Common use of Cost Estimate Clause in Contracts

Cost Estimate. Upon receipt of Tenant's Plans, Landlord shall obtain a cost estimate for the Tenant Improvements from Landlord's contractor, such cost estimate to include such detail as may be reasonably requested by Tenant. Landlord shall require that its general contractor secure independent sealed bids from three (3) unionized subcontractors mutually acceptable to Landlord and Tenant for each trade whose costs are in excess of five percent (5%) of the total cost estimate. All bids shall be submitted to Landlord and Tenant simultaneously; at Tenant's request, Landlord and Tenant shall open the bids together at the offices of the Landlord's general contractor. Landlord agrees to permit Tenant to designate that the lowest bidding subcontractor be selected. The General Contractor's fee shall be calculated on a "cost plus a fee" basis where the fee for overhead and profit is four percent (4%) of cost and the amount charged for general conditions and supervision is approved by Tenant, such approval not to be unreasonably withheld. Tenant shall not be charged any fee for Landlord's oversight of the construction of Tenant's Improvements. If the cost estimate exceeds the Tenant Allowance, the cost estimate shall be submitted to Tenant. Tenant shall approve or disapprove such estimate within seven (7) days. Failure to disapprove within such period shall constitute approval. If disapproved, Tenant shall provide new sufficient instruction within such seven (7) days for the revision of plans and cost estimates for approval by Landlord. Tenant shall be obligated to approve the cost estimate if the cost is within the Tenant Allowance or any greater budget approved by Tenant. If the cost estimate is in excess of the Tenant Allowance or such greater budget, Tenant shall provide new sufficient instruction which will reduce the cost estimate for the Tenant Improvements to a level acceptable to Tenant and within any allowance provided by Landlord within ten (10) days after receipt of the cost estimate. In the event that, after receiving Tenant's approval of the cost estimate based upon Tenant's Plans as approved by Landlord and Tenant, changes to such plans are requested by any governmental agency or building inspector in order to obtain any required permits or to proceed with the construction of the Tenant Improvements, Tenant shall promptly respond to such governmental request and cause such request to be withdrawn or Tenant's Plans to be revised to comply with such request; and if such revision causes an increase in the cost of the Tenant Improvements such increase shall be made by a change order approved by Tenant. Any delay in achieving Substantial Completion resulting from Tenant's response to such governmental request or EXHIBIT "B" 3 63 approving such change order shall be a Tenant Delay provided for in Paragraph 9 below.

Cost Estimate. Upon receipt Lessor shall use commercially reasonable efforts to notify Lessee at least ten (10) days prior to the Effective Date or the beginning of Tenant's Plansa calendar year, Landlord as the case may be, of the estimated Lessor Costs for such calendar year and Lessee’s monthly installment of such estimate. If, however, Lessor is not able to give such estimate prior to the Effective Date or the beginning of a calendar year, as provided herein, as the case may be, Lessee shall obtain a cost continue to pay monthly installments of rent based on the last notification received from Lessor until Lessor gives notice of the new estimate of rent and Lessee’s monthly installment. Lessee shall pay to Lessor the new monthly installment amount of rent when the next monthly installment of rent is due. If at any time during the calendar year, Lessor reasonably believes that its estimate of Costs will not cover the actual Costs for the Tenant Improvements from Landlord's contractorcalendar year, such cost estimate Lessor shall give written notice to include such detail as may be reasonably requested by Tenant. Landlord shall require that its general contractor secure independent sealed bids from three (3) unionized subcontractors mutually acceptable to Landlord and Tenant for each trade whose costs are in excess of five percent (5%) Lessee of the total cost estimatenew estimate of Costs and Lessee’s monthly installment and Lessee shall pay to Lessor the new monthly installment amount of Costs when the next monthly installment of rent is due. All bids Within ninety (90) days after the end of a calendar year, Lessor shall be submitted give to Landlord Tenant a statement reconciling Lessor’s actual Costs for a calendar year and Tenant simultaneouslyTenant’s payments of estimated rent applicable to such calendar year (“Reconciliation Statement”); at Tenant's requestprovided, Landlord however, if Lessor fails to give the Reconciliation Statement, Lessor does not waive its right to recover additional rent that is due and Tenant shall open payable pursuant to this Section 2(b) unless more than twelve (12) months has pass since the bids together at the offices end of the Landlord's general contractor. Landlord agrees to permit Tenant to designate that the lowest bidding subcontractor be selected. The General Contractor's fee shall be calculated on a "cost plus a fee" basis where the fee for overhead and profit is four percent (4%) of cost and the amount charged for general conditions and supervision is approved by Tenant, such approval not to be unreasonably withheld. Tenant shall