Common use of Cost of Tenant Improvements Clause in Contracts

Cost of Tenant Improvements. Unless specified otherwise herein, Landlord shall bear and pay the cost of the Tenant Improvements (which cost shall include, without limitation, the costs of construction, the cost of permits and permit expediting, the costs of code compliance work, if such work is required as a result of, or is a condition imposed by appropriate governmental authorities for, construction of the Tenant Improvements, and all architectural and engineering services obtained by Landlord in connection with the Tenant Improvements, the Contractor's fees, Landlord's fee for construction administration in an amount which shall not exceed three percent (3%) of hard costs, utilities, and Landlord's Insurance Costs (including, without limitation, course of construction insurance), from the date of this Work Letter until the Lease Commencement Date up to a maximum of $450,000.00 (the "Tenant Improvement Allowance"). The Tenant Improvement Allowance shall be utilized only for building improvements to the Building, and not for signage, furniture costs, any third party consulting or contracting fees, any telecom/cabling costs, or any other purpose. Tenant shall bear and pay the cost of the Tenant Improvements (including but not limited to all of the foregoing fees and costs) in excess of the Tenant Improvement Allowance, if any. The cost of the Tenant Improvements shall exclude the cost of furniture, fixtures and inventory and other items of Tenant's Work (as defined below). Tenant shall have the right to elect to increase the Tenant Improvement Allowance by up to an additional $450,000.00 (the "Additional Allowance"), subject to the following terms and conditions: (i) Tenant shall make such election, if at all, no later than August 15, 1998; (ii) such amount shall be paid to Landlord in equal monthly installments over the seven (7) year Lease Term with interest at 10%, as additional Base Monthly Rent in the manner specified by Article 3 of the Lease; and (iii) the Additional Allowance shall otherwise constitute a part of the Tenant Improvement Allowance and shall be subject to the restrictions and conditions on such Tenant Improvement Allowance provided in this Work Letter. Notwithstanding anything to the contrary contained herein or in the Lease, Landlord shall be responsible at its sole cost and expense for the incremental costs incurred by either Landlord or Tenant for asbestos removal within the interior of the Leased Premises required solely as a result of the construction of the Tenant Improvements. 5.

Appears in 2 contracts

Samples: Vantive Corp, Vantive Corp

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Cost of Tenant Improvements. Unless specified otherwise herein, Landlord shall bear and pay the cost of the Tenant Improvements (which cost shall include, without limitation, the costs of construction, the cost of permits and permit expediting, the costs of code compliance work, if such work is required as a result of, or is a condition imposed by appropriate governmental authorities for, construction of the Tenant Improvements, and all architectural and engineering services obtained by Landlord in connection with the Tenant Improvements, the Contractor's fees, Landlord's fee for construction administration in an amount which shall not exceed three percent equal to the amount charged by any construction manager retained by Landlord (3%the "Construction Manager") of hard costs, utilities, and Landlord's Insurance Costs (including, without limitation, course of construction insurance), from the date of this Work Letter until the Lease Commencement Date up to a maximum of $450,000.00 6,121,750 (the "Tenant Improvement Allowance"). The Tenant Improvement Allowance shall be utilized only for building improvements to the BuildingBuilding (and Tenant's architect fees), and not for signage, furniture costs, any third party consulting or contracting fees, any telecom/cabling costs, or any other purpose. Tenant shall bear and pay the cost of the Tenant Improvements (including but not limited to all of the foregoing fees and costs) in excess of the Tenant Improvement Allowance, if any. The cost of the Tenant Improvements shall exclude the cost of furniture, fixtures and inventory and other items of Tenant's Work (as defined below). Tenant shall have Notwithstanding the right to elect to increase foregoing, the Tenant Improvement Allowance by up to an additional $450,000.00 shall not be used for (and Tenant shall have no responsibility for) the "Additional Allowance"), subject following costs except to the following terms and conditions: (i) Tenant shall make such election, if at all, no later than August 15, 1998; (ii) such amount shall be paid to Landlord in equal monthly installments over the seven (7) year Lease Term with interest at 10%, as additional Base Monthly Rent in the manner specified by Article 3 extent any of the Lease; and (iii) foregoing are caused by Tenant, are due to Tenant Delays or result from the Additional Allowance shall otherwise constitute a part failure of Tenant to comply with the terms of the Tenant Improvement Allowance and shall be subject to the restrictions and conditions on such Tenant Improvement Allowance provided in Lease or this Work Letter. Notwithstanding anything : (1) Property Maintenance Costs prior to the contrary contained herein or in Delivery Date; (2) charges for overtime, except to the Lease, Landlord shall be responsible at its sole cost and expense for the incremental extent approved by Tenant; (3) costs to correct construction defects; (4) costs incurred to enforce contracts or cure contractor or subcontractor defaults (including legal fees); or (5) principal or interest on construction loan obtained by either Landlord or Tenant for asbestos removal within the interior of the Leased Premises required solely as a result of the construction of the Tenant Improvements. 5.

Appears in 2 contracts

Samples: Lease (Juniper Networks Inc), Lease (Juniper Networks Inc)

Cost of Tenant Improvements. Unless specified otherwise herein, Landlord shall bear contribute up to Seven Hundred Twenty-Five Thousand and pay no/100 Dollars ($725,000.00) (the “Allowance”) toward the cost of the design (including preparation of space plans and Construction Documents), construction and installation of the Tenant Improvements (including without limitation, usual markups for overhead, supervision and profit which shall be included in the Final Cost Estimate), but excluding any of the costs related to the Exercise Room as shown on such plans which shall be paid by Tenant. Landlord shall provide an additional Seventy-six Thousand Nine Hundred Twenty-five and 00/100 Dollars ($76,925.00) (the “Additional Contribution”) toward the Tenant Improvements or other hard cost of constructing any other fixture or leasehold improvements made by Tenant to the Premises prior to the Commencement Date; provided, however the amount of the Additional Contribution, if any, shall be amortized over the initial one hundred eighty (180) months of the Term at an interest rate of ten and 00/100 percent (10.0%) per annum and added to the Base Rent due and payable monthly pursuant to this Lease. The balance, if any, of the cost of the Tenant Improvements as set forth in the Final Cost Estimate over and above the Allowance and Additional Contribution (which cost “Additional Cost”) shall include, without limitation, the costs of construction, the cost of permits and permit expediting, the costs of code compliance work, if such work is required as a result of, or is a condition imposed be paid by appropriate governmental authorities for, construction of the Tenant. Tenant Improvements, and all architectural and engineering services obtained by shall pay Landlord in connection with the Tenant Improvements, the Contractor's fees, Landlord's fee for construction administration in an amount which shall not exceed three fifty percent (350%) of hard costs, utilities, and Landlord's Insurance Costs (including, without limitation, course of construction insurance), from the date of this Work Letter until Additional Cost based upon the Lease Commencement Date up to a maximum of $450,000.00 (the "Tenant Improvement Allowance"). The Tenant Improvement Allowance shall be utilized only for building improvements Final Cost Estimate prior to the Building, and not for signage, furniture costs, any third party consulting or contracting fees, any telecom/cabling costs, or any other purpose. Tenant shall bear and pay the cost commencement of the Tenant Improvements (including but not limited to all of the foregoing fees and costs) in excess of the Tenant Improvement Allowance, if any. The cost of the Tenant Improvements shall exclude the cost of furniture, fixtures and inventory and other items of Tenant's Work (as defined below). Tenant shall have the right to elect to increase the Tenant Improvement Allowance by up to an additional $450,000.00 (the "Additional Allowance"), subject to the following terms and conditions: (i) Tenant shall make such election, if at all, no later than August 15, 1998; (ii) such amount shall be paid to Landlord in equal monthly installments over the seven (7) year Lease Term with interest at 10%, as additional Base Monthly Rent in the manner specified by Article 3 of the Lease; and (iii) the Additional Allowance shall otherwise constitute a part of the Tenant Improvement Allowance and shall be subject to the restrictions and conditions on such Tenant Improvement Allowance provided in this Work Letter. Notwithstanding anything to the contrary contained herein or in the Lease, Landlord shall be responsible at its sole cost and expense for the incremental costs incurred by either Landlord or Tenant for asbestos removal within the interior of the Leased Premises required solely as a result of the construction of the Tenant Improvements. 5The balance of the actual Additional Cost shall be paid to Landlord upon Substantial Completion of the Tenant Improvements and full completion of the punch list items, within thirty (30) days after receipt of Landlord’s invoice therefor. Landlord will use reasonable care in preparing the cost estimates, and Tenant shall have no obligation, other than for Changes set forth below and any City required changes, additions or alterations in or to the Final Construction Documents that increases the cost of the Tenant Improvements, to pay any additional costs of the Tenant Improvements over the approved Final Cost Estimate less the Allowance and Additional Contribution. Notwithstanding the foregoing, in the event the full Seven Hundred Twenty-Five Thousand and no/100 Dollars ($725,000.00) of the Allowance is not used by Tenant as provided above, then up to Seventy-Two Thousand Five Hundred and no/100 Dollars ($72,500.00) of the unused balance may be used by Tenant for the Additional Cost and the hard cost of constructing any other fixture or leasehold improvements made by Tenant to the Premises prior to the Commencement Date; provided, however, Tenant must request the right to utilize such portion of the unused balance by written notice delivered to Landlord within ninety (90) days after Landlord achieves Substantial Completion of the Tenant Improvements. Upon Substantial Completion of the Tenant Improvements, the parties shall promptly execute an addendum to this Lease in form prepared by Landlord’s counsel confirming the date of Substantial Completion, the Commencement Date, the Termination Date, the amount of the Additional Contribution, if any, and any increase in the Base Rent based on the amortization of the Additional Contribution, if any.

Appears in 1 contract

Samples: Lease Agreement (Mocon Inc)

Cost of Tenant Improvements. Unless specified otherwise herein, Landlord shall bear and pay the cost of the Tenant Improvements to be made pursuant to the Space Plans, up to the total amount (which cost shall includeinclusive of all architectural, without limitationengineering, space planning, construction management, permitting and other fees of Landlord in connection therewith) of $15.00 per square foot of Rentable Area (the "Tenant Allowance"). In the event that the estimated costs of constructionthe Tenant Improvements exceed the Tenant Allowance, Landlord shall so notify Tenant, submitting such estimate and Landlord's calculation of the excess. Any changes in the Space Plans or Working Drawings shall be at Tenant's sole cost and expense, both as to professional fees and cost of materials and labor. Concurrently with implementing any changes in the Space Plans and/or Working Drawings requested by Tenant, Landlord shall prepare and submit to Tenant a written estimate of the cost required by the changes. In the event that the aggregate cost of the Tenant Improvements is less than the Tenant Allowance, Tenant may apply the balance towards the cost of permits and permit expediting, monument signage described in Section XXXV.G. of the costs of code compliance workLease and, if any balance remains thereafter, to the next payments of Monthly Rental due under the Lease until such work balance is required as a result of, or is a condition imposed by appropriate governmental authorities for, construction of exhausted. Landlord may credit against the Tenant Improvements, and Allowance all architectural and engineering services obtained by Landlord costs incurred in connection with the Tenant Improvements, including without limitation costs of preparing the Contractor's Space Plans and the Working Drawings, including fees of professionals such as space planners, architects and engineers, permit fees, construction management fees, profit and general conditions and other costs payable to Landlord's fee general contractor for the Tenant Improvements and all hard construction administration costs. If Tenant approves any such estimate, it shall pay Landlord the full amount of such estimate within seven (7) days after receipt of the estimate. If Tenant shall fail to pay any estimate in an amount which full within such seven (7) day period, Tenant shall be deemed to have disapproved the estimate, and Landlord shall not exceed three percent (3%) of hard costs, utilities, proceed with the Tenant Improvements affected thereby. Landlord and Landlord's Insurance Costs (including, without limitation, course of construction insurance), from the date of this Work Letter until the Lease Commencement Date up to a maximum of $450,000.00 (the "Tenant Improvement Allowance"). The Tenant Improvement Allowance shall be utilized only for building improvements to the Building, and not for signage, furniture costs, any third party consulting or contracting fees, any telecom/cabling costs, or any other purpose. Tenant shall bear thereafter cooperate to amend the plans and pay specifications for the Premises as necessary to obtain Tenant's approval of the cost of the Tenant Improvements (including but not limited to all of implementing the foregoing fees changes requested by Tenant; provided, however, that Tenant shall pay any costs resulting from such amendments and costs) Tenant shall be liable for the delay in excess of completing the Tenant Improvement AllowanceImprovements and the increased costs in completing the affected Tenant Improvements, if any, resulting from such delay. The cost In the event the premises are a portion of a larger premises or any portion of the Premises is a portion of a larger premises, the Tenant Improvements shall exclude include, and the Tenant Allowance shall be applied to cover, any and all costs and expenses, including professional and construction management fees, incurred or required to be paid by Landlord to reconstitute the premises of which the Premises (or a portion thereof) are a part as separate premises (including without limitation separation of HVAC and electrical and repair or replacement of wall and/or floor coverings or treatments). In addition, the cost of furniture, fixtures and inventory and other items of Tenant's Work (the changes requested by Tenant which are to be Paid by Tenant as defined below). Tenant set forth above shall have the right to elect to increase the Tenant Improvement Allowance by up to an additional $450,000.00 (the "Additional Allowance"), subject to the following terms and conditions: include (i) Tenant shall make such election, if at all, no later than August 15, 1998; the contractor's charges and (ii) such amount a fee to defray Landlord's overhead and indirect costs in coordinating all work, which fee shall be paid to Landlord in equal monthly installments over the seven five percent (75%) year Lease Term with interest at 10%, as additional Base Monthly Rent in the manner specified by Article 3 of the Lease; and (iii) the Additional Allowance shall otherwise constitute a part total cost of construction of the Tenant Improvement Allowance and shall be subject to the restrictions and conditions on such Tenant Improvement Allowance provided in this Work Letteradditional work. Notwithstanding anything to the contrary contained herein or in the Lease, Upon completion by Landlord shall be responsible at its sole cost and expense for the incremental costs incurred by either Landlord or Tenant for asbestos removal within the interior of the Leased Premises required solely as a result of the construction of the Tenant Improvements, Landlord shall determine the actual final cost of the work for the Premises to be paid for by Tenant in accordance herewith and shall submit a written statement of such amount to Tenant. 5If the estimate previously paid by Tenant for such work exceeds the actual cost of such work, such excess shall be credited by Landlord against the next rental coming due under the Lease. If the actual cost of such work exceeds the estimate therefor previously paid by Tenant, then Tenant shall pay such excess in full within ten (10) days of receipt of Landlord's invoice therefor.

