Construction Guaranty. Landlord guarantees the Landlord's Improvements against defective workmanship and/or materials for a period of one year from the date of substantial completion of Landlord's Improvements. Landlord agrees, at its sole cost, to repair or replace any defective item occasioned by poor workmanship and/or materials during said one-year guaranty period. Performance of such one-year guaranty shall be Landlord's sole and exclusive obligation with respect to defective workmanship and/or materials. Tenant's right to enforce such one-year guaranty shall be Tenant's sole and exclusive remedy with respect to such defective workmanship and/or materials in limitation of any contract, warranty or other rights, whether express or implied, that Tenant may otherwise have under applicable law. Upon expiration of the one-year guaranty of Landlord against defective workmanship and materials, Landlord shall assign to Tenant any warranties or guaranties of workmanship or materials given to Landlord by subcontractors or materialmen for a period longer than the one-year guaranty period described above. Landlord makes no warranty or representation that any of such warranties or guaranties will be assignable. To the extent that any such warranties or guaranties are not assignable, Landlord agrees to cooperate with Tenant in the enforcement thereof by Tenant, at Tenant's sole cost. Landlord also agrees to cooperate with Tenant in the enforcement by Tenant, at Tenant's sole cost, of any service contracts that provide service, repair or maintenance for a period longer than such one-year guaranty period, on any item incorporated in the Building that is to be maintained by Tenant.
Construction Guaranty. Wichita GP unconditionally covenants, guarantees and warrants as follows:
Construction Guaranty. With respect to the Construction Loan, MHDC provides the following guaranties to Participating Lender (collectively, the “Construction Guaranty”):
Construction Guaranty. Landlord guarantees, for a period of one (1) year following the Commencement Date, (i) the Leasehold Improvements against defective workmanship and/or materials or non-compliance with the final plans and specifications for the Leasehold Improvements and (ii) that the Common Areas and the Building, including the roof, floors, walls, doors, dock doors, parking lot and all other mechanical systems are and shall be in good, operable condition. Landlord agrees, during said one-year period at its sole cost and expense, to (i).repair or replace any defective item occasioned by poor workmanship and/or materials or non-compliance with the final plans and specifications for the Leasehold Improvements and (ii) make all necessary repairs to keep the Common Areas and the Building, including the roof, floors, walls, doors, dock doors, parking lot and all other mechanical systems in good, operable condition. In no event shall Landlord's guarantee herein extend to any repairs or replacements caused by the acts of omissions of Tenant, or Tenant's agents, contractors or employees, including failure to maintain and service any equipment in accordance with manufacturer's specifications or recommendations. Except as otherwise expressly set form in this Lease, Landlord's sole and exclusive obligation with respect to defective workmanship and/or materials, and Tenant's rights to enforce such one-year guaranty shall be Tenant's sole and exclusive remedy with respect to such defective workmanship and/or materials in limitation of any contract, warranty or other rights, whether express or implied, mat Tenant may otherwise have under applicable law. From and after the expiration of the one year guaranty of Landlord against defective workmanship and materials, Landlord agrees to cooperate with Tenant in the enforcement by Tenant, at Tenant's sole cost and expense, of any express warranties or guaranties of workmanship or materials given by subcontractors or materialmen that guarantee or warrant against defective workmanship or materials for a period of time in excess of the one-year period described above and to cooperate with Tenant in the enforcement by Tenant, at Tenant's sole cost and expense, of any service contracts that provide service, repair or maintenance to any item incorporated in the Building for a period of time in excess of such one-year period.
Construction Guaranty. 7 --------------------- 2.8. Tenant's Acceptance of Demised Premises............................................................. 7 --------------------------------------- 2.9.
Construction Guaranty. Landlord guarantees the Landlord's --------------------- Improvements (excluding those items installed or materials purchased by Tenant in connection with Final Installation Work and Tenant Final Installation Work) against defective workmanship and/or materials for a period of one (1) year from the date of "Substantial Completion" (as defined in Section 1.1 above) of Landlord's Improvements and Landlord agrees, at its sole cost and expense, to repair or replace any defective item occasioned by poor workmanship and/or materials during said one-year period. Any such cost will not be considered part of Operating Expenses, as hereinafter defined, during this one (1) year period. Thereafter, all such costs, to the extent not covered by applicable warranties, shall be considered Operating Expenses.
