Common use of Payment for TI Costs Clause in Contracts

Payment for TI Costs. Upon Tenant’s written request to Landlord, one-half (1/2) of the TI Allowance shall be disbursed by Landlord to Tenant as reimbursement for the costs incurred by Tenant during the course of design and construction of the Tenant Improvements at the point where the TI Contractor certifies to Landlord’s reasonable satisfaction that the Tenant Improvements are at least 50% complete. Upon Tenant’s written request to Landlord, the remaining one-half (1/2) of the TI Allowance shall be disbursed by Landlord to Tenant as reimbursement for the costs incurred by Tenant for the design and construction of the Tenant Improvements upon completion of (and payment by Tenant in full for) the Tenant Improvements. Tenant shall, upon request from Landlord, provide monthly financial accounting reports (in form reasonably acceptable to Landlord) documenting work completed, costs relative to Budget and payments made by Tenant with respect to the Tenant Improvements. Prior to making any disbursements from the TI Allowance, Landlord may require draw requests in a customary form reasonably approved in advance by Landlord, containing certifications, lien waivers (including unconditional lien releases for the prior month’s progress payments), inspection reports and other matters as Landlord may reasonably require. Upon completion of the Tenant Improvements (and prior to any final disbursement of the TI Allowance), Tenant shall deliver to Landlord: (i) statements setting forth the names of all contractors and first tier subcontractors who did work and final, unconditional lien waivers from all such contractors and first tier subcontractors; (ii) as-built plans (in electronic CAD format) for such Tenant Improvements; (iii) a certification of substantial completion in Form AIA G704, (iv) all governmental permits and approvals required for the occupancy for the Premises to the extent they are related to the completion of the Tenant Improvements as opposed to the Landlord’s Work; and (v) copies of all operation and maintenance manuals and warranties affecting the Premises that Tenant received from the TI Contractor in connection with the construction of the Tenant Improvements.

Appears in 1 contract

Samples: Lease Agreement (Juno Therapeutics, Inc.)

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Payment for TI Costs. Upon Tenant’s written request to Landlord, one-half (1/2) of the TI Allowance shall be disbursed by Landlord to Tenant as reimbursement for the costs incurred by Tenant during During the course of design and construction of the Tenant Improvements at the point where Improvements, Landlord shall reimburse Tenant on a pro rata basis a percentage of the TI Contractor certifies Costs (equal to Landlord’s reasonable satisfaction the percentage that the Tenant Improvements are at least 50% complete. Upon Tenant’s written request TI Allowance bears to Landlordthe total Budget, as the remaining one-half (1/2) same may be amended from time to time, up to the amount of the TI Allowance shall be disbursed by Landlord to Tenant as reimbursement for the costs actually incurred by Tenant for the design and construction Tenant, not more frequently than once a month, against a draw request in Landlord's standard form, containing evidence of the Tenant Improvements upon completion payment of (and payment such TI Costs by Tenant in full for) the Tenant Improvements. Tenant shall, upon request from Landlord, provide monthly financial accounting reports (in form reasonably acceptable to Landlord) documenting work completed, costs relative to Budget and payments made by Tenant with respect to the Tenant Improvements. Prior to making any disbursements from the TI Allowance, Landlord may require draw requests in a customary form reasonably approved in advance by Landlord, containing such certifications, lien waivers (including a conditional lien release for each progress payment and unconditional lien releases for the prior month’s 's progress payments), inspection reports and other matters as Landlord may reasonably requirecustomarily obtains, to the extent of Landlord's approval thereof for payment, no later than 30 days following receipt of such draw request. Upon completion of the construction of the Tenant Improvements (and prior to any final disbursement of the TI Allowance), Tenant shall deliver to Landlord: (i) sworn statements setting forth the names of all contractors and first tier subcontractors who did the work of the Tenant Improvements, and final, unconditional lien waivers from all such contractors and first tier subcontractors; (ii) as-built plans (one copy in print format and two copies in electronic CAD format) for such Tenant Improvements; (iii) a certification of substantial completion in Form AIA G704, (iv) all governmental permits and approvals required for the a certificate of occupancy for the Premises to the extent they are related to the completion of the Tenant Improvements as opposed to the Landlord’s WorkThird Expansion Premises; and (v) copies of all operation and maintenance manuals and warranties affecting the Premises that Tenant received from the TI Contractor in connection with the construction of the such Tenant Improvements.

