Common use of Construction of the Improvements Clause in Contracts

Construction of the Improvements. (a) Prior to ▇▇▇▇▇▇’s execution of the construction contract (the “Contract”) with a general contractor to be selected by ▇▇▇▇▇▇ and approved by Landlord (“Contractor”), Tenant shall submit the Contract to Landlord for its approval, which approval shall not be unreasonably withheld, conditioned or delayed. Landlord shall advise Tenant as soon as reasonably practical, and in all events, within ten (10) business days after ▇▇▇▇▇▇▇▇’s receipt of the Contract if the same is unsatisfactory or incomplete in any respect in ▇▇▇▇▇▇▇▇’s commercially reasonable discretion. If Tenant is so advised, Tenant shall promptly revise the Contract in accordance with such review and any such disapproval of Landlord in connection therewith. Prior to the commencement of the construction of the Improvements, and after Tenant has accepted all bids for the Improvements, Tenant shall provide Landlord with a detailed breakdown, by trade, of the final costs to be incurred or which have been incurred in connection with the design and construction of the Improvements to be performed by or at the direction of Contractor, Tenant or the Construction Manager, which costs form a basis for the amount of the Contract and any other architectural, engineering, design, construction or procurement contracts entered into by or on behalf of Tenant for the design, construction or fit-out of any portion of the Improvements (the “Final Costs”). Prior to the commencement of construction of the Improvements, Tenant shall supply Landlord with cash, an irrevocable letter of credit, or such other financial assurance that is satisfactory to the Landlord in an amount (the “Over- Allowance Amount”) equal to the difference between the amount of the Final Costs and the amount of the Tenant Improvement Allowance. The Over-Allowance Amount shall be disbursed by Landlord prior to the disbursement of any of the then remaining portion of the Tenant Improvement Allowance, and such disbursement shall be pursuant to the same procedure as the Tenant Improvement Allowance. In the event that, after the Final Costs have been delivered by Tenant to Landlord, the costs relating to the design and construction of the Improvements shall change, unless, even with such change, the Final Costs are less than the amount of the Tenant Improvement Allowance, any additional costs necessary to such design and construction in excess of the Final Costs, shall be paid by Tenant to Landlord immediately as an addition to the Over-Allowance Amount or at Landlord’s option, Tenant shall make payments for such additional costs out of its own funds, but Tenant shall continue to provide Landlord with the documents described in Section 3.3 below, for Landlord’s approval, prior to Tenant paying such costs. If the total actual costs relating to the design and construction of the Improvements shall be less than the sum of the Tenant Improvement Allowance and the Over-Allowance Amount, and if the Tenant delivered the Over-Allowance Amount in cash, then the Landlord shall reimburse the Tenant for the amount of such difference, but not more than the Over-Allowance Amount. Notwithstanding anything set forth in this Section 3 to the contrary, construction of the Improvements shall not commence until (a) Landlord has approved the Contract, (b) Tenant has procured and delivered to Landlord a copy of all Permits and Approvals, (c) Tenant has delivered to Landlord the Over-Allowance Amount, and (d) MLB PDL shall have provided written confirmation that the Improvements as shown on the Approved Working Drawings would cause the Ballpark to be in compliance with the PDL Facility Standards; provided that the Ballpark’s compliance with the PDL Facility Standards shall only be confirmed after an official audit has been completed of the Ballpark and the Improvements. (b) The parties agree that, for the purpose of achieving cost savings, except for structural alterations to the Ballpark, Tenant may seek bids for and procure the Improvements listed on Exhibit D directly rather than under the Contract through the Contractor and involving the Architect. (c) ▇▇▇▇▇▇’s Construction Manager, Contractor, and all subcontractors, laborers, materialmen, and suppliers used by Tenant (such subcontractors, laborers, materialmen, and suppliers, and the Contractor and Construction Manager to be known collectively as “Tenant’s Agents”) shall construct the Improvements in strict accordance with the Approved Working Drawings. Tenant shall exercise commercially reasonable efforts to cause the Improvements to be completed prior to the 2026 Baseball Season. The Improvements shall comply in all respects with the following: (i) all applicable building codes, and other state, federal, city or quasi-governmental laws, codes, ordinances and regulations, as each may apply according to the rulings of the controlling public official, agent or other person; (ii) applicable standards of the American Insurance Association (formerly, the National Board of Fire Underwriters) and the National Electrical Code; and

Construction of the Improvements. ‌ (a) Prior to ▇▇▇▇▇▇’s execution of the construction contract (the “Contract”) with a general contractor to be selected by ▇▇▇▇▇▇ and approved by Landlord (“Contractor”), Tenant shall submit the Contract to Landlord for its approval, which approval shall not be unreasonably withheld, conditioned or delayed. Landlord shall advise Tenant as soon as reasonably practical, and in all events, within ten (10) business days after ▇▇▇▇▇▇▇▇’s receipt of the Contract if the same is unsatisfactory or incomplete in any respect in ▇▇▇▇▇▇▇▇’s commercially reasonable discretion. If Tenant is so advised, Tenant shall promptly revise the Contract in accordance with such review and any such disapproval of Landlord in connection therewith. Prior to the commencement of the construction of the Improvements, and after Tenant has accepted all bids for the Improvements, Tenant shall provide Landlord with a detailed breakdown, by trade, of the final costs to be incurred or which have been incurred in connection with the design and construction of the Improvements to be performed by or at the direction of Contractor, Tenant or the Construction Manager, which costs form a basis for the amount of the Contract and any other architectural, engineering, design, construction or procurement