Reso 2010-1658 - Laserfiche WebLink

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Approval Period(s), provided that such consideration and the determination thereof shall be in the sole and exclusive discretion of each of such respective parties, and must be separately agreed by the Landlord and Tenant in order to be binding. ARTICLE VI Design and Construction of Improvements. Section 1. Tenant's Construction Obligation. The Tenant hereby agrees to construct on the Premises at its sole cost and expense the Tenant's Improvements in accordance with the Final Plans and specifications based on the preliminary plans set forth in Exhibit "C". Section 2. Schedule for Design/Construction. The Tenant shall commence construction of the Aquatic Entertainment Center, which includes Landlord's Public Facilities, within six (6) months of site plan approval by the City. Tenant shall deliver and construct Landlord's Public Facilities before or concurrent with commencing construction on the Aquatic Center. The Aquatic Center shall be constructed by Tenant immediately after the City accepts the Park and Parking Garage. The Tenant agrees to perform the obligation under this lease in accordance with a "Developer's Schedule" set forth in a Development Agreement between the City and Tenant. In the event the Tenant is unable to commence construction in accordance with the proceeding schedule, Landlord shall have the right to either (i) terminate the Lease by providing written notice thereof to Tenant within five (5) business days following Tenant's failure to timely commence construction, in which event the parties shall be released from all further obligations under the Lease except only those specifically stated to survive the termination of this Lease, or (i) Landlord may elect to continue this Lease in full force and effect, in which event and (ii) the Basic Rent shall be required to be paid in year two (2) of the term, payable quarterly installments, and (iii) landlord may require payment of additional Security Deposits by Tenant. Section 3. Construction Standards. The Tenant shall construct the parking garage, the park and the Aquatic Entertainment Center in a good and workmanlike manner, with new first-class materials and equipment, and in conformity with all applicable Federal, Sate and local laws, ordinances and regulations. Section 4. Monthly Progress Reports. The Tenant shall submit to the Landlord a detailed estimated progress schedule at the time construction is begun, in a format generally used in the construction of buildings. This schedule shall be resubmitted each month until the construction of the Improvement has been completed, with actual progress shown. This monthly submission shall be accompanied by a written report by the Tenant citing any adjustments to the progress forecast, analyzing the causes thereof, and, where applicable, noting corrective efforts. Section 5. Certificate of Compliance. Promptly upon Substantial Completion of Tenant's Improvements, the Tenant shall give to the Landlord written notice thereof. Not later than fifteen business days after the receipt of such notice, the Landlord will either (i) issue to the Tenant a Certificate of Compliance, in recordable form or (ii) provide the Tenant with a written statement indicating in reasonable detail in what respect the Tenant has failed to complete the 10 U:\City Altorney\HANS\20 I 0 Documents\4m Illvcstors\GROUND LEASE WORKING DRAFT 11.16.1 O.doc