Common use of Tenant Improvement Payments Clause in Contracts

Tenant Improvement Payments. A. The District shall pay the Contractor monthly Tenant Improvement Payments in a sum equal to ninety-five percent (95%) on the scheduled value of the Tenant Improvements performed up to the last day of the previous month. If all the necessary information is submitted and accurate (including the schedule of values), District shall approve the Tenant Improvement Payments within fifteen (15) days after District’s receipt of the periodic estimate for partial payment and District shall pay such payments within thirty (30) days after District’s approval of the periodic estimate for the partial payment. Sublease Payments pursuant to the Sublease, including finance charges, are an independent payment obligation of the District from Tenant Improvement Payments. Tenant Improvement Payments shall be made on the basis of monthly estimates which shall be prepared by Contractor on a form approved by District and certified by Architect and Project Inspector, or any other approved representative of District, and filed before the fifth day of the month during which payment is to be made. Work completed as estimated shall be an estimate only and no inaccuracy or error in said estimate shall release Contractor or any bondsman from such work or from enforcing each and every provision of this Construction Services Agreement and District shall have the right subsequently to correct any error made in any estimate for payment. Contractor shall not be entitled to have any payment estimates processed or be entitled to have any payment made for work performed so long as any lawful or proper direction concerning non-complying work or any portion thereof given by District lacks correction by Contractor. District shall withhold from the Tenant Improvement Payments one hundred fifty percent (150%) of the estimated value of non-complying work unless satisfactorily corrected or remedied.

Tenant Improvement Payments. A. The As further set forth in Section 12 of the General Conditions, each month while Contractor is providing construction services, District shall pay the Contractor monthly Tenant Improvement Payments in a sum equal to ninety-five percent (95%) on the scheduled value of the Tenant Improvements Work performed up to through the last day of the prior month, less the aggregate of previous month. If all payments, less the necessary information Lease Payments due for that month as shall be shown on Exhibit D, less the Lease Payments due after the Work is submitted Complete (5%) which shall be shown on Exhibit D, and accurate less retention (including 5%) (the schedule of values), District shall approve the Tenant Improvement Payments within fifteen (15) days after District’s receipt of the periodic estimate for partial payment and District shall pay such payments within thirty (30) days after District’s approval of the periodic estimate for the partial payment. Sublease Payments pursuant to the Sublease, including finance charges, are an independent payment obligation of the District from "Tenant Improvement Payments"). Tenant Improvement Payments shall be made on not exceed estimates of the basis value of monthly estimates Work completed which shall be prepared by Contractor on a form approved by District and certified by the Architect and District's Project Inspector, or Inspector and any other approved representative of District, and filed before the fifth (5th) day of the month during which payment is subsequently to be made. Work completed as estimated shall be an estimate only and no inaccuracy or error in said estimate shall release Contractor or any bondsman surety from responsibility for the satisfactory performance of such work Work or from enforcing each and every provision of this Construction Services Agreement and the Contract Documents. District shall have the right subsequently to correct any error made in any estimate for payment. Contractor shall not be entitled to have any payment estimates processed or be entitled to have any payment made for work Work performed so long as District, or any of the public agencies with jurisdiction, has not accepted or waived compliance with any lawful or proper direction concerning non-complying work Work or any portion thereof given by District lacks correction by Contractorthereof. District shall may withhold from the Tenant Improvement Payments one hundred fifty percent (150%) of the estimated value of non-complying work disputed amounts pursuant to Section 12.06 of the General Conditions, as determined by District, unless satisfactorily corrected or remediedremedied to District’s satisfaction. To the extent a Tenant Improvement Payment is made that is less than the stated amount, the balance may be added to the next scheduled Tenant Improvement Payment. Payment of Tenant Improvement Payments and retention on such payments shall be as set forth in the Contract Documents.