contracts entered into by or on behalf of Tenant for the design, construction or fit-out of any portion of the Improvements (the “Final Costs”). Prior to the commencement of construction of the Improvements, Tenant shall supply Landlord with cash, an a irrevocable letter of credit, or such other financial assurance that is satisfactory to the Landlord in an amount (the “Over- Allowance Amount”) equal to the difference between the amount of the Final Costs and the amount of the Tenant Improvement Allowance. The Over-Allowance Amount shall be disbursed by Landlord prior to the disbursement of any of the then remaining portion of the Tenant Improvement Allowance, and such disbursement shall be pursuant to the same procedure as the Tenant Improvement Allowance. In the event that, after the Final Costs have been delivered by Tenant to Landlord, the costs relating to the design and construction of the Improvements shall change, unless, even with such change, the Final Costs are less than the amount of the Tenant Improvement Allowance, any additional costs necessary to such design and construction in excess of the Final Costs, shall be paid by Tenant to Landlord immediately as an addition to the Over-Allowance Amount or at Landlord’s option, Tenant shall make payments for such additional costs out of its own funds, but Tenant shall continue to provide Landlord with the documents described in Section 3.3 below, for Landlord’s approval, prior to Tenant paying such costs. If the total actual costs relating to the design and construction of the Improvements shall be less than the sum of the Tenant Improvement Allowance and the Over-Allowance Amount, and if the Tenant delivered the Over-Allowance Amount in cash, then the Landlord shall reimburse the Tenant for the amount of such difference, but not more than the Over-Allowance Amount. Notwithstanding anything set forth in this Section 3 to the contrary, construction of the Improvements shall not commence until (a) Landlord has approved the Contract, (b) Tenant has procured and delivered to Landlord a copy of all Permits and Approvals, (c) Tenant has delivered to Landlord the Over-Allowance Amount, and (d) MLB PDL shall have provided written confirmation that the Improvements as shown on the Approved Working Drawings would will cause the Ballpark to be in compliance with the PDL Facility Standards; provided that the Ballpark’s compliance with the PDL Facility Standards shall only be confirmed after an official audit has been completed of the Ballpark and the Improvements. (b) The parties agree that, for the purpose of achieving cost savings, except for structural alterations to the Ballpark, Tenant may seek bids for and procure the Improvements listed on Exhibit D directly rather than under the Contract through the Contractor and involving the Architect. (c) ▇▇▇▇▇▇’s Construction Manager, Contractor, and all subcontractors, laborers, materialmen, and suppliers used by Tenant (such subcontractors, laborers, materialmen, and suppliers, and the Contractor and Construction Manager to be known collectively as “Tenant’s Agents”) shall construct the Improvements in strict accordance with the Approved Working Drawings. Tenant shall exercise commercially reasonable efforts to cause the Improvements to be completed prior to the 2026 Baseball Season. The Improvements shall comply in all respects with the following: (i) all applicable building codes, and other state, federal, city or quasi-governmental laws, codes, ordinances and regulations, as each may apply according to the rulings of the controlling public official, agent or other person; (ii) applicable standards of the American Insurance Association (formerly, the National Board of Fire Underwriters) and the National Electrical Code; and

Construction of the Improvements. (a) Prior Tenant agrees to ▇▇▇▇▇▇’s execution pay all impact fees assessed by governmental authorities in connection with the issuance of the construction contract (the “Contract”) with a general contractor to be selected by ▇▇▇▇▇▇ and approved by Landlord (“Contractor”), Tenant shall submit the Contract to Landlord for its approval, which approval shall not be unreasonably withheld, conditioned or delayed. Landlord shall advise Tenant as soon as reasonably practical, and in all events, within ten (10) business days after ▇▇▇▇▇▇▇▇’s receipt of the Contract if Tenant's Building Permit or Certificate of Occupancy for the same is unsatisfactory Improvements. Tenant agrees to pay the cost of obtaining its Building Permit, the cost of any utility capacity or incomplete in connection fees, the cost to purchase utility meters charged by governmental authority or the applicable utility company and all other fees assessed by any respect in ▇▇▇▇▇▇▇▇’s commercially reasonable discretion. If Tenant is so advised, Tenant shall promptly revise the Contract in accordance with such review and any such disapproval of Landlord governmental authority in connection therewith. Prior to the commencement of the with Tenant's construction of the Improvements, and after Tenant has accepted all bids for the Improvements, . Tenant shall provide Landlord with a detailed breakdown, by trade, of the final costs to be incurred or which have been incurred in connection with the design and construction of cause the Improvements to be constructed in substantial accordance with the Approved Tenant's Plans. Landlord also grants to Tenant the right to tie-into and utilize any and all master drainage systems. All work to be performed by or at the direction of Tenant shall be performed by a contractor selected by Tenant ("Tenant Contractor, Tenant or the Construction Manager, which costs form a basis for the amount of the Contract and any other architectural, engineering, design, construction or procurement contracts entered into by or on behalf of Tenant for the design, construction or fit-out of any portion of the Improvements (the “Final Costs”"). Prior The Tenant Contractor shall have the following qualifications: (i) be bondable (but Tenant shall not be required to the obtain a payment or performance bond); (ii) be a Florida licensed general contractor; and (iii) be reputable and experienced in similar commercial construction. From and after Tenant's commencement of construction of the Improvements, Tenant shall supply Landlord thereafter diligently prosecute such construction to completion in accordance with cash, an irrevocable letter of