eTrade 2000 Annual Report Download - page 151

for Landlord’ s review and approval. Landlord shall review the revised Preliminary Plans and approve or disapprove of the revised
Preliminary Plans within three (3) business days after Landlord’ s receipt thereof in accordance with the procedure provided above. If
Landlord fails to respond to Tenant’ s request for approval or disapproval of the Preliminary Plans within the time periods provided for
above, such approval shall be deemed to have been given.
3.4.2 Working Drawings . Subject to obtaining Landlord’ s approval of the Preliminary Plans, Tenant shall arrange for Tenant’ s
Architect to prepare working drawings and specifications, including architectural, mechanical, electrical, plumbing and other shop
drawings (the “Working Drawings”) for the Tenant Improvements. The Working Drawings shall be based on the Preliminary Plans
approved by Landlord. Landlord shall approve or disapprove of the Working Drawings by written notice to Tenant within five (5)
business days after Landlord’ s receipt of the Working Drawings. Landlord shall not unreasonably withholds its approval of the
Working Drawings If Landlord disapproves the Working Drawings, Landlord’ s written notice to Tenant disapproving of the Working
Drawings shall include (i) a de scription of the disapproved element of the Preliminary Plans, (ii) the reasons for Landlord’ s
disapproval and (iii) at Landlord’ s option, suggested modifications to the Working Drawings. If Landlord disapproves of the Working
Drawings, Tenant shall arrange for Tenant’ s Architect to revise the Working Drawings to address Landlord’ s comments and/or
incorporate Landlord’ s proposed changes and resubmit the Working Drawings to Landlord for Landlord’ s review and approval.
Landlord shall review the revised Working Drawings and approve or disapprove of the revised Working Drawings within three (3)
days after Landlord’ s receipt thereof in accordance with the procedure provided above. The Working Drawings which have been
approved by Landlord are hereinafter referred to as the “Approved Working Drawings” If Landlord fails to respond to Tenant’ s
request for approval or disapproval of the Working Drawings within the time periods provided for above, such approval shall be
deemed to have been given.
3.4.3 Changes . Tenant, at its sole cost and expense, shall make all changes to the Approved Working Drawings that are required by
law or any governmental agency. All changes to the Approved Working Drawings, including those required by law or any
governmental agency, require Landlord’ s prior written approval, which approval shall not be unreasonably withheld. All changes to
the Approved Working Drawings must be in writing and signed by both Landlord and Tenant prior to the change being made.
Notwithstanding the foregoing, Tenant shall have the right, without the need for Landlord’ s prior written consent, to make changes to
the Approved Working Drawings that cost less than Five Thousand Dollars ($5,000.00) each, and less than Sixty Thousand Dollars
($60,000.00) in the aggregate, provided that (a) such change does not materially adversely affect the use of the Premises as first class
office space, (b) Tenant provides Landlord with prior written notice of such changes, and (c) such changes are otherwise performed in
accordance with the terms of this Work Letter and in compliance with all governmental laws. If Landlord fails to respond to Tenant’ s
written request for any change to the Approved Working Drawings within three (3) business days after Landlord’ s receipt thereof, the
change order shall be deemed to have been approved by Landlord. Tenant shall be responsible for all additional costs attributable to
changes to the Approved Working Drawings, including, without limitation, additional architectural fees and increases in construction
costs of the Tenant Improvements.
3.4.4 Construction Contract . Tenant shall deliver to Landlord not less than five (5) days prior to the date Tenant commences the
Tenant Improvement Work a copy of the construction contract entered into between Tenant and Tenant’ s Contractor with respect to
the construction of the Tenant Improvements, along with Tenant’ s and Tenant’ s Contractor’ s estimate of the cost of constructing the
Tenant Improvements.
3.4.5 Insurance . Prior to performing any work in the Premises or the Building, Tenant shall deliver to Landlord certificates evidencing
that Tenant’ s Contractor has in force (i) a commercial liability insurance policy covering bodily injury in the amounts of Two Million
Dollars ($2,000,000.00) per person and Two Million Dollars ($2,000,000.00) per occurrence, and covering property damage in the
amount of Two Million Dollars ($2,000,000.00), and (ii) workers’ compensation insurance in an amount reasonably acceptable to
Landlord.
3.4.6 Time Limits . Tenant shall commence the construction of the Tenant Improvements by no later than January 1, 1999 and shall
diligently proceed with the construction of the Tenant Improvements until completion. In any event, Tenant shall complete the Tenant
Improvements in any portion of the Premises within six (6) months after the date Tenant demolishes the existing improvements in that
portion of the
Premises. Tenant’ s failure to construct the Tenant Improvements in accordance with the terms of this Work Letter constitutes a default
by Tenant under this Lease.
3.4.7 Lien Waivers . Upon completion of the Tenant Improvement Work, Tenant shall deliver to Landlord a release and waiver of lien
executed by each contractor, including Tenant’ s Contractor, subcontractor and materialman concerning with the Tenant Improvement
Work.
3.4.8 Cooperation . Landlord shall cooperate with (i) Tenant’ s Architect in completing the Preliminary Plans and the Working
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