Common use of Subsequent Renovation Clause in Contracts

Subsequent Renovation. In addition to the Renovation Work to be performed by Lessee pursuant to Section 5.1, Lessee shall be required to complete an additional renovation of the Improvements during the remaining Term of the Lease in accordance with the terms and provisions of this Section 5.11 (the “Subsequent Renovation”). The construction of the Subsequent Renovation shall be commenced by Lessee by such date that is reasonably expected to facilitate the substantial completion of the Subsequent Renovation by not later than the twenty- third (23rd) anniversary of the Effective Date; provided, however, that Lessee shall not commence the construction of the Subsequent Renovation prior to the twentieth (20th) anniversary of the Effective Date. Lessee shall substantially complete the Subsequent Renovation by not later than the twenty-third (23rd) anniversary of the Effective Date. The Subsequent Renovation shall consist of such renovation and construction work as necessary to re-position the Improvements to then-current market conditions, including without limitation, the renovation of the Improvements to a condition and appearance commensurate with the design and quality of other comparable first-class residential apartment projects then existing in Marina del Rey; provided, however, that Lessee shall, at a minimum be required to expend for Subsequent Renovation costs permitted under the second paragraph of Section 5.12 below, not less than the full amount of the funds accumulated (or required to be accumulated, if such funds are not accumulated) in the Subsequent Renovation Fund pursuant to Section 5.12 below. Prior to the commencement of construction of the Subsequent Renovation, Lessee shall submit to Director a renovation plan for the Subsequent Renovation (the “Subsequent Renovation Plan”), which renovation plan shall (a) describe the proposed renovation work in reasonable detail, (b) include a design, governmental approval and construction schedule for the work described therein, (c) include a preliminary budget for all work costs, and (d) address such other matters as Director reasonably requests. The Subsequent Renovation Plan shall be submitted by Lessee to County not later than such date as, taking into consideration the approval periods described in this Section 5.11 and Section 5.3 above, and the estimated time required to obtain all necessary governmental approvals and permits, will reasonably be expected to permit the completion by Lessee of the Subsequent Renovation by the date required under this Section 5.11. Director shall have sixty (60) days after receipt of the Subsequent Renovation Plan within which to reasonably approve or disapprove the Subsequent Renovation Plan, or to approve the Subsequent Renovation Plan subject to conditions imposed by Director in Director’s reasonable judgment. Failure of Director to notify Lessee in writing of Director’s approval or disapproval of the Subsequent Renovation Plan shall be deemed Director’s disapproval of the Subsequent Renovation Plan. If Director disapproves the Subsequent Renovation Plan, then Director shall accompany such disapproval with (or notify Lessee, within thirty (30) days after any deemed disapproval, of) Director’s objections to the submission. Following any disapproval of the proposed Subsequent Renovation Plan, Lessee shall have the right to re-submit a revised Subsequent Renovation Plan to Director for Director’s approval pursuant to this Section 5.11. Upon Director’s approval of the Subsequent Renovation Plan, Lessee shall proceed to satisfy all conditions in this Article 5 to the commencement of the Subsequent Renovation and to commence and complete the Subsequent Renovation in accordance with the Subsequent Renovation Plan and the terms and conditions of this Article 5. The process for the submission and approval of the actual plans and specifications for the Subsequent Renovations shall proceed in accordance with the protocol for plan submission and approval set forth in Section 5.3 of this Lease, except that the schematic plan submittal requirements set forth in Subsection 5.3.1 shall not be applicable to the extent that the Subsequent Renovation Plan approved by Director satisfies the requirements of such Subsection 5.3.1. Lessee’s failure to comply with the schedule approved by Director as part of Subsequent Renovation Plan and/or to meet the construction commencement and completion deadlines pertaining to the Subsequent Renovation set forth in this Section 5.11 (except to the extent due to Force Majuere delay) shall, if not cured within the cure period set forth in Subsection 13.1.3, constitute an Event of Default. Any dispute as to whether Director has failed to exercise reasonable judgment in the approval or disapproval of the Subsequent Renovation Plan shall be submitted to arbitration pursuant to Article 16 of this Lease. If the arbitrator determines that Director failed to exercise reasonable judgment in the approval or disapproval of the Subsequent Renovation Plan and as a result thereof Lessee is delayed in the commencement or completion of the Subsequent Renovation by the required commencement or completion dates set forth in the first paragraph of this Section 5.11, then the required dates for the commencement and completion of such Subsequent Renovation shall be extended by the duration of the delay caused by Director’s failure to reasonably approve the Subsequent Renovation Plan, provided that the required dates for the commencement and completion of the Subsequent Renovation shall not be extended beyond the dates reasonably required for the commencement and completion by Lessee of the Subsequent Renovation.

