Common use of Tenant’s Work Clause in Contracts

Tenant’s Work. Tenant shall accept the Demised Premises “as is” on the date hereof and Landlord shall have no obligation whatsoever to prepare the Demised Premises for occupancy by Tenant. Any such work performed by Tenant shall be subject to the provisions of this Lease, including without limitation Articles 10 and 11. Landlord shall pay to Tenant, upon written request from time to time (but not more frequently than monthly) and pro rata as such work progresses, an amount equal to the cost thereof not in excess of $317,640 (hereinafter referred to as “Landlord’s Construction Contribution”). Any unused balance of Landlord’s Contribution plus an additional allowance in the amount of $21,176 (hereinafter referred to as “Landlord’s Additional Allowance”) may be applied to any other costs (including without limitation architectural, engineering, space planning and moving expenses) incurred by Tenant in relocating its business operations to the Demised Premises. The disbursement of any portion of Landlord’s Construction Contribution or Landlord’s Additional Allowance shall be made within fifteen (15) days following the receipt by Landlord of invoices, receipts and other documentation evidencing to Landlord’s reasonable satisfaction the costs on account of which such disbursement has been requested, as well as releases and waivers of any mechanic’s and other liens for any labor or materials furnished as part of such work. Any portion of Landlord’s Construction Contribution or Landlord’s Additional Allowance not paid within fifteen (15) days from the date when due in accordance with the foregoing provisions shall bear interest thereafter at a rate equal to one percent in excess of the so-called “prime rate” charged from time to time by the First National Bank of Boston, and may be deducted from installments of Yearly Fixed Rent next becoming due hereunder.

Appears in 1 contract

Samples: Agreement of Lease (Investment Technology Group Inc)

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Tenant’s Work. Tenant shall accept have the Demised Premises “as is” on right to perform any or all of the date hereof Additional Tenant’s Work, subject to Landlord’s prior reasonable approval, which shall be given to Tenant within ten (10) business days upon Landlord’s receipt of detailed plans and specifications from Tenant; however, Landlord’s approval shall be deemed to have been given if Landlord fails to respond to Tenant within said ten (10) business day approval period. Tenant shall not be charged by Landlord for any supervisory, management, or review fees in connection with review or monitoring of the Additional Tenant’s Work. Tenant shall have the right to select all contractors, subcontractors, architects, engineers, consultants, etc. in connection with the Additional Tenant’s Work, subject to Landlord’s prior reasonable approval. However, Landlord shall be provided an opportunity to submit to Tenant a bid for construction of any or all of the Additional Tenant’s Work. Subject to Landlord’s prior reasonable approval, Tenant shall have the right to construct computer rooms, interconnecting stairs, and any other specialized facilities, provided such work does not jeopardize the structural integrity of Building 18 and/or Building 18A. Tenant and Landlord shall have no obligation whatsoever agree on a mutually acceptable construction schedule with respect to prepare the Demised Premises Additional Tenant’s Work. The Additional Tenant’s Work shall be made in a good and workmanlike manner, and all contracts for occupancy the Additional Tenant’s Work that is not constructed by Landlord shall require signed releases against mechanics liens upon payment in full for such Additional Tenant’s Work. Any such work performed If any of the Additional Tenant’s Work is constructed by contractors other than Landlord, Tenant shall cause its contractors to provide Landlord with evidence of commercial general liability insurance at the limits set forth in section 8 (Insurance) of the Agreement of Lease dated July 17, 1990, and shall name Landlord as an additional insured. Said contractor(s) shall also provide Landlord with evidence of Workers’ Compensation and Employers Liability Insurance. Tenant shall indemnify, defend, and save harmless Landlord from all expense, liens, claims, damages or injuries to either persons or property arising out of, or resulting from activities related to any of the Additional Tenant’s Work not constructed by Landlord. The Additional Tenant’s Work shall be subject to the provisions of this Lease, including without limitation Articles 10 terms and 11. Landlord shall pay to Tenant, upon written request from time to time conditions set forth in section 5 (but not more frequently than monthlyAlterations) and pro rata as such work progresses, an amount equal to the cost thereof not in excess of $317,640 (hereinafter referred to as “Landlord’s Construction Contribution”). Any unused balance of Landlord’s Contribution plus an additional allowance in the amount of $21,176 (hereinafter referred to as “Landlord’s Additional Allowance”) may be applied to any other costs (including without limitation architectural, engineering, space planning and moving expenses) incurred by Tenant in relocating its business operations to the Demised Premises. The disbursement of any portion of Landlord’s Construction Contribution or Landlord’s Additional Allowance shall be made within fifteen (15) days following the receipt by Landlord of invoices, receipts and other documentation evidencing to Landlord’s reasonable satisfaction the costs on account of which such disbursement has been requested, as well as releases and waivers of any mechanic’s and other liens for any labor or materials furnished as part of such work. Any portion of Landlord’s Construction Contribution or Landlord’s Additional Allowance not paid within fifteen (15) days from the date when due in accordance with the foregoing provisions shall bear interest thereafter at a rate equal to one percent in excess of the so-called “prime rate” charged from time to time by the First National Bank Agreement of BostonLease dated July 17, and may be deducted from installments of Yearly Fixed Rent next becoming due hereunder1990.

Appears in 1 contract

Samples: Agreement of Lease (Haemonetics Corp)

Tenant’s Work. Tenant shall agrees to accept the Demised Premises Leased Property in its present as isAS ISon condition. Further alterations of the date hereof Leased Property will be at Tenant’s sole expense (unless otherwise stated in this Lease) and deemed to be Tenant’s Work. Tenant and Landlord shall have no obligation whatsoever approve and attach an Exhibit “D” (“Plan of Work”) to prepare this Lease that shall include any drawings, statements of items being provided by Tenant and Landlord in the Demised Premises Leased Property and any other necessary items that are needed to clarify Tenant and Landlord responsibilities for occupancy the condition of the Leased Property at the Commencement Date. Both Tenant and Landlord shall approve the Plan of Work as soon as possible following the execution of this Lease. Both Tenant and Landlord must approve any changes to the Plan of Work, in writing, prior to proceeding with the changes. Approval of plans and specifications by Tenant. Any such work performed Landlord shall not constitute the assumption of any responsibility by Landlord for their accuracy or sufficiency or conformity with applicable laws, and Tenant shall be subject solely responsible for such plans and specifications and for all of Tenant’s Work. Tenant shall not commence any of Tenant’s Work until Landlord has approved Exhibit “D.” Tenant’s taking possession of the Leased Property shall be conclusive evidence of Tenant’s acceptance thereof in good order and satisfactory condition. Tenant agrees that Landlord has made no representations as to conformance with applicable laws respecting the provisions condition of this Lease, including without limitation Articles 10 and 11. Landlord shall pay to Tenant, upon written request from time to time (but not more frequently than monthly) and pro rata as such work progresses, an amount equal to the cost thereof not in excess Leased Property or the presence or absence of $317,640 Hazardous Materials (hereinafter referred defined) in, at, under or abutting the Leased Property or the environment. Tenant also agrees that no representations respecting the condition of the Leased Property, no warranties or guarantees, expressed or implied, INCLUDING, WITHOUT LIMITATION, ANY IMPLIED WARRANTY OF HABITABILITY, MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE, with respect to as “Landlord’s Construction Contribution”). Any unused balance of Landlord’s Contribution plus an additional allowance workmanship or any defects in material, and no promise to decorate, alter, repair or improve the amount of $21,176 (hereinafter referred to as “Landlord’s Additional Allowance”) may be applied to any other costs (including without limitation architecturalLeased Property either before or after the execution hereof, engineering, space planning and moving expenses) incurred by Tenant in relocating its business operations to the Demised Premises. The disbursement of any portion of Landlord’s Construction Contribution or Landlord’s Additional Allowance shall be have been made within fifteen (15) days following the receipt by Landlord of invoices, receipts and other documentation evidencing or its agents to Landlord’s reasonable satisfaction Tenant unless the costs on account of which such disbursement has been requested, as well as releases and waivers of any mechanic’s and other liens for any labor or materials furnished as part of such work. Any portion of Landlord’s Construction Contribution or Landlord’s Additional Allowance not paid within fifteen (15) days from the date when due in accordance with the foregoing provisions shall bear interest thereafter at a rate equal to one percent in excess of the so-called “prime rate” charged from time to time by the First National Bank of Boston, and may be deducted from installments of Yearly Fixed Rent next becoming due hereundersame are contained herein.

Appears in 1 contract

Samples: Lease Agreement (Endocyte Inc)

Tenant’s Work. Tenant shall accept perform all work not required to be done by Landlord (“Tenant’s Work’) at its expense diligently and promptly and in strict accordance with Tenant’s Plans and in accordance [insert any applicable local governmental guidelines]. The date on which Tenant commences Tenant’s Work is the Demised Construction Commencement Date, which shall occur within 30 days after the Possession Date. Tenant at the outside shall complete all. Tenant’s Work and open its business at the Premises “as is” on to the date hereof and Landlord shall have no obligation whatsoever to prepare public not later than 150 days after the Demised Premises for occupancy by TenantPossession Date. Any such work performed All fixtures installed by Tenant shall be new or completely reconditioned. Tenant shall not commence Tenant’s Work until Landlord approves Tenant’s Plans. Tenant shall be solely responsible for the arrangement with utility companies for all utility service to the Premises. If Tenant wants to start Tenant’s Work before installation of utilities, Tenant may arrange for temporary connections, and Landlord will grant temporary easements across the Common Areas during the construction period, subject to availability of such connections and Landlord’s approval of the provisions location of this Leasesuch connections and temporary easements. The temporary connections shall be installed at Tenant’s sole cost and expense. The location of utilities shall be in Landlord’s sole discretion. Tenant shall furnish, including without limitation Articles 10 at its sole cost and 11expense, a wall-check survey upon completion of the footings. During construction, Tenant shall not permit its contractors to store any materials, park any cars, trucks, construction vehicles or equipment outside of the Premises and the area to be designated by Landlord for storage and parking. Tenant also shall pay not permit its contractors to Tenant, upon written request from time interfere with the operation of the Center. Tenant shall require its contractors to time (but not more frequently than monthly) police daily the area surrounding the Premises and pro rata as such work progresses, an amount equal between the entrances to the cost thereof not in excess of $317,640 (hereinafter referred Center and the Premises to as “Landlord’s Construction Contribution”). Any unused balance of Landlord’s Contribution plus an additional allowance in the amount of $21,176 (hereinafter referred to as “Landlord’s Additional Allowance”) may be applied to any other costs (including without limitation architecturalpick up trash and debris, engineeringsweep up dirt, space planning remove construction implements and moving expenses) incurred by Tenant in relocating its business operations to the Demised Premises. The disbursement of any portion of Landlord’s Construction Contribution or Landlord’s Additional Allowance shall be made within fifteen (15) days following the receipt by Landlord of invoices, receipts and other documentation evidencing to Landlord’s reasonable satisfaction the costs on account of which such disbursement has been requested, as well as releases and waivers of any mechanic’s and other liens for any labor or materials furnished as part of such work. Any portion of Landlord’s Construction Contribution or Landlord’s Additional Allowance not paid within fifteen (15) days from the date when due in accordance with the foregoing provisions shall bear interest thereafter at a rate equal to one percent in excess of the so-called “prime rate” charged from time to time by the First National Bank of Bostonmaterials, and may be deducted from installments do what is necessary to keep the Center clean and free of Yearly Fixed Rent next becoming due hereunder.dirt and debris. Before starting Tenant’s Work, Tenant’s contractors shall provide to Landlord evidence of insurance as follows (Landlord to receive 30-days’ notice prior to cancellation):

Appears in 1 contract

Samples: Ground Lease Agreement (Howard Bancorp Inc)

Tenant’s Work. Tenant shall accept improve the Demised Premises “as is” on the date hereof and Landlord shall have no obligation whatsoever Building by up-grading Building's electrical service from 1600 amps to prepare the Demised Premises for occupancy by Tenant. Any such work performed by Tenant shall be 6000 amps subject to the provisions of this Lease, including without limitation Articles 10 . Approval of plans and 11. specifications by Landlord shall pay not be unreasonably withheld. Tenant may make non-structural improvements to Tenant, upon written request the Premises at any time or from time to time (but not more frequently than monthly) and pro rata as such work progressesprior to or during the Term without the approval or consent of the Landlord. For purposes of this Section 3.2, an amount equal "non-structural alterations or improvements" shall mean any alterations or improvements to the cost Premises other than material alterations or improvements to the roof, exterior walls, load-bearing walls, support beams or foundation of the Building. All structural alterations or improvements to the Premises proposed by Tenant shall be done in accordance with plans and specifications first approved by Landlord, which approval shall not be unreasonably withheld, delayed or conditioned. Prior to commencing construction of any structural alterations or improvements to the Premises, Tenant shall submit to Landlord plans and specifications for such proposed structural alterations or improvements. Landlord shall review such plans and specifications as submitted within ten (10) business days after receipt thereof not and shall notify Tenant in excess writing within such ten (10) business day period whether Landlord approves or disapproves such plans and specifications. In the event Landlord reasonably disapproves such plans and specifications in any respect, Landlord shall, in writing in its notice of $317,640 (hereinafter referred disapproval to as “Landlord’s Construction Contribution”)Tenant, specify in reasonable detail the reasons for its disapproval thereof. Any unused balance of Landlord’s Contribution plus an additional allowance in the amount of $21,176 (hereinafter referred Tenant shall then prepare any revisions to as “Landlord’s Additional Allowance”) such plans and specifications which may be applied reasonably necessary to any other costs (including without limitation architectural, engineering, space planning correct the deficiencies in such plans and moving expenses) incurred by Tenant specifications as described in relocating its business operations Landlord's disapproval notice and shall resubmit such plans and specifications as so revised to the Demised Premises. The disbursement of any portion of Landlord’s Construction Contribution or Landlord’s Additional Allowance shall be made within fifteen (15) days following the receipt by Landlord of invoices, receipts and other documentation evidencing to Landlord’s reasonable satisfaction the costs on account of which such disbursement has been requested, as well as releases and waivers of any mechanic’s and other liens for any labor or materials furnished as part of such work. Any portion of Landlord’s Construction Contribution or Landlord’s Additional Allowance not paid within fifteen (15) days from the date when due re-review in accordance with the foregoing provisions shall bear interest thereafter at a rate equal to one percent in excess same procedure set forth above, except that Landlord must complete its review and notify Tenant of its approval or disapproval of the so-called “prime rate” charged from time revised plans and specifications within three (3) business days after receipt thereof by Landlord. Landlord and Tenant shall initial any plans and specifications after the same have been submitted by Tenant and approved by Landlord. If Landlord fails to time by the First National Bank of Boston, give Tenant written notice as aforesaid either approving or disapproving any plans and may be deducted from installments of Yearly Fixed Rent next becoming due hereunder.specifications or

