Common use of Liquidated Damages for Delay in Substantial Completion Clause in Contracts

Liquidated Damages for Delay in Substantial Completion. In the event the Substantial Completion of the Tenant Improvements has not occurred (or been deemed to have occurred) by September 30, 1999 (as such date may be adjusted for Excusable Delays), Landlord shall credit Tenant with two (2) days of free Base Rent for each day and every day that Substantial Completion occurs after September 30, 1999 (as such date may be adjusted for Excusable Delays) through and including October 7, 1999 (as such date may be adjusted for Excusable Delays) and, thereafter, with one (1) day of free Base Rent for each and every day that Substantial Completion occurs after October 7, 1999 (as may be adjusted for Excusable Delays). LANDLORD AND TENANT AGREE THAT TENANT'S ACTUAL DAMAGES IN THE EVENT OF A DELAY IN THE SUBSTANTIAL COMPLETION DATE BEYOND THE ESTIMATED LEASE COMMENCEMENT DATE (AS MAY BE ADJUSTED), WOULD BE EXTREMELY DIFFICULT OR IMPRACTICABLE TO DETERMINE AND THAT THE AMOUNTS DESIGNATED ABOVE AS LIQUIDATED DAMAGES PAYABLE BY LANDLORD TO TENANT IN SUCH EVENTS ARE EACH REASONABLE AMOUNTS TO BE SET AS DAMAGES FOR SUCH EVENTS UNDER THE CIRCUMSTANCES EXISTING AT THE TIME THIS LEASE HAS BEEN ENTERED INTO. IN CONSIDERATION OF THE PAYMENT OF LIQUIDATED DAMAGES, EXCEPT AS EXPRESSLY PROVIDED IN SECTION 8.2 BELOW, TENANT SHALL BE DEEMED TO HAVE WAIVED ALL OTHER CLAIMS FOR DAMAGES OR RELIEF AT LAW OR IN EQUITY DUE TO SUCH DELAY INCLUDING ANY RIGHTS TO SPECIFIC PERFORMANCE TENANT MAY OTHERWISE HAVE. Tenant: /s/ [Illegible] Landlord: /s/ [Illegible] --------------------- ---------------------

Liquidated Damages for Delay in Substantial Completion. In the event If the Substantial Completion of the Tenant Improvements has not occurred (or been deemed to have occurred) by September 30, 1999 the Estimated Lease Commencement Date for such Tenant Improvements as set forth in Section 5 of the Summary (as such date may be adjusted for Excusable Delays), then Landlord shall credit pay Tenant with two liquidated damages of One Thousand Five Hundred Dollars (2$1,500.00) days of free Base Rent per day for each day and every day that Substantial Completion occurs after September 30, 1999 (as such date may be adjusted for Excusable Delays) through and including October 7, 1999 (as such date may be adjusted for Excusable Delays) and, thereafter, with one (1) day of free Base Rent for each and every day that Substantial Completion occurs after October 7, 1999 delay beyond the Estimated Lease Commencement Date (as may be adjusted so adjusted) until the date of Substantial Completion or the date this Lease is terminated pursuant to Section 8.2 below. Such liquidated damages shall be paid within thirty (30) days after the end of each month of delay beyond the applicable Estimated Lease Commencement Date (as may be so adjusted). If Landlord fails to pay timely to Tenant the amount representing the liquidated damages owing and if Tenant obtains a final judgment against Landlord for Excusable Delays)such liquidated damages, and if Landlord fails to pay such judgment within thirty (30) days after the date such judgment is rendered, Tenant shall be entitled to offset such judgment against Base Rent payable by Tenant together with interest at the Interest Rate specified in Article 25 of the Lease from the date of