Coach 2013 Annual Report Download - page 710

ARTICLE 4.
OPEN-BOOK NATURE OF PROJECT; DRAW REQUESTS, AND RE-ALLOCATION OF PROJECT COSTS; MONTHLY REPORTS; AUDIT
RIGHTS; BOOKS AND RECORDS; ENVIRONMENTAL REPORTS
Section 4.01 “Open-Book” Nature of Project; Meeting with Lenders . (a) All modifications to the Budget and all back-up therefor, all
spreadsheets supporting any numbers or categories of cost therein, all cost breakdowns and allocations relating to the Developer Work or any of the costs
included in the Coach Total Development Costs, all value engineering and cost estimating studies and exercises performed or prepared in connection with the
Project, all revised Schedules, and all material financial analyses, studies and materials performed or prepared in connection with the Project or any Project
Costs shall be done on an “open book” basis, with the Coach Member and Coach’s Consultants having prompt, complete and unrestricted access thereto.
(b) Without limiting the generality of the foregoing, Developer shall invite the Coach Member and Coach’s Consultants to attend each
monthly meeting with the Construction Lender or its disbursement agent (including after Closing to the extent they affect the Coach Member), and shall,
simultaneously with any Draw Request or other material submission made to the Construction Lender or its disbursement agent regarding the Base Building
(including submissions made after the Closing, if they affect the Coach Member), copy or cause the Executive Construction Manager to copy, the Coach
Member on such Draw Request or submission (including, in each copy to the Coach Member, a copy of all supporting documentation simultaneously
submitted to the Construction Lender or such disbursement agent, including copies of lien waivers, title continuations, architect’s certificates or revised
budgets showing re-allocations among line items included therein, etc.). In addition, Developer shall provide (or cause to be provided) to the Coach Member,
with each monthly Draw Request, monthly reports regarding the Developer Work and the Base Building (in a format, and providing for a level of detail,
reasonably acceptable to the Coach Member), which shall include reasonably detailed information regarding Developer’s overhead and soft cost expenses for
the prior month.
Section 4.02 Draw Requests and Re-Allocation of Project Costs . (a) Each Draw Request shall be prepared and submitted to the Coach Member
as follows:
- 41 -