Additional TI Allowance. In addition to the Tenant Improvement Allowance (as defined in the Work Letter), Landlord shall, subject to the terms of the Work Letter, make available to Tenant the Additional Tenant Improvement Allowance (as defined in the Work Letter). Commencing on the Rent Commencement Date, and continuing thereafter on the first day of each month during the Base Term, Tenant shall pay the amount necessary to fully amortize the portion of the Additional Tenant Improvement Allowance actually funded by Landlord, if any, in equal monthly payments with interest at a rate of 8% per annum over the Base Term, which interest shall begin to accrue on the date that Landlord first disburses such Additional Tenant Improvement Allowance or any portion(s) thereof. Tenant acknowledges that because the Additional Tenant Improvement Allowance may be disbursed to Tenant in multiple disbursements following the Commencement Date, the Additional Rent payable by Tenant pursuant to this Section 4(b) may be adjusted following each such disbursement. Notwithstanding anything to the contrary contained herein, Tenant may, at Tenant’s sole election, accelerate or pre-pay all or any portion of the outstanding and unamortized portion of the Additional Tenant Improvement Allowance that was actually funded by Landlord in full at any time without penalty, in which event the amortizing payments shall be appropriately adjusted. Any of the Additional Tenant Improvement Allowance and applicable interest remaining unpaid as of the expiration or earlier termination of this Lease shall be paid to Landlord in a lump sum at the expiration or earlier termination of this Lease. The Additional Tenant Improvement Allowance shall be available for use by Tenant until the date that is twenty-four (24) months after the Commencement Date. Any portion of the Additional Tenant Improvement Allowance which has not been properly requested by Tenant from Landlord on or before the date that is twenty-four (24) months after the Commencement Date, shall be forfeited and shall not be available for use by Tenant.
Appears in 2 contracts
Sources: Lease Agreement (Cue Health Inc.), Lease Agreement (Cue Health Inc.)
Additional TI Allowance. In addition Landlord shall make available for the payment of Excess TI Costs an additional tenant improvement allowance (the “Additional TI Allowance”) of $[***], which shall, to the Tenant Improvement Allowance (as defined extent used, result in the Work Letter), Landlord shall, subject TI Rent pursuant to the terms Section 4(d) of the Work Letter, make available to Tenant First Amendment. Within 5 business days of receipt of the Additional Tenant Improvement Allowance (as defined in the Work Letter). Commencing on the Rent Commencement Date, and continuing thereafter on the first day of each month during the Base TermBudget from Landlord, Tenant shall pay the amount necessary to fully amortize the portion notify Landlord in writing how much of the Additional TI Allowance Tenant Improvement has elected to receive from Landlord (the “Additional TI Allowance actually funded by LandlordElection”); provided, however that if Tenant does not elect the full amount of the Additional TI Allowance in the Additional TI Allowance Election, Tenant may elect to have additional funds, not to exceed any positive amount remaining after subtraction of the amount elected in the Additional TI Allowance Election from the Additional TI Allowance, to be made available to pay for Excess TI Costs (if any, in equal monthly payments with interest at a rate of 8% per annum over the Base Term“Subsequent Additional TI Allowance Election”), upon 10 business days’ prior written notice to Landlord, which interest prior written notice of any Subsequent Additional TI Allowance Election shall begin to accrue on be given, if at all, within 45 days of the date that Landlord first disburses such of Tenant’s initial Additional Tenant Improvement TI Allowance Election. The Subsequent Additional TI Allowance Election and Additional TI Allowance Election (or any portion(s) thereof. Tenant acknowledges that because if no Subsequent Additional TI Allowance Election is made within the Additional Tenant Improvement Allowance may be disbursed to Tenant in multiple disbursements following the Commencement Datetime period required, the Additional Rent payable by Tenant pursuant to this Section 4(bTI Allowance Election itself) shall be final and binding on Tenant, and may not thereafter be modified without Landlord’s consent, which may be adjusted following each such disbursement. Notwithstanding anything to the contrary contained herein, Tenant may, at Tenantgranted or withheld in Landlord’s sole election, accelerate or pre-pay all or any portion of the outstanding and unamortized portion of the Additional Tenant Improvement Allowance that was actually funded by Landlord in full at any time without penalty, in which event the amortizing payments shall be appropriately adjusted. Any of the Additional Tenant Improvement Allowance and applicable interest remaining unpaid as of the expiration or earlier termination of this Lease shall be paid to Landlord in a lump sum at the expiration or earlier termination of this Lease. The Additional Tenant Improvement Allowance shall be available for use by Tenant until the date that is twenty-four (24) months after the Commencement Date. Any portion of the Additional Tenant Improvement Allowance which has not been properly requested by Tenant from Landlord on or before the date that is twenty-four (24) months after the Commencement Date, shall be forfeited and shall not be available for use by Tenantabsolute subjective discretion.
