Tenant Improvements Allowance. Tenant shall be entitled to a tenant improvement allowance (the “Tenant Improvements Allowance”) in the maximum aggregate amount of $1,220,720.00 (in a total amount equivolent to $70.58 per rentable square foot of the entire Premises initially leased hereunder) and adjusted based on the actual square footage) (the “Maximum Allowance Amount”) for the hard costs and customary soft costs, as noted below, incurred by Tenant, including, without limitation, architectural and engineering fees, construction contractor fees, Tenant’s project management fees, a 2% fee payable to Landlord or its affiliates for oversight and administrative costs related to the Tenant Improvements (“Landlord’s Project Oversight Fee”), permits, and such other costs arising from or relating to the design and construction of Tenant’s improvements which are to be permanently affixed to the Premises in accordance with this Work Letter (the “Tenant Improvements”). Landlord’s Project Oversight Fee shall be equivolent to, but not exceed, a total of 2% of the Tenant Improvement Allowance paid to Tenant. For the avoidance of any doubt, the purchase and installation of data and telecommunications cabling shall not be included in the definition of Tenant Improvements and there shall not be any Landlord’s Project Oversight Fee payable with respect to costs and expenses related thereto. Tenant agrees to keep the Landlord advised as to the progress of the work by providing copies of the Contractor’s applications for payment. In no event shall Landlord be obligated to make disbursements pursuant to this Tenant Work Letter in a total amount which exceeds the Maximum Allowance Amount. All Tenant Improvements for which the Tenant Improvements Allowance has been used to pay shall be deemed Landlord’s property under the terms of the Lease.
Tenant Improvements Allowance. Tenant shall have the right, after January 1, 2010, to request in writing that Landlord fund various leasehold improvements within the Leased Premises and/or improvements to the Leased Premises that Tenant leases from Landlord's affiliate, Duke Realty Limited Partnership, located at 0000 Xxxx Xxxxxxxxx Xxxxxxx, Xxxxxxxxxxx, Xxxxx Xxxxxxxx, 00000 (the “Tenant Improvements”) which improvements must be completed and funded prior to December 31, 2011, and shall be subject to Landlord's review and approval. If Tenant fails to exercise such right as aforesaid, Tenant shall be deemed to have waived its rights pursuant to this Section 17.08. Tenant shall be responsible for the cost to construct and install the Tenant Improvements only to the extent that the cost statement, taking into account any increases or decreases resulting from any change orders, exceeds Four Hundred Eighty-Two Thousand Two Hundred Forty-One and No/100 Dollars ($482,241.00) (the “TI Allowance”). In the event that Landlord is selected as general contractor, if the cost to construct and install the Tenant Improvements will exceed the TI Allowance, Tenant shall deliver fifty percent (50%) of such excess to Landlord within ten (10) business days following Landlord’s written demand therefore. Following substantial completion of the Tenant Improvements, Tenant shall pay to Landlord the remaining difference between the cost statement (taking into account any increases or decreases resulting from any change orders) and the TI Allowance within ten (10) business days of Landlord's request therefor. Tenant's failure to deliver the payments required in this paragraph shall entitle Landlord to stop the construction and installation of the Tenant Improvements until such payment is received, and any resulting delay shall constitute a tenant delay hereunder. In addition, all delinquent payments shall accrue interest at 15% per annum. In the event that Tenant does not utilize the entire TI Allowance prior to December 31, 2011, the remaining portion of the TI Allowance, if any, shall be retained and belong to Landlord. Tenant agrees that, at Tenant's option, the construction and installation of the Tenant Improvements to the Leased Premises shall be performed by a subsidiary or affiliate of Landlord that such subsidiary or affiliate shall receive an eight percent (8%) fee based upon an open book approach with its general condition amounts competitive with other general contracting firms in the Raleigh/Durham ...
Tenant Improvements Allowance. The improvements in the Premises shall be constructed in accordance with the terms of the Tenant Work Letter attached hereto as Exhibit D up to a cost of $70.58 per rentable square foot.
