Supplement No. 1 to Construction Agency Agreement (Springfield Property) between The Symantec 2001 Trust and Symantec Corporation

Contract Categories: Business Operations › Development Agreements
Summary

This agreement is a supplement to an existing Construction Agency Agreement between The Symantec 2001 Trust (Lessor) and Symantec Corporation (Construction Agent). It applies the terms of the original agreement to a specific property in Springfield, detailing the construction plans, estimated project costs, and required insurance coverage. The supplement confirms that Symantec will act as the agent for property development and construction, and sets a commitment termination date of one year and 182 days after closing. The agreement includes schedules outlining property details, plans, costs, and insurance requirements.

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EX-10.003 11 f72851ex10-003.txt EXHIBIT 10.003 1 EXHIBIT 10.003 EXECUTION COPY SUPPLEMENT NO. 1 TO CONSTRUCTION AGENCY AGREEMENT (SPRINGFIELD PROPERTY) THIS SUPPLEMENT NO. 1 TO CONSTRUCTION AGENCY AGREEMENT, dated as of April 6, 2001 (this "Supplement"), is entered into by and between THE SYMANTEC 2001 TRUST, a Delaware business trust (the "Lessor"), and SYMANTEC CORPORATION, a Delaware corporation (the "Construction Agent"). Capitalized terms used but not otherwise defined herein shall have the meanings set forth in the Construction Agency Agreement (as defined below). PRELIMINARY STATEMENT The Lessor and Symantec Corporation (the "Lessee") are parties to a Master Lease, dated as of March 30, 2001, pursuant to which the Lessee has agreed to lease the property described on SCHEDULE 1 from the Lessor (the "Property"). The Lessor and the Lessee are also parties to a Construction Agency Agreement, dated as of March 30, 2001 (as amended, supplemented or otherwise modified from time to time, the "Construction Agency Agreement"), pursuant to which the Lessor has appointed the Lessee as its sole and exclusive agent in connection with the identification and acquisition of the Property and the development and construction of the Improvements in accordance with the Plans and Specifications. The Lessor and the Construction Agent desire that the terms of the Construction Agency Agreement apply to the Property and wish to execute this Supplement to provide therefor. NOW, THEREFORE, in consideration of the foregoing, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto covenant and agree as follows: (a) The Lessor and the Construction Agent each acknowledge and agree that the construction of the Improvements and the development of the Property shall be governed by the terms of the Construction Agency Agreement. (b) Attached as SCHEDULE 2 is a true, correct and complete copy of the Plans and Specifications for the Property, as in effect on the date hereof. (c) Attached as SCHEDULE 3 is a true, correct and complete copy of the Estimated Project Costs for the Property, as in effect on the date hereof. (d) Attached as SCHEDULE 4 are the deductibles for the insurance policies described in Section 6.1(a) of the Construction Agency Agreement and the premium and the deductibles for the insurance policies described in Section 6.1(b) of the Construction Agency Agreement. (e) The Commitment Termination Date with respect to the Property which is one (1) year and one hundred eighty-two (182) days after the closing date. 2 (f) This Supplement, upon its execution and delivery, shall constitute a part of the Construction Agency Agreement. [The signature page follows.] 3 IN WITNESS WHEREOF, the parties hereto have caused this Supplement to be duly executed and delivered by their proper and duly authorized officers as of the day and year first above written. SYMANTEC CORPORATION By: ______________________________________ Name: ____________________________________ Title: ___________________________________ THE SYMANTEC 2001 TRUST By: Wilmington Trust FSB, a federal savings bank, not in its individual capacity but solely as trustee By: ______________________________________ Name: ____________________________________ Title: ___________________________________ 4 SCHEDULE 1 TO CONSTRUCTION AGENCY AGREEMENT SUPPLEMENT NO. 1 DESCRIPTION OF PROPERTY 5 SCHEDULE 2 TO CONSTRUCTION AGENCY AGREEMENT SUPPLEMENT NO. 1 PLANS AND SPECIFICATIONS The Plans and Specifications are represented by the documents listed on the attached Index of Drawings and Index of Sections, dated March 8, 2001, prepared by Hok Architects, Inc. 6 SCHEDULE 3 TO CONSTRUCTION AGENCY AGREEMENT SUPPLEMENT NO. 1 ESTIMATED PROJECT COSTS PROJECT COSTS ($ in thousands)
COMPONENT COST PERCENT OF TOTAL Land $2,937 8.0% Sitework/Parking 1,601 4.2% Shell Cost 8,000 21.1% Tenant Improvements 15,000 39.5% Arch/Engineering/Legal/Consult/Comm 3,893 10.2% City Fees/Inspection 800 2.1% Finance/Interest 1,913 5.0% Other 104 .3% Contingency 3,647 9.6% Total Project Cost $38,000 100.0%
2. 7 SCHEDULE 4 TO CONSTRUCTION AGENCY AGREEMENT SUPPLEMENT NO. 1 INSURANCE
LIABILITY INSURANCE COVERAGE DEDUCTIBLES General Liability $20,000,000 combined single Deductible not to exceed limit $25,000 per occurrence. Product/Completed Operations $20,000,000 combined single Deductible not to exceed limit $25,000 per occurrence Auto Liability $20,000,000 combined single Deductible not to exceed limit $25,000 per occurrence Employer's Liability $10,000,000 combined single Deductible not to exceed limit $25,000 per occurrence HAZARD INSURANCE COVERAGE DEDUCTIBLES All Risk/Builder's Risk Replacement Cost Deductible not to exceed $50,000 per occurrence. Delay in Start-Up or 18 months interest during 15 day deductible Completion construction WORKERS' COMPENSATION COVERAGE DEDUCTIBLES Workers' Compensation Statutory Not Applicable
OTHER INSURANCE The Construction Agent shall cause its subcontractors and agents to maintain similar insurance as listed above with the exception of Hazard Insurance. NOTE: THE ABOVE IS INTENDED AS AN OUTLINE. ACCEPTABLE INSURANCE IS SUBJECT TO THE APPROVAL OF THE LESSOR AND THE AGENT. 3.