Common use of Cost Statement Clause in Contracts

Cost Statement. Lessee's Contribution: Lessor has prepared and Lessee has approved the cost statement substantially in the form attached as Exhibit F (the "Cost Statement"), showing the expected construction cost and the actual items to be constructed by Lessor of the Lessee Interior Improvements, the TI Allowance, and the maximum cost Lessee must pay for construction of the Lessee Interior Improvements. Lessor may include in the Cost Statement, a construction management fee, covering all of its overhead, accounting, , profit, and other similar costs not otherwise expressly indicated on the Cost Statement, equal to six percent (6%) of the cost of the Lessee Interior Improvements . General Condition expense shall be reflected in the Cost Statement. Lessee's Cost Statement indicates that Lessee's share of the construction cost of Lessee Interior Improvements will not exceed $339,560 (the "Lessee's Maximum Contribution"). After the bids for construction of the Lessee's Improvements, as specified above are obtained, the indicated amount of Lessee's share of the construction cost of Lessee Interior Improvements based on such bids is more than 5% in excess of the Lessee's Maximum Contribution as shown on the Lessee's Cost Statement, then Lessee may either (a) proceed with the Lease and the Lessee's Maximum Contribution shall be increased to the higher number established by the bidding, or (b) Lessee shall have the right to modify the Lessee's Improvement Plans or to remove items from such Plans, until the maximum amount to be paid by Lessee is acceptable to Lessee. In all events, Lessor and Lessee shall negotiate in good faith to reduce the total bid for construction of the Lessee Interior Improvements for by modifying the plans or taking other appropriate actions Lessor shall not exceed above without approval of Lessee. Lessee shall pay its approved share of the cost for construction of the Lessee Interior Improvements, up to an aggregate amount not exceeding the Lessee's Maximum Contribution, within fifteen (15) days after the Commencement Date. All costs payable by Lessee for construction of the Lessee Interior Improvements shall be reasonably documented and subject to verification by Lessee. Notwithstanding anything to the contrary in this Lease, in no event shall the Lessee's Cost Statement including the TI Allowance (or Additional TI Allowance) be used to pay, nor shall Lessee be required to pay, any of the following costs in connection with the construction of Lessee Improvements: (a) the cost of constructing the Building Shell or any other construction work which is not described on the Lessee Improvement Plans attached hereto as Exhibit D.1, as the same may be modified in accordance with this Lease, (b) the cost resulting from the default by Lessor, or any architect, contractor or supplier in constructing the Lessee Interior Improvements, the Premises in accordance with this Lease and any agreement entered into by such parties in connection with the construction of the Lessee Interior Improvements, (c) costs that are recoverable by the Lessor from a third party (e.g., insurers, warrantors, tortfeasors), (d) costs for overtime or expediting not authorized by Lessee in writing, (e) profit, overhead, and administrative expenses in excess of the fee described herein, (f) the cost incurred to construct and complete the Building Shell, and/or (g) any costs of a type not budgeted on the Cost Statement.

Cost Statement. Lessee's Contribution: Lessor has prepared and Lessee has approved the cost statement substantially in the form attached as Exhibit F D (the "Cost Statement"), showing the expected construction cost and the actual items to be constructed by Lessor of the Lessee Interior Improvements, the TI Allowance, and the maximum cost Lessee must pay for construction of the Lessee Interior Improvements. Lessor may include in the Cost Statement, a construction management fee, covering all of its overhead, accounting, ,, profit, and other similar costs not otherwise expressly indicated on the Cost Statement, equal to six percent four and one-half perc ent (64.5%) of the cost of the Lessee Interior Improvements Improvements, but in no case less than $150,000 or greater than $200,000. General Condition expense shall be reflected in the Cost Statement. Lessee's Cost Statement indicates that Lessee's share of the construction cost of Lessee Interior Improvements will not exceed $339,560 be zero (the "Lessee's Maximum Contribution"). After the bids for construction of the Lessee's Improvements, as specified above are obtained, the indicated amount of Lessee's share of the construction cost of Lessee Interior Improvements based on such bids is more than 5% in excess of the Lessee's Maximum Contribution as shown on the Lessee's Cost Statement, then Lessee may either (a) proceed with the Lease and the Lessee's Maximum Contribution shall be increased to the higher number established by the bidding, or (b) Lessee shall have the right to modify the Lessee's Improvement Plans or to remove items from such Plans, until the maximum amount to be paid by Lessee is acceptable to Lessee. In all events, Lessor and Lessee shall negotiate in good faith to reduce the total bid for construction of the Lessee Interior Improvements for by modifying the plans or taking other appropriate actions Lessor Lessor. shall not exceed above without approval of Lessee. Lessee shall pay its approved share of the cost for construction of the Lessee Interior Improvements, up to an aggregate amount not exceeding the Lessee's Maximum Contribution, within fifteen (15) days after the Commencement Date. All costs payable by Lessee for construction of the Lessee Interior Improvements shall be reasonably documented and subject to verification by Lessee. Notwithstanding anything to the contrary in this Lease, in no event shall the Lessee's Cost Statement including the TI Allowance (or Additional TI Allowance) be used to pay, nor shall Lessee be required to pay, any of the following costs in connection with the construction of Lessee Improvements: (a) the cost of constructing the Building Shell or any other construction work which is not described on the Lessee Improvement Plans attached hereto as Exhibit D.1, as C the same may be modified in accordance with this Lease, (b) the cost resulting from the default by Lessor, or any architect, contractor or supplier in constructing the Lessee Interior Improvements, Building 4 or the Premises in accordance with this Lease and any agreement entered into by such parties in connection with the construction of the Lessee Interior Improvements, (c) costs that are recoverable by the Lessor from a third party (e.g., insurers, warrantors, tortfeasors), (d) costs for overtime or expediting not authorized by Lessee in writing, (e) profit, overhead, and administrative expenses in excess of the fee described herein, (f) the cost incurred to construct and complete the Building Shell, and/or (g) any costs of a type not budgeted on the Cost Statement.