Appears in 1 contract

Samples: Dura Products International Inc

Tenant’s Work. On and after the Commencement Date, Tenant, at its sole cost and expense (subject to the TI Allowance), shall be responsible for constructing initial improvements in and to the Premises in accordance with the work exhibit attached hereto as Exhibit B (collectively, “Tenant’s Work”). In addition, during this time period, Tenant shall accept have the Demised exclusive right to use and control physical access to the Premises “as is” on (subject to Landlord’s rights and obligations under this Lease), including but not limited to, the date hereof right to install its furniture, furnishings and Landlord shall have no obligation whatsoever to equipment in the Premises, generally prepare the Demised Premises for occupancy by Tenantand actually occupy the Premises for the conduct of business, without any of the foregoing causing an acceleration of the Rent Commencement Date. Any such work performed by Tenant shall complete all of Tenant’s Work in good and workmanlike manner in accordance with the plans and specifications approved by Landlord and Tenant as provided in Exhibit B, as the same may be subject to the provisions of this Lease, including without limitation Articles 10 and 11. Landlord shall pay to Tenant, upon written request amended from time to time (but not more frequently than monthly) subject to written approval by Landlord and pro rata as such work progressesTenant), an amount equal and shall use reasonable efforts to complete Tenant’s Work on or before the cost thereof not in excess of $317,640 (hereinafter referred to as “Landlord’s Construction Contribution”). Any unused balance of Landlord’s Contribution plus an additional allowance in the amount of $21,176 (hereinafter referred to as “Landlord’s Additional Allowance”) may be applied to Rent Commencement Date, provided, however, that any other costs (including without limitation architectural, engineering, space planning and moving expenses) incurred failure by Tenant in relocating its business operations to complete Tenant’s Work before the Demised Premises. The disbursement of any portion of Landlord’s Construction Contribution stated Rent Commencement Date shall not postpone or delay such date, unless such failure is caused by Landlord or Landlord’s Additional Allowance employees, agents or contractors, in which case the Rent Commencement Date shall be made within fifteen delayed two (152) days following for every day of delay in the receipt completion of Tenant’s Work caused by Landlord of invoices, receipts and other documentation evidencing to Landlord’s reasonable satisfaction the costs on account of which such disbursement has been requested, as well as releases and waivers of any mechanic’s and other liens for any labor or materials furnished as part of such work. Any portion of Landlord’s Construction Contribution or Landlord’s Additional Allowance not paid within fifteen (15) days from employees, agents or contractors, provided, however, that any such delay of the date when due Rent Commencement Date shall be expressly conditioned on Tenant’s diligent submission of plans and specifications for Tenant’s Work for Landlord review and approval in accordance with the foregoing provisions terms and conditions of Exhibit B attached hereto and Tenant’s diligent and continuous prosecution of Tenant’s Work following Landlord’s approval of such plans and specifications. If any aspect of Tenant’s Work would affect any Building Systems (as hereinafter defined), Landlord shall bear interest thereafter at a rate equal have the right to one percent reasonably require Tenant to utilize Landlord’s pre-approved vendors and/or contractors in excess connection with such work. All Tenant Improvements, as defined in Exhibit B, shall remain the property of Tenant during the Term. Portions of this Exhibit, indicated by the xxxx “[***],” were omitted and have been filed separately with the Securities and Exchange Commission pursuant to the Registrant’s application requesting confidential treatment pursuant to Rule 24b-2 of the so-called “prime rate” charged from time to time by the First National Bank Securities Exchange Act of Boston1934, and may be deducted from installments of Yearly Fixed Rent next becoming due hereunderas amended.

Appears in 1 contract

Samples: Office Lease (Enernoc Inc)

Tenant’s Work. (a) Tenant agrees, prior to the Commencement Date, at Tenant's sole cost and expense, to diligently perform all work of whatever nature in accordance with Tenant's obligations set forth in Exhibit "D" ("Tenant's Work") and all other related work necessary to prepare for the opening to the public of Tenant's store in the Leased Premises in accordance with the provision of this Lease. Tenant agrees to furnish to Landlord the Store Design Drawings and Working Drawings and Specifications with respect to the Leased Premises prepared in the manner and within the time periods required in Exhibit "D" attached hereto. If such Store Design Drawings or Working Drawings and Specifications are not furnished by Tenant to Landlord within the required time period(s) in form to permit approval by Landlord, then the Fixturing Period (as described in the Data Sheet) shall accept the Demised Premises “as is” on the date hereof be reduced by one (1) day of each day of delay by Tenant in submitting said plans, drawings and specifications. Landlord shall have no obligation whatsoever exercise reasonable efforts to prepare the Demised Premises for occupancy respond to drawings and specifications submitted by Tenant pursuant to this Lease within seven (7) business days following Landlord's receipt of such drawings and specifications from Tenant. Any In the event of Landlord's failure to respond within such seven (7) business day period, the Fixturing Period as described in the Data Sheet shall be extended by one (1) day for each day of additional delay by Landlord. No material deviations from the final plans and specifications, once approved by Landlord, shall be permitted unless necessary to comply with applicable governmental requirements. Landlord's approval of Tenant's Store Design Drawings and Working Drawing and Specifications shall not constitute the assumption of such items. Tenant's Work shall include the installation of fixtures and equipment and the stocking of the Leased Premises with suitable merchandise. Tenant covenants that all such fixtures and equipment visible to customers shall be new and otherwise acceptable to Landlord in appearance. In addition to conforming to the requirements specified in Exhibit "D", all work performed by Tenant shall be subject comply with such rules and regulations as Landlord and its representatives may make, provided that such rules and regulations are uniformly applied to all similarly situated Shopping Center tenants under construction. Unless Landlord otherwise directs in writing, Tenant shall not open the Leased Premises for business until all construction has been completed pursuant to the provisions of this Lease, including without limitation Articles 10 Exhibit "D". It is further understood and 11. agreed that: (i) Landlord shall pay have no responsibility or liability whatsoever for any loss of, or damage to, any fixtures, equipment, merchandise, or other property belonging to Tenant, upon written request from time to time (but not more frequently than monthly) and pro rata as such work progresses, an amount equal installed or left in the Leased Premises except to the cost thereof not in excess of $317,640 (hereinafter referred to as “Landlord’s Construction Contribution”). Any unused balance extent resulting from the negligence or intentional acts of Landlord’s Contribution plus an additional allowance in , its agents or employees; and (ii) Tenant's entry upon and occupancy of the amount Leased Premises prior to the Commencement Date shall be governed by and subject to all the provisions, covenants and conditions of $21,176 (hereinafter referred this Lease. Tenant shall obtain, at its sole cost, and immediately thereafter furnish to as “Landlord’s Additional Allowance”) , all certificates and approvals with respect to work done and installations made by Tenant that may be applied to any other costs (including without limitation architecturalrequired for the issuance of a certificate of occupancy of the Leased Premises, engineering, space planning and moving expenses) incurred by Tenant in relocating its business operations to the Demised Premises. The disbursement so that such certificate of any portion of Landlord’s Construction Contribution or Landlord’s Additional Allowance occupancy shall be made within fifteen (15) days following issued and the receipt by Landlord Leased Premises shall be ready for the opening of invoicesTenant's business on the Commencement Date. Upon the issuance of the certificate of occupancy, receipts and other documentation evidencing a copy thereof shall be immediately delivered to Landlord’s reasonable satisfaction . Promptly upon the costs on account completion of which such disbursement has been requestedits work, as well as releases Tenant shall repair. clean and waivers of any mechanic’s and other liens for any labor or materials furnished as part of such work. Any portion of Landlord’s Construction Contribution or Landlord’s Additional Allowance not paid within fifteen (15) days from the date when due in accordance with the foregoing provisions shall bear interest thereafter at a rate equal to one percent in excess restore all portions of the so-called “prime rate” charged from time Shopping Center affected by Tenant's Work to time by the First National Bank of Boston, and may be deducted from installments of Yearly Fixed Rent next becoming due hereundertheir prior condition.

Appears in 1 contract

Samples: Lease (Play Co Toys & Entertainment Corp)

Tenant’s Work. After the Commencement Date, Tenant shall accept at its sole cost and expense intends to construct leasehold improvements in the Demised Premises (Tenant’s Work”) as is” on detailed in the date hereof plans and Landlord shall have no obligation whatsoever specifications to prepare the Demised Premises for occupancy be prepared by Tenant’s architect (“TI Architect”). Any such work performed by Tenant shall be subject allowed to select a general contractor to perform the provisions Tenant’s Work, provided said general contractor shall be properly licensed, bonded and of this Leasea reputation reasonably acceptable to Landlord. An affiliate of Landlord, including without limitation Articles 10 Minkoff Development Corporation (“MDC”), shall act as Landlord’s construction manager to review plans and 11oversee construction of the Tenant’s Work by the general contractor. Landlord MDC shall pay to Tenant, upon written request from time to time (but not more frequently than monthly) and pro rata as such work progresses, an amount receive a fee equal to one percent (1%) of the cost thereof of the Tenant’s Work, which fee shall not exceed $50,000. Tenant shall have the right to submit plans for the Tenant’s Work in excess stages for portions of $317,640 (hereinafter referred to as “Landlord’s Construction Contribution”). Any unused balance of Landlord’s Contribution plus an additional allowance in the amount of $21,176 (hereinafter referred to as “Landlord’s Additional Allowance”) may be applied to any other costs (including without limitation architectural, engineering, space planning and moving expenses) incurred by Tenant in relocating its business operations to the Demised Premises. Tenant shall cause the TI Architect to prepare and deliver to Landlord for Landlord’s or MDC’s review preliminary plans (architectural, mechanical, electrical, plumbing and structural, if necessary) and specifications for the proposed leasehold improvements (the “Preliminary Plans”). Landlord shall have five (5) business days after its receipt thereof (or such additional time as may reasonably be necessary) to review the Preliminary Plans, request any changes it deems reasonably appropriate, and indicate on the Preliminary Plans which portions of the leasehold improvements are to be removed by Tenant prior to the expiration or termination of the Lease. The disbursement TI Architect shall modify the Preliminary Plans to accommodate Landlord’s changes, and resubmit the revised plans (the “Revised Preliminary Plans”) to Landlord for approval. If Tenant or the TI Architect elect not to make said changes to the Preliminary Plans, then Landlord shall have the right to require Tenant to perform corresponding restoration work to effect said changes prior to the expiration or termination of any portion the Lease. Upon receipt of Landlord’s Construction Contribution or Landlord’s Additional Allowance approval of the Revised Preliminary Plans, the TI Architect shall prepare a complete set of construction drawings and specifications for the construction of the proposed leasehold improvements (the “Working Drawings”). The Working Drawings shall be made in sufficient detail for (i) Tenant’s general contractor to obtain bids from all trades for and to perform the work described on the Working Drawings; (ii) Tenant’s general contractor to secure building permits from the requisite governmental authorities having jurisdiction over same; and (iii) Landlord or MDC to indicate the portion of Tenant’s Work, if any, which Tenant is to remove by expiration or termination of the Lease. The Working Drawings shall conform to and be consistent with the Revised Preliminary Plans and comply with all applicable Laws and Insurance Requirements, as those terms are defined in the Lease. The Working Drawings shall be submitted to MDC for review and approval, which approval (or a request for changes to be made) shall be given within fifteen ten (1510) days following after receipt thereof. Within five (5) business days after MDC’s approval of the receipt by Landlord of invoices, receipts and other documentation evidencing to Landlord’s reasonable satisfaction the costs on account of which such disbursement has been requestedWorking Drawings, as well as releases modified by any revisions requested by MDC, Landlord and waivers Tenant shall initial same to confirm their mutual approval thereof (the “Approved Working Drawings ”). The Approved Working Drawings will indicate which portions of the Tenant’s Work, if any, will have to be removed by Tenant prior to the expiration or termination of the Lease, and Tenant will timely comply with such requirement and repair any mechanic’s and damage to the Land or the Building caused thereby at its own expense. Tenant will have no obligation to remove any other liens for any labor or materials furnished as part of such work. Any portion of Landlordthe Tenant’s Construction Contribution or Landlord’s Additional Allowance not paid within fifteen (15) days from the date when due in accordance with the foregoing provisions shall bear interest thereafter at a rate equal to one percent in excess of the so-called “prime rate” charged from time to time by the First National Bank of Boston, and may be deducted from installments of Yearly Fixed Rent next becoming due hereunderWork.

Appears in 1 contract

Samples: Lease Agreement (Avalon Pharmaceuticals Inc)

Tenant’s Work. Prior to the Expense Commencement Date, Tenant shall, at its sole cost and expense, perform pro-occupancy improvements in accordance with Paragraph 7.3. As soon as reasonably practicable after the execution of this Lease, Tenant shall accept perform the Demised asbestos abatement tasks identified in Exhibit B, attached hereto, for which Landlord will credit Tenant with Tenant's actual out-of-pocket expenses (whether such expenses are incurred directly or as a part of improvements made to the Premises “as is” by Tenant, including, without limitation, improvements of Tenant in upgrading or replacing HVAC systems that may require removal of asbestos for installation (and in the case of the latter, the costs attributed to such tasks shall be reasonably estimated by agreement of the parties if not separately itemized)) up to a maximum of $20,000 towards the Base Rent due for the thirteenth month of the Lease. Landlord shall not be responsible for the condition or remediation of any other asbestos containing materials at or on the date hereof Premises, all of which shall be Tenant's responsibility. Tenant acknowledges receipt of a copy of the summary of asbestos containing materials attached hereto in Exhibit C prepared by a consultant to Landlord, which Landlord is providing to Tenant without representation or warranty. Landlord hereby agrees that Landlord shall deliver the heating, ventilating and air-conditioning ("HVAC"), electrical and plumbing systems, electrical and plumbing fixtures and the roof in good working order, it being acknowledged and agreed by Tenant that Landlord shall have no ongoing obligation whatsoever with respect to prepare the Demised Premises for occupancy by Tenantmaintenance, replacement or repair of said items from or after the Commencement Date. Any such work performed by By taking possession of the Premises, Tenant shall be subject deemed to have accepted the provisions of this Lease, including without limitation Articles 10 and 11. Landlord shall pay to Tenant, upon written request from time to time (but not more frequently than monthly) and pro rata as such work progresses, an amount equal to the cost thereof not in excess of $317,640 (hereinafter referred to as “Landlord’s Construction Contribution”). Any unused balance of Landlord’s Contribution plus an additional allowance in the amount of $21,176 (hereinafter referred to as “Landlord’s Additional Allowance”) may be applied to any other costs (including without limitation architectural, engineering, space planning and moving expenses) incurred by Tenant in relocating its business operations to the Demised Premises. The disbursement of any portion of Landlord’s Construction Contribution or Landlord’s Additional Allowance shall be made within fifteen (15) days following the receipt by Landlord of invoices, receipts and other documentation evidencing to Landlord’s reasonable satisfaction the costs on account of which such disbursement has been requested, as well as releases and waivers of any mechanic’s and other liens for any labor or materials furnished as part of such work. Any portion of Landlord’s Construction Contribution or Landlord’s Additional Allowance not paid within fifteen (15) days from the date when due in accordance with the foregoing provisions shall bear interest thereafter at a rate equal to one percent in excess condition of the so-called “prime rate” charged from time to time by HVAC, electrical and plumbing systems, electrical and plumbing fixtures and the First National Bank of Boston, and may be deducted from installments of Yearly Fixed Rent next becoming due hereunderroof.

