Common use of Building Renovations Clause in Contracts

Building Renovations. Landlord agrees to cause the renovation of the Building by the Master Landlord, in accordance with the plans and specifications attached hereto as Exhibit B (referred to herein, as the “Building Renovations”); and Master Landlord agrees to perform the Building Renovations in the manner specified herein. The Building Renovations shall be done by Master Landlord and subject to the limitations set forth herein, without cost and expense to Tenant. Under no circumstances shall Master Landlord be under any obligation under this Lease, or otherwise, to expend more than $8,632,055 on the Building Renovations (the “Fixed Renovation Cost”). Master Landlord agrees to make commercially reasonable efforts to complete the Building Renovations on the schedule attached hereto as Exhibit C. Tenant acknowledges that ReArch Company, LLC has been selected by Master Landlord to act as general contractor (the “General Contractor”) to perform the Building Renovations under a fixed-price contract in the amount of the Fixed Renovation Cost; that Tenant has been provided with a copy of the contact pursuant to which the General Contractor has agreed to perform the Building Renovations (the “Building Renovation Contract”): that Tenant has reviewed, the Building Renovation Contract with such legal and other advisors as it deems necessary or appropriate and understands the terms, covenants and conditions of said contract; and that Tenant has been given the opportunity to question the General Contractor and obtain such other and additional information from the General Contractor as Tenant deems necessary or appropriate prior to entering into this Lease; and on such basis, hereby ratifies, confirms and affirms the selection of the General Contractor to perform the Building Renovations.