Supplemental Allowance. In addition to the Tenant Improvement Allowance, Landlord agrees to make available to Tenant an additional sum of up to, but not exceeding, Twenty-Five and 00/100 Dollars ($25.00) per usable square foot of the Premises (i.e., up to Five Hundred Fifty-Two Thousand Nine Hundred Seventy-Five and 00/100 Dollars ($552,975.00), based on 22,119 usable square feet in the Premises) as a supplemental allowance (the “Supplemental Allowance”) to be applied toward the costs of the Tenant Improvement Allowance Items and/or the costs of Tenant’s furniture, fixtures and equipment (FF&E) in excess of the Tenant Improvement Allowance. The Supplemental Allowance shall be made available for this purpose only upon Tenant’s written request to Landlord therefor received on or before the Cost Proposal Delivery Date (as hereinafter defined). Such written request shall specify the maximum amount of the Supplemental Allowance desired. Landlord shall have no obligation to disburse any portion of the Supplemental Allowance in excess of the amount so requested by Tenant. The Supplemental Allowance shall be disbursed in the same manner and upon the same conditions as the Tenant Improvement Allowance. Landlord shall first disburse all portions of the Tenant Improvement Allowance prior to disbursing any portions of the Supplemental Allowance. Following Substantial Completion of the Tenant Improvements, Landlord shall advise Tenant of the amount of the Supplemental Allowance disbursed and the payment schedule for repayment thereof. Tenant shall only be obligated to pay Landlord for the Supplemental Allowance actually disbursed (the “Amortized Payment”) and not the maximum amount requested (unless such maximum amount shall have been actually disbursed). The Amortized Payment shall be made by Tenant to Landlord in equal monthly installments over the five (5) years of the initial Lease Term (commencing from the Commencement Date), amortized at ten percent (10%) per annum, simple interest, as additional Rent, payable at the same time and in the same manner as Base Rent, prepayable at any time (without premium, penalty or future
Appears in 1 contract
Sources: Office Lease (Intervoice Inc)
Supplemental Allowance. In At the written request of Tenant made prior to the Expansion Date, Landlord shall provide to Tenant an allowance (the "SUPPLEMENTAL ALLOWANCE") in an amount up to $66,405.00 ($15.00 per square foot) to pay or reimburse Tenant for actual out-of-pocket costs incurred by Tenant not later than six months after the Expansion Date to design and perform Additional Space Improvements. The Supplemental Allowance, if requested by Tenant, shall be in addition to the Tenant Improvement Allowance, Landlord agrees to make available to Tenant an additional sum of up to, but not exceeding, Twenty-Five and 00/100 Dollars ($25.00) per usable square foot of the Premises (i.e., up to Five Hundred Fifty-Two Thousand Nine Hundred Seventy-Five and 00/100 Dollars ($552,975.00), based on 22,119 usable square feet in the Premises) as a supplemental allowance (the “Supplemental Allowance”) to be applied toward the costs of the Tenant Improvement Allowance Items and/or the costs of Tenant’s furniture, fixtures and equipment (FF&E) in excess of the Tenant Improvement Redecorating Allowance. The Supplemental Allowance shall be made available for this purpose only upon Tenant’s written request to Landlord therefor received on or before the Cost Proposal Delivery Date (as hereinafter defined). Such written request shall specify the maximum amount Disbursement of the Supplemental Allowance desiredto pay or reimburse Tenant for such costs shall be conditioned on the subject Additional Space Improvements having been performed in accordance with the Lease, shall be subject to Landlord's approval of a written request for payment with supporting invoices, and shall be made by Landlord within thirty (30) days after Landlord's receipt of written request with supporting invoices. Landlord shall have no obligation to disburse may inspect the subject Additional Space Improvements as a condition of making any portion requested disbursement of the Supplemental Allowance in excess to confirm the performance of such Additional Space Improvements. If Landlord provides the Supplemental Allowance as provided above, then the monthly Base Rent for the Additional Space from the Expansion Date through the remainder of the amount so requested by Tenant. The Supplemental Allowance Initial Term shall be disbursed in increased by the same manner amount on the monthly payment of principal and upon the same conditions as the Tenant Improvement Allowance. Landlord shall first disburse all portions of the Tenant Improvement Allowance prior to disbursing any portions of the Supplemental Allowance. Following Substantial Completion of the Tenant Improvements, Landlord shall advise Tenant of interest which would fully amortize the amount of the Supplemental Allowance disbursed and provided by Landlord, together with interest at the payment schedule for repayment thereof. Tenant shall only be obligated to pay Landlord for the Supplemental Allowance actually disbursed (the “Amortized Payment”) and not the maximum amount requested (unless such maximum amount shall have been actually disbursed). The Amortized Payment shall be made by Tenant to Landlord in equal monthly installments over the five (5) years rate of the initial Lease Term (commencing from the Commencement Date), amortized at ten percent (10%) per annum, simple interest, as additional Rent, payable at the same time and in the same manner as Base Rent, prepayable at any time (without premium, penalty or futureequal monthly payments over such period.
