Common use of Additional Tenant Improvement Allowance Clause in Contracts

Additional Tenant Improvement Allowance. In addition to the Tenant Improvement Allowance, Tenant shall have the right, exercisable no later than the applicable Rent Commencement Date, to use up to $10.00 per rentable square foot of the Initial Premises, the Must-Take 1 Space, and/or the Must-Take 2 Space (the “Additional Tenant Improvement Allowance”) towards the payment of the costs of the “Tenant Improvement Allowance Items” (as that term is defined below). In the event Tenant exercises its right to use all or any portion of the Additional Tenant Improvement Allowance, an amount equal to the “Additional Monthly Base Rent,” as that term is defined below, shall be added to each month’s Base Rent payment in order to repay the Additional Tenant Improvement Allowance to Landlord. The “Additional Monthly Base Rent” shall be determined as the missing component of an annuity, which annuity shall have (i) the amount of the Additional Tenant Improvement Allowance utilized by Tenant as the starting principal amount, (ii) the number of monthly Base Rent payments to be made by Tenant during the Lease Term as the number of payments, (iii) sixty-seven one-hundredths (.67), which is equal to eight percent (8%) divided by twelve (12) months per year, as the monthly interest factor and (iv) the Additional Monthly Base Rent as the missing component of the annuity. As an example only, if Tenant elects to use the entire Additional Tenant Improvement Allowance with respect to the Initial Premises (i.e., $1,818,050.00 based on 181,805 rentable square feet), and the applicable one hundred twenty (120) monthly Base Rent payments, the Additional Monthly Base Rent shall be equal to $22,057.96. In this event, (a) the “Tenant Improvement Allowance”, shall be deemed to include the Additional Tenant Improvement Allowance which Tenant elects to utilize, (b) the parties shall promptly execute an amendment (the “Amendment”) to the Lease setting forth the additional amount of the Base Rent with respect to only the applicable space (i.e., Initial Premises, the Must-Take 1 Space or the Must-Take 2 Space), and the additional amount of Tenant Improvement Allowance with respect to only the applicable space (i.e., Initial Premises, the Must-Take 1 Space or the Must-Take 2 Space), computed in accordance with this Section 2.1.2, and (c) the additional amount of monthly Base Rent owing in accordance with this Section 2.1.2 for the first full month of the Lease Term which occurs after the expiration of any free rent period shall be paid by Tenant to Landlord at the later of the date Landlord delivers the applicable portion of the Premises to Tenant in the required condition and the time of Tenant’s execution of the Amendment.

Appears in 3 contracts

Samples: Office Lease (Square, Inc.), Office Lease (Square, Inc.), Office Lease (Square, Inc.)

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Additional Tenant Improvement Allowance. In addition to the Tenant Improvement Allowance, Tenant shall have the right, exercisable no later than by written notice to Landlord given on or before the applicable Rent Commencement TI Disbursement Date, to use up to $10.00 20.00 per rentable square foot of the Initial PremisesExpansion Premises (i.e., the Must-Take 1 Space, and/or the Must-Take 2 Space up to $127,560.00) (the “Additional Tenant Improvement TI Allowance”) towards the payment of the costs of the Tenant Improvement Allowance Items” (as that term is defined below)Items in the Expansion Premises only. In the event Tenant exercises its right to use all or any portion of the Additional Tenant Improvement TI Allowance, an amount equal Tenant shall be required to pay Landlord, commencing on the date the Tenant Improvements are completed (the “Additional Monthly Base RentPayment Commencement Date”), the “Additional TI Allowance Payment,” as that term is defined below, shall be added to each month’s Base Rent payment in order to repay consideration of Landlord provision of the Additional Tenant Improvement Allowance to LandlordTI Allowance. The “Additional Monthly Base RentTI Allowance Payment” shall be determined as the missing component of an annuity, which annuity shall have (i) the amount of the Additional Tenant Improvement TI Allowance utilized by Tenant as the starting principal present value amount, (ii) a number equal to the number of monthly Base Rent payments to be made by Tenant during full calendar months then remaining in the Lease Expansion Term as the number of payments, (iii) sixtya monthly interest factor equal to eighty-seven three one-hundredths percent (.670.83%), which is equal to eight ten percent (810%) divided by twelve (12) months per year, as the monthly interest factor and (iv) the Additional Monthly Base Rent TI Allowance Payment as the missing component of the annuity. As an example only, if Tenant elects to use Following the entire Additional Tenant Improvement Allowance with respect to the Initial Premises (i.e., $1,818,050.00 based on 181,805 rentable square feet), and the applicable one hundred twenty (120) monthly Base Rent payments, calculation of the Additional Monthly Base Rent shall be equal TI Allowance Payment, Landlord and Tenant will enter into a lease amendment to $22,057.96confirm the amount thereof. In this event, (a) the “Tenant Improvement Allowance”, shall be deemed to include the Additional Tenant Improvement Allowance which Tenant elects to utilize, (b) the parties shall promptly execute an amendment (the “Amendment”) to the Lease setting forth the additional amount of the Base Rent with respect to only the applicable space (i.e., Initial Premises, the Must-Take 1 Space or the Must-Take 2 Space), and the additional amount of Tenant Improvement Allowance with respect to only the applicable space (i.e., Initial Premises, the Must-Take 1 Space or the Must-Take 2 Space), computed in accordance with this Section 2.1.2, and (c) the additional amount of monthly Base Rent owing in accordance with this Section 2.1.2 for the first full month of the Lease Term which occurs after the expiration of any free rent period shall be paid by Tenant to Landlord at the later of the date Landlord delivers the applicable portion of the Premises to Tenant in the required condition and the time of Tenant’s execution of the Amendment.EXHIBIT B SECTION 3

Appears in 2 contracts

Samples: Lease (RAPT Therapeutics, Inc.), Lease (RAPT Therapeutics, Inc.)