Appears in 1 contract

Samples: Office Lease (Newgen Results Corp)

Cost of Tenant Improvements. Unless specified otherwise hereinProvided that Tenant is not in default under the Lease beyond applicable notice and cure periods, Landlord shall bear contribute a maximum of the lesser of (A) the Budget (as defined below) and pay (B) Two Million Five Hundred Thousand and 00/100 Dollars ($2,500,000.00) (the “Tenant Improvement Allowance”) towards the cost of the Tenant Improvements (which cost shall include, without limitation, the costs of construction, the cost of permits and permit expediting, the costs of code compliance work, if such work is required as a result of, or is a condition imposed by appropriate governmental authorities for, construction of the Tenant Improvements, and all architectural and engineering services obtained by Landlord in connection with the Tenant Improvements, the Contractor's ’s fees, Landlord's ’s fee for construction administration in an amount which shall not exceed three percent (3%) of hard costs, utilities, and equal to the amount charged by Landlord's Insurance Costs (including, without limitation, course of ’s construction insurance), from the date of this Work Letter until the Lease Commencement Date up to a maximum of $450,000.00 manager (the "Tenant Improvement Allowance"“Construction Manager”) and Tenant’s signage). The Tenant Improvement Allowance shall not be utilized only for building improvements to the Building, and not for signage, furniture costs, any third party consulting or contracting fees, any telecom/cabling costs, or any other purposepurpose not specified herein. Landlord’s Contractor shall prepare a construction budget for the Tenant Improvements (the “Budget”). To the extent that the actual cost of the Tenant Improvements is less than the Budget or the Tenant Improvement Allowance, Landlord shall be entitled to the benefit of such savings. Tenant shall not be entitled to any credit against Rent, nor change in Approved Plans to utilize such savings. Tenant shall bear and pay the cost of the Tenant Improvements (including but not limited to all of the foregoing fees and costs) in excess of the Tenant Improvement Allowance, if anyany as determined by the Budget (“Excess Costs”). The As a condition to commencing construction, Landlord shall have the option to require Tenant to pay to Landlord such Excess Costs for application to the cost of the Tenant Improvements Improvements, as they are incurred. In any event, Excess costs shall exclude the cost of furniture, fixtures and inventory and other items of Tenant's Work (as defined below). Tenant shall have the right to elect to increase be applied in pari passu with the Tenant Improvement Allowance by up to an additional $450,000.00 (the "Additional Allowance"), subject to the following terms and conditions: (i) Tenant shall make such election, if at all, no later than August 15, 1998; (ii) such amount shall be paid to Landlord in equal monthly installments over the seven (7) year Lease Term with interest at 10%, as additional Base Monthly Rent in the manner specified by Article 3 of the Lease; and (iii) the Additional Allowance shall otherwise constitute a part of the Tenant Improvement Allowance and shall be subject to the restrictions and conditions on such Tenant Improvement Allowance provided in this Work Letter. Notwithstanding anything to the contrary contained herein or in the Lease, Landlord shall be responsible at its sole cost and expense for the incremental costs incurred by either Landlord or Tenant for asbestos removal within the interior of the Leased Premises required solely as a result of the construction of the Tenant Improvements. 5progress payments.

Appears in 1 contract

Samples: Lease (Design Therapeutics, Inc.)

Cost of Tenant Improvements. Unless specified otherwise herein, Landlord shall bear and pay the cost of the Tenant Improvements (which cost shall include, without limitation, the costs of construction, the cost of permits and permit expediting, the costs of code compliance work, if such work is required as a result of, or is a condition imposed by appropriate governmental authorities for, construction of the Tenant Improvements, and all architectural and engineering services obtained by Landlord in connection with the Tenant Improvements, the Contractor's fees, Landlord's fee for construction administration in an amount which shall not exceed three percent (3%up to $2,000 per month) of hard costs, utilities, and Landlord's Insurance any Property Maintenance Costs (including, without limitation, course of construction insurance), from the date of this Work Letter until the Lease Commencement Date Date) up to a maximum of $450,000.00 483,840.00 (the "Tenant Improvement Allowance"). The Tenant Improvement Allowance shall be utilized only for building improvements to the Building, and not for signage, furniture costs, any third party consulting or contracting feesfees (other than third party space planning consultant fees up to $25,000), any telecom/cabling costs, or any other purpose. Tenant shall bear and pay the cost of the Tenant Improvements (including but not limited to all of the foregoing fees and costs) in excess of the Tenant Improvement Allowance, if any. The cost of the Tenant Improvements shall exclude the cost of furniture, fixtures and inventory and other items of Tenant's Work (as defined below). Landlord shall provide to Tenant, at Tenant's request and at Tenant's expense, a complete accounting of all amounts included as Tenant Improvement costs, and Tenant shall have the right to elect to increase audit such account at its sole cost and expense, within 30 days after substantial completion of the Tenant Improvements. In the event the entire Tenant Improvement Allowance by is not applied to Tenant Improvement Costs or Property Maintenance Costs as provided herein, up to an additional $450,000.00 (the "Additional Allowance"), subject to the following terms and conditions: (i) 282,340.00 of such Tenant shall make such election, if at all, no later than August 15, 1998; (ii) such amount Improvement Allowance not applied shall be paid to amortized by Landlord in equal monthly installments over seven (7) years at an interest rate of ten percent (10%) per annum, and the amortizing amount for each month during such seven (7) year Lease Term with interest at 10%period shall be used to reduce, as additional on a monthly basis, the Base Monthly Rent paid by Tenant over the Lease Term. In the event of such reduction in the manner specified by Article 3 of the Lease; Base Monthly Rent, Landlord and (iii) the Additional Allowance shall otherwise constitute a part of the Tenant Improvement Allowance and shall be subject agree to execute an amendment to the restrictions and conditions on such Tenant Improvement Allowance provided in this Work Letter. Notwithstanding anything to Lease setting forth the contrary contained herein or in the Lease, Landlord shall be responsible at its sole cost and expense for the incremental costs incurred by either Landlord or Tenant for asbestos removal within the interior of the Leased Premises required solely as a result of the construction of the Tenant Improvements. 5new Base Monthly Rent.

Appears in 1 contract

Samples: Lease (Webex Inc)

Cost of Tenant Improvements. Unless specified otherwise Landlord shall contribute (a) $30.00 per rentable square foot in the West Office Building, (b) $10.00 per rentable square foot in the East Office Building, and (c) $10.00 per rentable square foot in the First Level Office Space (collectively, the "ALLOWANCE") toward the cost of the design (including preparation of space plans and Construction Documents), construction and installation of the Tenant Improvements; provided, however, such Allowance shall be disbursed by Landlord (at $30.00 per rentable square foot in the West Office Building; $10.00 per rentable square foot in the East Office Building; and $10.00 per rentable square foot in the First Level Space ) only for Tenant Improvements which are actually constructed in the Premises, at the time such Tenant Improvements are constructed. Notwithstanding any provision contained herein, Landlord shall bear not be obligated to contribute, whether out of the Allowance, or otherwise, more than $2.00 per rentable square foot in the Premises towards the cost of design (including preparation of space plans and pay Construction Documents) of the Tenant Improvements. The balance, if any, of the cost of the Tenant Improvements (which cost "ADDITIONAL COST"), including, but not limited to, usual markups for overhead, supervision and profit, shall include, without limitation, be paid by Tenant. At least ten (10) Business Days prior to the costs of construction, the cost of permits and permit expediting, the costs of code compliance work, if such work is required as a result of, or is a condition imposed by appropriate governmental authorities for, date CIC starts construction of the Tenant Improvements, and all architectural and engineering services obtained by Tenant shall pay to Landlord twenty-five percent (25%) of the Additional Cost based upon the Final Cost Estimate. Within ten (10) Business Days following receipt of a monthly invoice from CIC, Tenant shall pay to Landlord a proportionate share of each progress payment due to CIC which bears the same relationship to the total amount of the progress payment in connection with question as the Additional Cost (before any Change Order) bears to the total cost of constructing Tenant Improvements. Any Change Orders shall not be included in the determination Tenant's proportionate share of progress payments. Tenant shall pay to Landlord the cost of Change Orders within thirty (30) days following receipt of a monthly invoice from CIC. Tenant shall pay any balance of the actual Additional Cost within thirty (30) days after Substantial Completion of the Tenant Improvements, the Contractor's fees, Landlord's fee for construction administration in an amount which shall not exceed three percent (3%) of hard costs, utilities, and Landlord's Insurance Costs (including, without limitation, course of construction insurance), from the date of this Work Letter until the Lease Commencement Date up to a maximum of $450,000.00 (the "Tenant Improvement Allowance"). The Tenant Improvement Allowance shall be utilized only for building improvements to the Building, and not for signage, furniture costs, any third party consulting or contracting fees, any telecom/cabling costs, or any other purpose. Tenant shall bear and pay the cost of the Tenant Improvements (including but not limited to all of the foregoing fees and costs) in excess of the Tenant Improvement Allowance, if any. The cost of the Tenant Improvements shall exclude the cost of furniture, fixtures and inventory and other items of Tenant's Work (as defined below). Tenant shall have the right to elect to increase the Tenant Improvement Allowance by up to an additional $450,000.00 (the "Additional Allowance"), subject to the following terms and conditions: (i) Tenant shall make such election, if at all, no later than August 15, 1998; (ii) such amount shall be paid to Landlord in equal monthly installments over the seven (7) year Lease Term with interest at 10%, as additional Base Monthly Rent in the manner specified by Article 3 of the Lease; and (iii) the Additional Allowance shall otherwise constitute a part of the Tenant Improvement Allowance and shall be subject to the restrictions and conditions on such Tenant Improvement Allowance provided in this Work Letter. Notwithstanding anything to the contrary contained herein or in this Exhibit B, in no event shall the Leasecosts of Tenant Improvements include, Landlord nor shall be responsible at its sole cost and expense for the incremental costs incurred by either Landlord or Tenant for asbestos removal within the interior any portion of the Leased Premises required solely as a result Allowance be used for: (i) wages, labor and overhead for overtime and premium time (unless approved in advance by Tenant, in Tenant's sole discretion), (ii) costs resulting from any breach of contract by CIC or any of its subcontractors or by the Building Architect or Tenant's Space Planner or any construction defects, (iii) any management fee or general overhead costs charged by Landlord for supervision of the construction of the Tenant Improvements. 5, (iv) bond premiums, (v) costs for which Landlord is reimbursed by others (including insurers and warranters), (vi) any costs related to removal or remediation of Hazardous Materials, (vii) costs resulting from a fire or other casualty, (viii) costs relating to the design and construction in the Building Shell and the correction of any defects in the Building Shell, or (viii) costs resulting from the negligence or willful misconduct of Landlord, or of any of Landlord's agents, employees or contractors or Landlord's breach of the Lease.

Appears in 1 contract

Samples: Lease Agreement (Inktomi Corp)

Cost of Tenant Improvements. Unless specified otherwise herein, Landlord shall bear and pay the cost of the Tenant Improvements (which cost shall include, without limitation, the costs of construction, the cost of permits and permit expediting, the costs of code compliance work, if such work is required as a result of, or is a condition imposed by appropriate governmental authorities for, construction of the Tenant Improvements, and all architectural and engineering services obtained by Landlord in connection with the Tenant Improvements, the Contractor's fees, Landlord's fee for construction administration in an amount which shall not exceed three percent equal to the amount charged by any construction manager retained by Landlord (3%the "Construction Manager") of hard costs, utilities, and Landlord's Insurance Costs (including, without limitation, course of construction insurance), from the date of this Work Letter until the Lease Commencement Date up to a maximum of $450,000.00 50 per rentable square foot (the "Tenant Improvement Allowance"). The Tenant Improvement Allowance shall be utilized only for building improvements to the BuildingBuilding (and Tenant's architect fees), and not for signage, furniture costs, any third party consulting or contracting fees, any telecom/cabling costs, or any other purpose. Tenant shall bear and pay the cost of the Tenant Improvements (including but not limited to all of the foregoing fees and costs) in excess of the Tenant Improvement Allowance, if any. The cost of the Tenant Improvements shall exclude the cost of furniture, fixtures and inventory and other items of Tenant's Work (as defined below). Tenant shall have Notwithstanding the right to elect to increase foregoing, the Tenant Improvement Allowance by up to an additional $450,000.00 shall not be used for (and Tenant shall have no responsibility for) the "Additional Allowance"), subject following costs except to the following terms and conditions: (i) Tenant shall make such election, if at all, no later than August 15, 1998; (ii) such amount shall be paid to Landlord in equal monthly installments over the seven (7) year Lease Term with interest at 10%, as additional Base Monthly Rent in the manner specified by Article 3 extent any of the Lease; and (iii) foregoing are caused by Tenant, are due to Tenant Delays or result from the Additional Allowance shall otherwise constitute a part failure of Tenant to comply with the terms of the Tenant Improvement Allowance and shall be subject to the restrictions and conditions on such Tenant Improvement Allowance provided in Lease or this Work Letter. Notwithstanding anything : (1) Property Maintenance Costs prior to the contrary contained herein or in Delivery Date; (2) charges for overtime, except to the Lease, Landlord shall be responsible at its sole cost and expense for the incremental extent approved by Tenant; (3) costs to correct construction defects; (4) costs incurred to enforce contracts or cure contractor or subcontractor defaults (including legal fees); or (5) principal or interest on construction loan obtained by either Landlord or Tenant for asbestos removal within the interior of the Leased Premises required solely as a result of the construction of the Tenant Improvements. 5.

Appears in 1 contract

Samples: Lease (Juniper Networks Inc)

Cost of Tenant Improvements. Unless specified otherwise herein, (a) Landlord shall bear contribute $39.00 per square foot of Rentable Area in the Premises toward the cost of construction and pay installation of the Tenant Improvements (the "Tenant Improvements Allowance"). The Tenant Improvements Allowance may be used for all design, engineering and construction costs, and other fees and expenses reasonably related thereto, including telecommunications, consulting and project management fees, governmental fees. The balance, if any, of the cost of the Tenant Improvements as constructed (which cost "Additional Cost"), including but not limited to Landlord's Markups, shall include, without limitation, the costs of construction, be paid by Tenant in accordance with this Section 2.5(a). If the cost of permits and permit expediting, the costs of code compliance work, if such work is required as a result of, or is a condition imposed by appropriate governmental authorities fordesign, construction and installation of the Tenant Improvements, including any Tenant approved Changes, exceeds $39.00 per rentable square foot, Landlord may deliver to Tenant, not more than once each calendar month during the construction schedule, a written request for payment ("Progress Invoice") of Tenant's prorata share of the Additional Cost to date. Each such Progress Invoice shall include and all architectural and engineering services obtained be accompanied by Landlord in connection with (i) the Tenant Improvements, the Contractor's fees, Landlord's fee for construction administration in an certified statements setting forth the amount which requested and the percentage of completion of each item of Additional Cost and (ii) copies of conditional and unconditional lien releases from all subcontractors and vendors as of the immediately prior Progress Invoice. Each Progress Invoice shall not exceed three include retention of ten percent (310%) of hard costs, utilities, and Landlord's Insurance Costs (including, without limitation, course of construction insurance), from the date of this Work Letter amount until the Lease Commencement Date up to a maximum of $450,000.00 (the "Tenant Improvement Allowance"). The Tenant Improvement Allowance shall be utilized only for building improvements to the Building, and not for signage, furniture costs, any third party consulting or contracting fees, any telecom/cabling costs, or any other purposeSubstantial Completion. Tenant shall bear and pay the cost of the Tenant Improvements (including but not limited to all of the foregoing fees and costs) in excess of the Tenant Improvement Allowanceamount due, if any. The cost , pursuant to the Progress Invoice to Landlord, within fifteen (15) days after Tenant's receipt of the above items. All costs for Tenant Improvements shall exclude the cost of furniture, fixtures be fully documented to and inventory and other items of verified by Tenant's Work (as defined below). Tenant shall have the right to elect to increase review and approve the Progress Invoice. If the actual cost of the Tenant Improvement Improvements as constructed is less than the Tenant Improvements Allowance by up to an additional $450,000.00 (the "Additional AllowanceSavings"), subject to the following terms and conditions: (i) Tenant shall make such election, if at all, no later than August 15, 1998; (ii) such amount shall be paid to Landlord in equal monthly installments over the seven (7) year Lease Term with interest at 10%, as additional Base Monthly Rent in the manner specified by Article 3 of the Lease; and (iii) the Additional Allowance shall otherwise constitute a part of the Tenant Improvement Allowance and shall be subject to the restrictions and conditions on such Tenant Improvement Allowance provided in this Work Letter. Notwithstanding anything to the contrary contained herein or in the Lease, Landlord shall be responsible at its sole cost and expense for apply the incremental costs incurred by either Landlord or Tenant for asbestos removal within the interior Savings to Base Rent installments in regular order of the Leased Premises required solely as a result of the construction of the Tenant Improvements. 5maturity.

