Monthly Draw Requests. 1 Subcontractor shall submit monthly draw requests on the enclosed “Subcontractor Application for Payment Form” no later than the 20th of each month. Invoices not received by this deadline will be processed the following month. All draw requests shall be on a percentage of completion basis on pre-approved schedule of values.
Monthly Draw Requests. Payments by Owner of the Owner’s Cost Allocation for the Horizontal Project shall be requested by Developer in accordance with the procedures set forth in this Section 6.01(b). During the design, development and construction of any aspect of the Work intended by the parties to be funded in whole or in part with the Owner’s Cost Allocation (the “Eligible Work”), on or prior to the tenth (10th) business day of each calendar month, Developer shall submit to Owner (i) a copy of a draw request in a form that is mutually and reasonably acceptable to Owner and Developer (provided the parties agree that any commercially reasonable draw request form required by any lender(s) providing financing for the construction and development of the Horizontal Project shall be an accepted form)(such request, the “Monthly Draw Request”); (ii) the certifications, if and as applicable and appropriate for the requested Monthly Draw Request, of Developer or the Contractor with respect to the Eligible Work (each a “Certification” and collectively, the “Certifications”), respectively, in commercially reasonable forms and as appropriate for each of such parties’ role in completing the Eligible Work; (iii) for each other Major Subcontractor, Other Contractor, Consultant, subcontractor or materialman to be paid from the requested draw, an invoice from such party displaying the name, address and telephone number of such party, the amount owed to such party and, if applicable, the description of the Eligible Work performed by such party; (iv) when applicable during construction, unconditional lien releases executed by the Contractor and all Major Subcontractors, Other Contractors, Consultants, subcontractors, or materialmen as to amounts received by such parties pursuant to the immediately preceding Monthly Draw Request;
Monthly Draw Requests. During the course of design and construction of the Landlord Improvements, Landlord shall deliver to Tenant on or before the tenth (10th) of each calendar month a Draw Request for the costs then billed for the applicable Landlord Improvements as of the date of such Draw Request. Tenant shall have ten (10) days from the date of delivery of a Draw Request to object to such Draw Request by delivering to Landlord within such ten (10) day period a written objection letter (a “DR Objection Letter”) with a detailed summary of the items in question and the basis for Tenant’s objection. The failure of Tenant to object to any Draw Request within ten (10) days after the date of such Draw Request is delivered to Tenant shall be deemed an approval by Tenant of such Draw Request and Tenant’s approval of the Project Costs set forth therein. Upon the timely delivery to Landlord of a DR Objection Letter, Landlord and Tenant shall use commercially reasonable efforts to work expeditiously in good faith to come to an agreement regarding the items described in the DR Objection Letter. Notwithstanding anything to the contrary contained in this Section, Tenant shall only have the right to object to items which are not consistent with the then current Project Budget. Nothing contained herein shall be deemed to prohibit Landlord from paying any Draw Request, whether or not approved by Tenant; provided, however, such payment shall not waive any objections of Tenant raised in a DR Objection Letter. If Landlord and Tenant are not able to reach agreement regarding the items described in the DR Objection Letter within ten (10) days after delivery of such DR Objection Letter, then Tenant may submit the disagreement to dispute resolution in accordance with Section 11(d) below, and Tenant’s failure to submit such matter to dispute resolution within twenty (20) days after delivery of such DR Objection Letter shall be deemed waiver of the matters raised by such DR Objection Letter.
Monthly Draw Requests. Tenant will be responsible for Tenant’s Contribution. During the construction of the Tenant Improvements, Landlord will submit monthly draw requests to Tenant and Tenant shall make monthly disbursements in accordance with this Section. On or before the first day of each calendar month during the construction of the Tenant Improvements (or such other date as Landlord may designate), Landlord shall deliver to Tenant a request for payment detailing the relevant portion of the Tenant’s Contribution then due. Within ten (10) business days after Tenant’s receipt of the applicable payment request, Tenant will reimburse Landlord for the relevant portion of the Tenant’s Contribution, provided that in no event shall Tenant owe more than the Conditional Cost Cap (which Conditional Cost Cap is subject to increase in the event of a Tenant Cost Change).