Tenant Improvement Payments. A. The District shall pay the Contractor monthly Tenant Improvement Payments in a sum equal to ninety-five percent (95%) on the scheduled value of the Tenant Improvements performed up to the last day of the previous month. If all the necessary information is submitted and accurate (including the schedule of values), District shall approve the Tenant Improvement Payments within fifteen (15) days after District’s receipt of the periodic estimate for partial payment and District shall pay such payments within thirty (30) days after District’s approval of the periodic estimate for the partial payment. Sublease Payments pursuant to the Sublease, including finance charges, are an independent payment obligation of the District from Tenant Improvement Payments. Tenant Improvement Payments shall be made on the basis of monthly estimates which shall be prepared by Contractor on a form approved by District and certified by Architect and Project Inspector, or any other approved representative of District, and filed before the fifth day of the month during which payment is to be made. Work completed as estimated shall be an estimate only and no inaccuracy or error in said estimate shall release Contractor or any bondsman from such work or from enforcing each and every provision of this Construction Services Agreement and District shall have the right subsequently to correct any error made in any estimate for payment. Contractor shall not be entitled to have any payment estimates processed or be entitled to have any payment made for work performed so long as any lawful or proper direction concerning non-complying work or any portion thereof given by District lacks correction by Contractor. District shall withhold from the Tenant Improvement Payments one hundred fifty percent (150%) of the estimated value of non-non- complying work unless satisfactorily corrected or remedied.

Tenant Improvement Payments. A. The District shall pay District's and/or the Architect's acceptance of any payment request and estimate delivered by Contractor monthly Tenant Improvement Payments in a sum equal to ninety-five percent (95%) on the scheduled value of the Tenant Improvements performed up to the last day of the previous month. If all the necessary information is submitted and accurate (including the schedule of values), District shall approve the Tenant Improvement Payments within fifteen (15) days after District’s receipt of the periodic estimate for partial payment and District shall pay such payments within thirty (30) days after District’s approval of the periodic estimate for the partial payment. Sublease Payments pursuant to the SubleaseSection 12.02 hereof, including finance charges, are an independent payment obligation of the District from Tenant Improvement Payments. Tenant Improvement Payments shall be made on the basis of monthly estimates which shall be prepared by Contractor on a form approved by District and certified by Architect and Project Inspector, or any other approved representative of District, and filed before the fifth day of the month during which payment is to be made. Work completed as estimated shall be an estimate only and no inaccuracy or error in said estimate shall not release Contractor or any bondsman surety from responsibility for the satisfactory performance of such work or Work and shall not prevent District from enforcing each and every provision of the General Construction Provisions (the Project Manual, Exhibit B to this Construction Services Agreement and Facilities Lease). District shall have the right subsequently to correct any error made in any estimate for payment. Contractor shall not be entitled to have any payment estimates requests processed or be entitled to have any payment made for work Work performed so long as District, Architect or any of the public agencies with jurisdiction has not accepted or waived compliance with any lawful or proper direction concerning non-complying work Work or any portion thereof given by District lacks correction by Contractorthereof. District shall may withhold from the Tenant Improvement Payments one hundred fifty percent (150%) of the estimated value of non-complying work disputed amounts pursuant to Section 12.06 of the General Conditions, as determined by District, unless satisfactorily and until such Work is corrected or remedied.remedied to District’s reasonable satisfaction. Failure of District to make any Tenant Improvement Payments (unless properly withheld by District under this Facilities Lease, Site Lease or the provisions found herein) as set forth shall be a Default under the Site Lease. District will pay Contractor the undisputed amount of each Tenant Improvement Payment, plus any Lease Payment within thirty (30) days after receipt of an undisputed and properly submitted payment request less the Lease Payment due for that month. If District fails to pay an undisputed payment within the allotted thirty

Tenant Improvement Payments. A. The District shall pay the District's acceptance of any payment request and estimate delivered by Contractor monthly Tenant Improvement Payments in a sum equal to ninety-five percent (95%) on the scheduled value of the Tenant Improvements performed up to the last day of the previous month. If all the necessary information is submitted and accurate (including the schedule of values), District shall approve the Tenant Improvement Payments within fifteen (15) days after District’s receipt of the periodic estimate for partial payment and District shall pay such payments within thirty (30) days after District’s approval of the periodic estimate for the partial payment. Sublease Payments pursuant to the SubleaseSection 12.02 hereof, including finance charges, are an independent payment obligation of the District from Tenant Improvement Payments. Tenant Improvement Payments shall be made on the basis of monthly estimates which shall be prepared by Contractor on a form approved by District and certified by Architect and Project Inspector, or any other approved representative of District, and filed before the fifth day of the month during which payment is to be made. Work completed as estimated shall be an estimate only and no inaccuracy or error in said estimate shall not release Contractor or any bondsman surety from responsibility for the satisfactory performance of such work or Work and shall not prevent District from enforcing each and every provision of the General Construction Provisions (the Project Manual, Exhibit B to this Construction Services Agreement and Facilities Lease). District shall have the right subsequently to correct any error made in any estimate for payment. Contractor shall not be entitled to have any payment estimates requests processed or be entitled to have any payment made for work Work performed so long as District or any of the public agencies with jurisdiction has not accepted or waived compliance with any lawful or proper direction concerning non-complying work Work or any portion thereof given by District lacks correction by Contractorthereof. District shall may withhold from the Tenant Improvement Payments one hundred fifty percent (150%) of the estimated value of non-complying work disputed amounts pursuant to Section 12.06 of the General Conditions, as determined by District, unless satisfactorily and until such Work is corrected or remedied.remedied to District’s reasonable satisfaction. Failure of District to make any Tenant Improvement Payments (unless properly withheld by District under this Facilities Lease, Site Lease or the provisions found herein) as set forth shall be a Default under the Site Lease. District will pay Contractor ninety percent (90%) of the undisputed amount of each Tenant Improvement Payment within thirty (30) days after receipt of an undisputed and properly submitted payment request less the Lease Payment due for that month. If District fails to pay an undisputed payment within the allotted thirty

