WORK LETTER. Effective as of the date hereof, Section 8.02 of the Work Letter attached to the Lease as Exhibit 10.03 is hereby deleted and the following is inserted in its place: (a) Tenant may, prior to April 1, 2012, from time to time request reasonable interior changes (any such change, a “Tenant Requested Change”) in the Base Building Work to accommodate Tenant’s interior space design or system requirements, subject to the following: in the event that Tenant proposes any changes to the Base Building Work pursuant to the foregoing, Landlord shall, within twenty-one (21) days of such request, provide Tenant with (x) Landlord’s architectural and engineering design proposals (to be prepared by Landlord’s Architect at Tenant’s expense on a time and materials basis) and (y) order of magnitude conceptual pricing setting forth the reasonable out of pocket additional, estimated costs to be incurred by Landlord to implement the change in Base Building Work as a result of such change and the amount of estimated delay, if any, that will result in the completion of Base Building Work, together with any other costs that Landlord reasonably anticipates it will incur (including without limitation direct and indirect costs resulting from the effects of such changes on retail tenants in the Building) as a result of such change (“Landlord’s Change Estimate Notice”). Tenant shall, within five (5) business days of receiving Landlord’s Change Estimate Notice, either withdraw Tenant’s request for such change or authorize Landlord to proceed with the preparation of revised plans for the Base Building Work reflecting such change at Tenant’s expense on a time and materials basis. Tenant’s failure to timely reply to Landlord’s Change Estimate Notice shall be deemed to be a withdrawal of Tenant’s request for such change. Landlord shall make such reasonable interior changes provided that (i) Tenant pays for costs specified by Landlord in Landlord’s Change Estimate Notice, (ii) the change is consistent with the governmental approvals and permits authorizing the performance of the Base Building Work, (iii) the change is consistent with first quality design standards for laboratory and office space and does not have a material adverse effect on the value of the Building or Property, (iv) Tenant authorizes Landlord to make such change pursuant to the immediately preceding paragraph, (v) Tenant agrees in writing that such change constitutes a Tenant Delay and Landlord and Tenant agree in writing to the amount of such Tenant Delay (any such Tenant Delay, an “Agreed Tenant Delay”) (and in any event that such changes in the aggregate do not result in more than thirty (30) days of delay in the Substantial Completion of the Landlord Work, or cause Landlord to miss any deadline set forth in Landlord’s construction loan, in each case as determined by Landlord in its reasonable discretion); (vi) such change does not materially and adversely affect the Building systems or structural elements of the Building or the completion and occupancy of any portion of the Building other than the Premises. Upon the written request of Tenant, Landlord shall use commercially reasonable efforts to cause Landlord’s contractor to quote the cost for any such change on a lump sum or a guaranteed maximum price basis in the issuance of a change order therefor. If Tenant timely notifies Landlord that Tenant authorizes Landlord to make such change and satisfies the other requirements set forth in this paragraph but Tenant does not agree with Landlord’s cost estimate for construction work as set forth in Landlord’s Change Estimate Notice, then Tenant may, by notice to Landlord set forth in Tenant’s notice authorizing Landlord to proceed with such change pursuant to clause (iv), above, elect to have the work performed on a time and materials basis in accordance with Landlord’s construction contract. Landlord’s design costs under this Section 8.02, any Direct Costs due to Landlord’s contractor on account of Tenant Requested Changes, and any other direct and actual costs incurred by Landlord as a result of such Tenant Requested Changes and described in Landlord’s Change Estimate Notice (but in any event excluding those costs otherwise excluded from Direct Costs described in clauses (b)-(g) of the second paragraph of Section 11.05 of this Exhibit 10.03) shall be invoiced to Tenant as incurred and paid by Tenant within fifteen (15) days following such invoice (provided, however, that Tenant may elect in writing within such 15 day period to have such costs deducted from the Finish Work Allowance until such time as Excess Costs are determined pursuant to Section 11.03 of this Work Letter). Landlord shall provide Tenant all reasonable cost accounting information regarding such work provided to Landlord by Landlord’s contractor or otherwise reasonably available to Landlord and, at Tenant’s sole cost and expense, shall cause the final amount due for such work to be determined in accordance with Section 11.06 of this Exhibit 10.03”
Appears in 2 contracts
Samples: Lease (Senior Housing Properties Trust), Lease (Senior Housing Properties Trust)
WORK LETTER. Effective as This Exhibit is attached to and made a part of the date hereofLease dated the 10th day of December, Section 8.02 of the Work Letter attached to the Lease as Exhibit 10.03 is hereby deleted 2007, by and the following is inserted in its place:
(a) Tenant may, prior to April 1, 2012, from time to time request reasonable interior changes (any such changebetween CALIBER INVESTMENT GROUP LLC, a “Tenant Requested Change”) in the Base Building Work to accommodate Tenant’s interior space design or system requirements, subject to the following: in the event that Tenant proposes any changes to the Base Building Work pursuant to the foregoing, Landlord shall, within twenty-one (21) days of such request, provide Tenant with (x) Landlord’s architectural and engineering design proposals (to be prepared by Landlord’s Architect at Tenant’s expense on a time and materials basis) and (y) order of magnitude conceptual pricing setting forth the reasonable out of pocket additional, estimated costs to be incurred by Landlord to implement the change in Base Building Work as a result of such change and the amount of estimated delay, if any, that will result in the completion of Base Building Work, together with any other costs that Landlord reasonably anticipates it will incur (including without limitation direct and indirect costs resulting from the effects of such changes on retail tenants in the Building) as a result of such change Delaware limited liability company (“Landlord’s Change Estimate Notice”)) and GREAT WHITE ENERGY RESOURCES LLC, a Delaware limited liability company (“Tenant”) for space in the Building located at 00000 Xxxxxxx Xxxxx, Xxxxxxxx Xxxx, Xxxxxx of Oklahoma, State of Oklahoma. This Work Letter shall set forth the obligations of Landlord and Tenant shall, within five (5) business days of receiving Landlord’s Change Estimate Notice, either withdraw Tenant’s request for such change or authorize Landlord with respect to proceed with the preparation of revised plans the Leased Premises for Tenant’s occupancy. All improvements described in this Work Letter to be constructed in and upon the Leased Premises by Landlord are hereinafter referred to as the “Landlord’s Work.” Landlord and Tenant acknowledge that Plans (hereinafter defined) for the Base Building Work reflecting such change at Tenant’s expense on a time and materials basis. Tenant’s failure to timely reply to Landlord’s Change Estimate Notice shall be deemed Work have not yet been prepared and, therefore, it is impossible to be a withdrawal determine the exact cost of Tenant’s request for such change. Landlord shall make such reasonable interior changes provided that (i) Tenant pays for costs specified by Landlord in the Landlord’s Change Estimate NoticeWork at this time. Accordingly, (ii) the change is consistent with the governmental approvals and permits authorizing the performance of the Base Building Work, (iii) the change is consistent with first quality design standards for laboratory and office space and does not have a material adverse effect on the value of the Building or Property, (iv) Tenant authorizes Landlord to make such change pursuant to the immediately preceding paragraph, (v) Tenant agrees in writing that such change constitutes a Tenant Delay and Landlord and Tenant agree in writing that Landlord’s obligation to pay for the cost of Landlord’s Work shall be limited to TWENTY and NO/100 Dollars ($20.00) PER square foot (the “Maximum Amount”) and that Tenant shall be responsible for the cost of Landlord Work to the amount of such Tenant Delay (any such Tenant Delay, an “Agreed Tenant Delay”) (and in any event extent that such changes in it exceeds the aggregate do not result in more than thirty (30) days of delay in the Substantial Completion of Maximum Amount. Landlord shall enter into a direct contract for the Landlord Work, or cause Landlord to miss any deadline set forth in Work with a general contractor selected by Landlord’s construction loan, in each case as determined by Landlord in its reasonable discretion); (vi) such change does not materially and adversely affect the Building systems or structural elements of the Building or the completion and occupancy of any portion of the Building other than the Premises. Upon the written request of TenantIn addition, Landlord shall use commercially reasonable efforts have the right to cause select and/or approve of any subcontractors used in connection with the Landlord’s contractor to quote Work. Space planning, architectural and engineering (mechanical, electrical and plumbing) drawings for the cost for any such change on a lump sum or a guaranteed maximum price basis in the issuance of a change order therefor. If Tenant timely notifies Landlord that Tenant authorizes Landlord to make such change and satisfies the other requirements set forth in this paragraph but Tenant does not agree with Landlord’s cost estimate for construction work as set forth in Landlord’s Change Estimate Notice, then Tenant may, by notice to Landlord set forth in Tenant’s notice authorizing Landlord to proceed with such change pursuant to clause (iv), above, elect to have the work performed on a time and materials basis in accordance with Landlord’s construction contract. Landlord’s design costs under this Section 8.02, any Direct Costs due to Landlord’s contractor on account of Tenant Requested Changes, and any other direct and actual costs incurred by Landlord as a result of such Tenant Requested Changes and described in Landlord’s Change Estimate Notice (but in any event excluding those costs otherwise excluded from Direct Costs described in clauses (b)-(g) of the second paragraph of Section 11.05 of this Exhibit 10.03) Work shall be invoiced to Tenant as incurred and paid by Tenant within fifteen (15) days following such invoice (provided, however, that Tenant may elect in writing within such 15 day period to have such costs deducted from the Finish Work Allowance until such time as Excess Costs are determined pursuant to Section 11.03 of this Work Letter). Landlord shall provide Tenant all reasonable cost accounting information regarding such work provided to Landlord by prepared at Landlord’s contractor or otherwise reasonably available to Landlord and, at Tenant’s sole cost and expense, provided that such costs shall be included in the cost of Landlord Work for purposes of determining if the Maximum Amount is exceeded. The space planning, architectural and mechanical drawings are collectively referred to herein as the “Plans”. In the event Landlord’s estimate and/or the actual cost of construction shall exceed the Maximum Amount (such amounts exceeding the Maximum Amount being herein referred to as the “Excess Costs”), Tenant shall pay to Landlord such Excess Costs upon demand. The statements of costs submitted to Landlord by Landlord’s contractors shall be conclusive for purposes of determining the actual cost of the items described therein. The amounts payable hereunder constitute Rent payable pursuant to the Lease, and the failure to timely pay same constitutes an event of default under the Lease. If Tenant shall request any change, addition or alteration in any of the Plans after approval by Landlord, Landlord shall have such revisions to the drawings prepared, and Tenant shall reimburse Landlord for the cost thereof upon demand to the extent that the cost of performing such revision cause the cost of Landlord Work to exceed the Maximum Amount. Promptly upon completion of the revisions, Landlord shall notify Tenant in writing of the increased cost, if any, which will be chargeable to Tenant by reason of such change, addition or deletion. Tenant shall, within two (2) Business Days, notify Landlord in writing whether it desires to proceed with such change, addition or deletion. In the absence of such written authorization, Landlord shall have the option to continue work on the Leased Premises disregarding the requested change, addition or alteration, or Landlord may elect to discontinue work on the Premises until it receives notice of Tenant’s decision, in which event Tenant shall be responsible for any Delay in completion of the Premises resulting therefrom. In the event such revisions result in a higher estimate of the cost of construction and/or higher actual construction costs which exceed the Maximum Amount, such increased estimate or costs shall be deemed Excess Costs and Tenant shall pay such Excess Costs upon demand. Following approval of the Plans and the payment by Tenant of the required portion of the Excess Costs, if any, Landlord shall cause the final amount due for such work Landlord Work to be determined constructed substantially in accordance with Section 11.06 the approved Plans. Landlord shall notify Tenant of substantial completion of the Landlord Work. This Exhibit D shall not be deemed applicable to any additional space added to the original Leased Premises at any time or from time to time, whether by any options under the Lease or otherwise, or to any portion of the original Premises or any additions to the Premises in the event of a renewal or extension of the original Term of this Exhibit 10.03”Lease, whether by any options under the Lease or otherwise, unless expressly so provided in the Lease or any amendment or supplement to the Lease.
Appears in 1 contract
Samples: Office Lease Agreement (Great White Energy Services, Inc.)
WORK LETTER. Effective as This Work Letter shall set forth the obligations of Landlord and Tenant with respect to the refurbishment of the date hereof, Section 8.02 Original Premises and preparation of the Expansion Premises for Tenant’s expansion. All improvements described in this Work Letter attached to the Lease as Exhibit 10.03 is hereby deleted and the following is inserted in its place:
(a) Tenant may, prior to April 1, 2012, from time to time request reasonable interior changes (any such change, a “Tenant Requested Change”) in the Base Building Work to accommodate Tenant’s interior space design or system requirements, subject to the following: in the event that Tenant proposes any changes to the Base Building Work pursuant to the foregoing, Landlord shall, within twenty-one (21) days of such request, provide Tenant with (x) Landlord’s architectural and engineering design proposals (to be prepared by Landlord’s Architect at Tenant’s expense on a time constructed in and materials basis) and (y) order of magnitude conceptual pricing setting forth upon the reasonable out of pocket additional, estimated costs to be incurred Premises by Landlord are hereinafter referred to implement the change in Base Building Work as a result of such change and the amount of estimated delay, if any, that will result in the completion of Base Building Work, together with any other costs that Landlord reasonably anticipates it will incur (including without limitation direct and indirect costs resulting from the effects of such changes on retail tenants in the Building) as a result of such change (“Landlord’s Change Estimate NoticeWork”. Landlord and Tenant acknowledge that Plans (hereinafter defined) for Landlord’s Work have not yet been prepared and, therefore, it is impossible to determine the exact cost of Landlord’s Work at this time. Accordingly, Landlord and Tenant agree that Landlord’s obligation to pay for the cost of Landlord’s Work shall be limited to an amount equal to $423,751.25 (being $16.25 per square foot) (the “Construction Allowance”) and that Tenant shall be responsible for the cost of Landlord’s Work to the extent that it exceeds the Construction Allowance. If the actual cost of Landlord’s Work is less than the Construction Allowance, Tenant shall not be entitled to any further credit, payment or abatement on account thereof (provided that Tenant shall have the right to utilize such amounts as contemplated in Sections of the Amendment related to Signage and Re-measurement). Landlord shall competitively bid Landlord’s Work among at least three (3) general contractors that are reasonably acceptable to Tenant. Landlord shall review