Common use of Construction Budget Clause in Contracts

Construction Budget. Upon approval by Landlord and Tenant of the Final Plans, Landlord shall instruct Contractor to obtain competitive bids for the Tenant Improvements from at least three (3) qualified subcontractors for each of the major subtrades (excluding the mechanical and electrical trades, which shall be on a design/build basis, unless Landlord elects to competitively bid these trades) and to submit the same to Landlord and Tenant for their review and approval. Upon selection of the subcontractors and approval of the bids, Contractor shall prepare a cost estimate for the Tenant Improvements described in such Final Plans, based upon the bids submitted by the subcontractors selected. Contractor shall submit such cost estimate to Landlord and Tenant for their review and approval. Within five (5) days after their receipt of the cost estimate, Landlord and Tenant shall each either approve or disapprove the cost estimate, which approval shall not be unreasonably withheld. Tenant's failure to approve or disapprove the cost estimate within such 5-day period shall constitute Grounds for the assertion of a Tenant Delay. Landlord or Tenant may each approve or reject such cost estimate in their reasonable sole discretion. If either Landlord or Tenant rejects such cost estimate, Landlord shall resolicit bids based on such Final Plans, in accordance with the procedures specified above. Following any resolicitation of bids by Landlord pursuant to this Paraxxxxx 0, Xxxxxxxx xxx Tenant shall again follow the procedures set forth in this Paragraph 3 with respect to the submission and reasonable approval of the cost estimate from Contractor; provided, however that the period between Tenant's disapproval of the first revised cost estimate and the eventual mutual approval of a cost estimate shall constitute a Tenant Delay.

Construction Budget. Upon approval by Landlord and Tenant of the Final Plans, Tenant shall propose preferred subcontractors to Landlord in certain trades which Landlord shall reasonably approve and in all other trades Landlord shall propose acceptable subcontractors to Tenant which Tenant shall reasonably approve and from such lists Landlord shall instruct Contractor to obtain competitive bids for the Tenant Improvements from at least three (3) qualified subcontractors for each of the major subtrades (excluding the mechanical and electrical trades, which shall be on a design/build basis, unless Landlord elects to competitively bid these trades) and to submit the same to Landlord and Tenant for their review and approval. Landlord shall select the lowest bid unless Tenant agrees otherwise. Upon selection of the subcontractors and approval of the bids, Contractor shall prepare a cost estimate for the Tenant Improvements described in such Final Plans, based upon the bids submitted by the subcontractors selected. Contractor shall submit such cost estimate to Landlord and Tenant for their review and approval. Within five (5) days after their receipt of the cost estimate, Landlord and Tenant shall each either approve or disapprove the cost estimate, which approval shall not be unreasonably withheld. Tenant's failure to approve or disapprove the cost estimate within such 5-day period shall constitute Grounds grounds for the assertion of a Tenant Delay. Landlord or Tenant may each approve or reject such cost estimate in their reasonable sole discretion. If either Landlord or Tenant rejects such cost estimate, Landlord shall resolicit bids based on such Final Plans, in accordance with the procedures specified above. Following any resolicitation of bids by Landlord pursuant to this Paraxxxxx 0Section 3, Xxxxxxxx xxx Landlord and Tenant shall again follow the procedures set forth in this Paragraph Section 3 with respect to the submission and reasonable approval of the cost estimate from Contractor; provided, however that the period between Tenant's disapproval of the first revised cost estimate and the eventual mutual approval of a cost estimate shall constitute a Tenant Delay. Tenant shall have the right to revise the Final Plans to reduce the Tenant Improvement Costs but the time required to do so and delays in the construction schedule as a result thereof shall constitute a Tenant Delay.

Construction Budget. Upon approval by Landlord and Tenant of the ------------------- Final Plans, Landlord shall instruct Contractor to obtain competitive bids for the Tenant Improvements from at least three (3) qualified subcontractors for each of the major subtrades (excluding the mechanical and electrical trades, which shall be on a design/build basis, unless Landlord elects to competitively bid these trades) and to submit the same to Landlord and Tenant for their review and approval. Upon selection of the subcontractors and approval of the bids, Contractor shall prepare a cost estimate for the Tenant Improvements described in such Final Plans, based upon the bids submitted by the subcontractors selected. Contractor shall submit such cost estimate to Landlord and Tenant for their review and approval. Within five (5) days after their receipt of the cost estimate, Landlord and Tenant shall each either approve or disapprove the cost estimate, which approval shall not be unreasonably withheld. Tenant's failure to approve or disapprove the cost estimate within such 5-day period shall constitute Grounds for the assertion of a Tenant Delay. Landlord or Tenant may each approve or reject such cost estimate in their reasonable sole discretion. If either Landlord or Tenant rejects such cost estimate, Landlord shall resolicit bids based on such Final Plans, in accordance with the procedures specified above. Following any resolicitation of bids by Landlord pursuant to this Paraxxxxx Xxxxxxxxx 0, Xxxxxxxx xxx and Tenant shall again follow the procedures set ----------- forth in this Paragraph 3 with respect to the submission and reasonable approval ----------- of the cost estimate from Contractor; provided, however that the period between Tenant's disapproval of the first revised cost estimate and the eventual mutual approval of a cost estimate shall constitute a Tenant Delay.