Tenant Improvement Payments. A. The As further set forth in Section 12 of the General Conditions, each month while Contractor is providing construction services, District shall pay the Contractor monthly Tenant Improvement Payments in a sum equal to ninety-five ninety percent (9590%) on of the scheduled value of the Tenant Improvements Work performed up to through the last day of the prior month, less the aggregate of previous month. If all payments (the necessary information is submitted and accurate (including the schedule of values), District shall approve the Tenant Improvement Payments within fifteen (15) days after District’s receipt of the periodic estimate for partial payment and District shall pay such payments within thirty (30) days after District’s approval of the periodic estimate for the partial payment. Sublease Payments pursuant to the Sublease, including finance charges, are an independent payment obligation of the District from "Tenant Improvement Payments"). Five percent (5%) of the value of such work shall be held by the District as retention, and five percent (5%) shall be payable as Lease Payments after the Work is Complete. Tenant Improvement Payments shall be made on not exceed estimates of the basis value of monthly estimates Work completed which shall be prepared by Contractor on a form approved by District and certified by the Architect and District's Project Inspector, or Inspector and any other approved representative of District, and filed before the fifth (5th) day of the month during which payment is subsequently to be made. Work completed as estimated shall be an estimate only and no inaccuracy or error in said estimate shall release Contractor or any bondsman surety from responsibility for the satisfactory performance of such work Work or from enforcing each and every provision of this Construction Services Agreement and the Contract Documents. District shall have the right subsequently to correct any error made in any estimate for payment. Contractor shall not be entitled to have any payment estimates processed or be entitled to have any payment made for work Work performed so long as District, or any of the public agencies with jurisdiction, has not accepted or waived compliance with any lawful or proper direction concerning non-complying work Work or any portion thereof given by District lacks correction by Contractorthereof. District shall may withhold from the Tenant Improvement Payments one hundred fifty percent (150%) of the estimated value of non-complying work disputed amounts pursuant to Section 12.06 of the General Conditions, as determined by District, unless satisfactorily corrected or remediedremedied to District’s satisfaction. To the extent a Tenant Improvement Payment is made that is less than the stated amount, the balance may be added to the next scheduled Tenant Improvement Payment. Payment of Tenant Improvement Payments and retention on such payments shall be as set forth in the Contract Documents.

Tenant Improvement Payments. A. The District shall pay the Contractor monthly Tenant Improvement Payments in a sum equal to ninety-five ninety percent (9590%) on the scheduled value of the Tenant Improvements performed up to the last day of the previous month. If all the necessary information is submitted and accurate (including the schedule of values), District shall approve the Tenant Improvement Payments within fifteen (15) days after District’s receipt of the periodic estimate for partial payment and District shall pay such payments within thirty (30) days after District’s approval of the periodic estimate for the partial payment. Sublease Payments pursuant to the Sublease, including finance charges, are an independent payment obligation of the District from Tenant Improvement Payments. Tenant Improvement Payments shall be made on the basis of monthly estimates which shall be prepared by Contractor on a form approved by District and certified by Architect and Project Inspector, or any other approved representative of District, and filed before the fifth day of the month during which payment is to be made. Work completed as estimated shall be an estimate only and no inaccuracy or error in said estimate shall release Contractor or any bondsman from such work or from enforcing each and every provision of this Construction Services Agreement and District shall have the right subsequently to correct any error made in any estimate for payment. Contractor shall not be entitled to have any payment estimates processed or be entitled to have any payment made for work performed so long as any lawful or proper direction concerning non-complying work or any portion thereof given by District lacks correction by Contractor. District shall withhold from the Tenant Improvement Payments one hundred fifty percent (150%) of the estimated value of non-complying work unless satisfactorily corrected or remedied.

