Additional Allowance. Notwithstanding the terms and conditions set forth in Section 2.1, within thirty (30) days after the mutual execution and delivery of this Lease, Tenant shall be entitled, pursuant to a written notice (the “Additional Allowance Notice”) delivered to Landlord, to a one time increase (the “Additional Allowance”) in the Tenant Improvement Allowance in an amount not to exceed $10.00 per rentable square foot of the Premises (i.e., $991,720.00), for the costs relating to the initial design and construction of the Tenant Improvements. In the event that Tenant exercises its right to use all or any portion of the Additional Allowance, then such portion of the Additional Allowance shall be repaid by Tenant to Landlord by increasing Tenant’s monthly Base Rent hereunder by the amount required to fully amortize such portion of the Additional Allowance over the initial Lease Term, in one hundred twenty (120) equal monthly installments, commencing upon the Lease Commencement Date and continuing on the first day of each calendar month thereafter through the Lease Expiration Date (the “Additional Monthly Base Rent”). Such amortization shall be calculated together with interest at the rate of eight percent (8%) per annum. In the event Tenant elects to utilize all or any portion of the Additional Allowance, then (i) the parties shall promptly execute an amendment (the “Amendment”) to the Lease setting forth the monthly Base Rent as increased by the Additional Monthly Base Rent, and (ii) Tenant shall pay to Landlord, concurrently with Tenant’s execution and delivery of the Amendment to Landlord, an amount equal to the first installment of the Additional Monthly Base Rent payment.
Appears in 2 contracts
Sources: Office Lease (Recursion Pharmaceuticals, Inc.), Office Lease (Recursion Pharmaceuticals, Inc.)
Additional Allowance. Notwithstanding Tenant shall, by written notice given to Landlord no later than the Cost Proposal Delivery Date (as defined below), have the one-time right to increase the amount of the Tenant Improvements Allowance by an amount not to exceed $25.00 per rentable square foot of the Permanent Premises (the “Additional Allowance”). The Additional Allowance, if elected by Tenant, shall be added to the Tenant Improvements Allowance and utilized on the terms and conditions set forth in Section 2.1, within thirty herein with respect to the Tenant Improvements Allowance (30) days after and the mutual execution and delivery of this LeaseMaximum Allowance Amount shall be deemed to have been increased accordingly). If Tenant gives the Allowance Increase Notice, Tenant shall be entitled, pursuant to a written notice (the “Additional Allowance Notice”) delivered to Landlord, to a one time increase (the “Additional Allowance”) in the Tenant Improvement Allowance in an amount not to exceed $10.00 per rentable square foot of the Premises (i.e., $991,720.00), for the costs relating to the initial design and construction of the Tenant Improvements. In the event that Tenant exercises its right to use all or any portion of the Additional Allowance, then such portion of repay the Additional Allowance shall be repaid by Tenant to Landlord in equal monthly installments determined by increasing Tenant’s monthly Base Rent hereunder by the amount required to fully amortize such portion of amortizing the Additional Allowance over the remainder of the initial Lease Termterm of the Lease, in one hundred twenty together with interest at 9% per annum (120) equal such monthly installmentspayments, the “Supplemental Rent”), on the first calendar day of each month commencing upon on the Lease Rent Commencement Date and continuing on thereafter during the first day remainder of each calendar month thereafter through the initial term of the Lease Expiration Date with Tenant’s regular payments of Base Rent (and the “Additional Monthly Base Rent”). Such amortization parties shall be calculated together with interest at enter into an amendment to the rate of eight percent (8%) per annum. In Lease to confirm the event Tenant elects to utilize all or any portion same promptly following the giving of the Additional Allowance, then (i) the parties shall promptly execute an amendment (the “Amendment”) to the Lease setting forth the monthly Base Rent as increased by the Additional Monthly Base Rent, and (ii) Tenant shall pay to Landlord, concurrently with Tenant’s execution and delivery of the Amendment to Landlord, an amount equal to the first installment of the Additional Monthly Base Rent paymentAllowance Notice).
