Agenda - Council Work Session - 05/14/2024

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. i i s ordinances,regulations and codes. LANDLORD shall.not seek bids/Quotes for the Construction of the Improvements until the plans and specifications have been approved by TENANT. Upon approval by TENANT, LANDLORD shall obtain bids/quotes for the,construction of the Improvements according to the approved plans and specifications. If the bids/quotes come in higher than,budgeted by TENANT,then LANDLORD and LANDLORD's Architect shall work with TENANT to revise the plans and specifications so that the cost ofconstruction of the Im rovements is within TENANT's budget. LANDLORD shall not.award and enter into a p contract to construct the Improvements without approval from TENANT. (b) CONSTRUCTION. At such time as the LANDLORD has received bids/quotes for the construction of the Improvements at:a cost within the TENANT's budget,LANDLORD shall enter into appropriate a reements with the contractor and cause the con struction of the g I Improvements to the Leased Space in accordance with the approved plans and specifications, which shall be completed by not later than June 14, 2010 (",Turnover Date"). TENANT shall have at a minimum ten 10 ( ) days between the Turnover Date and the Commencement Date to y prepare the'Lease Space for occupancy. If the Turnover Date is different than specified above, then LANDLORD shall give TENANT at least five (5).days notice of the ndw Turnover Date. (C)ACCEPTANCE OF LEASED SPACE. within thirty(30),days of the Turnover Date, TENANT, in its reasonable discretion, shall notify LANDLORD!in waiting of any defects or deficiencies found in the construction of the Improvements ("PunchList Notice"); Failure of TENANT to submit-the Punch List Notice within such thi (30) day period shall be deemed approval'by TENANT of the condition of the Leased Space', an ackno Medgment that all Improvements have been satisfactorily completed and acceptance of the Leased Space in its "AS IS condition. If TENANT provides a Punch List Notice to LANDLORD, TENANT shall nevertheless be deemed to have accepted.the Leased Space, as of the Turnover Date, in its"AS IS"condition, except for an items listed in'such such Notice. Notwithstanding the foregoing to the p y g contrary, if,'within one hundred eighty(180) days after the Commencement Date,TENANT, in 'its reasonable discretion, determines that Improvements have not been constructed in substantial . conformance with with the approved plans and.specifications, T NANT shqll notify LANDLORD in writing of any defects or deficiencies found in the Improvements ("186,Day Notice"). Failure of TENANT to submit the 180 Day Notice on or before the end of such one hundred eighty(180) day period shall be deemed approval by TENANT of the condition of the Improvements, an . acknowledgment that all LANDLORD's work has been satisfactorily Completed and acceptance of the Improvements in its"AS IS"condition, except for any items listed in the Punch List Notice which have yet to be completed. Upon receipt of the Punch List Notice and/or the 180 Day Notice,LANDLORD shall complete, correct and/or re piair all items set forth in such notices, other than those which LANDLORD reasonably disputes, 7'ithin a reasonable time. If LANDLORD and TENANT are unable to reach an agreement regarding any items on either of the notices,'the shall meet within ten(10) da s after request b either party at a mutually y y y acceptable time and place to attempt, in good faith, to resolve the dispute. If the matter cannot be resolved`at such meeting, LANDLORD's Architect shall act as the final arbitrator regarding said items.'Delivery of the Punch List Notice shall not postpone the Turnover Date,the Commencement Date nor the obligation of TENANT to pay Rent. Delayed 'Turnover Date, If the Turnover Date!is established as any date other than the date specified in Section 11 (b), LANDLORD shall confirm such date to TENANT in writing delivered to TENANT,at least,five 5 days prior to the adjusted Turnover Date. In the event of 5 4