Common use of Improvements to the Property Clause in Contracts

Improvements to the Property. LESSOR will cause the existing building located nearest the southwest corner of the Property (most recently leased by Wynan's Furniture) to be demolished and will cause to be constructed improvements on and adjacent to the Property consisting of a traffic control signal on South Virginia Street at the access point to the Property, paved ▇▇▇▇▇▇▇▇▇ ▇▇▇ ▇▇▇▇▇▇▇ and egress to adjacent property owned by LESSEE and the remainder of LESSOR'S Shopping Center, parking areas, pedestrian walkways and landscaping, consistent with the Preliminary Plans and Specifications which are attached hereto as (Exhibit "B") and by this reference made a part hereof (hereinafter "Improvements"). The Improvements shall conform to the Preliminary Plans and Specifications (Exhibit "B"), unless modification is necessary to comply with local building codes or other requirements of local municipal authorities. A. LESSEE and LESSOR have approved and agreed upon Preliminary Plans and Specifications and Preliminary Cost Estimates for the Improvements to the Property. B. As soon as received from the contractor or designer, LESSOR shall deliver to LESSEE copies of the Final Plans and Specifications and Working Drawings (based upon the approved Preliminary Plans and Specifications and Preliminary Cost Estimates) covering the construction of the driveway and other Improvements that are a part of the Property. LESSOR shall obtain approval of the Final Plans and Specifications and Working Drawings from all appropriate governmental agencies, and after they have been approved a copy of them shall be initialed and dated by the parties. LESSOR shall exercise due diligence in attempting to obtain such approval. C. LESSOR shall construct the Improvements in accordance with the ▇▇▇▇▇ ▇▇ans and Specifications and Working Drawings. LESSOR agrees to secure all necessary permits for the construction. LESSOR agrees that such construction shall be completed in a good workman-like manner; that materials and workmanship will be of su▇▇ ▇▇▇▇ity as is usual and customary in the Washoe County, Nevada, area; that such construction shall be free of mechanic's liens; that such construction shall comply with applicable building and safety codes and comport with the Final Plans and Specifications as set forth above. D. LESSEE shall pay sixty six and 66/100 percent (66.66%) of all construction costs for said Improvements, or a maximum of $1,200,000.00, whichever amount is lower. LESSOR agrees to be responsible for all remaining costs of constructing said Improvements. LESSEE shall pay its share of the construction costs in progress installments based on billings supported by invoices or the terms of construction contr▇▇▇▇. E. Within 15 days after LESSOR notifies LESSEE that the Improvements have been substantially completed and are available for inspection by Lessee, whether or not LESSEE is then in possession of the Property, LESSEE shall deliver to LESSOR a list of items that LESSEE deems it necessary under the Final Plans and Specifications and Working Drawings that LESSOR completes or corrects in order for the Property to be acceptable to LESSEE. LESSOR shall immediately commence to complete or correct such items, except for items that LESSOR disputes as not being within the scope of the Improvements. If LESSEE does not deliver the list to LESSOR within the 15 day period, LESSEE shall be -8- deemed to have approved the Property and approved construction of the Improvements as completed. F. LESSEE'S taking possession of the Property and acceptance of the Property shall not constitute a waiver of any claim under Section 3.1(E) or a waiver of any warranty or of any defect in regard to workmanship or material of the Improvements ("Construction Defect"). LESSEE shall have the period of time contained within LESSOR'S warranty from the contractor within which to notify LESSOR of any Construction Defect covered by said warranty. In the event of a Construction Defect, it is LESSOR's duty to fully enforce all legal remedies to achieve cure.

Improvements to the Property. LESSOR will cause 9.1 The PROPERTY shall be maintained, and all Improvements thereon shall be erected and maintained in accordance with the existing building located nearest the southwest corner requirements of the Property (most recently leased by Wynan's Furniture) to be demolished MEMORANDUM OF INCORPORATION and will cause to be constructed improvements on SUB-HOA MOI and adjacent to the Property consisting satisfaction of a traffic control signal on South Virginia Street at the access point to the Property, paved ▇▇▇▇▇▇▇▇▇ ▇▇▇ ▇▇▇▇▇▇▇ ASSOCIATION and egress to adjacent property owned by LESSEE SUB-HOA and the remainder of LESSOR'S Shopping Center, parking areas, pedestrian walkways and landscaping, consistent with the Preliminary Plans and Specifications which are attached hereto as (Exhibit "B") and by this reference made a part hereof (hereinafter "Improvements"). The Improvements shall conform to the Preliminary Plans and Specifications (Exhibit "B"), unless modification is necessary to comply with local building codes or other requirements of local municipal authoritiesDESIGN REVIEW COMMITTEE. A. LESSEE and LESSOR have approved and agreed upon Preliminary Plans and Specifications and Preliminary Cost Estimates for the 9.2 All Improvements to the PropertyPROPERTY, including any alterations to existing Improvements, shall be carried out in accordance with the building plans approved by the ASSOCIATION and SUB-HOA and the DESIGN REVIEW COMMITTEE. B. As soon 9.3 The plans of all buildings, boundary walls or other structures to be erected on the PROPERTY shall comply with any architectural guidelines prescribed by the ASSOCIATION and SUB-HOA and the DESIGN REVIEW COMMITTEE, as received amended by the ASSOCIATION and SUB-HOA, from time to time and as set out in the contractor or designerMEMORANDUM OF INCORPORATION. 