Appears in 1 contract

Samples: Agreement of Lease (Clontech Laboratories Inc)

Tenant’s Work. 2.1 All interior improvements, including installation of Trade Fixtures, as indicated in Exhibit B-3, furnishings and Building Core Improvements (collectively referred to herein as "Tenant's Work", shall be constructed by Tenant at its sole cost and expense. All of the plans and specifications for Tenant's Work shall be approved by Landlord in advance of commencing any construction. Such approval by Landlord, shall not be unreasonably withheld or delayed. The parties agree that certain items of the Building Core Improvements (specifically, proof loading of the roof structure and penetrations in the second deck for future mechanical drafts) shall be completed during shell construction by Landlord and the cost of such items shall be deducted from the Tenant Improvement Allowance. Tenant shall accept invest a minimum of sixty dollars ($60.00) per rentable square foot, including the Demised Premises “as is” Tenant Improvement Allowance supplied by Landlord, excluding soft costs ("Soft Costs" are those items described in Paragraphs 2.2 (v) through (xi)), and excluding the items described on Exhibit B-3 hereto, to improve the date hereof and entire Premises. Tenant shall, within thirty (30) days following the Term Commencement Date, provide Landlord shall have no obligation whatsoever to prepare the Demised Premises for occupancy with an accounting, certified by an officer of Tenant. Any such work performed , itemizing all amounts expended by Tenant shall be subject to improve the Premises. If the amount expended by Tenant is less than sixty dollars ($60.00) per rentable square foot of the Building, (exclusive of Soft Costs), Tenant shall, together with the accounting, deliver to Landlord an unconditional irrevocable letter of credit (separate from but for a purpose similar to the provisions Letter of Credit described in paragraph 19 of this Lease, including without limitation Articles 10 ) in an amount equal to the difference between the amount expended by Tenant and 11sixty dollars ($60.00) per rentable square foot of the Building (exclusive of Soft Costs). Landlord shall pay At any time prior to Tenant, upon written request from time to time the twenty-fourth month of the Lease Term (but not in no event more frequently than monthly) Tenant may provide Landlord with an amended accounting, as above, showing additional amounts expended by Tenant to improve the Premises (exclusive, however, of the costs of demolition and pro rata reconstruction of the Tenants Work) since the last date shown on the immediately preceding accounting. If the total amount expended by Tenant is less than sixty dollars ($60.00) per rentable square foot of the Building (exclusive of Soft Costs), the amount of the letter of credit may be reduced to a sum equal to the difference between the amount expended by Tenant and sixty dollars ($60.00) per rentable square foot of the Building (exclusive of Soft Costs). On or before the last day of the twenty-fourth month of the Lease Term, with an amended accounting as such work progressesabove showing in addition any amounts expended by Tenant to improve the Premises since the last date shown on Tenant's most recent accounting (exclusive, however, of the costs of demolition and reconstruction of the Tenant's Work), if the total amount expended by Tenant is less than sixty dollars ($60) per rentable square foot, Landlord shall be immediately entitled to draw down from the letter of credit an amount equal to the cost thereof not in excess of $317,640 (hereinafter referred to as “Landlord’s Construction Contribution”). Any unused balance of Landlord’s Contribution plus an additional allowance in difference between the amount expended by Tenaxx xxx sixty dollars ($60.00) per rentable square foot. Upon such draw the requirement that this letter of $21,176 credit be maintained shall terminate. The letter of credit shall (hereinafter referred a) designate Landlord or its assignees as beneficiary, (b) be issued by a financial institution approved by Landlord, (c) be in form satisfactory to as “Landlord’s Additional Allowance”, and (d) may be applied for a term of twenty-six months. Landlord shall not be required to deliver any other costs (including without limitation architectural, engineering, space planning and moving expenses) incurred by Tenant in relocating its business operations certifications or documentation of any kind to the Demised Premises. The disbursement of any portion of issuer in order to make a draw, other than Landlord’s Construction Contribution or Landlord’s Additional Allowance shall be made within fifteen (15) days following the receipt by 's written demand stating that Landlord of invoices, receipts and other documentation evidencing is entitled to Landlord’s reasonable satisfaction the costs on account of which such disbursement has been requested, as well as releases and waivers of any mechanic’s and other liens for any labor or materials furnished as part of such work. Any portion of Landlord’s Construction Contribution or Landlord’s Additional Allowance not paid within fifteen (15) days from the date when due draw in accordance with the foregoing provisions terms of this Lease. The Issuer shall bear interest thereafter at a rate equal not be required to one percent in excess conduct any inquiry or investigation before paying Landlord the requested amount of the sodraw. Landlord may assign, transfer or pledge the letter of credit to any lender or purchaser in connection with any financing or sale of the Premises. Landlord shall provide to Tenant a Tenant Improvement Allowance of up to a maximum of twenty-called “prime rate” charged from time to time five dollars ($25.00) per rentable square foot on the Premises ("Tenant Improvement Allowance") which shall include Soft Costs. The Tenant Improvement Allowance shall be reduced by the First National Bank amount Landlord expends on Building Core Improvements as stated above. Tenant shall promptly pay when due all costs for Tenaxx'x Xork. Landlord shall reimburse Tenant a portion of Bostonsuch costs not to exceed in the aggregate the amount of the Tenant Improvement Allowance less amounts expended by Landlord for Building Core Improvements as provided above. Tenant shall, not more frequently than monthly after commencement of the construction of Tenant's Work, submit to Landlord requests for reimbursement of amounts expended by Tenant for Tenant's Work. Each request shall be certified by an officer of Tenant and shall include, without limitation, (i) copies of all invoices paid by Tenant for which reimbursement is sought (ii) proof of payment of each invoice (iii) a fully executed unconditional lien release from each payee, and (iv) such additional information as Landlord may be deducted from installments reasonably request. After Landlord has received and approved each request as provided herein, Landlord shall process the approved request for payment by its lender and upon disbursement by Landlord's Lender reimburse Tenant promptly for one-half of Yearly Fixed Rent next becoming due hereunderall amounts shown in the request as expenditures for costs to which the Tenant Improvement Allowance applies, as hereinbelow provided, up to the maximum amount set forth above.

Appears in 1 contract

Samples: Lease (Virologic Inc)

Tenant’s Work. (a) Tenant agrees, prior to the commencement of the Term of this Lease, [***], to diligently perform all work of whatever nature in accordance with Tenant's obligations set forth in Exhibit D ("Tenant's Work") and all other related work necessary to prepare for the opening to the public of Tenant's store in the Lease Premises in accordance with the provisions of this Lease. Tenant agrees to furnish to Landlord the Store Design Drawings and Working Drawings and Specifications with respect to the Leased Premises prepared in the manner and within the time period required in Exhibit D. If such Store Design Drawings or Working Drawings and Specifications are not furnished by Tenant to Landlord within the required time period(s) in form to permit approval by Landlord, then the Fixturing Period (as described in the Data Sheet) shall accept the Demised Premises “as is” on the date hereof be reduced by [***] of delay by Tenant in submitting said Store Design Drawings or Working Drawings and Specifications. Landlord shall have no obligation whatsoever respond to prepare the Demised Premises for occupancy such Store Design Drawings or Working Drawings and Specifications submitted by Tenant pursuant to this Lease within [***] business days following Landlord's receipt from Tenant. Any In the event of Landlord's failure to respond within such [***] business day period or there are other delays created by Landlord, the Fixing Period as described in the Delta Sheet shall be extended by [***] of additional delay by Landlord. No material deviations from the final Store Design Drawings or Working Drawings and Specifications, once approved by Landlord, shall be permitted unless necessary to comply with applicable governmental requirements or unless otherwise approved by Landlord. Landlord's approval of Tenant's Store Design Drawings and Working Drawings and Specifications shall not constitute the assumption of such items. Tenant's Work shall include the installations of fixtures and equipment and the stocking of the Leased Premises with suitable merchandise. Tenant covenants that all such fixtures and equipment visible to customers shall be new (or like-new) and otherwise reasonably acceptable to Landlord in appearance. In addition to conforming to the requirements specified in Exhibit D, all work performed by Tenant shall be subject comply with such rules and regulations as Landlord and its representatives may make, provided that such rules and regulations are uniformly applied to all similarly situated Shopping Center tenants under construction. Unless Landlord otherwise directs in writing, Tenant shall not open the Leased Premises for business until all construction has been completed pursuant to the provisions of this Lease, including without limitation Articles 10 Exhibit D. It is further understood and 11. agreed that: (i) Landlord shall pay have no responsibility or liability whatsoever for any loss of, or damage to, any fixtures, equipment, merchandise, or other property belonging to Tenant, upon written request from time to time (but not more frequently than monthly) and pro rata as such work progresses, an amount equal installed or left in the Leased Premises except to the extent resulting from the negligence or intentional acts or Landlord, its agents or employees; and (ii) Tenant's entry upon and occupancy of the Leased Premises prior to the Commencement Date shall be governed by and subject to all the provisions, covenants and conditions of this Lease. Tenant shall obtain at its sole cost and immediately thereafter furnish to Landlord all certificates and approvals with respect to work done and installations made by Tenant that may be required for the issuance of a certificate of occupancy for the Leased Premises, so that such certificate of occupancy shall be issued and the Leased Premises shall be ready for the opening of Tenant's business on the Commencement Date. Upon the issuance of the certificate of occupancy, a copy thereof not in excess shall be immediately delivered to Landlord. Promptly upon the completion of $317,640 (hereinafter referred its work, Tenant, at Tenant's cost, shall repair, clean and restore all portions of the Shopping Center affected by Tenant's Work to as “Landlord’s Construction Contribution”)their prior condition. Any unused balance To the extent approved by the proper governing authorities, Tenant shall have the right to install atop the roof of Landlord’s Contribution plus an additional allowance 's building in which the amount Leased Premises are located one (1) antenna and/or (1) satellite dish and the equipment necessary for Tenant's communications and data transmission network system. The satellite dish shall not be larger than five (5) feet in diameter. The antenna or satellite dish on such roof shall be at a location designated by Landlord and reasonably approved by Tenant. Tenant shall submit to Landlord for its approval plans for the installation of $21,176 (hereinafter referred such antenna or satellite dish and necessary equipment, such approval not to as “Landlord’s Additional Allowance”) may be applied to any other costs (including without limitation architecturalunreasonably withheld, engineeringdelayed, space planning and moving expenses) incurred or conditioned. Tenant shall also provide Landlord with copies of all permits required by the proper governmental authorities regarding such installation, which shall be obtained by Tenant in relocating at its business operations to sole cost and expense. Landlord's contractor shall cut the Demised Premises. The disbursement of any portion of Landlord’s Construction Contribution or Landlord’s Additional Allowance roof and patch it (if necessary) at Tenant's expense, and Tenant's contractor shall be made within fifteen (15) days following the receipt by Landlord of invoices, receipts and other documentation evidencing subject to Landlord’s reasonable satisfaction the costs on account of which such disbursement has been 's prior *** Confidential treatment requested, as well as releases and waivers of any mechanic’s and other liens for any labor or materials furnished as part of such work. Any portion of Landlord’s Construction Contribution or Landlord’s Additional Allowance not paid within fifteen (15) days from the date when due in accordance with the foregoing provisions shall bear interest thereafter at a rate equal to one percent in excess of the so-called “prime rate” charged from time to time by the First National Bank of Boston, and may be deducted from installments of Yearly Fixed Rent next becoming due hereunder.

Appears in 1 contract

Samples: Lease (Silicon Entertainment Inc /Ca/)

Tenant’s Work. Tenant shall accept not make any installations, alterations, additions or improvements (collectively, the Demised "Improvements") in or to the Premises “as is” costing in the aggregate more than Ten Thousand Dollars ($10,000) and/or requiring a building permit, including, without limitation, any apertures in the walls, partitions, ceilings or floors, without on each occasion obtaining the date hereof and Landlord prior written consent of Landlord, which consent shall have no obligation whatsoever to prepare the Demised Premises for occupancy by Tenantnot be unreasonably withheld. Any such work so approved by Landlord shall be performed only in accordance with plans and specifications therefor approved by Landlord. Plans and specifications pertaining to any proposed Improvements must be submitted to Landlord for approval, along with the name of the contractor to perform such work, at least thirty (30) days prior to the commencement of construction of the Improvements. Tenant shall be subject procure at Tenant's sole expense all necessary permits and licenses before undertaking any work on the Premises and shall perform all such work in a good and workmanlike manner employing materials of good quality and so as to conform with all applicable zoning, building, fire, health and other codes, regulations, ordinances and laws and with all applicable insurance requirements. If reasonably requested by Landlord, Tenant shall furnish to Landlord prior to the provisions commencement of this Leaseany such work a bond or other security acceptable to Landlord assuring that any work to be performed by, including without limitation Articles 10 or on behalf of, Tenant, will be completed in accordance with the approved plans and 11specifications. Tenant shall keep the Premises at all times free of liens for labor and materials. If any such lien is filed, Landlord may, but shall not be required to, take such action as Landlord in its sole discretion deems necessary to remove all such liens, Tenant shall pay to Landlord upon demand the amounts expended by Landlord in causing such removal, together with interest thereon at the Delinquency Rate (as hereinafter defined) from and including the date of Landlord's expenditure until the date Landlord is reimbursed by Tenant. In connection with the construction of all Improvements, upon written request from time Tenant shall engage a contractor (licensed to time conduct business in the Commonwealth of Massachusetts) who shall obtain and maintain general liability insurance and property damage insurance and workers' compensation insurance in amounts not less than required of Tenant under Section 6 and such policies (but excluding the workers' compensation insurance) shall name Landlord as an additional insured and will be issued by insurance companies licensed to do business in the Commonwealth of Massachusetts, satisfactory to Landlord and having an A.M. Best's rating of not more frequently less than monthly) and pro rata as A. Certificates of insurance relative to such work progresses, an amount equal policies shall be delivered to Landlord prior to the cost thereof not in excess commencement of $317,640 construction of any Improvements. Tenant shall save Landlord harmless and indemnified from all injuries, losses, costs (hereinafter referred to as “Landlord’s Construction Contribution”including, without limitation). Any unused balance of Landlord’s Contribution plus an additional allowance in the amount of $21,176 (hereinafter referred to as “Landlord’s Additional Allowance”) may be applied , claims and damages to any other costs (including without limitation architectural, engineering, space planning and moving expenses) incurred person or property occasioned by Tenant in relocating its business operations to the Demised Premises. The disbursement of any portion of Landlord’s Construction Contribution or Landlord’s Additional Allowance shall be made within fifteen (15) days following the receipt by Landlord of invoices, receipts and other documentation evidencing to Landlord’s reasonable satisfaction the costs on account of which such disbursement has been requested, as well as releases and waivers of any mechanic’s and other liens for any labor or materials furnished as part growing out of such work. Any portion Landlord may inspect the work of Landlord’s Construction Contribution or Landlord’s Additional Allowance not paid within fifteen (15) days from the date when due in accordance with the foregoing provisions shall bear interest thereafter Tenant at a rate equal to one percent in excess reasonable times and give notice of the so-called “prime rate” charged from time to time by the First National Bank of Boston, and may be deducted from installments of Yearly Fixed Rent next becoming due hereunderobserved defects.