Appears in 1 contract
Sources: Lease (EPIX Pharmaceuticals, Inc.)
Supplemental Allowance. In addition to the Tenant Improvement Allowance, Landlord also agrees to make available to Tenant an additional sum a supplemental allowance of up to, but not exceeding, Twenty-Five Nine and 00/100 Dollars ($25.009.00) per usable square foot of the actual rentable area of the Remaining Premises (i.e., up to Five Hundred Fifty-Two Thousand Nine Hundred Seventy-Five and 00/100 Dollars ($552,975.00), based on 22,119 usable square feet which shall be determined after the demising wall has been constructed by Landlord in the Premisesaccordance with Section 3 above) as a supplemental allowance (the “Supplemental Allowance”) to be applied toward the costs of the Tenant Improvement Allowance Items and/or the costs of Tenant’s furniture, fixtures and equipment (FF&E) in excess of the Tenant Improvement Allowance). The Supplemental Allowance may be used as a credit against Base Rent in the manner described below or to pay for costs incurred by in designing, engineering and constructing any First Amendment Improvements during the First Extended Term. For so long as Tenant is not in default under this Lease, Landlord shall pay the Supplemental Allowance on a monthly basis all in accordance with customary construction disbursement procedures and documentation as required by title insurance companies and institutional construction lenders. Landlord shall be made available for this purpose only upon Tenant’s written request permitted to offset against the Supplemental Improvement Allowance any amounts past due to Landlord therefor received on or before by Tenant under this Lease. If the Cost Proposal Delivery Date (as hereinafter defined). Such written request shall specify actual costs of designing, engineering and constructing the maximum First Amendment Improvements exceed the amount of the First Amendment Allowance and the Supplemental Allowance, Tenant shall pay the excess costs without reimbursement from Landlord as and when such excess costs become due and payable. Landlord’s obligation to make the Supplemental Allowance desired. Landlord available to Tenant shall have no obligation expire with respect to disburse any portion of the Supplemental Allowance in excess which is not used by Tenant prior to the expiration of the amount so requested by TenantFirst Extended Term. The Supplemental Allowance Tenant shall be disbursed in have the same manner and upon the same conditions as the Tenant Improvement Allowance. Landlord shall first disburse right to apply all portions of the Tenant Improvement Allowance prior to disbursing or any portions of the Supplemental Allowance. Following Substantial Completion of the Tenant Improvements, Landlord shall advise Tenant of the amount portion of the Supplemental Allowance disbursed as a credit against the installments of Monthly Base Rent which are due and payable on or after July 1, 2011, by giving written notice to Landlord of the payment schedule for repayment thereof. amounts to be credited and against which installments of the Monthly Base Rent; provided that Tenant shall only be obligated may not apply more than an amount equal to pay Landlord for One and 30/100 Dollars ($1.30) times the actual number of rentable square feet in the Remaining Premises of the Supplemental Allowance actually disbursed against the Base Rent due during any twelve (the “Amortized Payment”12) and not the maximum amount requested (unless such maximum amount shall have been actually disbursed). The Amortized Payment shall be made by Tenant to Landlord in equal monthly installments over the five (5) years of the initial Lease Term (commencing from the Commencement Date), amortized at ten percent (10%) per annum, simple interest, as additional Rent, payable at the same time and in the same manner as Base Rent, prepayable at any time (without premium, penalty or futuremonth period.
Appears in 1 contract
Sources: Lease (Cyberoptics Corp)