Alteration Agreement For Cooperative Apartment

ALTERATION AGREEMENT FOR COOPERATIVE APARTMENT This Agreement, made as of this _____ day of _______________, 20___ between _______________________________(Apartment Corp.) (the "Corporation") with an address c/o _______________________(Managing Agent), and _________________(Shareholder) (the "Shareholder") having a mailing address of _______________________________________. WITNESSETH: WHEREAS, the Shareholder desires to install equipment and/or make alterations in apartment __________(Unit No.) (the "Apartment") at _______________________________(Building Address), New York (the "Building"); WHEREAS, the proprietary lease (the "Lease") between the Shareholder and the Corporation provides in substance that no equipment shall be installed and no alterations shall be made in the Apartment without the consent of the Corporation; and WHEREAS, the Shareholder desires to obtain such consent; NOW, THEREFORE, to induce the Corporation to give its consent to the "Work" (defined below) and for other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties agree as follows: 1. Shareholder's Submissions. Together with this Agreement, Shareholder is delivering to the Corporation: a. detailed plans, drawings and specifications for the equipment proposed to be installed and/or the alterations proposed to be made which, if so required by the Corporation, have been prepared by a licensed architect or engineer. Such plans, drawings and specifications include a room-by-room list of the equipment to be installed and the alterations to be made. A detailed list of all such plans, drawings and specifications are annexed hereto as Exhibit "A." a check in the sum of $__________ payable to the Corporation for the security deposit required to be posted by the Shareholder as provided for in Paragraph 14 of this Agreement (the "Security Deposit"), if required by the Corporation; b. American LegalNet, Inc. www.FormsWorkFlow.com c. a check in the sum of $_______ payable to ________________(Managing Agent), the managing agent for the Building (the "Managing Agent"), as a processing fee in connection with this Agreement, if required by the Corporation; and a check in the sum of $________________ payable to the order of the Corporation, as payment "on account" of the fees, disbursements, charges and costs (including but not limited to attorney and engineering fees) to be incurred by the Corporation in connection with the preparation of this Agreement, review of the plans, inspection and monitor of the Work (hereinafter defined), enforcement of this Agreement, and such other expenses incurred by the Corporation (the "Review Deposit"). d. 2. Review of Plans, Drawings and Specifications. The plans, drawings and specifications of the alterations submitted by the Shareholder shall be subject to review by the Corporation and approval of the Corporation's architect and/or engineer (the "Corporation's Designated Engineer"), and the Shareholder shall make such changes in and to such plans, drawings and specifications as the Corporation or the Corporation's Designated Engineer shall require in order to obtain such approval. The term "Plans" as used in this Agreement shall refer to the plans, drawings and specifications showing the Work (defined below) as approved in writing the Corporation's Designated Engineer and consented to by the Corporation, and any subsequent amendments or changes to the plans, drawings and specifications originally submitted that have been approved in writing by the Corporation's Designated Engineer and consented to by the Corporation. The term "Work" shall refer to all physical changes and alterations in or about the Apartment, and the equipment to be installed therein, called for by the Plans. After approval by the Corporation's Designated Engineer and consent by the Corporation of the Plans, the Work shall not be modified without the written approval of the Corporation's Designated Engineer and written consent of the Corporation. Notwithstanding any approval of the Plans by the Corporation's Designated Engineer or any consent by the Corporation, the Shareholder shall be solely responsible for the Plans, for insuring compatibility with the systems and facilities of the Building and for compliance with applicable laws and codes. Any such approval or consent shall not constitute an assumption by the Corporation, its Board or the Corporation's Designated Engineer of any responsibility or liability for the Work or the Plans, nor an approval, acknowledgment or admission of the accuracy, suitability or soundness of such Plans, or their conformity with applicable laws, as well as codes, regulations, rules and requirements of any governmental authority having jurisdiction thereof (all of the foregoing are referred to herein as "legal requirements"). The Corporation's execution of this Agreement does not constitute consent to the proposed plans, and the Corporation retains all of its rights under the Lease to withhold consent. Only written approval of the Plans as provided for above shall constitute the Corporation's consent, and any such consent shall be subject to the terms of this Agreement, and any rules established by the Corporation for such Work. -2- American LegalNet, Inc. www.FormsWorkFlow.com 3. Pre-Conditions to Commencement of Work by Shareholder. The Shareholder shall not commence the Work unless and until all of the following have occurred: a. The Corporation's Designated Engineer has approved in writing the Plans submitted by the Shareholder, the Corporation has consented in writing to such Plans, and the Shareholder shall have received a copy of such approval and consent. The Corporation's consent shall be in writing and in the form annexed hereto as Exhibit "B" (the "Consent Letter"). The Shareholder has submitted to the Corporation: (i) a list of all contractors, subcontractors and suppliers who will perform or provide materials for the Work, and (ii) complete executed copies of all agreements entered into with such contractors, subcontractors and suppliers pertaining to the Work (the "Contractor's Agreement"). Each Contractor's Agreement shall include a provision pursuant to which the contractor or subcontractor (as applicable) agrees to defend (with attorneys chosen by the indemnifying party and "reasonably acceptable" to the Corporation), indemnify and hold harmless the "Indemnified Persons" from and against any and all "Claims, Liabi