Construction Budget. Owner intends to retain Devcon Construction ("Contractor" as the general contractor for the construction of the Proposed Buildings. AtHome shall have the right to approve the construction contract between Owner and Contractor for the construction of any Proposed Building, which approval shall not be unreasonably withheld or delayed; provided, however, that AtHome shall have no right to 8 9 disapprove such construction contract if such construction contract conforms in all material respects with the applicable AIA form contract and general conditions. Owner shall have the right to replace the Contractor at any time, provided that any other contractor proposed by Owner shall not be designated as the "Contractor" under this Agreement without AtHome's prior written approval, which approval shall not be unreasonably withheld or delayed. Upon approval by Landlord Owner and Tenant AtHome of the Final Plans, Landlord Owner shall instruct Contractor to obtain competitive bids for the Tenant Improvements Proposed Building from at least three (3) qualified subcontractors for each of the major subtrades (excluding the mechanical and electrical trades, which shall be on a design/build basis; provided, unless Landlord elects however, that Owner shall review the proposed costs of such design/build mechanical and electrical work, and use reasonable efforts to competitively bid these trades) keep the overall costs of such design/build mechanical and electrical work at commercially reasonable levels), and to submit the same to Landlord Owner and Tenant AtHome for their review and approval. Upon selection of the subcontractors and approval of the bids, Contractor shall prepare a cost estimate for the Tenant Improvements Proposed Building described in such Final Plans, based upon the bids submitted by the subcontractors selected. Contractor shall submit such cost estimate to Landlord Owner and Tenant AtHome for their review and approval, based upon the terms set forth in Paragraph 2 of Exhibit D hereto. Within five Owner and AtHome may reject such cost estimate only if (5a) those Development Costs (as defined in Exhibit D) described in Paragraph 2.2 of Exhibit D hereto exceed the Adjustable Cost Limit (as defined in Exhibit D), or (b) the annual rent for the Proposed Building will be less than the minimum return described in Paragraph 2.2 of Exhibit D hereto, and AtHome does not agree to increase the rent payable under that Build to Suit Lease pursuant to Paragraph 2.3 of Exhibit D hereto. If either Owner or AtHome rejects such cost estimate in accordance with this Paragraph 2.3.3, and Owner and AtHome fail to agree on revisions to the Final Plans within ten (10) days after their receipt of the cost estimate, Landlord then such Build to Suit Option shall terminate and Tenant shall each either approve cease to be of any force or disapprove the cost estimate, which approval shall not be unreasonably withheld. Tenant's failure to approve or disapprove the cost estimate within such 5-day period shall constitute Grounds for the assertion of a Tenant Delay. Landlord or Tenant may each approve or reject such cost estimate in their reasonable sole discretion. If either Landlord or Tenant rejects such cost estimate, Landlord shall resolicit bids based on such Final Plans, effect in accordance with Paragraph 2.3 of Exhibit D hereto, and all unexercised Build to Suit Options shall also terminate effective upon the procedures specified abovetermination of such Build to Suit Option. Following any submission of revised Final Plans to Contractor and a resolicitation of bids by Landlord pursuant to this Paraxxxxx 0Contractor, Xxxxxxxx xxx Tenant Owner and AtHome shall again follow the procedures set forth in this Paragraph 3 2.3.3 with respect to the submission and reasonable approval of the cost estimate from Contractor; provided, however that the period between Tenant's disapproval of the first revised Contractor until either (i) Owner and AtHome approve such cost estimate in accordance with this Paragraph 2.3.3, or (ii) the date that is ninety (90) days after Owner's receipt of AtHome's Build to Suit Notice. If Owner and AtHome do not mutually agree upon the eventual mutual approval of a cost estimate within such 90-day period, and AtHome does not agree to increase the rent payable under that Build to Suit Lease pursuant to Paragraph 2.3 of Exhibit D hereto, then such Build to Suit Option and all unexercised Build to Suit Options shall constitute a Tenant Delay.terminate and cease to be of any force or effect in accordance with Paragraph 2.3 of Exhibit D hereto, and all unexercised Build to Suit Options shall also terminate

