Tenant Finish Work. Landlord shall construct or cause to be constructed the Tenant Finish Work in substantial accordance with the Construction Documents, subject to the Building Service Fee and Administrative Fee specified below. Tenant shall pay the Actual Cost (defined below) of all Tenant Finish Work in excess of $629,560 (the WORK ALLOWANCE). The Work Allowance may be applied to the cost of preparing the Construction Documents, relocation, installation of cabling, and space planning. The contractor Landlord selects to perform the Tenant Finish Work shall be selected by Landlord from at least three (3) qualified contractors who bid for such Tenant Finish Work. If the Actual Cost exceeds the Work Allowance, then Landlord agrees to pay up to $5.00 per rentable square foot contained in the Leased Premises, which additional sums shall be repaid by Tenant to Landlord by Minimum Rent being increased by an amount sufficient to fully amortize and pay such additional allowance together with interest at the rate of 10% per annum over the first 5 years of the Lease Term. The term ACTUAL COST means the cost of all labor and materials and all hard and soft costs, together with the Building Service Fee of 2.5% of all hard costs, incurred by Landlord in performing the Tenant Finish Work or the Additional Work (defined below), as applicable. If prior to commencement of the Tenant Finish Work Landlord determines, based on construction bids received by Landlord, that the Actual Cost of the Tenant Finish Work will exceed the Work Allowance, Tenant shall pay the excess to Landlord. Landlord is not obligated to commence the Tenant Finish Work until it receives the excess payment from Tenant. If during construction the Actual Cost of the Tenant Finish Work exceeds the Work Allowance and all amounts previously paid by Tenant to Landlord prior to the commencement of construction, Landlord shall submit interim statements covering any excess costs incurred by Landlord under this Paragraph and Tenant shall pay the amount of the excess costs to Landlord. If the Actual Cost of the Tenant Finish Work is less than the Work Allowance (not increased by the $5.00 per rentable square foot additional allowance discussed above), such excess, not to exceed $2.00 per rentable square foot, shall be credited against the first accruing Minimum Rent hereunder.
Appears in 1 contract
Samples: Office Lease (Penson Worldwide Inc)
Tenant Finish Work. Tenant acknowledges and agrees that Xxxxxx has had an opportunity to inspect the Leased Premises, that the Leased Premises is acceptable to Tenant, that Landlord shall have no responsibility to make any improvements to the Leased Premises or the Real Estate except that Landlord shall, at Tenant’s sole cost and expense, construct or cause to be constructed the construction of the tenant improvements (the “Tenant Finish Work Work”) which are generally described in substantial accordance with Exhibit D attached hereto and incorporated herein by this reference (the Construction Documents, subject to the Building Service Fee and Administrative Fee specified below. Tenant shall pay the Actual Cost (defined below) of all “Tenant Finish Work in excess of $629,560 (the WORK ALLOWANCESpecifications”). The Work Allowance may be applied to the cost of preparing the Construction Documents, relocation, installation of cabling, Landlord and space planning. The contractor Landlord selects to perform Tenant hereby agree (i) that the Tenant Finish Work shall be selected performed by Landlord from at least three Xxxxxxxx’s contractor or construction manager (3the “Construction Manager”), which shall receive a construction management fee of eight percent (8%) qualified contractors who bid for such of the total costs of the Tenant Finish Work. If the Actual Cost exceeds the Work Allowance, then and (ii) that Landlord agrees shall receive a project management fee equal to pay up to $5.00 per rentable square foot contained in the Leased Premises, which additional sums shall be repaid by Tenant to Landlord by Minimum Rent being increased by an amount sufficient to fully amortize and pay such additional allowance together with interest at the rate of 10% per annum over the first 5 years five percent (5%) of the Lease Term. The term ACTUAL COST means the cost of all labor and materials and all hard and soft costs, together with the Building Service Fee of 2.5% of all hard costs, incurred by Landlord in performing the Tenant Finish Work or the Additional Work (defined below), as applicable. If prior to commencement total costs of the Tenant Finish Work which costs shall include general conditions. Landlord determinesand Construction Manager shall enter into a mutually acceptable construction contract (the “Construction Contract”) for the Tenant Finish Work, based on construction bids received by Landlord, which shall provide for a guaranteed maximum price that shall not be exceeded unless the Actual Cost scope of work changes through any Change Orders (as defined herein). Landlord shall: (i) obtain all permits and approvals necessary for the completion of the Tenant Finish Work will exceed the Work Allowance, Tenant shall pay the excess to Landlord. Landlord is not obligated to commence Work; and (ii) complete the Tenant Finish Work until it receives (including all architectural and engineering design and permitting) in compliance with all applicable laws, statutes, ordinances, rules and regulations (including the excess payment from Americans with Disabilities Act of 1990, as amended); provided, however, that Landlord shall have no responsibility pursuant to this sentence with respect to any design changes and/or Change Order(s) requested by