Lease Agreement between City and 7 WTC Company, Mar 1998

NYC 9/11 Public Portal Document

shall approve or disapprove such revised drawings and indicate whatever corrections it requires within five (5) business days after receipt thereof, following which Landlord shall within five (5) business days of its receipt of corrections required by DRES fully complete the revision of the Final Plans based on the requested corrections and furnish DRES with a complete set thereof for its approval, which approval shall not be unreasonably withheld, conditioned or delayed.

(B) The term ’’Work Cost" as used in this Article shall mean the actual cost to Landlord of furnishing and installing Tenant's Initial Work as shown on the Final Plans and shall consist of all costs and expenses (excluding construction loan interest and related financing costs) charged to Landlord for:

(a) the approved Architect’s fees for any change orders after February 12, 1998 to the services required for Tenant’s Initial Work requested by DRES, which are in the Architect’s Scope of Services and any additional Architects fees’ for major modifications or increases in the scope of the Architect’s services to the extent requested and authorized in writing signed by DRES,

(b) the performance of all terms of Tenant’s Initial Work in accordance with the Final Plans;

(c) one (1) construction manager’s general conditions (not to exceed eight percent (8%) and one (1) construction manager’s over-head and profit (not to exceed six percent (6%) plus insurance of one and one-quaner percent (1.25%); Landlord shall not be entitled to be paid an administrative or management fee for the performance of Tenant’s Initial Work. There shall be no double payment by Tenant of any items included in the Tenant’s Work Cost, including but not limited to any components of overhead and profit and construction manager’s fees; and

(d) Landlord and Tenant may negotiate in good faith a cost for Tenant’s use of fuel pipes now installed in the Building and such cost, upon approval by Tenant, shall be part of the Work Cost.

Within ten (10) business days after DRES’s approval of the Final Plans, and prior to the commencement of the Tenant’s Initial Work, Landlord shall submit to DRES completed DRES cost estimate forms and promptly upon receipt by Landlord all of the Port Authority administrative approvals with respect to the Final Plans. The cost estimate forms shall be completed by the bidders approved by DRES and Landlord and shall indicate in reasonable detail the proposed cost of Tenant’s Initial Work after Landlord, (i) shall have obtained three (3) competitive bids, proof of which will be supplied to DRES, by three (3) subcontractors of each trade pre-approved by DRES, of which Landlord or an affiliated entity may be one; and (ii) shall have selected the lowest responsible bidder, except that Landlord shall designate sprinkler and fire

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