credit, or such other financial assurance that is satisfactory to Building Permit. Tenant's construction may vary from the Landlord in an amount (the “Over- Allowance Amount”) equal to the difference between the amount requirements of the Final Costs Approved Tenant's Plans if the variance is not material and is required by the amount of the Tenant Improvement Allowance. The Over-Allowance Amount shall be disbursed by Landlord prior to the disbursement of any of the then remaining portion of the Tenant Improvement Allowance, and such disbursement shall be pursuant to the same procedure as the Tenant Improvement Allowance. In the event that, after the Final Costs have been delivered by Tenant to Landlordcircumstances or good construction practices, the costs relating Building Permit or applicable legal requirements. Subject to the design and Section 14.10, Tenant shall complete construction of the Improvements shall change, unless, even ("Tenant's Work") in substantial accordance with such change, the Final Costs are less Approved Tenant's Plans not later than one (1) year from the amount later of the Tenant Improvement Allowance, any additional costs necessary to such design Commencement Date and construction in excess the date upon which the Building Permit was issued ("Completion Date"). As soon as reasonably practicable after completion of the Final Costs, shall be paid by Tenant to Landlord immediately as an addition to the Over-Allowance Amount or at Landlord’s optionImprovements, Tenant shall make payments for such additional costs out of its own funds, but Tenant shall continue to provide Landlord with (i) a copy of Tenant's field set of construction plans and all change lists, and (ii) an as-built Survey of the documents described in Section 3.3 belowPremises sealed and certified to Landlord, for Landlord’s approval's mortgagee and the Landlord's title insurance company by a Florida licenses surveyor. Tenant covenants that as of the Completion Date the Improvements shall comply with all applicable governmental regulations, prior to Tenant paying such costscodes and ordinances of Brevard County, the State of Florida and other governmental entities having jurisdiction and with the approval granted by the Community Architectural Review Committee. If During the total actual costs relating to the design and construction of the Improvements shall be Improvements, Landlord reserves the right, at all reasonable times upon no less than twenty-four (24) hours telephonic notice to Tenant, to enter the sum of the Tenant Improvement Allowance Premises and the Over-Allowance Amount, and if the Tenant delivered the Over-Allowance Amount inspect Tenant's work in cash, then the Landlord shall reimburse the Tenant for the amount of such difference, but not more than the Over-Allowance Amount. Notwithstanding anything set forth in this Section 3 to the contrary, construction of the Improvements shall not commence until (a) Landlord has approved the Contract, (b) Tenant has procured and delivered to Landlord a copy of all Permits and Approvals, (c) Tenant has delivered to Landlord the Over-Allowance Amount, and (d) MLB PDL shall have provided written confirmation that the Improvements as shown on the Approved Working Drawings would cause the Ballpark to be in compliance with the PDL Facility Standards; provided that the Ballpark’s compliance with the PDL Facility Standards shall only be confirmed after an official audit has been completed of the Ballpark and the Improvements. (b) The parties agree that, progress for the purpose of achieving cost savings, except for structural alterations to the Ballpark, Tenant may seek bids for and procure the Improvements listed on Exhibit D directly rather than under the Contract through the Contractor and involving the Architect. (c) ▇▇▇▇▇▇’s Construction Manager, Contractor, and all subcontractors, laborers, materialmen, and suppliers used by Tenant (such subcontractors, laborers, materialmen, and suppliers, and the Contractor and Construction Manager to be known collectively as “verifying conformity of Tenant’s Agents”) shall construct the Improvements in strict accordance 's work with the Approved Working Drawings. Tenant Tenant's Plans, provided that any such entrance and inspection shall exercise commercially reasonable efforts be accomplished in such manner as to cause not interfere with Tenant's construction of the Improvements to be completed prior to the 2026 Baseball SeasonImprovements. The Improvements shall comply in with all respects of the reasonable terms and provisions of any insurance policy covering or applicable to the Premises and with the followingreasonable requirements of any national or local Board of Fire Underwriters (or any other insurance body exercising similar functions) having jurisdiction as to the Premises. Tenant's construction trailer, materials and equipment shall, during hours when construction activities are not being performed, be kept and confined to a staging area in a location within the Land. Landlord shall have no liability with respect to Tenant's materials or equipment stored in the staging area, except for the negligent or intentional acts of Landlord, its agents, contractors or employees. Upon the written request of Tenant, Landlord shall grant and enter into any easements across the Land and the Development which are reasonably necessary for the construction or operation of the Improvements, subject to the following conditions: (i) all applicable building codesin the case of easements, such easements shall be for utility or access purposes and other state, federal, city shall be required by the utility company or quasi-governmental laws, codes, ordinances and regulations, as each may apply according to agency having jurisdiction or be necessary for the rulings construction or operation of the controlling public official, agent or other personImprovements; (ii) applicable standards such easements when granted and utilized will not adversely affect the value of the American Insurance Association Land or Improvements; and (formerlyiii) the cost of preparing such easements, the National Board of Fire Underwriters) and the National Electrical Code; andcost of constructing any improvements required in connection therewith shall be paid for by Tenant. Landlord covenants to use reasonable efforts to cause any Mortgagee or other party having an interest in the Land to join in such easements.

