Duties of Tenant. Subject to the terms and conditions of this Agreement and the Development Plan and Budget, and in addition to the other duties, responsibilities and obligations of Tenant under this Agreement, Tenant hereby agrees to and shall, at Tenant’s sole cost and expense, fully and timely perform (or cause to be performed) in a commercially reasonable manner the duties, responsibilities and obligations set forth in this Agreement including, without limitation, the duties, responsibilities and obligations set forth below. Tenant shall not undertake the performance of any of the duties, responsibilities and obligations set forth in this Section 3 or elsewhere in this Agreement unless such duties, responsibilities and obligations are expressly authorized pursuant to the Development Plan and Budget or are otherwise approved by Landlord pursuant to Section 4 hereof. 3.1 Secure all Development Approvals and all other necessary permits, licenses, consents, authorizations, zoning variances or changes, (whether regulatory, governmental, quasi-governmental or otherwise), which may be reasonably necessary or appropriate in connection with the Development. 3.2 Secure all surveys, soil tests and other studies and reports necessary to secure all Development Approvals reasonably required for the Development and provide Landlord with electronic copies of all of the foregoing to the extent in Tenant’s possession or reasonable control. 3.3 Cause to be prepared and review all preliminary plans, working drawings, plans and specifications and construction cost estimates reasonably required for the Development (and provide Landlord with electronic copies of all of the foregoing to the extent in Tenant’s possession or reasonable control), and verify the compliance of such plans, working drawings, plans and specifications and construction cost estimates with this Agreement and the Development Plan and Budget. 3.4 Secure all other documents, agreements, instruments, reports, studies, surveys, maps, and all other materials reasonably necessary for the Development. 3.5 Solicit and negotiate all agreements, contracts, documents and other instruments reasonably necessary in order to undertake the activities required to be performed by Tenant pursuant to Sections 3.1, 3.2, 3.3 and 3.4 above and/or to otherwise commence and/or complete the Development (“Project Agreements”), which Project Agreements may include, without limitation, any and all construction contracts and subcontracts, architectural and engineering contracts, supply contracts, applications and/or agreements with governmental authorities, as the same may be amended from time to time. In the event any proposed Project Agreements are with any Affiliate of Tenant, Tenant shall specifically notify Landlord when processing such proposed Project Agreement with Landlord for Landlord’s approval pursuant to Section 4 hereof. In connection with Landlord’s review of such Project Agreements pursuant to Section 4 hereof, Landlord shall not unreasonably disapprove a proposed Project Agreement which is consistent with the Development Plan and Budget. In no event shall Tenant be authorized to enter into or execute any such Project Agreements in the name of or on behalf of Landlord. 3.6 Oversee, supervise and manage the planning, design, construction, and development of the Improvements, all in accordance with the Development Plan and Budget and in compliance with the Development Approvals and other Legal Requirements. 3.7 Oversee, supervise, manage and coordinate on a daily basis, the services of all employees, architects, contractors, subcontractors, supervisors, engineers and other individuals and entities to carry out the Development, or any portion thereof. 3.8 Coordinate and conduct bi-weekly on-site meetings with members of the construction and development team. 3.9 Prepare and submit to Landlord a monthly status report with respect to the progress of the Development, which status report shall be in form and substance reasonably satisfactory to Landlord. 3.10 Review applications for payment by its contractors and their subcontractors in connection with the Development and process applications for payment in accordance with the terms and conditions of this Agreement, including satisfying the conditions necessary to secure any disbursement of funds for payment of such application pursuant to Section 6 below. 3.11 Undertake commercially reasonable efforts to determine and verify the substantial and final completion of all construction and development work to be performed and/or services to be provided in connection with the Development including, without limitation, the substantial and final completion of all obligations to be performed pursuant to the applicable Project Agreements. 3.12 Undertake commercially reasonable efforts to ensure that its contractor prepares any and all punch-lists of incomplete or unsatisfactory work and other activities in connection with the Development (“Punch-Lists”), and undertake commercially reasonable efforts to cause contractor to complete all items on such Punch-Lists. 3.13 Coordinate and arrange for all utility services and required easements necessary for the Development. 3.14 Prepare and submit all applications, forms and packages to secure the payment of any and all discounts, rebates, refunds, subsidies, or other concessions referenced in the Development Plan and Budget (if any). 3.15 Upon completion of the Development, procure an as-built ALTA survey that depicts the Improvements and is otherwise reasonably acceptable to Landlord. 