Building and Common Areas of the Project. For the avoidance of doubt, Landlord and Tenant agree that:its sole discretion.

Construction Period. Notwithstanding anything set forth A. When Cogen receives the necessary commitments from the Financier and those Governmental Authorizations identified in Exhibit F for the foregoing Section 10.1 or any other provision construction and operation of this Lease or its Cogeneration Facility, Cogen will give Exxon written notice to that effect, together with supporting documentation reasonably requested by Exxon. After Cogen has demonstrated that it has obtained such Governmental Authorizations and commitments from the Work Letter Financier, Exxon will promptly give Cogen written notice allowing Cogen to commence construction of the Cogeneration Facility. Cogen may make the required demonstration by giving Exxon copies of such Governmental Authorizations and a letter from the Financier to the contrary, during effect that the “Financier has entered into a loan agreement with Cogen to finance construction of the Cogeneration Facility. The Ground Lease will commence on the day that Exxon gives written notice to Cogen allowing Cogen to commence construction of the Cogeneration Facility. The period of time from the commencement of the Ground Lease to the Date of Initial Commercial Operation as described in Section 4.3B below may be referred to as the "Construction Period” (defined below) only, the following provisions shall be applicable: 10.2.1 with respect to any indemnity obligation of Tenant arising at any time ." The Parties anticipate that during the Construction Period onlyExxon may perform some of its site preparation work referred to in Section 4.2 above, (A) but Exxon will not unreasonably interfere with Cogen's construction of the term “Landlord Parties” shall mean Cogeneration Facility. B. When construction and shall testing satisfactory to Cogen of the Cogeneration Facility are substantially completed, Cogen will promptly commence Commercial operation, as defined in Article 1, of the Cogeneration Facility and will give Exxon written notice of the Date of Initial Commercial Operation, as defined in Article 1. C. The Construction Period must begin by January 1, 1994, or the Ground Lease will not commence and in such event the Parties will be limited to Xxxxxx Realty Finance Partnership, L.P. (or any entity that that succeeds to Xxxxxx Realty Finance Partnership, L.P.’s interest as Landlord discharged from all unaccrued obligations under this Lease) and shall Ground Lease Agreement. The Construction Period must be concluded by January 1, 1998, or Exxon may terminate this Ground Lease pursuant to Section 16.1D. These time limits may be extended by written agreement of the Parties, but not include for any other person or entity; providedreason, however, that Landlord may include in any claim owed by Tenant including Force Majeure (except Force Majeure which affects Exxon so as to it any amount which Landlord shall pay or be obligated to indemnify any other person or entity, and (B) any indemnity obligation shall be limited to losses caused by, or arising as a result prevent the commencement of any act or failure to act of, Tenant or Tenant’s employees, agents or contractors; and 10.2.2 during the Construction Period onlyby January 1, Tenant’s liability under this Lease for (A) Tenant’s actions 1994 or failures to act under the Lease during the Construction Periodits completion by January 1, including, without limitation, Tenant’s indemnity obligations (calculated in accordance with Accounting Standards Codification (ASC) 840-40-55) plus (B) Base Rent and Additional Rent (though the parties acknowledge that Tenant’s obligation to pay Base Rent and Additional Rent shall not occur until Tenant is obligated to pay the same pursuant to the terms of Articles 3 and 4 of this Lease) shall be limited to eighty-nine and five-tenths percent (89.5%) of “Landlord’s Project Costs” (defined hereinbelow) determined as of the date of Landlord’s claim for such amount owed by Tenant. As used herein, “Landlord’s Project Costs” shall mean the amount capitalized in the Project by Landlord in accordance with U.S. generally accepted accounting principles, plus other costs related to the Project paid to third parties (other than lenders or owners of Landlord1998), excluding land acquisition costs, but including land carrying costs, such as interest or ground rent incurred during the construction period, and including all costs incurred by Landlord in connection with the development and construction of the Base Building and Common Areas of the Project. For the avoidance of doubt, Landlord and Tenant agree that:.