Appears in 1 contract

Samples: Lease Agreement (Harvard Bioscience Inc)

Cost of Tenant Improvements. Unless specified otherwise herein, A. Landlord shall bear complete, or cause to be completed, the Tenant improvements, at the construction cost shown in the approved Final Cost Estimate (subject to the provisions of this Work Letter), in accordance with final Working Drawings and Specifications approved by both Landlord and Tenant. Landlord shall pay towards the final construction costs ("Completion Cost") as incurred a maximum of Two Hundred Seventy-Four Thousand Six Hundred Forty Dollars ($274,640.00) ("Landlord's Contribution"), based on $16.00 per usable square foot of the Premises, and Tenant shall be fully responsible for the remainder ("Tenant Contribution"). It is understood, however, that unless due to matters beyond the reasonable control of Landlord or its contractor, Tenant shall not be required to pay for additional costs resulting from Landlord's failure to perform the work in accordance with the approved Working Drawings and Specifications. It is further specifically understood that should the City of Newport Beach require, as a condition to its issuance of a permit for the Tenant Improvement work, that Landlord make improvements or alterations to the Premises that are not reflected in the approved Preliminary Plan in order to comply with the ADA or other handicap access requirements, then Landlord shall be responsible for the cost of those additional improvements or alterations; provided that those additional costs may be applied by Landlord against any remaining balance of the Landlord's Contribution after deducting from the Landlord's Contribution the remainder of the Completion Cost exclusive of the cost of Tenant Changes. If the actual cost of completion of the Tenant Improvements (which cost shall include, without limitation, is less than the costs of construction, maximum amount provided for the cost of permits and permit expediting, the costs of code compliance work, if such work is required as a result of, or is a condition imposed by appropriate governmental authorities for, construction of the Tenant Improvements, and all architectural and engineering services obtained by Landlord in connection with the Tenant Improvements, the Contractor's fees, Landlord's fee for construction administration in an amount which shall not exceed three percent (3%) of hard costsContribution, utilities, and Landlord's Insurance Costs (including, without limitation, course of construction insurance), from the date of this Work Letter until the Lease Commencement Date up to a maximum of $450,000.00 (the "Tenant Improvement Allowance"). The Tenant Improvement Allowance shall be utilized only for building entitled to apply the unused portion to other improvements to the Building, and not for signage, furniture costs, any third party consulting or contracting fees, any telecom/cabling costs, or any other purpose. Tenant shall bear and pay the cost of the Tenant Improvements (including but not limited to all of the foregoing fees and coststowards personal property or appliances) in excess of the Tenant Improvement Allowance, if any. The cost of the Tenant Improvements shall exclude the cost of furniture, fixtures and inventory and other items of Premises prior to Tenant's Work (as defined below). occupancy; however, in no event will a cash payment or refund to Tenant shall have the right to elect to increase the Tenant Improvement Allowance by up to an additional $450,000.00 (the "Additional Allowance"), subject to the following terms and conditions: (i) Tenant shall make such election, if at all, no later than August 15, 1998; (ii) such amount shall be paid to Landlord in equal monthly installments over the seven (7) year Lease Term with interest at 10%, as additional Base Monthly Rent in the manner specified by Article 3 of the Lease; and (iii) the Additional Allowance shall otherwise constitute a part of the Tenant Improvement Allowance and shall be subject to the restrictions and conditions on such Tenant Improvement Allowance provided in this Work Letter. Notwithstanding anything to the contrary contained herein or in the Lease, Landlord shall be responsible at its sole cost and expense for the incremental costs incurred by either Landlord or Tenant for asbestos removal within the interior of the Leased Premises required solely as a result of the construction of the Tenant Improvements. 5made.

Appears in 1 contract

Samples: Myers Steven & Associates Inc

Cost of Tenant Improvements. Unless specified A. Landlord shall complete, or cause to be completed, the Tenant Improvements, at the construction cost shown in the Final Cost Estimate (subject to the provisions of this Work Letter), in accordance with final Working Drawings and Specifications approved by both Landlord and Tenant. Landlord shall pay towards the final construction costs (“Completion Cost”) as incurred a maximum of $281,070.00 (“Landlord Contribution”) and, except as otherwise set forth herein, Landlord Tenant shall bear and pay be fully responsible for the remainder (“Tenant Contribution”). If the actual cost of completion of the Tenant Improvements is less than the maximum amount provided for the Landlord Contribution or remains unused after June 30, 2022, such savings shall inure to the benefit of Landlord and Tenant shall not be entitled to any credit or payment or to apply the savings toward additional work. In addition to the Landlord Contribution, Landlord shall make available to Tenant an amount not to exceed$56,214.00 (which cost shall includethe “Landlord’s Amortizing Contribution”), without limitation, the costs of construction, the cost of permits and permit expediting, the costs of code compliance work, if such work is required as a result of, or is a condition imposed by appropriate governmental authorities for, construction based on $6.00 per rentable square foot of the Tenant ImprovementsPremises, and all architectural and engineering services obtained by Landlord in connection with the Tenant Improvements, the Contractor's fees, Landlord's fee for construction administration in an amount which shall not exceed three percent (3%) of hard costs, utilities, and Landlord's Insurance Costs (including, without limitation, course of construction insurance), from the date of this Work Letter until the Lease Commencement Date up to a maximum of $450,000.00 (the "Tenant Improvement Allowance"). The Tenant Improvement Allowance shall be utilized only for building improvements to towards the Building, and not for signage, furniture costs, any third party consulting or contracting fees, any telecom/cabling costs, or any other purposeCompletion Cost. Tenant shall bear and pay elect in writing whether or not to use the cost of Landlord’s Amortizing Contribution prior to the Tenant Improvements (including but not limited to all of the foregoing fees and costs) in excess completion of the Tenant Improvement Allowance, if anywork. The cost of the Tenant Improvements shall exclude the cost of furniture, fixtures and inventory and other items of Tenant's Work (as defined below). Tenant shall have the right to elect to increase the Tenant Improvement Allowance by up to an additional $450,000.00 (the "Additional Allowance"), subject to the following terms and conditions: (i) Tenant shall make such election, if at all, no later than August 15, 1998; (ii) such amount shall be paid to Landlord in equal monthly installments over the seven (7) year Lease Term with interest at 10%, as additional Base Monthly Rent in the manner specified by Article 3 of the Lease; and (iii) the Additional Allowance shall otherwise constitute a part of the Tenant Improvement Allowance and Landlord’s Amortizing Contribution shall be subject to the limitations and restrictions and conditions on such Tenant Improvement Allowance provided in this Work Letter. Notwithstanding anything Letter for applications of the Landlord’s Contribution; provided, however, that any portion of the Landlord’s Amortizing Contribution funded by Landlord towards the Completion Cost shall be amortized over the initial 61-month Term of this Lease using an interest factor of 8.5% per annum, and the Basic Rent payable during the initial 61 months of this Lease shall be increased by said amortized payments, retroactive to the contrary contained herein or in Commencement Date of this Lease. Upon request by Landlord, the Lease, Landlord amount of such rental adjustment shall be responsible at its sole cost and expense for memorialized on a form provided by Landlord. In the incremental costs incurred by either Landlord or Tenant for asbestos removal within event that the interior amount of the Leased Premises required solely as rental adjustment is finally determined subsequent to the Commencement Date, Tenant shall promptly pay to Landlord a result lump sum amount equal to the total accrued sums owing due to the retroactive adjustment. For the avoidance of doubt, the construction amortized portion of the Tenant Improvements. 5Landlord’s Amortizing Contribution included in Basic Rent shall not be subject to annual increases.

Appears in 1 contract

Samples: Lease (BioCardia, Inc.)

Cost of Tenant Improvements. Unless specified otherwise herein, Landlord shall bear and pay the cost of the Tenant Improvements (which cost shall include, without limitation, the costs of construction, the cost of permits and permit expediting, the costs of code compliance work, if such work is required as a result of, or is a condition imposed by appropriate governmental authorities for, construction of the Tenant Improvements, and all architectural and engineering services obtained by Landlord in connection with the Tenant Improvements, the Contractor's fees, Landlord's fee for construction administration in an amount which shall not exceed three percent equal to the amount charged by any construction manager retained by Landlord (3%the "Construction Manager") of hard costs, utilities, and Landlord's Insurance Costs (including, without limitation, course of construction insurance), from the date of this Work Letter until the Lease Commencement Date up to a maximum of $450,000.00 7,215,750 (the "Tenant Improvement Allowance"). The Tenant Improvement Allowance shall be utilized only for building improvements to the BuildingBuilding (and Tenant's architect fees), and not for signage, furniture costs, any third party consulting or contracting fees, any telecom/cabling costs, or any other purpose. Tenant shall bear and pay the cost of the Tenant Improvements (including but not limited to all of the foregoing fees and costs) in excess of the Tenant Improvement Allowance, if any. The cost of the Tenant Improvements shall exclude the cost of furniture, fixtures and inventory and other items of Tenant's Work (as defined below). Tenant shall have Notwithstanding the right to elect to increase foregoing, the Tenant Improvement Allowance by up to an additional $450,000.00 shall not be used for (and Tenant shall have no responsibility for) the "Additional Allowance"), subject following costs except to the following terms and conditions: (i) Tenant shall make such election, if at all, no later than August 15, 1998; (ii) such amount shall be paid to Landlord in equal monthly installments over the seven (7) year Lease Term with interest at 10%, as additional Base Monthly Rent in the manner specified by Article 3 extent any of the Lease; and (iii) foregoing are caused by Tenant, are due to Tenant Delays or result from the Additional Allowance shall otherwise constitute a part failure of Tenant to comply with the terms of the Tenant Improvement Allowance and shall be subject to the restrictions and conditions on such Tenant Improvement Allowance provided in Lease or this Work Letter. Notwithstanding anything : (1) Property Maintenance Costs prior to the contrary contained herein or in Delivery Date; (2) charges for overtime, except to the Lease, Landlord shall be responsible at its sole cost and expense for the incremental extent approved by Tenant; (3) costs to correct construction defects; (4) costs incurred to enforce contracts or cure contractor or subcontractor defaults (including legal fees); or (5) principal or interest on construction loan obtained by either Landlord or Tenant for asbestos removal within the interior of the Leased Premises required solely as a result of the construction of the Tenant Improvements. 5.

Appears in 1 contract

Samples: Lease (Juniper Networks Inc)

Cost of Tenant Improvements. Unless specified otherwise herein, Landlord shall bear and pay the cost of the construction of the Tenant Improvements (which cost shall includeincluding the architectural costs for the preparation of the Tenant Approved Plans and the Final Plans, without limitationContractor’s fee and the Construction Management Fee (as defined below)), limited however to a maximum expenditure by Landlord therefor of Four Hundred Seventy Two Thousand Five Hundred Fifteen Dollars ($472,515.00) (“Landlord’s Allowance”). A portion of Landlord’s Allowance not to exceed One Hundred Fifty Seven Thousand Five Hundred Five Dollars ($157,515.00) may be applied to the reasonable architectural and engineering costs for the design of the Tenant Improvements and to wiring and cabling, Tenant’s security system in the Premises, signage, moving expenses and costs of construction, breaking down and reinstalling the Furniture (as defined in Paragraph 51 below) (“Soft Costs”). No portion of Landlord’s Allowance may (i) be applied to the cost of permits and permit expeditingequipment, trade fixtures, furniture or free rent, (ii) be applied to any portion of the Premises which is then the subject of a sublease, or (iii) be used to prepare any portion of the Premises for a proposed subtenant or assignee. Disbursements of Landlord’s Allowance for payment of Soft Costs pursuant to the foregoing shall be made by Landlord within thirty (30) days following Landlord’s receipt of Tenant’s written request therefor accompanied by written invoices (in form reasonably acceptable to Landlord) evidencing the subject costs. Subject to the expenditure restrictions set forth in the last sentence of Paragraph 4.a. above, Tenant shall pay for all costs of code compliance work, if such work is required as a result of, or is a condition imposed by appropriate governmental authorities for, the construction of the Tenant Improvements in excess of Landlord’s Allowance (the “Excess Cost”). Based on the estimated cost of the construction of the Tenant Improvements, and all architectural and engineering services obtained as shown on the Final Budget (the “Estimated Costs”), the prorata share of the Estimated Costs payable by Landlord and Tenant shall be determined and an appropriate percentage share established for each (a “Share of Costs”). Tenant and Landlord shall fund the cost of the construction (including the applicable portion of the applicable fees) as the same is performed, in connection accordance with their respective Share of Costs for the construction, with Tenant’s payments being made to Landlord within thirty (30) days of Landlord’s written demand. At such time as Landlord’s Allowance has been entirely disbursed, Tenant shall pay the remaining Excess Cost, if any, to Landlord, which payment shall be made, at Landlord’s option, in advance or in course of construction installments. Upon Tenant’s written request, Landlord or Contractor shall provide Tenant with a breakdown of all construction costs to date and of Landlord’s and Tenant’s prior contributions toward such costs. Notwithstanding the foregoing, Landlord shall retain from the amount of Landlord’s Allowance, as compensation to Landlord for review of the Final Plans and for construction inspection, administration and management with regard to the Tenant Improvements, a sum (the Contractor's fees“Construction Management Fee”) equal to (i) five percent (5%) of the first One Hundred Thousand Dollars ($100,000.00) of the hard construction costs for the Tenant Improvements and the costs of the mechanical, Landlord's fee engineering and plumbing drawings for construction administration in an amount which shall not exceed the Tenant Improvements, plus (ii) three percent (3%) of hard costssuch costs in excess of One Hundred Thousand Dollars ($100,000.00). At the time Landlord makes any disbursement of Landlord’s Allowance, utilitiesLandlord shall retain from Landlord’s Allowance, and as a partial payment of the Construction Management Fee, a proportionate amount of the Construction Management Fee based upon Landlord's Insurance Costs (including, without limitation, ’s reasonable estimation of the amount required to be withheld from each disbursement in order to ensure that the entire Construction Management Fee is retained over the course of construction insurance)on a prorata basis. At such time as Landlord’s Allowance has been entirely disbursed, from Tenant shall, within ten (10) business days of written demand, pay to Landlord the date of this Work Letter until the Lease Commencement Date up to a maximum of $450,000.00 (the "Tenant Improvement Allowance"). The Tenant Improvement Allowance shall be utilized only for building improvements to the Building, and not for signage, furniture costs, any third party consulting or contracting fees, any telecom/cabling costs, or any other purpose. Tenant shall bear and pay the cost of the Tenant Improvements (including but not limited to all of the foregoing fees and costs) in excess of the Tenant Improvement Allowanceremainder, if any. The cost , of the Tenant Improvements shall exclude the cost of furniture, fixtures and inventory and other items of Tenant's Work (as defined below). Tenant shall have the right to elect to increase the Tenant Improvement Allowance by up to an additional $450,000.00 (the "Additional Allowance"), subject to the following terms and conditions: (i) Tenant shall make such election, if at all, no later than August 15, 1998; (ii) such amount shall be Construction Management Fee not yet paid to Landlord in equal monthly installments over the seven (7) year Lease Term with interest at 10%, as additional Base Monthly Rent in Landlord. Landlord’s aforementioned written demand shall detail the manner specified by Article 3 in which the Construction Management Fee was calculated and specify which portion of the Lease; Construction Management Fee was previously paid and (iii) the Additional Allowance shall otherwise constitute a part of the Tenant Improvement Allowance and shall be subject to the restrictions and conditions on such Tenant Improvement Allowance provided in this Work Letter. Notwithstanding anything to the contrary contained herein or in the Lease, Landlord shall be responsible at its sole cost and expense for the incremental costs incurred by either Landlord or Tenant for asbestos removal within the interior of the Leased Premises required solely as a result of the construction of the Tenant Improvements. 5portion owed.