3.16 Promptly notify Landlord of any material disputes with contractors, vendors, materialmen or suppliers, in any case, of which it has received written notice, and exert all commercially reasonable efforts to give notice to Landlord prior to any liens filed against all or any portion of the Land to the extent the Tenant has received written notice of the same. As soon as reasonably practicable following its receipt of written notice of, or otherwise becoming aware of, any labor or materialmen’s liens or any other liens, liabilities or encumbrances against all or any portion of the Land relating to the Development, Tenant shall provide written notice of such liens, liabilities or encumbrances to Landlord. The amount of such lien, liability or encumbrance shall be fully paid or otherwise satisfied by Tenant (or insured over by the title company selected by Tenant, at Tenant's sole cost and expense). As used herein, "actual knowledge" of Tenant shall mean the actual (and not imputed) knowledge of each of Txxxx Xxxxx, Bxxxx Xxxxx, Cxxxx Xxxxxxxx and Rxxxxx XxXxxxx without duty to inquire or investigate. 3.17 Promptly notify Landlord in writing of any potential construction defects and warranty claims in connection with the Development of which Tenant has actual knowledge and Tenant’s recommendation for prosecuting such matters. Upon instruction from Landlord, Tenant shall pursue the course of action directed by Landlord. 3.18 Secure and maintain at Tenant’s principal place of business all guarantees, warranties, affidavits, waivers, releases, bonds, keys, operating and maintenance manuals, certificates of occupancy and other permits and approvals with respect to the Development and provide Landlord with electronic copies of all of the foregoing to the extent in Tenant’s possession or reasonable control. 3.19 Establish and maintain complete and accurate books and records with respect to the Development, together with sufficient documentation to fully support each of the entries in such books and records. Such books and records shall include proper entries of all receipts, income and disbursements pertaining to the Development. Such books and records shall be and remain the property of the Landlord (subject to Tenant’s right to retain copies) and be maintained by Tenant at Tenant’s principal place of business or at the on-site construction office on or near the Land. In connection with the foregoing, Tenant shall make such books and records available to Landlord and its representatives for inspection and audit at Tenant’s principal place of business or at the on-site office (or at another location previously approved by Landlord) at any time and from time to time during regular business hours. Without limiting the foregoing, Tenant shall provide, as reasonably requested by Landlord, any necessary or appropriate documents, periodic reports, materials and information to Landlord and/or any other financial institution or lenders designated by Landlord, or attorneys and accountants selected by Landlord. Tenant shall cooperate with accountants and attorneys selected by Landlord in the preparation of all tax returns and reports required to be filed by Landlord and/or its Affiliates (including, without limitation, federal income tax returns, state income tax and/or franchise tax returns, if any, state intangible tax returns, if any, and state annual reports, if any) and shall provide to such accountants and/or attorneys all books and records pertaining to the Development that are requested and that are in the possession and control of Tenant, it being understood and agreed that Tenant shall have no authority or responsibility to execute or file any returns of Landlord or its Affiliates. Additionally, Tenant acknowledges that Landlord or one of its Affiliates may be required to file various reports and other information with the Securities and Exchange Commission and other regulatory agencies. Accordingly, Tenant hereby agrees to and shall timely provide to Landlord and/or such Affiliates any and all reports and other information required pursuant to this Section (provided such reports and other information pertain directly to the services to be performed by Tenant pursuant to this Agreement), together with all other reports and other information that may be reasonably requested from time to time by Landlord and/or its Affiliates (provided such reports and other information pertain directly to the services to be performed by Tenant pursuant to this Agreement), all of which shall be in form and content reasonably satisfactory to Landlord or such Affiliate (“SEC Information”). All SEC Information requested by Landlord and/or any of its Affiliates shall be delivered by Tenant to Landlord or such Affiliate within ten (10) calendar days of the date of such request by Landlord and/or such Affiliate. 3.20 Establish and maintain complete and orderly files containing correspondence, insurance policies, receipts, all paid and unpaid bills, vouchers and all other documents and papers pertaining to the Development, all of which shall be and remain the property of Landlord (subject to Tenant’s right to retain copies) and shall be available to Landlord and its representatives for inspection at Tenant’s principal place of business, the construction office located on-site for the Development or at another location previously approved by Landlord at any time and from time to time during regular business hours. 3.21 Immediately advise Landlord of the discovery of any hazardous substances or materials in, on or about the Land. 3.22 Promptly advise the Landlord of any actual or threatened legal action, condemnation proceeding, claim, tax assessment or damage adversely affecting the Land and/or the Development which becomes known to Tenant. 3.23 At all times comply with all statutes, ordinances, rules and regulations, licenses and permits, and other Legal Requirements applicable to the performance of its duties, responsibilities and obligations under this Agreement. 3.24 At all times comply with all covenants, conditions and restrictions of record affecting the Land, including, without limitation, all Project Agreements. 3.25 Perform all other duties and obligations to be performed by Tenant in accordance with the terms and conditions of this Agreement and in accordance with the Prior Course of Dealing.
