Common use of OWNER'S INITIAL WORK Clause in Contracts

OWNER'S INITIAL WORK. (a) Owner shall reimburse Tenant for the cost of Initial Tenant Work (as defined herein) portion of Tenant's Initial Construction in an amount equal to the lesser of (i) Forty Thousand and 00/100 Dollars ($40,000), or (ii) the actual cost of the Initial Tenant Work, upon the following terms and conditions: (i) Reimbursement shall be made to Tenant after the Initial Tenant Work has been completed; (ii) Tenant shall have supplied to Owner evidence reasonably satisfactory to Owner establishing (w) that the Initial Tenant Work has been completed, (x) the cost thereof, (y) that all sums due and owing to contractors, subcontractors and materialmen have been paid, including, without limitation, lien waivers from such contractors, subcontractors and materialmen and (z) that all governmental authorities (including without limitation the New York City Department of Buildings) have issued final approval of the work as built and occupancy of the space concerned; (iii) Tenant shall have caused Tenant's architect to deliver to Owner AlA forms G701, G702 and G703 with respect to such Initial Tenant Work; and (iv) Tenant is not then in default under the terms of this lease. (b) As used herein, "INITIAL TENANT WORK" shall be deemed to mean the installation of fixtures, improvements and appurtenances attached to or built into the Demised Premises in order to ready the Demised Premises for Tenant's initial occupancy, and shall not include movable partitions, business and trade fixtures, machinery, equipment, furniture, furnishings and other articles of personal property.

OWNER'S INITIAL WORK. A. Provided Tenant shall submit -------------------- to Owner Tenant's Demolition Plans (aas hereinafter defined) which shall be entitled to meet with Owner's approval by September 1, 2002 then, at the time set forth in Section 12.03, Owner shall reimburse Tenant for perform the cost of following work in the Demised Premises and place the Demised Premises in a so called "broom clean condition" (referred to herein as "Owner's Initial Tenant Work Work"): demolish the -------------------- presently existing interior Alterations in the Demised Premises in accordance with demolition plans (as defined herein) portion of "Tenant's Initial Construction in an amount equal Demolition Plans") to the lesser of (i) Forty Thousand be delivered by Tenant to ------------------------- Owner on or prior to September 1, 2002, which Tenant's Demolition Plans shall be subject to Owner's reasonable approval, and 00/100 Dollars ($40,000), or (ii) the actual cost remove any asbestos from all portions of the Initial Demised Premises to be occupied by Tenant Work, upon the following terms and conditions: (i) Reimbursement shall in accordance with Legal Requirements so as to be made to Tenant after the Initial Tenant Work has been completed; (ii) Tenant shall have supplied to Owner evidence reasonably satisfactory to Owner establishing (w) that the Initial Tenant Work has been completed, (x) the cost thereof, (y) that all sums due and owing to contractors, subcontractors and materialmen have been paid, including, without limitation, lien waivers from such contractors, subcontractors and materialmen and (z) that all governmental authorities (including without limitation the New York City Department of Buildings) have issued final approval of the work as built and occupancy of the space concerned; (iii) Tenant shall have caused Tenant's architect able to deliver to Owner AlA forms G701, G702 and G703 Tenant a form ACP-5 with respect to such Initial Tenant Work; and (iv) Tenant is not then the Demised Premises upon Tenant's submission to Owner of plans which are in default under compliance with all Legal Requirements and the terms provisions of this lease. Lease. As part of Owner's Initial Work, Owner shall perform re-fire proofing where necessary after demolition (b) As used herein, "INITIAL TENANT WORK" shall be deemed to mean the installation excluding planned removal of fixtures, improvements and appurtenances attached to fire proofing by Tenant in Tenant's Demolition Plans). Entry by Owner or built its contractors into the Demised Premises in order to ready the Demised Premises for Tenantperform Owner's initial occupancy, and Initial Work shall not include movable partitionsconstitute an actual or constructive eviction, business and trade fixturesin whole or in part, machinery, equipment, furniture, furnishings and other articles or entitle Tenant to any abatement or diminution of personal propertyrent (except as otherwise provided in Section 12.03) or relieve Tenant from any of its obligations under this Lease.

OWNER'S INITIAL WORK. (a) Owner shall reimburse Tenant for the cost of Initial Tenant Work (as defined herein) portion of Tenant's Initial Construction in an amount equal to the lesser of (i) Forty Thousand and 00/100 Dollars ($40,000or its designated contractor(s), or in accordance with the provisions of this Article 50, shall perform the work (ii“Owner’s Initial Work”) the actual cost of the set forth on Exhibit E attached hereto and made a part hereof. Tenant may not make changes to Owner’s Initial Tenant WorkWork during Owner’s performance thereof. Owner’s Initial Work shall be performed by Owner only once, upon the following terms and conditions:it being understood that Owner’s obligation to perform Owner’s Initial Work is a single, non-recurring obligation. (i) Reimbursement For purposes of this lease, the term “Substantial Completion Date” shall mean the date on which Owner’s Initial Work is substantially completed or would have been substantially completed but for any Tenant’s Delay (as hereinafter defined), it being understood that substantial completion shall occur notwithstanding the fact that minor details, balancing or adjustments may not then have been completed, provided that such uncompleted work shall not materially interfere with Tenant’s use of the Demised Premises. The taking of possession of the Demised Premises by Tenant shall be made deemed a delivery of the Demised Premises by Owner, substantial completion of Owner’s Initial Work and an acceptance by Tenant of the Demised Premises, subject to Tenant after the correction of latent defects and the completion of any minor punchlist work with respect to Owner’s Initial Tenant Work has been completed; Work. Owner shall proceed diligently to (i) complete any such punch-list work and (ii) Tenant shall have supplied correct any latent defects following notice thereof to Owner evidence reasonably satisfactory to Owner establishing (w) that the Initial Tenant Work has been completed, (x) the cost thereof, (y) that all sums due and owing to contractors, subcontractors and materialmen have been paid, including, without limitation, lien waivers from such contractors, subcontractors and materialmen and (z) that all governmental authorities (including without limitation the New York City Department of Buildings) have issued final approval of the work as built and occupancy of the space concerned; (iii) Tenant shall have caused Tenant's architect to deliver to Owner AlA forms G701, G702 and G703 with respect to such Initial Tenant Work; and (iv) Tenant is not then in default under the terms of this leaseOwner. (b) As used herein, "INITIAL TENANT WORK" shall be deemed to mean the installation of fixtures, improvements and appurtenances attached to or built into the Demised Premises in order to ready the Demised Premises for Tenant's initial occupancy, and shall not include movable partitions, business and trade fixtures, machinery, equipment, furniture, furnishings and other articles of personal property.