Additional Tenant Improvement Allowance. In addition Subject to the terms and conditions set forth in this Section 2.3, Tenant shall be entitled to increase the Tenant Improvement Allowance, Tenant shall have the right, exercisable no later than the applicable Rent Commencement Date, Allowance by an amount not to use up to exceed Two Million Five Hundred Thirty Thousand Seven Hundred Forty and No/100 Dollars ($10.00 per rentable square foot of the Initial Premises, the Must-Take 1 Space, and/or the Must-Take 2 Space 2,530,740.00) (the “Additional Tenant Improvement Allowance”) towards ), pursuant to a written notice delivered to Landlord on or before October 1, 2013; provided, however, Landlord shall not be obligated to fund the payment of the costs of the “Tenant Improvement Additional Allowance Items” (as that term is defined below)prior to January 1, 2014. In the event Tenant exercises its right to use all or any portion of the Additional Tenant Improvement Allowance, the monthly Basic Rent for the Premises shall be increased by an amount equal to the “Additional Monthly Base Basic Rent,” as that term is defined below, shall be added to each month’s Base Rent payment in order to repay the Additional Tenant Improvement Allowance to Landlord. The “Additional Monthly Base Basic Rent” shall be determined as the missing component of an annuity, which annuity shall have (iw) the amount of the Additional Allowance which Tenant Improvement Allowance utilized by Tenant elects to utilize as the starting principal present value amount, (iix) the number of monthly Base Rent payments to be made by Tenant during the Lease Term ninety-two (92) as the number of payments, (iiiy) sixtyeight thousand three hundred thirty-seven onethree ten-hundredths thousands (.67.8333), which is equal to eight ten percent (810%) divided by twelve (12) months per year, as the monthly interest factor factor, and (ivz) the Additional Monthly Base Basic Rent as the missing component of the annuity. As an example onlyNotwithstanding the date Landlord funds the Additional Allowance, if the increase in the monthly Basic Rent by the Additional Monthly Basic Rent shall be retroactive back to January 1, 2013, and promptly following Tenant’s notice to Landlord exercising Tenant’s right to receive the Additional Monthly Basic Rent, Landlord and Tenant shall reconcile the amount paid by Tenant as Basic Rent under the Third Amendment with the amount of Basic Rent Tenant should have paid, and Tenant’s payment to Landlord of the amount owed shall be a condition precedent to Landlord’s obligation to fund the Additional Allowance. If Tenant elects to use the entire Additional Tenant Improvement Allowance with respect to the Initial Premises (i.e., $1,818,050.00 based on 181,805 rentable square feet), and the applicable one hundred twenty (120) monthly Base Rent payments, utilize all or a portion of the Additional Monthly Base Rent shall be equal Allowance, then (i) all references in this Tenant Work Letter to $22,057.96. In this event, (a) the “Tenant Improvement Allowance”, ,” shall be deemed to include the Additional Tenant Improvement Allowance which Tenant elects to utilize, and (bii) the parties shall promptly execute an amendment (the “Additional Allowance Amendment”) to the Lease setting forth the additional new amount of the Base Rent with respect to only the applicable space (i.e., Initial Premises, the Must-Take 1 Space or the Must-Take 2 Space)Basic Rent, and the additional amount of Tenant Improvement Allowance with respect to only the applicable space (i.e., Initial Premises, the Must-Take 1 Space or the Must-Take 2 Space), computed in accordance with this Section 2.1.2, and (c) the additional amount of monthly Base Rent owing in accordance with this Section 2.1.2 for the first full month of the Lease Term which occurs after the expiration of any free rent period shall be paid by Tenant to Landlord at the later of the date Landlord delivers the applicable portion of the Premises to Tenant in the required condition and the time of Tenant’s execution of the Amendment.2.3. SECTION 3

Appears in 1 contract

Samples: Industrial Real Estate Lease (Pacira Pharmaceuticals, Inc.)

Additional Tenant Improvement Allowance. In addition Landlord hereby agrees to provide Tenant with the Tenant Improvement Allowance, Tenant shall have the right, exercisable no later than the applicable Rent Commencement Date, option to use up to all or a portion of an additional tenant improvement allowance in the amount of One Hundred Forty Two Thousand Six Hundred Forty and 00/100 Dollars ($10.00 per rentable square foot of the Initial Premises, the Must-Take 1 Space, and/or the Must-Take 2 Space 142,640.00) (the “Additional Tenant Improvement Allowance”) towards ). Tenant shall be permitted to use the payment Additional Tenant Improvement Allowance for hard and soft costs incurred by Tenant in connection with any future alterations or improvements to the Expansion Premises completed in accordance with Section 10 of the Lease and this Section 9(b). In connection with construction of any such alterations or tenant improvements by Landlord, Landlord shall contract with a general contractor as set forth above selected from a list of competitive bidders who are subject to the reasonable approval of Tenant, for the performance of the tenant improvements under the direct supervision of Xxxxxxx Properties, Inc. as construction manager, at a fee equal to five percent (5%) of hard construction costs (scope of work to include coordination of architect, engineer, design/build subcontractors, general contractor, submittals for permits, construction and punch list) as a cost of the tenant improvements. The Additional Tenant Improvement Allowance shall be disbursed by Landlord directly to the applicable design professional, contractor, materialman or other laborer in connection with the construction of such tenant improvements. Tenant shall be liable for all fees and costs of the design and construction of any tenant improvements in excess of the Additional Tenant Improvement Allowance Items” once the Additional Tenant Improvement Allowance has been disbursed (such difference referred to herein as that term is defined belowthe “Additional Tenant Improvement Shortfall”). In Tenant shall pay the event Additional Tenant exercises its right Improvement Shortfall upon written request from Landlord accompanied by invoices reflecting such amounts due within thirty (30) days following Tenant’s receipt of such payment request. Tenant hereby acknowledges and agrees that to the extent Tenant desires to use all or any portion of the Additional Tenant Improvement Allowance, such disbursements shall be completed prior to the last day of the eighteenth (18th) month following the Expansion Premises Commencement Date. Thereafter, the Base Rent shall be increased by an amount equal to the “Additional Monthly Base Rent,” as that term is defined below, shall be added to each month’s Base Rent payment in order to repay the Additional Tenant Improvement Allowance to Landlord. The “Additional Monthly Base Rent” shall be determined as the missing component of an annuity, which annuity shall have (i) the total amount of the Additional Tenant Improvement Allowance utilized used by Tenant as the starting principal amount, (ii) amortized over the number of monthly Base Rent payments to be made by Tenant during months then remaining in the Lease Term as the number at an annual interest rate of payments, (iii) sixty-seven one-hundredths (.67), which is equal to eight percent (8%) divided by twelve (12) months per year, as the monthly interest factor ). Landlord and (iv) the Additional Monthly Base Rent as the missing component of the annuity. As an example only, if Tenant elects to use the entire Additional Tenant Improvement Allowance with respect to the Initial Premises (i.e., $1,818,050.00 based on 181,805 rentable square feet), and the applicable one hundred twenty (120) monthly Base Rent payments, the Additional Monthly Base Rent shall be equal to $22,057.96. In this event, (a) the “Tenant Improvement Allowance”, shall be deemed to include the Additional Tenant Improvement Allowance which Tenant elects to utilize, (b) the parties shall promptly execute enter into an amendment (the “Amendment”) to the Lease setting forth the additional amount of to reflect such increase in the Base Rent with respect to only the applicable space (i.e., Initial Premises, the Must-Take 1 Space or the Must-Take 2 Space), and the additional amount of Tenant Improvement Allowance with respect to only the applicable space (i.e., Initial Premises, the Must-Take 1 Space or the Must-Take 2 Space), computed in accordance with this Section 2.1.2, and (c) the additional amount of monthly Base Rent owing in accordance with this Section 2.1.2 for the first full month of the Lease Term which occurs after the expiration of any free rent period shall be paid by Tenant to Landlord at the later of the date Landlord delivers the applicable portion of the Premises to Tenant in the required condition and the time of Tenant’s execution of the Amendmentcalculation.