Appears in 1 contract

Samples: Lease (Prothena Corp PLC)

Payment for TI Costs. Upon Tenant’s written request to Landlord, one-half (1/2) of the TI Allowance shall be disbursed by Landlord to Tenant as reimbursement for the costs incurred by Tenant during During the course of design and construction of the Tenant Improvements at the point where the Improvements, Landlord shall reimburse Tenant for TI Contractor certifies to Costs not more than once a month against a draw request in Landlord’s reasonable satisfaction that the Tenant Improvements are at least 50% complete. Upon Tenant’s written request to Landlord's standard form, the remaining one-half (1/2) containing evidence of the payment of such TI Allowance shall be disbursed by Landlord to Tenant as reimbursement for the costs incurred Costs by Tenant for the design and construction of the Tenant Improvements upon completion of (and payment by Tenant in full for) the Tenant Improvements. Tenant shall, upon request from Landlord, provide monthly financial accounting reports (in form reasonably acceptable to Landlord) documenting work completed, costs relative to Budget and payments made by Tenant with respect to the Tenant Improvements. Prior to making any disbursements from the TI Allowance, Landlord may require draw requests in a customary form reasonably approved in advance by Landlord, containing such certifications, lien waivers (including a conditional lien release for each progress payment and unconditional lien releases for the prior month’s 's progress payments), inspection reports and other matters as Landlord may reasonably requirecustomarily obtains, to the extent of Landlord's approval thereof for payment, no later than 30 days following receipt of such draw request and applicable materials. Upon completion of the Tenant Improvements (and prior to any final disbursement of the TI Allowance), Tenant shall deliver to Landlord: (i) sworn statements setting forth the names of all contractors and first tier subcontractors who did the work and final, unconditional lien waivers from all such contractors and first tier subcontractors; (ii) as-built plans (one copy in print format and two copies in electronic CAD format) for such Tenant Improvements; (iii) a certification of substantial completion in Form AIA G704, (iv) all governmental permits and approvals required for the a certificate of occupancy (either temporary or permanent) for the Premises to (if required by the extent they are related to City of Cambridge); (v) evidence of payment of all TI Costs by Tenant in accordance with the completion of the Tenant Improvements as opposed to the Landlord’s WorkBudget; and (vvi) copies of all operation and maintenance manuals and warranties affecting the Premises that Tenant received from the TI Contractor in connection with the construction of respect to the Tenant Improvements. Tenant shall submit a draw request no more frequently than once a calendar month, and no draw requests shall be processed unless prior to the first draw request Tenant shall have delivered to Landlord a copy of the TI Permit.

Appears in 1 contract

Samples: Lease (Alnylam Pharmaceuticals, Inc.)

