Carpet Allowance Clause Samples
A Carpet Allowance clause specifies an agreed-upon sum that the seller will provide to the buyer at closing to cover the cost of replacing or upgrading carpeting in the property. Typically, this amount is either credited toward the buyer’s closing costs or deducted from the purchase price, allowing the buyer to choose their own carpeting after the sale. The core function of this clause is to address concerns about worn or outdated carpets without requiring the seller to complete the work before closing, thereby facilitating the transaction and accommodating buyer preferences.
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Carpet Allowance. Landlord shall provide to Tenant a Carpet allowance not to exceed $1.00 per rentable square foot in the Premises (the “Carpet Allowance”) to be applied toward the Total Carpet Costs, as adjusted for any changes to the Carpet. The Carpet Allowance shall not be disbursed to Tenant in cash, but shall be applied by Landlord to the payment of the Total Carpet Costs, if, as, and when the cost of the Carpet is actually incurred and paid by Landlord. The Carpet Allowance must be used (that is, the installation of Carpet must be fully complete and the Carpet Allowance disbursed) within six months following the date of this Amendment or shall be deemed forfeited with no further obligation by Landlord with respect thereto, time being of the essence with respect thereto.
Carpet Allowance. Landlord shall provide to Tenant an allowance of up to Seven Thousand Three Hundred Fifty Dollars ($7,350) (the “Carpet Allowance”), which such Carpet Allowance shall be available to reimburse Tenant for the reasonable and customary third-party out-of-pocket costs and expenses actually incurred by Tenant for procuring and installing carpet in the Office Space (“Carpet Expenses”). Landlord shall reimburse Tenant for Tenant’s Carpet Expenses in an amount up to the amount of the Carpet Allowance within a reasonable period of time following Landlord’s receipt of a written request from Tenant setting forth the total amount incurred for Tenant’s Carpet Expenses accompanied by paid receipts and invoices from third parties and any other evidence Landlord may reasonably request to justify such a reimbursement. In the event Tenant’s Carpet Expenses exceed the Carpet Allowance, Tenant shall pay from another source of funds the amount by which ▇▇▇▇▇▇’s Carpet Expenses exceeds the Carpet Allowance prior to any disbursement of the Carpet Allowance by Landlord. In the event Tenant’s Carpet Expenses are less than the Carpet Allowance, the unused portion (the “Unused Allowance”) of the Carpet Allowance shall not be paid or refunded to Tenant or be available to Tenant as a credit against any obligations of Tenant under the Lease. ▇▇▇▇▇▇’s request for reimbursement from the Carpet Allowance for ▇▇▇▇▇▇’s Carpet Expenses must be properly submitted to Landlord prior to December 31, 2020 (the “Allowance Sunset Date”) or Landlord shall have no further obligation to make such a reimbursement hereunder. Tenant shall have no right to receive any portion of the Carpet Allowance at any time that Tenant is in default under the Lease beyond the expiration of any applicable notice and cure period.