Appears in 1 contract

Samples: Lease (Avalanche Biotechnologies, Inc.)

Additional Tenant Improvement Allowance. In addition to the Tenant Improvement AllowanceAllowance (as defined in the Work Letter), Landlord shall, subject to the terms of the Work Letter, make available to Tenant shall have the right, exercisable no later than the applicable Rent Commencement Date, to use an additional tenant improvement allowance of up to $10.00 per rentable square foot of the Initial Premises, the Must-Take 1 Space, and/or the Must-Take 2 Space 1,535,520.00 (the “Additional Tenant Improvement Allowance”) towards for the payment construction in the Premises of those certain Tenant Improvements described in Section 5(b)(2) of the costs of the “Work Letter. If Landlord disburses to Tenant Improvement Allowance Items” (as that term is defined below). In the event Tenant exercises its right to use all or any portion of the Additional Tenant Improvement Allowance, an amount equal to the “Additional Monthly then Base Rent,” as that term is defined below, Rent shall be added to each month’s Base Rent payment in order to repay the Additional Tenant Improvement Allowance to Landlord. The “Additional Monthly Base Rent” shall be determined as the missing component of an annuity, which annuity shall have (i) increased by the amount per month necessary to fully amortize the portion of the Additional Tenant Improvement Allowance utilized funded by Tenant as the starting principal amount, (ii) the number of monthly Base Rent payments Landlord pursuant to be made by Tenant during the Lease Term as the number of payments, (iii) sixty-seven one-hundredths (.67), which is equal to eight percent (8%) divided by twelve (12) months per year, as the monthly interest factor and (iv) the Additional Monthly Base Rent as the missing component Section 5 of the annuity. As an example only, if Tenant elects Work Letter in equal monthly payments with interest at a rate of 10% per annum compounded over the period from the Commencement Date to use the entire scheduled expiration date of the Base Term (“Additional Tenant Improvement Allowance with respect Rent”). The Additional Tenant Improvement Allowance Rent shall not be subject to the Initial Premises (i.e., $1,818,050.00 based on 181,805 rentable square feet)annual adjustments of Base Rent provided for in Section 4(b) below. The Additional Tenant Improvements Allowance shall only be available for use by Tenant as part of the construction of the Tenant Improvements in accordance with the Work Letter and Tenant shall have no right thereafter to use any undisbursed portion thereof, and the applicable one hundred twenty (120) monthly Base Rent payments, the Additional Monthly Base Rent shall be equal to $22,057.96. In this event, (a) the “Tenant Improvement Allowance”, shall be deemed to include the Additional Tenant Improvement Allowance which Tenant elects to utilize, (b) the parties Rent shall promptly execute an amendment (the “Amendment”) be calculated only as to the final amount thereof actually funded by Landlord. Except as provided for in Section 41, if this Lease setting forth is terminated for any reason other than a Default by Tenant, Tenant shall not be required to repay to Landlord the additional amount unamortized portion of the Base Rent with respect to only the applicable space (i.e., Initial Premises, the Must-Take 1 Space or the Must-Take 2 Space), and the additional amount of Additional Tenant Improvement Allowance with respect to only following the applicable space (i.e., Initial Premises, the Must-Take 1 Space or the Must-Take 2 Space), computed in accordance with termination of this Section 2.1.2, and (c) the additional amount of monthly Base Rent owing in accordance with this Section 2.1.2 for the first full month of the Lease Term which occurs after the expiration of any free rent period shall be paid by Tenant to Landlord at the later of the date Landlord delivers the applicable portion of the Premises to Tenant in the required condition and the time of Tenant’s execution of the AmendmentLease.

Appears in 1 contract

Samples: Lease Agreement (Poniard Pharmaceuticals, Inc.)

Additional Tenant Improvement Allowance. In addition to the Tenant Improvement Allowance, Tenant shall have the right, exercisable no later than the applicable Rent Commencement Dateby written notice to Landlord given on or before February 28, 2020, to use up to $10.00 25.00 per rentable square foot of the Initial PremisesPremises (i.e., the Must-Take 1 Space, and/or the Must-Take 2 Space up to $1,701,800.00) (the “Additional Tenant Improvement TI Allowance”) towards the payment of the costs of the Tenant Improvement Allowance Items” (as that term is defined below). In the event Tenant exercises its right to use all or any portion of the Additional Tenant Improvement TI Allowance, an amount equal Tenant shall be required to pay Landlord, commencing on Rent Commencement Date (the “Additional Monthly Base RentPayment Commencement Date”), the “Additional TI Allowance Payment,” as that term is defined below, shall be added to each month’s Base Rent payment in order to repay consideration of Landlord provision of the Additional Tenant Improvement Allowance to LandlordTI Allowance. The “Additional Monthly Base RentTI Allowance Payment” shall be determined as the missing component of an annuity, which annuity shall have (i) the amount of the Additional Tenant Improvement TI Allowance utilized by Tenant as the starting principal present value amount, (ii) a number equal to the number of monthly Base Rent payments to be made by Tenant during full calendar months then remaining in the Lease Term as the number of payments, (iii) sixtya monthly interest factor equal to seventy-seven five one-hundredths percent (.670.75%), which is equal to eight nine percent (89%) divided by twelve (12) months per year, as the monthly interest factor and (iv) the Additional Monthly Base Rent TI Allowance Payment as the missing component of the annuity. As an example onlyFollowing the calculation of the Additional TI Allowance Payment, if Landlord and Tenant elects will enter into a lease amendment to use confirm the entire Additional amount thereof. Any portion of the Tenant Improvement Allowance that is not disbursed or allocated for disbursement by February 28, 2020, shall revert to Landlord and Tenant shall have no further rights with respect to the Initial Premises (i.e.thereto. EXHIBIT B -3- Britannia Pointe Grand Limited Partnership [Britannia Pointe Grand Business Park] [Allogene Therapeutics, $1,818,050.00 based on 181,805 rentable square feet), and the applicable one hundred twenty (120) monthly Base Rent payments, the Additional Monthly Base Rent shall be equal to $22,057.96. In this event, (a) the “Tenant Improvement Allowance”, shall be deemed to include the Additional Tenant Improvement Allowance which Tenant elects to utilize, (b) the parties shall promptly execute an amendment (the “Amendment”) to the Lease setting forth the additional amount of the Base Rent with respect to only the applicable space (i.e., Initial Premises, the Must-Take 1 Space or the Must-Take 2 Space), and the additional amount of Tenant Improvement Allowance with respect to only the applicable space (i.e., Initial Premises, the Must-Take 1 Space or the Must-Take 2 Space), computed in accordance with this Section 2.1.2, and (c) the additional amount of monthly Base Rent owing in accordance with this Section 2.1.2 for the first full month of the Lease Term which occurs after the expiration of any free rent period shall be paid by Tenant to Landlord at the later of the date Landlord delivers the applicable portion of the Premises to Tenant in the required condition and the time of Tenant’s execution of the Amendment.Inc.] SECTION 3

Appears in 1 contract

Samples: Lease (Allogene Therapeutics, Inc.)

