Construction Addendum definition
Examples of Construction Addendum in a sentence
Landlord represents that the improvements constructed or installed by Landlord pursuant to the Construction Addendum attached to this Lease shall comply in all material respects with all applicable covenants or restrictions of record and all applicable laws, building codes, regulations and ordinances in effect on the Commencement Date of this Lease.
Landlord desires to construct or have constructed certain improvements on the Premises and is entering into this Construction Addendum with Tenant for the purpose of setting forth the terms and conditions under which Tenant shall serve as developer in connection with the Project (as that term is defined hereinbelow).
With respect to matters not specifically related to the Premises or its development, this Construction Addendum shall be governed by the laws of the state where the Premises is located.
Landlord and Tenant have caused this Construction Addendum to be executed and sealed as of the date first above written.
The parties shall make good faith efforts to resolve any dispute which may arise under this Construction Addendum in an expedient manner.
The Preliminary Statement set forth at the beginning of this Construction Addendum is hereby incorporated herein by reference and is deemed to constitute an integral part of this instrument.
Capitalized terms used in the Lease Agreement shall have the same meaning in this Construction Addendum unless otherwise defined.
It is expressly agreed that any amounts advanced to Lessee by Lessor hereunder as an Interim Advance shall be treated as a "Construction Advance" for all purposes of this Lease, including, but without limitation, for purposes of computing the amount of the Construction Failure Payment under the Construction Addendum, when applicable.
This Construction Addendum and the Lease Agreement of which this Construction Addendum is a part constitute the entire agreement of Landlord and Tenant with respect to the development of the Premises, and supersedes any prior or contemporaneous agreement with respect thereto.
If, at any time after the date hereof, there exists any unpaid costs in excess of the Funding Limitation, then Landlord shall have the right to immediately stop funding under this Construction Addendum until such time as Tenant has funded such excess costs and has provided Landlord with evidence that such excess costs have been paid in full by Tenant.