Future Construction. Tenant acknowledges that, as more particularly provided below, the development of the Project is continuing and may, at Landlord’s election, include the construction of additional buildings and improvements within the Project, including in areas which currently constitute Common Areas. Tenant is entering into this Lease with a full understanding of the possible ramifications/effects of such future development work on its tenancy and the rental charged hereunder takes such factors into account. Tenant further acknowledges and agrees that Landlord may, from time to time, at its sole election, construct (including, without limitation, additional buildings), reconstruct (including without limitation the replacement of certain improvements with other improvements), improve (including tenant improvements), modify, expand, or otherwise alter the Project or portions thereof, including a remodel, renovation, or refurbishment of the Premises (collectively, “Construction Work”) (in no event however will Landlord have any obligation to do so). Tenant acknowledges that any such Construction Work 29 American Assets Trust – Lease Form 1/31/2023 (a) Tenant shall have the right to bring an action against Landlord (as ▇▇▇▇▇▇’s sole remedy) in the event Tenant suffers any damages as a result of Landlord’s negligence or intentional misconduct in pursuing such Construction Work, and (b) if such Construction Work results in Tenant being unable to access the Premises, or portions thereof, for the Permitted Use for a period of greater than 5 business days, Tenant shall be entitled (as ▇▇▇▇▇▇’s sole remedy with respect to such lack of access) to equitable abatement of the Rent for such period of time during which it is unable to access the Premises. The foregoing rights will constitute Tenant’s sole and absolute rights against Landlord or otherwise in connection with any such Construction Work and Tenant releases and waives any other claims, defenses, or rights in connection therewith. Tenant further acknowledges that expansion of the Project may affect the amount of the Operating Expenses and the portion thereof payable by Tenant.
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Future Construction. Tenant acknowledges that, as more particularly provided below, the development of the Project is continuing and may, at Landlord’s election, include the construction of additional buildings and improvements within the Project, including in areas which currently constitute Common Areas. Tenant is entering into this Lease with a full understanding of the possible ramifications/effects of such future development work on its tenancy and the rental charged hereunder takes such factors into account. Tenant further acknowledges and agrees that Landlord may, from time to time, at its sole election, construct (including, without limitation, additional buildings), reconstruct (including without limitation the replacement of certain improvements with other improvements), improve (including tenant improvements), modify, expand, or otherwise alter the Project or portions thereof, including a remodel, renovation, or refurbishment of the Premises (collectively, “Construction Work”) (in no event however will Landlord have any obligation to do so). Tenant acknowledges that any such Construction Work 29 American Assets Trust – Lease Form 1/31/2023
(a) Tenant shall have the right to bring an action against Landlord (as ▇▇▇▇▇▇’s sole remedy) in ▇▇ agrees to perform the event Tenant suffers any damages construction as detailed on Exhibit "B-1", attached hereto and made a result of Landlord’s negligence or intentional misconduct in pursuing such Construction Workpart hereof (hereinafter referred to as the "Future Construction"), and (b) if such Construction Work results in Tenant being unable to access the Premises, or portions thereof, for the Permitted Use for a period of greater than 5 business days, Tenant shall be entitled (as following ▇▇▇▇▇▇’s sole remedy with respect ▇▇'s receipt of Tenant's written notice requesting same. Upon receipt of ▇▇▇▇▇▇'s notice, Landlord shall immediately apply to the Town of Norton for a building permit to perform such lack Future Construction. Landlord agrees to use its best efforts to fully complete such Future Construction within thirty (30) days following the Town of access) to equitable abatement ▇▇▇▇▇▇'▇ issuing such building permit; However, in the event Landlord is delayed in completing such Future Construction and such delay is caused by the inability of the Rent for Landlord's supplier to deliver the equipment in a timely manner, then Landlord shall have such longer period of time during which as is necessary under the circumstances. Landlord hereby estimates the total cost of performing the Future Construction at NINETY-ONE THOUSAND NINE HUNDRED SIX AND 00/100 ($91,906.00)DOLLARS. ▇▇▇▇▇▇ agrees to reimburse Landlord for same in accordance with the following schedule:
a. Tenant shall pay Landlord one-half (1/2) of the total cost of such Future Construction, on the date it sends written notice requesting Landlord perform the Future Construction.
b. Landlord shall amortize the remaining one-half (1/2) of such Future Construction over the remaining Lease Term with an interest rate of ten percent (10%). Prior to Landlord's commencement of the Future Construction, Landlord and Tenant agree to enter into a mutually acceptable Amendment to this Lease setting forth the amount, terms and conditions of such amortization. Tenant hereby acknowledges that the cost of the Future Construction set forth hereinabove is unable an ESTIMATE. Upon ▇▇▇▇▇▇▇▇'s receipt of ▇▇▇▇▇▇'s written notice requesting Landlord to access perform the Future Construction, Landlord shall re- estimate the cost of the Future Construction and in the event the cost of same is higher than the amount described hereinabove, then Tenant shall have the option of (1) rescinding its notice to Landlord to perform the Future Construction or (ii) paying Landlord for such higher amount. Tenant hereby acknowledges that the Future Construction may interfere with or interrupt Tenant's operations and use of the Premises; however, Landlord shall use its best efforts to perform such Future Construction in a manner as to minimize such interference or interruption of Tenant's normal business operations. The foregoing rights will constitute Tenant’s sole and absolute rights against Landlord or otherwise in connection with any such Construction Work and Tenant releases and waives any other claims, defenses, or rights in connection therewith. Tenant ▇▇▇▇▇▇ further acknowledges that expansion a "shut down" period may be required to Tenant in order for Landlord to complete the Future Construction. Tenant hereby agrees to cooperate with ▇▇▇▇▇▇▇▇ in the scheduling for the performance of such future Construction. Notwithstanding the Project may affect foregoing, it is hereby understood and agreed by the amount parties that in no event shall Tenant receive an equitable abatement or reduction in Rent and/or Additional Rent as a result of any interference, interruption or "shut down" in Tenant's business operations as a result of landlord's Future Construction described hereinabove. Notwithstanding anything contained in this Paragraph 42 to the Operating Expenses contract, Tenant must exercise its option for the Landlord to perform the Future Construction no later than May 1, 1993, or this entire Paragraph 42 shall be deemed null and the portion thereof payable by Tenantvoid and of no further force or effect as of such May 1, 1993, date.
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Sources: Lease Agreement (Sync Research Inc)