Additional Tenant Improvement Allowance. In addition to the Tenant Improvement Allowance, Tenant shall have the right, exercisable no later than by written notice to Landlord given on or before the applicable Rent Commencement Outside Allowance Date, to use cause Landlord to provide up to $10.00 20.00 per rentable square foot RSF of the Initial Premises, the Must-Take 1 Space, and/or the Must-Take 2 Space Premises (the "Additional Tenant Improvement TI Allowance") towards the payment of the costs of the Tenant Improvement Allowance Items” (as that term is defined below). In the event Tenant exercises its right to use all or any portion of the Additional Tenant Improvement TI Allowance, an amount equal Tenant shall be required to pay Landlord, commencing on the date the Tenant Improvements are completed (the "Additional Monthly Base RentPayment Commencement Date"), the "Additional TI Allowance Payment," as that term is defined below, shall be added to each month’s Base Rent payment in order to repay consideration of Landlord provision of the Additional Tenant Improvement Allowance to LandlordTI Allowance. The "Additional Monthly Base Rent” TI Allowance Payment" shall be determined as the missing component of an annuity, which annuity shall have (i) the amount of the Additional Tenant Improvement TI Allowance utilized by Tenant as the starting principal present value amount, (ii) a number equal to the number of monthly Base Rent payments to be made by Tenant during full calendar months then remaining in the Lease Term as the number of payments, (iii) sixtya monthly interest factor equal to seventy-seven five one-hundredths percent (.670.75%), which is equal to eight ten percent (89%) divided by twelve (12) months per year, as the monthly interest factor and (iv) the Additional Monthly Base Rent TI Allowance Payment as the missing component of the annuity. As an example onlyFollowing the calculation of the Additional TI Allowance Payment, if Landlord and Tenant elects will enter into a lease amendment to use confirm the entire Additional amount thereof. Any portion of the Tenant Improvement Allowance as to which Tenant has not properly requested disbursement by the Outside Allowance Date, shall revert to Landlord and Tenant shall have no further rights with respect to the Initial Premises (i.e., $1,818,050.00 based on 181,805 rentable square feet), and the applicable one hundred twenty (120) monthly Base Rent payments, the Additional Monthly Base Rent shall be equal to $22,057.96. In this event, (a) the “Tenant Improvement Allowance”, shall be deemed to include the Additional Tenant Improvement Allowance which Tenant elects to utilize, (b) the parties shall promptly execute an amendment (the “Amendment”) to the Lease setting forth the additional amount of the Base Rent with respect to only the applicable space (i.e., Initial Premises, the Must-Take 1 Space or the Must-Take 2 Space), and the additional amount of Tenant Improvement Allowance with respect to only the applicable space (i.e., Initial Premises, the Must-Take 1 Space or the Must-Take 2 Space), computed in accordance with this Section 2.1.2, and (c) the additional amount of monthly Base Rent owing in accordance with this Section 2.1.2 for the first full month of the Lease Term which occurs after the expiration of any free rent period shall be paid by Tenant to Landlord at the later of the date Landlord delivers the applicable portion of the Premises to Tenant in the required condition and the time of Tenant’s execution of the Amendmentthereto.

Appears in 1 contract

Samples: Seaport Center (Adverum Biotechnologies, Inc.)

Additional Tenant Improvement Allowance. In addition Subject to the terms and conditions set forth in this Section 2.3, Tenant shall be entitled to increase the Tenant Improvement Allowance, Tenant shall have the right, exercisable no later than the applicable Rent Commencement Date, Allowance by an amount not to use up to exceed Six Hundred Fifty-Two Thousand Three Hundred Eighty and No/100 Dollars ($10.00 per rentable square foot of the Initial Premises, the Must-Take 1 Space, and/or the Must-Take 2 Space 652,380.00) (the “Additional Tenant Improvement Allowance”) towards ), pursuant to a written notice delivered to Landlord on or before October 1, 2013; provided, however, Landlord shall not be obligated to fund the payment of the costs of the “Tenant Improvement Additional Allowance Items” (as that term is defined below)prior to January 1, 2014. In the event Tenant exercises its right to use all or any portion of the Additional Tenant Improvement Allowance, the monthly Basic Rent for the Premises shall be increased by an amount equal to the “Additional Monthly Base Basic Rent,” as that term is defined below, shall be added to each month’s Base Rent payment in order to repay the Additional Tenant Improvement Allowance to Landlord. The “Additional Monthly Base Basic Rent” shall be determined as the missing component of an annuity, which annuity shall have (iw) the amount of the Additional Allowance which Tenant Improvement Allowance utilized by Tenant elects to utilize as the starting principal present value amount, (iix) the number of monthly Base Rent payments to be made by Tenant during the Lease Term ninety-two (92) as the number of payments, (iiiy) sixtyeight thousand three hundred thirty-seven onethree ten-hundredths thousands (.67.8333), which is equal to eight ten percent (810%) divided by twelve (12) months per year, as the monthly interest factor factor, and (ivz) the Additional Monthly Base Basic Rent as the missing component of the annuity. As an example onlyNotwithstanding the date Landlord funds the Additional Allowance, if the increase in the monthly Basic Rent by the Additional Monthly Basic Rent shall be retroactive back to January 1, 2013, and promptly following Tenant’s notice to Landlord exercising Tenant’s right to receive the Additional Monthly Basic Rent, Landlord and Tenant shall reconcile the amount paid by Tenant as Basic Rent under the Fifth Amendment with the amount of Basic Rent Tenant should have paid, and Tenant’s payment to Landlord of the amount owed shall be a condition precedent to Landlord’s obligation to fund the Additional Allowance. If Tenant elects to use the entire Additional Tenant Improvement Allowance with respect to the Initial Premises (i.e., $1,818,050.00 based on 181,805 rentable square feet), and the applicable one hundred twenty (120) monthly Base Rent payments, utilize all or a portion of the Additional Monthly Base Rent shall be equal Allowance, then (i) all references in this Tenant Work Letter to $22,057.96. In this event, (a) the “Tenant Improvement Allowance”, ,” shall be deemed to include the Additional Tenant Improvement Allowance which Tenant elects to utilize, and (bii) the parties shall promptly execute an amendment (the “Additional Allowance Amendment”) to the Lease setting forth the additional new amount of the Base Rent with respect to only the applicable space (i.e., Initial Premises, the Must-Take 1 Space or the Must-Take 2 Space)Basic Rent, and the additional amount of Tenant Improvement Allowance with respect to only the applicable space (i.e., Initial Premises, the Must-Take 1 Space or the Must-Take 2 Space), computed in accordance with this Section 2.1.2, and (c) the additional amount of monthly Base Rent owing in accordance with this Section 2.1.2 for the first full month of the Lease Term which occurs after the expiration of any free rent period shall be paid by Tenant to Landlord at the later of the date Landlord delivers the applicable portion of the Premises to Tenant in the required condition and the time of Tenant’s execution of the Amendment.2.3. SECTION 3

Appears in 1 contract

Samples: Pacira Pharmaceuticals, Inc.