Payment for TI Costs. Upon Tenant’s written request to Landlord, one-half (1/2) of the TI Allowance shall be disbursed by Landlord to Tenant as reimbursement for the costs incurred by Tenant during During the course of design and construction of the Tenant Improvements at the point where Improvements, Landlord shall reimburse Tenant on a pro rata basis a percentage of the TI Contractor certifies Costs (equal to Landlord’s reasonable satisfaction the percentage that the TI Allowance bears to the total Budget (and with respect to any Tenant Improvements are at least 50% complete. Upon Tenant’s written request constructed in the Lock-In Space prior to Landlordthe EP Early Termination Date, the remaining onepercentage that the Lock-half (1/2) In Space TI Allowance bears to the applicable Budget), as the same may be amended from time to time, up to the amount of the TI Allowance shall be disbursed by Landlord to Tenant as reimbursement for the costs actually incurred by Tenant for the design and construction Tenant, not more frequently than once a month, against a draw request in Landlord’s standard form, containing evidence of the Tenant Improvements upon completion payment of (and payment such TI Costs by Tenant in full for) the Tenant Improvements. Tenant shall, upon request from Landlord, provide monthly financial accounting reports (in form reasonably acceptable to Landlord) documenting work completed, costs relative to Budget and payments made by Tenant with respect to the Tenant Improvements. Prior to making any disbursements from the TI Allowance, Landlord may require draw requests in a customary form reasonably approved in advance by Landlord, containing such certifications, lien waivers (including a conditional lien release for each progress payment and unconditional lien releases for the prior month’s progress payments), inspection reports and other matters as Landlord may reasonably requirecustomarily obtains, to the extent of Landlord’s approval thereof for payment, no later than 30 days following receipt of such draw request. Upon completion of the last phase of construction of the Tenant Improvements (and prior to any final disbursement of the TI Allowance), Tenant shall deliver to Landlord: (i) sworn statements setting forth the names of all contractors and first tier subcontractors who did the work of the Tenant Improvements, and final, unconditional lien waivers from all such contractors and first tier subcontractors; (ii) as-built plans (one copy in print format and two copies in electronic CAD format) for such Tenant Improvements; (iii) a certification of substantial completion in Form AIA G704, (iv) all governmental permits and approvals required for the a certificate of occupancy for the Premises to the extent they are related to the completion of the Tenant Improvements as opposed to the Landlord’s WorkRemaining Expansion Premises; and (v) copies of all operation and maintenance manuals and warranties affecting the Premises that Tenant received from the TI Contractor in connection with the construction of the such Tenant Improvements.

Appears in 1 contract

Samples: Lease (Prothena Corp PLC)

Payment for TI Costs. Upon Tenant’s written request to Landlord, one-half (1/2) of the TI Allowance shall be disbursed by Landlord to Tenant as reimbursement for the costs incurred by Tenant during During the course of design and construction of the Tenant Improvements at the point where Improvements, Landlord shall reimburse Tenant on a pro rata basis a percentage of the TI Contractor certifies Costs (equal to Landlord’s reasonable satisfaction the percentage that the Tenant Improvements are at least 50% complete. Upon Tenant’s written request TI Allowance bears to Landlordthe total Budget, as the remaining one-half (1/2same may be amended from time to time) up to the amount of the TI Allowance shall be disbursed by Landlord to Tenant as reimbursement for the costs actually incurred by Tenant for the design and construction once a month against a draw request in Landlord’s standard form, containing evidence of the Tenant Improvements upon completion payment of (and payment such TI Costs by Tenant in full for) the Tenant Improvements. Tenant shall, upon request from Landlord, provide monthly financial accounting reports (in form reasonably acceptable to Landlord) documenting work completed, costs relative to Budget and payments made by Tenant with respect to the Tenant Improvements. Prior to making any disbursements from the TI Allowance, Landlord may require draw requests in a customary form reasonably approved in advance by Landlord, containing such certifications, lien waivers (including a conditional lien release for each progress payment and unconditional lien releases for the prior month’s progress payments), inspection reports and other matters as Landlord may reasonably requirecustomarily obtains, to the extent of Landlord’s approval thereof for payment, no later than 30 days following receipt of such draw request. Upon completion of the Tenant Improvements (and prior to any final disbursement of the TI Allowance), Tenant shall deliver to Landlord: (i) sworn statements setting forth the names of all contractors and first tier subcontractors who did the work and final, unconditional lien waivers from all such contractors and first tier subcontractors; (ii) as-built plans (one copy in print format and two copies in electronic CAD format) for such Tenant Improvements; (iii) a certification of substantial completion in Form AIA G704, (iv) all governmental permits and approvals required for the a certificate of occupancy for the Premises to the extent they are related to the completion of the Tenant Improvements as opposed to the Landlord’s WorkExpansion Premises; and (v) copies of all operation and maintenance manuals and warranties affecting the Premises that Tenant received from the TI Contractor in connection with the construction of the Tenant ImprovementsExpansion Premises.