not be charged any fee for Landlord's oversight of the construction of Tenant's Improvementscalendar year in question. If the cost estimate exceeds the Tenant AllowanceReconciliation Statement indicates that Lessee owes additional rent, the cost estimate shall be submitted to Tenant. Tenant shall approve or disapprove such estimate within seven (7) days. Failure to disapprove within such period shall constitute approval. If disapproved, Tenant shall provide new sufficient instruction within such seven (7) days for the revision of plans and cost estimates for approval by Landlord. Tenant shall be obligated to approve the cost estimate if the cost is within the Tenant Allowance or any greater budget approved by Tenant. If the cost estimate is in excess of the Tenant Allowance or such greater budget, Tenant shall provide new sufficient instruction which will reduce the cost estimate for the Tenant Improvements to a level acceptable to Tenant and within any allowance provided by Landlord then within ten (10) days after of Tenant’s receipt of the cost estimateReconciliation Statement, Lessee shall pay to Lessor the amount of such underpayment. In If the event thatReconciliation Statement indicates that Lessee is entitled to a refund of additional rent already paid, Lessor shall credit Lessee for the amount of such overpayment against the next maturing installment(s) of additional rent, or if after receiving Tenant's approval the termination of this Lease, Lessor shall pay to Lessee such refund so long as a Lessee Default does not then exist. Since the cost estimate based upon Tenant's Plans as approved by Landlord and Tenantreconciliation for the calendar year in which the Lease terminates will occur after such termination, changes Lessee’s obligation to pay additional rent under this Section 2(b) shall survive the termination of this Lease. Lessee shall pay to Lessor a penalty of $500 for each day from the date that such plans are requested by any governmental agency or building inspector in order to obtain any required permits or to proceed additional rent is due through the date that Lessor receives such past due rent. Lessor will consult with Lessee concerning the construction calculation of each Reconciliation Statement at the Tenant Improvements, Tenant shall promptly respond to such governmental request and cause such request to be withdrawn or Tenant's Plans to be revised to comply with such request; and if such revision causes of Lessee on an increase in the cost of the Tenant Improvements such increase shall be made by a change order approved by Tenant. Any delay in achieving Substantial Completion resulting from Tenant's response to such governmental request or EXHIBIT "B" 3 63 approving such change order shall be a Tenant Delay provided for in Paragraph 9 belowannual basis.

Cost Estimate. Upon receipt completion of Tenant's the Approved Final Plans, Landlord Lessor shall instruct Contractor to obtain competitive bids for the Improvements from at least three (3) qualified subcontractors (which may include subcontractors selected by Lessee and approved by Lessor) for each of the major subtrades that are not included as part of the Contractor’s self performed work and to submit the same to Lessor and Lessee for their review and approval within five (5) business days after Contractor’s submission. Each bid shall, to the extent reasonably practicable, contain an itemization by trade and shall include a schedule of values. Lessor shall select the lowest qualified bid for each major subtrade, unless Lessor and Lessee agree otherwise within said five (5) day period. Upon selection of the subcontractors and approval of the bids, Contractor shall prepare a cost estimate for the Tenant Improvements from Landlord's contractordescribed in the Approved Final Plans, based upon the bids submitted by the subcontractors selected. Contractor shall submit such cost estimate to include such detail as may be reasonably requested by TenantLessee (with a copy to Lessor) for Lessee’s review and approval. Landlord shall require that its general contractor secure independent sealed bids from Within three (3) unionized subcontractors mutually acceptable to Landlord and Tenant for each trade whose costs are in excess of five percent (5%) of the total cost estimate. All bids shall be submitted to Landlord and Tenant simultaneously; at Tenant's request, Landlord and Tenant shall open the bids together at the offices of the Landlord's general contractor. Landlord agrees to permit Tenant to designate that the lowest bidding subcontractor be selected. The General Contractor's fee shall be calculated on a "cost plus a fee" basis where the fee for overhead and profit is four percent (4%) of cost and the amount charged for general conditions and supervision is approved by Tenant, such approval not to be unreasonably withheld. Tenant shall not be charged any fee for Landlord's oversight of the construction of Tenant's Improvements. If the cost estimate exceeds the Tenant Allowance, the cost estimate shall be submitted to Tenant. Tenant shall approve or disapprove such estimate within seven (7) days. Failure to disapprove within such period shall constitute approval. If disapproved, Tenant shall provide new sufficient instruction within such seven (7) days for the revision of plans and cost estimates for approval by Landlord. Tenant shall be obligated to approve the cost estimate if the cost is within the Tenant Allowance or any greater budget approved by Tenant. If