Construction Contract; Cost Budget. Tenant shall engage the Contractor under a commercially reasonable and customary construction contract, reasonably approved by Landlord (collectively, the “Contract”). Prior to the commencement of the construction of the Tenant Improvements, and after Tenant has accepted all bids for the Tenant Improvements, Tenant shall provide Landlord with a detailed breakdown, by trade, of the final costs to be incurred or which have been incurred, as set forth more particularly in Sections 2.2.1.1 through 2.2.1.9, above, in connection with the design and construction of the Tenant Improvements to be performed by or at the direction of Tenant or the Contractor, which costs form a basis for the estimated total costs of the work of the Tenant Improvement project (the “Final Budget”). Prior to the commencement of construction of the Tenant Improvements, Tenant shall inform Landlord of the amount (the “Over-Allowance Amount”), if any, by which the amount of the Final Budget exceeds the amount of the Tenant Improvement Allowance (less any portion thereof already disbursed by Landlord, or in the process of being disbursed by Landlord, on or before the commencement of construction of the Tenant Improvements). Tenant shall be responsible to pay any Over-Allowance Amount in progress payments on a pro rata basis based on the total Over-Allowance Amount as compared to the Tenant Improvement Allowance.
Construction Contract; Cost Budget. Prior to Tenant's execution of the construction contract and general conditions with Contractor (the "CONTRACT"), Tenant shall submit the Contract to Landlord for its approval, which approval shall not be unreasonably withheld or delayed. Prior to the commencement of the construction of the Tenant Improvements, and after Tenant has accepted all bids for the Tenant Improvements, Tenant shall provide Landlord with a detailed breakdown, by trade, of the final costs to be incurred or which have been incurred in connection with the design and construction of the Tenant Improvements to be performed by or at the direction of Tenant or the Contractor, which costs form a basis for the amount of the Contract (the "FINAL COSTS").
Construction Contract; Cost Budget. Prior to Tenant’s execution of the construction contract and general conditions with Contractor (the “Contract”), Tenant shall submit the Contract to Landlord for its approval which approval shall not be unreasonably withheld. If Landlord fails to notify Tenant of Landlord’s approval or disapproval of the Contract within three (3) business days following Tenant’s delivery of the same to Landlord, and if such failure continues for two (2) business days following Tenant’s delivery to Landlord’s representative of a second (2nd) notice (which notice may be delivered via electronic mail), Landlord will be deemed to have approved the Contract. Prior to the commencement of the construction of the Tenant Improvements and Compliance Work, and after Tenant has accepted all bids for the Tenant Improvements and Compliance Work, Tenant shall provide Landlord with a detailed breakdown, by trade, of the final costs to be incurred or which have been incurred, in connection with the design, permitting and construction of the Tenant Improvements and Compliance Work pursuant to the Construction Drawings to be performed by or at the direction of Tenant or the Contractor, which costs form a basis for the amount of the Contract (the “Final Costs”).
Construction Contract; Cost Budget. Tenant shall provide Landlord with a copy, for informational purposes only, of (a) Tenant’s construction contract with Contractor (the “Contract”); (b) a breakdown (the “Final Cost Budget”), by trade, of the final costs to be incurred (which may be based upon estimates) or which have been incurred, in connection with the design and construction of the Tenant Improvements, including costs which form a basis for the amount of the Contract (the “Final Costs”). The Contract must contain a provision for a holdback of at least ten percent (10%) of each progress payment until at least substantial completion of the work. Prior to submitting its first request for a funding of the Tenant Improvement Allowance, Tenant and Landlord shall identify the amount (the “Over-Allowance Amount”) equal to the difference between (i) the amount of the Final Costs or projected Final Costs, and (ii) the total amount of the Tenant Improvement Allowance. With regard to any such Over-Allowance Amount, concurrently with Landlord’s distribution of the Tenant Improvement Allowance, Tenant shall make payments related to such Over-Allowance Amount out of its own funds, on a pro rata basis with the funding of the Tenant Improvement Allowance. Tenant shall provide Landlord with evidence of its funding of its share concurrently with its draw requests.
Construction Contract; Cost Budget. Tenant shall engage the Contractor under a commercially reasonable construction contract (collectively, the “Contract”). All costs related to the Tenant Improvements to the extent in excess of the Tenant Improvement Allowance shall be paid by Tenant out of its own funds, but Tenant shall continue to provide Landlord with the documents described in Sections 2.2.2.1(i), (ii), (iii) and (iv) of this Tenant Work Letter, above, for Landlord’s approval, concurrently with Tenant paying such costs.
Construction Contract; Cost Budget. Within two (2) business days of its execution by Tenant and Contractor, Tenant shall deliver a copy of the Construction Contract and the budget for the construction of the Tenant Improvements and a check payable to Landlord in an amount equal to one percent (1%) the construction price for the cost of construction of the Tenant Improvements.