the contractor bid responses to ensure consistent qualifications and considerations. Thereafter, Landlord and Tenant shall mutually agree upon a general contractor to perform the Landlord’s Work and Landlord shall enter into a direct contract for Landlord’s Work with such general contractor. In addition, Landlord shall have the right to select and/or approve of any subcontractors used in connection with Landlord’s Work. Landlord shall oversee Landlord’s Work and Tenant shall pay to Landlord (which may be paid out of the Construction Allowance) a total construction management fee equal to three percent (3%) of the total construction costs of the Landlord’s Work (the “Landlord’s Management Fee”). Tenant shallmay also select and contract with, within five (5) business days of receiving Landlord’s Change Estimate Notice, either withdraw on Tenant’s request for such change or authorize Landlord to proceed with the preparation own behalf, a third-party construction manager (who may be an employee of revised plans for the Base Building Work reflecting such change at Tenant) (“Tenant’s expense on a time Manager”) to coordinate and materials basis. attend to Tenant’s failure to timely reply to Landlord’s Change Estimate Notice obligations under this Work Letter. Tenant shall be deemed to be a withdrawal of responsible for compensating Tenant’s request for such change. Landlord shall make such reasonable interior changes provided that Manager, but up to two percent (i) Tenant pays for costs specified by Landlord in Landlord’s Change Estimate Notice, (ii) the change is consistent with the governmental approvals and permits authorizing the performance of the Base Building Work, (iii) the change is consistent with first quality design standards for laboratory and office space and does not have a material adverse effect on the value of the Building or Property, (iv) Tenant authorizes Landlord to make such change pursuant to the immediately preceding paragraph, (v) Tenant agrees in writing that such change constitutes a Tenant Delay and Landlord and Tenant agree in writing to the amount of such Tenant Delay (any such Tenant Delay, an “Agreed Tenant Delay”) (and in any event that such changes in the aggregate do not result in more than thirty (30) days of delay in the Substantial Completion of the Landlord Work, or cause Landlord to miss any deadline set forth in Landlord’s construction loan, in each case as determined by Landlord in its reasonable discretion); (vi) such change does not materially and adversely affect the Building systems or structural elements of the Building or the completion and occupancy of any portion of the Building other than the Premises. Upon the written request of Tenant, Landlord shall use commercially reasonable efforts to cause Landlord’s contractor to quote the cost for any such change on a lump sum or a guaranteed maximum price basis in the issuance of a change order therefor. If Tenant timely notifies Landlord that Tenant authorizes Landlord to make such change and satisfies the other requirements set forth in this paragraph but Tenant does not agree with Landlord’s cost estimate for construction work as set forth in Landlord’s Change Estimate Notice, then Tenant may, by notice to Landlord set forth in Tenant’s notice authorizing Landlord to proceed with such change pursuant to clause (iv), above, elect to have the work performed on a time and materials basis in accordance with Landlord’s construction contract. Landlord’s design costs under this Section 8.02, any Direct Costs due to Landlord’s contractor on account of Tenant Requested Changes, and any other direct and actual costs incurred by Landlord as a result of such Tenant Requested Changes and described in Landlord’s Change Estimate Notice (but in any event excluding those costs otherwise excluded from Direct Costs described in clauses (b)-(g2%) of the second paragraph of Section 11.05 of this Exhibit 10.03) shall Construction Allowance may be invoiced to Tenant as incurred and paid utilized by Tenant within fifteen (15) days following to pay such invoice (provided, however, that Tenant may elect in writing within such 15 day period to have such costs deducted from the Finish Work Allowance until such time as Excess Costs are determined pursuant to Section 11.03 of this Work Letter). Landlord shall provide Tenant all reasonable cost accounting information regarding such work provided to Landlord by Landlord’s contractor or otherwise reasonably available to Landlord and, at Tenant’s sole cost and expense, shall cause the final amount due for such work to be determined in accordance with Section 11.06 of this Exhibit 10.03”fees.
Appears in 1 contract
Samples: Lease (Lightpath Technologies Inc)
WORK LETTER. Effective as of the date hereof, Section 8.02 of the Work Letter attached to the Lease as Exhibit 10.03 is hereby deleted and the following is inserted in its place:
(a) Tenant mayhas or shall cause RVP Architectural. (the “Architect”) to prepare plans and specifications for the construction of the Work (as hereinafter defined). Said plans and specifications are hereinafter referred to as Construction Documents. The Construction Documents shall describe all items and materials which constitute the Work (as hereinafter defined). The Construction Documents, the Contract (as hereinafter defined) and the Contractor (as hereinafter defined) shall be subject to the Landlords reasonable approval; and if Landlord does not approve the same, Landlord shall advise Tenant of the reason for the disapproval. If Landlord does not disapprove the Contract or the Contractor within ten (10) business days following the receipt thereof by Landlord, the same shall be deemed approved by Landlord.
(b) It is understood and agreed that Landlord will enter into a Contract with the Contractor for the installation in the Premises of the items and materials described in Construction Documents (the installation of said items and materials being herein referred to as the “Work”). The Work shall be performed by a general contractor (“Contractor”) selected by Tenant under a so-called “lump sum” or “agreed amount” contract (“Contract”). Without limiting the generality of the foregoing, the Contract shall provide that the Landlord shall have no liability thereunder for that portion of the cost of the Work equal to the Tenant’s Contribution. Upon the request of Tenant and provided that the Contract and the Contractor have been approved by Landlord, Landlord shall enter into the Contract with the Contractor. For the purpose of this Section 22, the term “cost of construction” shall mean the cost of construction as set forth in the Contract with the Contractor, including the cost of any permits by any governmental authority having jurisdiction and the cost of preparing the Construction Documents. In the event a Tenant’s Contribution is required, prior to April 1, 2012, from time the commencement of the construction of the Work Landlord shall advise Tenant of the Cost of Construction which advice shall include evidence of the cost of the permits referred to time request reasonable interior changes (any such change, a “Tenant Requested Change”) in above. Landlord agrees to pay the Base Building Contractor for the value of the Work to accommodate performed by the Contractor except for the Tenant’s interior space design or system requirements, subject to the following: in the event that Tenant proposes Contribution and except for any changes to the Base Building Work pursuant to the foregoing, Landlord shall, within twenty-one (21) days of such request, provide Tenant with (x) Landlord’s architectural and engineering design proposals (to be prepared by Landlord’s Architect at Tenant’s expense on a time and materials basis) and (y) order of magnitude conceptual pricing setting forth the reasonable out of pocket additional, estimated costs to be incurred by Landlord to implement the change in Base Building Work as a result of such change and the amount of estimated delay, if any, that will result in the completion of Base Building Work, together with any other costs that Landlord reasonably anticipates it will incur (including without limitation direct and indirect costs resulting from the effects of such changes on retail tenants in the Building) as a result of such change (“Landlord’s Change Estimate Notice”). Tenant shall, within five (5) business days of receiving Landlord’s Change Estimate Notice, either withdraw Tenant’s request for such change or authorize Landlord to proceed with the preparation of revised plans for the Base Building Work reflecting such