Additional Tenant Improvement Allowance. In addition to the Tenant Improvement Allowance, Tenant shall have the right, exercisable no later than the applicable Rent Commencement Dateby written notice to Landlord, to use increase the Tenant Improvement Allowance by up to $10.00 per rentable square foot the amount of the Initial PremisesAdditional Tenant Improvement Allowance as set forth in Section 5.2 of the Summary to this Lease (the amount of such additional Tenant Improvement Allowance used by Xxxxxx, the Must-Take 1 Space, and/or the Must-Take 2 Space (the “"Additional Tenant Improvement Allowance”) towards "). If Tenant elects to so increase the payment of the costs of the “Tenant Improvement Allowance, then Tenant shall reimburse Landlord for such Additional Tenant Improvement Allowance Items” (by paying to Landlord, on a monthly basis over the Lease Term, the "Additional Monthly Base Rent," as that term is defined below). In the event Tenant exercises its right to use all or any portion of the Additional Tenant Improvement Allowance, an amount equal to the “The "Additional Monthly Base Rent,” as that term is defined below, shall be added to each month’s Base Rent payment in order to repay the Additional Tenant Improvement Allowance to Landlord. The “Additional Monthly Base Rent” " shall be determined as the missing component of an annuity, which annuity shall have (i) the amount of the Additional Tenant Improvement Allowance utilized by Tenant as the starting principal present value amount, (ii) the number of monthly Base Rent payments to be made by Tenant during full calendar months remaining in the Lease Term as the number of payments, (iii) sixty-seven one-hundredths (.67), which is equal to eight percent (8%) divided by twelve (12) months per year, as the monthly annual interest factor factor, and (iv) the Additional Monthly Base Rent as the missing component of the annuity. As an example onlyTenant shall be permitted, if Tenant elects at any time and without penalty, to use the entire Additional Tenant Improvement Allowance with respect to the Initial Premises (i.e., $1,818,050.00 based on 181,805 rentable square feet), and the applicable one hundred twenty (120) monthly Base Rent payments, prepay the Additional Monthly Base Rent shall be equal to $22,057.96Rent. In this event, (a) Tenant must elect the amount of Additional Tenant Improvement Allowance, shall be deemed to include the Additional Tenant Improvement Allowance which Tenant elects to utilizeif any, (b) the parties shall promptly execute an amendment (the “Amendment”) to on or before the Lease setting forth the additional amount of the Base Rent with respect to only the applicable space (i.e., Initial Premises, the Must-Take 1 Space or the Must-Take 2 Space), and the additional amount of Tenant Improvement Allowance with respect to only the applicable space (i.e., Initial Premises, the Must-Take 1 Space or the Must-Take 2 Space), computed in accordance with this Section 2.1.2, and (c) the additional amount of monthly Base Rent owing in accordance with this Section 2.1.2 for the first full month of the Lease Term which occurs after the expiration of any free rent period shall be paid by Tenant to Landlord at the later of the date Landlord delivers the applicable portion of the Premises to Tenant in the required condition and the time of Tenant’s execution of the AmendmentCommencement Date.

Appears in 1 contract

Samples: Lease (Myriad Genetics Inc)

Additional Tenant Improvement Allowance. In addition to the Tenant Improvement Allowance, Tenant shall have the right, exercisable no later than by written notice to Landlord given on or before December 31, 2018 (provided that such date shall be extended on a day for day basis in the applicable Rent Commencement Dateevent of any delay in the delivery of the Premises to Tenant beyond February 1, 2018), to use up to $10.00 35.00 per rentable square foot of the Initial PremisesPremises (i.e., the Must-Take 1 Space, and/or the Must-Take 2 Space up to $929,355.00) (the "Additional Tenant Improvement TI Allowance") towards the payment of the costs of the Tenant Improvement Allowance Items” (as that term is defined below). In the event Tenant exercises its right to use all or any portion of the Additional Tenant Improvement TI Allowance, an amount equal Tenant shall be required to pay Landlord, commencing on the date the Tenant Improvements are completed (the "Additional Monthly Base RentPayment Commencement Date"), the "Additional TI Allowance Payment," as that term is defined below, shall be added to each month’s Base Rent payment in order to repay consideration of Landlord provision of the Additional Tenant Improvement Allowance to LandlordTI Allowance. The "Additional Monthly Base Rent” TI Allowance Payment" shall be determined as the missing component of an annuity, which annuity shall have (i) the amount of the Additional Tenant Improvement TI Allowance utilized by Tenant as the starting principal present value amount, (ii) a number equal to the number of monthly Base Rent payments to be made by Tenant during full calendar months then remaining in the Lease Term as the number of payments, (iii) sixtya monthly interest factor equal to eighty-seven three one-hundredths percent (.670.83%), which is equal to eight ten percent (810%) divided by twelve (12) months per year, as the monthly interest factor and (iv) the Additional Monthly Base Rent TI Allowance Payment as the missing component of the annuity. As an example onlyFollowing the calculation of the Additional TI Allowance Payment, if Landlord and Tenant elects will enter into a lease amendment to use confirm the entire Additional amount thereof. Any portion of the Tenant Improvement Allowance with respect to the Initial Premises that is not disbursed or allocated for disbursement by December 31, 2018 (i.e., $1,818,050.00 based on 181,805 rentable square feet), and the applicable one hundred twenty (120) monthly Base Rent payments, the Additional Monthly Base Rent provided that such date shall be equal to $22,057.96. In this event, (a) extended on a day for day basis in the “Tenant Improvement Allowance”, shall be deemed to include the Additional Tenant Improvement Allowance which Tenant elects to utilize, (b) the parties shall promptly execute an amendment (the “Amendment”) to the Lease setting forth the additional amount of the Base Rent with respect to only the applicable space (i.e., Initial Premises, the Must-Take 1 Space or the Must-Take 2 Space), and the additional amount of Tenant Improvement Allowance with respect to only the applicable space (i.e., Initial Premises, the Must-Take 1 Space or the Must-Take 2 Space), computed in accordance with this Section 2.1.2, and (c) the additional amount of monthly Base Rent owing in accordance with this Section 2.1.2 for the first full month of the Lease Term which occurs after the expiration event of any free rent period shall be paid by Tenant to Landlord at delay in the later of the date Landlord delivers the applicable portion delivery of the Premises to Tenant in the required condition beyond February 1, 2018), shall revert to Landlord and the time of Tenant’s execution of the AmendmentTenant shall have no further rights with respect thereto.