Appears in 2 contracts
Sources: Lease Agreement (Rubius Therapeutics, Inc.), Lease Agreement (Rubius Therapeutics, Inc.)
Additional TI Allowance. In addition to the Tenant Improvement Allowance (as defined in the Work Letter), Landlord shall, subject to the terms of the Work Letter, make available to Tenant the Additional Tenant Improvement Allowance (as defined in the Work Letter). Commencing on the Rent Commencement Date, and continuing thereafter on the first day of each month during the Base TermAllowance, Tenant shall pay have the amount necessary right, by written notice to fully amortize the portion Landlord given on or before July 1, 2019, to use up to $[•] per rentable square foot of the Premises (i.e., up to $[•]) (the “Additional TI Allowance”) to be applied towards the Cost of Improvements for the construction of the Tenant Improvement Allowance actually funded by Landlord, if any, Improvements in equal monthly payments with interest at a rate of 8% per annum over the Base Term, which interest shall begin Premises. In the event Tenant exercises its right to accrue on the date that Landlord first disburses such Additional Tenant Improvement Allowance or any portion(s) thereof. Tenant acknowledges that because the Additional Tenant Improvement Allowance may be disbursed to Tenant in multiple disbursements following the Commencement Date, the Additional Rent payable by Tenant pursuant to this Section 4(b) may be adjusted following each such disbursement. Notwithstanding anything to the contrary contained herein, Tenant may, at Tenant’s sole election, accelerate or pre-pay use all or any portion of the outstanding and unamortized portion Additional TI Allowance, Tenant shall be required to pay Landlord, commencing on the date the Tenant Improvements are completed (the “Additional Payment Commencement Date”), the “Additional TI Allowance Payment,” as that term is defined below, in consideration of Landlord provision of the Additional Tenant Improvement TI Allowance. The “Additional TI Allowance that was actually funded by Landlord in full at any time without penalty, in which event the amortizing payments Payment” shall be appropriately adjusted. Any determined as the missing component of an annuity, which annuity shall have (i) the amount of the Additional TI Allowance utilized by Tenant Improvement as the present value amount, (ii) a number equal to the number of full calendar months then remaining in the Lease Term as the number of payments, (iii) a monthly interest factor equal to [•]%, which is equal to [•] percent ([•]%) divided by twelve (12) months per year, and (iv) the Additional TI Allowance and applicable interest remaining unpaid Payment as the missing component of the expiration or earlier termination annuity. Following the calculation of this Lease shall be paid the Additional TI Allowance Payment, Landlord and Tenant will enter into a lease amendment to Landlord in a lump sum at confirm the expiration or earlier termination of this Lease. The Additional Tenant Improvement Allowance shall be available for use by Tenant until the date that is twenty-four (24) months after the Commencement Dateamount thereof. Any portion of the Additional Tenant Improvement TI Allowance which has not been properly requested claimed or drawn by Tenant from Landlord on or before the date that is twenty-four (24) months after the Commencement Dateprior to July 1, 2019, shall be forfeited expire and shall not no longer be available for use by Tenantto Tenant thereafter.
