Common use of Remedial Works Clause in Contracts

Remedial Works. 4.1 Tenant hereby agrees to perform the necessary remedial work with respect to the matters described in Mark ▇▇▇▇▇▇▇▇▇'▇ ▇▇▇ter to Tenant, dated September 14, 1995, to complete such work on or before January 31, 1996 and to deliver on or before September 29, 1995 a cash deposit or a clean irrevocable letter of credit in favor of Landlord (which letter of credit shall expire on March 31, 1996, unless otherwise mutually agreed by Tenant and Landlord) in an aggregate amount of $1,000,000 to secure performance of such remedial work to the premises identified in the Leases set forth in Schedule 1 hereto. Upon completion of such remedial work by Tenant, Landlord shall remit the cash deposit to Tenant or the letter of credit shall expire, as the case may be. If the remedial work is not substantially completed by Tenant by January 31, 1996, Landlord may complete such work and may use such cash deposit or draw on the letter of credit from time to time, in an amount or amounts necessary to reimburse Landlord for the monies expended by Landlord to perform such work plus a fee equal to 10% of such cost. Landlord shall deliver to Tenant a written request to draw on the letter of credit which details the uses of the monies so expended.