Construction Budget. Upon approval by Landlord and Tenant of the Final ------------------- Plans, Landlord shall instruct Contractor to obtain competitive bids for the Tenant Improvements from at least three (3) qualified subcontractors for each of the major subtrades (excluding the mechanical and electrical trades, which shall be on a design/build basis, unless Landlord elects to competitively bid these trades) and to submit the same to Landlord and Tenant for their review and approval. Upon selection of the subcontractors and approval of the bids, Contractor shall prepare a cost estimate for the Tenant Improvements described in such Final Plans, based upon the bids submitted by the subcontractors selected. Contractor shall submit such cost estimate to Landlord and Tenant for their review and approval. Within within five (5) days after their receipt of the cost estimate, Landlord and Tenant shall each either approve or disapprove the cost estimate, which approval shall not be unreasonably withheld. Tenant's failure to approve or disapprove the cost estimate within such 5-day period shall constitute Grounds for the assertion of a Tenant Delay. Landlord or Tenant may each approve or reject such cost estimate in their reasonable sole discretion. If either Landlord or Tenant rejects such cost estimate, Landlord shall resolicit bids based on such Final Plans, in accordance with the procedures specified above. Following any resolicitation of bids by Landlord pursuant to this Paraxxxxx Xxxxxxxxx 0, Xxxxxxxx xxx and Tenant shall again follow the procedures set ----------- forth in this Paragraph 3 with respect to the submission and reasonable approval ----------- of the cost estimate from Contractor; provided, however that the period between Tenant's disapproval of the first revised cost estimate and the eventual mutual approval of a cost estimate shall constitute a Tenant Delay.

Construction Budget. Upon approval Not less than ninety (90) calendar days prior to the Construction Closing, the Companies will submit a proposed budget for Construction Costs (including the supervisory fees thereon in accordance with Article 9.1) (the “Construction Budget”) to the Coordination Committee. The proposed Construction Budget will include all Construction Costs (including the supervisory fees thereon in accordance with Article 9.1) and a reasonable contingency established by Landlord the Companies. The proposed Construction Budget will include such level of detail as may be reasonably required by the Parties for their budgets, books and Tenant records, as well as estimated expenditures at certain milestones throughout the construction of the Final PlansXxxxxxx County Unit 2 Project. The proposed Construction Budget shall include an estimated cash flow of payments expected to be made by the Parties during the Construction Phase in accordance with Article 9.1. The Coordination Committee shall approve the Construction Budget submitted by the Companies, Landlord shall instruct Contractor with such changes as the Coordination Committee deems necessary or appropriate. After the Construction Closing has occurred, the Companies will be authorized to obtain competitive bids for expend the Tenant Improvements from at least three (3) qualified subcontractors for each amounts authorized in the Construction Budget in effect as of the major subtrades date of the Construction 58 Closing (excluding the mechanical “Initial Construction Budget”) contained therein. IMPA and electrical trades, which IMEA shall be pay the Companies directly for their respective proportionate share of all approved Construction Costs (and the supervisory fees thereon in accordance with Article 9.1) on a design/build monthly basis, unless Landlord elects to competitively bid these trades) in accordance with Articles 9 and to submit 10. After the same to Landlord Construction Closing has occurred, the Companies shall provide status reports thereon not less than monthly and Tenant for their review and approval. Upon selection such other times as they believe the costs of the subcontractors Initial Capital Assets of the Xxxxxxx County Unit 2 Project will change significantly. The Companies shall have the authority to approve change orders to the Construction Contracts whether initiated by the Companies or by a Construction Contractor, provided that Companies shall not direct discretionary changes that would be in excess of the then existing Construction Budget (including budgeted contingency) without the unanimous consent of the Coordination Committee. If any individual change to the Initial Construction Budget (after utilizing all budgeted contingency) exceeds one percent (1%) of the Initial Construction Budget or any combination of change orders and changes to the Construction Budget results in a cumulative increase in the initial Construction Budget (after utilizing all budgeted contingency) by more than five percent (5%) of the Initial Construction Budget a (“Major Change”), the Companies will consult with the Coordination Committee and seek an amendment to the Construction Budget. Any change orders to the engineering, equipment or other Construction Contracts that change the guaranteed performance, including the Net Electric Generating Capacity, major equipment, or the guaranteed completion dates of the Xxxxxxx County Unit 2 Project shall not be authorized by the Companies without prior consultation with and approval of the bids, Contractor shall prepare a cost estimate for the Tenant Improvements described in such Final Plans, based upon the bids submitted by the subcontractors selected. Contractor shall submit such cost estimate to Landlord and Tenant for their review and approval. Within five (5) days after their receipt of the cost estimate, Landlord and Tenant shall each either approve or disapprove the cost estimate, which approval shall not be unreasonably withheld. Tenant's failure to approve or disapprove the cost estimate within such 5-day period shall constitute Grounds for the assertion of a Tenant Delay. Landlord or Tenant may each approve or reject such cost estimate in their reasonable sole discretion. If either Landlord or Tenant rejects such cost estimate, Landlord shall resolicit bids based on such Final Plans, in accordance with the procedures specified above. Following any resolicitation of bids by Landlord pursuant to this Paraxxxxx 0, Xxxxxxxx xxx Tenant shall again follow the procedures set forth in this Paragraph 3 with respect to the submission and reasonable approval of the cost estimate from Contractor; provided, however that the period between Tenant's disapproval of the first revised cost estimate and the eventual mutual approval of a cost estimate shall constitute a Tenant DelayCoordination Committee.

