Common use of Construction of the Tenant Improvements Clause in Contracts

Construction of the Tenant Improvements. Prior to Tenant’s execution of the construction contract and general conditions between Tenant and its Contractor (the “Contract”), Tenant shall submit the Contract to Landlord for its approval, which approval shall not be unreasonably withheld or delayed. Landlord shall notify Tenant of its approval or disapproval (with reasons for any disapproval specified) of the Contract within five (5) Business Days after request thereof. Prior to the commencement of the construction of the Tenant Improvements, and after Tenant has accepted all bids for the Tenant 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 Tenant Improvements to be performed by or at the direction of Tenant or the Contractor, which costs form a basis for the amount of the Contract (the “Construction Budget”), which for the sake of clarity shall include all hard and soft costs for the Tenant Improvements which are subject to reimbursement from the Tenant Improvement Allowance. 4.4.1 Prior to commencing construction of the Tenant Improvements, Tenant shall deliver to Landlord the following: (a) The actual commencement date of construction and the estimated date of completion of the work, including fixturization; (b) Evidence of all insurance required hereunder; and (c) An executed copy of the Permits.