Appears in 1 contract

Samples: Ilc Technology Inc

Tenant’s Work. All work not within the scope of the normal construction trades employed in the Building, including, but not limited to, furnishing and installing of telephones, furniture, and office equipment shall be furnished and installed by Tenant at Tenant's expense. Tenant shall accept adopt a schedule in conformance with the Demised Premises “schedule of Landlord's contractors and conduct its work in such a manner as is” on to maintain harmonious labor relations and as not to interfere unreasonably with or delay the date hereof work of Landlord's contractors. Tenant's contractors and subcontractors shall be acceptable to and approved by Landlord shall have no obligation whatsoever to prepare the Demised Premises for occupancy by Tenant. Any such work performed by Tenant and shall be subject to the provisions administrative supervision of this LeaseLandlord. Contractors and subcontractors engaged by Tenant shall employ persons and means to insure so far as may be possible the progress of the work without interruption on account of strikes, including without limitation Articles 10 and 11work stoppages or similar causes for delay. Landlord shall pay to Tenant, upon written request from time to time (but not more frequently than monthly) give access and pro rata as such work progresses, an amount equal entry to the cost thereof not in excess Premises to Tenant and its contractors and subcontractors and reasonable opportunity and time and reasonable use of $317,640 (hereinafter referred facilities to as “Landlord’s Construction Contribution”). Any unused balance of Landlord’s Contribution plus an additional allowance in enable Tenant to adapt the amount of $21,176 (hereinafter referred to as “Landlord’s Additional Allowance”) may be applied to any other costs (including without limitation architecturalPremises for Tenant's use; provided, engineeringhowever, space planning and moving expenses) incurred by Tenant in relocating its business operations that if such entry is prior to the Demised Premises. The disbursement of any portion of Landlord’s Construction Contribution Commencement Date or Landlord’s Additional Allowance the Third Floor Expansion Effective Date, as the case may be, such entry shall be made within fifteen (15) days following subject to all the receipt by Landlord of invoices, receipts terms and other documentation evidencing to Landlord’s reasonable satisfaction the costs on account of which such disbursement has been requested, as well as releases and waivers of any mechanic’s and other liens for any labor or materials furnished as part of such work. Any portion of Landlord’s Construction Contribution or Landlord’s Additional Allowance not paid within fifteen (15) days from the date when due in accordance with the foregoing provisions shall bear interest thereafter at a rate equal to one percent in excess conditions of the so-called “prime rate” charged from time to time by Lease, except the First National Bank payment of BostonRent. EXHIBIT "C-1" INITIAL PREMISES SCHEDULE OF IMPROVEMENTS THE FOLLOWING SCHEDULE MORE CLEARLY DEFINES THE INTERMEDIATE STEPS ESSENTIAL TO MEET THE DATES AS PROVIDED IN EXHIBIT "C", and may be deducted from installments of Yearly Fixed Rent next becoming due hereunder.ALL OF WHICH LANDLORD AND TENANT ACKNOWLEDGE AND AGREE HAVE BEEN DULY AND TIMELY SATISFIED BY LANDLORD AND TENANT AS OF THE DATE OF EXECUTION OF THIS AMENDED AND RESTATED LEASE: ACTION

Appears in 1 contract

Samples: Lease Agreement (Interland Inc)

Tenant’s Work. 2.1 All interior improvements, including installation of Trade Fixtures, as indicated in Exhibit B-3, furnishings and building core improvements ("Building Core Improvements") (collectively referred to herein as "Tenant's Work"), shall be constructed by Tenant at its sole cost and expense. All of the plans and specifications for Tenant's Work shall be approved by Landlord in advance of commencing any construction. Such approval by Landlord, shall not be unreasonably withheld. The parties agree that certain items of the Building Core Improvements shall be completed during shell construction by Landlord. Tenant shall accept invest a minimum of fifty dollars ($50.00) per rentable square foot, in excess of the Demised Premises “as is” Tenant Improvement Allowance supplied by Landlord, excluding soft costs ("Soft Costs" are those items described in Paragraphs 2.2 (v) through (xii)), to improve the entire Premises. Tenant shall, on or before the date hereof and Term Commencement Date, provide Landlord shall have no obligation whatsoever to prepare the Demised Premises for occupancy with an accounting, certified by an officer of Tenant. Any such work performed , itemizing all amounts expended by Tenant shall be subject in excess of the Tenant Improvement Allowance to improve the provisions Premises. If the amount expended by Tenant is less than fifty dollars ($50.00) per rentable square foot of the Building, (exclusive of Soft Costs), Tenant shall, together with the accounting, deliver to Landlord an unconditional irrevocable letter of credit (separate from the Letter of Credit described in paragraph 19 of this Lease, including without limitation Articles 10 ) in an amount equal to the difference between the amount expended by Tenant and 11fifty dollars ($50.00) per rentable square foot of the Building (exclusive of Soft Costs). Landlord shall pay At any time prior to Tenant, upon written request from time to time the twenty-fourth month of the Lease Term (but not in no event more frequently than monthly) Tenant may provide Landlord with an amended accounting, as above, showing additional amounts expended by Tenant to improve the Premises since the last date shown on the immediately preceding accounting. If the total amount expended by Tenant is less than fifty dollars ($50.00) per rentable square foot of the Building (exclusive of Soft Costs), the amount of the letter of credit may be reduced to a sum equal to the difference between the amount expended by Tenant and pro rata fifty dollars ($50.00) per rentable square foot of the Building (exclusive of Soft Costs). On or before the last day of the twenty-fourth month of the Lease Term, with an amended accounting as such work progressesabove showing in addition any amounts expended by Tenant to improve the Premises since the last date shown on Tenant's most recent accounting, if the total amount expended by Tenant is less than fifty dollars ($50) per rentable square foot, Landlord shall be immediately entitled to draw down from the letter of credit an amount equal to the difference between the amount expended by Tenant and fifty dollars ($50.00) per rentable square foot. Upon such draw the requirement that this letter of credit be maintained shall terminate. The letter of credit shall (a) designate Landlord or its assignees as beneficiary, (b) be issued by a financial institution approved by Landlord, (c) be in form satisfactory to Landlord, and (d) be for a term of twenty-six months. Landlord shall not be required to deliver any certifications or documentation of any kind to the issuer in order to make a draw, other than Landlord's written demand. The issuer shall not be required to conduct any inquiry or investigation before paying Landlord the requested amount of the draw. Landlord may assign, transfer or pledge the letter of credit to any lender or purchaser in connection with any financing or sale of the Premises. Landlord shall provide to Tenant a Tenant Improvement Allowance of up to a maximum of thirty dollars ($30.00) per rentable square foot on the Premises ("Tenant Improvement Allowance") which shall include Soft Costs. The Tenant Improvement Allowance shall be reduced by the amount Landlord expends on Building Core Improvements, including the cost thereof to Landlord of contracting with an architect to design the Building Core Improvements. Tenant shall promptly pay when due all costs for Tenant's Work. Landlord shall xxxxxurse Tenant a portion of such costs not to exceed in excess of $317,640 (hereinafter referred to as “Landlord’s Construction Contribution”). Any unused balance of Landlord’s Contribution plus an additional allowance in the aggregate the amount of $21,176 (hereinafter referred the Tenant Improvement Allowance less amounts expended by Landlord for Building Core Improvements as provided above. Tenant shall, not more frequently than monthly after commencement of the construction of Tenant's Work, submit to as “Landlord’s Additional Allowance”) may be applied to any other costs (including without limitation architectural, engineering, space planning and moving expenses) incurred Landlord requests for reimbursement of amounts expended by Tenant for Tenant's Work. Each request shall be certified by an officer of Tenant and shall include, without limitation, (i) copies of all invoices paid by Tenant for which reimbursement is sought (ii) proof of payment of each invoice (iii) a fully executed unconditional lien release from each payee, and (iv) such additional information as Landlord may reasonably request. After Landlord has received and approved each request as provided herein, Landlord shall process the approved request for payment by its lender and upon disbursement by Landlord's Lender reimburse Tenant promptly for one-half of all amounts shown in relocating its business operations the request as expenditures for costs to which the Tenant Improvement Allowance applies, as hereinbelow provided, up to the Demised Premises. The disbursement of any portion of Landlord’s Construction Contribution or Landlord’s Additional Allowance shall be made within fifteen (15) days following the receipt by Landlord of invoices, receipts and other documentation evidencing to Landlord’s reasonable satisfaction the costs on account of which such disbursement has been requested, as well as releases and waivers of any mechanic’s and other liens for any labor or materials furnished as part of such work. Any portion of Landlord’s Construction Contribution or Landlord’s Additional Allowance not paid within fifteen (15) days from the date when due in accordance with the foregoing provisions shall bear interest thereafter at a rate equal to one percent in excess of the so-called “prime rate” charged from time to time by the First National Bank of Boston, and may be deducted from installments of Yearly Fixed Rent next becoming due hereundermaximum amount set forth above.

Appears in 1 contract

Samples: Cellegy Pharmaceuticals Inc

Tenant’s Work. All work beyond the scope of Landlord’s Work which is required to complete the entire Premises and obtain a final certificate of occupancy or its equivalent for the Premises will be the responsibility of Tenant (“Tenant’s Work”). Subject to Landlord’s obligation to provide the Tenant Allowance (as defined below), Tenant shall accept bear the Demised Premises “as is” on full cost of Tenant’s Work and any costs required under Paragraph 13 below. Additionally, any cable TV connections, security systems, telephone equipment and wiring, and office equipment and wiring shall be the date hereof responsibility of Tenant. Separate and apart from the Tenant Allowance, Landlord shall have no split the actual cost of preliminary “test – fit” drawings with Tenant on a 50%/50% basis with a maximum contribution by Landlord of Ten Thousand Dollars ($10,000) (the “Space Plan Allowance”). Landlord shall reimburse Tenant with the Space Plan Allowance within thirty (30) days following receipt of an invoice from Tenant evidencing the total cost actually paid by Tenant for such “test – fit” drawings and the applicable amount payable by Landlord. Subject to Landlord’s obligation whatsoever to prepare provide the Demised Premises Tenant Allowance and the Space Plan Allowance, the cost of space planning and preparing the working drawings (including the drawings noted in Paragraph 7 below) for occupancy Tenant’s Work or any changes thereto shall be paid by Tenant. Any such work performed by Tenant shall contract directly with a unionized general contractor for the construction of Tenant’s Work (“Tenant’s Contractor”), which contractor shall be subject to Landlord’s prior written approval, which will not be unreasonably withheld, conditioned or delayed. Tenant’s construction contract with Tenant’s Contractor shall include appropriate provisions to allow Landlord to assume Tenant’s rights and responsibilities under the provisions contract in the event of this Lease, including without limitation Articles 10 and 11a material default by Tenant under the contract. Landlord shall pay to Tenant, upon written request from time to time (but not more frequently than monthly) and pro rata as such work progresses, an amount equal to the cost thereof not in excess of $317,640 (hereinafter referred to as “Landlord’s Construction Contribution”). Any unused balance of Landlord’s Contribution plus an additional allowance in the amount of $21,176 (hereinafter referred to as “Landlord’s Additional Allowance”) may be applied to any other costs (including without limitation architectural, engineering, space planning and moving expenses) incurred by Tenant in relocating its business operations to the Demised Premises. The disbursement of any portion of Landlord’s Construction Contribution or Landlord’s Additional Allowance shall be made within fifteen (15) days following the receipt by Landlord of invoices, receipts and other documentation evidencing to Landlord’s reasonable satisfaction the costs on account of which such disbursement has been requested, as well as releases and waivers of any mechanic’s and other liens charge a fee for any labor or materials furnished as part of such work. Any portion of Landlord’s Construction Contribution or Landlord’s Additional Allowance not paid within fifteen (15) days from the date when due in accordance with the foregoing provisions shall bear interest thereafter at a rate equal to one percent in excess of the so-called “prime rate” charged from time to time by the First National Bank of Boston, and may be deducted from installments of Yearly Fixed Rent next becoming due hereundersaid review.