Appears in 1 contract

Samples: Lease Agreement (Elan Corp PLC)

Payment for TI Costs. Upon Tenant’s written request to Landlord, one-half (1/2) of the TI Allowance shall be disbursed by Landlord to Tenant as reimbursement for the costs incurred by Tenant during the course of design and construction of the Tenant Improvements at the point where the TI Contractor certifies to Landlord’s reasonable satisfaction that the Tenant Improvements are at least 50% complete. Upon Tenant’s written request to Landlord, the remaining one-half (1/2) of the TI Allowance shall be disbursed by Landlord to Tenant as reimbursement for the costs incurred by Tenant for the design and construction of the Tenant Improvements upon completion of (and payment by Tenant in full for) the Tenant Improvements. Tenant shall, upon request from Landlord, provide monthly financial accounting reports (in form reasonably acceptable to Landlord) documenting work completed, costs relative to Budget and payments made by Tenant with respect to the Tenant Improvements. Prior to making any disbursements from the TI Allowance, Landlord may require draw requests in a customary form reasonably approved in advance by Landlord, containing certifications, lien waivers (including unconditional lien releases for the prior month’s progress payments), inspection reports and other matters as Landlord may reasonably require. Upon completion of the Tenant Improvements (and prior to any final disbursement of the TI Allowance), Tenant shall deliver to Landlord: (i) statements setting forth the names of all contractors and first tier subcontractors who did work and final, unconditional lien waivers from all such contractors and first tier subcontractors; (ii) as-built plans (in electronic CAD format) for such Tenant Improvements; (iii) a certification of substantial completion in Form AIA G704, (iv) all governmental permits and approvals required for the occupancy for the Fixed Expansion Premises to the extent they are related to the completion of the Tenant Improvements as opposed to the Landlord’s WorkImprovements; and (v) copies of all operation and maintenance manuals and warranties affecting the Fixed Expansion Premises that Tenant received from the TI Contractor in connection with the construction of the Tenant Improvements.

Appears in 1 contract

Samples: Lease Agreement (Juno Therapeutics, Inc.)

Payment for TI Costs. Upon Tenant’s written request to Landlord, one-half (1/2) of the TI Allowance shall be disbursed by Landlord to Tenant as reimbursement for the costs incurred by Tenant during During the course of design and construction of the Tenant Improvements at the point where the Improvements, Landlord shall reimburse Tenant for TI Contractor certifies to Costs once a month against a draw request in Landlord’s reasonable satisfaction that the Tenant Improvements are at least 50% complete. Upon Tenant’s written request to Landlord's standard form, the remaining one-half (1/2) containing evidence of the payment of such TI Allowance shall be disbursed by Landlord to Tenant as reimbursement for the costs incurred Costs by Tenant for the design and construction of the Tenant Improvements upon completion of (and payment by Tenant in full for) the Tenant Improvements. Tenant shall, upon request from Landlord, provide monthly financial accounting reports (in form reasonably acceptable to Landlord) documenting work completed, costs relative to Budget and payments made by Tenant with respect to the Tenant Improvements. Prior to making any disbursements from the TI Allowance, Landlord may require draw requests in a customary form reasonably approved in advance by Landlord, containing such certifications, lien waivers (including a conditional lien release for each progress payment and unconditional lien releases for the prior month’s 's progress payments), inspection reports and other matters as Landlord may reasonably requirecustomarily obtains, to the extent of Landlord's approval thereof for payment, no later than 30 days following receipt of such draw request. Upon completion of the Tenant Improvements (and prior to any final disbursement of the TI Allowance)Improvements, Tenant shall deliver to Landlord: (i) sworn statements setting forth the names of all contractors and first tier subcontractors who did the work and final, unconditional lien waivers from all such contractors and first tier subcontractors; (ii) as-built plans (one copy in print format and two copies in electronic CAD format) for such Tenant Improvements; (iii) a certification of substantial completion in Form AIA G704, (iv) all governmental permits and approvals required for the a certificate of occupancy for the Premises to the extent they are related to the completion of the Tenant Improvements as opposed to the Landlord’s WorkPremises; and (v) copies of all operation and maintenance manuals and warranties affecting the Premises that Premises. Notwithstanding anything to the contrary contained herein, Tenant received from shall be responsible for the TI Contractor in connection with the construction cost of the Tenant Improvements.Improvements to the extent that the cost of the Tenant Improvements exceed the Tenant Improvement Allowance and any portion of the Additional Tenant Improvement Allowance elected to be used by Tenant

