Extension Allowance Sample Clauses
The Extension Allowance clause permits one or both parties to extend certain deadlines or timeframes specified in the agreement. Typically, this clause outlines the conditions under which an extension may be requested, such as providing written notice within a set period before the original deadline, and may limit the number or duration of extensions allowed. Its core practical function is to provide flexibility in contract performance, accommodating unforeseen delays and helping to prevent breaches due to circumstances beyond a party’s control.
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Extension Allowance. Tenant shall have the right, to be exercised (if at all) between September 1, 2019 and December 31, 2020, to request in writing that Landlord construct and install various leasehold improvements within the Premises (the “Extension Improvements”). If Tenant fails to exercise such right as aforesaid and hereinafter provided, Tenant shall be deemed to have waived its rights pursuant to this Section 8. In the event Tenant exercises such right as aforesaid, the Extension Improvements shall be approved by Landlord and performed in accordance with the Alterations provisions defined in Section 14(b) - (d) of the Lease, except as otherwise expressly set forth herein. Provided the Extension Improvements requested by Tenant are reasonably acceptable to Landlord. Landlord, and not contractors or subcontractors selected by Tenant shall construct and install the Extension Improvements with reasonable speed and diligence. If the cost to construct and install the Extension Improvements exceeds One Hundred Seven Thousand Six Hundred Thirty and No/100 Dollars ($107,630.00) (the “Extension Allowance”), Tenant shall deliver such excess to Landlord within thirty (30) days following substantial completion of the Extension Improvements and Landlord’s written demand thereof. Tenant at Tenant’s option, shall have the right to apply up to Fifty-Three Thousand Eight Hundred Fifteen and No/100 ($53,815.00) of the Extension Allowance against the cost of Tenant’s furnishings, fixtures and equipment for use at the Premises. Any portion of the Extension Allowance remaining as of December 31, 2020 shall be the property of Landlord. Tenant agrees that the construction and installation of the Extension Improvements at the Premises shall be performed by a subsidiary or affiliate of Landlord, that such subsidiary or affiliate shall receive a fee as Landlord’s general contractor in the amount of five and one-half percent (5.5%) of the total soft and hard costs to construct and install the Extension Improvements, and that such fee shall be applied against the Extension Allowance. It is hereby agreed that the scope of possible Extension Improvements attached as Exhibit B hereto, and made a part hereof are reasonable and approved by Landlord; provided, however, that Tenant acknowledges and agrees that the prices contained in said scope are merely estimates, and Landlord shall reprice the scope at such time as Tenant exercises its right to have Landlord construct and install the Extension Improvem...
Extension Allowance. Notwithstanding anything in the Third Amendment to the contrary, but subject to Tenant’s rights under Section 6.3 thereof, (a) the Extension Allowance Deadline (defined in Section 1.1 of Exhibit A to the Third Amendment) is hereby amended to be November 30, 2013, and (b) subject to the Extension Allowance Deadline, any portion of the Extension Allowance (defined in Section 1.1 of Exhibit A to the Third Amendment) that is not otherwise disbursed pursuant to the Third Amendment may be applied to the Suite 110 Allowance Items (as defined in Exhibit B hereto), subject to the terms and conditions of Exhibit B applicable to application and disbursement of the Suite 110 Allowance.
Extension Allowance. Landlord agrees to contribute $200,000.00 (the “Extension Allowance”) towards any and all expenses Tenant incurs relating to or arising from the demolition, design and/or construction of leasehold improvements to the Existing Premises and any additional space Tenant adds to the Existing Premises pursuant to Sections 12 and 13 below (the “Tenant’s Extension Work”). On or after November 1, 2006, Landlord shall, at Tenant’s election, (a) pay the Extension Allowance, or applicable portion thereof, directly to Tenant promptly upon presentation of invoices or bills relating to Tenant’s Extension Work (which invoices or bills may be presented and paid on a progress payment basis at Tenant’s election), and apply any remaining portion of the Extension Allowance as a credit (the “Rent Credit”), or (b) apply the entire Extension Allowance as the Rent Credit, which Rent Credit, in either case, shall be applied against the next due installment(s) of Base Rent until fully utilized.
Extension Allowance. Subject to subsection (d) below, in the event Tenant exercises its option to extend in accordance with this Section 17.04, Landlord shall provide to Tenant a refurbishment allowance of up to $0.50 per square foot (the "Refurbishment Allowance") for each option exercised to be used in connection with the construction and installation of various improvements and alterations within the Leased Premises (with any such alterations to be completed in compliance with Section 7.03 of the Lease). Such Refurbishment Allowance shall be paid by Landlord to Tenant within thirty (30) days following Tenant's written request therefor, which request shall be accompanied by receipts or other reasonable evidence of the cost of such alterations. Any portion of the Refurbishment Allowance that remains unpaid within six (6) months following the commencement of the applicable Extension Term shall be credited against the next Monthly Rental Installment(s) due under this Lease.
Extension Allowance. In connection with this ten-year extension, Landlord agrees to provide to Tenant an extension allowance in the amount of $15.00 per square foot multiplied by the Rentable Floor Area of the Demised Premises ($330,525), which allowance shall be made available to reimburse Tenant for a portion of the costs paid by Tenant in connection with the construction of the operating room facility in the Demised Premises and shall be payable within thirty (30) days after Landlord's receipt of paid third party invoices related to such improvements and such additional information reasonably requested by Landlord to confirm such amounts. 5.
Extension Allowance. Following the satisfaction or expiration of the contingency set forth in Section 6.7 of the Agreement, Tenant shall be entitled to a one-time tenant improvement allowance (the “Extension Allowance”) in the amount of $5.00 per rentable square foot of the Premises to be applied toward (a) the Extension Allowance Items (defined in Section 1.2 below), and (b) Extension FF&E Costs (not to exceed $2.50 per rentable square foot of the Premises), as more fully provided in Section 6.3 of the Agreement. Tenant shall be responsible for all costs associated with the Extension Tenant Improvement Work, including the costs of the Extension Allowance Items, to the extent such costs exceed the lesser of (a) the Extension Allowance, or (b) the aggregate amount that Landlord is required to disburse for such purpose pursuant to this Work Letter. Notwithstanding any contrary provision of this Agreement, if Tenant fails to use the entire Extension Allowance by June 30, 2013 (the “Extension Allowance Deadline”), the unused amount shall revert to Landlord and Tenant shall have no further rights with respect thereto.