Subsequent Renovation. In addition to the Renovation Work to be performed by Lessee pursuant to Section 5.1, Lessee shall be required to complete an additional renovation of the Improvements during the remaining Term of the Lease in accordance with the terms and provisions of this Section 5.11 (the “Subsequent Renovation”). The construction of the Subsequent Renovation shall be commenced by Lessee by such date that is reasonably expected to facilitate the substantial completion of the Subsequent Renovation by not later than the twenty- third (23rd) anniversary of the Effective Date; provided, however, that Lessee shall not commence the construction of the Subsequent Renovation prior to the twentieth (20th) anniversary of the Effective Date. Lessee shall substantially complete the Subsequent Renovation by not later than the twenty-third (23rd) anniversary of the Effective Date. The Subsequent Renovation shall consist of such renovation and construction work as necessary to re-position the Improvements to then-current market conditions, including without limitation, the renovation of the Improvements to a condition and appearance commensurate with the design and quality of other comparable first-class residential apartment projects then existing in Marina del Rey; provided, however, that Lessee shall, at a minimum be required to expend for Subsequent Renovation costs permitted under the second paragraph of Section 5.12 below, not less than the full amount of the funds accumulated (or required to be accumulated, if such funds are not accumulated) in the Subsequent Renovation Fund pursuant to Section 5.12 below. Prior to the commencement of construction of the Subsequent Renovation, Lessee shall submit to Director a renovation plan for the Subsequent Renovation (the “Subsequent Renovation Plan”), which renovation plan shall (a) describe the proposed renovation work in reasonable detail, (b) include a design, governmental approval and construction schedule for the work described therein, (c) include a preliminary budget for all work costs, and (d) address such other matters as Director reasonably requests. The Subsequent Renovation Plan shall be submitted by Lessee to County not later than such date as, taking into consideration the approval periods described in this Section 5.11 and Section 5.3 above, and the estimated time required to obtain all necessary governmental approvals and permits, will reasonably be expected to permit the completion by Lessee of the Subsequent Renovation by the date required under this Section 5.11. Director shall have sixty (60) days after receipt of the Subsequent Renovation Plan within which to reasonably approve or disapprove the Subsequent Renovation Plan, or to approve the Subsequent Renovation Plan subject to conditions imposed by Director in Director’s reasonable judgment. Failure of Director to notify Lessee Xxxxxx in writing of Director’s approval or disapproval of the Subsequent Renovation Plan shall be deemed Director’s disapproval of the Subsequent Renovation Plan. If Director disapproves the Subsequent Renovation Plan, then Director shall accompany such disapproval with (or notify LesseeXxxxxx, within thirty (30) days after any deemed disapproval, of) Director’s objections to the submission. Following any disapproval of the proposed Subsequent Renovation Plan, Lessee shall have the right to re-submit a revised Subsequent Renovation Plan to Director for Director’s approval pursuant to this Section 5.11. Upon Director’s approval of the Subsequent Renovation Plan, Lessee Xxxxxx shall proceed to satisfy all conditions in this Article 5 to the commencement of the Subsequent Renovation and to commence and complete the Subsequent Renovation in accordance with the Subsequent Renovation Plan and the terms and conditions of this Article 5. The process for the submission and approval of the actual plans and specifications for the Subsequent Renovations shall proceed in accordance with the protocol for plan submission and approval set forth in Section 5.3 of this Lease, except that the schematic plan submittal requirements set forth in Subsection 5.3.1 shall not be applicable to the extent that the Subsequent Renovation Plan approved by Director satisfies the requirements of such Subsection 5.3.1. LesseeXxxxxx’s failure to comply with the schedule approved by Director as part of Subsequent Renovation Plan and/or to meet the construction commencement and completion deadlines pertaining to the Subsequent Renovation set forth in this Section 5.11 (except to the extent due to Force Majuere delay) shall, if not cured within