Tenant or Tenant’s architect. If during construction the Actual Cost of Landlord will cause plans and specifications for the Tenant Finish Work exceeds to be prepared by Xxxxxxxx’s architect in accordance with the Work Allowance Tenant Finish Specifications, and all amounts previously paid by will submit the proposed preliminary plans and specifications to Tenant to Landlord prior for Tenant’s approval. Tenant will approve such plans and specifications, or will state its reasons for disapproval in writing, within five (5) days after its receipt thereof from Landlord. Tenant will not withhold or condition its approval thereof except for just and reasonable cause, and will not act in an arbitrary or capricious manner with respect to the commencement approval thereof. If Tenant notifies Landlord within the aforesaid five (5) day period of constructionits disapproval of the proposed plans and specifications and states its reasons for disapproval, then Landlord and Tenant will work in good faith to resolve any item of disapproval identified in the preliminary plans and specifications and, upon any revisions to the plans and specifications, Landlord shall submit interim statements covering resubmit the plans and specifications to Tenant for Tenant’s approval. If Tenant fails to provide its written approval or disapproval, in writing, within the aforesaid five (5) day period, then each day thereafter until Tenant does provide its written approval or disapproval will constitute one (1) day of Tenant Delay (as such term is defined below). Further, if Tenant is late in responding to any excess plans and specifications and Landlord so notifies Tenant, in writing, that Xxxxxx has failed to respond within the aforesaid five (5) day period, then Tenant’s failure to provide such written approval or disapproval within five (5) days after such written notification will constitute Tenant’s approval of the plans and specifications. The plans and specifications for the Tenant Finish Work as approved, or deemed to have been approved, by Tenant will automatically become the “Plans and Specifications” hereunder. The parties anticipate agreement upon and approval of the Plans and Specifications the date (the “Plan Approval Date”) that is thirty (30) days following the Effective Date and any failure to do so shall be treated as a Tenant Delay hereunder. Landlord shall not make any changes to the Plans and Specifications (once approved or deemed approved as set forth in this Section) without obtaining Tenant’s prior written consent, which shall not be unreasonably withheld, conditioned or delayed. In the event of any conflict between the approved Plans and Specifications and the Tenant Finish Specifications, the approved Plans and Specifications shall control. For purposes of this Lease, the term “Improvement Costs” shall mean all “hard” and “soft” costs and expenses incurred by Landlord to design, build and complete the Tenant Finish Work in accordance with this Lease including, without limitation, the costs of labor and materials, design, permitting and engineering fees, construction management or project management fees, reasonable carrying costs, sales or other excise taxes Landlord must pay in connection with the purchase of materials and services, and other reasonable soft costs incurred by Landlord under this Paragraph and Tenant shall pay the amount of the excess costs to Landlord. If the Actual Cost of the Tenant Finish Work is less than the Work Allowance (not increased by the $5.00 per rentable square foot additional allowance discussed above), such excess, not to exceed $2.00 per rentable square foot, shall be credited against the first accruing Minimum Rent hereunderin connection therewith.
Appears in 1 contract
Samples: Lease (Aqua Power Systems Inc.)
Tenant Finish Work. Landlord shall construct or cause to be constructed the Tenant Finish Work in substantial accordance with the Construction Documents, subject to the Building Service Fee and Administrative Fee specified below. Tenant shall pay the Actual Cost (defined below) of all Tenant Finish Work in excess of (i) with respect to the First Expansion Space $629,560 74,140.87 (the WORK ALLOWANCE"First Expansion Space Work Allowance"), and (ii) with respect to the Second Expansion Space $178,937.14 (the "Second Expansion Space Work Allowance"; the First Expansion Space Work Allowance and Second Expansion Space Work Allowance, collectively, the "Work Allowance"). Notwithstanding the foregoing, Tenant shall have the right (the "Increase Option") to elect (i) to increase the amount of the First Expansion Space Work Allowance by an amount not to exceed $12,759.13 by furnishing notice to Landlord on or prior to ten (10) Business Days after the final Construction Documents for the First Expansion Space have been approved (which notice must contain the amount of the increase desired by Tenant, not to exceed said $12,759.13 [the "First Expansion Space Increased Amount"]), and/or (ii) to increase the amount of the Second Expansion Space Work Allowance by an amount not to exceed $42,109.00 by furnishing notice to Landlord on or prior to ten (10) Business Days after the final Construction Documents for the Second Expansion Space have been approved (which notice must contain the amount of the increase desired by Tenant, not to exceed said $42,109,00 [the "Second Expansion Space Increased Amount"]). Notwithstanding anything to the contrary contained in the Lease or this Amendment, if Tenant timely elects the Increase Option as to the First Expansion Space (i) the Work Allowance as to the First Expansion Premises shall be increased by the First Expansion Space Increased Amount, and (ii) the Minimum