Appears in 1 contract

Samples: Lease Agreement (Synopsys Inc)

Tenant’s Work. After the Commencement Date, Tenant, at Tenant's sole cost and expense, shall perform any and all alterations, improvements and work (other than Landlord’s Work) necessary to complete construction of the Leased Premises and to use and occupy the same for the purposes permitted hereunder (“Tenant’s Work”). Tenant’s Work shall be done in a good and workmanlike manner in compliance with all building codes and regulations and in accordance with plans and specifications first approved in writing by Landlord as described below. Notwithstanding any provision hereof to the contrary, Landlord may demand Tenant make such variations in the work to be performed by it as may be reasonably necessary or appropriate for the development of the Building and construction of the Leased Premises and the Building, but no such changes shall materially alter the general appearance or amount of floor space in the Leased Premises nor substantially affect the quality or substantially change the interior arrangement of the Leased Premises. Tenant shall accept indemnify Landlord and save Landlord harmless from and against any and all claims, costs, damages, and expenses on account of such Tenant’s Work. Notwithstanding the Demised Premises “as is” on foregoing, Tenant shall furnish to Landlord, at least five (5) days before any improvements are made by Tenant, preliminary drawings or reasonably detailed drawings or explanations of work (the date hereof "Plans and Specifications") showing all improvements to be constructed, installed or placed by Tenant in the Leased Premises. Landlord shall review the Plans and Specifications and either approve the same or state what commercially reasonable changes, if any, Landlord requires therein within five (5) days after receipt thereof, which approval shall not be unreasonably withheld, delayed or conditioned. If Landlord requires any changes, Tenant shall cause the Plans and Specifications to be revised in accordance with any requirements of Landlord and shall resubmit the same to Landlord for its review in accordance with the timelines above. Tenant acknowledges and agrees that Landlord shall have no obligation liability whatsoever for any defects, errors or omissions as a result of its approval of Tenant's Plans and Specifications. Promptly after approval of Tenant's Plans and Specifications, Tenant shall, at its own costs and expense, obtain all necessary governmental approvals and permits in connection with Tenant's Work. Upon Tenant's receipt of all necessary governmental approvals and permits, Tenant shall promptly commence and proceed to prepare substantially complete Tenant's Work. Landlord shall provide Tenant with a tenant improvement allowance not to exceed $500,000.00 (the Demised Premises “Improvement Allowance”) to pay the costs and expenses for occupancy the portion of the Tenant’s Work that constitutes Leasehold Work (as hereinafter defined), the actual disbursed amount of which Landlord will amortize over three years of Initial Term at an annual interest rate of five percent (5%), payable by Tenant monthly in the same manner and at the time Tenant pays Base Rent; provided, however, that Tenant may reimburse Landlord in such additional amounts or in full for the Improvement Allowance at any time during the Initial Term without penalty. If the actual costs of the Leasehold Work exceed the Improvement Allowance, Tenant shall solely be responsible for the additional cost. The Improvement Allowance shall be used to pay for the portion of the Tenant. Any such work ’s Work described on Exhibit E attached hereto and to be performed by Tenant shall be subject to (the provisions of this Lease, including without limitation Articles 10 and 11. Landlord shall pay to Tenant, upon written request from time to time (but not more frequently than monthly) and pro rata as such work progresses, an amount equal to the cost thereof not in excess of $317,640 (hereinafter referred to as Landlord’s Construction ContributionLeasehold Work”). Any unused balance of Landlord’s Contribution plus an additional allowance in the amount of $21,176 (hereinafter referred to as “Landlord’s Additional Allowance”) may be applied to any other costs (including without limitation architectural, engineering, space planning and moving expenses) incurred by Tenant in relocating its business operations to the Demised Premises. The disbursement of any portion of Landlord’s Construction Contribution or Landlord’s Additional Allowance shall be made within fifteen (15) days following the receipt by Landlord of invoices, receipts and other documentation evidencing to Landlord’s reasonable satisfaction the costs on account of which such disbursement has been requested, as well as releases and waivers of any mechanic’s and other liens for any labor or materials furnished as part of such work. Any portion of Landlord’s Construction Contribution or Landlord’s Additional Allowance not paid within fifteen (15) days from the date when due in accordance with the foregoing provisions shall bear interest thereafter at a rate equal to one percent in excess of the so-called “prime rate” charged from time to time by the First National Bank of Boston, and may be deducted from installments of Yearly Fixed Rent next becoming due hereunder.

Appears in 1 contract

Samples: Lease (Tpi Composites, Inc)

Tenant’s Work. Tenant shall accept the Demised Premises “as is” on the date hereof and Landlord shall have no obligation whatsoever to prepare the Demised Premises for occupancy by Tenant. Any such work performed by Tenant shall be subject Subject to the provisions of this Lease, Landlord shall construct an initial build out of the Premises (“Tenant’s Work”) in accordance with the Final Plans (as hereinafter defined). The Tenant’s Work shall be constructed by Landlord in compliance with the provisions of the Lease. Tenant’s Work shall not include the purchasing or installation of Tenant’s trade fixtures. Landlord and Tenant have prepared the test-fit plan attached as Exhibit E (“Space Plan”). Tenant shall provide Landlord Tenant’s final written programming requirements, including without limitation Articles 10 limitation, Tenant’s office and 11lab equipment list and associated electrical, plumbing and ventilation requirements on or before October 1, 2021. Tenant’s failure to provide the complete written programming requirements by such date shall constitute Tenant Delay. Based on such test-fit plan and programming requirements, Landlord shall cause to be prepared plans for the layout and finish of the Tenant’s Work which Tenant desires to have performed in the Premises together with mechanical, electrical, plumbing and fire protection plans (collectively, “Preliminary Plans”). Tenant shall respond to each request by Landlord for information required to prepare the Preliminary Plans within ten (10) days of such request. Tenant’s failure to respond timely or provide requested information shall constitute Tenant Delay. Landlord will use commercially reasonable efforts to cause the Preliminary Plans to be submitted to Tenant within thirty (30) days from Landlord’s receipt of Tenant’s complete written programming requirements and Tenant shall approve or disapprove of the Preliminary Plans within ten (10) days of receiving them. If Tenant disapproves the Preliminary Plans, Tenant shall provide Landlord the reasons for such disapproval. Based on any comments received from Tenant during such ten (10) day period, Landlord will use commercially reasonable efforts to cause the final plans (“Final Plans”) to be prepared and delivered to Tenant on or before December 1, 2021. No work shall be conducted by or on behalf of Tenant until the Final Plans have been fully approved in writing by Tenant in accordance with the time frames of this Section. The Final Plans shall not be materially changed or modified after approval by Tenant. Tenant shall cooperate reasonably to assist Landlord in obtaining a building permit and other approvals, at no cost or liability to Landlord. The Final Plans shall comply with applicable legal requirements and shall be in a form satisfactory to appropriate governmental authorities responsible for issuing permits, approvals and licenses required for the Tenant’s Work. Tenant, at its expense, shall be responsible for obtaining all licenses and permits required for its activities in the Premises. Upon approval of the Final Plans, Landlord shall appoint a contractor from a mutually agreeable bid list of contractors which contractor shall prepare and submit to Tenant a budget for the Tenant’s Work (“Estimated Initial Work Budget”). Tenant shall have the right to approve the Estimated Initial Work Budget, such approval not to be unreasonably withheld, conditioned, or delayed. If Tenant does not approve or object to the Estimated Initial Work Budget within three (3) business days after receipt of such information, the Estimated Initial Work Budget shall be deemed to be approved. If Tenant does not approve the Estimated Initial Work Budget, Tenant shall suggest alternatives to reduce the costs and the contractor shall issue a new Estimated Initial Work Budget incorporating Tenant’s comments and alternatives. This process shall be continued until the Estimated Initial Work Budget shall be approved by Tenant. Notwithstanding the foregoing, the failure to obtain Tenant’s approval of the Estimated Initial Work Budget on or before January 15, 2022 shall constitute Tenant Delay. Prior to spending or incurring any amounts or any costs that will exceed the corresponding line item in the Estimated Initial Work Budget (or the total amount of the costs shown on the Estimated Initial Work Budget) by 5%, the contractor shall obtain Tenant’s written approval to such excess amounts. Landlord’s Managing Agent (or such other affiliate of Landlord as Landlord may substitute therefor) shall act as construction manager for the Tenant’s Work, and said Estimated Initial Work Budget shall include a construction management fee payable to Landlord’s Managing Agent equal to five percent (5%) of the cost of the Tenant’s Work (“Construction Management Fee”). Tenant will be responsible for payment of the amount, if any, by which the costs of the Tenant’s Work plus the Construction Management Fee exceed the Tenant Improvement Allowance, as provided for below. Upon approval of the Final Plans and the Estimated Initial Work Budget, Landlord shall commence construction of the Tenant’s Work and diligently prosecute the completion of the Tenant’s Work in accordance with the provisions of this Section. Unless directed by Landlord to remove any portion of such improvements prior to the expiration of the term (which requirement shall be made by Landlord at the time it approves the Plans or at the time it approves any future Alterations pursuant to Section 4.4(d)), such improvements shall be part of the Premises and the sole property of Landlord subject to Tenant’s right to make further alterations in accordance with the terms of this Lease. Landlord shall pay promptly correct any items on such list that require correction. Except as set forth herein, Landlord shall have no obligation to improve the Premises. Tenant's interior furnishings, upon written request from time i.e., specification, supply and installation of furniture, furnishings, telephones, and moveable equipment, shall be the sole responsibility of Tenant. Provided that Tenant does not unreasonably interfere with or delay Landlord’s performance of the Tenant’s Work, Landlord agrees to time (but not more frequently than monthly) and pro rata as such work progresses, an amount equal allow Tenant to have access to the cost thereof Premises prior to the Commencement Date for design, space planning, inspection and the like and for installation of its telecommunications and computer equipment and to install its fixtures, furniture and equipment all subject to reasonable cooperation with Landlord. Prior to any entry onto the Premises, Tenant shall deliver to Landlord certificates of insurance evidencing the coverages required herein. All of the Tenant's installation of interior furnishings and equipment shall be coordinated with any work being performed by Landlord in the Premises or elsewhere in the Building in such manner as to maintain harmonious labor relations and not damage the Building or the Premises or interfere with Building operations in excess any material respects. Within fourteen (14) days after the Commencement Date, Landlord and Tenant shall inspect the Premises and mutually prepare a list (the “Punchlist”) of $317,640 outstanding items which do not materially interfere with Tenant’s use and occupancy of the Premises but which need to be performed to deliver the Premises in the condition required by the Lease (hereinafter referred to as the Landlord’s Construction ContributionPunchlist Items”). Any unused balance matters, other than building systems, not shown on the punch list shall be deemed approved by Tenant. Subject to Force Majeure and Tenant Delays, Landlord shall, unless otherwise specified on the Punchlist, complete all Punchlist Items within sixty (60) days of the date of the Punchlist, at Landlord sole cost and expense, subject to reimbursement in accordance with Section 4.3 below; provided, however, to the extent the Punchlist includes any defects in Tenant’s Work, such defects shall be corrected at Landlord’s Contribution plus an additional allowance sole cost and expense, and not subject to reimbursement in accordance with Section 4.3. Subject to the amount terms of $21,176 (hereinafter referred to as “this paragraph, Landlord agrees that Landlord’s Additional Allowance”) contract for the Tenant’s Work will contain a warranty in customary form satisfactory to Landlord that the Tenant’s Work shall be free from defects in workmanship and materials. Any portion of Tenant’s Work not conforming to the previous sentence may be applied to considered defective. The warranty excludes remedy for damage caused by improper use by any other costs (including without limitation architectural, engineering, space planning and moving expenses) incurred of the Tenant Parties or modifications not made by Tenant in relocating its business operations Landlord or any Landlord Party or improper or insufficient maintenance to the Demised Premisesextent that such maintenance is not the responsibility of Landlord hereunder, it being understood and agreed that normal wear and tear and normal usage are not deemed defects or deficiencies. The disbursement Landlord agrees that to the extent that the correction of such defects is covered under warranties given Landlord by contractors or subcontractors performing the Tenant’s Work, it shall cause such contractor to correct any portion of LandlordTenant’s Construction Contribution Work without cost to Tenant promptly following the date that Tenant gives Landlord written notice (a “Defect Notice”) of such defective condition, provided that the Defect Notice is delivered to Landlord on or Landlord’s Additional Allowance shall be made within fifteen before the date (15the “Warranty Expiration Date”) that is one hundred twenty (120) days following the receipt by Landlord Commencement Date, time being of invoices, receipts and other documentation evidencing to the essence. Landlord’s reasonable satisfaction obligations under this Section shall expire on the costs on account Warranty Expiration Date and be of which such disbursement has been requested, as well as releases no further force and waivers of effect except with respect to any mechanicdefects or deficiencies in Tenant’s and other liens for Work disclosed in any labor or materials furnished as part of such work. Any portion of Landlord’s Construction Contribution or Landlord’s Additional Allowance not paid within fifteen (15) days from Defect Notice delivered before the date when due in accordance with the foregoing provisions shall bear interest thereafter at a rate equal to one percent in excess of the so-called “prime rate” charged from time to time by the First National Bank of Boston, and may be deducted from installments of Yearly Fixed Rent next becoming due hereunderWarranty Expiration Date.

Appears in 1 contract

Samples: T2 Biosystems, Inc.

Tenant’s Work. Tenant shall agrees to accept the Demised Premises “as is” on Leased Property in its present "AS IS" condition. Further alterations of the date hereof Leased Property will be at Tenant's sole expense (unless otherwise stated in this Lease) and deemed to be Tenant's Work. Tenant and Landlord shall have no obligation whatsoever approve and attach an Exhibit “D” (“Plan of Work”) to prepare this Lease that shall include any drawings, statements of items being provided by Tenant and Landlord in the Demised Premises Leased Property and any other necessary items that are needed to clarify Tenant and Landlord responsibilities for occupancy the condition of the Leased Property at the Commencement Date. Both Tenant and Landlord shall approve the Plan of Work as soon as possible following the execution of this Lease. Both Tenant and Landlord must approve any changes to the Plan of Work, in writing, prior to proceeding with the changes. Approval of plans and specifications by Tenant. Any such work performed Landlord shall not constitute the assumption of any responsibility by Landlord for their accuracy or sufficiency or conformity with applicable laws, and Tenant shall be subject solely responsible for such plans and specifications and for all of Tenant's Work. Tenant shall not commence any of Tenant's Work until Landlord has approved Exhibit "D." Tenant's taking possession of the Leased Property shall be conclusive evidence of Tenant's acceptance thereof in good order and satisfactory condition. Tenant agrees that Landlord has made no representations as to conformance with applicable laws respecting the provisions condition of this Lease, including without limitation Articles 10 and 11. Landlord shall pay to Tenant, upon written request from time to time (but not more frequently than monthly) and pro rata as such work progresses, an amount equal to the cost thereof not in excess Leased Property or the presence or absence of $317,640 Hazardous Materials (hereinafter referred defined) in, at, under or abutting the Leased Property or the environment. Tenant also agrees that no representations respecting the condition of the Leased Property, no warranties or guarantees, expressed or implied, INCLUDING, WITHOUT LIMITATION, ANY IMPLIED WARRANTY OF HABITABILITY, MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE, with respect to as “Landlord’s Construction Contribution”). Any unused balance of Landlord’s Contribution plus an additional allowance workmanship or any defects in material, and no promise to decorate, alter, repair or improve the amount of $21,176 (hereinafter referred to as “Landlord’s Additional Allowance”) may be applied to any other costs (including without limitation architecturalLeased Property either before or after the execution hereof, engineering, space planning and moving expenses) incurred by Tenant in relocating its business operations to the Demised Premises. The disbursement of any portion of Landlord’s Construction Contribution or Landlord’s Additional Allowance shall be have been made within fifteen (15) days following the receipt by Landlord of invoices, receipts and other documentation evidencing or its agents to Landlord’s reasonable satisfaction Tenant unless the costs on account of which such disbursement has been requested, as well as releases and waivers of any mechanic’s and other liens for any labor or materials furnished as part of such work. Any portion of Landlord’s Construction Contribution or Landlord’s Additional Allowance not paid within fifteen (15) days from the date when due in accordance with the foregoing provisions shall bear interest thereafter at a rate equal to one percent in excess of the so-called “prime rate” charged from time to time by the First National Bank of Boston, and may be deducted from installments of Yearly Fixed Rent next becoming due hereundersame are contained herein.

