TO OWNER FOR APPROVAL A DEVELOPMENT BUDGET
(THE "DEVELOPMENT BUDGET") FOR THE PROJECT SETTING FORTH THE HARD COSTS, SOFT
COSTS, ALLOCATED LAND ACQUISITION COSTS AND OTHER EXPENDITURES ANTICIPATED TO BE
INCURRED IN CONNECTION WITH DEVELOPING THE PROJECT.
DEVELOPER HAS PREPARED AND
OBTAINED OWNER'S WRITTEN APPROVAL OF A FINAL DEVELOPMENT BUDGET (THE "FINAL
DEVELOPMENT BUDGET", TOGETHER WITH THE FINAL DEVELOPMENT PLAN, THE "PLAN AND
BUDGET") FOR THE PROJECT.
(C)
DEVELOPER HAS MADE RECOMMENDATIONS TO OWNER WITH RESPECT TO THE
SIZE AND CONFIGURATION OF THE PROJECT, FUTURE GROWTH, PERMANENT FINANCING
OPTIONS, MARKETING, PROJECT EXECUTION (ARCHITECT, CONTRACTORS, CONSULTANTS),
SPECIAL REQUIREMENTS AND CONDITIONS.
(D)
DEVELOPER HAS DEVELOPED AND FINALIZED OPERATING PRO FORMA INCOME
AND EXPENSE STATEMENTS FOR THE PROJECT AND COMPUTE RETURN ON INVESTMENT AND
OTHER RELATIVE INDICATORS TO HELP DETERMINE PERMANENT FINANCING AND OWNERSHIP
STRATEGIES.
(E)
DEVELOPER HAS PREPARED AND COMPILED DATA FOR THE PROJECT,
INCLUDING WITHOUT LIMITATION, SITE INFORMATION, INCOME AND EXPENSE STATEMENTS,
SCHEDULES, DRAWINGS AND RENDERINGS. SUCH ITEMS HAVE BEEN PROVIDED TO OWNER'S
BOARD OF DIRECTORS (THE "BOARD").
Section 2.4
Project Design.
Developer and Owner have designated
Gensler ("Architect") as the architect for the Project.
Developer has
negotiated, and Owner has entered into, the contract with the Architect for the
Project, which shall be subject to further review and
2
prior written approval of Owner to the extent it is amended and departs in any
material respect from the Plan and Budget, as they may be amended.
Developer
shall not amend or alter the terms of the Architect's contract in any material
respect to depart from the Plan and Budget, as they may be amended, without the
prior written approval of Owner.
Developer shall use diligent efforts to cause
the detailed plans and specifications for the Project to be prepared in a timely
manner and in accordance with the design criteria and the Plan and Budget for
the Project.
Section 2.5
Other Services.
Developer shall also provide the
following services during the period prior to commencement of construction of
the Project:
(A)
INTERVIEW, NEGOTIATE WITH, AND ENGAGE ANY OTHER INDEPENDENT DESIGN
AND DEVELOPMENT CONSULTANTS (THE "CONSULTANTS") FOR THE PROJECT CONSISTENT WITH
THE PLAN AND BUDGET PURSUANT TO AGREEMENTS ENTERED INTO BY OWNER, INCLUDING, IF
AND AS APPROPRIATE, SPACE PLANNERS, LANDSCAPE ARCHITECTS, CIVIL, SOILS,
MECHANICAL, ELECTRICAL AND PLUMBING ENGINEERS, AND ACOUSTICAL, CURTAIN WALL,
LIGHTING, ART AND GRAPHIC DESIGN CONSULTANTS.
(B)
MANAGE AND COORDINATE THE CONSULTANTS REGARDING THE PROJECT AND
COORDINATE ARCHITECT'S PREPARATION OF CONCEPTUAL DESIGN, AND THE DETAILED PLANS
AND SPECIFICATIONS THEREFOR, INCLUDING MATTERS RELATING TO SITE PLANNING,
ENGINEERING, BUILDING SHELL, PUBLIC SPACE, BUILDING HEIGHT, TOTAL AREA, FLOOR
SIZE AND LANDSCAPE DESIGN, TRAFFIC AND CIRCULATION MATTERS.
(C)
OBTAIN ALL NECESSARY PUBLIC AND PRIVATE APPROVALS FOR THE PROJECT,
INCLUDING CITY PLANNING, APPLICABLE BUILDING CODES, PUBLIC WORKS, ANY APPLICABLE
ARCHITECTURAL REVIEW COMMITTEE, AND BUILDING PERMIT APPROVALS.
PROVIDE OWNER WITH PROGRESS REPORTS AT LEAST QUARTERLY DETAILING (I) THE AMOUNT
OF WORK ON THE PROJECT THAT HAS BEEN COMPLETED DURING THE PREVIOUS CALENDAR
MONTH IN RELATION TO THE SCHEDULE FOR THE PROJECT (THE "PROJECT SCHEDULE");