change at Tenant’s expense on a time and materials basis. Tenant’s failure to timely reply to Landlord’s Change Estimate Notice shall be deemed to be a withdrawal of Tenant’s request for such changeExtra. Landlord shall make no disbursements to the Contractor unless the same have first been approved by the Tenant. To the extent that the Cost of Construction exceeds $706,159 (such reasonable interior changes provided that (i) excess being herein called the Tenant’s Contribution”), Tenant pays shall pay the Tenant’s Contribution to the Contractor for costs specified by Landlord in Landlord’s Change Estimate Notice, (ii) the change is consistent with the governmental approvals and permits authorizing the performance of the Base Building Work, (iii) the change is consistent with first quality design standards for laboratory and office space and does not have a material adverse effect on the value of the Building or Property, (iv) Tenant authorizes Landlord to make such change pursuant first Work performed by the Contractor equal to the immediately preceding paragraph, (v) Tenant agrees in writing that such change constitutes a Tenant Delay and Landlord and Tenant agree in writing to the amount of such Tenant Delay (any such Tenant Delay, an “Agreed Tenant Delay”) (and in any event that such changes in the aggregate do not result in more than thirty (30) days of delay in the Substantial Completion of the Landlord Work, or cause Landlord to miss any deadline set forth in Landlord’s construction loan, in each case as determined by Landlord in its reasonable discretion); (vi) such change does not materially and adversely affect the Building systems or structural elements of the Building or the completion and occupancy of any portion of the Building other than the Premises. Upon the written request of Tenant, Landlord shall use commercially reasonable efforts to cause Landlord’s contractor to quote the cost for any such change on a lump sum or a guaranteed maximum price basis in the issuance of a change order therefor. If Tenant timely notifies Landlord that Tenant authorizes Landlord to make such change and satisfies the other requirements set forth in this paragraph but Tenant does not agree with Landlord’s cost estimate for construction work as set forth in Landlord’s Change Estimate Notice, then Tenant may, by notice to Landlord set forth in Tenant’s notice authorizing Landlord to proceed with such change pursuant to clause (iv), above, elect to have the work performed on a time and materials basis in accordance with Landlord’s construction contract. Landlord’s design costs under this Section 8.02, any Direct Costs due to Landlord’s contractor on account of Tenant Requested Changes, and any other direct and actual costs incurred by Landlord as a result of such Tenant Requested Changes and described in Landlord’s Change Estimate Notice (but in any event excluding those costs otherwise excluded from Direct Costs described in clauses (b)-(g) of the second paragraph of Section 11.05 of this Exhibit 10.03) shall be invoiced to Tenant as incurred and paid by Tenant within fifteen (15) days following such invoice (provided, however, that Tenant may elect in writing within such 15 day period to have such costs deducted from the Finish Work Allowance until such time as Excess Costs are determined pursuant to Section 11.03 of this Work Letter)Contribution. Landlord shall not be obligated under the Contract to pay for the value of the first Work performed by the Contractor equal to the Tenant’s Contribution and the Contract shall provide that the Contractor shall look to the Tenant all reasonable cost accounting information regarding such work provided therefor.
(c) During the term of the Contract, Tenant may request Landlord to Landlord by Landlord’s contractor or otherwise reasonably available to Landlord andperform, at Tenant’s sole cost and expense, any special work other than that specified in Construction Documents, as a “Tenant’s Extra”. Should Tenant request Landlord to perform a Tenant’s Extra, the Landlord may deny such request if Landlord determines that:
(i) The Tenant’s Extra is not consistent with or better than the existing physical condition of the Building; or
(ii) The Tenant’s extra will impair the structural integrity of the Building. In the event that Tenant requests Landlord to perform a Tenant’s Extra and Landlord does not deny such request as set forth above, Landlord shall cause the final amount due Contractor to submit to Landlord and Tenant a written estimate (the “Estimate”) for such work the Tenant’s Extra to be determined performed. Within five business days after submission of the Estimate, Tenant shall in writing either accept or reject the Estimate. Tenant’s failure to accept or reject the Estimate within said five-day period shall be deemed rejection thereof. In the event the Tenant rejects the Estimate or the Estimate is deemed rejected Landlord shall not be obligated to construct the Tenant’s Extra. Each request by Tenant to Landlord to perform a Tenant’s Extra shall include therewith detailed plans and specification which have been prepared at the sole cost and expense of Tenant. The installation of a Tenant’s Extra shall be for Tenant’s account; and Tenant shall pay as additional rent hereunder to Landlord therefor an amount equal to Landlord’s actual cost of the Tenant’s Extra, including associated architectural and engineering fees, if any. Upon acceptance of the Estimate, the amount of the Estimate shall be deposited with Landlord; and thereafter Tenant shall pay to Landlord the cost of the Tenant’s Extra in excess of the Estimate upon being invoiced therefor (but in no event shall such excess be paid later than the satisfactory completion of such Tenant’s Extra). Should the cost of the Tenant’s Extra be less than the Estimate, Landlord shall promptly refund the difference to Tenant.
(d) The Tenant represents that the Leased Premises have been examined by Tenant and that the Tenant will accept the Leased Premises in the condition or state which the Premises is in on this date, without representation or warranty, express or implied, in fact or by law by Landlord and without recourse to Landlord as to the nature, condition or usability thereof. The preceding sentence shall not apply to Landlord’s Construction. Landlord shall have no liability or obligation concerning the performance by the Contractor. Tenant agrees that Landlord will not be deemed responsible in any manner with respect to the quality or quantity of the Work or whether the Work has been performed in accordance with Section 11.06 the Construction Documents. Tenant agrees that Landlord will not be deemed to have made any representation or warranty, express or implied, in fact or by law concerning the Contractor or the Work. For the purpose of this Exhibit 10.03paragraph, each Tenant’s Extra shall be deemed a part of the Work and covered by the Contract. Tenant’s obligation for the payment of Base Rent and additional Rent, shall not be affected by time in which it takes to complete the Work. Tenant shall indemnify and save Landlord harmless from and against, and shall reimburse Landlord for, all liabilities, obligations, damages, fines, penalties, claims, demands, liens (including mechanic’s liens) costs, charges, judgments and expenses, including but not limited to, reasonable attorneys’ fees which may be imposed upon or incurred or paid by or asserted against Landlord or Landlord’s fee or reversionary or other interest in the Property by reason of or in connection with the execution of the Contract with the Contractor by the Landlord, the performance of the Work or the performance of a Tenant’s Extra. The indemnity contained in this grammatical paragraph shall not apply to any claim (including a mechanic’s lien claim) imposed against Landlord or its interest in the Leased Premises resulting from failure of Landlord to meet its obligations under the Contract for the Work unless such failure results from the fact that Landlord has withheld payment to the Contractor because Tenant has failed to approve the payment. Tenant understands that Landlord will also be causing certain construction to occur at the Leased Premises, which construction (“Landlord’s Construction”) is not part of the Work. The cost of such construction will be paid for by Landlord and Tenant will have no responsibility for the payment thereof. Landlord and Tenant have executed this Lease the day and year first above written. LANDLORD: FCF PROPERTIES, LLC, a Colorado limited liability company By: /s/ Xxxxxx Xxxxxxxx Its: Manager TENANT: AMERICAN COIN MERCHANDISING, INC., a Delaware corporation By: /s/ W. Xxxx Xxxx Its: Senior Vice President, CFO ATTEST: By: /s/ W. Xxxx Xxxx Its (Assistant) Secretary STATE OFCOLORADO) ) SS. COUNTY OF BOULDER) I, Xxxx Xxxxxxxxxx, a Notary Public in and for said County, in the State aforesaid, do hereby certify that Xxxxxx Xxxxxxx, personally known to me to be the Manager of FCF Properties, LLC, a Colorado limited liability company and as such Manager he signed, sealed and delivered the said instrument as his and voluntary act, for the uses and purposes therein set forth. GIVEN under my hand and Notarial Seal this 24 day of October, 2002. /s/ Xxxx Xxxxxxxxxx Notary Public STATE OF COLORADO) ) SS. COUNTY OF BOULDER) I, Xxxx Xxxxxxxxxx, a Notary public in and for said County, in the State aforesaid, do hereby certify that W. Xxxx Xxxx, personally known to me to be Senior Vice President and CFO of American Coin Merchandising, Inc., a Delaware corporation, duly licensed to transact business in the State of Colorado, and W. Xxxx Xxxx, personally known to me to be the Secretary of said corporation and personally known to me to be the persons whose names are subscribed to the foregoing instrument, appeared before me this day in person and severally acknowledged that they signed and delivered the said instrument as Senior Vice President and CFO and Secretary of said corporation, and caused the Corporate Seal of said corporation to be affixed thereto, pursuant to authority given by the Board of Directors of said corporation, as their free and voluntary act and as the free and voluntary act and deed of said corporation, for the uses and purposes therein set forth. GIVEN under my hand and Notarial Seal this 24 day of October, 2002. /s/ Xxxx Xxxxxxxxxx Notary Public XXX 00, XXXXX 0, XXXXXXXX XXXXXXXXXXXXX XXXXXX, FIRST FILING, COUNTY OF BOULDER, STATE OF COLORADO
Appears in 1 contract
WORK LETTER. Effective as of the date hereof, Section 8.02 of the Work Letter attached to the Lease as This Exhibit 10.03 is hereby deleted and the following is inserted in its place:
(a) Tenant may, prior to April 1, 2012, from time to time request reasonable interior changes (any such change, a “Tenant Requested Change”) in the Base Building Work to accommodate Tenant’s interior space design or system requirements, subject to the following: in the event that Tenant proposes any changes to the Base Building Work pursuant to the foregoing, Landlord shall, within twenty-one (21) days of such request, provide Tenant with (x) Landlord’s architectural and engineering design proposals (to be prepared by Landlord’s Architect at Tenant’s expense on a time and materials basis) and (y) order of magnitude conceptual pricing setting C shall set forth the reasonable out obligations of pocket additional, estimated costs to be incurred by Landlord to implement the change in Base Building Work as a result of such change and the amount of estimated delay, if any, that will result in the completion of Base Building Work, together with any other costs that Landlord reasonably anticipates it will incur (including without limitation direct and indirect costs resulting from the effects of such changes on retail tenants in the Building) as a result of such change (“Landlord’s Change Estimate Notice”). Tenant shall, within five (5) business days of receiving Landlord’s Change Estimate Notice, either withdraw Tenant’s request for such change or authorize Landlord to proceed with the preparation of revised plans for the Base Building Work reflecting such change at Tenant’s expense on a time and materials basis. Tenant’s failure to timely reply to Landlord’s Change Estimate Notice shall be deemed to be a withdrawal of Tenant’s request for such change. Landlord shall make such reasonable interior changes provided that (i) Tenant pays for costs specified by Landlord in Landlord’s Change Estimate Notice, (ii) the change is consistent with the governmental approvals and permits authorizing the performance of the Base Building Work, (iii) the change is consistent with first quality design standards for laboratory and office space and does not have a material adverse effect on the value of the Building or Property, (iv) Tenant authorizes Landlord to make such change pursuant to the immediately preceding paragraph, (v) Tenant agrees in writing that such change constitutes a Tenant Delay and Landlord and Tenant agree in writing with respect to the amount of such Tenant Delay (any such Tenant Delay, an “Agreed Tenant Delay”) (and in any event that such changes improvements to be performed in the aggregate do not result Premises for Tenant’s use. All improvements described in more than thirty (30) days of delay this Exhibit C to be constructed in and upon the Substantial Completion Premises by Landlord are hereinafter referred to as the “Tenant Alterations.” It is agreed that construction of the Landlord Work, or cause Landlord to miss any deadline set forth in Landlord’s construction loan, in each case as determined by Landlord in its reasonable discretion); (vi) such change does not materially and adversely affect the Building systems or structural elements of the Building or the completion and occupancy of any portion of the Building other than the Premises. Upon the written request of Tenant, Landlord shall use commercially reasonable efforts to cause Landlord’s contractor to quote the cost for any such change on a lump sum or a guaranteed maximum price basis in the issuance of a change order therefor. If Tenant timely notifies Landlord that Tenant authorizes Landlord to make such change and satisfies the other requirements set forth in this paragraph but Tenant does not agree with Landlord’s cost estimate for construction work as set forth in Landlord’s Change Estimate Notice, then Tenant may, by notice to Landlord set forth in Tenant’s notice authorizing Landlord to proceed with such change pursuant to clause (iv), above, elect to have the work performed on a time and materials basis in accordance with Landlord’s construction contract. Landlord’s design costs under this Section 8.02, any Direct Costs due to Landlord’s contractor on account of Tenant Requested Changes, and any other direct and actual costs incurred by Landlord as a result of such Tenant Requested Changes and described in Landlord’s Change Estimate Notice (but in any event excluding those costs otherwise excluded from Direct Costs described in clauses (b)-(g) of the second paragraph of Section 11.05 of this Exhibit 10.03) shall Alterations will be invoiced to Tenant as incurred and paid by Tenant within fifteen (15) days following such invoice (provided, however, that Tenant may elect in writing within such 15 day period to have such costs deducted from the Finish Work Allowance until such time as Excess Costs are determined pursuant to Section 11.03 of this Work Letter). Landlord shall provide Tenant all reasonable cost accounting information regarding such work provided to Landlord by Landlord’s contractor or otherwise reasonably available to Landlord and, completed at Tenant’s sole cost and expenseexpense using methods, materials, and finishes that have been approved by Landlord. Notwithstanding the foregoing, Landlord and Tenant acknowledge that Plans (hereinafter defined) for the Tenant Alterations have not yet been prepared and, therefore, it is impossible to determine the exact cost of the Tenant Alterations at this time. Landlord and Tenant agree that Landlord shall cause have no obligation to pay for any portion of the final amount due cost of Tenant Alterations (including the cost of preparing Plans, obtaining permits, and other related costs) and that Tenant shall be solely responsible for such work the cost of Tenant Alterations, plus any applicable state sales or use tax, if any. Simultaneously with Tenant’s execution of the Lease, Tenant shall deposit with Landlord the sum of $50,000.00 (the “Pricing Documents Deposit”), to be determined applied by Landlord to the Tenant Alterations Costs (as defined below) required to be reimbursed by Tenant hereunder. Landlord shall have no obligation to pay interest on the Pricing Documents Deposit, and Landlord may commingle the Pricing Documents Deposit with its own funds. Landlord shall enter into a direct contract for the Tenant Alterations with a general contractor selected by Landlord. In addition, Landlord shall have the right to select and/or approve of any subcontractors used in accordance connection with Section 11.06 of this Exhibit 10.03”the Tenant Alterations.
Appears in 1 contract
Samples: Office Lease Agreement (GoPro, Inc.)