expiration of said thirty (30) day period until the date of offset (up to a maximum offset each month of twenty percent (20%) of the Base Rent payable for such Building) until the full amount of such judgment (plus such interest) has been so offset. LANDLORD AND TENANT AGREE THAT TENANT'S ACTUAL DAMAGES IN THE EVENT OF A DELAY IN THE SUBSTANTIAL COMPLETION DATE BEYOND THE ESTIMATED LEASE COMMENCEMENT DATE (AS MAY BE ADJUSTED), WOULD BE EXTREMELY DIFFICULT OR IMPRACTICABLE TO DETERMINE AND THAT THE AMOUNTS DESIGNATED ABOVE AS LIQUIDATED EXHIBIT B -14- PEREGRINE SYSTEMS CORPORATE CENTER [Peregrine Systems] DAMAGES PAYABLE BY LANDLORD TO TENANT IN SUCH EVENTS ARE EACH REASONABLE AMOUNTS TO BE SET AS DAMAGES FOR SUCH EVENTS UNDER THE CIRCUMSTANCES EXISTING AT THE TIME THIS LEASE HAS BEEN ENTERED INTO. IN CONSIDERATION OF THE PAYMENT OF LIQUIDATED DAMAGES, EXCEPT AS EXPRESSLY PROVIDED IN SECTION 8.2 BELOW, TENANT SHALL BE DEEMED TO HAVE WAIVED ALL OTHER CLAIMS FOR DAMAGES OR RELIEF AT LAW OR IN EQUITY DUE TO SUCH DELAY INCLUDING ANY RIGHTS TO SPECIFIC PERFORMANCE TENANT MAY OTHERWISE HAVE. Tenant: /s/ [IllegibleILLEGIBLE] Landlord: /s/ [Illegible] --------------------- ---------------------Xxxxxx X. Xxxxx ----------- -------------------

Liquidated Damages for Delay in Substantial Completion. In the event If the Substantial Completion of the Tenant Improvements has not occurred (or been deemed to have occurred) by September 30, 1999 the Estimated Lease Commencement Date for such Tenant Improvements as set forth in Section 5 of the Summary (as such date may be adjusted for Excusable DelaysDelays and/or as provided in Section 2.1 of the Lease), then Landlord shall credit pay Tenant with two liquidated damages of One Thousand Five Hundred Dollars (2$1,500.00) days of free Base Rent per day for each day and every day that Substantial Completion occurs after September 30, 1999 (as such date may be adjusted for Excusable Delays) through and including October 7, 1999 (as such date may be adjusted for Excusable Delays) and, thereafter, with one (1) day of free Base Rent for each and every day that Substantial Completion occurs after October 7, 1999 delay beyond the Estimated Lease Commencement Date (as may be adjusted so adjusted) until the date of Substantial Completion or the date this Lease is terminated pursuant to Section 8.2 below. Such liquidated damages shall be paid within thirty (30) days after the end of each month of delay beyond the applicable Estimated Lease Commencement Date (as may be so adjusted). If Landlord fails to pay timely to Tenant the amount representing the liquidated damages owing and if Tenant obtains a final judgment against Landlord for Excusable Delays)such liquidated damages, and if Landlord fails to pay such judgment within thirty (30) days after the date such judgment is rendered, Tenant shall be entitled to offset such judgment against Base Rent payable by Tenant together with interest at the Interest Rate specified in Article 25 of the Lease from the date of expiration of said thirty (30) day period until the date of offset (up to a maximum offset each month of twenty percent (20%) EXHIBIT B -14- PEREGRINE SYSTEMS CORPORATE CENTER [Peregrine Systems] of the Base Rent payable for such Building) until the full amount of such judgment (plus such interest) has been so offset. LANDLORD AND TENANT AGREE THAT TENANT'S ACTUAL DAMAGES IN THE