Appears in 2 contracts
Samples: Development Agreement (Innovative Industrial Properties Inc), Development Agreement (Innovative Industrial Properties Inc)
Duties of Tenant. Subject to the terms and conditions of this Agreement and the Development Plan and Budget, and in addition to the other duties, responsibilities and obligations of Tenant under this Agreement, Tenant hereby agrees to and shall, at Tenant’s sole cost and expense, fully and timely perform (or cause to be performed) in a commercially reasonable manner the duties, responsibilities and obligations set forth in this Agreement including, without limitation, the duties, responsibilities and obligations set forth below. Tenant shall not undertake the performance of any of the duties, responsibilities and obligations set forth in this Section 3 or elsewhere in this Agreement unless such duties, responsibilities and obligations are expressly authorized pursuant to the Development Plan and Budget or are otherwise approved by Landlord pursuant to Section 4 hereof.
3.1 Secure all Development Approvals and all other necessary permits, licenses, consents, authorizations, zoning variances or changes, (whether regulatory, governmental, quasi-governmental or otherwise), which may be reasonably necessary or appropriate in connection with the Development.
3.2 Secure all surveys, soil tests and other studies and reports necessary to secure all Development Approvals reasonably required for the Development and provide Landlord with electronic copies of all of the foregoing to the extent in Tenant’s possession or reasonable control.
3.3 Cause to be prepared and review all preliminary plans, working drawings, plans and specifications and construction cost estimates reasonably required for the Development (and provide Landlord with electronic copies of all of the foregoing to the extent in Tenant’s possession or reasonable control), and verify the compliance of such plans, working drawings, plans and specifications and construction cost estimates with this Agreement and the Development Plan and Budget.
3.4 Secure all other documents, agreements, instruments, reports, studies, surveys, maps, and all other materials reasonably necessary for the Development.
3.5 Solicit and negotiate all agreements, contracts, documents and other instruments reasonably necessary in order to undertake the activities required to be performed by Tenant pursuant to Sections 3.1, 3.2, 3.3 and 3.4 above and/or to otherwise commence and/or complete the Development (“Project Agreements”), which Project Agreements may include, without limitation, any and all construction contracts and subcontracts, architectural and engineering contracts, supply contracts, applications and/or agreements with governmental authorities, as the same may be amended from time to time. In the event any proposed Project Agreements are with any Affiliate of Tenant, Tenant shall specifically notify Landlord when processing such proposed Project Agreement with Landlord for Landlord’s approval pursuant to Section 4 hereof. In connection with Landlord’s review of such Project Agreements pursuant to Section 4 hereof, Landlord shall not unreasonably disapprove a proposed Project Agreement which is consistent with the Development Plan and Budget. In no event shall Tenant be authorized to enter into or execute any such Project Agreements in the name of or on behalf of Landlord.
3.6 Oversee, supervise and manage the planning, design, construction, and development of the Improvements, all in accordance with the Development Plan and Budget and in compliance with the Development Approvals and other Legal Requirements.