Cost Statement. Lessee's Contribution: Lessor has prepared Within thirty (30) calendar days following Landlord’s receipt of the CD’s, Landlord shall cause Contractor to (i) work with Tenant to create a mutually acceptable list of mechanical, electrical and Lessee has approved plumbing specifications for the cost statement substantially in the form attached as Exhibit F Tenant Improvement Work (the "“MEP Specifications”, and (ii) solicit construction bids for each Major Element (as defined herein) of the Tenant Improvement Work as reflected by the CD’s and the MEP Specifications, from not less than three (3) subcontractors. “Major Element” shall mean any element of the Tenant Improvement Work that is reasonably estimated to cost in excess of Twenty Thousand and 00/100 Dollars ($20,000). Landlord shall provide Tenant with a list of all subcontractors solicited for bids (the “Bid List”). Landlord shall cause Contractor to prepare and submit to Tenant a summary of the final bids setting forth a cost summary of all qualified bidders broken down in respect to the trades forming a part of the Tenant Improvement Work (the “Cost Statement"”). The Cost Statement shall indicate the subcontractors that Contractor intends to hire to complete the applicable portion of the Tenant Improvement Work (“Landlord’s Subcontractors”). Tenant acknowledges and agrees that the Cost Statement shall include (i) the aggregate of the lowest qualified bids (the “Aggregate Bids”), showing the expected construction cost and the actual items to be constructed by Lessor of the Lessee Interior Improvements, the TI Allowance, and the maximum cost Lessee must pay for construction of the Lessee Interior Improvements. Lessor may include in the Cost Statement, plus (ii) a construction management fee, covering all of its overhead, accounting, , profit, and other similar costs not otherwise expressly indicated on the Cost Statement, Contractor’s fee equal to six percent (6%) of the cost Aggregate Bids (the “Contractor’s Fee”), plus (iii) the Contractor’s standard general conditions applicable to the Tenant Improvements as detailed on the final Cost Statement. Tenant shall have fifteen (15) business days after receipt of the Lessee Interior Improvements Cost Statement in which to review the Cost Statement and to give Landlord written notice of Tenant’s approval or its requested changes thereto. General Condition expense shall be reflected in In the event Tenant has specific concerns with any element on the Cost Statement. Lessee's Cost Statement indicates that Lessee's share of the construction cost of Lessee Interior Improvements will not exceed $339,560 (the "Lessee's Maximum Contribution"). After the bids for construction of the Lessee's Improvements, as specified above are obtained, the indicated amount of Lessee's share of the construction cost of Lessee Interior Improvements based on such bids is more than 5% in excess of the Lessee's Maximum Contribution as shown on the Lessee's Cost Statement, then Lessee may either (a) proceed with the Lease and the Lessee's Maximum Contribution shall be increased to the higher number established by the bidding, or (b) Lessee Tenant shall have the right opportunity to modify request Landlord re-bid such specific element to a subcontractor proposed by Tenant, provided such subcontractor meets with Landlord’s reasonable approval. Any changes to the Lessee's Improvement Plans Cost Statement shall also be reflected as a change to the CD’s. If Tenant fails to approve or request changes to remove items from such Plans, until the maximum amount to be paid by Lessee is acceptable to Lessee. In all events, Lessor and Lessee shall negotiate in good faith to reduce the total bid for construction of the Lessee Interior Improvements for by modifying the plans or taking other appropriate actions Lessor shall not exceed above without approval of Lessee. Lessee shall pay its approved share of the cost for construction of the Lessee Interior Improvements, up to an aggregate amount not exceeding the Lessee's Maximum Contribution, Cost Statement within fifteen (15) business days after the Commencement Date. All costs payable by Lessee for construction of the Lessee Interior Improvements its receipt thereof, then Tenant shall be reasonably documented and subject deemed to verification by Lessee. Notwithstanding anything to have approved the contrary in this Lease, in no event shall the Lessee's Cost Statement including the TI Allowance (or Additional TI Allowance) be used to pay, nor shall Lessee be required to pay, any of the following costs in connection with the construction of Lessee Improvements: (a) the cost of constructing the Building Shell or any other construction work which is not described on the Lessee Improvement Plans attached hereto as Exhibit D.1, as and the same may shall thereupon be modified final. Landlord and Tenant, at all times in accordance with this Lease, (b) the cost resulting from the default by Lessor, or any architect, contractor or supplier in constructing the Lessee Interior Improvements, the Premises in accordance with this Lease their preparation and any agreement entered into by such parties in connection with the construction review of the Lessee Interior Improvements, (c) costs that are recoverable by the Lessor from a third party (e.g., insurers, warrantors, tortfeasors), (d) costs for overtime or expediting not authorized by Lessee in writing, (e) profit, overhead, and administrative expenses in excess of the fee described herein, (f) the cost incurred to construct and complete the Building Shell, and/or (g) any costs of a type not budgeted on the Cost Statement, and of any revisions thereto, shall act reasonably and in good faith. Promptly following approval of the Cost Statement, Landlord shall prepare as part of the overall project cost the mechanical, electrical and plumbing drawings (the “MEP Drawings”) for the Tenant Improvements in substantial accordance with the CD’s.