Rental Rates applicable to the First Expansion Space as set forth in Section 6 of the Amendment to which this Exhibit B is attached shall be increased by an amount sufficient to fully amortize the First Expansion Space Increased Amount together with interest at the rate of ten percent (10%) per annum over the remainder of the first five (5) years of the Lease Term. Notwithstanding anything to the contrary contained in the Lease or this Amendment, if Tenant timely elects the Increase Option as to the Second Expansion Space (i) the Work Allowance as to the Second Expansion Premises shall be increased by the Second Expansion Space Increased Amount, and (ii) the Minimum Rental Rates applicable to the Second Expansion Space as set forth in Section 6 of the Amendment to which this Exhibit B is attached shall be increased by an amount sufficient to fully amortize the Second Expansion Space Increased Amount together with interest at the rate of ten percent (10%) per annum over the remainder of the first five (5) years of the Lease Term. If Tenant fails to timely exercise the Increase Option in accordance with the foregoing paragraphs, the Increase Option shall terminate and Tenant shall have forever waived its right to increase the Work Allowance as provided herein. The Work Allowance may be applied to the cost of preparing the Construction Documents, relocation, installation of cabling, and space planning. The contractor Landlord selects to perform the Tenant Finish Work shall be selected by Landlord from at least three (3) qualified contractors who bid for such Tenant Finish Work. If the Actual Cost exceeds the Work Allowance, then Landlord agrees to pay up to $5.00 per rentable square foot contained in the Leased Premises, which additional sums shall be repaid by Tenant to Landlord by Minimum Rent being increased by an amount sufficient to fully amortize and pay such additional allowance together with interest at the rate of 10% per annum over the first 5 years of the Lease Term. The term ACTUAL COST means the cost of all labor and materials and all hard and soft costs, together with the Building Service Fee of 2.5% of all hard costs, incurred by Landlord in performing the Tenant Finish Work or the Additional Work (defined below), as applicable. If prior to commencement of the Tenant Finish Work Landlord determines, based on construction bids received by Landlord, that the Actual Cost of the Tenant Finish Work will exceed the Work Allowance, Tenant shall pay the excess to Landlord. Landlord is not obligated to commence the Tenant Finish Work until it receives the excess payment from Tenant. If during construction the Actual Cost of the Tenant Finish Work exceeds the Work Allowance and all amounts previously paid by Tenant to Landlord prior to the commencement of construction, Landlord shall submit interim statements covering any excess costs incurred by Landlord under this Paragraph and Tenant shall pay the amount of the excess costs to Landlord. If the Actual Cost of the Tenant Finish Work is less than the Work Allowance (not increased by the $5.00 per rentable square foot additional allowance discussed above), such excess, not to exceed $2.00 per rentable square foot, shall be credited against the first accruing Minimum Rent hereunder.
Appears in 1 contract
Samples: Office Lease (Penson Worldwide Inc)
Tenant Finish Work. Landlord shall construct or cause to be constructed the Tenant Finish Work in substantial accordance with the Construction Documents, subject to the Building Service Fee and Administrative Fee specified below. Tenant shall pay the Actual Cost (defined below) of all Tenant Finish Work in excess of $629,560 (the WORK ALLOWANCE). The Work Allowance may be applied to the cost of preparing the Construction Documents, relocation, installation of cabling, and space planning. The contractor Landlord selects to perform the Tenant Finish Work shall be selected by Landlord from at least three (3) qualified contractors who bid for such Tenant Finish Work. If the Actual Cost exceeds the Work Allowance, then Landlord agrees to pay up to $5.00 per rentable square foot contained in the Leased Premises, which additional sums shall be repaid by Tenant to Landlord by Minimum Rent being increased by an amount sufficient to fully amortize and pay such additional allowance together with interest at the rate of 10% per annum over the first 5 years of the Lease Term. 112 The term ACTUAL COST means the cost of all labor and materials and all hard and soft costs, together with the Building Service Fee of 2.5% of all hard costs, incurred by Landlord in performing the Tenant Finish Work or the Additional Work (defined below), as applicable. If prior to commencement of the Tenant Finish Work Landlord determines, based on construction bids received by Landlord, that the Actual Cost of the Tenant Finish Work will exceed the Work Allowance, Tenant shall pay the excess to Landlord. Landlord is not obligated to commence the Tenant Finish Work until it receives the excess payment from Tenant. If during construction the Actual Cost of the Tenant Finish Work exceeds the Work Allowance and all amounts previously paid by Tenant to Landlord prior to the commencement of construction, Landlord shall submit interim statements covering any excess costs incurred by Landlord under this Paragraph and Tenant shall pay the amount of the excess costs to Landlord. If the Actual Cost of the Tenant Finish Work is less than the Work Allowance (not increased by the $5.00 per rentable square foot additional allowance discussed above), such excess, not to exceed $2.00 per rentable square foot, shall be credited against the first accruing Minimum Rent hereunder.