Construction of the Improvements. Subject to the terms and conditions of this Lease, Tenant shall commence the construction of its Improvements on the Premises within thirty (a30) Prior days of the issuance of a building permit, provided that at all times Tenant shall diligently and continuously pursue the issuance of such building permit. Tenant covenants and agrees that it will pursue such construction diligently until completion and that there shall be no abandonment of said construction for any period exceeding ten (10) business days, plus any extensions of said period caused by strikes, lockouts, casualty or similar causes beyond the reasonable control of Tenant. Tenant hereby covenants and agrees that construction of the Improvements (including without limitation any future replacements, alterations, additions or modifications) shall commence only when Tenant has obtained the unqualified and unconditional approval by Landlord, pursuant to the Declaration Regarding Outparcels, and by the Declarant under the Community Declaration (which plan approval from the Declarant under the Community Declaration shall be governed by the terms of the Declaration Regarding Outparcels), of any and all preliminary and final plans and specifications (the "Tenant's Plans") relating to construction of the Improvements. Tenant hereby agrees that it will cause ▇▇▇▇▇▇’s execution 's Plans to be prepared and submitted to Landlord on or before the day that is the forty-fifth (45th) day prior to the expiration of the construction contract Inspection Period. Tenant further agrees that only one (1) building shall be constructed on the “Contract”Site, the total floor area of which shall not exceed 6,000 square feet, and no building on the Site, including all architectural features of such building, shall exceed twenty-eight (28) with a general contractor feet in height above finished floor elevation. Tenant further agrees that the Tenant's Plans will provide for, and Tenant will cause to be selected constructed and installed, as part of the Tenant Improvements, (i) one (1) driveway connection with each outparcel adjoining the Site, such driveway(s) to be located approximately eighteen (18) feet in front of the sidewalk and landscape easement along ▇▇▇▇ ▇▇▇▇▇▇ Drive, and (ii) one (1) five (5) foot wide sidewalk the full width of the Site along the Rear Drive. Upon approval of Tenant's Plans, Landlord will allocate and convey to Tenant the actual number of square feet of retail development rights required to so construct the building contemplated by ▇▇▇▇▇▇ and approved by Landlord (“Contractor”), ▇'s Plans pursuant to the process required therefor in Brevard County. In no event shall Tenant shall submit the Contract be permitted to Landlord for its approval, which approval shall not be unreasonably withheld, conditioned or delayed. Landlord shall advise Tenant as soon as reasonably practical, and construct a building in all events, within ten (10) business days after ▇▇▇▇▇▇▇▇’s receipt excess of the Contract if the same is unsatisfactory or incomplete in any respect in ▇▇▇▇▇▇▇▇’s commercially reasonable discretion. If Tenant is number of square feet of retail development rights so advised, Tenant shall promptly revise the Contract in accordance with such review and any such disapproval of Landlord in connection therewith. Prior allocated to the commencement Site. The Premises shall contain not less than the number of parking spaces required by applicable laws, codes, ordinances and regulations, without reduction in such number by virtue of the construction granting of a variance or special exception to such laws, codes, ordinances or regulations by the Improvements, and after Tenant has accepted all bids for the Improvements, Tenant shall provide Landlord with a detailed breakdown, by trade, of the final costs to be incurred or which have been incurred in connection with the design and construction governmental authority having jurisdiction thereof. All of the Improvements to be performed constructed by or at Tenant shall be installed in compliance with all applicable governmental codes, laws, ordinances, orders and regulations. Tenant shall insure that all work shall be done in a good and workmanlike manner with first-class materials and in accordance with the direction of Contractor, Tenant or the Construction Manager, which costs form a basis for the amount of the Contract and any other architectural, engineering, design, construction or procurement contracts entered into by or on behalf of Tenant for the design, construction or fit-out of any portion of the Improvements (the “Final Costs”)Tenant's Plans. Prior to the commencement of construction of the Improvements, Tenant shall supply furnish to Landlord with cash, an irrevocable letter of credit, or such other financial assurance that is satisfactory to Landlord, that the Improvements will be completed and that all bills for work, labor and materials incurred therefor will be paid, including, in the event Landlord shall so request, payment, performance and/or completion bonds fully and properly executed in an amount not less than the total cost of construction of the Improvements. During the course of construction of the Improvements, Tenant shall not alter, modify or amend the Tenant's Plans (except in an immaterial manner not affecting the “Over- Allowance Amount”exterior appearance of the Improvements) equal and shall not permit the construction to progress other than in accordance with the Tenant's Plans without first obtaining Landlord's written approval and the approval of the Declarant under the Community Declaration. Landlord shall have the right, during the construction period, to have its representative monitor construction and report on its progress and compliance with the Tenant's Plans. If such report shows deviations from the approved Tenant's Plans, Tenant, upon notice, shall take immediate steps, at its expense, to conform the construction to the difference between the amount previously approved Tenant's Plans. Within thirty (30) days after completion of the Final Costs and the amount of the Improvements, Tenant Improvement Allowance. The Over-Allowance Amount shall be disbursed by Landlord prior to the disbursement of any of the then remaining portion of the Tenant Improvement Allowance, and such disbursement shall be pursuant to the same procedure as the Tenant Improvement Allowance. In the event that, after the Final Costs have been delivered by Tenant deliver to Landlord, the costs relating to the design and construction of the Improvements shall change, unless, even with such change, the Final Costs are less than the amount of the Tenant Improvement Allowance, any additional costs necessary to such design and