Common use of Preliminary Budget Clause in Contracts

Preliminary Budget. Landlord shall retain a third-party general contractor for the construction of the Tenant Improvements. Tenant shall have the right to approve the fee for the general contractor and the general conditions of the construction contract between Landlord and Contractor for the construction of the Tenant Improvements, which approval shall not be unreasonably withheld or delayed. Ten (10) days after approval by Landlord and Tenant of Preliminary Plans, Contractor shall prepare a preliminary budget for the Tenant Improvements based upon the approved Preliminary Plans, which Contractor shall submit to Tenant for its review and approval. Within five (5) days after Tenant's receipt of the preliminary budget, Tenant shall either approve or disapprove the preliminary budget. If Tenant reasonably rejects such preliminary budget, Tenant shall, within five (5) days of Tenant's delivery of a written rejection notice to Landlord, require Architect to revise the Preliminary Plans to reduce the cost of the Tenant Improvements. Following Tenant's instructions to the Architect, Landlord and Tenant shall again follow the procedures set forth in Section 2.2.1 and this Section 2.2.2 with respect to the approval of the Preliminary Plans and to the submission and approval of the preliminary budget from Contractor.

Preliminary Budget. Landlord shall retain a third-party contractor ("Contractor") as the general contractor for the construction of the Tenant Improvements. Tenant shall have the right to approve the fee for the general contractor and the general conditions of the construction contract between Landlord and Contractor for the construction of the Tenant Improvements, which approval shall not be unreasonably withheld or delayed; provided, however, that Tenant shall have no right to disapprove such construction contract if such construction contract substantially conforms with the applicable AIA form contract and general conditions. Ten (10) days after approval by Landlord and Tenant of the Preliminary Plans, Contractor shall prepare a preliminary budget for the Tenant Improvements based upon the approved Preliminary Plans, which Contractor shall submit to Tenant for its review and approval. Within five three (53) days after Tenant's receipt of the preliminary budget, Tenant shall either approve or disapprove the preliminary budget. If Tenant reasonably rejects such preliminary budget, Tenant shall, within five (5) days of Tenant's delivery of a written rejection notice to Landlord, require Architect to revise the Preliminary Plans to reduce the cost of the Tenant Improvements. Following Tenant's instructions to the Architect, Landlord and Tenant shall again follow the procedures set forth in Section Paragraph 2.2.1 and this Section 2.2.2 with respect to the approval of the Preliminary Plans and to the submission and approval of the preliminary budget from ContractorParagraph 2.

Preliminary Budget. Landlord shall retain a third-party contractor ------------------ ("Contractor") as the general contractor for the construction of the Tenant ------------ Improvements. Tenant shall have the right to approve the fee for the general contractor and the general conditions of the construction contract between Landlord and Contractor for the construction of the Tenant Improvements, which approval shall not be unreasonably withheld or delayed; provided, however, that Tenant shall have no right to disapprove such construction contract if such construction contract substantially conforms with the applicable AIA form contract and general conditions. Ten (10) days after approval by Landlord and Tenant of the Preliminary Plans, Contractor shall prepare a preliminary budget for the Tenant Improvements based upon the approved Preliminary Plans, which Contractor shall submit to Tenant for its review and approval. Within five three (53) days after Tenant's receipt of the preliminary budget, Tenant shall either approve or disapprove the preliminary budget. If Tenant reasonably rejects such preliminary budget, Tenant shall, within five (5) days of Tenant's delivery of a written rejection notice to Landlord, require Architect to revise the Preliminary Plans to reduce the cost of the Tenant Improvements. Following Tenant's instructions to the Architect, Landlord and Tenant shall again follow the procedures set forth in Section Paragraph 2.2.1 and this Section 2.2.2 with respect to the approval of the Preliminary Plans and to the submission and approval of the preliminary budget from ContractorParagraph 2.