Tenant Improvements Allowance. If the lender for the Construction Financing (as defined in the Build to Suit Agreement) is willing to increase the amount of such Construction Financing to cover all or any portion of the Tenant Improvement Costs, then Landlord shall provide an allowance for the Tenant Improvement Costs in an amount equal to that portion of the Construction Financing budgeted for payment of such costs (the "Tenant Improvements Allowance"); provided, however, that in no event shall the Tenant Improvements Allowance exceed Thirty Dollars ($30.00) per square foot of Rentable Area to be situated in the Building.
Tenant Improvements Allowance. As of the Effective Date, the term “Tenant Improvements Allowance” under Section 2.1 of Exhibit C to the First Amendment shall be redefined to be $909,260.00 for the Expansion Premises (i.e., $55.00 per rentable square foot of the Expansion Premises).
Tenant Improvements Allowance. Landlord shall provide an allowance for the planning and construction of the Tenant Improvements in the amount specified in the Basic Lease Information ("TENANT IMPROVEMENTS ALLOWANCE"). The Tenant Improvements Allowance shall be the maximum contribution by Landlord for the Tenant Improvements Cost. Should the actual cost of planning and constructing those Tenant Improvements depicted on the Final Plans and Specifications be less than the Tenant Improvements Allowance, the Tenant Improvements Allowance shall be reduced to an amount equal to said actual cost.
Tenant Improvements Allowance. Landlord shall provide an allowance for the planning and construction of the Tenant Improvements in the amount specified in the Basic Lease Information ("Tenant Improvements Allowance"). Subject to Paragraph 6 below, the Tenant Improvements Allowance shall be the maximum contribution by Landlord for the Tenant Improvements Cost, as defined in Paragraph 7. Should the actual cost of planning and constructing those Tenant Improvements depicted on the Final Plans and Specifications be less than the Tenant Improvements Allowance, the Tenant Improvements Allowance shall be reduced to an amount equal to said actual cost.
Tenant Improvements Allowance. There is no tenant improvement allowance being provided by Landlord as a result of this Amendment. Landlord understands that Tenant desires to make improvements to combine the two suites. Tenant must comply with the terms of the Lease in obtaining Landlord’s reasonable consent prior to commencement of any work.
Tenant Improvements Allowance. Landlord shall provide Tenant an allowance for the payment of Tenant Improvements Costs (the “Tenant Improvements Allowance”) equal to $135.00 per square foot multiplied by the Leasable Square Footage of the Premises ($2,169,450.00). All Tenant Improvements Costs in excess of the Tenant Improvements Allowance shall be paid for by Tenant. If Tenant requests within seven days after the date of this Lease, the Tenant Improvements Allowance shall be increased by up to $15.00 per square foot multiplied by the Leasable Square Footage of the Premises (up to $241,050.00); provided, however, that the aggregate amount of any such increase in the Tenant Improvements Allowance (the “Excess Tenant Improvements Allowance”) shall be repaid by Tenant to Landlord by increasing the monthly installments of Base Rent by an amount which would fully amortize the Excess Tenant Improvements Allowance, with interest at the rate of twelve and one-half percent (12.5%) per annum (including capitalized interest on the Excess Tenant Improvements Allowance from disbursement until commencement of amortization), in equal consecutive monthly installments of principal and interest over the Initial Term, commencing with the Rent Commencement Date.
Tenant Improvements Allowance. The Expansion Space shall be delivered to Tenant in “As Is” condition and Tenant shall be solely responsible for furnishing its own improvements for the Expansion Space in accordance with the terms and conditions of the Work Letter attached hereto as “Exhibit “B” at Tenant’s sole cost, subject to Landlord’s obligation to provide an allowance of $27.00 per usable square foot as more particularly set forth in Exhibit B. HVAC and electricity monitoring equipment shall be installed by Tenant’s Contractor (Xxxxxxxx Construction) at Tenant’s cost. Tenant shall use its best efforts to complete its improvements and obtain a temporary or final certificate of occupancy as soon as reasonably possible.