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Additional TI Allowance. In addition to Following the Tenant Improvement Allowance (as defined in mutual execution and delivery of this Fifth Amendment by the Work Letter)parties, Landlord shall, subject to the terms of the Work Letter, shall make available to Tenant a tenant improvement allowance of up to $671,670 (the “Additional TI Allowance”) for the design and construction of fixed and permanent improvements desired by and performed by Tenant and which improvements shall be of a fixed and permanent nature (the “Additional Tenant Improvement Improvements”). The Additional TI Allowance (as defined shall be available for the design and construction of Additional Tenant Improvements in the Work Letter). Commencing on the Rent Commencement DatePremises only including, without limitation, painting, flooring, carpeting and continuing thereafter on the first day of each month during the Base Termdata cabling; provided, Tenant shall pay the amount necessary to fully amortize the portion however, that in no event may more than 10% of the Additional Tenant Improvement TI Allowance actually funded by Landlord, if any, in equal monthly payments with interest at a rate of 8% per annum over the Base Term, which interest shall begin be used to accrue on the date that Landlord first disburses such Additional Tenant Improvement Allowance or any portion(s) thereofpay for Tenant’s data cabling. Tenant acknowledges that because upon the expiration of the Term of the Lease, the Additional Tenant Improvement Allowance Improvements shall become the property of Landlord and may not be disbursed to Tenant in multiple disbursements following the Commencement Date, the Additional Rent payable removed by Tenant pursuant to this Section 4(b) may be adjusted following each such disbursementTenant. Notwithstanding anything to the contrary contained herein, Tenant maythe Additional TI Allowance shall not be used to purchase any furniture, at personal property or other non-Building system materials or equipment (other than data cabling subject to the limitation provided for in the first sentence of this Section 3), including, but not limited to, Tenant’s sole electionvoice cabling, accelerate or prenon-pay ducted biological safety cabinets and other scientific equipment not incorporated into the Additional Tenant Improvements. Except for the Additional TI Allowance, Tenant shall be solely responsible for all or any portion of the outstanding and unamortized portion costs of the Additional Tenant Improvement Allowance that was actually funded by Landlord in full at any time without penalty, in which event the amortizing payments Improvements. The Additional Tenant Improvements shall be appropriately adjustedtreated as Alterations and shall be undertaken pursuant to Section 12 of the Lease. Any Landlord shall reimburse Tenant for the cost of the Additional Tenant Improvement Allowance Improvements in two (2) draws with the first draw payable once the Additional Tenant Improvements have been 50% completed and applicable interest remaining unpaid as the second draw payable once the Additional Tenant Improvements have been 100% substantially completed. Each draw request shall be in Landlord’s standard form, containing evidence of the expiration or earlier termination applicable costs (and payment of this Lease such costs) and such certifications, lien waivers (including a conditional lien release for each progress payment and unconditional lien releases for prior progress payments), inspection reports and other matters as is customary in the market, to the extent of Landlord’s reasonable approval thereof for payment, no later than 30 days following receipt of such draw request. Any amounts not so approved by Landlord because they fail to satisfy any of the disbursement requirements may be submitted by Tenant with the next requisition and shall be paid reimbursed by Landlord provided that all of the applicable disbursement requirements are satisfied with request to Landlord in a lump sum at the expiration or earlier termination of this Leasereimbursement being sought. The Additional Tenant Improvement TI Allowance shall only be available for use by Tenant for the construction of the Additional Tenant Improvements until the date that is twenty-four (24) months after the Commencement Date. Any December 31, 2013, and any portion of the Additional Tenant Improvement TI Allowance which has not been properly requested requisitioned by Tenant from Landlord in accordance with this paragraph on or before the date that is twenty-four (24) months after the Commencement DateDecember 31, 2013, shall be forfeited and shall not be available for use by Tenant.