the cure period set forth in Subsection 13.1.3, constitute an Event of Default. Any dispute as to whether Director has failed to exercise reasonable judgment in the approval or disapproval of the Subsequent Renovation Plan shall be submitted to arbitration pursuant to Article 16 of this Lease. If the arbitrator determines that Director failed to exercise reasonable judgment in the approval or disapproval of the Subsequent Renovation Plan and as a result thereof Lessee is delayed in the commencement or completion of the Subsequent Renovation by the required commencement or completion dates set forth in the first paragraph of this Section 5.11, then the required dates for the commencement and completion of such Subsequent Renovation shall be extended by the duration of the delay caused by Director’s failure to reasonably approve the Subsequent Renovation Plan, provided that the required dates for the commencement and completion of the Subsequent Renovation shall not be extended beyond the dates reasonably required for the commencement and completion by Lessee of the Subsequent Renovation.

Subsequent Renovation. In addition to the Renovation Redevelopment Work to be performed by Lessee pursuant to Section 5.1, Lessee shall be required to complete an additional renovation of the Improvements during the remaining Term of the Lease in accordance with the terms and provisions of this Section 5.11 (the “Subsequent Renovation”). The construction of the Subsequent Renovation shall be commenced by Lessee by such date that is as will reasonably expected to facilitate permit the substantial completion of the Subsequent Renovation by not later than the twenty- third (23rd) anniversary of the Effective DateDecember 31, 2045; provided, however, however that Lessee shall not commence the construction of the Subsequent Renovation prior to the twentieth (20th) anniversary of the Effective DateJanuary 1, 2042. Lessee shall substantially complete the Subsequent Renovation by not later than the twenty-third (23rd) anniversary of the Effective DateDecember 31, 2045. The Subsequent Renovation shall consist of such renovation and construction work as necessary to re-position revitalize and upgrade the Improvements to then-current market conditions, including without limitationexterior, the renovation common areas (both exterior and interior) and the landscaping of the Landside Improvements to a condition and appearance commensurate with the design and quality at least equal to that of other comparable first-class residential apartment retail and commercial projects then existing recently constructed or being constructed in Marina del Rey; provided, however, that Lessee shall, at a minimum be required to expend for Subsequent Renovation costs permitted under the second paragraph of Section 5.12 below, not less than the full amount of the funds accumulated (or required to be accumulated, if such funds are not accumulated) in the Subsequent Renovation Fund pursuant to Section 5.12 below. Prior to the commencement of construction of the Subsequent Renovation, Lessee shall submit to Director a renovation plan for the Subsequent Renovation (the “Subsequent Renovation Plan”), which renovation plan shall (a) describe the proposed renovation work in reasonable detailsuch detail as reasonably requested by Director, (b) include a design, governmental approval and construction schedule for the work described therein, (c) include a preliminary budget for all work costs, and (d) address such other matters as Director reasonably requests. The Subsequent Renovation Plan shall be submitted by Lessee to County not later than such date as, taking into consideration the approval periods described in this Section 5.11 and Section 5.3 above, and the estimated time required to obtain all necessary governmental approvals and permits, will reasonably be expected to permit the completion by Lessee of the Subsequent Renovation by the date required under this Section 5.11. Director shall have sixty (60) days after receipt of the Subsequent Renovation Plan within which to reasonably approve or disapprove the Subsequent Renovation Plan, or to approve the Subsequent Renovation Plan subject to conditions imposed by Director in Director’s reasonable judgment. Failure of Director to notify Lessee in writing of Director’s approval or disapproval of the Subsequent Renovation Plan shall be deemed Director’s disapproval of the Subsequent Renovation Plan. If Director disapproves the Subsequent Renovation Plan, then Director shall accompany such disapproval with (or notify Lessee, within thirty (30) days