Appears in 1 contract

Samples: Lease Agreement (Endocyte Inc)

Tenant’s Work. (a) Tenant is currently preparing, at its sole cost and expense, plans and specifications for the improvements Tenant desires to make in connection with Tenant’s occupancy of the Premises (the “Tenant’s Plans”). Landlord shall approve or disapprove of Tenant’s Plans within ten (10) Business Days after receiving them. Any disapproval by Landlord of Tenant’s Plans shall be accompanied by a reasonably specific statement of reasons therefor. At Tenant’s sole cost and expense, Tenant shall accept cause Tenant’s Plans to be revised in a manner sufficient to remedy Landlord’s objections and/or respond to Landlord’s concerns and shall resubmit the Demised Premises “as is” on the date hereof revised Tenant’s Plans to Landlord, and Landlord shall have no obligation whatsoever to prepare either approve or disapprove of the Demised Premises for occupancy by revised Tenant’s Plans within five (5) Business Days following the date of resubmission. Any such work performed by If Landlord shall again disapprove of Tenant’s Plans, Tenant shall again revise such plans and resubmit them to Landlord pursuant to the foregoing procedures until Tenant’s Plans have been approved by Landlord. Tenant’s Plans shall be stamped by a Massachusetts-registered architect and engineer, such architect and engineer being subject to Landlord’s approval in Landlord’s reasonable discretion, and shall comply with all applicable laws, ordinances and regulations (including, without limitation, the provisions applicable requirements of this Leasethe Americans with Disabilities Act of 1990, including without limitation Articles 10 and 11. Landlord shall pay to Tenant, upon written request as amended from time to time (but not more frequently than monthlytime, and the regulations promulgated thereunder) and pro rata as such work progressesthe requirements of the Rules and Regulations and shall be in a form satisfactory to appropriate governmental authorities responsible for issuing permits, an amount equal approvals and licenses required for construction. Landlord will not approve any alterations or additions that require unusual expense to readapt the Premises to normal office use on expiration or termination of this Lease or increase the cost thereof not in excess of $317,640 (hereinafter referred insurance on the Building, unless Tenant first gives assurances acceptable to as “Landlord that such readaptation will be made prior to such expiration or termination without expense to Landlord and for payment of any such increased cost. Landlord’s Construction Contribution”). Any unused balance of Landlord’s Contribution plus an additional allowance in the amount of $21,176 (hereinafter referred to as “Landlord’s Additional Allowance”) may be applied to any other costs (including without limitation architectural, engineering, space planning and moving expenses) incurred by Tenant in relocating its business operations to the Demised Premises. The disbursement approval of any portion of LandlordTenant’s Construction Contribution Plans shall not impose upon Landlord any responsibility or Landlord’s Additional Allowance shall be made within fifteen (15) days following the receipt by Landlord of invoices, receipts and other documentation evidencing liability whatsoever to Landlord’s reasonable satisfaction the costs on account of which such disbursement has been requested, as well as releases and waivers of any mechanic’s and other liens for any labor or materials furnished as part of such work. Any portion of Landlord’s Construction Contribution or Landlord’s Additional Allowance not paid within fifteen (15) days from the date when due in accordance with the foregoing provisions shall bear interest thereafter at a rate equal to one percent in excess of the so-called “prime rate” charged from time to time by the First National Bank of Boston, and may be deducted from installments of Yearly Fixed Rent next becoming due hereunderTenant.

Appears in 1 contract

Samples: Lease (Ameresco, Inc.)

Tenant’s Work. 2.1 All interior improvements, including installation of Trade Fixtures (except those items set forth in Exhibit B-3) and furnishings (collectively referred to herein at "Tenant's Work"), shall be constructed by Tenant at its sole cost and expense. All of the plans and specifications for Tenant's Work shall be approved by Landlord in advance of commencing any construction. Such approval by Landlord shall not be unreasonably withheld. Tenant shall accept invest a minimum of fifty dollars ($50.00) per rentable square foot, in excess of the Demised Premises “Tenant Improvement Allowance supplied by Landlord, excluding soft costs ("Soft Costs"), as is” defined below. Tenant shall, on or before the date hereof and Term Commencement Date, provide Landlord shall have no obligation whatsoever to prepare the Demised Premises for occupancy with an accounting, certified by an officer of Tenant. Any such work performed , itemizing all amounts expended by Tenant shall be subject in excess of the Tenant Improvement Allowance to improve the Premises. If the Amount expended by Tenant is less than fifty dollars ($50.00) per rentable square foot of the Building, Tenant shall, together with the accounting, deliver to Landlord an unconditional irrevocable letter of credit in an amount equal to the provisions difference between the amount expended by Tenant and fifty dollars ($50.00) per rentable square foot of this Lease, including without limitation Articles 10 and 11the Building. Landlord shall pay At any time prior to Tenant, upon written request from time to time the thirty-sixth month of the Lease Term (but not in no event more frequently than monthly) and pro rata Tenant may provide Landlord with an amended accounting, as such work progressesabove, showing additional amounts expended by Tenant to improve the Premises since the last date shown on the immediately preceding accounting. If the total amount expended by Tenant is less than fifty dollars ($50.00) per rentable square foot of the Building, the amount of the letter of credit may be reduced to a sum equal to the difference between the amount expended by Tenaxx xxx fifty dollars ($50.00) per rentable square foot of the Building. On or before the last day of the thirty-sixth month of the Lease Term, Tenant shall provide an amended accounting as above showing in addition any amounts expended by Tenant to improve the Premises since the last date shown on Tenant's most recent accounting. If the total amount expended by Tenant is less than fifty dollars ($50.00) per rentable square foot, Landlord shall be immediately entitled to draw down from the letter of credit an amount equal to the cost thereof difference between the amount expended by Tenaxx xxx fifty dollars ($50.00) per rentable square foot. Upon such draw the requirement that this letter of credit be maintained shall terminate. The letter of credit shall (a) designate Landlord or its assignees as beneficiary, (b) be issued by a financial institution approved by Landlord, (c) be in form satisfactory to Landlord, and (d) be for a term of thirty-eight months. Landlord shall not be required to deliver any certifications or documentation of any kind to the issuer in excess order to make a draw, other than Landlord's written demand. The issuer shall not be required to conduct any inquiry or investigation before paying Landlord the requested amount of the draw. Landlord may assign, transfer or pledge the letter of credit to any lender or purchaser in connection with any financing or sale of the Premises. Landlord shall provide to Tenant a Tenant Improvement Allowance of up to a maximum of twenty-four dollars ($317,640 24.00) per rentable square foot on the Premises (hereinafter referred "Tenant Improvement Allowance") including Soft Costs associated with Tenant's Work. Soft Costs shall include, but are not limited to as “architecture, engineering, consultants, shell building permits and impact fees, utility fees, loan fees, transaction fees, and Landlord’s Construction Contribution”)'s construction management fee. Any unused balance Tenant shall promptly pay when due all costs for Tenaxx'x Xork. Landlord shall reimburse Tenant a portion of Landlord’s Contribution plus an additional allowance such costs not to exceed in the aggregate the amount of $21,176 (hereinafter referred the Tenant Improvement Allowance. Tenant shall, not more frequently than monthly after commencement of the construction of Tenant's Work, submit to as “Landlord’s Additional Allowance”) may be applied to any other costs (including without limitation architectural, engineering, space planning and moving expenses) incurred landlord requests for reimbursement of amounts expended by Tenant for Tenant's Work. Each request shall be certified by an officer of Tenant and shall include, without limitation, (i) copies of all invoices paid by Tenant for which reimbursement is sought (ii) proof of payment of each invoice (iii) a fully executed unconditional lien release from each payee, and (iv) such additional information as Landlord may reasonably request. After Landlord has received and approved each request as provided herein, Landlord shall process the approved request for payment by its lender and upon disbursement by Landlord's Lender reimburse Tenant promptly for one-half of all amounts shown in relocating its business operations the request as expenditures for costs to which the Tenant Improvement Allowance applies, as hereinbelow provided up to the Demised Premises. The disbursement of any portion of Landlord’s Construction Contribution or Landlord’s Additional Allowance shall be made within fifteen (15) days following the receipt by Landlord of invoices, receipts and other documentation evidencing to Landlord’s reasonable satisfaction the costs on account of which such disbursement has been requested, as well as releases and waivers of any mechanic’s and other liens for any labor or materials furnished as part of such work. Any portion of Landlord’s Construction Contribution or Landlord’s Additional Allowance not paid within fifteen (15) days from the date when due in accordance with the foregoing provisions shall bear interest thereafter at a rate equal to one percent in excess of the so-called “prime rate” charged from time to time by the First National Bank of Boston, and may be deducted from installments of Yearly Fixed Rent next becoming due hereundermaximum amount set forth above.

Appears in 1 contract

Samples: Vaxgen Inc

Tenant’s Work. So long as Landlord has approved Tenant's Plans in writing, as hereinabove referenced, Landlord and Tenant shall accept agree that Landlord's general contractor will construct the Demised Premises “as is” tenant improvements set forth on the date hereof Tenant's Plans (hereinafter "Tenant's Work") with respect to the Premises at cost (as hereinafter defined), plus a Landlord's contractor's fee of five and one half percent (5 1/2%) of such aggregate cost as hereinafter provided. In order to provide for payment by Tenant of the cost of Tenant's Work, the Net Additional Cost of Landlord's Work, and any additional costs due to Change Orders provided for hereunder, Tenant expressly covenants with Landlord shall have no obligation whatsoever that Tenant agrees to prepare pay Landlord, or its contractor, as the Demised case may be, within ten (10) business days of receipt of each of Landlord's monthly Tenant's Work requisitions therefor, the amount of such requisition for the Tenant's Work, the Net Additional Cost of Landlord's Work, and/or any Change Orders, performed in the Premises for occupancy the preceding month based on a percentage of completion basis. Such requisitions shall not include the five (5%) percent retainage of all payments to be made to subcontractors until such subcontractors have fully completed their work. At Tenant's request, each requisition shall include copies of all subcontractor's and supplier's applications for payment and satisfactory evidence of payment of all previous invoices submitted by subcontractors and suppliers. In addition, Landlord's architect shall certify that the subject work specified in each of such monthly requisitions has been substantially completed, and a copy of such certification shall accompany each requisition furnished to Tenant hereunder. In the event Tenant. Any 's Architect disagrees with the Landlord's architect's certification as set forth in the immediately preceding sentence, then such work performed by Tenant disagreement shall be subject resolved pursuant to the provisions of this Lease, including without limitation Articles 10 and 11. Landlord shall pay Section 3.6 hereof except that the time for each architect to Tenant, upon written request from time to time (but not more frequently than monthly) and pro rata as such work progresses, an amount equal to the cost thereof not in excess of $317,640 (hereinafter referred to as “Landlord’s Construction Contribution”). Any unused balance of Landlord’s Contribution plus an additional allowance in establish the amount in dispute shall be six (6) calendar days. In no event shall any of $21,176 (hereinafter referred to as “Landlord’s Additional Allowance”) may be applied to any other such costs (including without limitation architectural, engineering, space planning due and moving expenses) incurred payable hereunder remain unpaid by Tenant in relocating its business operations to the Demised Premises. The disbursement of any portion of Landlord’s Construction Contribution or Landlord’s Additional Allowance shall be made within for more than fifteen (15) days following after receipt of such Landlord's requisition, or as of the receipt Term Commencement Date. For purposes hereof, Landlord and Tenant further agree that the certification of cost by Landlord Gutixxxxx Xxxstruction Co., Inc. shall be based on the definition of invoices, receipts cost as more particularly set forth in Exhibit L hereto. Any changes to the Tenant's Plans after the approval of the Tenant's Plans (and other documentation evidencing any changes to Landlord’s reasonable satisfaction 's Plans after the costs on account of which such disbursement has been requested, approval thereof as well as releases and waivers of any mechanic’s and other liens for any labor or materials furnished as part of such work. Any portion of Landlord’s Construction Contribution or Landlord’s Additional Allowance not paid within fifteen (15set forth in Section 3.1 above) days from the date when due shall be in accordance with the foregoing form of Change Order attached hereto as Exhibit K. In addition, in the event that Landlord and Tenant are unable to agree on the cost of any portion of Tenant's Work hereunder, any disagreement shall be resolved pursuant to the provisions shall bear interest thereafter at a rate equal to one percent in excess of Section 3.6 hereof. Upon commencement of the so-called “prime rate” charged from time Tenant's Work, Landlord and Tenant hereby further agree, each acting reasonably and in good faith, to time by the First National Bank of Boston, attend and may be deducted from installments of Yearly Fixed Rent next becoming due hereunderparticipate in weekly construction meetings with Landlord's general contractor's construction manager(s) during such construction process.