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Additional TI Allowance. In addition Landlord shall provide Tenant an allowance of up to Twenty-Five Thousand Dollars ($25,000.00), to be applied solely toward Tenant’s construction of additional conference room(s) and/or private office(s) within the Tenant Improvement Allowance Premises (as defined in Paragraph 1 above) (“Additional Allowance”). Any such improvements shall be deemed “Tenant’s Work” as defined in the Work Letter), Landlord shall, subject Letter attached to the terms Original Lease as Exhibit “C,” and shall be planned and constructed in accordance with the applicable provisions of said Work Letter. Provided that the above-described Tenant’s Work is constructed by Tenant’s Contractor in accordance with the Work Letter, make available Landlord shall reimburse Tenant for Tenant’s actual construction costs up to the amount of the Additional Allowance. Such Additional Allowance shall be paid directly to Tenant within ten business days following: 1) proper recordation of a Notice of Completion for the Additional Tenant’s Work; 2) receipt of all “unconditional waiver and release upon final payment for material and labor lien” releases from Tenant’s contractor, subcontractors, and suppliers; and 3) Landlord’s inspection and approval of the Tenant’s Work, which approval shall not be withheld so long as the Tenant’s Work has been performed in a good and workmanlike manner in accordance with the approved Plans; provided, however, no such inspection shall impose any liability upon Landlord, nor absolve Tenant Improvement or Tenant’s Contractor from liability for any defect or failure to comply with the requirements hereof. Landlord shall further provide Tenant an allowance of up to Twelve Thousand Five Hundred Dollars ($12,500.00), to be applied solely toward fifty percent (50%) of the actual costs of Tenant’s removal and relocation of existing Information Systems equipment from ▇▇▇▇▇ ▇▇▇ ▇▇ ▇▇▇▇▇ ▇▇▇, including any repairs to Suite 510 necessitated by such removal (“IS Allowance”). The IS Allowance (shall include no more than $3,000 of new equipment. Such removal and relocation shall be deemed “Tenant’s Work” as defined in the Work Letter attached to the Original Lease as Exhibit “C,” and shall be planned and constructed in accordance with the applicable provisions of said Work Letter). Commencing on ; provided that the Rent Commencement Dateremoval of the IS Equipment from Suite 510, and continuing thereafter the completion of any repairs to Suite 510 necessitated by such removal, shall be completed on the first day of each month during the Base Termor before February 16, Tenant shall pay the amount necessary to fully amortize the portion of the Additional Tenant Improvement Allowance actually funded by Landlord, if any, in equal monthly payments with interest at a rate of 8% per annum over the Base Term, which interest shall begin to accrue on the date that Landlord first disburses such Additional Tenant Improvement Allowance or any portion(s) thereof. Tenant acknowledges that because the Additional Tenant Improvement Allowance may be disbursed to Tenant in multiple disbursements following the Commencement Date, the Additional Rent payable by Tenant pursuant to this Section 4(b) may be adjusted following each such disbursement2003. Notwithstanding anything to the contrary contained hereinin this First Amendment, Tenant may, at the IS Allowance shall apply to work done both to Suite 510 as well as Suite 600. Provided that the above-described Tenant’s sole electionWork is constructed by Tenant’s Contractor in accordance with the Work Letter, accelerate or pre-pay all or any portion Landlord shall reimburse Tenant for Tenant’s actual removal and relocation costs up to the amount of the outstanding and unamortized portion of the Additional Tenant Improvement IS Allowance. Such IS Allowance that was actually funded by Landlord in full at any time without penalty, in which event the amortizing payments shall be appropriately adjusted. Any of the Additional Tenant Improvement Allowance and applicable interest remaining unpaid as of the expiration or earlier termination of this Lease shall be paid directly to Landlord in Tenant within ten business days following: 1) proper recordation of a lump sum at Notice of Completion for the expiration or earlier termination Tenant’s Work; 2) receipt of this Lease. The Additional Tenant Improvement Allowance shall be available all “unconditional waiver and release upon final payment for use by Tenant until the date that is twenty-four (24material and labor lien” releases from Tenant’s contractor, subcontractors, and suppliers; and 3) months after the Commencement Date. Any portion Landlord’s inspection and approval of the Additional Tenant Improvement Allowance Tenant’s Work, which has not been properly requested by Tenant from Landlord on or before the date that is twenty-four (24) months after the Commencement Date, shall be forfeited and approval shall not be available withheld so long as the Tenant’s Work has been performed in a good and workmanlike manner in accordance with the approved Plans; provided, however, no such inspection shall impose any liability upon Landlord, nor absolve Tenant or Tenant’s Contractor from liability for use by Tenant.any defect or failure to comply with the requirements hereof. Landlord /s/JC Tenant /s/RR
Appears in 1 contract
Sources: Lease (Captiva Software Corp)