the cost estimate is in excess of the Tenant Allowance or such greater budget, Tenant shall provide new sufficient instruction which will reduce the cost estimate for the Tenant Improvements to a level acceptable to Tenant and within any allowance provided by Landlord within ten (10) business days after Lessee’s receipt of the cost estimate, Lessee shall either approve or disapprove the cost estimate in writing delivered to Lessor, which approval shall not be unreasonably withheld or conditioned; provided, however, that Lessee shall have no right to disapprove (and Lessee shall be deemed to have approved) of the cost estimate of the total construction cost of the Improvements set forth on such cost estimate if it is within (and including) the total construction cost for the Improvements set forth on the last revision of the Preliminary Construction Budget. In Lessee’s failure to deliver to Lessor written notice of its approval or disapproval within such three (3) business day period shall constitute Lessee’s approval of the event thatcost estimate. If Lessee timely disapproves the cost estimate, after receiving Tenant's Lessor and Lessee shall work together in good faith to identity those areas that should be reasonably rebid to reduce construction costs and Lessor shall instruct the Contractor to resolicit bids from subcontractors based on such areas of the Approved Final Plans, in accordance with the procedures specified above. Following any re-solicitation of bids by Lessor pursuant to this Paragraph 3.6, Lessor and Lessee shall again follow the procedures set forth in this Paragraph 3.6 with respect to the submission and reasonable approval of the cost estimate based upon Tenant's Plans as approved by Landlord and Tenantfrom Contractor; provided, changes to such plans are requested by any governmental agency or building inspector in order to obtain any required permits or to proceed with however that the construction period between Lessee’s disapproval of the Tenant Improvements, Tenant first revised cost estimate and Lessee’s final approval of a cost estimate shall promptly respond to such governmental request and cause such request to be withdrawn or Tenant's Plans to be revised to comply with such request; and if such revision causes an increase in the cost of the Tenant Improvements such increase shall be made by constitute a change order approved by Tenant. Any delay in achieving Substantial Completion resulting from Tenant's response to such governmental request or EXHIBIT "B" 3 63 approving such change order shall be a Tenant Delay provided for in Paragraph 9 belowLessee Delay.

Cost Estimate. Upon receipt of Tenant's ’s Plans, Landlord shall obtain a cost estimate for the Tenant Improvements from Landlord's ’s contractor, such cost estimate to include such detail as may be reasonably requested by Tenant. Landlord shall require that its general contractor secure independent sealed bids from three (3) unionized subcontractors mutually acceptable to Landlord and Tenant for each trade whose costs are in excess of five percent (5%) of the total cost estimate. All bids shall be submitted to Landlord and Tenant simultaneously; at Tenant's ’s request, Landlord and Tenant shall open the bids together at the offices of the Landlord's ’s general contractor. Landlord agrees to permit Tenant to designate that the lowest bidding subcontractor be selected. The General Contractor's ’s fee shall be calculated on a "“cost plus a fee" ” basis where the fee for overhead and profit is four percent (4%) of cost and the amount charged for general conditions and supervision is approved by Tenant, such approval not to be unreasonably withheld. Tenant shall not be charged any fee for Landlord's ’s oversight of the construction of Tenant's ’s Improvements. If the cost estimate exceeds the Tenant Allowance, the cost estimate shall be submitted to Tenant. Tenant shall approve or disapprove such estimate within seven (7) days. Failure to disapprove within such period shall constitute approval. If disapproved, Tenant shall provide new sufficient instruction within such seven (7) days for the revision of plans and cost estimates for approval by Landlord. Tenant shall be obligated to approve the cost estimate if the cost is within the Tenant Allowance or any greater budget approved by Tenant. If the cost estimate is in excess of the Tenant Allowance or such greater budget, Tenant shall provide new sufficient instruction which will reduce the cost estimate for the Tenant Improvements to a level acceptable to Tenant and within any allowance provided by Landlord within ten (10) days after receipt of the cost estimate. In the event that, after receiving Tenant's ’s approval of the cost estimate based upon Tenant's ’s Plans as approved by Landlord and Tenant, changes to such plans are requested by any governmental agency or building inspector in order to obtain any required permits or to proceed with the construction of the Tenant Improvements, Tenant shall promptly respond to such governmental request and cause such request to be withdrawn or Tenant's ’s Plans to be revised to comply with such request; and if such revision causes an increase in the cost of the Tenant Improvements such increase shall be made by a change order approved by Tenant. Any delay in achieving Substantial Completion resulting from Tenant's ’s response to such governmental request or EXHIBIT "“B" ” 3 63 approving such change order shall be a Tenant Delay provided for in Paragraph 9 below.