9.4 All plans must be submitted to the ASSOCIATION, LESSOR shall deliver SUB-HOA and the DESIGN REVIEW COMMITTEE for its approval prior to LESSEE copies submission to the local Municipality for its approval. A fee for the scrutinising and approval of such plans by the ASSOCIATION and SUB-HOA will be payable by the PURCHASER. Such fees for scrutinising work done by the ASSOCIATION and SUB-HOA will be determined by them from time to time. 9.5 Building operations on the PROPERTY, including any alterations to existing improvements on the PROPERTY, may not commence before the written consents of the Final Plans ASSOCIATION and Specifications SUB-HOA and Working Drawings local authority have been endorsed on the PURCHASER’S building plan. 9.6 Any amendments and/or variations to the building plans may only be undertaken by the PURCHASER with the ASSOCIATION and SUB-HOA and local authority’s prior written consent. 9.7 It is agreed that the aforegoing and any architectural guidelines prescribed by the ASSOCIATION and SUB-HOA may be included in the title deed of the PROPERTY. 9.8 The PURCHASER acknowledges and agrees that it shall ensure that all of its visitors, invitees, employees, representatives and/or contractors comply with the provisions of the MEMORANDUM OF INCORPORATION and SUB-HOA MOI. 9.9 the PURCHASER shall within a period of 24 (based upon the approved Preliminary Plans and Specifications and Preliminary Cost Estimatestwenty-four) covering months from DATE OF TRANSFER have commenced the construction of the driveway building works to erect a DWELLNG UNIT on the PROPERTY and other Improvements that are a part outbuildings and shall have completed the construction of the Property. LESSOR said DWELLING UNIT and outbuildings within a period of 18 (eighteen) months from date of commencement, failing which the PURCHASER shall obtain approval pay to the ASSOCIATION and SUB-HOA such penalties as are prescribed in terms of the Final Plans MEMORANDUM OF INCORPORATION and Specifications SUB-HOA MOI and Working Drawings from all appropriate governmental agenciesrules, and after they the PURCHASER accepts that such penalties are reasonable and necessary in order to ensure that building work on the DEVELOPMENT PRECINCT is completed within a reasonable time. 9.9.1 It is recorded that should the PURCHASER sell the PROPERTY to a third party prior to commencement and/or completion of the building works, the already lapsed time periods stipulated in Clause 9.9 above will apply to the third-party purchaser and the new Purchaser will be required to commence and/or completed building works within the time period that remains. 9.10 If – 9.10.1 the PURCHASER fails to comply with the provisions of clause 9.9, the SELLER and/or ASSOCIATION and/or SUB-HOA will provide the PURCHASER with written notice in terms of the MEMORANDUM OF INCOPORATION and SUB-HOA MOI and/or Building Regulations prescribed by the ASSOCIATION and SUB- HOA from time to time, in terms of which the PURCHASER will have been approved a copy to commence building works within 30 days from the date of them such notice. 9.10.2 If the PURCHASER fails to comply with the notice set out above, the PURCHASER shall be initialed liable for payment of any penalties and/or levies as stipulated in the MEMORANDUM OF INCORPORATION and dated by SUB-HOA MOI and rules of the parties. LESSOR shall exercise due diligence in attempting to obtain such approvalASSOCIATION and SUB-HOA. C. LESSOR shall construct 9.11 The PURCHASER accepts that clause 9.10 is reasonable and necessary in order to ensure that building work on the Improvements DEVELOPMENT PRECINCT is completed within a reasonable time and is brought to the attention of any purchaser of the PROPERTY, should he alienate this PROPERTY. 9.12 The PROPERTY may never be sold, transferred, leased, or otherwise alienated or disposed of to any person other than in accordance with the ▇▇▇▇▇ ▇▇ans provisions contained in this clause 9. 9.13 The PURCHASER shall grant the SELLER and/or the ASSOCIATION’S and Specifications and Working Drawings. LESSOR agrees SUB-HOA representatives’ access to secure all necessary permits for the construction. LESSOR agrees that such construction shall be completed in a good workman-like manner; that materials and workmanship will be of su▇▇ ▇▇▇▇ity as is usual and customary in the Washoe County, Nevada, area; that such construction shall be free of mechanic's liens; that such construction shall comply with applicable building and safety codes and comport PROPERTY to ensure compliance with the Final Plans and Specifications as set forth aboveprovisions of this clause 9. D. LESSEE 9.14 The PURCHASER shall pay sixty six and 66/100 percent (66.66%) of all construction costs for said Improvements, not be entitled to alienate or a maximum of $1,200,000.00, whichever amount is lower. LESSOR agrees transfer the PROPERTY or any portion thereof prior to be responsible for all remaining costs of constructing said Improvements. LESSEE shall pay its share the completion of the construction costs in progress installments based on billings supported by invoices or building works referred to above without the terms of construction contr▇▇▇▇. E. Within 15 days after LESSOR notifies LESSEE that the Improvements have been substantially completed and are available for inspection by Lessee, whether or not LESSEE is then in possession prior written consent of the Property, LESSEE shall deliver to LESSOR a list of items that LESSEE deems it necessary under the Final Plans and Specifications and Working Drawings that LESSOR completes SELLER or corrects is successor in order for the Property to be acceptable to LESSEE. LESSOR shall immediately commence to complete or correct such items, except for items that LESSOR disputes as not being within the scope of the Improvements. If LESSEE does not deliver the list to LESSOR within the 15 day period, LESSEE shall be -8- deemed to have approved the Property and approved construction of the Improvements as completedtitle. F. LESSEE'S taking possession of the Property and acceptance of the Property shall not constitute a waiver of any claim under Section 3.1(E) or a waiver of any warranty or of any defect in regard to workmanship or material of the Improvements ("Construction Defect"). LESSEE shall have the period of time contained within LESSOR'S warranty from the contractor within which to notify LESSOR of any Construction Defect covered by said warranty. In the event of a Construction Defect, it is LESSOR's duty to fully enforce all legal remedies to achieve cure.