Appears in 1 contract

Samples: Lease (Fibrogen Inc)

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Payment for TI Costs. Upon Tenant’s written request to Landlord, one-half (1/2) of the TI Allowance shall be disbursed by Landlord to Tenant as reimbursement for the costs incurred by Tenant during During the course of design and construction of the Tenant Improvements at the point where Improvements, Landlord shall pay TI Costs once a month against a draw request in Landlord’s standard and reasonable form, accompanied by the TI Contractor certifies to LandlordGeneral Contractor’s reasonable satisfaction that the Tenant Improvements are at least 50% complete. Upon Tenant’s written request to Landlordsworn statement, the remaining one-half (1/2) TI Architect’s certification of the TI Allowance shall be disbursed by Landlord to Tenant as reimbursement for the costs incurred by Tenant for the design partial completion, and construction of the Tenant Improvements upon completion of (and payment by Tenant in full for) the Tenant Improvements. Tenant shall, upon request from Landlord, provide monthly financial accounting reports (in form reasonably acceptable to Landlord) documenting work completed, costs relative to Budget and payments made by Tenant with respect to the Tenant Improvements. Prior to making any disbursements from the TI Allowance, Landlord may require draw requests in a customary form reasonably approved in advance by Landlord, containing certifications, lien waivers (including comprising conditional partial or final lien releases for each progress payment and unconditional partial or final lien releases for the prior month’s progress payments), inspection reports to the extent of Landlord’s approval thereof for payment, no later than 30 days following receipt of such draw request, provided that if at any time a draw request is made and other matters prior to Landlord’s payment thereunder, Tenant is then in default of its obligations under the Lease or this Work Letter of which default Tenant has been given notice, Landlord’s payment obligation shall be suspended until such time as Landlord may reasonably requireTenant timely cures such default (and if Tenant fails to timely cure such default, the provisions of Section 4(b) of the Lease shall continue to apply). Upon completion of the Tenant Improvements (and prior to any final disbursement of the TI Allowance), Tenant shall deliver to Landlord: (i) statements the TI General Contractor’s sworn statement 21001083-v13 0000 Xxxxxxx Xxxxxx Xxxxx—REGENXBIO INC.—Page 82 setting forth the names of all contractors and first tier subcontractors who did the work and final, unconditional lien waivers from all such contractors and first tier subcontractors; (ii) as-built plans (one copy in print format and two copies in electronic CAD format) for such Tenant Improvements; (iii) a the TI Architect’s certification of substantial completion in Form AIA G704, (iv) all governmental permits and approvals required for the a temporary or final certificate of occupancy for the Premises to the extent they are related to the completion of the Tenant Improvements as opposed to the Landlord’s WorkPremises; and (v) copies of all operation and maintenance manuals and warranties affecting for all equipment installed in the Premises that Tenant received from the TI Contractor as part of or in connection conjunction with the construction of the Tenant Improvements, which may be in electronic form (such as PDF).

Appears in 1 contract

Samples: Lease Agreement (REGENXBIO Inc.)

