B. All of the remodeling and new construction is to be completed and open for business within the first six (6) months of this Agreement. Concessionaire shall pay to the Authority Five Hundred Dollars ($500.00) per day in addition to all other rents, fees and charges hereinafter provided as liquidated damages for delay in opening of the Leased Premises. In the event of any of the following, the parties will negotiate in good faith for a reasonable extension of time: (1) acts of nature occurring after the date of execution hereof which directly affect the Premises, including without limitation fire, floods, tropical storms, and other such occurrences; or (2) labor disputes, including without limitation, strikes, slowdowns, and other similar occurrences; or (3) delays in obtaining approvals from Authority; or (4) action or inaction of governmental authorities that prevents or delays Concessionaire from obtaining appropriate permits or approvals necessary in connection with the construction or operation of the Premises.
If Concessionaire requests permission to make improvements or alterations and permission is granted, the following conditions shall apply:
Concessionaire shall obtain all required permits and licenses duly necessary and comply with applicable zoning laws, building codes and other laws or regulations of any appropriate governing body, whether it be state, county, city, or Authority.
Prior to any construction within the Premises, all contractors, and subcontractors to perform work must be approved by Authority, and such contractors and subcontractors will be required to execute an indemnification agreement in favor of Authority, and to provide evidence of insurance satisfactory to Authority (in at least the same amounts and form required for Concessionaire).
Concessionaire shall advance an estimate of costs necessary to complete Concessionaire's work and shall provide future cost estimates on any other alterations or improvements to the Premises upon written consent of Authority to authorize said alterations or improvements.
Pursuant to Florida Statute 255.05, Lessee shall post with Authority a performance and payment bond in an amount equal to the estimated cost of alterations or improvements to be delivered to Authority under the provisions above. Said amount is established to account for potential cost overruns, contingencies, and cost estimate errors.
Concessionaire covenants and agrees to accept and pay all financial obligations associated with costs necessary to complete Authority-approved alterations or improvements.
Concessionaire agrees throughout the term of this Lease to maintain at its expense the Premises and any improvements, equipment or display within the Premises in a good state of repair and preservation. Concessionaire shall be responsible for the cost of repair for any damage to the Premises or the adjacent grounds or improvements, caused by Concessionaire, its agents, or employees. Authority shall have the right to inspect the Premises at any reasonable time, provided that the exercise of such right shall not unreasonably interfere with Concessionaire's business. Concessionaire agrees to be solely responsible for any damage (other than normal wear and tear) resulting from the removal by Lessee of its personal property, trade fixtures, or signs.
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