Appears in 1 contract
Samples: Office Lease (Penson Worldwide Inc)
Tenant Finish Work. Landlord shall construct or cause to be constructed the Tenant Finish Work in substantial accordance with the Construction Documents, subject to . Landlord shall provide Tenant use of the Building Service Fee and Administrative Fee specified belowfreight elevator serving the Tenant’s floors at no additional cost during Tenant’s construction period. Landlord shall contract with Xxxxx + Xxxx General Contractors to perform the Tenant Finish Work. Tenant shall pay the Actual Cost (defined below) of all Tenant Finish Work in excess of $629,560 1,161,160.00 (the WORK ALLOWANCE“Allowance”). The Work Allowance may be applied to includes the cost of preparing the Construction Documents, relocation, installation of cabling, and space planning. The contractor Landlord selects to perform Allowance is for use only in connection with the Tenant Finish Work shall be selected by Landlord from at least three under the Construction Documents, to include all interior improvements, architectural/engineering fees, project management fees for Landlord’s Construction Manager (3) qualified contractors who bid for such limitations described in Exhibit B herein), permitting fees, and asbestos testing and costs used in connection with the Soft Cost Allowance as expressly permitted, and Tenant Finish Work. If the Actual Cost exceeds the Work Allowance, then Landlord agrees has no right to pay up to $5.00 per rentable square foot contained in the Leased Premises, which additional sums shall be repaid by Tenant to Landlord by Minimum Rent being increased by an amount sufficient to fully amortize and pay such additional allowance together with interest at the rate of 10% per annum over the first 5 years any unused or unexpended portion of the Lease Term. The term ACTUAL COST means the cost of all labor and materials and all hard and soft costs, together with the Building Service Fee of 2.5% of all hard costs, incurred by Landlord in performing the Tenant Finish Work or the Additional Work (defined below), as applicable. If prior to commencement Allowance following completion of the Tenant Finish Work Landlord determinesexcept as described in Exhibit B herein. Anything to the contrary herein notwithstanding, based on construction bids received by Landlord, that Tenant may apply up to $82,940.00 of the Allowance (the “Soft Cost Allowance”) toward the soft costs portion of the Actual Cost of the Tenant Finish Work will exceed or relating to Tenant’s expansion into the Work Expansion Premises, including without limitation, voice and data cabling costs, moving costs, audio/visual equipment costs, furniture (acquisition and installation), security/access costs, other consultant fees (other than architect fees, engineer fees and project management fees), server costs, and infrastructure costs. Landlord shall reimburse Tenant for actual costs for the above items within thirty (30) days of Landlord’s receipt of invoice(s) and Tenant shall provide Landlord with final lien waivers conditioned upon receipt of final payment by its subcontractors, suppliers and materialmen directly engaged by Tenant. In addition to the portion of the Allowance allocated to the Soft Cost Allowance, Tenant shall pay the excess may apply up to Landlord. Landlord is not obligated to commence the Tenant Finish Work until it receives the excess payment from Tenant. If during construction the Actual Cost $82,940.00 of the Allowance against Base Rent for the Expansion Premises for the period commencing on the 19th Lease Month following the Expansion Date and ending on the last day of the 36th Lease Month following the Expansion Date. The following costs will not be included in the Soft Cost Allowance definition herein: interior improvements, all signage costs, and Rent. Tenant's right to use the Allowance expires on January 31, 2023; any balance then remaining is deemed waived by Tenant, unless Tenant Finish Work exceeds timely requests Landlord to apply a portion of the Work Allowance against Base Rent in accordance with the terms of this Paragraph B. Landlord will reimburse Tenant up to $1,658.80 (the "Test Fit Allowance") above and all amounts previously paid by Tenant to Landlord prior to beyond the commencement of construction, Landlord shall submit interim statements covering any excess Allowance for costs incurred by Landlord under this Paragraph and Tenant shall pay the amount in preparation of the excess costs an initial "test fit" drawing, as well as up to Landlord. If the Actual Cost of the Tenant Finish Work is less than the Work Allowance two (not increased by the $5.00 per rentable square foot additional allowance discussed above), such excess, not to exceed $2.00 per rentable square foot, shall be credited against the first accruing Minimum Rent hereunder2) revisions thereof.
Appears in 1 contract