construction in excess of the Final Costs, shall be paid by Tenant to Landlord immediately as an addition to the Over-Allowance Amount or at Landlord’s option, Tenant shall make payments for such additional costs out of its own funds, but Tenant shall continue to provide Landlord with the documents described in Section 3.3 below, for Landlord’s approval, prior to Tenant paying such costs. If the total actual costs relating to the design and construction of the Improvements shall be less than the sum of the Tenant Improvement Allowance and the Over-Allowance Amount, and if the Tenant delivered the Over-Allowance Amount in cash, then the Landlord shall reimburse the Tenant for the amount of such difference, but not more than the Over-Allowance Amount. Notwithstanding anything set forth in this Section 3 to the contrary, construction of the Improvements shall not commence until (a) Landlord has approved the Contract, (b) Tenant has procured and delivered to Landlord a copy of all Permits and Approvals, (c) Tenant has delivered to Landlord the Over-Allowance Amount, and (d) MLB PDL shall have provided written confirmation that the Improvements as shown on the Approved Working Drawings would cause the Ballpark to be in compliance with the PDL Facility Standards; provided that the Ballpark’s compliance with the PDL Facility Standards shall only be confirmed after an official audit has been completed of the Ballpark and the Improvements. (b) The parties agree that, for the purpose of achieving cost savings, except for structural alterations to the Ballpark, Tenant may seek bids for and procure the Improvements listed on Exhibit D directly rather than under the Contract through the Contractor and involving the Architect. (c) ▇▇▇▇▇▇’s Construction Manager's expense, Contractorcopies of the following items: (a) an "as-built" survey of the Site and Improvements, and all subcontractorscertified by a registered land surveyor licensed by the State of Florida, laborers, materialmen, and suppliers used by Tenant (such subcontractors, laborers, materialmen, and suppliers, and the Contractor and Construction Manager to be known collectively as “Tenant’s Agents”) shall construct showing the Improvements and utilities in strict place in relation to the boundaries of the Site; (b) an A.I.A. form architect's certificate of completion, certifying that the Improvements have been constructed and completed, specifying the particularities of any variation therefrom; (c) a final contractor's affidavit prepared in accordance with subsection 713.06(3), Florida Statutes, setting forth all unpaid bills for labor and materials furnished in connection with the Approved Working Drawings. Tenant shall exercise commercially reasonable efforts to cause work performed in connection with the Improvements to and stating that all other bills for labor and materials have been paid by the contractor in full and that no lien or claim of lien may be completed prior filed, recorded or enforced for the same against Landlord or the Premises; (d) if requested by Landlord, waivers of liens with respect to the 2026 Baseball Season. The Improvements shall comply Premises executed by all subcontractors and materialmen performing work or supplying labor or materials in all respects connection with the following: Improvements; and (ie) all applicable building codes, and other state, federal, city or quasi-a certificate of occupancy for the Premises issued by the appropriate governmental laws, codes, ordinances and regulations, as each may apply according to the rulings of the controlling public official, agent or other person; (ii) applicable standards of the American Insurance Association (formerly, the National Board of Fire Underwriters) and the National Electrical Code; andauthorities.

Construction of the Improvements. (a) Prior to ▇▇▇▇▇▇’s execution Borrower has commenced construction of the Improvements. Borrower shall prosecute the construction contract (of the “Contract”) Improvements with diligence and continuity, in a general contractor to be selected by ▇▇▇▇▇▇ good and approved by Landlord (“Contractor”), Tenant shall submit the Contract to Landlord for its approval, which approval shall not be unreasonably withheld, conditioned or delayed. Landlord shall advise Tenant as soon as reasonably practicalworkmanlike manner, and in accordance with sound building and engineering practices, all eventsapplicable Laws and governmental requirements, the applicable Plans and the Loan Documents. If at any time, and prior to commencement of construction of the Improvements thereof, any portion of any structure on the Land is insurable against casualty by flood and is located in a Special Flood Hazard Area under the Flood Disaster Protection Act of 1973, as amended, a flood insurance policy on the structure and Borrower owned contents must be in effect as otherwise required pursuant to Exhibit “C” of this Agreement, regardless of whether such construction is funded with Up-Front Equity or otherwise. Borrower shall not commence construction of any portion of any structure or improvement on the Land located within a Special Flood Hazard Area without giving at least ten (10) business days after ▇▇▇▇▇▇▇▇’s receipt written advance notice to Administrative Agent and each of the Contract if Lenders, and obtaining flood insurance coverage as required herein. Borrower shall not permit cessation of work for a period in excess of fifteen (15) days (whether or not consecutive days), except for Excusable Delays. Borrower shall complete construction of all of the same is unsatisfactory Improvements comprising the entirety of the Project free and clear of all liens (except liens created by the Loan Documents), and shall obtain a certificate of occupancy and all other permits, licenses and approvals from all applicable Governmental Authorities required for the occupancy, use and operation of all of such Improvements, in each case satisfactory to Administrative Agent, on or incomplete before the Completion Date. Borrower shall promptly correct (a) any material defect in any respect in ▇▇▇▇▇▇▇▇’s commercially reasonable discretionImprovements, (b) any material departure from the applicable Plans, Law or governmental requirements, or (c) any encroachment by any Improvements or structure on any building setback line, easement, property line or restricted area. If Tenant is so advised, Tenant Borrower shall promptly revise maintain all permits and governmental approvals necessary for construction of the Contract in accordance with such review and any such disapproval of Landlord in connection therewithImprovements. Prior Notwithstanding anything herein to the commencement contrary, in the event Borrower fails to complete construction of the