Appears in 1 contract

Samples: And Attornment Agreement (Oscient Pharmaceuticals Corp)

Cost of Tenant Improvements. Unless specified otherwise herein, Landlord shall bear contribute $30.00 per rentable square foot (the "ALLOWANCE") toward the cost of the design (including preparation of space plans and pay Working Drawings and Specifications), construction and installation of the Tenant Improvements; provided, however, such Allowance shall be used (at $30.00 per rentable square foot) only for Tenant Improvements which are actually constructed in the Premises, at the time such Tenant Improvements are constructed. Tenant shall not have the right to shift any portion of the Allowance from unbuilt space in the Premises to space in which Tenant Improvements are constructed. Out of the Allowance no more than $2.50 per rentable square foot in the Premises (the "PLANNING CONTRIBUTION") may be used for professional services, such as space planning or preparation of working drawings and specifications. The balance, if any, of the cost of the Tenant Improvements (which cost shall include, without limitation, "ADDITIONAL COST") over the costs of construction, the cost of permits and permit expediting, the costs of code compliance work, if such work is required as a result of, or is a condition imposed by appropriate governmental authorities for, construction of the Tenant Improvements, and all architectural and engineering services obtained by Landlord in connection with the Tenant Improvements, the Contractor's fees, Landlord's fee for construction administration in an amount which shall not exceed three percent (3%) of hard costs, utilities, and Landlord's Insurance Costs (including, without limitation, course of construction insurance), from the date of this Work Letter until the Lease Commencement Date up to a maximum of $450,000.00 (the "Tenant Improvement Allowance"). The Tenant Improvement Allowance shall be utilized only for building improvements paid by Tenant to CIC. Landlord shall disburse the Construction Allowance, and Tenant shall disburse the Additional Cost (before any Change Order) to CIC on the basis of monthly progress payments based on invoices submitted by CIC, less retainage of ten percent (10%). Landlord and Tenant shall each pay their pro-rata portion of each progress payment, based on the ratio that the Construction Allowance and the Additional Cost each bears to the Building, and not for signage, furniture costs, any third party consulting or contracting fees, any telecom/cabling costs, or any other purpose. Tenant shall bear and pay the total cost of the Tenant Improvements (including but not limited to all of before any Change Orders), with the foregoing fees retainage and costs) in excess of the Tenant Improvement Allowancebalance, if any. The cost , of the Tenant Improvements shall exclude actual Additional Cost paid upon the cost of furniture, fixtures and inventory and other items of Tenant's Work (as defined below). Tenant shall have the right to elect to increase the Tenant Improvement Allowance by up to an additional $450,000.00 (the "Additional Allowance"), subject to the following terms and conditions: (i) Tenant shall make such election, if at all, no later than August 15, 1998; (ii) such amount shall be paid to Landlord in equal monthly installments over the seven (7) year Lease Term with interest at 10%, as additional Base Monthly Rent in the manner specified by Article 3 of the Lease; and (iii) the Additional Allowance shall otherwise constitute a part of the Tenant Improvement Allowance and shall be subject to the restrictions and conditions on such Tenant Improvement Allowance provided in this Work Letter. Notwithstanding anything to the contrary contained herein or in the Lease, Landlord shall be responsible at its sole cost and expense for the incremental costs incurred by either Landlord or Tenant for asbestos removal within the interior of the Leased Premises required solely as a result of the construction final completion of the Tenant Improvements. 5Any Change Orders shall not be included in the determination of each party's pro rata portion of progress payments. Tenant shall pay (or receive a credit for) the cost of Change Orders directly to CIC. Any Change Orders shall not be included in the determination Tenant's proportionate share of progress payments.

Appears in 1 contract

Samples: Lease Agreement (3do Co)

Cost of Tenant Improvements. Unless specified otherwise herein, (a) Landlord shall bear contribute $39.00 per square foot of Rentable Area in the Premises toward the cost of construction and pay installation of the Tenant Improvements (the “Tenant Improvements Allowance”). The Tenant Improvements Allowance may be used for all design, engineering and construction costs, and other fees and expenses reasonably related thereto, including telecommunications, consulting and project management fees, governmental fees. The balance, if any, of the cost of the Tenant Improvements as constructed (which cost “Additional Cost”), including but not limited to Landlord’s Markups, shall include, without limitation, the costs of construction, be paid by Tenant in accordance with this Section 2.5(a). If the cost of permits and permit expediting, the costs of code compliance work, if such work is required as a result of, or is a condition imposed by appropriate governmental authorities fordesign, construction and installation of the Tenant Improvements, including any Tenant approved Changes, exceeds $39.00 per rentable square foot, Landlord may deliver to Tenant, not more than once each calendar month during the construction schedule, a written request for payment (“Progress Invoice”) of Tenant’s prorata share of the Additional Cost to date. Each such Progress Invoice shall include and be accompanied by (i) the Landlord’s certified statements setting forth the amount requested and the percentage of completion of each item of Additional Cost and (ii) copies of conditional and unconditional lien releases from all architectural subcontractors and engineering services obtained by Landlord in connection with vendors as of the Tenant Improvements, the Contractor's fees, Landlord's fee for construction administration in an amount which immediately prior Progress Invoice. Each Progress Invoice shall not exceed three include retention of ten percent (310%) of hard costs, utilities, and Landlord's Insurance Costs (including, without limitation, course of construction insurance), from the date of this Work Letter amount until the Lease Commencement Date up to a maximum of $450,000.00 (the "Tenant Improvement Allowance"). The Tenant Improvement Allowance shall be utilized only for building improvements to the Building, and not for signage, furniture costs, any third party consulting or contracting fees, any telecom/cabling costs, or any other purposeSubstantial Completion. Tenant shall bear and pay the cost of the Tenant Improvements (including but not limited to all of the foregoing fees and costs) in excess of the Tenant Improvement Allowanceamount due, if any. The cost , pursuant to the Progress Invoice to Landlord, within fifteen (15) days after Tenant’s receipt of the above items. All costs for Tenant Improvements shall exclude the cost of furniture, fixtures be fully documented to and inventory and other items of verified by Tenant's Work (as defined below). Tenant shall have the right to elect to increase review and approve the Tenant Improvement Allowance by up to an additional $450,000.00 (Progress Invoice. If the "Additional Allowance"), subject to the following terms and conditions: (i) Tenant shall make such election, if at all, no later than August 15, 1998; (ii) such amount shall be paid to Landlord in equal monthly installments over the seven (7) year Lease Term with interest at 10%, as additional Base Monthly Rent in the manner specified by Article 3 of the Lease; and (iii) the Additional Allowance shall otherwise constitute a part actual cost of the Tenant Improvement Improvements as constructed is less than the Tenant Improvements Allowance and shall be subject to (the restrictions and conditions on such Tenant Improvement Allowance provided in this Work Letter. Notwithstanding anything to the contrary contained herein or in the Lease“Savings”), Landlord shall be responsible at its sole cost and expense for apply the incremental costs incurred by either Landlord or Tenant for asbestos removal within the interior Savings to Base Rent installments in regular order of the Leased Premises required solely as a result of the construction of the Tenant Improvements. 5maturity.

Appears in 1 contract

Samples: Lease Agreement (Transoma Medical Inc)

Cost of Tenant Improvements. Unless specified otherwise herein, Landlord shall bear pay for the cost to prepare the Space Plan based on the approved Conceptual Space Plan except for revisions thereto which are necessitated by change orders initiated by the Tenant prior to the date of approval of the final Space Plan. Landlord shall also build out the Tenant Improvements at its cost on a turnkey basis based on the Conceptual Space Plan, and pay will provide Tenant with an ADDITIONAL TENANT IMPROVEMENT ALLOWANCE of $8.00 per rentable foot to cover the costs of any Changes shown on the Final Construction Documents. Any additional costs of revisions to the Space Plans or preparation and/or revision of the Final Construction Documents after approval by Landlord and Tenant shall be paid by Tenant to the extent the same result from additional Changes requested by Tenant. Landlord shall contribute the necessary funds, except for change orders by Tenant, toward the cost of the construction and installation of the Tenant Improvements. The total cost to construct the Tenant Improvements as shown on the Final Construction Documents, including, but not limited to, usual markups for overhead, supervision and profit (which cost shall includebut excluding any such markups for Landlord's supervision of the job), without limitation, less the costs to be paid by Landlord above and Landlord's Additional Tenant Improvement Allowance ("ADDITIONAL COST"), shall be paid by Tenant. Tenant shall pay Landlord 50% of construction, the cost Additional Cost based upon the Final Cost Estimate prior to the commencement of permits and permit expediting, the costs of code compliance work, if such work is required as a result of, or is a condition imposed by appropriate governmental authorities for, construction of the Tenant Improvements. The balance of the actual Additional Cost shall be paid to Landlord upon Substantial Completion of the Tenant Improvements. Landlord will use reasonable care in preparing the cost estimates for Changes, but they are estimates only and all architectural and engineering services obtained by Landlord in connection with do not limit Tenant's obligation to pay for the actual Additional Cost of the Tenant Improvements, whether or not it exceeds the Contractor's feesestimated amounts. Changes noted as "Fixed Cost Change Orders" shall be treated as such, regardless of the actual cost. Notwithstanding the foregoing, in the event that the Tenant Improvements include any modification or removal of any portion of the Common Area improvements or core Building Systems located on a particular floor of the Building so that such floor will be converted from a multi-tenant to a single-tenant floor, the costs necessary to restore and/or replace such Common Area improvements or core Building Systems upon the termination of the Lease, as reasonably estimated by Landlord as part of the Final Changes Cost Estimate for the Tenant Improvements, will be deducted from the Landlord's fee for construction administration in an amount which shall not exceed three percent (3%) of hard costs, utilities, and Landlord's Insurance Costs (including, without limitation, course of construction insurance), from the date of this Work Letter until the Lease Commencement Date up to a maximum of $450,000.00 (the "Additional Tenant Improvement Allowance"). The Tenant Improvement Allowance shall be utilized only If after reserving and deducting all amounts as required above, the total costs for building improvements to the Buildingdesign, installation and not for signage, furniture costs, any third party consulting or contracting fees, any telecom/cabling costs, or any other purpose. Tenant shall bear and pay the cost construction of the Tenant Improvements (including but not limited to all any Changes) is less than the total of the foregoing fees Landlord's expected turnkey cost and costs) in excess of the Tenant Improvement Allowance, if any. The cost of the Tenant Improvements shall exclude the cost of furniture, fixtures and inventory and other items of Tenant's Work (as defined below). Tenant shall have the right to elect to increase the Additional Tenant Improvement Allowance by up to an additional $450,000.00 (for Changes, the "Additional Allowance"), subject to the following terms and conditions: (i) Tenant shall make such election, if at all, no later than August 15, 1998; (ii) such amount balance of any unspent funds shall be held by Landlord without interest paid to Landlord Tenant within ten (10) days of occupancy so long as the Lease is not in equal monthly installments over the seven (7) year Lease Term with interest at 10%, as additional Base Monthly Rent in the manner specified by Article 3 of the Lease; and (iii) the Additional Allowance shall otherwise constitute a part of the Tenant Improvement Allowance and shall be subject to the restrictions and conditions on such Tenant Improvement Allowance provided in this Work Letter. Notwithstanding anything to the contrary contained herein or in the Lease, Landlord shall be responsible at its sole cost and expense for the incremental costs incurred by either Landlord or Tenant for asbestos removal within the interior of the Leased Premises required solely as a result of the construction of the Tenant Improvements. 5default.

Appears in 1 contract

Samples: Part of Lease Agreement (Riddell Sports Inc)

Cost of Tenant Improvements. Unless specified otherwise herein, Upon the approval by Landlord shall bear and pay the cost of the Tenant Improvements (which cost shall include, without limitation, the costs of construction, the cost of permits and permit expediting, the costs of code compliance work, if such work is required as a result of, or is a condition imposed by appropriate governmental authorities for, construction of Final Working Drawings for the Tenant Improvements, and all architectural and engineering services obtained Landlord shall obtain from the contractor selected by Landlord in connection with for the Tenant Improvements, the Contractor's fees, Landlord's fee for construction administration in an amount which shall not exceed three percent (3%) of hard costs, utilities, and Landlord's Insurance Costs (including, without limitation, course of construction insurance), from the date of this Work Letter until the Lease Commencement Date up to a maximum of $450,000.00 (the "Tenant Improvement Allowance"). The Tenant Improvement Allowance shall be utilized only for building improvements to the Building, and not for signage, furniture costs, any third party consulting or contracting fees, any telecom/cabling costs, or any other purpose. Tenant shall bear and pay the cost of the Tenant Base Building Improvements (including but not limited to all of the foregoing fees and costs) in excess of the Tenant Improvement Allowance, if any. The cost of the Tenant Improvements shall exclude the cost of furniture, fixtures and inventory and other items of Tenant's Work (as defined below). Tenant shall have the right to elect to increase the Tenant Improvement Allowance by up to an additional $450,000.00 (the "Additional Allowance"), subject to the following terms and conditions: (i) Tenant shall make such election, if at all, no later than August 15, 1998; (ii) such amount shall be paid to Landlord in equal monthly installments over the seven (7) year Lease Term with interest at 10%, as additional Base Monthly Rent in the manner specified by Article 3 of the Lease; and (iii) the Additional Allowance shall otherwise constitute a part of the Tenant Improvement Allowance and shall be subject to the restrictions and conditions on such Tenant Improvement Allowance provided in this Work Letter. Notwithstanding anything to the contrary contained herein or in the Lease, Landlord shall be responsible at its sole cost and expense fixed-price for the incremental costs incurred by either Landlord or Tenant for asbestos removal within the interior of the Leased Premises required solely as a result of the construction of the Tenant Improvements. In the event that such bid exceeds a sum equal to the Tenant Improvement Allowance, Landlord shall so notify Tenant, and Tenant shall deposit, in the manner herein required, immediately available funds equal to the amount by which such bid exceeds the Tenant Improvement Allowance, which deposit shall be held for disbursement to Landlord to pay expenses of construction of the Tenant Improvements after the expenditure of the Tenant Improvement Allowance. Such deposit shall be made in the following manner: (i) if required by lender of the Construction Financing, such deposit shall be made into an account with such lender at least five (5) days prior to the Commencement of Construction, as to which account Landlord shall require the lender to pay interest to Tenant at a reasonable deposit rate; or, (ii) in all other events, such deposit shall be made to an escrow agent reasonably satisfactory to both Landlord and Tenant on or before the later of the day which is the tenth (10th) day following the receipt by Tenant of a written request from Landlord for such deposit or the day which is the tenth (10th) day prior to the commencement of construction of any of the Tenant Improvements, to be held in an interest bearing account, with interest to be paid periodically to Tenant. Expenses paid directly from such funds shall be excluded from Aggregate Development Cost, to the extent of the amount so paid.

Appears in 1 contract

Samples: Leasehold Improvements Agreement (Fair Isaac & Company Inc)

Cost of Tenant Improvements. Unless specified otherwise herein, A. Landlord shall bear and pay the cost of the Tenant Improvements (which cost shall include, without limitation, the costs of construction, the cost of permits and permit expediting, the costs of code compliance work, if such work is required as a result ofcomplete, or is a condition imposed by appropriate governmental authorities forcause to be completed, construction of the Tenant Improvements, and all architectural and engineering services obtained by Landlord at the construction cost shown in connection with the Tenant Improvements, Bid Amount (subject to the Contractor's fees, Landlord's fee for construction administration in an amount which shall not exceed three percent (3%) of hard costs, utilities, and Landlord's Insurance Costs (including, without limitation, course of construction insurance), from the date provisions of this Work Letter until Letter), in accordance with final Working Drawings and Specifications approved by both Landlord and Tenant. Landlord shall pay towards the Lease Commencement Date up to "Completion Cost" (as hereinafter defined) as incurred a maximum of One Million Ninety Thousand Dollars ($450,000.00 1,090,000.00) ("Landlord's Contribution"), based on $7.408 per square foot of the "Premises, provided that in the event that Standards (or Non-Standards approved by Landlord) incorporated into the Tenant Improvement Allowancework shall increase the Completion Cost, such increase (not to exceed Two Hundred Thousand Dollars [$200,000.00] in the aggregate) shall be amortized at an interest factor of twelve percent (12%) per annum over the initial forty-eight (48) months of the Term, Tenant's Basic Rent shall be so increased by said amortized amount for the initial forty-eight (48) months of the Term (and Landlord and Tenant shall execute a memorandum prepared by Landlord and reasonably acceptable to Tenant confirming said increase in the Basic Rent), and the Landlord's Contribution shall be deemed to include any such increase. Tenant shall be fully responsible for the remainder of the Completion Cost ("Tenant's Contribution"). The Tenant Improvement Allowance Landlord's Contribution shall only be utilized only used for building improvements to construction and installation of Standards incorporated into the Buildingapproved Working Drawings and Specifications, and not for signage, furniture costs, any third party consulting or contracting fees, any telecom/cabling costs, or any other purpose. Tenant shall bear and pay the cost of the Tenant Improvements except that: (including but not limited to all of the foregoing fees and costsi) in excess of the Tenant Improvement Allowance, if any. The cost of the Tenant Improvements shall exclude the cost of furniture, fixtures and inventory and other items of Tenant's Work (as defined below). Tenant shall have the right to elect apply up to, but not exceeding, Ninety Thousand Dollars ($90,000.00) of the Landlord's Contribution towards the cost of overtime payments to increase the Selected Contractor and for the costs of Changes for any Non-Standards Improvements approved by Landlord and incorporated in the Tenant Improvement Allowance by up to an additional $450,000.00 (work. In the "Additional Allowance")event the Completion Cost is less than the Landlord's Contribution, subject Tenant may apply such difference towards the cost of any alterations to the following terms Premises, conforming to Landlord's Standards and conditions: (i) Tenant shall make such electionapproved by Landlord pursuant to Section 7.3, if at all, no later than August 15, 1998; (ii) such amount which alterations shall be paid to Landlord in equal monthly installments over constructed by Tenant within six (6) months following the seven (7) year Lease Term with interest at 10%, as additional Base Monthly Rent in the manner specified by Article 3 of the Lease; and (iii) the Additional Allowance shall otherwise constitute a part of the Tenant Improvement Allowance and shall be subject to the restrictions and conditions on such Tenant Improvement Allowance provided in this Work Letter. Notwithstanding anything to the contrary contained herein or in the Lease, Landlord shall be responsible at its sole cost and expense for the incremental costs incurred by either Landlord or Tenant for asbestos removal within the interior of the Leased Premises required solely as a result of the construction of the Tenant Improvements. 5Commencement Date.

