Common use of Existing Construction Contract Clause in Contracts

Existing Construction Contract. Buyer agrees to assume the Existing Construction Contract at closing. Notwithstanding the foregoing or anything contained in this Agreement to the contrary, Buyer shall receive a credit at Closing in the amount of ONE HUNDRED TWENTY-FOUR THOUSAND SIX HUNDRED FIFTY-SIX AND 50/100 DOLLARS ($124,656.50) for the purpose of paying any amounts that are or will be due and payable under the Existing Construction Contract on or after the Closing with respect to both work actually performed thereunder prior to the Closing and for any future work to be performed after the Closing pursuant to the Existing Construction Contract. In addition, notwithstanding the fact that the Existing Construction Contract is a lump sum contract, in the event additional sums (“Additional Sums”) are incurred by Buyer under the Existing Construction Contract in order to perform the remaining work to be performed under the Existing Construction Contract without alteration or modification thereto, without undue delay in commencing performance of the work, and without incurring any overtime or requiring any accelerated work schedule or any other change to the performance of the Existing Construction Contract in its ordinary course, Seller agrees to pay to Buyer the Additional Sums promptly following Buyer’s submission to Seller of a request for payment of such Additional Sums, which request shall be made, if at all, on or prior to the date which is one hundred eighty (180) days following the Closing, and which request shall include written evidence of the Additional Sums and a detailed accounting of the reasons therefor. For further clarification, “Additional Sums” shall not include costs incurred: (i) following the date which is one hundred eighty (180) days following the Closing; (ii) pursuant to change orders or amendments or modifications to the Existing Construction Contract; (iii) as a result of work that is beyond the scope of work currently contemplated in the Existing Construction Contract, or requiring materials or finishes that are not currently contemplated in the Existing Construction Contract; or (iv) as a result of expedited work schedules (e.g., evening or weekend work) resulting in higher labor costs than that currently contemplated under the Existing Construction Contract, it being understood and agreed that it is currently estimated that the outstanding work under the Existing Construction Contract will take approximately twelve (12) weeks to complete if the work is conducted during normal business hours. Any Additional Sums hereunder owed by Seller to Buyer pursuant to this Section 9.1(q) shall not be subject to the “Loss Basket” requirement set forth in Section 13.3 of this Agreement.”