3.7 Oversee, supervise, manage and coordinate on a daily basis, the services of all employees, architects, contractors, subcontractors, supervisors, engineers and other individuals and entities to carry out the Development, or any portion thereof.
3.8 Coordinate and conduct bi-weekly on-site meetings with members of the construction and development team.
3.9 Prepare and submit to Landlord a monthly status report with respect to the progress of the Development, which status report shall be in form and substance reasonably satisfactory to Landlord.
3.10 Review applications for payment by its contractors and their subcontractors in connection with the Development and process applications for payment in accordance with the terms and conditions of this Agreement, including satisfying the conditions necessary to secure any disbursement of funds for payment of such application pursuant to Section 6 below.
3.11 Undertake commercially reasonable efforts to determine and verify the substantial and final completion of all construction and development work to be performed and/or services to be provided in connection with the Development including, without limitation, the substantial and final completion of all obligations to be performed pursuant to the applicable Project Agreements.
3.12 Undertake commercially reasonable efforts to ensure that its contractor prepares any and all punch-lists of incomplete or unsatisfactory work and other activities in connection with the Development (“Punch-Lists”), and undertake commercially reasonable efforts to cause contractor to complete all items on such Punch-Lists.
3.13 Coordinate and arrange for all utility services and required easements necessary for the Development.
3.14 Prepare and submit all applications, forms and packages to secure the payment of any and all discounts, rebates, refunds, subsidies, or other concessions referenced in the Development Plan and Budget (if any).
3.15 Upon completion of the Development, procure an as-built ALTA survey that depicts the Improvements and is otherwise reasonably acceptable to Landlord.
3.16 Promptly notify Landlord of any material disputes with contractors, vendors, materialmen or suppliers, in any case, of which it has received written notice, and exert all commercially reasonable efforts to give notice to Landlord prior to any liens filed against all or any portion of the Land to the extent the Tenant has received written notice of the same. As soon as reasonably practicable following its receipt of written notice of, or otherwise becoming aware of, any labor or materialmen’s liens or any other liens, liabilities or encumbrances against all or any portion of the Land relating to the Development, Tenant shall provide written notice of such liens, liabilities or encumbrances to Landlord. The amount of such lien, liability or encumbrance shall be fully paid or otherwise satisfied by Tenant (or insured over by the title company selected by Tenant, at Tenant's sole cost and expense). As used herein, "actual knowledge" of Tenant shall mean the actual (and not imputed) knowledge of each of Txxxx Xxxxx, Jxxxxx Xxxxx, Bxxxx Xxxxx, Cxxxx Xxxxxxxx Xxxxxxxx, and Rxxxxx XxXxxxx Mxxx Xxxxxx without duty to inquire or investigate.
3.17 Promptly notify Landlord in writing of any potential construction defects and warranty claims in connection with the Development of which Tenant has actual knowledge and Tenant’s recommendation for prosecuting such matters. Upon instruction from Landlord, Tenant shall pursue the course of action directed by Landlord.
3.18 Secure and maintain at Tenant’s principal place of business all guarantees, warranties, affidavits, waivers, releases, bonds, keys, operating and maintenance manuals, certificates of occupancy and other permits and approvals with respect to the Development and provide Landlord with electronic copies of all of the foregoing to the extent in Tenant’s possession or reasonable control.