Appears in 2 contracts
Sources: Lease Agreement (Jounce Therapeutics, Inc.), Lease Agreement (Jounce Therapeutics, Inc.)
Additional Allowance. Notwithstanding Tenant shall, by written notice given to Landlord no later than the Cost Proposal Delivery Date (as defined below), have the one-time right to increase the amount of the Tenant Improvements Allowance by an amount not to exceed $161,020.00 (i.e., $20.00 per rentable square foot of the Premises) (the “Additional Allowance”). The Additional Allowance, if elected by Tenant, shall be added to the Tenant Improvements Allowance and utilized on the terms and conditions set forth in Section 2.1, within thirty herein with respect to the Tenant Improvements Allowance (30) days after and the mutual execution and delivery of this LeaseMaximum Allowance Amount shall be deemed to have been increased accordingly). If Tenant gives the Allowance Increase Notice, Tenant shall be entitled, pursuant to a written notice (the “Additional Allowance Notice”) delivered to Landlord, to a one time increase (the “Additional Allowance”) in the Tenant Improvement Allowance in an amount not to exceed $10.00 per rentable square foot of the Premises (i.e., $991,720.00), for the costs relating to the initial design and construction of the Tenant Improvements. In the event that Tenant exercises its right to use all or any portion of the Additional Allowance, then such portion of repay the Additional Allowance shall be repaid by Tenant to Landlord in equal monthly installments determined by increasing Tenant’s monthly Base Rent hereunder by the amount required to fully amortize such portion of amortizing the Additional Allowance over the remainder of the initial Lease Termterm of the Lease, in one hundred twenty (120) equal monthly installments, commencing upon the Lease Commencement Date and continuing on the first day of each calendar month thereafter through the Lease Expiration Date (the “Additional Monthly Base Rent”). Such amortization shall be calculated together with interest at the rate of eight percent (8%) per annum. In annum (such monthly payments, the event Tenant elects “Supplemental Rent”), on the first calendar day of each month commencing on the Rent Commencement Date and continuing thereafter during the remainder of the initial term of the Lease with Tenant’s regular payments of Base Rent (and the parties shall enter into an amendment to utilize all or any portion the Lease to confirm the same promptly following the giving of the Additional Allowance, then (i) the parties shall promptly execute an amendment (the “Amendment”) to the Lease setting forth the monthly Base Rent as increased by the Additional Monthly Base Rent, and (ii) Tenant shall pay to Landlord, concurrently with Tenant’s execution and delivery of the Amendment to Landlord, an amount equal to the first installment of the Additional Monthly Base Rent paymentAllowance Notice).
Appears in 2 contracts
Sources: Lease Agreement (Organovo Holdings, Inc.), Lease (Organovo Holdings, Inc.)
Additional Allowance. Notwithstanding Tenant shall, by written notice given to Landlord (the “Allowance Increase Notice”) no later than the Cost Proposal Delivery Date (as defined below), have the one-time right to increase the amount of the Tenant Improvement Allowance by an amount not to exceed Seventy Nine Thousand, Six Hundred Fifty Dollars ($79,650.00) (i.e., $30.00 per rentable square foot of the Premises) (the “Additional Allowance”). The Additional Allowance, if elected by Tenant, shall be added to the Tenant Improvement Allowance and used on the terms and conditions set forth in Section 2.1, within thirty (30) days after the mutual execution and delivery of this Lease, Tenant shall be entitled, pursuant herein with respect to a written notice (the “Additional Allowance Notice”) delivered to Landlord, to a one time increase (the “Additional Allowance”) in the Tenant Improvement Allowance in an amount not to exceed $10.00 per rentable square foot of the Premises (i.e., $991,720.00), for the costs relating to the initial design and construction of the Tenant ImprovementsImprovement Allowance shall be deemed to have been increased accordingly). In If Tenant gives the event that Allowance Increase Notice, Tenant exercises its right to use all or any portion of shall repay the Additional Allowance, then such portion amount of the Additional Allowance shall be repaid used by Tenant to Landlord in equal monthly installments determined by increasing Tenant’s monthly Base Rent hereunder by amortizing the amount required to fully amortize such portion of the Additional Allowance used by Tenant over the initial Lease Term, in one hundred twenty (120) equal monthly installments, commencing upon term of the Lease Commencement Date and continuing on the first day of each calendar month thereafter through the Lease Expiration Date (the “Additional Monthly Base Rent”excluding any Abatement Period). Such amortization shall be calculated , together with interest at the rate of eight percent (8%) per annum. In annum (such monthly payments, the event Tenant elects “Supplemental Base Rent”), on the first calendar day of each month commencing on the Rent Commencement Date and continuing thereafter during the initial Lease Term with Tenant’s regular payments of Base Rent (and the parties shall enter into an amendment to utilize all or any portion the Lease to confirm the same promptly following the giving of the Additional Allowance, then (i) the parties shall promptly execute an amendment (the “Amendment”) to the Lease setting forth the monthly Base Rent as increased by the Additional Monthly Base Rent, and (ii) Tenant shall pay to Landlord, concurrently with Tenant’s execution and delivery of the Amendment to Landlord, an amount equal to the first installment of the Additional Monthly Base Rent paymentAllowance Notice.