EVENT OF A DELAY IN THE SUBSTANTIAL COMPLETION DATE BEYOND THE ESTIMATED LEASE COMMENCEMENT DATE (AS MAY BE ADJUSTED), WOULD BE EXTREMELY DIFFICULT OR IMPRACTICABLE TO DETERMINE AND THAT THE AMOUNTS DESIGNATED ABOVE AS LIQUIDATED DAMAGES PAYABLE BY LANDLORD TO TENANT IN SUCH EVENTS ARE EACH REASONABLE AMOUNTS TO BE SET AS DAMAGES FOR SUCH EVENTS UNDER THE CIRCUMSTANCES EXISTING AT THE TIME THIS LEASE HAS BEEN ENTERED INTO. IN CONSIDERATION OF THE PAYMENT OF LIQUIDATED DAMAGES, EXCEPT AS EXPRESSLY PROVIDED IN SECTION 8.2 BELOW, TENANT SHALL BE DEEMED TO HAVE WAIVED ALL OTHER CLAIMS FOR DAMAGES OR RELIEF AT LAW OR IN EQUITY DUE TO SUCH DELAY INCLUDING ANY RIGHTS TO SPECIFIC PERFORMANCE TENANT MAY OTHERWISE HAVE. Tenant: /s/ [IllegibleILLEGIBLE] Landlord: /s/ [Illegible] --------------------- ---------------------Xxxxxx X. Xxxxx ----------- -------------------

Liquidated Damages for Delay in Substantial Completion. In the event If the Substantial Completion of the Tenant Improvements has not occurred (or been deemed to have occurred) by September 30, 1999 the Estimated Lease Commencement Date for such Tenant Improvements as set forth in Section 5 of the Summary (as such date may be adjusted for Excusable Delays), then Landlord shall credit pay Tenant with two liquidated damages of One Thousand Five Hundred Dollars (2$1,500.00) days of free Base Rent per day for each day and every day that Substantial Completion occurs after September 30, 1999 (as such date may be adjusted for Excusable Delays) through and including October 7, 1999 (as such date may be adjusted for Excusable Delays) and, thereafter, with one (1) day of free Base Rent for each and every day that Substantial Completion occurs after October 7, 1999 delay beyond the Estimated Lease Commencement Date (as may be adjusted for Excusable Delaysso adjusted) until the date of Substantial Completion or the date this Lease is terminated pursuant to Section 8.2 below. Such liquidated damages shall be paid within thirty (30) days after the end of each month of delay beyond the applicable Estimated Lease Commencement Date (as may be so adjusted). If Landlord fails to pay timely to Tenant the amount representing the liquidated damages owing and if Tenant obtains a final judgment against Landlord for such liquidated damages, and if Landlord fails to pay such judgment within thirty (30) days after the date such judgment is rendered, Tenant shall be entitled to offset such judgment against Base Rent payable by Tenant together with interest at the Interest Rate specified in Article 25 of the Lease from the date of expiration of said thirty (30) day period until the date of offset (up to a maximum offset each month of twenty percent (20%) of the Base Rent payable for such Building) until the full amount of such judgment (plus such interest) has been so offset. EXHIBIT B -14- PEREGRINE SYSTEMS CORPORATE CENTER [Peregrine Systems] LANDLORD AND TENANT AGREE THAT TENANT'S ACTUAL DAMAGES IN THE EVENT OF A DELAY IN THE SUBSTANTIAL COMPLETION DATE BEYOND THE ESTIMATED LEASE COMMENCEMENT DATE (AS MAY BE ADJUSTED), WOULD BE EXTREMELY DIFFICULT OR IMPRACTICABLE TO DETERMINE AND THAT THE AMOUNTS DESIGNATED ABOVE AS LIQUIDATED DAMAGES PAYABLE BY LANDLORD TO TENANT IN SUCH EVENTS ARE EACH REASONABLE AMOUNTS TO BE SET AS DAMAGES FOR SUCH EVENTS UNDER THE CIRCUMSTANCES EXISTING AT THE TIME THIS LEASE HAS BEEN ENTERED INTO. IN CONSIDERATION OF THE PAYMENT OF LIQUIDATED DAMAGES, EXCEPT AS EXPRESSLY PROVIDED IN SECTION 8.2 BELOW, TENANT SHALL BE DEEMED TO HAVE WAIVED ALL OTHER CLAIMS FOR DAMAGES OR RELIEF AT LAW OR IN EQUITY DUE TO SUCH DELAY INCLUDING ANY RIGHTS TO SPECIFIC PERFORMANCE TENANT MAY OTHERWISE HAVE. Tenant: /s/ [IllegibleILLEGIBLE] Landlord: /s/ [Illegible] --------------------- ---------------------Xxxxxx X. Xxxxx ----------- ------------------

