INVESTMENTS; ALTERATIONS Clause Samples

INVESTMENTS; ALTERATIONS. 7.1 City’s Construction Obligation ...........................................................................

INVESTMENTS; ALTERATIONS. 7.1 Tenant’s Work - Minimum Investment.....................................................................

INVESTMENTS; ALTERATIONS. 7.1 Minimum Investment 20 7.2 City’s Approval Rights 20 7.3 Structures and Fixtures 21 7.4 Notice and Permits 21 7.5 Title to Alterations 21 7.6 Effect of Alterations on Airport 22 7.7 Mid-Term Refurbishment 22 7.8 Labor Harmony 22

INVESTMENTS; ALTERATIONS. 7.1 Tenant’s Work/Minimum Investment. Prior to the Rent Commencement Date, Tenant shall, refurbish, redecorate and modernize the interiors and exteriors of the Premises, and otherwise complete the Initial Improvements, at a minimum cost of the Minimum Investment Amount. Within ninety (90) days after substantial completion of Tenant’s Work, Tenant must provide to City two sets of as-built drawings and an affidavit, signed under penalty of perjury by both the Tenant and the Tenant’s general contractor, architect or construction manager, stating the hard construction costs paid by Tenant to complete Tenant’s Work, together with copies of paid invoices and lien waivers substantiating the costs stated in the affidavit. Such “hard construction costs,” which must equal or exceed the Minimum Investment Amount, may include architectural and engineering fees, provided the credit for such costs against the Minimum Investment Amount shall not exceed fifteen percent (15%) of the Minimum Investment Amount. The minimum investment may not include financial costs, interest, inventory, pre-opening expenses, inter-company charges related to construction, business interruption, overhead, or debt service on any construction loan, or any charges paid by Tenant to an affiliate. If City determines that the said actual investment cost is less than the Minimum Investment Amount, the deficiency will be paid to City within sixty (60) days from the date City provides Tenant with written notice of said deficiency. If Director disputes the amount of investment claimed by Tenant, Director may, at City’s expense, hire an independent appraiser to determine the cost of the investment. If the independent appraiser determines that the investment is less than the Minimum Investment Amount, the deficiency, as well as City’s costs of hiring such independent appraiser, will be paid to City by Tenant within sixty (60) days of City’s written notice of the appraiser’s determination. At any time, upon three (3) business days notice, City or its representatives may audit all of Tenant’s books, records and source documents related to the hard construction costs paid by Tenant to complete Tenant’s Work. If the audit reveals that the hard construction costs paid by Tenant were less than those stated in Tenant’s affidavit, then Tenant must pay City for the costs incurred by City in connection with the audit plus any additional deficiency discovered between the hard construction costs paid by Tenant and th...

INVESTMENTS; ALTERATIONS. 7.1 [Reserved]

INVESTMENTS; ALTERATIONS