Common use of TENANT CONSTRUCTION OF IMPROVEMENTS Clause in Contracts

TENANT CONSTRUCTION OF IMPROVEMENTS. Tenant covenants and agrees to lawfully and on a lien free basis, construct and install the improvements to the Buildings pursuant to the plans and specifications jointly agreed upon by Landlord and Tenant, all such construction and installation to be done in accordance with all applicable laws, rules and regulations. Such improvements shall be completed on or before March 2023. Landlord covenants and agrees to fund the cost related to the above referenced construction up to the amount described on Exhibit 2 attached hereto (the “Project Budget”). Tenant covenants and agrees that Tenant shall be responsible for any and all costs in excess of the Project Budget. Payments for the Project Budget shall be made based on progress payments based on actual out of pocket expenses incurred to third parties with the balance, if any, paid as a development fee upon “completion” which is defined hereunder as the later to occur of: (i) receipt of a Certificate of Occupancy by the applicable local and State authorities, (ii) receipt of lien waivers from all contractors who worked on site, and (iii) the commencement of lawful operations in the Addition. All contractors must submit insurance certificates acceptable to Landlord and naming Landlord prior to commencement of work.