Liquidated Damages for Delay in Substantial Completion. In the event If the Substantial Completion of the Tenant Improvements has not occurred (or been deemed to have occurred) by September 30, 1999 the Estimated Lease Commencement Date for such Tenant Improvements as set forth in Section 5 of the Summary (as such date may be adjusted for Excusable Delays), then Landlord shall credit pay Tenant with two liquidated damages of One Thousand Five Hundred Dollars (2$1,500.00) days of free Base Rent per day EXHIBIT B -14- PEREGRINE SYSTEMS CORPORATE CENTER [Peregrine Systems] for each day and every day that Substantial Completion occurs after September 30, 1999 (as such date may be adjusted for Excusable Delays) through and including October 7, 1999 (as such date may be adjusted for Excusable Delays) and, thereafter, with one (1) day of free Base Rent for each and every day that Substantial Completion occurs after October 7, 1999 delay beyond the Estimated Lease Commencement Date (as may be adjusted so adjusted) until the date of Substantial Completion or the date this Lease is terminated pursuant to Section 8.2 below. Such liquidated damages shall be paid within thirty (30) days after the end of each month of delay beyond the applicable Estimated Lease Commencement Date (as may be so adjusted). If Landlord fails to pay timely to Tenant the amount representing the liquidated damages owing and if Tenant obtains a final judgment against Landlord for Excusable Delays)such liquidated damages, and if Landlord fails to pay such judgment within thirty (30) days after the date such judgment is rendered, Tenant shall be entitled to offset such judgment against Base Rent payable by Tenant together with interest at the Interest Rate specified in Article 25 of the Lease from the date of expiration of said thirty (30) day period until the date of offset (up to a maximum offset each month of twenty percent (20%) of the Base Rent payable for such Building) until the full amount of such judgment (plus such interest) has been so offset. LANDLORD AND TENANT AGREE THAT TENANT'S ACTUAL DAMAGES IN THE EVENT OF A DELAY IN THE SUBSTANTIAL COMPLETION DATE BEYOND THE ESTIMATED LEASE COMMENCEMENT DATE (AS MAY BE ADJUSTED), WOULD BE EXTREMELY DIFFICULT OR IMPRACTICABLE TO DETERMINE AND THAT THE AMOUNTS DESIGNATED ABOVE AS LIQUIDATED DAMAGES PAYABLE BY LANDLORD TO TENANT IN SUCH EVENTS ARE EACH REASONABLE AMOUNTS TO BE SET AS DAMAGES FOR SUCH EVENTS UNDER THE CIRCUMSTANCES EXISTING AT THE TIME THIS LEASE HAS BEEN ENTERED INTO. IN CONSIDERATION OF THE PAYMENT OF LIQUIDATED DAMAGES, EXCEPT AS EXPRESSLY PROVIDED IN SECTION 8.2 BELOW, TENANT SHALL BE DEEMED TO HAVE WAIVED ALL OTHER CLAIMS FOR DAMAGES OR RELIEF AT LAW OR IN EQUITY DUE TO SUCH DELAY INCLUDING ANY RIGHTS TO SPECIFIC PERFORMANCE TENANT MAY OTHERWISE HAVE. Tenant: /s/ [IllegibleILLEGIBLE] Landlord: /s/ [Illegible] --------------------- ---------------------Xxxxxx X. Xxxxx ----------- ------------------