Payment for TI Costs. Upon Tenant’s written request to Landlord, one-half (1/2) of the TI Allowance shall be disbursed by Landlord to Tenant as reimbursement for the costs incurred by Tenant during During the course of design and construction of the Expansion Premises Tenant Improvements at Improvements, following the point where the TI Contractor certifies to Landlord’s reasonable satisfaction that the Tenant Improvements are at least 50% complete. Upon Tenant’s written request to Landlord, the remaining one-half (1/2) of the TI Allowance shall be disbursed by Landlord to Tenant as reimbursement for the costs incurred by Tenant for the design and construction of the Tenant Improvements upon completion of (and payment by Tenant of any Excess Costs pursuant to Section 5(d) above, Landlord shall pay TI Costs directly to the general contractor (unless otherwise directed by Tenant to other contractors) performing Tenant’s Work once a month against a draw request in full forLandlord’s standard form, accompanied by the following documents (i) invoices reflecting the Tenant Improvements. Tenant shallTI Costs incurred by Tenant, upon request (ii) certifications from Landlord, provide monthly financial accounting reports (Tenant’s architect or construction manager that the portion of Tenant’s Work reflected in form reasonably acceptable to Landlord) documenting work the invoices has been completed, costs relative to Budget and payments made by Tenant with respect to the Tenant Improvements. Prior to making any disbursements (iii) lien waivers from the TI Allowance, Landlord may require draw requests in a customary form reasonably approved in advance by Landlord, containing certifications, lien waivers general contractor (including a conditional lien release for each progress payment and unconditional lien releases for the prior month’s progress payments), inspection reports and other matters as Landlord may reasonably requirecustomarily obtains, which TI Costs shall be paid by Landlord no later than 30 days following receipt of such draw request and required documentation. Upon completion of the Expansion Premises Tenant Improvements (and prior to any final disbursement of the final 10% of the Expansion Premises TI Allowance), Tenant shall deliver to Landlord: (i) statements certificates from Tenant’s construction manager setting forth the names of all contractors and first tier subcontractors who did the work and final, unconditional lien waivers from all such contractors and first tier subcontractors; (ii) as-built plans (one copy in print format and two copies in electronic CAD format) for such Expansion Premises Tenant Improvements; (iii) a certification of substantial completion in Form AIA G704, (iv) all governmental permits and approvals required for the a certificate of occupancy for the Premises to the extent they are related to the completion of the Tenant Improvements as opposed to the Landlord’s WorkExpansion Premises; and (v) copies of all operation and maintenance manuals and warranties affecting for the Premises that Tenant received from the TI Contractor in connection with the construction of the Tenant ImprovementsTenant’s Work.

Appears in 1 contract

Samples: Lease (Receptos, Inc.)

Payment for TI Costs. Upon Tenant’s written request to Landlord, one-half (1/2) of the TI Allowance shall be disbursed by Landlord to Tenant as reimbursement for the costs incurred by Tenant during During the course of design and construction of the Tenant Improvements at Improvements, subject to the point where the terms of Section 5(d), Landlord shall reimburse Tenant for TI Contractor certifies to Costs once a month against a draw request in Landlord’s reasonable satisfaction that the Tenant Improvements are at least 50% complete. Upon Tenant’s written request to Landlordstandard form, the remaining one-half (1/2) containing evidence of the payment of such TI Allowance shall be disbursed by Landlord to Tenant as reimbursement for the costs incurred Costs by Tenant for the design and construction of the Tenant Improvements upon completion of (and payment by Tenant in full for) the Tenant Improvements. Tenant shall, upon request from Landlord, provide monthly financial accounting reports (in form reasonably acceptable to Landlord) documenting work completed, costs relative to Budget and payments made by Tenant with respect to the Tenant Improvements. Prior to making any disbursements from the TI Allowance, Landlord may require draw requests in a customary form reasonably approved in advance by Landlord, containing such certifications, lien waivers (including a conditional lien release for each progress payment and unconditional lien releases for the prior month’s progress payments), inspection reports and other matters as Landlord may reasonably requirecustomarily obtains, to the extent of Landlord’s approval thereof for payment, no later than 30 days following receipt of such draw request. Upon completion of the Tenant Improvements (and prior to any final disbursement of the TI AllowanceFund), Tenant shall deliver to Landlord: (i) sworn statements setting forth the names of all contractors and first tier subcontractors who did the work and final, unconditional lien waivers from all such contractors and first tier subcontractors; (ii) as-built plans (one copy in print format and two copies in electronic CAD format) for such Tenant Improvements; (iii) a certification of substantial completion in Form AIA G704, (iv) all governmental permits and approvals required for the a certificate of occupancy for the Premises to the extent they are related to the completion of the Tenant Improvements as opposed to the Landlord’s WorkPremises; and (v) copies of all operation and maintenance manuals and warranties affecting the Premises that Tenant received from Premises. If, following the TI Contractor in connection with the construction Substantial Completion of the Tenant ImprovementsImprovements and the payment of all TI Costs by Tenant, the actual Outside Hours Costs incurred by Tenant for Outside Hours Tenant Improvements is less than the amount of Outside Hours Cost Estimate (as may be adjusted pursuant to Section 5(d)) then, notwithstanding anything to the contrary contained in this Work Letter, Landlord shall not be required to fund any remaining portion of Outside Hours Cost Estimate amount in excess of such actual Outside Hours Costs incurred. If, following the Substantial Completion of the Tenant Improvements and the payment of all TI Costs by Tenant, the actual Outside Hours Costs incurred by Tenant for Outside Hours Tenant Improvements is more than the amount of the unapplied amount of the Outside Hours Cost Estimate (as may be adjusted pursuant to Section 5(d)) then Landlord shall reimburse Tenant for such additional Outside Hours Costs within 30 days after such determination.