Appears in 1 contract

Samples: Industrial Lease (Emachines Inc /De/)

Cost of Tenant Improvements. Unless specified otherwise herein, Landlord shall bear and pay for the cost of the Tenant Improvements (which cost shall include, without limitation, the costs of construction, the cost of permits and permit expediting, the costs of code compliance work, if such work is required as a result of, or is a condition imposed by appropriate governmental authorities for, construction of the Tenant Improvements, and all architectural and engineering services obtained by Landlord in connection with the Tenant Improvements, the Contractor's fees, Landlord's fee for construction administration in an amount which shall not exceed three percent (3%) equal to 2.5% of construction hard costs, utilities, and Landlord's Insurance Costs (including, without limitation, course of construction insurance), from the date of this Work Letter until the Lease Commencement Date ) up to a maximum of $450,000.00 180,000.00 (the "Tenant Improvement Allowance"). While the Tenant Improvements are being constructed, Tenant may submit to Landlord monthly invoices for the cost of the Tenant Improvements completed in the preceding month together with lien waivers with respect to such work; within thirty (30) days after such submission, Landlord will reimburse Tenant for its costs for Tenant Improvements, less 2.5% in payment of Landlord's construction administration fee, all subject to the $180,000 cap. The Tenant Improvement Allowance shall be utilized only for building improvements to the Building, and not for signage, furniture costs, any third party consulting or contracting fees (except for Tenant's architect's fees), any telecom/cabling costs, or any other purpose. Tenant shall bear and pay the cost of the Tenant Improvements (including but not limited to all of the foregoing fees and costs) in excess of the Tenant Improvement Allowance, if any. The cost of the Tenant Improvements shall exclude the cost of furniture, fixtures and inventory and other items of Tenant's Work (as defined below). Tenant shall have the right to elect to increase the Tenant Improvement Allowance by up to an additional $450,000.00 (the "Additional Allowance"), subject to the following terms and conditions: (i) Tenant shall make such election, if at all, no later than August 15, 1998; (ii) such amount shall be paid to Landlord in equal monthly installments over the seven (7) year Lease Term with interest at 10%, as additional Base Monthly Rent in the manner specified by Article 3 of the Lease; and (iii) the Additional Allowance shall otherwise constitute a part of the Tenant Improvement Allowance and shall be subject to the restrictions and conditions on such Tenant Improvement Allowance provided in this Work Letter. Notwithstanding anything to the contrary contained herein or in the this Lease, Landlord shall be responsible at its sole the cost and expense for the incremental costs incurred by either Landlord or Tenant for asbestos removal within the interior of the Leased Premises required solely as a result of the construction of the Tenant Improvements. 5.Improvements ("Tenant Improvements Cost") to be provided at Landlord's sole expense shall not include (and Tenant shall have no responsibility for) the following:

Appears in 1 contract

Samples: Aviron

Cost of Tenant Improvements. Unless specified otherwise herein, A. Landlord shall bear and pay the cost of the Tenant Improvements (which cost shall include, without limitation, the costs of construction, the cost of permits and permit expediting, the costs of code compliance work, if such work is required as a result ofcomplete, or is a condition imposed by appropriate governmental authorities forcause to be completed, construction of the Tenant Improvements, at the construction cost shown in the approved Final Cost Estimate (subject to the provisions of this Work Letter), in accordance with final Working Drawings and Specifications approved by both Landlord and Tenant. Following the full and complete execution and delivery of this Lease, Landlord shall pay towards the final construction costs (“Completion Cost”) as incurred a maximum of $624,640.00 (“Landlord Contribution”), based on $40.00 per usable square foot of the Premises (based on 15,616 usable square feet), and Tenant shall be fully responsible for the remainder (“Tenant Contribution”). Tenant understands and agrees that any portion of the Landlord Contribution not requested by Tenant in accordance with this Exhibit X by June 30, 2020, shall inure to the benefit of Landlord and Tenant shall not be entitled to any credit or payment. Notwithstanding the foregoing, Tenant may utilize a portion of the Landlord Contribution not to exceed $78,080.00 toward the out-of-pocket expenses incurred by Tenant for the purchase, refurbishment and/or relocation of furniture for the Premises, and cabling and exterior signage costs (“Moving Allowance”). Tenant shall be reimbursed for such expenses by submitting copies of all architectural and engineering services obtained supporting third-party invoices to Landlord by June 30, 2020. Landlord shall reimburse Tenant in one installment within 30 days following receipt of all such invoices. In addition to the Landlord Contribution, Landlord shall make available to Tenant an amount not to exceed $156,160.00 (“Additional Contribution”), based on $10.00 per usable square foot of the Premises, for the Tenant Improvements hereunder to be utilized by Tenant in connection with the Tenant Improvements, the Contractor's fees, Landlord's fee for construction administration in an amount which shall not exceed three percent (3%) of hard costs, utilities, and Landlord's Insurance Costs (including, without limitation, course of construction insurance), from the date of this Work Letter until the Lease Commencement Date up to a maximum of $450,000.00 (the "initial Tenant Improvement Allowance"). The Tenant Improvement Allowance work, which amount shall be utilized only for building improvements to amortized over the Building, and not for signage, furniture costs, any third party consulting or contracting fees, any telecom/cabling costs, or any other purpose. Tenant shall bear and pay the cost remaining months of the Tenant Improvements (including but not limited to all initial Lease Term at 7% per annum and repaid in monthly installments with the Basic Rent. Upon determination of the foregoing fees and costs) in excess amount of the Tenant Improvement AllowanceAdditional Contribution, if any. The cost of the Tenant Improvements shall exclude the cost of furniture, fixtures and inventory and other items of Tenant's Work (as defined below). Tenant shall have the right to elect to increase the Tenant Improvement Allowance by up to an additional $450,000.00 (the "Additional Allowance"), subject to the following terms and conditions: (i) Tenant shall make such election, if at all, no later than August 15, 1998; (ii) such amount shall be paid to Landlord in equal monthly installments over the seven (7) year Lease Term with interest at 10%, as additional Base Monthly Rent in the manner specified by Article 3 of the Lease; and (iii) the Additional Allowance shall otherwise constitute a part of the Tenant Improvement Allowance and shall be subject to the restrictions and conditions on such Tenant Improvement Allowance provided in this Work Letter. Notwithstanding anything to the contrary contained herein or in the Lease, Landlord shall be responsible at its sole cost memorialize same, together with the monthly repayment schedule, in writing and expense for the incremental costs incurred by either Landlord or Tenant for asbestos removal within the interior of the Leased Premises required solely as a result of the construction of the Tenant Improvements. 5shall promptly acknowledge same.

Appears in 1 contract

Samples: Lease (Evolus, Inc.)

Cost of Tenant Improvements. Unless specified otherwise hereinProvided that Tenant is not in default under the Lease beyond applicable notice and cure periods, Landlord shall bear and pay contribute a maximum of One Hundred Seventy One Thousand Three Hundred 00/100 Dollars ($171,300.00) (the “Tenant Improvement Allowance”) towards the cost of the Tenant Improvements (which cost shall include, without limitation, the costs of construction, the cost of permits and permit expediting, the costs of code compliance work, if such work is required as a result of, or is a condition imposed by appropriate governmental authorities for, construction of the Tenant Improvements, and all architectural and engineering services obtained by Landlord in connection with the Tenant Improvements, the Contractor's ’s fees, Landlord's ’s fee for construction administration in an amount which shall not exceed three percent (3%) of hard costs, utilities, equal to the amount charged by Landlord’s construction manager and Landlord's Insurance Costs (including, without limitation, course of construction insurance), from the date of this Work Letter until the Lease Commencement Date up to a maximum of $450,000.00 (the "Tenant Improvement Allowance"Tenant’s signage). The Tenant Improvement Allowance shall not be utilized only for building improvements to the Building, and not for signage, furniture costs, any third party consulting or contracting fees, any telecom/cabling costs, or any other purposepurpose not specified herein. To the extent that the actual cost of the Tenant Improvements is less than the Tenant Improvement Allowance, Landlord shall be entitled to the benefit of such savings. Tenant shall not be entitled to any credit against Rent, nor change in Approved Plans to utilize such savings. Tenant shall bear and pay the cost of the Tenant Improvements (including but not limited to all of the foregoing fees and costs) in excess of the Tenant Improvement Allowance, if anyany (“Excess Costs”). The As a condition to commencing construction, Landlord shall have the option to require Tenant to pay to Landlord such Excess Costs for application to the cost of the Tenant Improvements shall exclude the cost of furnitureImprovements, fixtures and inventory and other items of Tenant's Work (as defined below)they are incurred. Tenant shall have the right to elect to increase the Tenant Improvement Allowance by up to an additional $450,000.00 (the "Additional Allowance")In any event, subject to the following terms and conditions: (i) Tenant shall make such election, if at all, no later than August 15, 1998; (ii) such amount Excess costs shall be paid to Landlord applied in equal monthly installments over the seven (7) year Lease Term pari passu with interest at 10%, as additional Base Monthly Rent in the manner specified by Article 3 of the Lease; and (iii) the Additional Allowance shall otherwise constitute a part any then remaining portion of the Tenant Improvement Allowance and shall be subject to the restrictions and conditions on such Tenant Improvement Allowance provided in this Work Letter. Notwithstanding anything to the contrary contained herein or in the Lease, Landlord shall be responsible at its sole cost and expense for the incremental costs incurred by either Landlord or Tenant for asbestos removal within the interior of the Leased Premises required solely as a result of the construction of the Tenant Improvements. 5Allowance.

Appears in 1 contract

Samples: Lease (Design Therapeutics, Inc.)

Cost of Tenant Improvements. Unless specified otherwise herein, A. Landlord shall bear and pay the cost up to $4,811,624.00, based on $58.25 per rentable square foot of the Tenant Improvements Premises (which cost shall include"Landlord's Maximum Contribution"), without limitation, the costs of construction, the cost of permits and permit expediting, the costs of code compliance work, if such work is required as a result of, or is a condition imposed by appropriate governmental authorities for, construction of the Tenant Improvements, and all architectural and engineering services obtained by Landlord in connection with the Tenant Improvements, the Contractor's fees, Landlord's fee for construction administration in an amount which shall not exceed three percent (3%) of hard costs, utilities, and Landlord's Insurance Costs (including, without limitation, course of construction insurance), from the date of this Work Letter until the Lease Commencement Date up to a maximum of $450,000.00 (the "Tenant Improvement Allowance"). The Tenant Improvement Allowance shall be utilized only for building improvements to the Building, and not for signage, furniture costs, any third party consulting or contracting fees, any telecom/cabling costs, or any other purpose. Tenant shall bear and pay the cost of the Tenant Improvements (including but not limited to all of the foregoing fees and costs) in excess of the Tenant Improvement Allowance, if any. The cost of the Tenant Improvements shall exclude the cost of furniture, fixtures and inventory and other items of Tenant's Work final “Completion Cost” (as defined below). Tenant acknowledges that the Landlord's Maximum Contribution is intended only as the maximum amount Landlord will pay toward Building Standard Improvements and Approved Non-Standard Improvements, and not by way of limitation, any partitions, modular office stations, fixtures, cabling, furniture and equipment requested by Tenant are not included in Building Standards and are in no event subject to payment as part of Landlord’s Maximum Contribution. In the event the sum of the cost of the Building Standard Improvements for the Tenant Improvements Work is less than the Maximum Landlord’s Contribution, Tenant shall have the no right to elect receive any credit, refund or allowance of any kind for any unused portion of the Landlord’s Maximum Contribution (nor shall Tenant be allowed to increase the Tenant Improvement Allowance by up to an additional $450,000.00 (the "Additional Allowance"), subject make revisions to the following terms approved Preliminary Plan, Working Drawings and conditions: (i) Tenant shall make such electionSpecifications or request a Change in an effort to apply any unused portion of Landlord’s Maximum Contribution). Notwithstanding the foregoing, if at all, no not later than August 15, 1998; (ii) such amount shall be paid to Landlord in equal monthly installments over the seven (7) year Lease Term with interest at 10%, as additional Base Monthly Rent in the manner specified by Article 3 of the Lease; and (iii) the Additional Allowance shall otherwise constitute a part commencement of the Tenant Improvement Allowance and shall be subject Work, Tenant may elect in writing to delay commencement on a portion of the Tenant Improvements (“Tenant’s Election to Delay Construction”) for one (1) full floor (the “4th Floor Tenant Improvements”) for up to 30 months following the Commencement Date of this Lease. Subject to the restrictions and conditions on such foregoing election to delay construction of the 4th Floor Tenant Improvement Allowance provided in this Work Letter. Notwithstanding anything to the contrary contained herein or in the LeaseImprovements, Landlord shall be responsible at its sole cost and expense hold back a portion of the Landlord’s Maximum Contribution in the amount of $1,603,875.00 (the “Hold Back”). Landlord shall fund the Hold Back for the incremental costs incurred by either Landlord or 4th Floor Tenant for asbestos removal within Improvements in accordance with the interior provisions of this Section II. It is further understood and agreed that completion of the Leased Premises required solely as 4th Floor Tenant Improvements is not a result condition of, nor extend or otherwise affect, the Commencement Date of the construction of the Tenant Improvements. 5this Lease.

