Reso 2011-1749 - Laserfiche WebLink

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be in a form satisfactory to such Approved First Mortgagee and the Landlord shall be entitled to a completion guaranty in substantially the same form. If an Approved First Mortgagee requires a lien bond and a performance and surety bond, then such bonds shall be in a form satisfactory to such Approved First Mortgagee and shall be issued with the Contractor as principal and the Tenant, the Approved First Mortgagee and the Landlord as beneficiaries, as their respective interests may appear. The amount of said bonds shall not be less than the full amount of the construction contracts with the Contractor. If the holder(s) of any mortgagees) require(s) additional bonds in a greater amount than is required pursuant to this subsection, the Landlord shall appear as an obligee on said bonds, as its interest may appear. If the Landlord is the Approved First Mortgagee or if the Approved First Mortgagee is an affiliate of Tenant then the Landlord shall determine whether or not it will require a completion guaranty or bonds: (iii) Evidence reasonably satisfactory to the Landlord that the Tenant has the equity capital and final commitments for mortgage or other financing adequate for the construction of the approved Improvements or Major Alterations; and (iv) All licenses, permits, approvals, certificates and all other necessary or appropriate actions of any Federal, State, or City authorities required to enable leasing, construction, maintenance, operation and use of the Improvements or Major Alterations in accordance with the Final Plans and Specifications approved by the Landlord and reasonably obtainable given the status of the Project; provided that the Landlord shall within 30 days of its receipt thereof, review and approve or give its reasons for its disapproval of any document prepared and submitted by the Tenant describing all such licenses, permits, approvals, certificates, environmental reviews and other actions which the Tenant intends to deliver and the delivery of documentation evidencing compliance with each item on such a submittal shall conclusively be deemed to satisfy this provision. Section 12. Tenant's Overall Responsibilities. With respect to construction of the Improvements or Major Alterations, the Tenant shall be responsible for the following activities (as the same may be reasonably required): (i) Obtaining adequate financing; (ii) Except as otherwise determined by the Landlord in accordance with its authority under applicable laws and this Lease, obtaining required governmental approvals, permits, certificates, rulings and other actions necessary for the Improvements; (iii) Ascertaining that the Landlord's continued fee simple title to the Premises IS satisfactory to the Tenant and any mortgagee; (iv) Obtaining necessary contracts with the architect and Contractor and all other necessary agreements for the construction and operation of the Improvements; and (v) Marketing and leasing the restaurant facilities to prospective users of the facilities. 13