WORK LETTER. Effective as This Exhibit is attached to and made a part of the date hereofLease dated May 3, Section 8.02 of the Work Letter attached to the Lease as Exhibit 10.03 is hereby deleted 2006 by and the following is inserted in its place:
(a) Tenant maybetween REVERE CORPORATE CENTER, prior to April 1, 2012, from time to time request reasonable interior changes (any such changeL.L.C, a “Tenant Requested Change”) in the Base Building Work to accommodate Tenant’s interior space design or system requirements, subject to the following: in the event that Tenant proposes any changes to the Base Building Work pursuant to the foregoing, Landlord shall, within twenty-one (21) days of such request, provide Tenant with (x) Landlord’s architectural and engineering design proposals (to be prepared by Landlord’s Architect at Tenant’s expense on a time and materials basis) and (y) order of magnitude conceptual pricing setting forth the reasonable out of pocket additional, estimated costs to be incurred by Landlord to implement the change in Base Building Work as a result of such change and the amount of estimated delay, if any, that will result in the completion of Base Building Work, together with any other costs that Landlord reasonably anticipates it will incur (including without limitation direct and indirect costs resulting from the effects of such changes on retail tenants in the Building) as a result of such change Colorado limited liability company (“Landlord’s Change Estimate Notice”)) and PLANNED BENEFIT SYSTEMS, INC., a Colorado corporation (“Tenant”) for space in the Building located at 0000 X. Xxxxxx Parkway, Centennial, Colorado 80111. This Work Letter shall set forth the obligations of Landlord and Tenant shall, within five (5) business days of receiving Landlord’s Change Estimate Notice, either withdraw Tenant’s request for such change or authorize Landlord with respect to proceed with the preparation of revised plans the Premises for Tenant’s occupancy. All improvements described in this Work Letter to be constructed in and upon the Premises by Landlord are hereinafter referred to as the “Landlord’s Work”. Landlord and Tenant acknowledge that Plans (hereinafter defined) for the Base Building Work reflecting such change at Tenant’s expense on a time and materials basis. Tenant’s failure to timely reply to Landlord’s Change Estimate Notice shall be deemed Work have not yet been prepared and, therefore, it is impossible to be a withdrawal determine the exact cost of Tenant’s request for such change. Landlord shall make such reasonable interior changes provided that (i) Tenant pays for costs specified by Landlord in the Landlord’s Change Estimate NoticeWork at this time. Accordingly, (ii) the change is consistent with the governmental approvals and permits authorizing the performance of the Base Building Work, (iii) the change is consistent with first quality design standards for laboratory and office space and does not have a material adverse effect on the value of the Building or Property, (iv) Tenant authorizes Landlord to make such change pursuant to the immediately preceding paragraph, (v) Tenant agrees in writing that such change constitutes a Tenant Delay and Landlord and Tenant agree in writing that Landlord’s obligation to pay for the cost of Landlord’s Work shall be limited to $30,00 per rentable square foot (the “Maximum Amount”) and that Tenant shall be responsible for the cost of Landlord’s Work to the amount of such Tenant Delay (any such Tenant Delay, an “Agreed Tenant Delay”) (and in any event extent that such changes in it exceeds the aggregate do not result in more than thirty (30) days of delay in Maximum Amount. Landlord shall enter into a direct contract for the Substantial Completion of the Landlord Work, or cause Landlord to miss any deadline set forth in Landlord’s construction loan, in each case as determined Work with a general contractor selected by Landlord in its reasonable discretion); (vi) such change does not materially and adversely affect the Building systems or structural elements of the Building or the completion and occupancy of any portion of the Building other than the PremisesLandlord. Upon the written request of TenantIn addition, Landlord shall use commercially reasonable efforts have the right to cause select and/or approve of any subcontractors used in connection with the Landlord’s contractor to quote Work. Space planning, architectural and engineering (mechanical, electrical and plumbing) drawings for the cost for any such change on a lump sum or a guaranteed maximum price basis in the issuance of a change order therefor. If Tenant timely notifies Landlord that Tenant authorizes Landlord to make such change and satisfies the other requirements set forth in this paragraph but Tenant does not agree with Landlord’s cost estimate for construction work as set forth in Landlord’s Change Estimate Notice, then Tenant may, by notice to Landlord set forth in Tenant’s notice authorizing Landlord to proceed with such change pursuant to clause (iv), above, elect to have the work performed on a time and materials basis in accordance with Landlord’s construction contract. Landlord’s design costs under this Section 8.02, any Direct Costs due to Landlord’s contractor on account of Tenant Requested Changes, and any other direct and actual costs incurred by Landlord as a result of such Tenant Requested Changes and described in Landlord’s Change Estimate Notice (but in any event excluding those costs otherwise excluded from Direct Costs described in clauses (b)-(g) of the second paragraph of Section 11.05 of this Exhibit 10.03) Work shall be invoiced to Tenant as incurred and paid by Tenant within fifteen (15) days following such invoice (provided, however, that Tenant may elect in writing within such 15 day period to have such costs deducted from the Finish Work Allowance until such time as Excess Costs are determined pursuant to Section 11.03 of this Work Letter). Landlord shall provide Tenant all reasonable cost accounting information regarding such work provided to Landlord by prepared at Landlord’s contractor or otherwise reasonably available to Landlord and, at Tenant’s sole cost and expense, provided that such costs shall be included in the cost of Landlord’s Work for purposes of determining if the Maximum Amount is exceeded. The space planning, architectural and mechanical drawings are collectively referred to herein as the “Plans”. Tenant shall furnish any requested information and approve or disapprove any preliminary or final layout, drawings, or plans within two (2) Business Days after written request. Any disapproval shall be in writing and shall specifically set forth the reasons for such disapproval. Tenant and Landlord’s Architect shall devote such time in consultation with Landlord and Landlord’s engineer as may be required to provide all information Landlord deems necessary in order to enable Landlord’s Architect and engineer to complete, and obtain Tenant’s written approval of the Plans for the Landlord’s Work by not later than May 15, 2006 (the “Plans Due Date”). In the event that Tenant fails to approve the Plans by the Plans Due Date, Tenant shall be responsible for one (1) day of Delay (as defined in the Lease) for each day during the period beginning on the day following the Plans Due Date and ending on the date Tenant approves the Plans. Prior to commencing any construction of Landlord’s Work, Landlord shall submit to Tenant a written estimate setting forth the anticipated cost of the Landlord’s Work, including but not limited to labor and materials, contractor’s fees and permit fees. Within three (3) Business Days thereafter, Tenant shall either notify Landlord in writing of its approval of the cost estimate, or specify its objections thereto and any desired changes to the proposed Landlord’s Work. In the event Tenant notifies Landlord of such objections and desired changes, Tenant shall work with Landlord to reach a mutually acceptable alternative cost estimate. In the event Landlord’s estimate shall exceed the Maximum Amount (such amounts exceeding the Maximum Amount being herein referred to as the “Excess Estimate”), Tenant shall pay to Landlord such Excess Estimate upon demand. In the event the actual cost of construction shall exceed Landlord’s estimate (such amounts exceeding the Landlord’s estimate being herein referred to as the “Excess Costs”), Tenant shall pay to Landlord such fifty percent (50%) of such Excess Costs upon demand. Landlord shall be responsible for absorbing the remaining 50% of the overage unless due to Tenant’s changes to the plans which subsequently increase the Landlord’s Estimate. The statements of costs submitted to Landlord by Landlord’s contractors shall be conclusive for purposes of determining the actual cost of the items described therein. The amounts payable hereunder constitute Rent payable pursuant to the Lease, and the failure to timely pay same constitutes an event of default under the Lease. If Tenant shall request any change, addition or alteration in any of the Plans after approval by Landlord, Landlord shall have such revisions to the drawings prepared, and Tenant shall reimburse Landlord for the cost thereof upon demand to the extent that the cost of performing such revision cause the cost of Landlord’s Work to exceed the Maximum Amount. Promptly upon completion of the revisions, Landlord shall notify Tenant in writing of the increased cost, if any, which will be chargeable to Tenant by reason of such change, addition or deletion. Tenant shall, within three (3) Business Days, notify Landlord in writing whether it desires to proceed with such change, addition or deletion. In the absence of such written authorization, Landlord shall have the option to continue work on the Premises disregarding the requested change, addition or alteration, or Landlord may elect to discontinue work on the Premises until it receives notice of Tenant’s decision, in which event Tenant shall be responsible for any Delay in completion of the Premises resulting therefrom. In the event such revisions result in a higher estimate of the cost of construction and/or higher actual construction costs which exceed the Maximum Amount, such increased estimate or costs shall be deemed Excess Costs pursuant to Paragraph 5 hereof and Tenant shall pay such Excess Costs upon demand. Following approval of the Plans and the payment by Tenant of the required portion of the Excess Costs, if any, Landlord shall cause the final amount due for such work Landlord’s Work to be determined constructed substantially in accordance with Section 11.06 the approved Plans. Landlord shall notify Tenant of substantial completion of the Landlord’s Work. This Exhibit E shall not be deemed applicable to any additional space added to the original Premises at any time or from time to time, whether by any options under the Lease or otherwise, or to any portion of the original Premises or any additions to the Premises in the event of a renewal or extension of the original Term of this Exhibit 10.03”Lease, whether by any options under the Lease or otherwise, unless expressly so provided in the Lease or any amendment or supplement to the Lease.