Construction Guaranty. 26 Exhibit A - Rules and Regulations Exhibit B - Work Specifications Exhibit C - Floor Plan AGREEMENT OF LEASE, made as of this 7th day of February 1997, between ROBEXX XXXXXX XXXPANY, LLC, A New York limited liability company, having an office at 100 Xxxxxxxxxx Xxxx, Xxxxxxxx, Xxx Xxxx 00000 xxxty of the first part, hereinafter referred to as OWNER, and ADVANCED VIRAL RESEARCH CORPORATION, a Delaware corporation, having an office at 1250 Xxxx Xxxxxxxxxx Xxxxx Xxxxxxxxx, Xxxxxxxxxx, Xxxxxxx 00000 XXXNESSETH, Owner hereby leases to Tenant and Tenant hereby hires from Owner the area of the ground floor approximately 6,100 square feet (the "Rentable Area") in the building known as 200 Xxxxxxxxx Xxxxxxxxx Xxxxx Xxxxxxx, Xxx Xxxx, xxr the term of five (5) years (or until such term shall sooner cease and expire as hereinafter provided) to commence on the as set forth in Article 42 both dates inclusive, at an annual rental rate of (the "Fixed Annual Rent") $85,400.00 per annum which Tenant agrees to pay in lawful money of the United States which shall be legal tender in payment of all debts and dues, public and private, at the time of payment, in equal monthly installments in advance on the first day of each month during said term, at the office of Owner or such other place as Owner may designate, without any set off or deduction whatsoever, except that Tenant shall pay the first monthly installment(s) on the execution hereof (unless this lease be a renewal). In the event that, at the commencement of the term of this lease, or thereafter, Tenant shall be in default in the payment of rent to Owner pursuant to the terms of another lease with Owner or with Owner's predecessor in interest, Owner may at Owner's option and without notice to Tenant add the amount of such arrears to any monthly installment of rent payable hereunder and the same shall be payable to Owner as additional rent. The parties hereto, for themselves, their heirs, distributees, executors, administrators, legal representatives, successors and assigns, hereby covenant as follows:
Construction Guaranty. Tenant shall deliver to Owner, in consideration for Owner's contribution toward the work set forth on the Work Specifications and the attached floor plan and as additional security pursuant to Article 32, the sum of $30,500.00. Provided that (1) this lease is full force and effect on the 30th month anniversary of the Commencement Date and Tenant is not in default hereunder and (2) Tenant has a net worth of at least $4,000,000 on such 30th month anniversary of the Commencement Date, Owner shall return to Tenant the $30,500.00 upon the 30th month anniversary of the Commencement Date. Prior to Owner's obligation to return such sum, Tenant shall deliver to Owner documentation, reasonably satisfactory to Owner, including, but not limited to, audited financial statements, evidencing Tenant's net worth on the 30th month anniversary of the Commencement Date.* MULTI/MAS 88 Exhibit "A" Rules and Regulations
Construction Guaranty. Landlord guarantees the Improvements against defective workmanship and/or materials for a period of one year from the date of Substantial Completion. The foregoing guaranty will not extend to matters governed by the “Y2K Provision” (as defined in Section 2.10). Landlord agrees, at its sole cost and expense, to repair or replace any defective item occasioned by poor workmanship and/or materials during said one-year period. Performance of such one-year guaranty shall be Landlord’s sole and exclusive obligation with respect to defective workmanship and/or materials, and Tenant’s rights to enforce such one-year guaranty shall be Tenant’s sole and exclusive remedy against Landlord with respect to such defective workmanship and/or materials in limitation of any contract, warranty or other rights, whether express or implied, that Tenant may otherwise have under applicable law. Upon expiration of the one year guaranty of Landlord, Landlord will assign to Tenant, without recourse, any unexpired warranties received by Landlord from subcontractor or materialmen. Landlord will cooperate, at Tenant’s expense, in Tenant’s enforcement of any such warranties. Landlord will obtain a twenty (20) year manufacturer’s warranty on the roof membrane. Other warranties with a term in excess of one (1) year which are to be obtained by Landlord are identified on Exhibit “F” (the “Warranties”).
Construction Guaranty. 6 Section 2.5 Tenant's Acceptance of Demised Premises................................................. 6 Section 2.6 Repair and Maintenance.................................................................. 7
