Limitation on Construction Overage Sample Clauses

Limitation on Construction Overage. Notwithstanding anything to ---------------------------------- the contrary contained in this Work Letter or in the Lease, if the Construction Overage exceeds an amount (the "Maximum Construction Overage") equal the product of (i) the estimated cost for Work performed pursuant to the Construction Contract as set forth in the Construction Contract multiplied by (ii) one tenth (0.1), then the sole remedy of Tenant for such Construction Overage shall be the right to deliver a notice to Landlord (a "Construction Overage Termination Notice") electing to terminate the Lease effective upon the date occurring five (5) business days following receipt by Landlord of such Construction Overage Termination Notice. A Construction Overage Termination Notice must be delivered by Tenant to Landlord, if at all, not later than five (5) business days following the date on which Tenant has written notice that the Construction Overage exceeds the Maximum Construction Overage. Within five (5) business days following receipt by Landlord of such Construction Overage Termination Notice, Landlord shall have the right, in its sole and absolute discretion, to deliver a "Construction Overage Fixed Rent Notice," as that term is defined below, to Tenant, in which event Tenant shall have no right to terminate the Lease in accordance with this Section 22 and the Construction Overage Termination Notice shall be of no force or effect; provided that, if Landlord does not deliver a Construction Overage Fixed Rent Notice to Tenant during such five (5) business day period, then the Lease shall terminate in accordance with such Construction Overage Termination Notice. As used herein, a "Construction Overage Fixed Rent Notice" shall mean a written notice delivered by Landlord to Tenant pursuant to which Landlord agrees that the portion of Annual Base Rent which is determined by the cost of the work performed pursuant to the Construction Contract will not exceed the amount which such portion of the Annual Base Rent would be if the Construction Overage were equal to the Maximum Construction Overage, and the Annual Base Rent shall thereafter be adjusted in accordance with Section 22(a), above. Upon any termination of the Lease as set forth in this Section 22(b), Landlord and Tenant shall be relieved from any and all liability to each other resulting under the Lease or this Work Letter, except that Landlord shall return to Tenant the L/C and any portion of the Over-Allowance Amount which has not been ...
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Related to Limitation on Construction Overage

  • Law; Construction This Agreement and any claim, counterclaim or dispute of any kind or nature whatsoever arising out of or in any way relating to this Agreement (“Claim”), directly or indirectly, shall be governed by, and construed in accordance with, the internal laws of the State of New York.

  • Governing Law; Construction This Agreement and any claim, counterclaim or dispute of any kind or nature whatsoever arising out of or in any way relating to this Agreement (“Claim”), directly or indirectly, shall be governed by, and construed in accordance with, the laws of the State of New York. The section headings in this Agreement have been inserted as a matter of convenience of reference and are not a part of this Agreement.

  • Effect of Plan; Construction The entire text of the Plan is expressly incorporated herein by this reference and so forms a part of this Agreement. In the event of any inconsistency or discrepancy between the provisions of this Agreement and the terms and conditions of the Plan under which the Units are granted, the provisions of the Plan shall govern and prevail. The Units and this Agreement are each subject in all respects to, and the Company and the Participant each hereby agree to be bound by, all of the terms and conditions of the Plan, as the same may have been amended from time to time in accordance with its terms; provided, however, that no such amendment shall deprive the Participant, without the Participant’s consent, of any rights earned or otherwise due to the Participant hereunder.

  • General Construction 20.2.1. Binding Nature.............................................. 20.2.2. Entire Agreement............................................ 20.2.3. Governing Law............................................... 20.2.4. Indulgences Not Waivers..................................... 20.2.5. Titles Not to Affect Interpretation......................... 20.2.6.

  • Severability; Construction Whenever possible, each provision of this Agreement shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Agreement shall be prohibited by or invalid under applicable law, such provision shall be ineffective only to the extent of such prohibition or invalidity, without invalidating the remainder of such provisions or the remaining provisions of this Agreement. The parties hereto have participated jointly in the negotiation and drafting of this Agreement. In the event an ambiguity or question of intent or interpretation arises, this Agreement shall be construed as if drafted jointly by the parties hereto, and no presumption or burden of proof shall arise favoring or disfavoring any party by virtue of the authorship of any of the provisions of this Agreement.

  • Waiver of Rule of Construction Each Party has had the opportunity to consult with counsel in connection with the review, drafting and negotiation of this Agreement. Accordingly, the rule of construction that any ambiguity in this Agreement shall be construed against the drafting Party shall not apply.

  • Construction of Provisions Although certain provisions of this Agreement contain express language which precludes the Servicer's recovery of, or reimbursement for, expenses incurred hereunder, no inference to the contrary shall be drawn from absence of such, or similar, language in any other provision hereof regarding expenses.

  • Completion of Construction (a) For the purposes of this Agreement, the terms "

  • Commencement of Construction Construction of the Project will start within thirty (30) days after notification to the Developer by the Owner, or as soon thereafter as weather and ground conditions permit.

  • Interpretation; Construction The headings set forth in this Agreement are for convenience only and shall not be used in interpreting this Agreement. This Agreement has been drafted by legal counsel representing Company, but Executive has participated in the negotiation of its terms. Furthermore, Executive acknowledges that Executive has had an opportunity to review and revise the Agreement and have it reviewed by legal counsel, if desired, and, therefore, the normal rule of construction to the effect that any ambiguities are to be resolved against the drafting party shall not be employed in the interpretation of this Agreement.

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