Parking Lot Improvements. Tenant shall have the right, at its sole cost and expense, at any time prior to the expiration of the Lease Term to require Landlord to pave the approximately 1.39 acre tract of land more particularly described on Exhibit "C-3" attached hereto and made a part hereof ("Parking Lot Tract" and to construct an additional parking lot thereon ("Additional Parking Lot") in accordance with (i) Landlord's plans and specifications therefor which have been approved by Tenant in writing (which approval shall not be unreasonably withheld) and (ii) all applicable laws. Prior to Landlord's commencement of construction of the Additional Parking Lot, Tenant shall pay Landlord an amount that is a reasonable estimate of the cost of such paving and all associated landscaping, irrigation, and design expenses to be incurred by Landlord in connection with the construction of the Additional Parking Lot and the satisfaction of all relevant requirements of the "Alliance Development Guidelines" and the Development Review Board (the "Up-front Payment"). If at any time during Landlord's construction of the Additional Parking Lot, Landlord reasonably determines that the cost of such construction and such associated expenses will exceed the Up-front Payment by an amount that is at least ten percent (10%) of the Up-front Payment, Landlord shall provide Tenant with written notice of the cost increase within five (5) business days of its awareness of such increase. Upon Landlord's completion of the construction of the Additional Parking Lot, Landlord shall invoice Tenant for the actual costs and expenses incurred by Landlord in connection with its construction of the Additional Parking Lot and such associated costs. If the amount expended by Landlord is less than the Up-front Payment, Landlord shall reimburse Tenant for the amount of such excess within ten (10) days after demand. If the amount expended by Landlord is greater than the Up-front Payment, Tenant shall pay the difference to Landlord within ten (10) days after demand. Notwithstanding anything to the contrary contained herein, Tenant shall not be entitled to use the Construction Allowance or the A&E Fee Allowance in connection with such construction, and shall not be entitled to receive any other allowance in connection with the construction of the Additional Parking Lot. Notwithstanding the foregoing, if Landlord constructs 10-15 parking spaces on the Parking Lot Tract as contemplated under Paragraph 28 of the Lease then the cost of such 10-15 spaces so constructed on the Parking Lot Tract shall be borne exclusively by Landlord (but Tenant shall be responsible for the costs of construction of the remaining parking on the Parking Lot Tract, as provided above).
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Parking Lot Improvements. Tenant shall have the rightLessor, at its Lessor’s sole cost discretion, may cause improvements to be made to the driveways and expenseparking areas of the Premises, including but not limited to, replacing all or a portion of the curbing on the Premises and performing a mill and overlay on all of the paved surfaces of the Premises (the “Curbing/Parking Improvements”). Lessor may cause the Curbing/Parking Improvements to be performed at any time prior to during the expiration New Term. Lessor and Lessee, in good faith, shall cooperate with each other in connection with scheduling the construction of the Lease Term to require Landlord to pave Curbing/Parking Improvements. The cost of constructing the approximately 1.39 acre tract Curbing/Parking Improvements shall be allocated between Lessor and Lessee as follows:
(a) If the Curbing/Parking Improvements are commenced in calendar year 2017, and substantially completed by October 31, 2017, the cost of land more particularly described on Exhibit "C-3" attached hereto the Curbing/Parking Improvements shall be allocated between Lessor and made a part hereof ("Parking Lot Tract" and to construct an additional parking lot thereon ("Additional Parking Lot") in accordance with Lessee as follows: (i) Landlord's plans and specifications therefor which have been approved by Tenant in writing Lessee shall pay the lesser of (which approval shall not be unreasonably withhelda) twenty-five percent (25%) of the actual aggregate costs of the Curbing/Parking Improvements or $50,000 (as applicable, “Lessee’s Portion”), and (ii) all applicable laws. Prior to Landlord's commencement of construction Lessor shall pay the balance of the Additional Curbing/Parking LotImprovements.
