Industrial Building Lease
Category: 270 Legal Recent Posts, Build-to-Suit Lease, Commercial Lease
INDUSTRIAL BUILDING LEASE
[Build-To-Suit]
THIS LEASE is made between CV II GURNEE LLC, a Delaware limited liability company (“Landlord”), and AKORN, INC., a Louisiana corporation (“Tenant”), and has an effective date of October 23, 2007 (the “Effective Date”).
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Section 4.2. Preparation and Approval of Plans. Landlord shall, at Landlord’s expense, cause the Project Architect to prepare the Plans. The Plans are subject to Tenant’s approval (which shall not be unreasonably withheld or delayed), and if Tenant does not approve same, Tenant shall advise Landlord in reasonable detail of the reasons for such disapproval. Tenant’s suggested revisions to the Plans shall not contradict or exceed the requirements of the Concept Plan or the Outline Specifications. Tenant shall comment on the Plans (or any component thereof submitted to Tenant) and each revision thereof within five (5) business days after receipt from Landlord. In the event that Tenant does not disapprove of the Plans (or any component thereof submitted to Tenant) within said five (5) day period, the Plans (or applicable component thereof) shall be deemed approved. Tenant may not object to any subsequent changes as may be incorporated in the Plans necessary to obtain the approval of the Village.
Section 4.3. Completion of Initial Improvements. Landlord shall diligently proceed with the construction of the Initial Improvements upon Tenant’s approval of the Plans, approval of the Plans by the Village, and issuance of all necessary permits for construction. Landlord shall use good faith efforts to achieve Substantial Completion on or before the Estimated Commencement Date; provided, however, if construction is delayed because of any Force Majeure Delays, then Substantial Completion shall be extended for the additional time caused by such Force Majeure Delays without liability on the part of Landlord.
Section 4.4. Tenant Inspections. Landlord shall exercise reasonable efforts to keep Tenant advised with respect to the progress of the construction of the Initial Improvements and the estimated date of Substantial Completion, and Landlord shall notify Tenant in writing as soon as Substantial Completion occurs as provided herein. During the construction of the Initial Improvements and subject to Landlord’s reasonable scheduling requirements, Tenant shall have the right to inspect the Premises to monitor the progress of construction of the Initial Improvements; provided, however, that such right may not be exercised unless Tenant has: (i) given Landlord at least one (1) business days’ prior written notice of the date and time Tenant intends to exercise such inspection right; (ii) Tenant and/or Tenant’s architect are accompanied at all times during the course of said inspection by Landlord and Landlord’s representative or the Project Architect; and (iii) Tenant complies with the reasonable requirements of Landlord and the General Contractor.
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