Common use of Significant Alterations Clause in Contracts

Significant Alterations. In addition to, but not in limitation of, the terms and provisions of Section 3.2(a), any Alterations (or series of related Alterations as part of the same project) to a Property or related Site estimated to cost more than $1,500,000 (as reasonably estimated by Tenant’s architect or engineer), adjusted for inflation (“SIGNIFICANT ALTERATIONS”), may be made by Tenant, at any time and from time to time, at Tenant’s sole expense, from and after the completion of the Initial Construction subject to the requirements set forth in clauses (i) through (v) of this Section 3.2(b). (i) Tenant shall provide broad form builders risk insurance, on a completed value (or reporting form) basis and general liability insurance, which insurance shall be effected by policies complying with the applicable provisions of Article VII, and shall deliver certificates of insurance to Landlord evidencing such coverage with respect to each Significant Alteration. (ii) No Significant Alteration shall be undertaken except under the supervision of a licensed architect or licensed professional engineer. (iii) Prior to the commencement of any Significant Alteration, Tenant shall deliver to Landlord (A) notice of such commencement together with a general description of the scope and estimated cost of such Significant Alteration and (B) at Tenant’s option, either (1) a performance bond and a labor and materials payment bond (issued by a surety company reasonably satisfactory to Landlord and licensed to do business in the State of Florida), each in an amount equal to 100% of the estimated cost, naming Landlord and Tenant as co-obligees, and otherwise in customary form and content, or (2) such other security for the completion of such Significant Alteration as may be reasonably satisfactory to Landlord. (iv) Prior to the commencement of any Significant Alteration, if required by any Legal Requirement, Tenant shall execute, and record in the land records of the County, a “Notice of Commencement” in accordance with applicable Florida law with respect to such Significant Alteration, and Tenant shall send to Landlord, contemporaneously with the recordation of such Notice of Commencement, a copy thereof. (v) Promptly after completion of any Significant Alteration, Tenant shall furnish Landlord with (A) if and to the extent that such Property is relocated and/or reconfigured, a final “as built” survey showing the location and configuration of the buildings and improvements on the applicable Site and (B) copies of all evidences of such completion (including, without limitation, certificates of any architect or construction consultant) which Tenant delivers to any Permitted Leasehold Mortgagee in connection with such Alterations.