(b) If the Curbing/Parking Improvements are commenced after October 31, Tenant shall pay Landlord an amount that is a reasonable estimate of 2017, and substantially completed by October 31, 2018, the cost of such paving the Curbing/Parking Improvements shall be allocated between Lessor and all associated landscapingLessee as follows:
(i) Lessee shall pay the lesser of (a) twenty percent (20%) of the actual aggregate costs of the Curbing/Parking Improvements or $40,000 (as applicable, irrigation“Lessee’s Portion”), and design expenses to be incurred by Landlord in connection with (ii) Lessor shall pay the construction balance of the Additional Curbing/Parking Lot Improvements.
(c) If the Curbing/Parking Improvements are commenced after October 31, 2018, and the satisfaction of all relevant requirements of the "Alliance Development Guidelines" and the Development Review Board (the "Up-front Payment"). If at any time during Landlord's construction of the Additional Parking Lotsubstantially completed by October 31, Landlord reasonably determines that 2019, the cost of such construction the Curbing/Parking Improvements shall be allocated between Lessor and such associated expenses will exceed Lessee as follows:
(i) Lessee shall pay the Up-front Payment lesser of (a) fifteen percent (15%) of the actual aggregate costs of the Curbing/Parking Improvements or $30,000 (as applicable, “Lessee’s Portion”), and (ii) Lessor shall pay the balance of the Curbing/Parking Improvements.
(d) If the Curbing/Parking Improvements are commenced after October 31, 2019, and substantially completed by an amount that is at least October 31, 2020, the cost of the Curbing/Parking Improvements shall be allocated between Lessor and Lessee as follows:
(i) Lessee shall pay the lesser of (a) ten percent (10%) of the Up-front Payment, Landlord shall provide Tenant with written notice actual aggregate costs of the cost increase within five Curbing/Parking Improvements or $20,000 (5as applicable, “Lessee’s Portion”), and (ii) business days of its awareness of such increase. Upon Landlord's completion of the construction of the Additional Parking Lot, Landlord shall invoice Tenant for the actual costs and expenses incurred by Landlord in connection with its construction of the Additional Parking Lot and such associated costs. If the amount expended by Landlord is less than the Up-front Payment, Landlord shall reimburse Tenant for the amount of such excess within ten (10) days after demand. If the amount expended by Landlord is greater than the Up-front Payment, Tenant Lessor shall pay the difference to Landlord within ten balance of the Curbing/Parking Improvements.
(10e) days If the Curbing/Parking Improvements are commenced after demandOctober 31, 2020, and substantially completed by October 31, 2021, the cost of the Curbing/Parking Improvements shall be allocated between Lessor and Lessee as follows:
(i) Lessee shall pay the lesser of (a) five percent (5%) of the actual aggregate costs of the Curbing/Parking Improvements or $10,000 (as applicable, “Lessee’s Portion”), and (ii) Lessor shall pay the balance of the Curbing/Parking Improvements. Notwithstanding anything to In each case under paragraphs (a)-(e) above, Lessee’s Portion shall be amortized over the contrary contained herein, Tenant shall not be entitled to use remainder of the Construction Allowance or New Term with interest at the A&E Fee Allowance in connection with such constructionrate of eight percent (8%) per annum, and shall not be entitled paid by Lessee to receive any other allowance Lessor in connection monthly installments as part of the Operating Expenses under the Lease beginning with the construction of calendar month immediately following the Additional calendar month in which the Curbing/Parking Lot. Notwithstanding the foregoing, if Landlord constructs 10-15 parking spaces on the Parking Lot Tract as contemplated under Paragraph 28 of the Lease then the cost of such 10-15 spaces so constructed on the Parking Lot Tract shall be borne exclusively by Landlord (but Tenant shall be responsible for the costs of construction of the remaining parking on the Parking Lot Tract, as provided above)Improvements are substantially completed.
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