Appears in 1 contract
Samples: Office Lease (Wageworks, Inc.)
WORK LETTER. Effective as (a) The last sentence of the date hereof, Section 8.02 1.2 of the Work Letter attached Exhibit B to the Lease as Exhibit 10.03 is hereby deleted and the following is inserted in its place:
entirety and replaced with the following: “Subject to the provisions of Section 41.6 of the Lease, if Tenant has not substantially completed the Tenant Improvements and obtained a certificate of occupancy for the applicable portion of the Premises suitable for the Permitted Use (or Tenant is not otherwise able to lawfully occupy the applicable portion of the Premises, whether or not a certificate of occupancy has been issued) by the date that is six (6) months following the Phase 1 Premises Rent Commencement Date, with respect to the Phase 1 Premises; six (6) months following the Phase 2A Premises Rent Commencement Date, with respect to the Phase 2A Premises; and eight (8) months following the Phase 2B Premises Rent Commencement Date, with respect to Phase 2B Premises, then, as Landlord’s sole remedy hereunder, Landlord shall have the right to exercise its self-help remedy pursuant to Section 31.3 of the Lease in order to put the applicable portion of the Premises in such condition, provided that Landlord shall (a) have no obligation to expend more than the TI Allowance unless Tenant mayprovides Landlord with the necessary funds to cover any excess costs, prior (b) be entitled to April 1, 2012, from time to time request reasonable interior changes (any such change, a “Tenant Requested Change”) in construction management fee of 3% of the Base Building Work to accommodate Tenant’s interior space design or system requirements, subject to the following: in the event that Tenant proposes any changes to the Base Building Work pursuant to the foregoing, Landlord shall, within twenty-one (21) days cost of such request, provide Tenant with (x) Landlord’s architectural and engineering design proposals work (to be prepared by Landlord’s Architect at Tenant’s expense on a time and materials basisdeducted from the TI Allowance) and (yc) order of magnitude conceptual pricing setting forth have the reasonable out of pocket additional, estimated costs right to be incurred by modify the Tenant Improvements as Landlord reasonably deems necessary to implement complete the change in Base Building Work as a result of such change same according to the Approved TI Plans and the amount of estimated delay, if any, that will result in the completion of Base Building Work, together with available TI Allowance without any other costs that Landlord reasonably anticipates it will incur (including without limitation direct and indirect costs resulting from the effects of such changes on retail tenants in the Building) as a result of such change (“Landlord’s Change Estimate Notice”). Tenant shall, within five (5) business days of receiving Landlord’s Change Estimate Notice, either withdraw Tenant’s request for such change or authorize Landlord to proceed with the preparation of revised plans for the Base Building Work reflecting such change at Tenant’s expense on a time and materials basis. Tenant’s failure to timely reply to Landlord’s Change Estimate Notice shall be deemed to be a withdrawal of Tenant’s request for such change. Landlord shall make such reasonable interior changes provided that (i) Tenant pays for costs specified by Landlord in Landlord’s Change Estimate Notice, (ii) the change is consistent with the governmental approvals and permits authorizing the performance of the Base Building Work, (iii) the change is consistent with first quality design standards for laboratory and office space and does not have a material adverse effect on the value of the Building or Property, (iv) Tenant authorizes Landlord to make such change pursuant to the immediately preceding paragraph, (v) Tenant agrees in writing that such change constitutes a Tenant Delay and Landlord and Tenant agree in writing to the amount of such Tenant Delay (any such Tenant Delay, an “Agreed Tenant Delay”) (and in any event that such changes in the aggregate do not result in more than thirty (30) days of delay in the Substantial Completion of the Landlord Work, or cause Landlord to miss any deadline set forth in Landlord’s construction loan, in each case as determined by Landlord in its reasonable discretion); (vi) such change does not materially and adversely affect the Building systems or structural elements of the Building or the completion and occupancy of any portion of the Building other than the Premises. Upon the written request of Tenant, Landlord shall use commercially reasonable efforts to cause Landlord’s contractor to quote the cost for any such change on a lump sum or a guaranteed maximum price basis in the issuance of a change order therefor. If Tenant timely notifies Landlord that Tenant authorizes Landlord to make such change and satisfies the other requirements set forth in this paragraph but Tenant does not agree with Landlord’s cost estimate for construction work as set forth in Landlord’s Change Estimate Notice, then Tenant may, by notice to Landlord set forth in Tenant’s notice authorizing Landlord to proceed with such change pursuant to clause (iv), above, elect to have the work performed on a time and materials basis in accordance with Landlord’s construction contract. Landlord’s design costs under this Section 8.02, any Direct Costs due to Landlord’s contractor on account of Tenant Requested Changes, and any other direct and actual additional costs incurred by Landlord as a result or any obligation to Tenant to make such modified design work for Tenant’s particular use of such Tenant Requested Changes and described in Landlord’s Change Estimate Notice the Premises.”
(but in any event excluding those costs otherwise excluded from Direct Costs described in clauses (b)-(gb) The first part of the second paragraph of Section 11.05 4 of this Exhibit 10.03) B to the Lease is hereby deleted in its entirety and replaced with the following: “If Tenant shall be invoiced actually delayed in completing the Tenant Improvements for the Phase 1 Premises, the Phase 2A Premises or the Phase 2B Premises solely as a result of the occurrence of any of the following (a “Landlord Delay”):”
(c) The last sentence of Section 7.2 of Exhibit B to Tenant the Lease is hereby deleted in its entirety and replaced with the following: “The Approved TI Budget may be prepared and approved on a phased basis for the Phase 1 Premises, the Phase 2A Premises and the Phase 2B Premises.”