Appears in 1 contract

Samples: Lease (Audentes Therapeutics, Inc.)

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Additional Tenant Improvement Allowance. In addition to the Tenant Improvement Allowance, Tenant shall have the right, exercisable no later than by written notice to Landlord given on or before the applicable Rent Commencement Allowance Outside Date, to use up to $10.00 per rentable square foot of the Initial Premises, the Must-Take 1 Space, and/or the Must-Take 2 Space 490,880.00 (the "Additional Tenant Improvement Allowance") towards the payment of the costs of the “Tenant Improvement Allowance Items” (as that term is defined below)Items for the Expansion Premises. In the event Tenant exercises its right to use all or any portion of the Additional Tenant Improvement Allowance, an amount equal Tenant shall be required to pay Landlord, commencing on the date the Tenant Improvements constructed with the Additional Monthly Base RentImprovement Allowance are completed (the "Additional Payment Commencement Date"), the "Additional Improvement Allowance Payment," as that term is defined below, shall be added to each month’s Base Rent payment in order to repay consideration of Landlord provision of the Additional Tenant Improvement Allowance. The "Additional Improvement Allowance to Landlord. The “Additional Monthly Base Rent” Payment" shall be determined as the missing component of an annuity, which annuity shall have (i) the amount of the Additional Tenant Improvement Allowance utilized by Tenant as the starting principal present value amount, (ii) a number equal to the number of monthly Base Rent payments to be made by Tenant during full calendar months then remaining in the Lease Term as the number of payments, (iii) sixtya monthly interest factor equal to seventy-seven five one-hundredths percent (.670.75%), which is equal to eight nine percent (89%) divided by twelve (12) months per year, as the monthly interest factor and (iv) the Additional Monthly Base Rent Improvement Allowance Payment as the missing component of the annuity, and shall not be subject to annual escalations. As an example only, if Tenant elects to use Following the entire calculation of the Additional Tenant Improvement Allowance with respect Payment, Landlord and Tenant will enter into a lease amendment to confirm the Initial Premises (i.e., $1,818,050.00 based on 181,805 rentable square feet), and the applicable one hundred twenty (120) monthly Base Rent payments, the Additional Monthly Base Rent shall be equal to $22,057.96amount thereof. In this event, (a) the “Tenant Improvement Allowance”, shall be deemed to include the Additional Tenant Improvement Allowance which Tenant elects to utilize, (b) the parties shall promptly execute an amendment (the “Amendment”) to the Lease setting forth the additional amount of the Base Rent with respect to only the applicable space (i.e., Initial Premises, the Must-Take 1 Space or the Must-Take 2 Space), and the additional amount of Tenant Improvement Allowance with respect to only the applicable space (i.e., Initial Premises, the Must-Take 1 Space or the Must-Take 2 Space), computed in accordance with this Section 2.1.2, and (c) the additional amount of monthly Base Rent owing in accordance with this Section 2.1.2 for the first full month of the Lease Term which occurs after the expiration of any free rent period shall be paid by Tenant to Landlord at the later of the date Landlord delivers the applicable Any portion of the Premises Additional Improvement Allowance that is not disbursed or allocated for disbursement by the Allowance Outside Date, shall revert to Landlord and Tenant in the required condition and the time of Tenant’s execution of the Amendmentshall have no further rights with respect thereto.

Appears in 1 contract

Samples: Lease Agreement (Vaxart, Inc.)

Additional Tenant Improvement Allowance. At Tenant’s election, Landlord shall provide an additional allowance (the “Additional TI Allowance”) of up to $80 per rentable square foot (i.e., $19,963,920 based on 249,549 rentable square feet). In addition no event shall the Additional Allowance exceed $80 per rentable square foot. Tenant covenants and agrees: (i) in order to afford Landlord adequate time in which to fund the Additional TI Allowance, Tenant shall notify Landlord in writing of the anticipated amount of the Additional TI Allowance which Tenant will request Landlord to pay, no later than eighteen (18) months following completion of Landlord’s Work and delivery of the Leased 99090796v.12 Premises to Tenant with Landlord’s Work completed; and (ii) Base Monthly Rent due under the Lease shall be increased by $0.10 per rentable square foot for each $10 of Additional TI Allowance (prorated if applicable) so provided to Tenant; and (iii) the parties shall enter into an amendment of the Lease to modify the schedule of Base Monthly Rent set forth in Article I by an updated schedule reflecting the increase in Base Monthly Rent, (iv) the Additional TI Allowance shall otherwise constitute a part of the Tenant Improvement Allowance, Tenant shall have be disbursed in the right, exercisable no later than same manner as the applicable Rent Commencement Date, to use up to $10.00 per rentable square foot of the Initial Premises, the Must-Take 1 Space, and/or the Must-Take 2 Space (the “Additional Tenant Improvement Allowance”) towards the payment of the costs of the “Tenant Improvement Allowance Items” (as that term is defined below). In the event Tenant exercises its right to use all or any portion of the Additional Tenant Improvement Allowance, an amount equal and shall be subject to the “Additional Monthly Base Rent,” as that term is defined below, shall be added to each month’s Base Rent payment in order to repay the Additional restrictions and conditions on such Tenant Improvement Allowance provided in this Work Letter, and (v) in lieu of providing the Additional TI Allowance, Landlord may elect to Landlord. The “Additional Monthly Base Rent” shall be determined as the missing component of an annuityprovide Tenant with a credit, which annuity shall have (i) in the amount of the Additional Tenant Improvement Allowance utilized by Tenant as TI Allowance, against the starting principal amountnext payments of Base Monthly Rent and Additional Rent coming due, in which case the increase in the Base Monthly Rent described in clause (ii) the number of monthly Base Rent payments to above shall not be made by Tenant during the Lease Term as the number of payments, (iii) sixty-seven one-hundredths (.67), which is equal to eight percent (8%) divided by twelve (12) months per year, as the monthly interest factor and (iv) the Additional Monthly Base Rent as the missing component of the annuity. As an example only, if Tenant elects to use the entire Additional Tenant Improvement Allowance with respect to the Initial Premises (i.e., $1,818,050.00 based on 181,805 rentable square feet), and the applicable one hundred twenty (120) monthly Base Rent payments, the Additional Monthly Base Rent shall be equal to $22,057.96. In this event, (a) the “Tenant Improvement Allowance”, shall be deemed to include the Additional Tenant Improvement Allowance which Tenant elects to utilize, (b) the parties shall promptly execute an amendment (the “Amendment”) to the Lease setting forth the additional amount of the Base Rent with respect to only the applicable space (i.e., Initial Premises, the Must-Take 1 Space or the Must-Take 2 Space), and the additional amount of Tenant Improvement Allowance with respect to only the applicable space (i.e., Initial Premises, the Must-Take 1 Space or the Must-Take 2 Space), computed in accordance with this Section 2.1.2, and (c) the additional amount of monthly Base Rent owing in accordance with this Section 2.1.2 for the first full month of the Lease Term which occurs after the expiration of any free effective until such rent period shall be paid by Tenant to Landlord at the later of the date Landlord delivers the applicable portion of the Premises to Tenant in the required condition and the time of Tenant’s execution of the Amendmentcredit has been fully exhausted.

