Common use of Current Construction Work Clause in Contracts

Current Construction Work. Seller is currently in the process of completing certain building improvements and tenant improvements on the property (the “Work”) pursuant to agreements (the “Construction Contracts”) between Seller and certain contractors (individually a “Contractor” or collectively the “Contactors”) who are performing the Work, each as described on Exhibit P. Purchaser acknowledges that a portion of the Work, and the costs thereof may be completed and expended prior to Closing. It is not expected that the Work will be complete by Closing. To the extent Seller is obligated to pay for the cost of such Work pursuant to Section 10.4 above, Purchaser will receive a credit against the Purchase Price for the cost of Work which has not been paid for by Closing. To the extent Purchaser is obligated to pay for such Work pursuant to Section 10.4 above, Seller will receive a credit at Closing for the cost of Work which Seller has paid as of Closing. Pursuant to an Assignment of the Contracts in the form set forth as Exhibit P-1 and incorporated herein by reference the (“Assignment of Construction Contract”), Purchaser will assume the obligations of Seller existing under Construction Contracts subject to the Assignment of Construction Contracts as of the date of Closing.