Disbursement of Base Improvements Final Retention Sample Clauses

Disbursement of Base Improvements Final Retention. Subject to the provisions of this Work Letter, a check for the Base Improvements Final Retention less a holdback of 150% (the “Base Improvements Punchlist Holdback”) of the estimated Base Improvements Punchlist Correction Costs (as defined in Section 9.1 below) shall be delivered by Trustee to Lessor (or, at the direction of the Lessor, directly to the Base Building Contractor and/or in the form of one or more joint checks payable to the Base Building Contractor and any subcontractor(s) and material supplier(s) still owed amounts under the Base Building Construction Contract) within thirty (30) days fo llowing the Substantial Completion of the Base Improvements, provided that (a) Lessor delivers to Trustee properly executed mechanics’ lien releases from the Base Building Contractor and all applicable subcontractors and material suppliers (i) in the form of California Civil Code Section 3262(d)(1) with respect to the portion of the Base Improvements Final Retention being released and (ii) in the form of California Civil Code Section 3262(d)(2) with respect to any previous Applications for Payment and (b) the Base Improvements Architect delivers to Lessor and Trustee a certificate, in form reasonably acceptable to such parties, certifying that the Base Improvements have been substantially completed in accordance with the Base Improvements Working Drawings.
Sample 1
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Related to Disbursement of Base Improvements Final Retention

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