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Fill and Sign the Vxv Port Authority of New York and New Jersey Form

Fill and Sign the Vxv Port Authority of New York and New Jersey Form

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12.01[6] Construction of the Premises(a) Landlord shall, at its sole cost and expense, perform all work described by or reasonably inferable from Tenant's plans and specifications ("Tenant's Plans") and in accordance with the work letter annexed hereto as Exhibit B (collectively, "Landlord's Work"). Should Landlord fail to complete Landlord's Work by ________, then Landlord shall pay to Tenant a penalty equal to one day's Rental as contained in this Lease for each day Landlord delays delivery beyond said date. In addition, Landlord shall reimburse Tenant for any costs Tenant sustains as a result of Landlord not delivering the Premises to Tenant by such date with Landlord's Work completed. If Landlord fails to commence Landlord's Work by __________, Tenant may terminate this Lease on notice to Landlord. (b) Landlord agrees to pay for the cost of preparing the following of Tenant's Plans: complete mechanical plans and specifications with respect to air conditioning systems and duct work, heating, electrical, plumbing and other mechanical systems for the work to be done by the Landlord as part of Landlord's Work. (c) Landlord represents and warrants that Landlord's Work will be performed in a good and workmanlike manner in accordance with all applicable laws and regulations, and, upon delivery of possession of the Premises to Tenant, the Premises will be free of asbestos, free of any hazardous materials (herein defined), and free of all violations and all conditions that would constitute a violation. Landlord shall indemnify and hold Tenant harmless from any damages incurred as a result of a breach of such representation and warranty, including, without limitation, those resulting from delays caused Tenant in the completion of its work. Landlord shall warrant all items of its Work for at least Two (2) years from the date of Tenant's taking occupancy of the Premises and shall be responsible for correcting all latent and structural defects during the lease term. Landlord shall deliver possession of the Premises to Tenant so that the Premises are in compliance with all zoning, municipal, county, state and federal laws, codes, rules and requirements. (d) Tenant shall have a right to request changes to Tenant's Plans and Landlord shall approve and make such changes provided that same will not operate to delay the Commencement Date. Landlord shall not unreasonably withhold its consent to Tenant's Plans and will approve or notify Tenant of specific objections thereto within Ten (10) days from the date of presentment, or Tenant's Plans will be deemed approved. (e) In addition to the foregoing, Tenant may, at its option, elect to perform all or a portion of Landlord's Work and bill Landlord the cost thereof or take a credit against the next installment(s) of Rental due. (f) Landlord shall obtain a Certificate of Occupancy on or before for the Premises to allow Tenant to occupy the same in accordance with the terms of this Lease. (g) Tenant shall have the right within Ninety (90) days after the Commencement Date to submit a "punch list" to Landlord in writing setting forth items of Landlord's Work requiring completion or correction. Landlord shall correct and complete such items within Thirty (30) days of such submission. If Landlord fails to correct such "punch list" items within the specified time, Tenant shall have a right to make such corrections at Landlord's cost and expense and offset such cost and expense against Rental next due and owing.

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