Tenant Improvement Payments. A. The District shall pay the Contractor monthly Tenant Improvement Payments in a sum equal to ninety-five percent (95%) on the scheduled value of the Tenant Improvements performed up to the last day of the previous month. If all the necessary information is submitted and accurate (including the schedule of values), District shall approve the Tenant Improvement Payments within fifteen (15) days after District’s receipt of the periodic estimate for partial payment and District shall pay such payments within thirty (30) days after District’s approval of the periodic estimate for the partial payment. Sublease Payments pursuant to the Sublease, including finance charges, are an independent payment obligation of the District from Tenant Improvement Payments. Tenant Improvement Payments shall be made on the basis of monthly estimates which shall be prepared by Contractor on a form approved by District and certified by Architect and Project Inspector, or any other approved representative of District, and filed before the fifth day of the month during which payment is to be made. Work completed as estimated shall be an estimate only and no inaccuracy or error in said estimate shall release Contractor or any bondsman from such work or from enforcing each and every provision of this Construction Services Agreement and District shall have the right subsequently to correct any error made in any estimate for payment. Contractor shall not be entitled to have any payment estimates processed or be entitled to have any payment made for work performed so long as any lawful or proper direction concerning non-complying work or any portion thereof given by District lacks correction by Contractor. District shall withhold from the Tenant Improvement Payments one hundred fifty percent (150%) of the estimated value of non-complying work unless satisfactorily corrected or remedied. B. In no event shall the cumulative total of the Sublease Payments (excluding finance charges), and Tenant Improvement Payments (including the balance of any anticipated retention), ever exceed the GMP as defined herein, unless modified pursuant to Section 9 of this Construction Services Agreement. C. Title to new materials and/or equipment shall vest in District on a continuous basis as payment for the work is made; provided, however, full title shall not vest in the District until full payment under the terms of the Sublease. Responsibility for such new materials and/or equipment shall remain with Contractor until incorporated into the Project and accepted by District. No part of said materials and/or equipment shall be removed from its place of storage except for immediate installation in the work of this Construction Services Agreement. Contractor shall keep an accurate inventory of all said materials and/or equipment in a manner satisfactory to District or its authorized representatives. D. District will pay Contractor Tenant Improvement Payments pursuant to the terms and conditions of this Section 21, which terms and conditions include five percent (5%) retention of each Tenant Improvement Payment ("retention"). Tenant Improvement Payments shall therefore consist of ninety percent (90%) of the scheduled value of work plus five percent (5%) of the scheduled value of work withheld for retention. District shall retain and release such retention pursuant to Public Contract Code sections 7107 and 9203, as those sections may be amended from time to time. The remaining five percent (5%) of the scheduled value of work shall comprise the Sublease Payments required to be made by District pursuant to Section 7 of the Sublease.

Tenant Improvement Payments. A. The As further set forth in Article 12 of the General Conditions, each month while Contractor is providing construction services, District shall pay the Contractor monthly Tenant Improvement Payments in a sum equal to ninety-five ninety percent (9590%) on of the scheduled value of the Tenant Improvements construction work performed up to on the last day of the prior month, less the aggregate of previous month. If all payments, and less Lease Payments (the necessary information is submitted and accurate (including the schedule of values), District shall approve the Tenant Improvement Payments within fifteen (15) days after District’s receipt of the periodic estimate for partial payment and District shall pay such payments within thirty (30) days after District’s approval of the periodic estimate for the partial payment. Sublease Payments pursuant to the Sublease, including finance charges, are an independent payment obligation of the District from “Tenant Improvement Payments”). Five percent (5%) of the value of such work shall be held by the District as retention, and five percent (5%) shall be payable as Lease Payments after the Work is Complete. Tenant Improvement Payments shall be made on not exceed estimates of the basis value of monthly estimates work completed which shall be prepared by Contractor on a form approved by District and certified by the Architect and District’s Project Inspector, or Inspector and any other approved representative of District, and filed before the fifth (5th) day of the month during which payment is to be made. Work completed as estimated shall be an estimate only and no inaccuracy or error in said estimate shall release Contractor or any bondsman surety from responsibility for the satisfactory performance of such work or from enforcing each and every provision of this Construction Services Agreement and the Contract Documents. District shall have the right subsequently to correct any error made in any estimate for payment. Contractor shall not be entitled to have any payment estimates processed or be entitled to have any payment made for work performed so long as District, or any of the public agencies with jurisdiction, has not accepted or waived compliance with any lawful or proper direction concerning non-complying work or any portion thereof given by District lacks correction by Contractorthereof. District shall may withhold from the Tenant Improvement Payments one hundred fifty percent (150%) of the estimated value of non-complying work work, as determined by District, unless satisfactorily corrected or remediedremedied to District’s satisfaction. To the extent a Tenant Improvement Payment is made that is less than the stated amount, the balance may be added to the next scheduled Tenant Improvement Payment. Payments for Tenant Improvements and retention on such payments shall be as set forth in the Contract Documents.