Additional TI Allowance. In addition to the Tenant Improvement Allowance (as defined in Allowance, Tenant shall have the Work Letter)right, by written notice to Landlord shallgiven on or before the Substitute Premises Commencement Date, subject to the terms use up to $25.00 per RSF of the Work LetterSubstitute Premises (i.e., make available up to Tenant $4,103,750.00) (the “Additional TI Allowance”) towards the payment of the costs of the Tenant Improvement Allowance (as defined in Items. In the Work Letter). Commencing on the Rent Commencement Date, and continuing thereafter on the first day of each month during the Base Term, event Tenant shall pay the amount necessary exercises its right to fully amortize the portion of the Additional Tenant Improvement Allowance actually funded by Landlord, if any, in equal monthly payments with interest at a rate of 8% per annum over the Base Term, which interest shall begin to accrue on the date that Landlord first disburses such Additional Tenant Improvement Allowance or any portion(s) thereof. Tenant acknowledges that because the Additional Tenant Improvement Allowance may be disbursed to Tenant in multiple disbursements following the Commencement Date, the Additional Rent payable by Tenant pursuant to this Section 4(b) may be adjusted following each such disbursement. Notwithstanding anything to the contrary contained herein, Tenant may, at Tenant’s sole election, accelerate or pre-pay use all or any portion of the outstanding and unamortized portion Additional TI Allowance, Tenant shall be required to pay Landlord, commencing on the date the Tenant Improvements are completed (the “Additional Payment Commencement Date”), the “Additional TI Allowance Payment,” as that term is defined below, in consideration of Landlord provision of the Additional Tenant Improvement TI Allowance. The “Additional TI Allowance that was actually funded by Landlord in full at any time without penalty, in which event the amortizing payments Payment” shall be appropriately adjusted. Any determined as the missing component of an annuity, which annuity shall have (i) the amount of the Additional TI Allowance utilized by Tenant Improvement as the present value amount, (ii) a number equal to the number of full calendar months then remaining in the Substitute Premises Term as the number of payments, (iii) a monthly interest factor equal to 0.8333%, which is equal to ten percent (10%) divided by twelve (12) months per year, and (iv) the Additional TI Allowance and applicable interest remaining unpaid Payment as the missing component of the expiration or earlier termination of this Lease shall be paid to Landlord in a lump sum at the expiration or earlier termination of this Lease. The Additional Tenant Improvement Allowance shall be available for use by Tenant until the date that is twenty-four (24) months after the Commencement Date. Any portion of the Additional Tenant Improvement Allowance which has not been properly requested by Tenant from Landlord on or before the date that is twenty-four (24) months after the Commencement Dateannuity, shall be forfeited and shall not be available for use by Tenantsubject to annual escalations. Following the calculation of the Additional TI Allowance Payment, Landlord and Tenant will enter into a lease amendment in the form of Exhibit G attached to the Lease, to confirm the amount thereof.
Appears in 1 contract
Additional TI Allowance. In addition Commencing on the date of this Seventh Amendment, Landlord shall make available to Tenant a tenant improvement allowance equal to $35.00 per rentable square foot of the Premises, or $1,920,135 in the aggregate (“Additional Allowance”), for the design and construction after the date of this Seventh Amendment of Alterations to the Premises (which Alterations shall be designed and constructed pursuant to and in accordance with this Section 7 and Section 12 of the Lease) (“Seventh Amendment Alterations”). Except as otherwise provided in this Section 7, the Additional Allowance shall only be available for the hard and soft costs of construction of such Seventh Amendment Alterations; provided that a portion of the Additional Allowance, up to $2.00 per rentable square foot of the Premises may be used toward the cost of Tenant’s teledata/computer cabling for the Premises. Tenant Improvement acknowledges that upon the expiration of the Term of the Lease, all Seventh Amendment Alterations shall become the property of Landlord and may not be removed by Tenant, nor shall Tenant have the right to remove such Seventh Amendment Alterations at any time during the Term. Except for the Additional Allowance, Tenant shall be solely liable for all of the costs of any and all Seventh Amendment Alterations. The Seventh Amendment Alterations may be constructed in phases. During the course of design and construction of any phase of Seventh Amendment Alterations, Landlord shall reimburse Tenant or pay directly to Tenant’s contractors on a pro rata basis a percentage of the costs of the applicable phase of the Seventh Amendment Alterations (equal to the percentage that the remaining Additional Allowance bears to the total budget for such Seventh Amendment Alterations) once a month against a draw request in Landlord’s standard form and all applicable Reimbursement Deliveries, no later than 30 days following receipt of such draw request. Upon completion of the applicable phase of Seventh Amendment Alterations (and prior to any final