If the Company has authorized any construction or renovation on any Property, including but not limited to construction of tenant finish-out, and the Company has requested in writing the services of the Property Manager with regard to any construction, renovation or tenant finish-out, then the Property Manager will (i) review and forward to the Company all space planning layouts, drawings, plans and specifications pertaining to such construction, together with a recommendation as to approval thereof by the Company; (ii) supervise third party contractors responsible for construction or renovation work for a fee to be negotiated; (iii) solicit or supervise the solicitation of competitive bids following the Company’s guidelines for all construction contracts in excess of $10,000; (iv) require that all construction contracts and subcontracts contain provisions adequately protecting the applicable Owner Subsidiary, in accordance with local procedures and any requirements of the Company, against mechanic’s, materialman’s or similar liens affecting such Property and requiring ten percent (10%) retainage until at least thirty (30) days after completion; (v) inspect all work in place; (vi) prepare and review all draws requested for submission to the Company and, if requested by the Company, pay all draw requests on approval by the Company; and (vii) compile all documentation related to a construction project necessary for the release of any lender reserves related to such construction project.