Common use of Tenant's Allowance Clause in Contracts

Tenant's Allowance. Landlord agrees to provide Tenant with an improvement allowance of up to a maximum of Eight Million Four hundred Eighty Eight thousand Nine Hundred Fifty ($8,488,950) dollars ($85 per square foot) (Tenant Allowance). Tenant shall pay any difference between the total Tenant building and improvement cost less the Tenant Allowance. Landlord agrees that it shall pay to Tenant, or at Tenant’s direction, to Tenant’s contractor, within fifteen (15) days following Landlord’s receipt of conditional lien waivers signed by its contractor, in form reasonably sufficient to waive lien rights in Orange County, California, an amount equal to the Tenant Allowance multiplied by the percentage of work completed as of the date of the lien waivers, less any installments of Tenant Allowance already paid. If the total contract for Tenant’s Work exceeds Tenant’s Allowance, Landlord shall only be required to pay its pro-rata share which shall be the ratio of Tenant’s Allowance to the total of Tenant’s Work. if Landlord disputes any portion of the request for payment by Tenant due to faulty or incomplete work, then Landlord shall withhold a sum which, in Landlord’s opinion would be required to correct or complete the disputed work. In this event, Landlord shall submit a written “punch list” to Tenant. Anything above to the contrary notwithstanding, Landlord shall have no obligation to pay any portion of the construction allowance if Tenant is then in default of any of the terms and provisions of this Lease.

Tenant's Allowance. Landlord agrees to provide Tenant with an improvement allowance of up to a maximum of Eight Million Four hundred Eighty Eight thousand Nine One Hundred Fifty Sixty Thousand ($8,488,9508,160,000.00) dollars ($85 per square foot) (“Tenant Allowance”). Tenant shall pay any difference between the total Tenant building and improvement cost less the Tenant Allowance. Landlord agrees that it shall pay to Tenant, or at Tenant’s direction, to Tenant’s contractor, within fifteen (15) days following Landlord’s receipt of conditional lien waivers signed by its contractor, in form reasonably sufficient to waive lien rights in Orange Alameda County, California, an amount equal to the Tenant Allowance multiplied by the percentage of work completed as of the date of the lien waivers, less any installments of Tenant Allowance already paid. If the total contract for Tenant’s Work exceeds Tenant’s Allowance, Landlord shall only be required to pay its pro-rata share which shall be the ratio of Tenant’s Allowance to the total of Tenant’s Work. if If Landlord disputes any portion of the request for payment by Tenant due to faulty or incomplete work, then Landlord shall withhold a sum which, in Landlord’s opinion would be required to correct or complete the disputed work. In this event, Landlord shall submit a written “punch list” to Tenant. Anything above to the contrary notwithstanding, Landlord shall have no obligation to pay any portion of the construction allowance if Tenant is then in default of any of the terms and provisions of this Lease.