after any deemed disapproval, of) Director’s objections to the submission. Following any disapproval of the proposed Subsequent Renovation Plan, Lessee shall have the right to re-submit a revised Subsequent Renovation Plan to Director for Director’s approval pursuant to this Section 5.11. Upon Director’s approval of the Subsequent Renovation Plan, Lessee shall proceed to satisfy all conditions in this Article 5 to the commencement of the Subsequent Renovation and to commence and complete the Subsequent Renovation in accordance with the Subsequent Renovation Plan and the terms and conditions of this Article 5. The process for the submission and approval of the actual plans and specifications for the Subsequent Renovations shall proceed in accordance with the protocol for plan submission and approval set forth in Section 5.3 of this Lease, except that the schematic plan submittal requirements set forth in Subsection 5.3.1 shall not be applicable to the extent that the Subsequent Renovation Plan approved by Director satisfies the requirements of such Subsection 5.3.1. Lessee’s failure to comply with the schedule approved by Director as part of Subsequent Renovation Plan and/or to meet the construction commencement and completion deadlines pertaining to the Subsequent Renovation set forth in this Section 5.11 (except to the extent due to Force Majuere delay) shall, if not cured within the cure period set forth in Subsection 13.1.3, constitute an Event of Default. Any dispute as to whether Director has failed to exercise reasonable judgment in the approval or disapproval of the Subsequent Renovation Plan shall be submitted to arbitration pursuant to Article 16 of this Lease. If the arbitrator determines that Director failed to exercise reasonable judgment in the approval or disapproval of the Subsequent Renovation Plan and as a result thereof Lessee is delayed in the commencement or completion of the Subsequent Renovation by the required commencement or completion dates set forth in the first paragraph of this Section 5.11, then the required dates for the commencement and completion of such Subsequent Renovation shall be extended by the duration of the delay caused by Director’s failure to reasonably approve the Subsequent Renovation Plan, provided that the required dates for the commencement and completion of the Subsequent Renovation shall not be extended beyond the dates reasonably required for the commencement and completion by Lessee of the Subsequent Renovation.and

Subsequent Renovation. In addition to the Renovation Redevelopment Work to be performed by Lessee pursuant to Section 5.1, Lessee shall be required to complete an additional a renovation of the Improvements during the remaining Term of the Lease in accordance with the terms and provisions of this Section 5.11 (the “Subsequent Renovation”). The construction of the Subsequent Renovation shall be commenced by Lessee not earlier than January 1, 2035 and completed by such date that is reasonably expected to facilitate the substantial completion of the Subsequent Renovation by Lessee not later than the twenty- third (23rd) anniversary of the Effective Date; providedDecember 31, however, that Lessee shall not commence the construction of the Subsequent Renovation prior to the twentieth (20th) anniversary of the Effective Date. Lessee shall substantially complete the Subsequent Renovation by not later than the twenty-third (23rd) anniversary of the Effective Date2039. The Subsequent Renovation shall consist of such renovation and construction work as necessary to re-position revitalize and upgrade the Improvements to then-current market conditions, including without limitationexterior areas, the renovation building exterior, the common areas and the landscaping of the Landside Improvements to a condition and appearance commensurate with the design other recently constructed or renovated boat repair, small craft anchorage, boat-related storage and quality of other marine-related office improvements located in comparable first-class residential apartment projects then existing marinas in Marina del Rey; provided, however, that California. Lessee shall, at a minimum shall be required to expend for hard and soft costs on the design, permitting and construction of the Subsequent Renovation costs permitted under the second paragraph of Section 5.12 below, in an amount not less than the full amount of the funds accumulated (or Renovation Fund required to be accumulatedfunded by Lessee under Section 5.12 below (or substitute arrangement referenced in such Section 5.12), if but the amount of such