3.19 Establish and maintain complete and accurate books and records with respect to the Development, together with sufficient documentation to fully support each of the entries in such books and records. Such books and records shall include proper entries of all receipts, income and disbursements pertaining to the Development. Such books and records shall be and remain the property of the Landlord (subject to Tenant’s right to retain copies) and be maintained by Tenant at Tenant’s principal place of business or at the on-site construction office on or near the Land. In connection with the foregoing, Tenant shall make such books and records available to Landlord and its representatives for inspection and audit at Tenant’s principal place of business or at the on-site office (or at another location previously approved by Landlord) at any time and from time to time during regular business hours. Without limiting the foregoing, Tenant shall provide, as reasonably requested by Landlord, any necessary or appropriate documents, periodic reports, materials and information to Landlord and/or any other financial institution or lenders designated by Landlord, or attorneys and accountants selected by Landlord. Tenant shall cooperate with accountants and attorneys selected by Landlord in the preparation of all tax returns and reports required to be filed by Landlord and/or its Affiliates (including, without limitation, federal income tax returns, state income tax and/or franchise tax returns, if any, state intangible tax returns, if any, and state annual reports, if any) and shall provide to such accountants and/or attorneys all books and records pertaining to the Development that are requested and that are in the possession and control of Tenant, it being understood and agreed that Tenant shall have no authority or responsibility to execute or file any returns of Landlord or its Affiliates. Additionally, Tenant acknowledges that Landlord or one of its Affiliates may be required to file various reports and other information with the Securities and Exchange Commission and other regulatory agencies. Accordingly, Tenant hereby agrees to and shall timely provide to Landlord and/or such Affiliates any and all reports and other information required pursuant to this Section (provided such reports and other information pertain directly to the services to be performed by Tenant pursuant to this Agreement), together with all other reports and other information that may be reasonably requested from time to time by Landlord and/or its Affiliates (provided such reports and other information pertain directly to the services to be performed by Tenant pursuant to this Agreement), all of which shall be in form and content reasonably satisfactory to Landlord or such Affiliate (“SEC Information”). All SEC Information requested by Landlord and/or any of its Affiliates shall be delivered by Tenant to Landlord or such Affiliate within ten (10) calendar days of the date of such request by Landlord and/or such Affiliate.
3.20 Establish and maintain complete and orderly files containing correspondence, insurance policies, receipts, all paid and unpaid bills, vouchers and all other documents and papers pertaining to the Development, all of which shall be and remain the property of Landlord (subject to Tenant’s right to retain copies) and shall be available to Landlord and its representatives for inspection at Tenant’s principal place of business, the construction office located on-site for the Development or at another location previously approved by Landlord at any time and from time to time during regular business hours.
3.21 Immediately advise Landlord of the discovery of any hazardous substances or materials in, on or about the Land.
3.22 Promptly advise the Landlord of any actual or threatened legal action, condemnation proceeding, claim, tax assessment or damage adversely affecting the Land and/or the Development which becomes known to Tenant.
3.23 At all times comply with all statutes, ordinances, rules and regulations, licenses and permits, and other Legal Requirements applicable to the performance of its duties, responsibilities and obligations under this Agreement.
3.24 At all times comply with all covenants, conditions and restrictions of record affecting the Land, including, without limitation, all Project Agreements.
3.25 Perform all other duties and obligations to be performed by Tenant in accordance with the terms and conditions of this Agreement and in accordance with the Prior Course of Dealing.
Appears in 2 contracts
Samples: Development Agreement (Innovative Industrial Properties Inc), Development Agreement (Innovative Industrial Properties Inc)
Duties of Tenant. Subject to the terms and conditions of this Agreement and the Development Plan and Budget, and in addition to the other duties, responsibilities and obligations of Tenant under this Agreement, Tenant hereby agrees to and shall, at Tenant’s sole cost and expense, fully and timely perform (or cause to be performed) in a commercially reasonable manner the duties, responsibilities and obligations set forth in this Agreement including, without limitation, the duties, responsibilities and obligations set forth below. Tenant shall not undertake the performance of any of the duties, responsibilities and obligations set forth in this Section 3 or elsewhere in this Agreement unless such duties, responsibilities and obligations are expressly authorized pursuant to the Development Plan and Budget or are otherwise approved by Landlord pursuant to Section 4 hereof.
3.1 Secure all Development Approvals and all other necessary permits, licenses, consents, authorizations, zoning variances or changes, (whether regulatory, governmental, quasi-governmental or otherwise), which may be reasonably necessary or appropriate in connection with the Development.
3.2 Secure all surveys, soil tests and other studies and reports necessary to secure all Development Approvals reasonably required for the Development and provide Landlord with electronic copies of all of the foregoing to the extent in Tenant’s possession or reasonable control.
