Landlord’s Total Costs. Landlord shall employ an “open book” method of accounting for the Total Costs associated with the construction of the Tenant Improvements and shall provide Tenant with an informational monthly statement of such costs. At all reasonable times during normal business hours during construction of the Landlord’s Work, Tenant shall have access to inspect Landlord’s books of account, financial records of the Landlord’s Work, and source documents pertaining thereto. As soon as practicable after substantial completion of the Tenant Improvements, Landlord shall prepare and submit to Tenant a final summary of Total Costs incurred by Landlord for the Tenant Improvements. Landlord may utilize the services of a construction auditor, if necessary. As used herein, “Total Costs” means all hard and soft costs incurred by Landlord in the course of constructing the Tenant Improvements including, without limitation, all fees and costs of labor, materials, contractors, subcontractors, architects, engineers, project managers, construction supervision, inspectors, consultants, bond premiums, permits, taxes and other project costs of any kind or nature whatsoever, but excluding Landlord’s general office overhead and financing costs.
Landlord’s Total Costs. Exhibit C attached to this Lease sets forth the parties’ estimate of Landlord’s Total Costs for the construction and development of the Premises (“Estimated Costs”). Landlord and Tenant understand and agree that the Estimated Costs (a) have been preliminarily agreed upon between Landlord and Tenant, and (b) are subject to adjustment based upon the determination of the Final Costs (as defined below).