Appears in 1 contract

Samples: And Attornment Agreement (Rsa Security Inc/De/)

Tenant’s Work. Tenant All work not within the scope of the normal construction trades employed in the Building, including, but not limited to, furnishing and installing of the Telecommunications Equipment, telephones, furniture, and office equipment shall accept the Demised Premises “as is” on the date hereof be furnished and Landlord shall have no obligation whatsoever to prepare the Demised Premises for occupancy by Tenant. Any such work performed installed by Tenant at Tenant's expense. Tenant's Contractors shall be acceptable to and approved by Landlord (which approval shall not be unreasonably withheld, conditioned or delayed), and shall be subject to the provisions reasonable administrative supervision of this LeaseLandlord. Contractors engaged by Tenant shall employ persons and means to insure so far as may be possible the progress of the work without interruption on account of strikes, including without limitation Articles 10 and 11work stoppages or similar causes for delay. Landlord shall pay to Tenant, upon written request from time to time (but not more frequently than monthly) give access and pro rata as such work progresses, an amount equal entry to the cost thereof not in excess Fourth Floor Expansion Premises to Tenant and its Contractors and reasonable opportunity and time and reasonable use of $317,640 (hereinafter referred facilities to as “Landlord’s Construction Contribution”)enable Tenant to adapt the Expansion Premises for Tenant's use; provided, however, that if such entry is prior to the Fourth Floor Expansion Effective Date, such entry shall be subject to all the terms and conditions of the Lease, except the payment of Rent. In furtherance of the foregoing, Tenant covenants and agrees that the Fourth Floor Expansion Plans shall include plans outlining specifically the location of the conduit paths to be installed by Tenant. Any unused balance and all such conduit paths shall be of Landlord’s Contribution plus an additional allowance a size approved by Landlord and shall be installed at a location in the amount Building risers specified by Landlord. At Landlord's option, Landlord may request Tenant to install additional conduit at the time Tenant installs conduit in the risers for purposes of $21,176 serving the Premises, and Landlord shall pay for the cost and expense of such additional conduit and any incremental labor cost (hereinafter referred to as “Landlord’s Additional Allowance”) may be applied to any other costs (including without limitation architectural, engineering, space planning and moving expensesif any) incurred by Tenant in relocating as a result of installation of such additional conduit. Tenant will not unreasonably withhold, condition or delay its business operations to the Demised Premises. The disbursement of any portion of Landlord’s Construction Contribution or Landlord’s Additional Allowance shall be made within fifteen (15) days following the receipt by Landlord of invoices, receipts and other documentation evidencing consent to Landlord’s reasonable satisfaction 's request to so install the costs on account of which such disbursement has been requestedadditional conduit described and identified in the immediately preceding sentence. EXHIBIT "E-1" SCHEDULE OF FOURTH FLOOR EXPANSION PREMISES IMPROVEMENTS THE FOLLOWING SCHEDULE MORE CLEARLY DEFINES THE INTERMEDIATE STEPS ESSENTIAL TO MEET THE DATES AS PROVIDED IN EXHIBIT "C": ACTION DATE 1. PRELIMINARY SPACE PLAN DELIVERED TO September 2, as well as releases and waivers of any mechanic’s and other liens for any labor or materials furnished as part of such work. Any portion of Landlord’s Construction Contribution or Landlord’s Additional Allowance not paid within fifteen (15) days from the date when due in accordance with the foregoing provisions shall bear interest thereafter at a rate equal to one percent in excess of the so-called “prime rate” charged from time to time by the First National Bank of Boston, and may be deducted from installments of Yearly Fixed Rent next becoming due hereunder.199 LANDLORD:

Appears in 1 contract

Samples: Lease Agreement (Interland Inc)

Tenant’s Work. 2.1 All interior improvements, including installation of Trade Fixtures, as indicated in Exhibit B-3, furnishings and Building Core Improvements (collectively referred to herein as “Tenant’s Work”), shall be constructed by Tenant at its sole cost and expense. All of the plans and specifications for Tenant’s Work shall be approved by Landlord in advance of commencing any construction. Such approval by Landlord, shall not be unreasonably withheld or delayed. The parties agree that certain items of the Building Core Improvements (specifically, proof loading of the roof structure and penetrations in the second deck for future mechanical drafts) shall be completed during shell construction by Landlord and the cost of such items shall be deducted from the Tenant Improvement Allowance. Tenant shall accept invest a minimum of sixty dollars ($60.00) per rentable square foot, including the Demised Premises Tenant Improvement Allowance supplied by Landlord, excluding soft costs (as isSoft Costsare those items described in Paragraphs 2.2 (v) through (xi)), and excluding the items described on Exhibit B-3 hereto, to improve the date hereof and entire Premises. Tenant shall, within thirty (30) days following the Term Commencement Date, provide Landlord shall have no obligation whatsoever to prepare the Demised Premises for occupancy with an accounting, certified by an officer of Tenant. Any such work performed , itemizing all amounts expended by Tenant shall be subject to improve the Premises. If the amount expended by Tenant is less than sixty dollars ($60.00) per rentable square foot of the Building, (exclusive of Soft Costs), Tenant shall, together with the accounting, deliver to Landlord an unconditional irrevocable letter of credit (separate from but for a purpose similar to the provisions Letter of Credit described in paragraph 19 of this Lease, including without limitation Articles 10 ) in an amount equal to the difference between the amount expended by Tenant and 11sixty dollars ($60.00) per rentable square foot of the Building (exclusive of Soft Costs). Landlord shall pay At any time prior to Tenant, upon written request from time to time the twenty-fourth month of the Lease Term (but not in no event more frequently than monthly) Tenant may provide Landlord with an amended accounting, as above, showing additional amounts expended by Tenant to improve the Premises (exclusive, however, of the costs of demolition and pro rata reconstruction of the Tenant’s Work) since the last date shown on the immediately preceding accounting. If the total amount expended by Tenant is less than sixty dollars ($60.00) per rentable square foot of the Building (exclusive of Soft Costs), the amount of the letter of credit may be reduced to a sum equal to the difference between the amount expended by Tenant and sixty dollars ($60.00) per rentable square foot of the Building (exclusive of Soft Costs). On or before the last day of the twenty-fourth month of the Lease Term, with an amended accounting as such work progressesabove showing in addition any amounts expended by Tenant to improve the Premises since the last date shown on Tenant’s most recent accounting (exclusive, however, of the costs of demolition and reconstruction of the Tenant’s Work), if the total amount expended by Tenant is less than sixty dollars ($60) per rentable square foot, Landlord shall be immediately entitled to draw down from the letter of credit an amount equal to the cost thereof difference between the amount expended by Txxxxx and sixty dollars ($60.00) per rentable square foot. Upon such draw the requirement that this letter of credit be maintained shall terminate. The letter of credit shall (a) designate Landlord or its assignees as beneficiary, (b) be issued by a financial institution approved by Landlord, (c) be in form satisfactory to Landlord, and (d) be for a term of twenty-six months. Landlord shall not be required to deliver any certifications or documentation of any kind to the issuer in excess of $317,640 (hereinafter referred order to as “make a draw, other than Landlord’s Construction Contribution”). Any unused balance of Landlord’s Contribution plus an additional allowance in the amount of $21,176 (hereinafter referred written demand stating that Landlord is entitled to as “Landlord’s Additional Allowance”) may be applied to any other costs (including without limitation architectural, engineering, space planning and moving expenses) incurred by Tenant in relocating its business operations to the Demised Premises. The disbursement of any portion of Landlord’s Construction Contribution or Landlord’s Additional Allowance shall be made within fifteen (15) days following the receipt by Landlord of invoices, receipts and other documentation evidencing to Landlord’s reasonable satisfaction the costs on account of which such disbursement has been requested, as well as releases and waivers of any mechanic’s and other liens for any labor or materials furnished as part of such work. Any portion of Landlord’s Construction Contribution or Landlord’s Additional Allowance not paid within fifteen (15) days from the date when due draw in accordance with the foregoing provisions terms of this Lease The issuer shall bear interest thereafter at a rate equal not be required to one percent in excess conduct any inquiry or investigation before paying Landlord the requested amount of the sodraw. Landlord may assign, transfer or pledge the letter of credit to any lender or purchaser in connection with any financing or sale of the Premises. Landlord shall provide to Tenant a Tenant Improvement Allowance of up to a maximum of twenty-called five dollars ($25.00) per rentable square foot on the Premises (prime rate” charged from time to time Tenant Improvement Allowance”) which shall include Soft Costs. The Tenant Improvement Allowance shall be reduced by the First National Bank amount Landlord expends on Building Core Improvements as stated above. Tenant shall promptly pay when due all costs for Tenant’s Work. Landlord shall reimburse Tenant a portion of Bostonsuch costs not to exceed in the aggregate the amount of the Tenant Improvement Allowance less amounts expended by Landlord for Building Core Improvements as provided above. Tenant shall, not more frequently than monthly after commencement of the construction of Tenant’s Work, submit to Landlord requests for reimbursement of amounts expended by Tenant for Tenant’s Work. Each request shall be certified by an officer of Tenant and shall include, without limitation, (i) copies of all invoices paid by Tenant for which reimbursement is sought (ii) proof of payment of each invoice (iii) a fully executed unconditional lien release from each payee, and (iv) such additional information as Landlord may be deducted from installments reasonably request. After Landlord has received and approved each request as provided herein, Landlord shall process the approved request for payment by its lender and upon disbursement by Landlord’s Lender reimburse Tenant promptly for one-half of Yearly Fixed Rent next becoming due hereunderall amounts shown in the request as expenditures for costs to which the Tenant Improvement Allowance applies, as hereinbelow provided, up to the maximum amount set forth above.

Appears in 1 contract

Samples: Lease (diaDexus, Inc.)

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Tenant’s Work. Tenant shall accept the Demised Premises "as is" on the date hereof and Landlord shall have no obligation whatsoever to prepare the Demised Premises for occupancy by Tenant. Any such work performed by Tenant shall be subject to the provisions of this Lease, including without limitation Articles 10 and 11. Landlord shall pay to Tenant, upon written request from time to time (but not more frequently than monthly) and pro rata as such work progresses, an amount equal to the cost thereof not in excess of $317,640 (hereinafter referred to as "Landlord’s 's Construction Contribution"). Any unused balance of Landlord’s 's Contribution plus an additional allowance in the amount of $21,176 (hereinafter referred to as "Landlord’s 's Additional Allowance") may be applied to any other costs (including without limitation architectural, engineering, space planning and moving expenses) incurred by Tenant in relocating its business operations to the Demised Premises. The disbursement of any portion of Landlord’s 's Construction Contribution or Landlord’s 's Additional Allowance shall be made within fifteen (15) days following the receipt by Landlord of invoices, receipts and other documentation evidencing to Landlord’s 's reasonable satisfaction the costs on account of which such disbursement has been requested, as well as releases and waivers of any mechanic’s 's and other liens for any labor or materials furnished as part of such work. Any portion of Landlord’s 's Construction Contribution or Landlord’s 's Additional Allowance not paid within fifteen (15) days from the date when due in accordance with the foregoing provisions shall bear interest thereafter at a rate equal to one percent in excess of the so-called "prime rate" charged from time to time by the First National Bank of Boston, and may be deducted from installments of Yearly Fixed Rent next becoming due hereunder.

Appears in 1 contract

Samples: Investment Technology Group Inc

Tenant’s Work. Tenant shall agrees to accept the Demised Premises “as is” on Leased Property in its present "AS IS" condition. Further alterations of the date hereof Leased Property will be at Tenant's sole expense (unless otherwise stated in this Lease) and deemed to be Tenant's Work. Tenant and Landlord shall have no obligation whatsoever approve and attach an EXHIBIT D (“Plan of Work”) to prepare this Lease that shall include any drawings, statements of items being provided by Tenant and Landlord in the Demised Premises Leased Property and any other necessary items that are needed to clarify Tenant and Landlord responsibilities for occupancy the condition of the Leased Property at the Commencement Date. Both Tenant and Landlord shall approve the Plan of Work as soon as possible following the execution of this Lease. Both Tenant and Landlord must approve any changes to the Plan of Work, in writing, prior to proceeding with the changes. Approval of plans and specifications by Tenant. Any such work performed Landlord shall not constitute the assumption of any responsibility by Landlord for their accuracy or sufficiency or conformity with applicable laws, and Tenant shall be subject solely responsible for such plans and specifications and for all of Tenant's Work. Tenant shall not commence any of Tenant's Work until Landlord has approved EXHIBIT D. Tenant's taking possession of the Leased Property shall be conclusive evidence of Tenant's acceptance thereof in good order and satisfactory condition. Tenant agrees that Landlord has made no representations as to conformance with applicable laws respecting the provisions condition of this Lease, including without limitation Articles 10 and 11. Landlord shall pay to Tenant, upon written request from time to time (but not more frequently than monthly) and pro rata as such work progresses, an amount equal to the cost thereof not in excess Leased Property or the presence or absence of $317,640 Hazardous Materials (hereinafter referred defined) in, at, under or abutting the Leased Property or the environment. Tenant also agrees that no representations respecting the condition of the Leased Property, no warranties or guarantees, expressed or implied, INCLUDING, WITHOUT LIMITATION, ANY IMPLIED WARRANTY OF HABITABILITY, MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE, with respect to as “Landlord’s Construction Contribution”). Any unused balance of Landlord’s Contribution plus an additional allowance workmanship or any defects in material, and no promise to decorate, alter, repair or improve the amount of $21,176 (hereinafter referred to as “Landlord’s Additional Allowance”) may be applied to any other costs (including without limitation architecturalLeased Property either before or after the execution hereof, engineering, space planning and moving expenses) incurred by Tenant in relocating its business operations to the Demised Premises. The disbursement of any portion of Landlord’s Construction Contribution or Landlord’s Additional Allowance shall be have been made within fifteen (15) days following the receipt by Landlord of invoices, receipts and other documentation evidencing or its agents to Landlord’s reasonable satisfaction Tenant unless the costs on account of which such disbursement has been requested, as well as releases and waivers of any mechanic’s and other liens for any labor or materials furnished as part of such work. Any portion of Landlord’s Construction Contribution or Landlord’s Additional Allowance not paid within fifteen (15) days from the date when due in accordance with the foregoing provisions shall bear interest thereafter at a rate equal to one percent in excess of the so-called “prime rate” charged from time to time by the First National Bank of Boston, and may be deducted from installments of Yearly Fixed Rent next becoming due hereundersame are contained herein.