3.3 Cause to be prepared and review all preliminary plans, working drawings, plans and specifications and construction cost estimates reasonably required for the Development (and provide Landlord with electronic copies of all of the foregoing to the extent in Tenant’s possession or reasonable control), and verify the compliance of such plans, working drawings, plans and specifications and construction cost estimates with this Agreement and the Development Plan and Budget.
3.4 Secure all other documents, agreements, instruments, reports, studies, surveys, maps, and all other materials reasonably necessary for the Development.
3.5 Solicit and negotiate all agreements, contracts, documents and other instruments reasonably necessary in order to undertake the activities required to be performed by Tenant pursuant to Sections 3.1, 3.2, 3.3 and 3.4 above and/or to otherwise commence and/or complete the Development (“Project Agreements”), which Project Agreements may include, without limitation, any and all construction contracts and subcontracts, architectural and engineering contracts, supply contracts, applications and/or agreements with governmental authorities, as the same may be amended from time to time. In the event any proposed Project Agreements are with any Affiliate of Tenant, Tenant shall specifically notify Landlord when processing such proposed Project Agreement with Landlord for Landlord’s approval pursuant to Section 4 hereof. In connection with Landlord’s review of such Project Agreements pursuant to Section 4 hereof, Landlord shall not unreasonably disapprove a proposed Project Agreement which is consistent with the Development Plan and Budget. In no event shall Tenant be authorized to enter into or execute any such Project Agreements in the name of or on behalf of Landlord.
3.6 Oversee, supervise and manage the planning, design, construction, and development of the Improvements, all in accordance with the Development Plan and Budget and in compliance with the Development Approvals and other Legal Requirements.
3.7 Oversee, supervise, manage and coordinate on a daily basis, the services of all employees, architects, contractors, subcontractors, supervisors, engineers and other individuals and entities to carry out the Development, or any portion thereof.
3.8 Coordinate and conduct bi-weekly on-site meetings with members of the construction and development team.
3.9 Prepare and submit to Landlord a monthly status report with respect to the progress of the Development, which status report shall be in form and substance reasonably satisfactory to Landlord.
3.10 Review applications for payment by its contractors and their subcontractors in connection with the Development and process applications for payment in accordance with the terms and conditions of this Agreement, including satisfying the conditions necessary to secure any disbursement of funds for payment of such application pursuant to Section 6 below.
3.11 Undertake commercially reasonable efforts to determine and verify the substantial and final completion of all construction and development work to be performed and/or services to be provided in connection with the Development including, without limitation, the substantial and final completion of all obligations to be performed pursuant to the applicable Project Agreements.
3.12 Undertake commercially reasonable efforts to ensure that its contractor prepares any and all punch-lists of incomplete or unsatisfactory work and other activities in connection with the Development (“Punch-Lists”), and undertake commercially reasonable efforts to cause contractor to complete all items on such Punch-Lists.
3.13 Coordinate and arrange for all utility services and required easements necessary for the Development.
3.14 Prepare and submit all applications, forms and packages to secure the payment of any and all discounts, rebates, refunds, subsidies, or other concessions referenced in the Development Plan and Budget (if any).
3.15 Upon completion of the Development, procure an as-built ALTA survey that depicts the Improvements and is otherwise reasonably acceptable to Landlord.
3.16 Promptly notify Landlord of any material disputes with contractors, vendors, materialmen or suppliers, in any case, of which it has received written notice, and exert all commercially reasonable efforts to give notice to Landlord prior to any liens filed against all or any portion of the Land to the extent the Tenant has received written notice of the same. As soon as reasonably practicable following its receipt of written notice of, or otherwise becoming aware of, any labor or materialmen’s liens or any other liens, liabilities or encumbrances against all or any portion of the Land relating to the Development, Tenant shall provide written notice of such liens, liabilities or encumbrances to Landlord. The amount of such lien, liability or encumbrance shall be fully paid or otherwise satisfied by Tenant (or insured over by the title company selected by Tenant, at Tenant's sole cost and expense). As used herein, "actual knowledge" of Tenant shall mean the actual (and not imputed) knowledge of each of Txxxx Xxxxx Xxxxx, Bxxxx Xxxxx Xxxxx, Cxxxx Xxxxx Xxxxxxxx and Rxxxxx Xxxxxx XxXxxxx without duty to inquire or investigate.