Construction Budget. Upon The initial Approved Construction Budget is attached hereto as Exhibit B-2. So long as no Event of Default exists, the Loan Parties may revise the Approved Construction Budget from time to time to (a) reallocate Cost Savings from one line item to another line item in the Approved Budget as follows: (i) Cost Saving from any “Soft Costs” (as shown in the most recent Approved Construction Budget) may be reallocated to any line item for other “Soft Costs” (as shown in the most recent Approved Construction Budget), except, however, that no allocation from line items for interest expense, taxes or insurance premiums may be made without Lender’s consent; and (ii) Cost Saving from any Hard Costs (as shown in the most recent Approved Construction Budget) may be reallocated to any line item for other Hard Costs (as shown in the most recent Approved Construction Budget) and (b) make Permitted Contingency Allocations. All other revisions and amendments to the Approved Construction Budget require the prior written approval by Landlord and Tenant of Lender, which approval may be conditioned on Borrower providing Additional Borrower Equity to bring the Loan In-Balance. Borrower may allocate funds from the “contingency” line item to any other line item subject to the following restrictions: (x) Borrower may freely use 50% of the Final Planscontingency line item and (y) after Borrower has allocated 50% of the initial amount of the contingency line item, Landlord shall instruct Contractor to obtain competitive bids for the Tenant Improvements from remaining amount of contingency (expressed as a percentage of the original contingency line item) must be at least three (3) qualified subcontractors for each one-half of the major subtrades remaining work to be completed (excluding the mechanical and electrical trades, which shall be on expressed as a design/build basis, unless Landlord elects to competitively bid these trades) and to submit the same to Landlord and Tenant for their review and approval. Upon selection percentage of the subcontractors total work), except that when the remaining work to be completed is 20% or less than the total work, then Borrower may freely allocate contingency without restriction. Any allocation of contingency in compliance with this Section‌ 7.12 is a “Permitted Contingency Allocation”. If Borrower has the unilateral right to amend the Approved Construction Budget under this Section and approval desires to do so, then Borrower shall give a written notice to Lender attaching the proposed revised Approved Construction Budget and indicating in detail the specific changes. Such revision to the Approved Construction Budget shall, for purposes of determining whether a requested disbursement from the bidsConstruction/Reserve Account is in compliance with the Approved Construction Budget, Contractor shall prepare a cost estimate for the Tenant Improvements described in such Final Plans, based upon the bids submitted by the subcontractors selected. Contractor shall submit such cost estimate to Landlord and Tenant for their review and approval. Within five be effective ten (510) days after their receipt of the cost estimate, Landlord and Tenant shall each either approve received by Lender or disapprove the cost estimate, which approval shall not be unreasonably withheld. Tenant's failure to approve or disapprove the cost estimate within at such 5-day period shall constitute Grounds for the assertion of a Tenant Delay. Landlord or Tenant sooner time as Lender may each approve or reject such cost estimate in their reasonable sole discretion. If either Landlord or Tenant rejects such cost estimate, Landlord shall resolicit bids based on such Final Plans, in accordance with the procedures specified above. Following any resolicitation of bids by Landlord pursuant to this Paraxxxxx 0, Xxxxxxxx xxx Tenant shall again follow the procedures set forth in this Paragraph 3 with respect to the submission and reasonable approval of the cost estimate from Contractor; provided, however that the period between Tenant's disapproval of the first revised cost estimate and the eventual mutual approval of a cost estimate shall constitute a Tenant Delayelect.