construction entirety of the Improvements, and after Tenant has accepted obtain all bids for the Improvementsapplicable permits, Tenant licenses, certificates and approvals, other than in accordance with this Agreement on or before August 1, 2016 (“Reserve Completion Requirements”), Borrower shall provide Landlord be required to deposit $1,250,000 into a debt service reserve account with a detailed breakdown, by trade, of the final costs to be incurred or which have been incurred in connection with the design and construction of the Improvements to be performed by or at the direction of Contractor, Tenant or the Construction Manager, which costs form a basis for the amount of the Contract and any other architectural, engineering, design, construction or procurement contracts entered into by or on behalf of Tenant for the design, construction or fit-out of any portion of the Improvements Administrative Agent (the “Final CostsReserve Account”). Prior ) as additional collateral security for the Loan; provided that, Administrative Agent shall deliver to Borrower funds in the commencement of construction Reserve Account upon Borrower’s written request therefor upon satisfaction of the Improvementsfollowing conditions (x) there is not otherwise a Default hereunder, Tenant shall supply Landlord with cash(y) the Project is complete and (z) the Project has achieved a Debt Service Coverage Ratio of at least 1.0 to 1.00 calculated using Net Operating Income for the previous three (3) months, an irrevocable letter of credit, annualized. To the extent any Default has occurred and is then-continuing or such other financial assurance that is satisfactory to upon the Landlord in an amount (the “Over- Allowance Amount”) equal to the difference between the amount occurrence of the Final Costs Maturity Date, Administrative Agent may, in its sole discretion, withdraw and apply any funds held in the amount of the Tenant Improvement Allowance. The Over-Allowance Amount shall be disbursed by Landlord prior Reserve Account to the disbursement of any of the then remaining portion then-due and payable Obligations (whether as a result of acceleration or otherwise). For the Tenant Improvement Allowanceavoidance of doubt, and such disbursement shall be pursuant failure to satisfy the same procedure Reserve Completion Requirements will not constitute a Default so long as (i) Borrower timely deposits $1,250,000 into the Tenant Improvement Allowance. In the event that, after the Final Costs have been delivered by Tenant to Landlord, the costs relating to the design and construction of the Improvements shall change, unless, even with such change, the Final Costs are less than the amount of the Tenant Improvement Allowance, any additional costs necessary to such design and construction in excess of the Final Costs, shall be paid by Tenant to Landlord immediately as an addition to the Over-Allowance Amount or at Landlord’s option, Tenant shall make payments for such additional costs out of its own funds, but Tenant shall continue to provide Landlord with the documents described in Section 3.3 below, for Landlord’s approval, prior to Tenant paying such costs. If the total actual costs relating to the design and construction of the Improvements shall be less than the sum of the Tenant Improvement Allowance and the Over-Allowance Amount, and if the Tenant delivered the Over-Allowance Amount in cash, then the Landlord shall reimburse the Tenant for the amount of such difference, but not more than the Over-Allowance Amount. Notwithstanding anything set forth in this Section 3 to the contrary, construction of the Improvements shall not commence until (a) Landlord has approved the Contract, (b) Tenant has procured and delivered to Landlord a copy of all Permits and Approvals, (c) Tenant has delivered to Landlord the Over-Allowance Amount, Reserve Account and (dii) MLB PDL shall have provided written confirmation that the Improvements as shown on the Approved Working Drawings would cause the Ballpark to be Borrower is otherwise in compliance with the PDL Facility Standards; provided that other covenants in this Agreement relating to completion of construction (e.g., Borrower has satisfied the Ballpark’s compliance with the PDL Facility Standards shall only be confirmed after an official audit has been completed requirements regarding completion of the Ballpark Improvements set forth in the CVS Lease and the Improvementsthere is no default under Section 4.1(i)). (b) The parties agree that, for the purpose of achieving cost savings, except for structural alterations to the Ballpark, Tenant may seek bids for and procure the Improvements listed on Exhibit D directly rather than under the Contract through the Contractor and involving the Architect. (c) ▇▇▇▇▇▇’s Construction Manager, Contractor, and all subcontractors, laborers, materialmen, and suppliers used by Tenant (such subcontractors, laborers, materialmen, and suppliers, and the Contractor and Construction Manager to be known collectively as “Tenant’s Agents”) shall construct the Improvements in strict accordance with the Approved Working Drawings. Tenant shall exercise commercially reasonable efforts to cause the Improvements to be completed prior to the 2026 Baseball Season. The Improvements shall comply in all respects with the following: (i) all applicable building codes, and other state, federal, city or quasi-governmental laws, codes, ordinances and regulations, as each may apply according to the rulings of the controlling public official, agent or other person; (ii) applicable standards of the American Insurance Association (formerly, the National Board of Fire Underwriters) and the National Electrical Code; and

Construction of the Improvements. (a) Prior Tenant (and its agents, contractors and employees) shall have the right to ▇▇▇▇▇▇’s execution enter the Premises prior to the Commencement Date to undertake the construction of the construction contract (the “Contract”) with a general contractor to Improvements. The Improvements shall be selected constructed only by ▇▇▇▇▇▇ contractors and subcontractors approved in writing by Landlord (“Contractor”), Tenant shall submit the Contract to Landlord for its approvalLandlord, which approval shall not be unreasonably withheld, conditioned withheld or delayed. Landlord shall advise Tenant as soon as reasonably practical, and in all events, within ten (10) business days after hereby approves ▇▇▇▇ ▇▇▇▇▇▇▇▇’s receipt of the Contract if the same is unsatisfactory or incomplete in any respect in ▇▇▇▇▇▇▇▇’s commercially reasonable discretion. If Tenant is so advised, Tenant shall promptly revise the Contract in accordance with such review and any such disapproval of Landlord in connection therewith. Prior to the