Tenant Improvement Payments. A. The District shall pay the Contractor monthly Tenant Improvement Payments in a sum equal to ninety-five ninety percent (9590 %) on the scheduled value of the Tenant Improvements performed up to the last day of the previous month. If all the necessary information is submitted and accurate (including the schedule of values), District shall approve the Tenant Improvement Payments within fifteen (15) days after District’s receipt of the periodic estimate for partial payment and District shall pay such payments within thirty (30) days after District’s approval of the periodic estimate for the partial payment. Sublease Payments pursuant to the Sublease, including finance charges, are an independent payment obligation of the District from Tenant Improvement Payments. Tenant Improvement Payments shall be made on the basis of monthly estimates which shall be prepared by Contractor on a form approved by District and certified by Architect and Project Inspector, or any other approved representative of District, and filed before the fifth day of the month during which payment is to be made. Work completed as estimated shall be an estimate only and no inaccuracy or error in said estimate shall release Contractor or any bondsman from such work or from enforcing each and every provision of this Construction Services Agreement and District shall have the right subsequently to correct any error made in any estimate for payment. Contractor shall not be entitled to have any payment estimates processed or be entitled to have any payment made for work performed so long as any lawful or proper direction concerning non-complying work or any portion thereof given by District lacks correction by Contractor. District shall withhold from the Tenant Improvement Payments one hundred fifty percent (150%) of the estimated value of non-complying work unless satisfactorily corrected or remedied. In no event shall the cumulative total of the Sublease Payments (excluding finance charges), and Tenant Improvement Payments (including the balance of any anticipated retention), ever exceed the GMP as defined herein, unless modified pursuant to Section 10 of this Construction Services Agreement. Title to new materials and/or equipment shall vest in District on a continuous basis as payment for the work is made; provided, however, full title shall not vest in the District until full payment under the terms of the Sublease. Responsibility for such new materials and/or equipment shall remain with Contractor until incorporated into the Project and accepted by District. No part of said materials and/or equipment shall be removed from its place of storage except for immediate installation in the work of this Construction Services Agreement. Contractor shall keep an accurate inventory of all said materials and/or equipment in a manner satisfactory to District or its authorized representatives. District will pay Contractor Tenant Improvement Payments pursuant to the terms and conditions of this Section 21, which terms and conditions include five percent (5%) retention of each Tenant Improvement Payment ("Retention"). District shall retain and release such Retention pursuant to Public Contract Code sections 7107 and 9203, as those sections may be amended from time to time.