Appears in 1 contract

Samples: Lease (Cepheid)

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Cost of Tenant Improvements. Unless specified otherwise herein, [IF APPLICABLE: Landlord shall bear provide at its sole cost and pay expense the Landlord’s Work described in Addendum 4 on the terms and conditions provided in such Addendum.] [OR IF APPLICABLE: Landlord will perform Landlord’s Work at Tenant’s cost and expense, provided that Landlord shall contribute toward the cost of Landlord’s Work the Tenant Improvements Improvement Allowance (which cost shall includeas defined below) in accordance with the terms of Addendum 4, without limitation, to be applied towards the actual hard and soft costs of construction, the cost of permits and permit expediting, the costs of code compliance work, if such work is required as a result of, or is a condition imposed by appropriate governmental authorities for, construction of the Tenant Improvements, and all architectural and engineering services obtained incurred by Landlord in connection with permanently affixed improvements made to the Premises (including the cost of all architectural and engineering fees, licenses and permits in connection therewith, but not including costs of telecommunications and furniture installation).] [OR, if Tenant constructs its Tenant Improvements: Tenant shall provide at its sole cost and expense the Tenant Improvements, Improvements described in Addendum 4 on the Contractor's fees, Landlord's fee for construction administration terms and conditions set forth herein and as provided in an amount which Addendum 4. [IF APPLICABLE: Landlord shall not exceed three percent provide to Tenant a Tenant Improvement Allowance of Dollars (3%$ ) of hard costs, utilities, and Landlord's Insurance Costs (including, without limitation, course of construction insurance), from the date of this Work Letter until the Lease Commencement Date up to a maximum of $450,000.00 per square foot (the "Tenant Improvement Allowance")”) to be applied towards the actual costs [AS APPLICABLE: incurred by Landlord in performing the Landlord’s Work, as is provided in the Work Agreement. The Tenant shall pay any Excess Costs (defined in the Work Agreement) above the amount of the Tenant Improvement Allowance shall be utilized only to Landlord within the time period and as otherwise provided for building improvements in the Work Agreement] [OR IF APPLICABLE: incurred by Tenant for the Tenant Improvements pursuant to the Buildingterms and conditions provided for, and not for signageas specified, furniture costs, any third party consulting or contracting fees, any telecom/cabling costs, or any other purposein the Work Agreement. Landlord shall disburse the Tenant shall bear and pay the cost Improvement Allowance to Tenant upon completion of the Tenant Improvements (including but not limited and upon Landlord’s receipt of final lien releases from all parties who performed the Tenant Improvements and all other documentation required to all be submitted by Tenant for Close-Out as provided for and in accordance with the terms and conditions of the foregoing fees and costs) in excess Work Agreement. In order to receive disbursement of the Tenant Improvement Allowance, if any. The cost of the Tenant Improvements shall exclude the cost of furniture, fixtures and inventory and other items of Tenant's Work (as defined below). Tenant shall have the right to elect to increase the Tenant Improvement Allowance by up to an additional $450,000.00 (the "Additional Allowance"), subject to the following terms and conditions: (i) Tenant shall make such election, if at all, no later than August 15, 1998; (ii) such amount shall be paid deliver to Landlord in equal monthly installments over the seven (7) year Lease Term with interest at 10%, as additional Base Monthly Rent in the manner specified by Article 3 of the Lease; and (iii) the Additional Allowance shall otherwise constitute a part written request for disbursement of the Tenant Improvement Allowance (or portions thereof) (a “Request for Disbursement”), which Request for Disbursement shall (A) specify the amount of Tenant Improvement costs incurred during completion of the Tenant Improvements and shall be subject reasonable substantiation of payment by Tenant of the same, and (B) itemize the actual cost to Tenant of materials, labor and other services involved in connection with the restrictions and conditions on such Tenant Improvement work for which the reimbursement is requested. Any unused portion of the Tenant Improvement Allowance provided in this Work Letter. Notwithstanding anything that is not claimed within twelve (12) months from the Delivery Date shall revert to and become the contrary contained herein or in the Leasesole property of Landlord, Landlord and Tenant shall be responsible at its sole cost and expense for the incremental costs incurred by either Landlord or Tenant for asbestos removal within the interior of the Leased Premises required solely as a result of the construction of the Tenant Improvements. 5have no further right to such portion.]

Appears in 1 contract

Samples: Lease Agreement

Cost of Tenant Improvements. Unless specified otherwise herein, Landlord shall bear contribute a one-time tenant improvement allowance (the “Tenant Improvement Allowance”) in the amount up to $10.00 per rentable square foot of the Premises (i.e., the amount not to exceed $70,110.00) toward the cost of the design (including preparation of space plans and Construction Documents), construction and installation of the Tenant Improvements. Landlord shall only be obligated to make disbursements from the Tenant Improvement Allowance to the extent costs are incurred by Tenant for the Tenant Improvements. The Tenant Improvement Allowance shall be paid to Tenant within ten (10) business days of the date that Tenant has provided to Landlord an invoice(s) from Tenant’s contractor in an amount at least equal to the Tenant Improvement Allowance, and lien waiver(s) in connection therewith. In the event that Landlord has failed to pay to Tenant, when due, any portion of the Tenant Improvement Allowance, Tenant shall provide to Landlord written notice thereof. If Landlord’s failure to pay continues for fifteen (15) business days following such first written notice, Tenant may offset the amount of the Tenant Improvement Allowance due to Tenant from Rent due to Landlord. Such offset shall end when Tenant has offset the full amount of the Tenant Improvement Allowance owed to Tenant. The balance, if any, of the cost of the Tenant Improvements (which cost shall include“Additional Cost”), without limitation, the costs of construction, the cost of permits and permit expediting, the costs of code compliance work, if such work is required as a result of, or is a condition imposed by appropriate governmental authorities for, construction of the Tenant Improvements, and all architectural and engineering services obtained by Landlord in connection with the Tenant Improvements, the Contractor's fees, Landlord's fee for construction administration in an amount which shall not exceed three percent (3%) of hard costs, utilities, and Landlord's Insurance Costs (including, without limitation, course of construction insurance), from the date of this Work Letter until the Lease Commencement Date up to a maximum of $450,000.00 (the "Tenant Improvement Allowance"). The Tenant Improvement Allowance shall be utilized only for building improvements to the Building, and not for signage, furniture costs, any third party consulting or contracting fees, any telecom/cabling costs, or any other purpose. Tenant shall bear and pay the cost of the Tenant Improvements (including but not limited to, usual markups for overhead, supervision and profit, shall be paid by Tenant, with all payments made by Tenant directly to all of the foregoing fees Tenant’s Representatives, and costs) in excess such payment by Tenant shall be a condition to Landlord’s obligation to pay any amounts of the Tenant Improvement Allowance, if any. The cost of the Tenant Improvements shall exclude the cost of furniture, fixtures and inventory and other items of Tenant's Work (as defined below). Tenant shall have the right to elect to increase the Tenant Improvement Allowance by up to an additional $450,000.00 (the "Additional Allowance"), subject to the following terms and conditions: (i) Tenant shall make such election, if at all, no later than August 15, 1998; (ii) such amount shall be paid to Landlord in equal monthly installments over the seven (7) year Lease Term with interest at 10%, as additional Base Monthly Rent in the manner specified by Article 3 of the Lease; and (iii) the Additional Allowance shall otherwise constitute a part of the Tenant Improvement Allowance and shall be subject to the restrictions and conditions on such Tenant Improvement Allowance provided in this Work Letter. Notwithstanding anything to the contrary contained herein or in the Lease, Landlord shall be responsible at its sole cost and expense for the incremental costs incurred by either Landlord or Tenant for asbestos removal within the interior of the Leased Premises required solely as a result of the construction of the Tenant Improvements. 5.

Appears in 1 contract

Samples: Lease Agreement (Rockley Photonics Holdings LTD)

Cost of Tenant Improvements. Unless specified otherwise hereinLandlord and Tenant hereby agree that --------------------------- Landlord shall, at Landlord's expense (except as provided in this Section 2) cause a contractor designated by Landlord shall bear and pay (the cost "CONTRACTOR") to (i) obtain all applicable building permits for construction of the Tenant Improvements and Landlord's Work, and (which cost shall includeii) construct the Tenant Improvements EXHIBIT B -1- and Landlord's Work as depicted on the Approved Working Drawings, in compliance with such building permits and all applicable laws in effect at the time of construction, including, without limitation, the Americans with Disabilities Act and Title 24, and in good workmanlike manner; provided, however, in the event that (A) the Approved Working Drawings differ with respect to the quality and quantity of those tenant improvements depicted on the Final Space Plan, and/or (B) Tenant shall request any changes or substitutions to any of the Construction Drawings, and such differences, changes and/or substitutions result in increased costs of construction, the cost of permits and permit expediting, the costs of code compliance work, if such work is required as a result of, or is a condition imposed by appropriate governmental authorities for, construction of the Tenant ImprovementsImprovements in excess of the costs of those tenant improvements depicted on the Final Space Plan, and all architectural and engineering services obtained by Landlord in connection with the then Tenant Improvements, the Contractor's fees, Landlord's fee for construction administration in an amount shall pay such excess costs (which shall not exceed three include a Landlord supervision fee of four percent (34%) of hard such costs, utilities, and ) to Landlord in cash within ten (10) days after Landlord's Insurance Costs request therefor. In addition, to the extent any materials for the Tenant Improvements are other than Building standards (including, without limitation, course of construction insuranceunless specifically designated in the Final Space Plan), from Tenant shall pay for the date cost of this Work Letter until the Lease Commencement Date up to such non-Building standard materials (including a maximum of $450,000.00 four percent (the "Tenant Improvement Allowance"4%) Landlord supervision fee for such costs). The Tenant Improvement Allowance Landlord shall be utilized only pay for building improvements to the Building, and not for signage, furniture costs, any third party consulting or contracting fees, any telecom/cabling costs, or any other purpose. Tenant shall bear and pay the cost of the Landlord's Work described in Section 1.2 above, and there shall be no supervision fee charged to Tenant Improvements (including but not limited to all of for any such work. Notwithstanding the foregoing fees and costs) to the contrary, in excess of no event shall Landlord be obligated to pay for Tenant's Data Center Work, the Tenant Improvement Allowance, if any. The cost of the Tenant Improvements shall exclude the cost of furniture, fixtures and inventory and other items connection/extension of Tenant's Work (as defined below). Tenant shall have fiber optics from the right to elect to increase the Tenant Improvement Allowance by up to an additional $450,000.00 (the "Additional Allowance"), subject point of entry to the following terms and conditions: (i) Premises or any of Tenant's furniture, computer systems, telephone systems, equipment or other personal property which may be depicted on the Construction Drawings or otherwise required or desired by Tenant shall make for the Premises; such election, if at all, no later than August 15, 1998; (ii) such amount items shall be paid to Landlord in equal monthly installments over the seven (7) year Lease Term with interest for by Tenant, at 10%, as additional Base Monthly Rent in the manner specified by Article 3 of the Lease; and (iii) the Additional Allowance shall otherwise constitute a part of the Tenant Improvement Allowance and shall be subject to the restrictions and conditions on such Tenant Improvement Allowance provided in this Work Letter. Notwithstanding anything to the contrary contained herein or in the Lease, Landlord shall be responsible at its Tenant's sole cost and expense expense. Such costs to be paid for by Tenant shall include a four percent (4%) Landlord supervision fee but only with respect to the incremental costs incurred by either Landlord or Tenant for asbestos removal within the interior of the Leased Premises required solely as a result of the design and construction of the Tenant Improvements. 5improvements required for Tenant's Data Center Work, excluding, however (x) the "hard" cost of acquisition of the Supplemental HVAC Units and (y) the costs of any of Tenant's furniture, computer systems, telephone systems, equipment or other personal property.

Appears in 1 contract

Samples: Office Lease (Homestore Com Inc)

Cost of Tenant Improvements. Unless specified otherwise hereinNotwithstanding anything to the contrary in this First Amendment or the Lease, Landlord shall bear and has no obligation to pay the cost for any portion of the Tenant Improvements (which cost shall includeor for the planning, without limitation, the costs of construction, the cost of permits and permit expediting, the costs of code compliance work, if such work is required as a result of, design or is a condition imposed by appropriate governmental authorities for, construction review of the Tenant Improvements, and all architectural and engineering services obtained by Landlord in connection with the Tenant Improvements, the Contractor's fees, Landlord's fee for construction administration in an amount which shall not exceed three percent (3%) of hard costs, utilities, and Landlord's Insurance Costs (including, without limitation, course of construction insurance), from the date of this Work Letter until the Lease Commencement Date up to a maximum of $450,000.00 (the "Tenant Improvement Allowance"). The Tenant Improvement Allowance such costs shall be utilized only for building improvements solely borne by Tenant. Prior to the Building, and not for signage, furniture costs, commencement of any third party consulting or contracting fees, any telecom/cabling costs, or any other purpose. Tenant shall bear and pay the cost construction of the Tenant Improvements or, as applicable, Tenant's contractor performing any change order work, Tenant shall in escrow, pursuant to an escrow agreement in substantially the form attached hereto as Addendum 1 (including but not limited the "Escrow Agreement") signed by Tenant, Landlord and Escrow Agent (as defined in the Escrow Agreement), as security for payment, one hundred ten percent (110%) of the budget (as set forth in the construction contract between Tenant and its general contractor) for the total costs related to and for constructing the Tenant Improvements (or implement the change order, if applicable) (such estimated cost, the "Work Cost" and the amount held in escrow under the Escrow Agreement, the "Work Deposit"). No more frequently than once per month, Tenant shall invoice Landlord for the portion of the Work Cost expended by Tenant. Landlord shall submit a draw request to Escrow Agent to pay the invoiced amount from the Work Deposit held by Escrow Agent within ten (10) business days thereafter; provided, however, Landlord's draw request to the Escrow Agent shall be made after each and all of the foregoing fees and costs) in excess of the Tenant Improvement Allowance, if any. The cost of the Tenant Improvements shall exclude the cost of furniture, fixtures and inventory and other items of Tenant's Work (as defined below). Tenant following conditions shall have the right to elect to increase the Tenant Improvement Allowance by up to an additional $450,000.00 (the "Additional Allowance"), subject to the following terms and conditionsbeen satisfied: (i) Tenant shall make such election, if at all, no later than August 15, 1998; (ii) such amount shall be paid to Landlord in equal monthly installments over the seven (7) year Lease Term with interest at 10%, as additional Base Monthly Rent in the manner specified by Article 3 of the Lease; and (iii) the Additional Allowance shall otherwise constitute a part of the Tenant Improvement Allowance and Improvements (or applicable portion thereof) shall be subject to have been completed in accordance with the restrictions and conditions on such Tenant Improvement Allowance provided in this Work Letter. Notwithstanding anything to the contrary contained herein or in the Lease, Landlord shall be responsible at its sole cost and expense for the incremental costs incurred by either Landlord or Tenant for asbestos removal within the interior of the Leased Premises required solely as a result of the construction of the Tenant Improvements. 5.Construction Drawings;

Appears in 1 contract

Samples: Lease Agreement (Bellicum Pharmaceuticals, Inc)

Cost of Tenant Improvements. Unless specified otherwise herein, Landlord shall bear and pay the cost of the (a) The Tenant Improvements (which cost shall include, without limitation, the costs of construction, the cost of permits and permit expediting, the costs of code compliance work, if such work is required as a result of, or is a condition imposed by appropriate governmental authorities for, construction of the Tenant Improvements, and all architectural and engineering services obtained be paid for by Landlord in connection with the Tenant Improvements, the Contractor's fees, Landlord's fee for construction administration in an amount which shall not exceed three percent (3%) of hard costs, utilities, and Landlord's Insurance Costs (including, without limitation, course of construction insurance), from the date of this Work Letter until the Lease Commencement Date up to a maximum cost of $450,000.00 3,803,040.00 (the "Tenant Improvement Allowance"). The Tenant Improvement Allowance shall be utilized only for building improvements to the Building, and not for signage, furniture costs, any third party consulting or contracting fees, any telecom/cabling costs, or any other purpose. Tenant shall bear and pay That portion of the cost of the Tenant Improvements (including but not limited to all of the foregoing fees and costs) in excess of which exceeds the Tenant Improvement Allowance, if any. The Allowance shall be paid by Tenant in advance by a cash deposit with Landlord in the full amount of the cost of the Tenant Improvements which exceeds the Tenant Improvement Allowance; provided, that if not all of the excess costs can be determined prior to construction, then Tenant shall exclude pay the cost portion which can be determined in advance in cash prior to the commencement of furniturethe work and the balance of such excess costs within ten (10) days after Landlord's written demand for payment which demand shall set forth in reasonable detail the costs to be paid. The Tenant Improvement Allowance (and Tenant's payment for excess costs, fixtures if any) will be used to pay for the costs of constructing and inventory installing the Tenant Improvements and Building Common Areas including, without limitation, Building lobbies, restrooms, showers, HVAC systems and dropped ceilings; Washington State Sales Tax; Landlord's reasonable construction coordination fee; and other items of Tenant's Work (as defined below). Tenant shall have the right to elect to increase costs and expenses incurred by Landlord under this Schedule B; provided, that the Tenant Improvement Allowance by up shall not be used to an additional $450,000.00 (the "Additional Allowance")pay any costs associated with Tenant's telephone, subject to the following terms and conditions: (i) Tenant shall make such electioncomputer and/or data services or related cabling with respect thereto, if at all, no later than August 15, 1998; (ii) such amount all of which costs shall be paid to Landlord in equal monthly installments over the seven (7) year Lease Term with interest at 10%, as additional Base Monthly Rent in the manner specified solely by Article 3 of the Lease; and (iii) the Additional Allowance shall otherwise constitute a part of the Tenant Improvement Allowance and shall be subject to the restrictions and conditions on such Tenant Improvement Allowance provided in this Work Letter. Notwithstanding anything to the contrary contained herein or in the Lease, Landlord shall be responsible at its sole cost and expense for the incremental costs incurred by either Landlord or Tenant for asbestos removal within the interior of the Leased Premises required solely as a result of the construction of the Tenant Improvements. 5Tenant.