3.17 Promptly notify Landlord in writing of any potential construction defects and warranty claims in connection with the Development of which Tenant has actual knowledge and Tenant’s recommendation for prosecuting such matters. Upon instruction from Landlord, Tenant shall pursue the course of action directed by Landlord.
3.18 Secure and maintain at Tenant’s principal place of business all guarantees, warranties, affidavits, waivers, releases, bonds, keys, operating and maintenance manuals, certificates of occupancy and other permits and approvals with respect to the Development and provide Landlord with electronic copies of all of the foregoing to the extent in Tenant’s possession or reasonable control.
3.19 Establish and maintain complete and accurate books and records with respect to the Development, together with sufficient documentation to fully support each of the entries in such books and records. Such books and records shall include proper entries of all receipts, income and disbursements pertaining to the Development. Such books and records shall be and remain the property of the Landlord (subject to Tenant’s right to retain copies) and be maintained by Tenant at Tenant’s principal place of business or at the on-site construction office on or near the Land. In connection with the foregoing, Tenant shall make such books and records available to Landlord and its representatives for inspection and audit at Tenant’s principal place of business or at the on-site office (or at another location previously approved by Landlord) at any time and from time to time during regular business hours. Without limiting the foregoing, Tenant shall provide, as reasonably requested by Landlord, any necessary or appropriate documents, periodic reports, materials and information to Landlord and/or any other financial institution or lenders designated by Landlord, or attorneys and accountants selected by Landlord. Tenant shall cooperate with accountants and attorneys selected by Landlord in the preparation of all tax returns and reports required to be filed by Landlord and/or its Affiliates (including, without limitation, federal income tax returns, state income tax and/or franchise tax returns, if any, state intangible tax returns, if any, and state annual reports, if any) and shall provide to such accountants and/or attorneys all books and records pertaining to the Development that are requested and that are in the possession and control of Tenant, it being understood and agreed that Tenant shall have no authority or responsibility to execute or file any returns of Landlord or its Affiliates. Additionally, Tenant acknowledges that Landlord or one of its Affiliates may be required to file various reports and other information with the Securities and Exchange Commission and other regulatory agencies. Accordingly, Tenant hereby agrees to and shall timely provide to Landlord and/or such Affiliates any and all reports and other information required pursuant to this Section (provided such reports and other information pertain directly to the services to be performed by Tenant pursuant to this Agreement), together with all other reports and other information that may be reasonably requested from time to time by Landlord and/or its Affiliates (provided such reports and other information pertain directly to the services to be performed by Tenant pursuant to this Agreement), all of which shall be in form and content reasonably satisfactory to Landlord or such Affiliate (“SEC Information”). All SEC Information requested by Landlord and/or any of its Affiliates shall be delivered by Tenant to Landlord or such Affiliate within ten (10) calendar days of the date of such request by Landlord and/or such Affiliate.
3.20 Establish and maintain complete and orderly files containing correspondence, insurance policies, receipts, all paid and unpaid bills, vouchers and all other documents and papers pertaining to the Development, all of which shall be and remain the property of Landlord (subject to Tenant’s right to retain copies) and shall be available to Landlord and its representatives for inspection at Tenant’s principal place of business, the construction office located on-site for the Development or at another location previously approved by Landlord at any time and from time to time during regular business hours.
3.21 Immediately advise Landlord of the discovery of any hazardous substances or materials in, on or about the Land.
3.22 Promptly advise the Landlord of any actual or threatened legal action, condemnation proceeding, claim, tax assessment or damage adversely affecting the Land and/or the Development which becomes known to Tenant.
3.23 At all times comply with all statutes, ordinances, rules and regulations, licenses and permits, and other Legal Requirements applicable to the performance of its duties, responsibilities and obligations under this Agreement.
3.24 At all times comply with all covenants, conditions and restrictions of record affecting the Land, including, without limitation, all Project Agreements.
3.25 Perform all other duties and obligations to be performed by Tenant in accordance with the terms and conditions of this Agreement and in accordance with the Prior Course of Dealing.
Appears in 1 contract
Samples: Development Agreement (Innovative Industrial Properties Inc)