commencement of ▇ as a general contractor for the construction of the Improvements. All contractors and subcontractors shall be required to procure and maintain insurance against such risks, in such amounts, and after Tenant has accepted all bids for with such companies as Landlord may reasonably require. Certificates of such insurance reasonably satisfactory to Landlord must be received by Landlord before the Improvementswork is commenced. The Improvements shall be constructed in a good and workmanlike manner that is free of defects and is in substantial conformance with Tenant's Plans, and shall be performed in such a manner and at such times as to maintain harmonious labor relations and not to interfere with or delay Landlord's other contractors, the operation of the Building, and the occupancy thereof by other tenants of the Building. All contractors and subcontractors of Tenant shall provide contact Landlord with a detailed breakdown, by trade, of the final costs to be incurred or and schedule time periods during which have been incurred they may use Building facilities in connection with their work (E.G., elevators, excess electricity, etc.). Landlord may inspect the design and Improvements at any time during the construction thereof, provided that Landlord conduct such inspections so as to minimize interference with such construction work. Landlord agrees to cooperate with Tenant in its construction of the Improvements to in such manner as Tenant may reasonably request (including, without limitation, making available the loading docks and service elevators at such times as Tenant may reasonably request). Landlord agrees that Tenant shall not be performed by or at the direction charged a fee for Landlord's supervision of Contractor, Tenant or the Construction Manager, which costs form a basis for the amount Tenant's construction of the Contract and Improvements or for Tenant's use of the Building elevators in connection therewith, but Landlord may impose a reasonable charge for any other architecturalexcessive or special usage by Tenant of any Building services or systems. Except as otherwise provided herein, engineering, design, construction or procurement contracts entered into the work performed by or on behalf of Tenant for the design, construction or fit-out of any portion of the Improvements (the “Final Costs”). Prior pursuant to this Agreement shall be subject to the commencement of construction of the Improvements, Tenant shall supply Landlord with cash, an irrevocable letter of credit, or such other financial assurance that is satisfactory to the Landlord in an amount (the “Over- Allowance Amount”) equal to the difference between the amount of the Final Costs requirements and the amount of the Tenant Improvement Allowance. The Over-Allowance Amount shall be disbursed by Landlord prior to the disbursement of any of the then remaining portion of the Tenant Improvement Allowance, and such disbursement shall be pursuant to the same procedure as the Tenant Improvement Allowance. In the event that, after the Final Costs have been delivered by Tenant to Landlord, the costs relating to the design and construction of the Improvements shall change, unless, even with such change, the Final Costs are less than the amount of the Tenant Improvement Allowance, any additional costs necessary to such design and construction in excess of the Final Costs, shall be paid by Tenant to Landlord immediately as an addition to the Over-Allowance Amount or at Landlord’s option, Tenant shall make payments for such additional costs out of its own funds, but Tenant shall continue to provide Landlord with the documents described in Section 3.3 below, for Landlord’s approval, prior to Tenant paying such costs. If the total actual costs relating to the design and construction of the Improvements shall be less than the sum of the Tenant Improvement Allowance and the Over-Allowance Amount, and if the Tenant delivered the Over-Allowance Amount in cash, then the Landlord shall reimburse the Tenant for the amount of such difference, but not more than the Over-Allowance Amount. Notwithstanding anything conditions set forth in this Section 3 to the contrary, construction 9 of the Improvements shall not commence until (a) Landlord has approved the Contract, (b) Tenant has procured and delivered to Landlord a copy of all Permits and Approvals, (c) Tenant has delivered to Landlord the Over-Allowance Amount, and (d) MLB PDL shall have provided written confirmation that the Improvements as shown on the Approved Working Drawings would cause the Ballpark to be in compliance with the PDL Facility Standards; provided that the Ballpark’s compliance with the PDL Facility Standards shall only be confirmed after an official audit has been completed of the Ballpark and the ImprovementsLease. (b) The parties agree that, for the purpose of achieving cost savings, except for structural alterations to the Ballpark, Tenant may seek bids for and procure the Improvements listed on Exhibit D directly rather than under the Contract through the Contractor and involving the Architect. (c) ▇▇▇▇▇▇’s Construction Manager, Contractor, and all subcontractors, laborers, materialmen, and suppliers used by Tenant (such subcontractors, laborers, materialmen, and suppliers, and the Contractor and Construction Manager to be known collectively as “Tenant’s Agents”) shall construct the Improvements in strict accordance with the Approved Working Drawings. Tenant shall exercise commercially reasonable efforts to cause the Improvements to be completed prior to the 2026 Baseball Season. The Improvements shall comply in all respects with the following: (i) all applicable building codes, and other state, federal, city or quasi-governmental laws, codes, ordinances and regulations, as each may apply according to the rulings of the controlling public official, agent or other person; (ii) applicable standards of the American Insurance Association (formerly, the National Board of Fire Underwriters) and the National Electrical Code; and