Appears in 1 contract

Samples: Lease (Mosaix Inc)

Cost of Tenant Improvements. Unless specified otherwise hereinLandlord shall, in part in --------------------------- recognition of improvements made by Tenant to the Termination Premises, contribute (the "Allowance") up to the sum of (a) $6.00 per rentable square foot in the First Expansion Premises and the Second Expansion Premises toward the cost of the design (including preparation of space plans and Construction Documents), construction and installation of the Tenant Improvements in the First Expansion Premises and the Second Expansion Premises, and (b) up to $2,500.00 toward the cost of any refurbishment in the First Expansion Premises and the Second Expansion Premises combined. Landlord shall bear pay the Allowance in installments, the first of which shall be thirty (30) days following Substantial Completion of Tenant Improvements in the First Expansion Premises (based upon the Allowance times the rentable area in the First Expansion Premises), and pay the second installment shall be thirty (30) days following Substantial Completion of Tenant Improvements in the Second Expansion Premises. As a condition of payment of each installment of the Allowance Tenant shall provide to Landlord executed final lien waivers from the Contractor and each subcontractor and supplier who performed work or supplied materials in connection with the Tenant Improvements. The balance, if any, of the cost of the Tenant Improvements (which cost shall include, without limitation"Additional Cost") in the First Expansion Premises, the costs of constructionSecond Expansion Premises and the Existing Premises, the cost of permits and permit expediting, the costs of code compliance work, if such work is required as a result of, or is a condition imposed by appropriate governmental authorities for, construction of the Tenant Improvements, and all architectural and engineering services obtained by Landlord in connection with the Tenant Improvements, the Contractor's fees, Landlord's fee for construction administration in an amount which shall not exceed three percent (3%) of hard costs, utilities, and Landlord's Insurance Costs (including, without limitation, course of construction insurance), from the date of this Work Letter until the Lease Commencement Date up to a maximum of $450,000.00 (the "Tenant Improvement Allowance"). The Tenant Improvement Allowance shall be utilized only for building improvements to the Building, and not for signage, furniture costs, any third party consulting or contracting fees, any telecom/cabling costs, or any other purpose. Tenant shall bear and pay the cost of the Tenant Improvements (including but not limited to all of the foregoing fees to, usual markups for overhead, supervision and costs) in excess of the Tenant Improvement Allowanceprofit, if any. The cost of the Tenant Improvements shall exclude the cost of furniture, fixtures and inventory and other items of Tenant's Work (as defined below). Tenant shall have the right to elect to increase the Tenant Improvement Allowance by up to an additional $450,000.00 (the "Additional Allowance"), subject to the following terms and conditions: (i) Tenant shall make such election, if at all, no later than August 15, 1998; (ii) such amount shall be paid to Landlord in equal monthly installments over the seven (7) year Lease Term with interest at 10%, as additional Base Monthly Rent in the manner specified by Article 3 of the Lease; and (iii) the Additional Allowance shall otherwise constitute a part of the Tenant Improvement Allowance and shall be subject to the restrictions and conditions on such Tenant Improvement Allowance provided in this Work Letter. Notwithstanding anything to the contrary contained herein or in the Lease, Landlord shall be responsible at its sole cost and expense for the incremental costs incurred by either Landlord or Tenant for asbestos removal within the interior of the Leased Premises required solely as a result of the construction of the Tenant Improvements. 5Contractor.

Appears in 1 contract

Samples: Part of Lease Agreement (Natus Medical Inc)

Cost of Tenant Improvements. Unless specified otherwise herein, Landlord shall bear and pay provide to Tenant a tenant improvement allowance of _________ dollars ($ _______) per rentable square foot (the cost "Tenant Improvement Allowance") to be applied towards the actual costs incurred by Landlord for the Tenant Improvements. Landlord shall obtain Xxxxxx’s prior written approval of the Landlord’s budget for completion of Tenant Improvements (which cost “Budget”). The Budget shall includeinclude all hard and soft costs, including without limitationlimitation design fees, the costs of constructionpermit costs, permit review fees, and the cost of permits and permit expediting, the costs of code compliance work, if such work is required as a result of, or is a condition imposed by appropriate governmental authorities for, for actual construction of the Tenant Improvements, and all architectural and engineering services obtained any related construction management fees (collectively “Construction Costs”) which the Landlord intends to charge to Tenant as a Tenant Improvement cost under this Lease. Once the Budget is approved by Landlord in connection with the Tenant ImprovementsTenant, the Contractor's fees, Landlord's fee for construction administration in an amount which it shall not exceed three percent (3%) be increased, or deemed to be increased, without written approval from Tenant for any such increase. Subject to the terms and conditions of hard costs, utilities, and Landlord's Insurance Costs (the Work Agreement including, without limitation, course of construction insurance)Tenant’s right to approve the Budget, from if the date of this Work Letter until the Lease Commencement Date up to a maximum of $450,000.00 (the "Tenant Improvement Allowance"). The Tenant Improvement Allowance shall be utilized only Construction Costs for building improvements to the Building, and not for signage, furniture costs, any third party consulting or contracting fees, any telecom/cabling costs, or any other purpose. Tenant shall bear and pay the cost of the Tenant Improvements (including but not limited to all of the foregoing fees and costs) in excess of exceed the Tenant Improvement Allowance, and if anysuch Costs have been previously approved in writing by Tenant and are not the result of (i) delays or defective or inadequate design or construction caused by Landlord or Landlord’s design professionals or other consultants or contractors, including failures to comply with applicable building codes, regulations or laws (“Category 1 Costs”), or (ii) the negligence or willful misconduct of Landlord or Landlord’s design professionals or other consultants or contractors (“Category 2 Costs”), or (iii) Landlord’s breach of obligations under this Lease including the Work Agreement (“Category 3 Costs”), then, Tenant shall be solely responsible for such excess costs (the “Excess Costs”). The cost Landlord shall be fully responsible for paying all Category 1 Costs, all Category 2 Costs and all Category 3 Costs. Tenant shall pay to Landlord all Excess Costs (which shall not exceed the amount approved by Tenant pursuant to Section 3(c) of the Work Agreement) without imposition of any overhead or mark-up by Landlord. If the Construction Costs for the Tenant Improvements shall exclude the cost of furniture, fixtures and inventory and other items of Tenant's Work (as defined below). Tenant shall have the right to elect to increase are less than the Tenant Improvement Allowance by up to an additional $450,000.00 (the "Additional Allowance"), subject to the following terms and conditions: (i) Tenant shall make then such election, if at all, no later than August 15, 1998; (ii) such unutilized amount shall be paid to Landlord in equal monthly installments over the seven (7) year Lease Term with interest at 10%, as additional Base Monthly Rent in the manner specified by Article 3 of the Lease; and (iii) the Additional Allowance shall otherwise constitute a part of the Tenant Improvement Allowance and shall be subject credited to the restrictions and conditions on such Tenant Improvement Allowance provided in this Work Letter. Notwithstanding anything to the contrary contained herein or in the Lease, Landlord shall be responsible at its sole cost and expense for the incremental costs incurred Rent otherwise payable by either Landlord or Tenant for asbestos removal within the interior of the Leased Premises required solely as a result of the construction of the Tenant Improvements. 5Tenant.

Appears in 1 contract

Samples: Disturbance and Attornment Agreement

Cost of Tenant Improvements. Unless specified otherwise herein, (a) The Tenant Improvements will be constructed by Landlord on an “open-book” basis and Tenant shall be entitled to receive and review copies of all invoices and contracts with respect to the Tenant Improvements. Landlord shall bear and pay the cost of the Tenant Improvements (which cost as further defined below); provided, however, that, subject to the terms and conditions of this Work Letter, Landlord shall include, without limitation, the costs contribute a maximum of construction, $85 per rentable square foot to the cost of permits and permit expediting, the costs of code compliance work, if such work is required as a result of, or is a condition imposed by appropriate governmental authorities for, construction of the Tenant Improvements, for an aggregate maximum of $10,366,005 (the “Landlord Fund”) and all architectural Tenant shall contribute the Excess (defined below). The Landlord Fund shall be utilized only for building improvements to the Building and engineering services obtained by Landlord any related “soft costs” as set forth in connection with the below description of the “cost of the Tenant Improvements”, including, but not limited to, design fees, consulting fees for audio/visual equipment, costs related to cabling, telephone lines, security, mechanical/electrical engineers’ fees and construction management fees for construction managers retained by Landlord, and not for signage or furniture costs. Therefore, except as otherwise provided herein, Landlord shall pay the aggregate cost of the Tenant Improvements up to an amount not to exceed the Landlord Fund and Tenant shall pay the excess of the aggregate cost of the Tenant Improvements over the Landlord Fund (the “Excess”) plus the cost of all Tenant’s Work (defined in Paragraph 6 below). Tenant shall pay the Excess as provided in Paragraph 4(b), and Tenant shall pay the cost of the Tenant’s Work, if any, directly to the persons or entities performing same. The “cost of the Tenant Improvements” as used in this Work Letter shall include all costs incurred by Landlord to plan, design and perform the Tenant Improvements as specified by the Working Drawings and any approved (or deemed approved) revisions thereof (including any Change), including without limitation, the fees and charges of the Contractor's fees, architects, engineers, all permit and inspection fees and charges, permit expediting charges, Landlord's ’s fee for construction administration in an amount which shall not exceed three equal to one percent (31%) of the total hard costscosts of the Tenant Improvements, utilities, and Landlord's Insurance Costs (including, without limitation, course of construction insurance), electricity costs from the date of this Work Letter until the Lease Commencement Date up Date, and any costs incurred by or charged to a maximum Landlord for (i) substitution of $450,000.00 (the "Tenant Improvement Allowance"). The Tenant Improvement Allowance shall be utilized only for building improvements materials or finishes due to the Building, and not for signage, furniture costs, any third party consulting unavailability of materials or contracting fees, any telecom/cabling costs, or any other purpose. Tenant shall bear and pay finishes specified in the cost applicable Working Drawings that would materially delay completion of the Tenant Improvements (including but not limited to all provided that Landlord shall give Tenant written notice of the foregoing fees and costs) in excess of the Tenant Improvement Allowance, if any. The cost of the Tenant Improvements shall exclude the cost of furniture, fixtures and inventory and other items of Tenant's Work (as defined below). Tenant shall have the right to elect to increase the Tenant Improvement Allowance by up to an additional $450,000.00 (the "Additional Allowance"such substitution), subject to the following terms and conditions: (i) Tenant shall make such election, if at all, no later than August 15, 1998; (ii) such amount shall be paid to Landlord in equal monthly installments over the seven (7) year Lease Term with interest at 10%, as additional Base Monthly Rent in the manner specified by Article 3 necessary modification of any portions of the Lease; Building or its systems to accommodate the Tenant Improvements, and (iiiiv) the Additional Allowance shall otherwise constitute a part of the Tenant Improvement Allowance and shall be subject to the restrictions and conditions extent required on such Tenant Improvement Allowance provided in this Work Letter. Notwithstanding anything to the contrary contained herein or in the Lease, Landlord shall be responsible at its sole cost and expense for the incremental costs incurred by either Landlord or Tenant for asbestos removal within the interior of the Leased Premises required solely as a result account of the construction of the Tenant Improvements, any change or alteration to comply with applicable laws, regulations, codes or ordinances and/or the requirements of any building inspector with jurisdiction over Tenant Improvements. 5Notwithstanding anything to the contrary herein, Landlord shall pay for at its sole cost and expense, and Tenant shall have no responsibility for and the Landlord Fund shall not be used for the following: (a) attorneys' fees incurred in connection with negotiation of construction contracts; (b) interest and other costs of financing construction costs; or (c) penalties and late charges attributable to Landlord’s failure to pay construction costs (except where arising from Tenant’s failure to timely pay the Excess). Notwithstanding the foregoing, Landlord shall have no obligation to pay any cost of the Tenant Improvements during any time that Tenant is in monetary or material non-monetary default for which Landlord has provided Tenant notice thereof, and in such event, Landlord may suspend completion of the Tenant Improvements for so long as such default continues, and any delay in completing the Tenant Improvements arising from such suspension in work shall constitute a Tenant Delay. Upon completion of the Tenant Improvements and payment in full for the same, any remaining portion of the Landlord Fund shall be retained by Landlord and Tenant shall have no rights therein.

Appears in 1 contract

Samples: Palo Alto Networks Inc

Cost of Tenant Improvements. Unless specified otherwise herein, A. Landlord shall bear and pay the cost of the Tenant Improvements (which cost shall include, without limitation, the costs of construction, the cost of permits and permit expediting, the costs of code compliance work, if such work is required as a result ofcomplete, or is a condition imposed by appropriate governmental authorities forcause to be completed, construction of the Tenant Improvements, and all architectural and engineering services obtained by Landlord at the construction cost shown in connection with the Tenant Improvements, approved Final Cost Estimate (subject to the Contractor's fees, Landlord's fee for construction administration in an amount which shall not exceed three percent (3%) of hard costs, utilities, and Landlord's Insurance Costs (including, without limitation, course of construction insurance), from the date provisions of this Work Letter until Letter), in accordance with final Working Drawings and Specifications approved by both Landlord and Tenant. Landlord shall pay towards the Lease Commencement Date up to final construction costs (“Completion Cost”) as incurred a maximum of $450,000.00 51,380.00 (“Landlord Contribution”), based on $35.00 per usable square foot of the "Premises, and Tenant Improvement Allowance"shall be fully responsible for the remainder (“Tenant Contribution”). The Tenant Improvement Allowance understands and agrees that any portion of the Landlord Contribution not requested by Tenant in accordance with this Exhibit X by December 31, 2014, shall be utilized only for building improvements inure to the Building, benefit of Landlord and not for signage, furniture costs, any third party consulting or contracting fees, any telecom/cabling costs, or any other purpose. Tenant shall bear and pay the cost not be entitled to any credit or payment; provided, however, that Tenant may, upon written request delivered to Landlord not later than December 31, 2014, apply a portion of the unused Landlord Contribution not to exceed $25,690.00 to the next then due Basic Rent. Landlord shall promptly memorialize any such reduction in the Basic Rent on a form provided by Landlord. In addition, Tenant Improvements (including but not limited to all may utilize a portion of the foregoing fees unused Landlord Contribution not to exceed $14,680.00 toward the out-of-pocket expenses incurred by Tenant for (1) relocating to the Premises, including moving costs (not to exceed $7,340.00 in the aggregate) (“Moving Costs”) and costs(2) in excess of for the Tenant Improvement Allowancepurchase, if any. The cost of the Tenant Improvements shall exclude the cost refurbishment or relocation of furniture, fixtures and inventory and other items of Tenant's Work equipment for the Premises (as defined belownot to exceed $7,340.00 in the aggregate) (“FF&E Costs”). Tenant shall have the right to elect to increase the Tenant Improvement Allowance be reimbursed for Moving Costs and/or FF&E Costs by up to an additional $450,000.00 (the "Additional Allowance"), subject to the following terms and conditions: (i) Tenant shall make such election, if at all, no later than August 15, 1998; (ii) such amount shall be paid submitting copies of all supporting third-party invoices to Landlord in equal monthly installments over the seven (7) year Lease Term with interest at 10%by August 1, as additional Base Monthly Rent in the manner specified by Article 3 of the Lease; and (iii) the Additional Allowance shall otherwise constitute a part of the Tenant Improvement Allowance and shall be subject to the restrictions and conditions on such Tenant Improvement Allowance provided in this Work Letter2014. Notwithstanding anything to the contrary contained herein or in the Lease, Landlord shall be responsible at its sole cost reimburse Tenant in one installment for Moving Costs and expense one installment for the incremental costs incurred by either Landlord or Tenant for asbestos removal FF&E Costs within the interior 30 days following receipt of the Leased Premises required solely as a result of the construction of the Tenant Improvements. 5all such respective invoices.