disbursement of the Additional Allowance in connection with such phase of Seventh Amendment Alterations) Tenant shall deliver to Landlord the following items: (i) sworn statements setting forth the names of all contractors and subcontractors who did work on such phase of the Seventh Amendment Alterations and final lien waivers from all such contractors and subcontractors; and (ii) “as defined built” plans or marked-up construction drawings for the Seventh Amendment Alterations constructed during such phase. Landlord shall be entitled to receive the benefit of all construction warranties and manufacturer’s equipment warranties relating to equipment installed in the Work LetterPremises as part of the Seventh Amendment Alterations. If Landlord does not reimburse the cost of Seventh Amendment Alterations (up the full amount of the Additional Allowance) to Tenant within (x) if Landlord does not dispute such costs, the date that is 90 days after Tenant’s delivery to Landlord of all required Reimbursement Deliveries, or (y) if Landlord disputes such costs, the date that is 90 days after the earlier to occur of (1) the date the parties mutually agree on such costs and Landlord’s responsibility therefor, and (2) the date a final judgment is issued by a court of law or an out of court settlement is reached by the parties with respect to such costs, then, in each case, Tenant may deduct from Base Rent next payable by Tenant under the Lease the amount of such costs. The contractor for the Seventh Amendment Alterations shall be selected by Tenant, subject to Landlord’s approval. Prior to the commencement of each phase of the Seventh Amendment Alterations, Tenant shall deliver to Landlord a copy of any contract with Tenant’s contractors (including the architect), and certificates of insurance from any contractor performing any part of such phase of the Seventh Amendment Alterations evidencing industry standard commercial general liability, automotive liability, “builder’s risk”, and workers’ compensation insurance. Tenant shall cause the general contractor to provide a certificate of insurance naming Landlord, Alexandria Real Estate Equities, Inc., and Landlord’s lender (if any) as additional insureds for the general contractor’s liability coverages required above. With respect to any portion of the Additional Allowance not used before January 31, 2016, commencing in the calendar year 2016, prior to July 30th of each year, Tenant shall deliver to Landlord shallfor Landlord’s approval, subject in Landlord’s reasonable discretion, a preliminary scope of work and budget (which preliminary scope of work and budget shall be merely an estimate and shall not be binding on Tenant) for the Seventh Amendment Alterations desired by Tenant to be constructed during the 12-month period following Tenant’s delivery of such preliminary scope of work and budget to Landlord. The Seventh Amendment Alterations reflected in each applicable preliminary scope of work and budget shall be designed and constructed by Tenant pursuant to the terms of the Work Letter, make available to Tenant the Additional Tenant Improvement Allowance (as defined in the Work Letter). Commencing on the Rent Commencement Date, and continuing thereafter on the first day of each month during the Base Term, Tenant shall pay the amount necessary to fully amortize the portion Section 12 of the Additional Tenant Improvement Allowance actually funded by Landlord, if any, in equal monthly payments with interest at a rate of 8% per annum over the Base Term, which interest shall begin to accrue on the date that Landlord first disburses such Additional Tenant Improvement Allowance or any portion(s) thereof. Tenant acknowledges that because the Additional Tenant Improvement Allowance may be disbursed to Tenant in multiple disbursements following the Commencement Date, the Additional Rent payable by Tenant pursuant to Lease and this Section 4(b) may be adjusted following each such disbursement7. Notwithstanding anything to the contrary contained herein, Tenant may, at Tenant’s sole electionupon written notice to Landlord, accelerate or pre-pay elect to use all or any portion of the outstanding and unamortized a portion of the Additional Tenant Improvement Allowance that was actually funded by Landlord in full at any time without penalty, in which event the amortizing payments shall be appropriately adjusted. Any to cover costs of the Additional Base Building Alterations for which Tenant Improvement Allowance and applicable interest remaining unpaid as of the expiration or earlier termination of this Lease shall be paid to Landlord in a lump sum at the expiration or earlier termination of this Leaseis responsible, if any. The Additional Tenant Improvement Allowance shall only be available for use by Tenant until for the date that design and construction of Seventh Amendment Alterations (or, if elected by Tenant pursuant to the immediately preceding sentence, the cost of Base Building Alterations for which Tenant is twenty-four (24) months after responsible). Tenant shall have no right to the Commencement Date. Any use or benefit of any portion of the Additional Tenant Improvement Allowance which has not been properly requested requisitioned by Tenant from Landlord on or before in accordance with this Section 7 prior to the date that is twenty-four (24) months after expiration of the Commencement Date, shall be forfeited and shall not be available for use by TenantTerm.