Appears in 1 contract

Samples: Purchase and Sale Agreement (Guardant Health, Inc.)

Additional Tenant Improvement Allowance. In addition to the Tenant Improvement Allowance, Tenant shall have the right, exercisable no later than by written notice to Landlord given on or before the applicable Rent Commencement DateAllowance Deadline, to use cause Landlord to provide up to $10.00 50.00 per rentable square foot of the Initial PremisesPremises (i.e., the Must-Take 1 Space, and/or the Must-Take 2 Space up to $4,405,300.00) (the "Additional Tenant Improvement TI Allowance") towards the payment of the costs of the Tenant Improvement Allowance Items” (as that term is defined below). In the event Tenant exercises its right to use all or any portion of the Additional Tenant Improvement TI Allowance, an amount equal Tenant shall be required to pay Landlord, commencing on the date the Tenant Improvements are completed (the "Additional Monthly Base RentPayment Commencement Date"), the "Additional TI Allowance Payment," as that term is defined below, shall be added to each month’s Base Rent payment in order to repay consideration of Landlord provision of the Additional Tenant Improvement Allowance to LandlordTI Allowance. The "Additional Monthly Base Rent” TI Allowance Payment" shall be determined as the missing component of an annuity, which annuity shall have (i) the amount of the Additional Tenant Improvement TI Allowance utilized by Tenant as the starting principal present value amount, (ii) a number equal to the number of monthly Base Rent payments to be made by Tenant during full calendar months then remaining in the Lease Term as the number of payments, (iii) sixty-seven one-hundredths (.67), which is a monthly interest factor equal to eight and one-half percent (88.5%) per annum divided by twelve (12) months per year, as the monthly interest factor and (iv) the Additional Monthly Base Rent TI Allowance Payment as the missing component of the annuity. As an example onlyFollowing the calculation of the Additional TI Allowance Payment, if Landlord and Tenant elects will enter into a lease amendment to use confirm the entire Additional amount thereof. Any portion of the Tenant Improvement Allowance as to which Tenant has not properly requested disbursement by the Allowance Deadline, shall revert to Landlord and Tenant shall have no further rights with respect thereto. The Additional TI Allowance Payment shall not be subject to the Initial Premises (i.e., $1,818,050.00 based on 181,805 rentable square feet), and the applicable one hundred twenty (120) monthly annual Base Rent payments, the Additional Monthly Base Rent shall be equal to $22,057.96. In this event, (a) the “Tenant Improvement Allowance”, shall be deemed to include the Additional Tenant Improvement Allowance which Tenant elects to utilize, (b) the parties shall promptly execute an amendment (the “Amendment”) to the Lease setting forth the additional amount of the Base Rent with respect to only the applicable space (i.e., Initial Premises, the Must-Take 1 Space or the Must-Take 2 Space), and the additional amount of Tenant Improvement Allowance with respect to only the applicable space (i.e., Initial Premises, the Must-Take 1 Space or the Must-Take 2 Space), computed in accordance with this Section 2.1.2, and (c) the additional amount of monthly Base Rent owing in accordance with this Section 2.1.2 for the first full month of the Lease Term which occurs after the expiration of any free rent period shall be paid by Tenant to Landlord at the later of the date Landlord delivers the applicable portion of the Premises to Tenant in the required condition and the time of Tenant’s execution of the Amendmentincreases.

Appears in 1 contract

Samples: Lease (Nkarta, Inc.)

Additional Tenant Improvement Allowance. In addition to the Tenant Improvement AllowanceAllowance set forth in Section 2.1.1, above, Tenant shall have shall, only if so elected by Tenant in writing prior to the rightSubstantial Completion (as defined below) of the Tenant Improvements and only to the extent the cost of the Tenant Improvements exceeds the amount of the Tenant Improvement Allowance set forth in Section 2.1.1, exercisable no later than the applicable Rent Commencement Dateabove, be entitled to use up a one-time additional allowance increase in an amount not to exceed $10.00 per rentable square foot of the Initial Premises, the Must-Take 1 Space, and/or the Must-Take 2 Space Premises (the “Additional Tenant Improvement Allowance”) towards to be used solely for hard costs in the payment construction of the costs of the “Tenant Improvement Allowance Items” (as that term is defined below)Improvements. In the event Tenant exercises its right to use all or any portion of the Additional Tenant Improvement Allowance, the monthly Basic Rent for the Premises for the initial Lease Term shall be increased by an amount equal to the “Additional Monthly Base Basic Rent,” as that term is defined below, shall be added to each month’s Base Rent payment in order to repay the Additional Tenant Improvement Allowance to Landlord. The “Additional Monthly Base Basic Rent” shall be determined as the missing component of an annuity, which annuity shall have (i) the amount of the Additional Tenant Improvement Allowance utilized by Tenant as the starting principal present value amount, (ii) the number of monthly Base Rent payments to be made by Tenant during the Lease Term ninety (90) as the number of payments, (iii) sixty-seven one-hundredths (.67)0.667, which is equal to eight percent (8%) divided by twelve (12) months per year, as the monthly interest factor factor, and (iv) the Additional Monthly Base Basic Rent as the missing component of the annuity. As an example only, if In the event Tenant elects to use the entire Additional Tenant Improvement Allowance with respect to the Initial Premises (i.e., $1,818,050.00 based on 181,805 rentable square feet), and the applicable one hundred twenty (120) monthly Base Rent payments, uses all or any portion of the Additional Monthly Base Rent shall be equal Improvement Allowance, then all references in this Tenant Work Letter to $22,057.96. In this event, (a) the “Tenant Improvement Allowance” (other than for purposes of Section 2.1.3, below) shall be deemed to include the Additional Tenant Improvement Allowance which utilized by Tenant. Tenant elects acknowledges and hereby agrees to utilize, (b) pay to Landlord the parties shall promptly execute an amendment (the “Amendment”) to the Lease setting forth the additional full amount of the Base Rent with respect to only the applicable space Additional Improvement Allowance requested by Tenant and disbursed by Landlord as provided herein (i.e.including interest, Initial Premises, the Must-Take 1 Space or the Must-Take 2 Spaceas provided herein above), and the additional amount accordingly, hereby further agrees that in no event shall any provision of Tenant Improvement Allowance with respect this Lease relating to only the applicable space (i.e.any abatement, Initial Premisesreduction, the Must-Take 1 Space cessation or the Must-Take 2 Space), computed in accordance with this Section 2.1.2, and (c) the additional amount of monthly Base Rent owing in accordance with this Section 2.1.2 for the first full month other modification of the Lease Term which occurs after the expiration of any free rent period shall be paid Rent payable by Tenant to Landlord at (including, without limitation, Section 7, Section 14, Section 15 and Exhibit H of this Lease) be deemed to affect, modify, reduce or otherwise apply with respect to Tenant’s obligation to pay the later Additional Improvement Allowance to Landlord, and which obligation shall continue to survive any early termination of this Lease until the full amount of the date Additional Improvement Allowance requested by Tenant and disbursed by Landlord delivers the applicable portion of the Premises (including interest as provided herein) has been paid to Tenant in the required condition and the time of Tenant’s execution of the AmendmentLandlord.