Tenant Improvement Payments. A. The As further set forth in Section 12 of the General Conditions, each month while Contractor is providing construction services, District shall pay the Contractor monthly Tenant Improvement Payments in a sum equal to ninety-five percent (95%) on the scheduled value of the Tenant Improvements Work performed up to through the last day of the prior month, less the aggregate of previous month. If all payments, less the necessary information Lease Payments due for that month as shall be shown on Exhibit D, less the Lease Payments due after the Work is submitted Complete (5%) which shall be shown on Exhibit D, and accurate less retention (including 5%) (the schedule of values), District shall approve the Tenant Improvement Payments within fifteen (15) days after District’s receipt of the periodic estimate for partial payment and District shall pay such payments within thirty (30) days after District’s approval of the periodic estimate for the partial payment. Sublease Payments pursuant to the Sublease, including finance charges, are an independent payment obligation of the District from "Tenant Improvement Payments"). Tenant Improvement Payments shall be made on not exceed estimates of the basis value of monthly estimates Work completed which shall be prepared by Contractor on a form approved by District and certified by the Architect and District's Project Inspector, or Inspector and any other approved representative of District, and filed before the fifth (5th) day of the month during which payment is subsequently to be made. Work completed as estimated shall be an estimate only and no inaccuracy or error in said estimate shall release Contractor or any bondsman surety from responsibility for the satisfactory performance of such work Work or from enforcing each and every provision of this Construction Services Agreement and the Contract Documents. District shall have the right subsequently to correct any error made in any estimate for payment. Contractor shall not be entitled to have any payment estimates processed or be entitled to have any payment made for work Work performed so long as District, or any of the public agencies with jurisdiction, has not accepted or waived compliance with any lawful or proper direction concerning non-complying work Work or any portion thereof given by District lacks correction by Contractorthereof. District shall may withhold from the Tenant Improvement Payments one hundred fifty percent (150%) of the estimated value of non-complying work unless satisfactorily corrected or remedieddisputed amounts pursuant to Section 12.06 of the General Conditions, as GHWHUPLQHG E\ 'LVWULFW XQOHVV FRUUHFWHG RU UHPHGL Tenant Improvement Payment is made that is less than the stated amount, the balance may be added to the next scheduled Tenant Improvement Payment. Payment of Tenant Improvement Payments and retention on such payments shall be as set forth in the Contract Documents.

Tenant Improvement Payments. A. The District shall pay the Contractor monthly Tenant Improvement Payments in a sum equal to ninety-five percent (95%) on the scheduled value of the Tenant Improvements performed up to the last day of the previous month. If all the necessary information is submitted and accurate (including the schedule of values), District shall approve the Tenant Improvement Payments within fifteen (15) days after District’s receipt and/or the Architect’s acceptance of the periodic any payment request and estimate for partial payment and District shall pay such payments within thirty (30) days after District’s approval of the periodic estimate for the partial payment. Sublease Payments delivered by Contractor pursuant to the SubleaseSection 12.02 hereof, including finance charges, are an independent payment obligation of the District from Tenant Improvement Payments. Tenant Improvement Payments shall be made on the basis of monthly estimates which shall be prepared by Contractor on a form approved by District and certified by Architect and Project Inspector, or any other approved representative of District, and filed before the fifth day of the month during which payment is to be made. Work completed as estimated shall be an estimate only and no inaccuracy or error in said estimate shall not release Contractor or any bondsman surety from responsibility for the satisfactory performance of such work or Work and shall not prevent District from enforcing each and every provision of the General Construction Provisions (the Project Manual, Exhibit B to this Construction Services Agreement and Facilities Lease). District shall have the right subsequently to correct any error made in any estimate for payment. Contractor shall not be entitled to have any payment estimates requests processed or be entitled to have any payment made for work performed so long as District, Architect or any of the public agencies with jurisdiction has not accepted or waived compliance with any lawful or proper direction concerning non-complying work or any portion thereof given by District lacks correction by Contractorthereof. District shall may withhold from the Tenant Improvement Payments one hundred fifty percent (150%) of the estimated value of non-complying work Work as determined by District unless satisfactorily and until such Work is corrected or remediedremedied to District’s reasonable satisfaction. Failure of District to make any Tenant Improvement Payments (unless properly withheld by District under this Facilities Lease, Site Lease or the provisions found herein) as set forth shall be a Default under the Site Lease. District will pay Contractor ninety percent (90%) of the undisputed amount of each Tenant Improvement Payment within twenty-two (22) days after receipt of an undisputed and properly submitted payment request less the Lease Payment due for that month. If District fails to pay an undisputed payment within the allotted twenty-two (22) days, District shall pay interest to Contractor equivalent to the legal rate set forth in subdivision (a) of Section 685.010 of the Code of Civil Procedure. Five percent (5%) of the amount of each estimate shall be retained by District until final completion and acceptance of all Work by District, and five percent (5%) of the amount of each estimate shall be paid by District as lease financing payments as described elsewhere in this agreement. Unless Contractor fills out and complies with the Escrow Agreement for Security Deposit in Lieu of Retention Form. Notwithstanding the above, at any time after fifty (50) percent of the Work has been completed District, subsequent to District Board finding that satisfactory progress is being made, may make any of the remaining Tenant Improvement Payments in full for the actual work completed.