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Additional TI Allowance. In addition Provided that the costs to construct the Tenant Improvements (as defined in Exhibit B to the Tenant Improvement Second Amendment) exceed Landlord’s Construction Allowance (as defined in Paragraph 7 of the Work LetterSecond Amendment) plus the Third Amendment Allowance (i.e., such that Tenant would be required to come out of pocket with respect to such excess costs for the Tenant Improvements), then Landlord shall, subject agrees to provide Tenant with an additional allowance (the terms “Additional TI Allowance”) of up to $525,000 to be used by Tenant solely towards paying for that portion of the Work Letter, make available cost of constructing the Tenant Improvements in excess of the aggregate Landlord’s Construction Allowance and Third Amendment Allowance. In the event Tenant desires to Tenant the Additional Tenant Improvement Allowance (as defined in the Work Letter). Commencing on the Rent Commencement Date, and continuing thereafter on the first day of each month during the Base Term, Tenant shall pay the amount necessary to fully amortize the utilize any portion of the Additional TI Allowance, then Tenant Improvement shall make a one-time request on or before December 31, 2019, indicating in such request the amount of such Additional TI Allowance actually funded Tenant desires that Landlord disburse. Landlord and Tenant hereby agree that in the event Tenant notifies Landlord in writing that Tenant desires any portion of the Additional TI Allowance, such portion requested by Landlord, if any, in equal monthly payments with interest Tenant shall be amortized (at a rate of 8% interest equal to seven and one-half percent (7.5%) per annum annum) over the Base Term, which interest shall begin to accrue period commencing on the date that such sums were initially advanced or disbursed by Landlord first disburses such Additional Tenant Improvement Allowance or any portion(s) thereof. Tenant acknowledges that because and ending on the Additional Tenant Improvement Allowance may be disbursed to Tenant in multiple disbursements following expiration of the Commencement DateThird Amendment Extension Term, and the Additional monthly installments of Basic Annual Rent payable by Tenant pursuant to this Section 4(b) may be adjusted following each such disbursement. Notwithstanding anything with respect to the contrary contained herein, Tenant may, at Tenant’s sole election, accelerate or pre-pay all or any portion of the outstanding Existing Premises and unamortized portion of the Additional Tenant Improvement Allowance that was actually funded by Landlord in full at any time without penalty, in which event the amortizing payments Suite 1150 Space shall be appropriately adjustedincreased by the monthly amount necessary to so amortize such Additional TI Allowance so disbursed by Landlord. Any of Tenant agrees to execute promptly an amendment to the Lease reflecting the increase in the Basic Annual Rent as described above. In the event Tenant fails to request such Additional TI Allowance by December 31, 2019, then Tenant Improvement Allowance and applicable interest remaining unpaid as of the expiration or earlier termination of this Lease shall be paid forfeit its right to Landlord in a lump sum at the expiration or earlier termination of this Lease. The request such Additional Tenant Improvement Allowance shall be available for use by Tenant until the date that is twenty-four (24) months after the Commencement Date. Any portion of the Additional Tenant Improvement Allowance which has not been properly requested by Tenant from Landlord on or before the date that is twenty-four (24) months after the Commencement Date, shall be forfeited and shall not be available for use by TenantTI Allowance.
Appears in 1 contract