Existing Premises Allowance Clause Samples

Existing Premises Allowance. In addition to the Expansion Premises Allowances, Landlord shall provide Tenant with an allowance for the costs (the “Existing Premises Allowance Costs”) of constructing any Alterations to the Existing Premises and/or the Expansion Premises Allowance Costs (including any so-called soft costs of architectural and engineering fees therefor (“Soft Costs”)), in an amount not to exceed Thirty and 00/100 Dollars ($30.00) per square foot of Rentable Floor Area of the Existing Premises (i.e., $4,795,800.00) (the “Existing Premises Allowance”), provided that Tenant may not requisition more than twenty-five percent (25%) of the Existing Premises Allowance for Soft Costs. All Existing Premises Allowance Costs in excess of the Existing Premises Allowance shall be paid for entirely by ▇▇▇▇▇▇, and Landlord shall not provide any reimbursement therefor. Tenant shall be permitted to perform any such Alterations to the Existing Premises and/or improvements to the Expansion Premises beyond the Expansion Delivery Work (any such work, “Tenant Work”) in accordance with Section 8 of the Original Lease, provided that Tenant shall not be obligated to pay Landlord or its managing agent any construction management or oversight fee with respect to the Tenant Work, though Tenant shall remain obligated to reimburse Landlord for any reasonable third-party expenses actually incurred by Landlord in connection with the review of Tenant’s plans for any Tenant Work as provided in Section 8 of the Original Lease (but not to exceed $50,000.00). Tenant must use union labor for any Tenant Work. The Existing Premises Allowance shall be available to Tenant as of the Phase I Expansion Premises Commencement Date. Tenant may submit to Landlord, from time to time but not more often than once per month, requisitions for reimbursement setting forth such actual Existing Premises Allowance Costs, which requisition shall contain invoices and such other evidence of the actual Existing Premises Allowance Costs incurred by Tenant as Landlord may reasonably request, together with evidence satisfactory to Landlord that the same have been paid (including final, unconditional lien waivers for the portion of the work and which is in excess of $10,000.00 that is the subject of the applicable requisition), and a certificate by the architect or contractor that the work covered by the application has been completed in compliance with the provisions of Section 8 of the Original Lease. Landlord shall reimburse Tenant fr...