Construction of the Improvements. Borrower has commenced construction of the Improvements. Borrower shall prosecute the construction of the Improvements with diligence and continuity, in a good and workmanlike manner, and in accordance with sound building and engineering practices, all applicable Laws and governmental requirements, the applicable Plans and the Loan Documents. Borrower shall not permit cessation of work for a period in excess of ten (10) days (whether or not consecutive), except for Excusable Delays. Borrower shall complete construction of all of the Improvements comprising the entirety of the Apartments Unit Project and the Office Tower/Retail Unit Project free and clear of all liens (except liens created by the Loan Documents), and shall obtain a certificate of occupancy and all other permits, licenses and approvals from all applicable Governmental Authorities required at the applicable stage for the occupancy, use and operation of such Improvements, in each case satisfactory to Administrative Agent, on or before the Completion Date applicable to each of the Apartments Unit Project and the Office Tower/Retail Unit Project. Borrower shall promptly correct (a) Prior any material defect in any Improvements, (b) any material departure from the applicable Plans, Law or governmental requirements, or (c) any encroachment by any Improvements or structure on any building setback line, easement, property line or restricted area. Borrower shall maintain all permits and governmental approvals necessary for construction of the Improvements. Borrower acknowledges and agrees that certain permits relating to each of the Apartments Unit Project and the Office Tower/Retail Unit Project have been issued in the name of the general contractor, and Borrower hereby consents to the general contractor’s agreement to assign and otherwise cooperate with Administrative Agent to have any such permits placed in the name of Administrative Agent or its designee, upon a Default hereunder or a termination of the construction contract. Without limiting any other provision of this Agreement, the obligation of a particular Borrower to construct and complete the Improvements as required by the Loan Documents and pay all costs associated therewith shall be a joint and several obligation of all Borrowers. Without limiting the forgoing, Borrower shall pay or cause its general contractor to pay all costs charged by ▇▇▇▇▇▇’s execution of the construction contract (the “Contract”) with a general contractor to be selected by ▇ ▇▇▇▇▇▇ and approved by Landlord (“Contractor”), Tenant shall submit the Contract to Landlord for its approval, which approval shall not be unreasonably withheld, conditioned or delayed. Landlord shall advise Tenant as soon as reasonably practical, and in all events, within ten (10) business days after ▇▇▇▇▇▇▇▇’s receipt of the Contract if the same is unsatisfactory or incomplete in any respect in ▇▇▇▇▇▇▇▇’s commercially reasonable discretion. If Tenant is so advised, Tenant shall promptly revise the Contract in accordance with such review and any such disapproval of Landlord in connection therewith. Prior to the commencement of the construction of the Improvements, and after Tenant has accepted all bids for the Improvements, Tenant shall provide Landlord with a detailed breakdown, by trade, of the final costs to be incurred or which have been incurred in connection comply with the design and construction of the Improvements to be performed by or at the direction of Contractor, Tenant or the Construction Manager, which costs form a basis for the amount of the Contract and any other architectural, engineering, design, construction or procurement contracts entered into by or on behalf of Tenant for the design, construction or fit-out of any portion of the Improvements (the “Final Costs”). Prior to the commencement of construction of the Improvements, Tenant shall supply Landlord with cash, an irrevocable letter of credit, or such other financial assurance that is satisfactory to the Landlord in an amount (the “Over- Allowance Amount”) equal to the difference between the amount of the Final Costs and the amount of the Tenant Improvement Allowance. The Over-Allowance Amount shall be disbursed by Landlord prior to the disbursement of any of the then remaining portion of the Tenant Improvement Allowance, and such disbursement shall be pursuant to the same procedure as the Tenant Improvement Allowance. In the event that, after the Final Costs have been delivered by Tenant to Landlord, the costs relating to the design and construction of the Improvements shall change, unless, even with such change, the Final Costs are less than the amount of the Tenant Improvement Allowance, any additional costs necessary to such design and construction in excess of the Final Costs, shall be paid by Tenant to Landlord immediately as an addition to the Over-Allowance Amount or at LandlordDesigner’s option, Tenant shall make payments for such additional costs out of its own funds, but Tenant shall continue to provide Landlord with the documents described in Section 3.3 below, for Landlord’s approval, prior to Tenant paying such costs. If the total actual costs relating to the design and construction of the Improvements shall be less than the sum of the Tenant Improvement Allowance and the Over-Allowance Amount, and if the Tenant delivered the Over-Allowance Amount in cash, then the Landlord shall reimburse the Tenant for the amount of such difference, but not more than the Over-Allowance Amount. Notwithstanding anything set forth in this Section 3 to the contrary, construction of the Improvements shall not commence until (a) Landlord has approved the Contract, (b) Tenant has procured and delivered to Landlord a copy of all Permits and Approvals, (c) Tenant has delivered to Landlord the Over-Allowance Amount, and (d) MLB PDL shall have provided written confirmation that the Improvements as shown on the Approved Working Drawings would cause the Ballpark to be in compliance with the PDL Facility Standards; provided that the Ballpark’s compliance with the PDL Facility Standards shall only be confirmed after an official audit has been completed of the Ballpark and the ImprovementsConsent. (b) The parties agree that, for the purpose of achieving cost savings, except for structural alterations to the Ballpark, Tenant may seek bids for and procure the Improvements listed on Exhibit D directly rather than under the Contract through the Contractor and involving the Architect. (c) ▇▇▇▇▇▇’s Construction Manager, Contractor, and all subcontractors, laborers, materialmen, and suppliers used by Tenant (such subcontractors, laborers, materialmen, and suppliers, and the Contractor and Construction Manager to be known collectively as “Tenant’s Agents”) shall construct the Improvements in strict accordance with the Approved Working Drawings. Tenant shall exercise commercially reasonable efforts to cause the Improvements to be completed prior to the 2026 Baseball Season. The Improvements shall comply in all respects with the following: (i) all applicable building codes, and other state, federal, city or quasi-governmental laws, codes, ordinances and regulations, as each may apply according to the rulings of the controlling public official, agent or other person; (ii) applicable standards of the American Insurance Association (formerly, the National Board of Fire Underwriters) and the National Electrical Code; and