Appears in 1 contract
Sources: Lease (Aethlon Medical Inc)
Additional Allowance. Notwithstanding the terms and conditions set forth in Section 2.1, within thirty (30) days after the mutual execution and delivery of this Lease, Tenant shall be entitled, pursuant to a written notice (the “Additional Allowance Notice”) delivered to Landlord, to a one time increase (the “Additional Allowance”) in the Tenant Improvement Allowance in an amount not to exceed $10.00 per rentable square foot of the Premises (i.e., $991,720.00), for the costs relating to the initial design and construction of the Tenant Improvements. In the event that Tenant exercises its right notifies Landlord in writing, on or before the Construction Loan Closing, that Tenant wishes to use all or any portion increase the Construction Allowance, and specifies the amount of such proposed increase, not to exceed the Maximum Increase Amount (hereinafter defined), then Landlord shall make available to Tenant an additional allowance (the "Additional Construction Allowance") in the amount requested by Tenant, but not to exceed the Maximum Increase Amount. As used herein, the term "Maximum Increase Amount" means the product of (i) Ten Dollars ($10.00) multiplied by (ii) the number of rentable square feet in the Leased Premises. In the event Tenant requests and Landlord provides the Additional Construction Allowance, then, the term "Construction Allowance" as used herein shall be deemed to include the Additional Construction Allowance. Tenant shall repay to Landlord the amount of the Additional Allowance, then such portion of the Additional Allowance shall be repaid by Tenant to Landlord by increasing Tenant’s monthly Base Rent hereunder by the amount required to fully amortize such portion of the Additional Construction Allowance over the initial Lease Term, Term (beginning on the Rent Commencement Date) in one hundred twenty (120) equal monthly installmentsinstallments in the amount necessary to fully repay to Landlord the Additional Construction Allowance, commencing upon the Lease Commencement Date and continuing on the first day of each calendar month thereafter through the Lease Expiration Date (the “Additional Monthly Base Rent”). Such amortization shall be calculated together with interest at the rate of eight and one-half percent (8%8½%) per annum. In Such equal monthly installments shall be added to the event monthly installments of Minimum Annual Rent payable by Tenant elects under the Lease, provided that such installments shall not be subject to utilize all or any portion the annual escalations applicable to Minimum Annual Rent. As an example of the foregoing, for each $100.00 (or portion thereof) of Additional AllowanceConstruction Allowance provided to Tenant, then (i) the parties shall promptly execute an amendment (the “Amendment”) to Basic Monthly Rent payable by Tenant under the Lease setting forth the monthly Base Rent as increased shall increase by the Additional Monthly Base Rent, and (ii) Tenant shall pay to Landlord, concurrently with Tenant’s execution and delivery of the Amendment to Landlord, an amount equal to the first installment of the Additional Monthly Base Rent payment$1.24.
Appears in 1 contract