Cost Estimate. Upon receipt of Within 10 days after Landlord approves Tenant's Plans’s proposed working drawings, Landlord shall obtain a cost estimate for the advise Tenant Improvements from Landlord's contractor, such cost estimate to include such detail as may be reasonably requested by Tenant. Landlord shall require that its general contractor secure independent sealed bids from three (3) unionized subcontractors mutually acceptable to Landlord and Tenant for each trade whose costs are in excess of five percent (5%) of the total cost estimatethat Tenant must pay in order for Landlord to construct Tenant’s leasehold improvements in accordance with the Approved Working Drawings (which total cost shall include a construction coordination fee to Landlord equal to 3% of the other elements of cost). If the cost proposed by Landlord is satisfactory to Tenant, Tenant and Landlord shall execute a written confirmation to that effect. The confirmation shall constitute an authorization by Tenant for Landlord to proceed with construction of the leasehold improvements contemplated by the Working Drawings. All bids shall of the work required by the Approved Working Drawings (the “Work”) will be submitted to performed by one or more contractors mutually agreed upon by Landlord and Tenant, and engaged by Landlord, which Landlord shall promptly engage following Landlord and Tenant’s approval of the proposed cost of the Work. If Tenant simultaneously; at is not satisfied with the proposed cost, Tenant shall so notify Landlord in writing and shall either revise the scope of the Work by modifying Tenant's request’s space plan and the Approved Working Drawings, or shall ask Landlord to solicit bids from three additional contractors who are approved by Landlord for the performance of construction work in the Building. If one of the three bids is lower than the cost proposed initially by Landlord, Landlord and Tenant shall open execute a written confirmation approving the bids together at reduced cost and Landlord shall proceed to construct the offices leasehold improvements for the agreed cost. The cost of the Landlord's general contractor. Landlord agrees to permit Tenant to designate that the lowest bidding subcontractor be selected. The General Contractor's fee shall be calculated on a "cost plus a fee" basis where the fee for overhead and profit is four percent (4%) of cost and the amount charged for general conditions and supervision is approved by Tenant, such approval not to be unreasonably withheld. Tenant shall not be charged any fee for Landlord's oversight of the construction of Tenant's Improvements. If the cost estimate exceeds the Tenant Allowance, the cost estimate shall be submitted to Tenant. Tenant shall approve or disapprove such estimate within seven (7) days. Failure to disapprove within such period shall constitute approval. If disapproved, Tenant shall provide new sufficient instruction within such seven (7) days for the revision of plans and cost estimates for approval by Landlord. Tenant shall be obligated to approve the cost estimate if the cost is within the Tenant Allowance or any greater budget approved by Tenant. If the cost estimate is in excess of the Tenant Allowance or such greater budget, Tenant shall provide new sufficient instruction which will reduce the cost estimate for the Tenant Improvements to a level acceptable to Tenant and within any allowance provided by Landlord within ten (10) days after receipt of the cost estimate. In the event that, after receiving Tenant's approval of the cost estimate based Work agreed upon Tenant's Plans as approved by Landlord and TenantTenant pursuant to this Paragraph 5, changes to such plans are requested as affected by any governmental agency or building inspector in order Change Order accepted by Tenant as provided below, is hereinafter referred to obtain any required permits or to proceed with as the construction of the Tenant Improvements, Tenant shall promptly respond to such governmental request and cause such request to be withdrawn or Tenant's Plans to be revised to comply with such request; and if such revision causes an increase in the cost of the Tenant Improvements such increase shall be made by a change order approved by Tenant. “Agreed Cost.” Any delay in achieving the Substantial Completion resulting from Tenant's response of the Work that is due to such governmental request a change in the scope of the Work or EXHIBIT "B" 3 63 approving such change order the completion of the bidding process to arrive at an Agreed Cost shall be a Tenant Delay provided for in Paragraph 9 belowthe responsibility of Tenant.