funds are not accumulated) in Renovation Fund shall be merely the minimum required cost of the Subsequent Renovation and shall not limit Lessee’s obligation to satisfy the requirements for the Subsequent Renovation described herein. Soft costs expended from the Renovation Fund pursuant shall be subject to the same limitations and restrictions as set forth in Section 5.12 below5.1 with respect to the soft costs includable to satisfy the Minimum Development Cost with respect to the Redevelopment Work. Prior to the commencement of construction of the Subsequent Renovation, Lessee shall submit to Director a renovation plan for the Subsequent Renovation (the “Subsequent Renovation Plan”), which renovation plan shall (a) describe the proposed renovation work in reasonable detailsuch detail as reasonably requested by Director, (b) include a design, governmental approval and construction schedule for the work described therein, (c) include a preliminary budget for all work costs, and (d) address such other matters as Director reasonably requests. The Subsequent Renovation Plan shall be submitted by Lessee to County not later than such date as, taking into consideration the approval periods described in this Section 5.11 and Section 5.3 above, and the estimated time required to obtain all necessary governmental approvals and permits, will reasonably be expected to permit the completion by Lessee of the Subsequent Renovation by the date required under this Section 5.11. Director shall have sixty (60) days after receipt of the Subsequent Renovation Plan within which to reasonably approve or disapprove the Subsequent Renovation Plan, or to approve the Subsequent Renovation Plan subject to conditions imposed by Director in Director’s reasonable judgment. Failure of Director to notify Lessee in writing of Director’s approval or disapproval of the Subsequent Renovation Plan shall be deemed Director’s disapproval of the Subsequent Renovation Plan. If Director disapproves the Subsequent Renovation Plan, then Director shall accompany such disapproval with (or notify Lessee, within thirty (30) days after any deemed disapproval, of) Director’s objections to the submission. Following any disapproval of the proposed Subsequent Renovation Plan, Lessee shall have the right to re-submit a revised Subsequent Renovation Plan to Director for Director’s approval pursuant to this Section 5.11. Upon Director’s approval of the Subsequent Renovation Plan, Lessee shall proceed to satisfy all conditions in this Article 5 to the commencement of the Subsequent Renovation and to commence and complete the Subsequent Renovation in accordance with the Subsequent Renovation Plan and the terms and conditions of this Article 5. The process for the submission and approval of the actual plans and specifications for the Subsequent Renovations shall proceed in accordance with the protocol for plan submission and approval set forth in Section 5.3 of this Lease, except that the schematic plan submittal requirements set forth in Subsection 5.3.1 shall not be applicable to the extent that the Subsequent Renovation Plan approved by Director satisfies the requirements of such Subsection 5.3.1. Lessee’s failure to comply with the schedule approved by Director as part of Subsequent Renovation Plan and/or to meet the construction commencement and completion deadlines pertaining to the Subsequent Renovation set forth in this Section 5.11 (except to the extent due to Force Majuere delay) shall, if not cured within the cure period set forth in Subsection 13.1.3, constitute an Event of Default. Any dispute as to whether Director has failed to exercise reasonable judgment in the approval or disapproval of the Subsequent Renovation Plan shall be submitted to arbitration pursuant to Article 16 of this Lease. If the arbitrator determines that Director failed to exercise reasonable judgment in the approval or disapproval of the Subsequent Renovation Plan and as a result thereof Lessee is delayed in the commencement or completion of the Subsequent Renovation by the required commencement or completion dates set forth in the first paragraph of this Section 5.11, then the required dates for the commencement and completion of such Subsequent Renovation shall be extended by the duration of the delay caused by Director’s failure to reasonably approve the Subsequent Renovation Plan, provided that the required dates for the commencement and completion of the Subsequent Renovation shall not be extended beyond the dates reasonably required for the commencement and completion by Lessee of the Subsequent Renovation.and