Common use of Delay Penalties Clause in Contracts

Delay Penalties. Notwithstanding the above, in the event the Premises are not tendered to Tenant in Tenant FF&E Ready Condition (as defined in Section 4.01) by December 1, 2002 (which such date is referred to herein as the “Scheduled Delivery Date”), Landlord shall pay Tenant (or, at Tenant’s election Tenant shall receive as a credit against Base Rent payable under this Lease) an amount equal to $2,500.00 per day for each of the first fifteen (15) days of delay beyond the Scheduled Delivery Date, and $5,000.00 per day for the next one hundred and twenty (120) days of delay (after the first 15 days of delay beyond the Scheduled Delivery Date), up to and including one hundred thirty-five (135) days of total delay beyond the Scheduled Delivery Date; provided, however, the Scheduled Delivery Date shall be extended by a day for each day of delay in completion of the Premises resulting from any “Tenant Delay” (as defined in Section 3.01(e) above), inclement weather (defined as weather which delays critical path activities of construction of the Tenant Improvements), earthquake, flood, fire or other casualty, strike, work stoppages, acts of war or terrorism, slow-downs or other labor trouble caused by organized labor, governmental controls (other than failure to receive permits for the Tenant Improvements), or any similar causes, beyond Landlord’s reasonable control (any of which delays are referred to herein as “delays beyond Landlord’s reasonable control”). Except as expressly contemplated above in this Section 3.03, Landlord shall not be liable to Tenant or any other party, nor shall Tenant have any recourse against Landlord, for any direct or indirect damages as a result of Landlord’s failure to deliver the Premises to Tenant within the time periods contemplated herein and/or in the Work Schedule.

Delay Penalties. Notwithstanding the above, in the event the Premises are not tendered to Tenant in Tenant FF&E Ready Condition (as defined in Section 4.01) by December February 1, 2002 2003 (which such date is referred to herein as the “Scheduled Delivery Date”), Landlord shall pay Tenant (or, at Tenant’s election Tenant shall receive as a credit against Base Rent payable under this Lease) an amount equal to $2,500.00 per day for each of the first initial fifteen (15) days of delay beyond the Scheduled Delivery Date, and $5,000.00 per day for the next one hundred and twenty (120) days of delay (after the first 15 days of delay beyond the Scheduled Delivery Date), up to and including one hundred thirty-five (135) days of total delay beyond the Scheduled Delivery Date; provided, however, the Scheduled Delivery Date shall be extended by a day for each day of delay in completion of the Premises resulting from any “Tenant Delay” (as defined in Section 3.01(e) above), inclement weather (defined as weather which delays critical path activities of construction of the Tenant Improvements), earthquake, flood, fire or other casualty, strike, work stoppages, acts of war or terrorism, slow-slow downs or other labor trouble caused by organized labor, governmental controls (other than failure to receive permits for the Tenant Improvements), or any similar causes, beyond Landlord’s reasonable control (any of which delays are referred to herein as “delays beyond Landlord’s reasonable control”). Except as expressly contemplated above in this Section 3.03, Landlord shall not be liable to Tenant or any other party, nor shall Tenant have any recourse against Landlord, for any direct or indirect damages as a result of Landlord’s failure to deliver the Premises to Tenant within the time periods contemplated herein and/or in the Work Schedule.