Cost Estimate. Upon receipt of Tenant's Plans, Landlord shall obtain a The cost estimate for referenced above describes all costs and expenses relating to the Tenant Improvements from Landlord's contractordesign, such cost estimate to include such detail as may be reasonably requested by Tenant. Landlord shall require that its general contractor secure independent sealed bids from three (3) unionized subcontractors mutually acceptable to Landlord construction and Tenant for each trade whose costs are in excess of five percent (5%) performance of the total cost estimateSubleased Premises Work and shall include, without limitation, (i) any increases or deductions to the costs of Landlord’s Base Building Work caused by the Subleased Premises Work, (ii) line items for all categories properly includable as part of the reasonable, actual, out of pocket costs that are incurred by Overlandlord in connection with the design, construction, coordination, permitting and performance of the Subleased Premises Work, (iii) any other charges related to the Subleased Premises Work that are required to be paid by Subtenant pursuant to this Sublease, and (v) a project contingency (the “SP Contingency”) equal to $750,000.00 (collectively, the “Subleased Premises Total Costs”). All bids Notwithstanding anything to the contrary, Subleased Premises Total Costs shall exclude (A) Excluded Construction Costs (as defined in Section 3.4 of the Xxxxxxxxx), and (B) the following costs, which shall be submitted to Landlord paid by Subtenant: the cost of any of Subtenant’s personal property, including without limitation telecommunications and Tenant simultaneously; at Tenant's requestcomputer equipment and all associated wiring and cabling, Landlord any de-mountable partitions, artwork and Tenant shall open partitions, signs and trade fixtures and the bids together cost of any fixtures or improvements that will be removed at the offices end of the Landlord's general contractorTerm. Landlord agrees Except to the extent constituting an Excluded Construction Cost, Subleased Premises Total Costs includes, without limitation, a prorated portion of permit Tenant fees applicable to designate that the lowest bidding subcontractor be selected. The General Contractor's fee shall be calculated on a "cost plus a fee" basis where the fee for overhead and profit is four percent (4%) of cost and Additional Premises Work, the amount charged for general conditions and supervision is approved by Tenant, such approval not to be unreasonably withheld. Tenant shall not be charged any fee for Landlord's oversight of the construction of Tenant's Improvements. If the cost estimate exceeds the Tenant Allowance, the cost estimate shall be submitted to Tenant. Tenant shall approve or disapprove such estimate within seven (7) days. Failure to disapprove within such period shall constitute approval. If disapproved, Tenant shall provide new sufficient instruction within such seven (7) days for the revision of plans and cost estimates for approval by Landlord. Tenant shall be obligated to approve the cost estimate if the cost is within the Tenant Allowance or any greater budget approved by Tenant. If the cost estimate is in excess of the Tenant Allowance or such greater budget, Tenant shall provide new sufficient instruction which will reduce the cost estimate for the Tenant Improvements to a level acceptable to Tenant and within any allowance provided by Landlord within ten (10) days after receipt of the cost estimate. In the event that, after receiving Tenant's approval of the cost estimate based upon Tenant's Plans as approved by Landlord and Tenant, changes to such plans are requested by any governmental agency or building inspector in order to obtain any required permits or to proceed with the construction of the Tenant Improvements, Tenant shall promptly respond to such governmental request and cause such request to be withdrawn or Tenant's Plans to be revised to comply with such request; and if such revision causes an increase in the cost existing guaranteed maximum price construction contract with the Approved Contractor to add the scope of work to construct the Subleased Premises Work in accordance with the Final SP Plans, costs of Permitted Changes, Change Order Costs and costs of Landlord’s Changes (to the extent either of which, in the aggregate, increase the Subleased Premises Total Costs), and costs for the Approved Architect and Approved Engineers incurred by Overlandlord with respect to the Subleased Premises Work. Sublandlord shall cause Overlandlord to segregate (and separately account for) the Subleased Premises Total Costs from Total Costs under the Xxxxxxxxx and other phases of the Tenant Improvements such increase Additional Premises Work as much as reasonably possible, with any costs that are shared between Tenant’s Fitout, other phases of Additional Premises Work, and the Subleased Premises Work being allocated between the projects based on rentable square feet unless another method of allocation is more appropriate. Sublandlord shall be made by a change order approved by Tenant. Any delay in achieving Substantial Completion resulting from Tenant's response cause Overlandlord to such governmental request or EXHIBIT "B" 3 63 approving such change order shall be a Tenant Delay provided cause Approved Contractor to keep separate books and records for in Paragraph 9 belowthe Subleased Premises Work and to allocate shared costs among the phases based on rentable square feet unless another method of allocation is more appropriate.