Common use of Costs in Excess of Restoration Fund Clause in Contracts

Costs in Excess of Restoration Fund. In addition, prior to commencement of restoration and at any time during restoration, if the estimated cost of restoration, as determined by the evaluation of an independent engineer acceptable to Landlord and Tenant, exceeds the amount of the Restoration Fund, Tenant will provide evidence satisfactory to Landlord that the amount of such excess will be available to restore the Premises. Any sum which remains in the Restoration Fund upon completion of restoration shall be refunded to Tenant up to the amount of Tenant’s payments pursuant to the immediately preceding sentence. If no such refund is required, any sum remaining in the Restoration Fund upon completion of restoration shall be paid to Landlord. In the event Landlord and Tenant cannot agree on an independent engineer, an independent engineer designated by Tenant and an independent engineer designated by Landlord shall within five (5) business days select an independent engineer licensed to practice in Maryland who shall resolve such dispute within ten (10) business days after being retained by Landlord. All fees, costs and expenses of such third engineer so selected shall be shared equally by Landlord and Tenant.