Construction Contract; Cost Budget. Prior to Tenant’s execution of the construction contract and general conditions with Contractor for each applicable Construction Premises (the “Contract”), Tenant shall submit the Contract to Landlord for its approval, which approval shall not be unreasonably withheld or delayed. Prior to the commencement of the construction of the Tenant Improvements for such applicable Construction Premises, and after Tenant has accepted all bids for the Tenant Improvements therefor, Tenant shall provide Landlord with a detailed breakdown, by trade, of the final Tenant Improvement Costs to be incurred, or which have been incurred, as set forth more particularly in Sections 2.2.1.1 through 2.2.1.7 above, in connection with the design, permitting and construction of the Tenant Improvements for such applicable Construction Premises to be performed by or at the direction of Tenant or the Contractor (which Tenant Improvement Costs form a basis for the amount of the Contract, if any for the Tenant Improvements for such Construction Premises (collectively, the “Final Tenant Improvement Costs”). Prior to the commencement of construction of the Tenant Improvements for such applicable Construction Premises, Tenant shall supply Landlord with cash in an amount (the “Over-Allowance Amount”) by which the Final Tenant Improvement Costs for such applicable Construction Premises exceed the TI Allowance Portion for such Construction Premises (less any portion thereof already disbursed by Landlord, or in the process of being disbursed by Landlord, on or before the commencement of construction of the Tenant Improvements for such applicable Construction Premises). The Over-Allowance Amount for such applicable Construction Premises shall be disbursed by Landlord prior to the disbursement of any of the then remaining portion of the TI Allowance Portion for such applicable Construction Premises, and such disbursement shall be pursuant to the same procedure as the TI Allowance Portion for such applicable Construction Premises. If, after the Final Tenant Improvement Costs for such applicable Construction Premises have been delivered by Landlord to Tenant, the Tenant Improvement Costs for such applicable Construction Premises shall change, any additional Tenant Improvement Costs for such applicable Construction Premises necessary to such design and construction in excess of such Final Tenant Improvement Costs therefor shall, to the extent they exceed the remaining balance of the TI Allowance Porti...
Construction Contract; Cost Budget. Prior to Tenant's ------------------------------------- execution of the construction contract with the Contractor, Tenant shall submit the construction contract to Landlord for its approval, which approval shall not unreasonably be withheld or delayed. Prior to the commencement of the construction of the Tenant Improvements on each floor, and in each instance after Tenant has accepted all bids for the Tenant Improvements for a floor of the Premises, Tenant shall provide Landlord with a detailed breakdown, by trade, of the final costs to be incurred or which have been incurred in connection with the design and construction of the Tenant Improvements, which may, at Tenant's election, be on a floor-by-floor basis (the "FINAL COSTS"). The term "OVER-ALLOWANCE AMOUNT" shall mean the difference between (i) the Final Costs for the Premises, and (ii) the amount of the Tenant Improvement Allowance. Tenant shall be required to pay the Over-Allowance Amount on a pro rata basis throughout the course of construction of the Tenant Improvements. By way of example only, and not as a limitation upon the foregoing, if the total cost of the Tenant Improvement Allowance Items equals Thirty and 60/100 Dollars ($30.60) per rentable square foot of the Premises, the Over-Allowance Amount shall be Five and 10/100 Dollars ($5.10) per rentable square foot (i.e., the Final Costs less the Twenty-Five and 50/100 Dollars ($25.50) per rentable square foot Tenant Improvement EXHIBIT C - Page 11 TISHMAN WARNER CENTER VENTURE, LLC [20th Century Industries; 6303 Owensmouth] Allowance), and Tenant shall pay one-fifth (1/5ths) of the amount of each invoice net of retention. In the event that after the Final Costs are determined, and if such Final Costs exceed the amount of the Tenant Improvement Allowance allocated to such space as described above, any revisions, changes or substitutions shall be made to the Construction Drawings or the Tenant Improvements pursuant to the provisions of this Tenant Work Letter, any additional costs (net of retention) reasonably attributable to such revisions, changes or substitutions shall be paid by Tenant.
Construction Contract; Cost Budget. Within two (2) business days of its execution by Lessee and Contractor, Lessee shall deliver to Lessor a copy of the Construction Contract, along with a budget for the construction of the Lessee Improvements. Prior to the earlier to occur of: (i) two (2) business days after execution by Lessee and Contractor of the Construction Contract, or (ii) the date on which Lessee receives any permits necessary to commence to build the Lessee Improvements, Lessee shall deliver to Lessor, the Improvements Letter of Credit Security.
Construction Contract; Cost Budget. Within two (2) business days of its execution by Lessee and Contractor, Lessee shall deliver a copy of the Construction Contract and the budget for the construction of the Lessee Improvements.