Preliminary Budget. Landlord shall retain a third-party general contractor for cause the construction of the Tenant Improvements. Tenant shall have the right Contractor to approve the fee for the general contractor prepare and the general conditions of the construction contract between Landlord and Contractor for the construction of the Tenant Improvements, which approval shall not be unreasonably withheld or delayed. Ten (10) days after approval by submit to Landlord and Tenant of Preliminary Plans, Contractor shall prepare a preliminary budget for the Tenant Improvements based upon the approved Preliminary PlansDirected Improvements, which Contractor Landlord shall review and revise as Landlord determines is appropriate to reduce the cost of Tenant Directed Improvements, and then submit to Tenant for its review and approval. Within five (5) business days after TenantXxxxxx's receipt of the preliminary budget, Tenant shall either approve or disapprove the preliminary budget. If Tenant reasonably rejects such disapproves the preliminary budget, Tenant shallshall provide Landlord with comments to the preliminary budget, within five (5) days of Tenant's delivery of a written rejection notice to Landlordfollowing which, require Landlord shall work with the Architect to revise the Preliminary Plans to reduce the cost of the Tenant ImprovementsDirected Improvements and cause to be submitted a revised preliminary budget to Tenant within twenty (20) business days after receipt of Tenant’s comments. Following Tenant will notify Landlord of Tenant's instructions ’s approval or disapproval of the revised preliminary budget within five (5) business days. The approved preliminary budget is referred to herein as the Architect, “Approved Preliminary Budget.” Landlord and Tenant shall again follow the procedures set forth in Section 2.2.1 and this Section 2.2.2 1.2.1 above with respect to the approval of the Preliminary Plans and to the submission and approval of the preliminary budget from Contractor. Within ten (10) business days after the Tenant’s approval of the Approved Preliminary Budget, Tenant shall deliver to Landlord cash in an amount equal to one hundred percent (100%) of the amount of the (i) total “soft costs” and (ii) hard costs for certain long lead-time items, as reasonably determined by Landlord and Tenant, each as included in the Approved Preliminary Budget, which Landlord shall use to pay for all of the soft costs and hard costs related to long lead-time items, as applicable, and fees related to the Tenant Directed Improvements until such time as Tenant Pays Landlord the amount of the Approved Cost Estimate (less any amounts related to the Approved Preliminary Budget held by Landlord) in in accordance with Section 2.2 below.

Preliminary Budget. Landlord shall retain a thirdWithin the time period specified in the Sub-party general contractor Phase Final Schedule for the construction of the Tenant Improvements. Tenant shall have the right to approve the fee applicable Sub-Phase for the general contractor and the general conditions of the construction contract between Landlord and Contractor for the construction of the Tenant Improvements, which approval shall not be unreasonably withheld or delayed. Ten (10) days after approval by Landlord and Tenant of the Preliminary PlansPlans for each Sub-Phase, Landlord shall cause the Contractor shall to prepare and submit to Landlord and Tenant a preliminary budget for the Tenant Improvements for each Sub-Phase based upon the approved Preliminary Plans, which Contractor Landlord shall review and revise as Landlord determines is appropriate to reduce the cost of Tenant Improvements, and then submit to Tenant for its review and approval. Within five (5) business days after TenantXxxxxx's receipt of the preliminary budgetbudget for each Sub-Phase, Tenant shall either approve or disapprove the preliminary budget. If Tenant reasonably rejects such disapproves the preliminary budget for each Sub-Phase, Tenant shall provide Landlord with comments to the preliminary budget, Tenant shallfollowing which, within five (5) days of Tenant's delivery of a written rejection notice to Landlord, require Landlord shall work with the Architect to revise the Preliminary Plans to reduce the cost of the Tenant ImprovementsImprovements and cause to be submitted a revised preliminary budget to Tenant within twenty (20) business days after receipt of Tenant’s comments. Following Tenant will notify Landlord of Tenant's instructions to ’s approval or disapproval of the Architect, revised preliminary budget within five (5) business days. Landlord and Tenant (i) shall again follow the procedures set forth in Section 2.2.1 and this Section 2.2.2 above with respect to the approval of the Preliminary Plans for such Sub-Phase and to the submission and approval of the preliminary budget from ContractorContractor and (ii) the period between the date of Tenant’s reasonable disapproval and the eventual mutual approval of such Preliminary Plans shall constitute a Tenant Delay (as defined below) with respect to such Sub-Phase provided that Landlord provides Tenant with notice via email to Tenant’s Representative that delay in approval of the Preliminary Plans may cause an actual delay in the delivery of the applicable Sub-Phase.

Preliminary Budget. Landlord shall retain a third-party has retained Devcon ------------------ Construction ("Contractor") as the general contractor for the construction of ---------- the Tenant Improvements. Tenant shall have the right to approve the fee for the general contractor and the general conditions of the construction contract between Landlord and Contractor for the construction of the Tenant Improvements, which approval shall not be unreasonably withheld or delayed; provided, however, that Tenant shall have no right to disapprove such construction contract if such construction contract substantially conforms with the applicable AIA form contract and general conditions. Ten (10) days after approval by Landlord and Tenant of the Preliminary Plans, Contractor shall prepare a preliminary budget for the Tenant Improvements based upon the approved Preliminary Plans, which Contractor shall submit to Tenant for its review and approval. Within five three (53) days after Tenant's receipt of the preliminary budget, Tenant shall either approve or disapprove the preliminary budget. If Tenant reasonably rejects such preliminary budget, Tenant Landlord shall, within five (5) days of Landlord's receipt of Tenant's delivery of a written rejection notice to Landlordnotice, require Architect to revise the Preliminary Plans to reduce the cost of the Tenant Improvements. Following TenantLandlord's instructions to the Architect, Landlord and Tenant shall again follow the procedures set forth in Section Paragraph 2.2.1 and this Section 2.2.2 with respect to the approval of the Preliminary Plans and to the submission and approval of the preliminary budget from Contractor.--------------- Paragraph