(d) The second to last sentence of Section 7.3 of Exhibit B to the Lease is hereby deleted in its entirety and replaced with the following: “The TI Allowance shall be allocated as incurred reasonably determined by Landlord between the Phase 1 Premises, the Phase 2A Premises and paid by Tenant within fifteen (15) days following such invoice (provided, however, that Tenant may elect in writing within such 15 day period to have such costs deducted from the Finish Work Allowance until such time as Excess Costs are determined pursuant to Section 11.03 of this Work Letter). Landlord shall provide Tenant all reasonable cost accounting information regarding such work provided to Landlord by Landlord’s contractor or otherwise reasonably available to Landlord and, at Tenant’s sole cost and expense, shall cause the final amount due for such work to be determined in accordance with Section 11.06 of this Exhibit 10.03Phase 2B Premises based on their respective Rentable Areas.”
Appears in 1 contract
Samples: Lease (Aveo Pharmaceuticals Inc)
WORK LETTER. Effective as of the date hereofConcept Plan: Additional Work Items. Landlord, Section 8.02 of the Work Letter attached to the Lease as Exhibit 10.03 is hereby deleted and the following is inserted in its place:
(a) Tenant may, prior to April 1, 2012, from time to time request reasonable interior changes (any such change, a “Tenant Requested Change”) in the Base Building Work to accommodate Tenant’s interior space design or system requirements, subject to the following: in the event that Tenant proposes any changes to the Base Building Work pursuant to the foregoing, Landlord shall, within twenty-one (21) days of such request, provide Tenant with (x) at Landlord’s architectural sole cost and engineering design proposals (to be prepared by Landlord’s Architect at Tenant’s expense on a time and materials basis) and (y) order of magnitude conceptual pricing setting forth expense, shall perform the reasonable out of pocket additional, estimated costs to be incurred by Landlord to implement the change in Base Building Work as a result of such change and the amount of estimated delay, if any, that will result in the completion of Base Building Work, together with any other costs that Landlord reasonably anticipates it will incur (including without limitation direct and indirect costs resulting from the effects of such changes on retail tenants in the Building) as a result of such change work (“Landlord’s Change Estimate Notice”). Tenant shall, within five (5) business days of receiving Landlord’s Change Estimate Notice, either withdraw Tenant’s request for such change or authorize Landlord to proceed with the preparation of revised plans for the Base Building Work reflecting such change at Tenant’s expense on a time and materials basis. Tenant’s failure to timely reply to Landlord’s Change Estimate Notice shall be deemed to be a withdrawal of Tenant’s request for such change. Landlord shall make such reasonable interior changes provided that (i) Tenant pays for costs specified by Landlord in Landlord’s Change Estimate Notice, (ii) the change is consistent with the governmental approvals and permits authorizing the performance of the Base Building Work, (iii) the change is consistent with first quality design standards for laboratory and office space and does not have a material adverse effect on the value of the Building or Property, (iv) Tenant authorizes Landlord to make such change pursuant to the immediately preceding paragraph, (v) Tenant agrees in writing that such change constitutes a Tenant Delay and Landlord and Tenant agree in writing to the amount of such Tenant Delay (any such Tenant Delay, an “Agreed Tenant Delay”) (and in any event that such changes in the aggregate do not result in more than thirty (30) days of delay in the Substantial Completion of the Landlord Work, or cause Landlord to miss any deadline set forth in Landlord’s construction loan, in each case as determined by Landlord in its reasonable discretion); (vi) such change does not materially and adversely affect the Building systems or structural elements of the Building or the completion and occupancy of any portion of the Building other than the Premises. Upon the written request of Tenant, Landlord shall use commercially reasonable efforts to cause Landlord’s contractor to quote the cost for any such change on a lump sum or a guaranteed maximum price basis in the issuance of a change order therefor. If Tenant timely notifies Landlord that Tenant authorizes Landlord to make such change and satisfies the other requirements set forth in this paragraph but Tenant does not agree with Landlord’s cost estimate for construction work as set forth in Landlord’s Change Estimate Notice, then Tenant may, by notice to Landlord set forth in Tenant’s notice authorizing Landlord to proceed with such change pursuant to clause (iv), above, elect to have the work performed on a time and materials basis letter (the “Work Letter”) attached hereto as Exhibit C-1 in order to deliver the Premises in accordance with Landlord’s construction contract. Landlord’s design costs under this Section 8.02, any Direct Costs due to Landlord’s contractor on account of Tenant Requested Changes, and any other direct and actual costs incurred by Landlord the concept plan (the “Concept Plan”) attached hereto as a result of such Tenant Requested Changes and described in Landlord’s Change Estimate Notice (but in any event excluding those costs otherwise excluded from Direct Costs described in clauses (b)-(g) of the second paragraph of Section 11.05 of this Exhibit 10.03) shall be invoiced to Tenant as incurred and paid by Tenant within fifteen (15) days following such invoice (D; provided, however, that Tenant may elect in writing within such 15 day period to have such costs deducted from the Finish Work Allowance until such time as Excess Costs are determined pursuant to Section 11.03 of this Work Letter). (1) Landlord shall provide Tenant all reasonable not be responsible for the installation of Tenant’s furniture, fixtures, equipment and appliances (notwithstanding the fact that these items are shown on the Concept Plan) and (2) the cost accounting information regarding such work provided to Landlord by of Landlord’s contractor or otherwise reasonably available Work shall not exceed $35.00 per rentable square foot of the Premises (i.e., a maximum of $191,555.00 based on 5,473 rentable square feet), which shall include a construction management fee equal to five percent (5%) of the cost of Landlord’s Work. In the event the cost of Landlord’s Work exceeds $191,555.00, such excess shall be treated as Extra Work (as hereinafter defined), and Tenant shall be responsible for payment of the entire cost of such Extra Work before Landlord andis required to proceed with such Extra Work. Additionally, Landlord, at Tenant’s sole cost and expense, shall cause supply and install the final amount due for such additional work to be determined in accordance items (the “Additional Work Items”) set forth on Exhibit C-2 attached hereto. Tenant acknowledges and agrees that it shall pay Landlord (simultaneously with Section 11.06 the execution and delivery of this Lease) $118,330.00 for the cost of supplying and installing Items 1, 3, 4, 5, 6, and 7 on Exhibit 10.03”C-2. Tenant shall have forty-eight (48) hours after the Effective Date of this Lease to decide if it would like Landlord to supply and install Item 2 on Exhibit C-2. If Tenant elects to have Landlord supply and install Item 2 on Exhibit C-2, Tenant acknowledges and agrees that it shall pay Landlord (simultaneously with making such election) an additional $22,112.00 for the cost of supply and installing Item 2 on Exhibit C-2. Should Tenant fail to make such payment(s) as required herein, Landlord shall have all rights and remedies set forth in Section 25 (Default) in addition to any and all other rights and remedies available to Landlord at law or in equity.
Appears in 1 contract
Samples: Lease (Flywire Corp)