Appears in 1 contract

Samples: Lease (Marathon Patent Group, Inc.)

Cost of Tenant Improvements. Unless specified otherwise herein, A. Landlord shall bear complete, or cause to be completed, the Tenant Improvements, at the construction cost shown in the Final Cost Estimate (subject to the provisions of this Work Letter), in accordance with final Working Drawings and Specifications approved by both Landlord and Tenant. Landlord shall pay towards the final construction costs (“Completion Cost”) as incurred a maximum of $4,727,150.00 (“Landlord Contribution”), based on $50.00 per rentable square foot of the Premises, and Tenant shall be fully responsible for the remainder (“Tenant Contribution”). Notwithstanding the foregoing, Tenant may utilize a portion of the Landlord Contribution not to exceed $472,715.00 toward the out-of-pocket expenses incurred by Tenant for relocating to the Premises, including furniture moving, data cabling costs and consulting costs (“Moving Allowance”). Tenant shall be reimbursed for such expenses by submitting copies of all supporting third-party invoices to Landlord within 120 days after the Commencement Date. Landlord shall reimburse Tenant in one installment within 30 days following receipt of all such invoices. If the actual cost of completion of the Tenant Improvements is less than the maximum amount provided for the Landlord Contribution, such savings shall inure to the benefit of Landlord and Tenant shall not be entitled to any credit or payment or to apply the savings toward additional work. In addition to the Landlord Contribution, Landlord shall make available to Tenant an amount not to exceed $945,430.00 (which cost shall include, without limitation, the costs of construction, the cost of permits and permit expediting, the costs of code compliance work, if such work is required as a result of, or is a condition imposed by appropriate governmental authorities for, construction of “Additional Contribution”) for the Tenant ImprovementsImprovements hereunder to be utilized by Tenant not later than December 31, and all architectural and engineering services obtained by Landlord 2012 in connection with the Tenant Improvements, the Contractor's fees, Landlord's fee for construction administration in an amount which shall not exceed three percent (3%) of hard costs, utilities, and Landlord's Insurance Costs (including, without limitation, course of construction insurance), from the date of this Work Letter until the Lease Commencement Date up to a maximum of $450,000.00 (the "initial Tenant Improvement Allowance"). The Tenant Improvement Allowance work, which amount shall be utilized only for building improvements to amortized over the Building, 96 month Lease Term at 8% per annum and not for signage, furniture costs, any third party consulting or contracting fees, any telecom/cabling costs, or any other purposerepaid in monthly installments with the Basic Rent. Tenant shall bear and pay the cost Upon determination of the Tenant Improvements (including but not limited to all amount of the foregoing fees and costs) in excess of the Tenant Improvement AllowanceAdditional Contribution, if any. The cost of the Tenant Improvements shall exclude the cost of furniture, fixtures and inventory and other items of Tenant's Work (as defined below). Tenant shall have the right to elect to increase the Tenant Improvement Allowance by up to an additional $450,000.00 (the "Additional Allowance"), subject to the following terms and conditions: (i) Tenant shall make such election, if at all, no later than August 15, 1998; (ii) such amount shall be paid to Landlord in equal monthly installments over the seven (7) year Lease Term with interest at 10%, as additional Base Monthly Rent in the manner specified by Article 3 of the Lease; and (iii) the Additional Allowance shall otherwise constitute a part of the Tenant Improvement Allowance and shall be subject to the restrictions and conditions on such Tenant Improvement Allowance provided in this Work Letter. Notwithstanding anything to the contrary contained herein or in the Lease, Landlord shall be responsible at its sole cost memorialize same, together with the monthly repayment schedule, in writing and expense for the incremental costs incurred by either Landlord or Tenant for asbestos removal within the interior of the Leased Premises required solely as a result of the construction of the Tenant Improvements. 5shall promptly acknowledge same.

Appears in 1 contract

Samples: Lease (SERVICE-NOW.COM)

Cost of Tenant Improvements. Unless specified otherwise herein, A. Landlord shall bear complete, or cause to be completed, the Tenant Improvements, at the construction cost shown in the Final Cost Estimate (subject to the provisions of this Work Letter), in accordance with final Working Drawings and Specifications approved by both Landlord and Tenant. Landlord shall pay towards the final construction costs (“Completion Cost”) as incurred a maximum of $3,045,000.00 (“Landlord Contribution”), based on $50.00 per rentable square foot of the Premises, and Tenant shall be fully responsible for the remainder (“Tenant Contribution”). Notwithstanding the foregoing, Tenant may utilize a portion of the Landlord Contribution not to exceed $304,500.00 toward the out-of-pocket expenses incurred by Tenant for relocating to the Premises, including furniture moving, data cabling costs and consulting costs (“Moving Allowance”). Tenant shall be reimbursed for such expenses by submitting copies of all supporting third-party invoices to Landlord within 120 days after the Expansion Effective Date. Landlord shall reimburse Tenant in one installment within 30 days following receipt of all such invoices. If the actual cost of completion of the Tenant Improvements is less than the maximum amount provided for the Landlord Contribution or remains after December 31, 2014, such savings shall inure to the benefit of Landlord and Tenant shall not be entitled to any credit or payment or to apply the savings toward additional work. In addition to the Landlord Contribution, Landlord shall make available to Tenant an amount not to exceed $1,218,000.00 (which cost shall include, without limitation, the costs of construction, the cost of permits and permit expediting, the costs of code compliance work, if such work is required as a result of, or is a condition imposed by appropriate governmental authorities for, construction of “Additional Expansion Space Contribution”) for the Tenant ImprovementsImprovements hereunder to be utilized by Tenant not later than December 31, and all architectural and engineering services obtained by Landlord 2014 in connection with the Tenant Improvements, the Contractor's fees, Landlord's fee for construction administration in an amount which shall not exceed three percent (3%) of hard costs, utilities, and Landlord's Insurance Costs (including, without limitation, course of construction insurance), from the date of this Work Letter until the Lease Commencement Date up to a maximum of $450,000.00 (the "initial Tenant Improvement Allowance"). The Tenant Improvement Allowance work, which amount shall be utilized only for building improvements to amortized over the Building, 84 month Lease Term at 8% per annum and not for signage, furniture costs, any third party consulting or contracting fees, any telecom/cabling costs, or any other purposerepaid in monthly installments with the Basic Rent. Tenant shall bear and pay the cost Upon determination of the Tenant Improvements (including but not limited to all amount of the foregoing fees and costs) in excess of the Tenant Improvement AllowanceAdditional Expansion Contribution, if any. The cost of the Tenant Improvements shall exclude the cost of furniture, fixtures and inventory and other items of Tenant's Work (as defined below). Tenant shall have the right to elect to increase the Tenant Improvement Allowance by up to an additional $450,000.00 (the "Additional Allowance"), subject to the following terms and conditions: (i) Tenant shall make such election, if at all, no later than August 15, 1998; (ii) such amount shall be paid to Landlord in equal monthly installments over the seven (7) year Lease Term with interest at 10%, as additional Base Monthly Rent in the manner specified by Article 3 of the Lease; and (iii) the Additional Allowance shall otherwise constitute a part of the Tenant Improvement Allowance and shall be subject to the restrictions and conditions on such Tenant Improvement Allowance provided in this Work Letter. Notwithstanding anything to the contrary contained herein or in the Lease, Landlord shall be responsible at its sole cost memorialize same, together with the monthly repayment schedule, in writing and expense for the incremental costs incurred by either Landlord or Tenant for asbestos removal within the interior of the Leased Premises required solely as a result of the construction of the Tenant Improvements. 5shall promptly acknowledge same.

Appears in 1 contract

Samples: ServiceNow, Inc.

Cost of Tenant Improvements. Unless specified otherwise hereinSubject to the terms and conditions hereof, Landlord shall bear contribute up to $1,245,365.00 (i.e., $55.00 per rentable square foot of the New Space) toward the costs and expenses for the design and construction of the Tenant Improvements in accordance with the Final Plans (including, Tenant’s Signage, Landlord’s Supervision Fee (as defined below) and code compliance costs, architecture and engineering plans and fees, plan check and permit fees, project management and telecommunications and computer cabling) (the “New Allowance”). Notwithstanding anything contained herein, in addition to the New Allowance, Landlord shall pay the cost of the Space Plan directly to the vendor. Any costs and expenses for the Tenant Improvements in excess of the New Allowance shall be paid by Tenant within thirty (30) days after Landlord written demand for same, together with appropriate back-up. Tenant’s failure to pay for the cost of the Tenant Improvements (which cost in excess of the New Allowance within such 30-day period shall include, without limitation, be a Default by Tenant under the Lease. If the actual costs of constructionthe Tenant Improvements are less than the New Allowance, then Landlord shall retain such savings and Tenant shall have no claim to or interest in same, together with appropriate back-up. Landlord reserves the cost of permits and permit expediting, the costs of code compliance work, if such work is required as right to charge Tenant a result of, or is a condition imposed by appropriate governmental authorities for, construction management fee in connection with Landlord’s performance of the Tenant Improvements, which fee shall be capped at $15,000.00 (and all architectural and engineering services obtained by Landlord in connection with the Tenant Improvements, the Contractor's fees, Landlord's which fee for construction administration in an amount which shall not exceed three percent (3%) of hard costs, utilities, and Landlord's Insurance Costs (including, without limitation, course of construction insurance), may be paid from the date of this Work Letter until the Lease Commencement Date up to a maximum of $450,000.00 New Allowance) (the "Tenant Improvement Allowance"“Landlord’s Supervision Fee”). The Tenant Improvement Allowance shall be utilized only for building improvements to the Building, and not for signage, furniture costs, any third party consulting or contracting fees, any telecom/cabling costsLandlord, or any other purpose. its agents, shall furnish Tenant shall bear and pay with written estimates of the cost of the Tenant Improvements in the Final Plans (including but not limited the “Tenant Improvements Budget”). If Tenant shall fail to approve in writing the Tenant Improvements Budget within seven (7) business days after receipt thereof, the Tenant Improvements Budget shall be deemed approved in all of respects by Tenant; provided, however, with respect to the foregoing fees and costs) in excess first submittal of the Tenant Improvement AllowanceImprovements Budget, if anyTenant shall have an additional five (5) business days (on top of the seven (7) business days) to value engineer the Tenant Improvements to reduce the budget. The Upon the approval (or deemed approval as provided above) of the Tenant Improvements Budget, neither party shall change or modify same without the other party’s prior written approval, not to be unreasonably withheld, conditioned or delayed. If Tenant fails to respond to any requested modification or change of same within seven (7) business days after Landlord’s written notice of same, then such modification or change to the Tenant Improvements Budget shall be deemed approved. If, however, Tenant approves the Tenant Improvements Budget as furnished by Landlord or as otherwise modified and approved by the parties within such 7-business day period (or it is deemed approved as provided above), Tenant shall pay Landlord within thirty (30) days of said Tenant’s approval (or deemed approval, as applicable), the cost of the Tenant Improvements shall exclude that exceed the cost of furniture, fixtures and inventory and other items of Tenant's Work (as defined below). Tenant shall have the right to elect to increase the Tenant Improvement Allowance by up to an additional $450,000.00 (the "Additional New Allowance"), subject to the following terms and conditions: (i) Tenant shall make such election, if at all, no later than August 15, 1998; (ii) such amount shall be paid to Landlord in equal monthly installments over the seven (7) year Lease Term with interest at 10%, as additional Base Monthly Rent in the manner specified by Article 3 of the Lease; and (iii) the Additional Allowance shall otherwise constitute a part of the Tenant Improvement Allowance and shall be subject to the restrictions and conditions on such Tenant Improvement Allowance provided in this Work Letter. Notwithstanding anything to the contrary contained herein or in the Lease, Landlord shall be responsible at its sole cost and expense for the incremental costs incurred by either Landlord or Tenant for asbestos removal within the interior of the Leased Premises required solely as a result of the construction of the Tenant Improvements. 5.

Appears in 1 contract

Samples: Office Lease Agreement (Arcutis Biotherapeutics, Inc.)

Cost of Tenant Improvements. Unless specified otherwise herein, (a) Landlord shall bear contribute $30.00 per rentable square foot in the Premises and pay First Expansion Space toward the cost of construction and installation of the Tenant Improvements (the "Tenant Improvements Allowance"). The Tenant Improvements Allowance may be used for all design (including reimbursements to Tenant for advancing the costs of same) construction costs and governmental fees. The balance, if any, of the cost of the Tenant Improvements as constructed (which cost "Additional Cost"), including but not limited to Landlord's Markups, shall include, without limitation, the costs of construction, be paid by Tenant in accordance with this Section 2.5(a). If the cost of permits and permit expediting, the costs of code compliance work, if such work is required as a result of, or is a condition imposed by appropriate governmental authorities fordesign, construction and installation of the Tenant Improvements, including any Tenant approved Changes, exceeds $30.00 per rentable square foot, Landlord may deliver to Tenant, not more than once each calendar month during the construction schedule, a written request for payment ("Progress Invoice") of Tenant's prorata share of the Additional Cost to date. Each such Progress Invoice shall include and all architectural and engineering services obtained be accompanied by Landlord in connection with (i) the Tenant Improvements, the Contractor's fees, Landlord's fee for construction administration in an certified statements setting forth the amount which requested and the percentage of completion of each item of Additional Cost and (ii) copies of conditional and unconditional lien releases from all subcontractors and vendors as of the immediately prior Progress Invoice. Each Progress Invoice shall not exceed three include retention of ten percent (310%) of hard costs, utilities, and Landlord's Insurance Costs (including, without limitation, course of construction insurance), from the date of this Work Letter amount until the Lease Commencement Date up to a maximum of $450,000.00 (the "Tenant Improvement Allowance"). The Tenant Improvement Allowance shall be utilized only for building improvements to the Building, and not for signage, furniture costs, any third party consulting or contracting fees, any telecom/cabling costs, or any other purposeSubstantial Completion. Tenant shall bear and pay the cost of the Tenant Improvements (including but not limited to all of the foregoing fees and costs) in excess of the Tenant Improvement Allowanceamount due, if any. The cost , pursuant to the Progress Invoice to Landlord, within fifteen (15) days after Tenant's receipt of the above items. All costs for Tenant Improvements shall exclude the cost of furniture, fixtures be fully documented to and inventory and other items of verified by Tenant's Work (as defined below). Tenant shall have the right to elect to increase review and approve the Progress Invoice. If the actual cost of the Tenant Improvement Improvements as constructed is less than the Tenant Improvements Allowance by up to an additional $450,000.00 (the "Additional AllowanceSavings"), subject to the following terms and conditions: (i) Tenant shall make such election, if at all, no later than August 15, 1998; (ii) such amount shall be paid to Landlord in equal monthly installments over the seven (7) year Lease Term with interest at 10%, as additional Base Monthly Rent in the manner specified by Article 3 of the Lease; and (iii) the Additional Allowance shall otherwise constitute a part of the Tenant Improvement Allowance and shall be subject to the restrictions and conditions on such Tenant Improvement Allowance provided in this Work Letter. Notwithstanding anything to the contrary contained herein or in the Lease, Landlord shall be responsible at its sole cost and expense for apply the incremental costs incurred by either Landlord or Tenant for asbestos removal within the interior Savings to Base Rent installments in regular order of the Leased Premises required solely as a result of the construction of the Tenant Improvements. 5maturity.

Appears in 1 contract

Samples: Part of Lease Agreement (FSP 50 South Tenth Street Corp)

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