Appears in 1 contract

Samples: Lease (Intellia Therapeutics, Inc.)

Payment for TI Costs. Upon Tenant’s written request to Landlord, one-half (1/2) of the TI Allowance shall be disbursed by Landlord to Tenant as reimbursement for the costs incurred by Tenant during During the course of design and construction of the Tenant Improvements at the point where the Improvements, Landlord shall reimburse Tenant for TI Contractor certifies to Costs once a month against a draw request in Work Letter – Tenant Build 259 E. Grand/Onyx - Page 6 Landlord’s reasonable satisfaction that the Tenant Improvements are at least 50% complete. Upon Tenant’s written request to Landlordstandard form attached hereto as Schedule 1, the remaining one-half (1/2) containing evidence of the incurrence of such TI Allowance shall be disbursed by Landlord to Tenant as reimbursement for the costs incurred Costs by Tenant for the design and construction of the Tenant Improvements upon completion of (and payment by Tenant in full for) the Tenant Improvements. Tenant shall, upon request from Landlord, provide monthly financial accounting reports (in form reasonably acceptable to Landlord) documenting work completed, costs relative to Budget and payments made by Tenant with respect to the Tenant Improvements. Prior to making any disbursements from the TI Allowance, Landlord may require draw requests in a customary form reasonably approved in advance by Landlord, containing such certifications, lien waivers (including a conditional lien release for each progress payment and unconditional lien releases for the prior month’s progress payments), inspection reports and other matters as Landlord may reasonably requirecustomarily obtains, to the extent of Landlord’s approval thereof for payment, no later than 30 days following receipt of such draw request. Upon completion of the Tenant Improvements (and prior to any final disbursement of the TI Allowance), Tenant shall deliver to Landlord: (i) sworn statements setting forth the names of all contractors and first tier subcontractors who did the work and final, unconditional lien waivers from all such contractors and first tier subcontractorssubcontractors (except only conditional waivers for the work covered by the final draw request); (ii) as-built plans (one copy in print format and two copies in electronic CAD formatformat and, if prepared, copies of any 3D Building Information Models) for such Tenant Improvements; (iii) a certification of substantial completion in Form AIA G704, (iv) all governmental permits and approvals required for the a certificate of occupancy for the Premises to the extent they are related to the completion of the Tenant Improvements as opposed to the Landlord’s WorkPremises; and (v) copies of all operation and maintenance manuals and warranties affecting the Premises Premises. Notwithstanding anything to the contrary contained herein, Tenant shall at all times have not less than a 10% retainage with respect its general contractor for the Tenant Improvements and as a condition to payment of any draw requests Landlord shall be entitled to confirm that Tenant received from the TI Contractor in connection percentage of work completed is consistent with the construction percentage of the Tenant Improvementspayment then being sought.

Appears in 1 contract

Samples: Lease Agreement (Onyx Pharmaceuticals Inc)

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