Renovation and Redevelopment Security Sample Clauses

Renovation and Redevelopment Security. In addition to complying with the other requirements of this Lease, prior to commencing any Redevelopment or Renovation having a reasonably estimated cost exceeding $250,000, Adjusted for Inflation: (a) the Tenant or the contractor shall obtain a surety and performance bond or bonds for fifty percent (50%) of labour and materials and fifty percent (50%) of performance issued by a duly licensed company authorized to transact the business of suretyship in the Province of Ontario or other financial guarantees or assurances satisfactory to the Landlord, acting reasonably, to cover the cost of completion of the Renovation or Redevelopment. The Landlord shall be named as joint obligee in any bond and shall have the right to Approve the form of bond and identity of its issuer. The bond shall be referenced to the Required Contracts, which must provide for the completion of the work in accordance with the plans and specifications Approved by the Landlord for such Renovation or Redevelopment. The Architect or another qualified professional shall certify that the work can be done for the amount of the Required Contracts, which certificate may rely upon the certificate of a quantity surveyor as to costs, and if it does not, the Tenant shall retain a quantity surveyor to verify the costs as estimated and contained in the Required Contracts. Unless otherwise agreed in writing by the Landlord, before commencing construction of the Renovation or Redevelopment, there must exist one or more construction contracts which in the aggregate provide for all aspects of the Renovation or Redevelopment, including the completion of shoring and excavation, all structural elements, cladding and plumbing, electrical and mechanical systems of the Stadium (the “Required Contracts”); (b) the Tenant shall furnish to the Landlord evidence satisfactory to the Landlord, acting reasonably, of the terms and conditions of equity to be provided to cover the estimated cost of the Renovation or Redevelopment; (c) the Tenant shall furnish to the Landlord a contract or contracts constituting the Required Contracts in assignable form and made with a reputable and responsible contractor(s), in accordance with the plans and specifications for the Renovation or Redevelopment Approved by the Landlord in accordance with this Lease; (d) as security for the Tenant’s obligations, the Tenant shall furnish to the Landlord an assignment of the Required Contracts furnished in accordance with Section 7.10(c), by it...