Appears in 1 contract

Samples: Lease Agreement (Avalara Inc)

Additional Tenant Improvement Allowance. In addition to the Tenant Improvement Allowance, Tenant shall have the right, exercisable no later than the applicable Rent Phase II Lease Commencement Date, to use up to $10.00 5.00 per rentable square foot of the Initial Premises, the Must-Take 1 Space, and/or the Must-Take 2 Space Premises (the “Additional Tenant Improvement Allowance”) towards the payment of the costs of the Tenant Improvement Allowance Items” (as that term is defined below). In the event Tenant exercises its right to use all or any portion of the Additional Tenant Improvement Allowance, an amount equal to the “Additional Monthly Base Rent,” as that term is defined below, shall be added to each month’s Base Rent payment in order to repay the Additional Tenant Improvement Allowance to Landlord. The “Additional Monthly Base Rent” shall be determined as the missing component of an annuity, which annuity shall have (i) the amount of the Additional Tenant Improvement Allowance utilized by Tenant as the starting principal amount, (ii) the number of monthly Base Rent payments to be made by Tenant during the Lease Term as the number of payments, (iii) sixtyseventy-seven one one-hundredths (.67.71), which is equal to eight and one-half percent (88.5%) divided by twelve (12) months per year, as the monthly interest factor and (iv) the Additional Monthly Base Rent as the missing component of the annuity. As an example only, if In the event that Tenant elects exercises its right to use the entire Additional Tenant Improvement Allowance with respect pursuant to the Initial Premises (i.e., $1,818,050.00 based on 181,805 rentable square feet), and the applicable one hundred twenty (120) monthly Base Rent payments, the Additional Monthly Base Rent shall be equal to $22,057.96. In this eventSection 2.5, (a) the “Tenant Improvement Allowance”, shall be deemed to include the Additional Tenant Improvement Allowance which Tenant elects to utilize, (b) the parties shall promptly execute an amendment to the Lease (the “Amendment”) to the Lease setting forth the additional new amount of the Base Rent with respect to only the applicable space (i.e., Initial Premises, the Must-Take 1 Space or the Must-Take 2 Space), and the additional amount of Tenant Improvement Allowance with respect to only the applicable space (i.e., Initial Premises, the Must-Take 1 Space or the Must-Take 2 Space)Allowance, computed in accordance with this Section 2.1.22.5, and (c) the additional amount of monthly Base Rent owing in accordance Tenant shall deliver to Landlord, concurrently with this Section 2.1.2 for the first full month of the Lease Term which occurs after the expiration of any free rent period shall be paid by Tenant to Landlord at the later of the date Landlord delivers the applicable portion of the Premises to Tenant in the required condition and the time of Tenant’s execution and delivery of the AmendmentAmendment to Landlord, a new L-C or an amendment to the existing L-C, subject to the terms and conditions of Article 21 of the Lease, in an amount equal to the Additional Tenant Improvement Allowance utilized by Tenant, which new L-C or modified L-C shall be held by Landlord pursuant to the terms of Article 21 of the Lease.

Appears in 1 contract

Samples: Office Lease (Trulia, Inc.)

Additional Tenant Improvement Allowance. In addition to the Tenant Improvement Allowance, Tenant shall have the right, exercisable no later than the applicable Rent Commencement Dateby written notice to Landlord given on or before December 31, 2020, to use up to $10.00 25.00 per rentable square foot of the Initial PremisesPremises (i.e., the Must-Take 1 Space, and/or the Must-Take 2 Space up to $373,575.00) (the "Additional Tenant Improvement TI Allowance") towards the payment of the costs of the Tenant Improvement Allowance Items” (as that term is defined below). In the event Tenant exercises its right to use all or any portion of the Additional Tenant Improvement TI Allowance, an amount equal Tenant shall be required to pay Landlord, commencing on Rent Commencement Date (the "Additional Monthly Base RentPayment Commencement Date"), the "Additional TI Allowance Payment," as that term is defined below, shall be added to each month’s Base Rent payment in order to repay consideration of Landlord provision of the Additional Tenant Improvement Allowance to LandlordTI Allowance. The "Additional Monthly Base Rent” TI Allowance Payment" shall be determined as the missing component of an annuity, which annuity shall have (i) the amount of the Additional Tenant Improvement TI Allowance utilized by Tenant as the starting principal present value amount, (ii) a number equal to the number of monthly Base Rent payments to be made by Tenant during full calendar months then remaining in the Lease Term as the number of payments, (iii) sixtya monthly interest factor equal to seventy-seven five one-hundredths percent (.670.75%), which is equal to eight nine percent (89%) divided by twelve (12) months per year, as the monthly interest factor and (iv) the Additional Monthly Base Rent TI Allowance Payment as the missing component of the annuity. As an example onlyFollowing the calculation of the Additional TI Allowance Payment, if Landlord and Tenant elects will enter into a lease amendment to use confirm the entire Additional amount thereof. Any portion of the Tenant Improvement Allowance that is not disbursed or allocated for disbursement by December 31, 2020, shall revert to Landlord and Tenant shall have no further rights with respect to the Initial Premises (i.e., $1,818,050.00 based on 181,805 rentable square feet), and the applicable one hundred twenty (120) monthly Base Rent payments, the Additional Monthly Base Rent shall be equal to $22,057.96. In this event, (a) the “Tenant Improvement Allowance”, shall be deemed to include the Additional Tenant Improvement Allowance which Tenant elects to utilize, (b) the parties shall promptly execute an amendment (the “Amendment”) to the Lease setting forth the additional amount of the Base Rent with respect to only the applicable space (i.e., Initial Premises, the Must-Take 1 Space or the Must-Take 2 Space), and the additional amount of Tenant Improvement Allowance with respect to only the applicable space (i.e., Initial Premises, the Must-Take 1 Space or the Must-Take 2 Space), computed in accordance with this Section 2.1.2, and (c) the additional amount of monthly Base Rent owing in accordance with this Section 2.1.2 for the first full month of the Lease Term which occurs after the expiration of any free rent period shall be paid by Tenant to Landlord at the later of the date Landlord delivers the applicable portion of the Premises to Tenant in the required condition and the time of Tenant’s execution of the Amendmentthereto.

Appears in 1 contract

Samples: Edgewater Business Park (Allogene Therapeutics, Inc.)

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