Appears in 1 contract

Samples: Lease Agreement (Endocyte Inc)

Tenant’s Work. So long as Landlord has approved Tenant's Plans in writing, as hereinabove referenced, Landlord and Tenant agree that Landlord's general contractor will construct the tenant improvements set forth on the Tenant's Plans (hereinafter ''Tenant's Work'') with respect to the Premises at cost (as hereinafter defined), plus an amount for overhead and general conditions of five and one-half percent (5.50%) of such cost, plus a Landlord's contractors fee of six percent (6%) of such aggregate cost (i.e. cost plus overhead and general conditions). In order to provide for payment by Tenant of the cost of Tenant's Work and any Change Orders provided for hereunder, including but not limited to the Net Additional Cost of Landlord's Work and any Additional Cost due to Change Orders in Tenant's Work as aforesaid, Tenant expressly covenants with Landlord that Tenant agrees to pay Landlord, or its contractor, as the case may be, within ten (10) business days of receipt of each of Landlord's monthly requisitions therefor, the amount of such requisition for Tenant's Work and/or Change Orders, including without limitation the Net Additional Cost of Landlord's Work, performed in the Premises for the preceding month based on a percentage of completion basis, subject, however, to retainage as follows: (i) until such time as the Landlord's Work and Tenant's Work has been fifty percent (50%) completed, retainage in the amount of ten percent (10%) of each requested requisition, shall be deducted therefrom; and (ii) from and after that certain date on which Landlord's architect certifies to Tenant that Landlord's Work and Tenant's Work has been fifty percent (50%) completed, retainage in the amount of five percent (5%) of each requested requisition shall be deducted therefrom. All of such retainage shall be paid by Tenant to Landlord upon Substantial Completion (as hereinafter defined) of the Landlord's Work and the Tenant's Work, subject, however, to retainage in the amount of two hundred fifty percent (250%) of the estimated cost of completion of the Punch List Work (as hereinafter defined), which such cost shall be reasonably estimated by Landlord. Such retainage for the Punch List Work shall be paid by Tenant upon completion of the Punch List Work and receipt by Tenant of the Certificate of Final Completion (as hereinafter defined). Each requisition shall include copies of all subcontractor's and supplier's applications for payment and satisfactory evidence of payment of all previous invoices submitted by subcontractors and suppliers. In addition, Landlord's architect shall certify that the subject work specified in each of such monthly requisitions has been substantially completed, and a copy of such certification shall accompany each requisition furnished to Tenant hereunder. In no event shall any of such costs due and payable hereunder remain unpaid by Tenant as of the Term Commencement Date, except for any such retainage for Punch List Work as aforesaid. For purposes hereof, the cost of the Net Additional Cost of Landlord's Work and the Tenant's Work performed by Landlord's contractor shall be the aggregate of all Additional Costs specified in Landlord's Change Order Notices, excepting only with respect to Change Orders which are withdrawn by Tenant in accordance with the foregoing provisions. Landlord and Tenant further agree that the certification of cost by Xxxxxxxxx Construction Co., Inc. shall be based on the definition of cost as more particularly set forth in Exhibit L hereto. Any changes to the Tenant's Plans after the approval of the Tenant's Plans (and any changes to Landlord's Plans after the approval thereof as set forth in Section 3.1 above) shall be in accordance with the form of Work Change Order attached hereto as Exhibit K. As set forth above, within twenty-one (21) days after approval of Tenant's Plans, Landlord shall provide Tenant with construction cost estimates based on Tenant's Plans, including a breakdown by line-item and category (Landlord and Tenant agreeing, however, that in the case of items costing less than one thousand dollars ($1,000.00), then such breakdown shall be provided only if requested by Tenant), the name of the subcontractor, if available, and the work and/or materials to be provided. Unless otherwise mutually agreed upon by Landlord and Tenant, in the pricing of the cost of Tenant's Work (specifically excluding Landlord's Work hereunder), Landlord agrees to obtain three (3) qualified bids from subcontractors selected from a master list of subcontractors mutually prepared and agreed upon by Landlord and Tenant prior to the soliciting of bids for any item of Tenant's Work exceeding twenty-five thousand dollars ($25,000.00). The subcontractor selected for the performance of the work shall be the subcontractor with the lowest bid price; provided, however, that if Landlord, in its reasonable judgment, determines that due to changed conditions (such as increased work commitments on the part of the respective subcontractor, or other pertinent factors) the selection of such low bidder could result in Subcontractor Delay Days (as hereinafter defined), then Landlord shall provide written notice (a "Landlord's Subcontractor Notice") thereof to Tenant, which notice shall identify the low bidder and next lowest bidder and indicate the number of Subcontractor Delay Day(s) that would result from selection of the low bidder (giving due consideration of Landlord's obligations to use diligent efforts to accelerate construction to make up for lost time to delays). Tenant shall accept have four (4) business days upon receipt of such Landlord's Subcontractor Notice to notify Landlord that either (i) Landlord should proceed with the Demised Premises “original low bidder (in which event the Outside Delivery Date shall be extended for the number of days equal to the number of Subcontractor Delay Days indicated in Landlord's Subcontractor Notice), or (ii) Landlord's selection of the next lowest bidder is acceptable to Tenant (in which event the Outside Delivery Date shall not be extended) Failure by Tenant to respond within said four (4) day period shall be deemed to constitute acceptance by Tenant of Landlord's selection of the next lowest bidder. Landlord agrees to use reasonable efforts to notify Tenant, simultaneously or forthwith upon Tenant's notification to Landlord as is” to its election set forth in (i) and (ii) above, if Landlord has knowledge or a reasonable basis to believe that a Subcontractor Delay Day(s) will likely result due to Landlord's notification requirements hereunder, regardless of whether or not Tenant elects to proceed with the original lowest bidder or not. Upon completion of Landlord's pricing of Tenant's Work as aforesaid, Landlord shall prepare and submit to Tenant a line-item budget for the Tenant's Work, which budget shall include without limitation, Landlord's contractors fee. Within not more than five (5) business days after receipt thereof, Tenant shall comment upon the proposed budget and may request that Landlord rebid certain portions of Tenant's Work, and thereafter, Landlord and Tenant shall use reasonable good faith efforts to reach an agreement on the date hereof budget as soon as thereafter as possible (after approval by both Landlord and Tenant, the "Approved Budget"). In connection therewith, if Tenant requests that Landlord rebid certain portions of Tenant's Work, (i) Landlord and Tenant shall each approve those line items of the proposed budget that are acceptable and shall note their respective objections to those line items that are unacceptable to each of them, and, if necessary due to Tenant's request to rebid certain portions of Tenant's Work, and (ii) Landlord may require an adjustment in the Outside Delivery Date (as hereinafter defined) equal to the actual number of days (the "Repricing Delay Days") as certified by Landlord and its architect that, despite Landlord's diligent efforts, the Scheduled Term Commencement Date was delayed by such Tenant's request that Landlord rebid certain portions of Tenant's Work. In addition, if Tenant requests that Landlord rebid certain portions of Tenant's Work, within thirty (30) days upon receipt of an invoice therefor (but in no event later than the Term Commencement Date), Tenant shall reimburse Landlord for all third party out-of-pocket costs and expenses, including architectural fees, engineering fees and other reasonable costs and expenses incurred by Landlord in connection with any such repricing of the Tenant's Work prior to the establishment of an Approved Budget. Such costs and expenses due from Tenant to Landlord hereunder shall exclude costs and expenses for which no invoices or other reasonable documentation is available. Upon Tenant's request, Landlord shall provide Tenant with copies of all bids, all final subcontracts with each subcontractor, invoices for materials and subcontractors' applications for payment. Tenant shall have no obligation whatsoever the right to prepare audit the Demised Premises for occupancy cost of the Tenant's Work in the manner set forth in Section 5.2 of this Lease during construction of the Tenant's Work. In the event Tenant is unsatisfied with the costs of Tenant's Work (or any portion thereof) upon receipt of such work, or in the event Tenant is not satisfied with the subcontractor bids obtained by Landlord, then Tenant may, within ten (10) business days of receipt of such cost price or subcontractor bids from Landlord, elect to request Change Orders to Tenant. Any such work performed by 's Plans, whereupon the Landlord shall solicit new bids and reprice the cost of Tenant's Work (or any portion thereof) in accordance with the preceding provisions, and Tenant shall be subject to any resulting days of Tenant's Delay and Additional Cost incurred in connection therewith as aforesaid. Tenant shall also have the provisions of this Lease, including without limitation Articles 10 and 11. Landlord shall pay right to Tenant, upon written request from time to time (but not more frequently than monthly) and pro rata as such work progresses, an amount equal to audit the cost thereof not in excess of $317,640 the Tenant's Work within ninety (hereinafter referred to as “Landlord’s Construction Contribution”). Any unused balance of Landlord’s Contribution plus an additional allowance in the amount of $21,176 (hereinafter referred to as “Landlord’s Additional Allowance”) may be applied to any other costs (including without limitation architectural, engineering, space planning and moving expenses) incurred by Tenant in relocating its business operations to the Demised Premises. The disbursement of any portion of Landlord’s Construction Contribution or Landlord’s Additional Allowance shall be made within fifteen (1590) days following the receipt by final completion thereof, however, such audit shall be limited to confirm that Landlord of invoices, receipts has paid and other documentation evidencing to Landlord’s reasonable satisfaction the costs on account of which such disbursement has been requested, as well as releases and received appropriate lien waivers of any mechanic’s and other liens for any labor or materials furnished as part of such work. Any portion of Landlord’s Construction Contribution or Landlord’s Additional Allowance not paid within fifteen (15) days from the date when due all subcontractors in accordance with the foregoing provisions shall bear interest thereafter at a rate equal to one percent in excess Approved Budget, and any Change Orders requested by and not withdrawn by Tenant hereunder. Upon commencement of the so-called “prime rate” charged from time Tenant's Work, Landlord and Tenant hereby further agree, each acting reasonably and in good faith, to time by the First National Bank of Boston, attend and may be deducted from installments of Yearly Fixed Rent next becoming due hereunderparticipate in weekly construction meetings with Landlord's general contractor's construction manager(s) during such construction process.

Appears in 1 contract

Samples: Open Market Inc

Tenant’s Work. (A) Tenant shall accept the Demised Premises in their as-is condition without any obligation on Landlord’s part to perform any additions, alterations, improvements, demolition or other work therein or pertaining thereto. Tenant, at its sole cost and expense (subject to payment of the Tenant Allowance (as is” on the date hereof and Landlord defined hereafter)), shall have no obligation whatsoever perform all work necessary to prepare the Demised Premises for Tenant’s occupancy in accordance with plans and specifications prepared by Tenant. Any an architect, licensed by The Commonwealth of Massachusetts and reasonably approved by Landlord, such work performed by Tenant shall plans and specifications to be subject to the provisions reasonable approval of this Lease, including without limitation Articles 10 and 11Landlord. Tenant shall endeavor in good faith to submit to Landlord shall pay no later than the Tenant Plans Date a detailed floor plan layout together with working drawings (the “Tenant’s Submission”) for work to be performed by Tenant to prepare the Premises for Tenant, upon written request from time to time ’s occupancy (but not more frequently than monthly) and pro rata as such work progresses, an amount equal to the cost thereof not in excess of $317,640 (hereinafter referred to as LandlordTenant’s Construction ContributionWork”). Any unused balance of Such floor plan layout and working drawings (the “Plans”) shall contain at least the information required by, and shall conform to the requirements of, Exhibit B-2. Provided that the Plans contain at least the information required by, and conform to the requirements of, said Exhibit B-2, Landlord’s Contribution plus an additional allowance in approval of the amount of $21,176 Plans (hereinafter referred and any revisions resubmitted to as “Landlord) shall not be unreasonably withheld or delayed; however, Landlord’s Additional Allowance”determination of matters relating to aesthetic issues relating to alterations or changes which are visible outside the Premises shall be in Landlord’s sole discretion. Landlord agrees to respond to Tenant’s submission of the Plans within five (5) may be applied to any other costs (including without limitation architectural, engineering, space planning and moving expenses) incurred by Tenant in relocating its business operations to the Demised Premisesdays after such submission. The disbursement failure of any portion of Landlord’s Construction Contribution or Landlord’s Additional Allowance Landlord to respond to Tenant within such five (5) business day period shall be made within fifteen (15) days deemed a “Landlord Delay”. In the event of a Landlord Delay, Tenant shall be entitled to a rent abatement against Tenant’s obligation to pay Annual Fixed Rent following the receipt by Landlord of invoices, receipts and other documentation evidencing to Landlord’s reasonable satisfaction the costs on account of which such disbursement has been requested, as well as releases and waivers of any mechanic’s and other liens for any labor or materials furnished as part of such work. Any portion of Landlord’s Construction Contribution or Landlord’s Additional Allowance not paid within fifteen (15) days from the date when due in accordance with the foregoing provisions shall bear interest thereafter at a rate Rent Commencement Date equal to one percent in excess (1) day for each day of such Landlord Delay. In addition, if Landlord shall fail to respond to Tenant’s submission of the so-called Plans within such five (5) business day period, then Tenant may, after the expiration of such five (5) business day period, give Landlord another request (the prime rateSecond Request”) therefor, which shall state in bold face, capital letters at the top thereof: “WARNING: SECOND REQUEST. FAILURE TO RESPOND TO THIS REQUEST WITHIN FIVE (5) BUSINESS DAYS SHALL RESULT IN DEEMED APPROVAL THEREOF.charged from time If Landlord does not respond within three (3) business days after receipt of the Second Request, then Landlord’s consent to time the submitted Plans shall be deemed to have been granted; provided that in no event shall Landlord’s consent be deemed given for any structural alterations or alterations affecting the exterior of the Building. If Landlord disapproves of any Plans, then Tenant shall promptly have the Plans revised by its architect to incorporate all objections and conditions presented by Landlord and shall resubmit such plans to Landlord no later than five (5) business days after Landlord has submitted to Tenant its objections and conditions. Such process shall be followed until the First National Bank Plans shall have been approved by Landlord without objection or condition. Landlord hereby approves of Boston, and may be deducted from installments of Yearly Fixed Rent next becoming due hereunderthe initial schematic plans for Tenant’s Work attached hereto as Exhibit B-3 (the “Approved Schematic Plan”).

Appears in 1 contract

Samples: Agreement (Dynatrace Holdings LLC)

Tenant’s Work. Tenant shall accept the Demised Premises “as is” procure at Tenant’s sole expense all necessary permits and licenses before undertaking any work on the date hereof Premises; do all such work in a good and workmanlike manner employing materials of good quality and so as to conform with all applicable zoning, building, environmental, fire, health and other codes, regulations, ordinances and laws; furnish to Landlord for Landlord’s review and approval prior to the commencement of any such work reasonably detailed plans and specifications. Landlord hereby agrees not to unreasonably withhold or delay approval of such plans and/or specifications; provided that Landlord shall have no obligation whatsoever not be deemed unreasonable for refusing to prepare approve any construction, alterations, or additions requested by Tenant which would render the Demised Premises or any material part thereof unsuitable for occupancy by Tenantits current use and which would require unusual expense to readapt the Premises substantially to such use on lease termination or would materially increase the cost of insurance or taxes on the Building, unless Tenant first provides security reasonably acceptable to Landlord assuring that such readaptation will be made prior to such termination without expense to Landlord or Tenant agrees to pay such increased cost of insurance. Any such work requiring penetration of, or alterations to, the roof of the Premises shall be performed by Landlord’s approved roofing contractor. All equipment or structures placed on the roof of the building in which the Premises is located shall be screened from view so as not to be visible from the street and shall be located no closer than thirty feet (30’) from any edge of the roof. The location and manner of attachment of any equipment or structures placed on the roof by Tenant or its contractors shall be subject to the provisions of this Lease, including without limitation Articles 10 Landlord’s prior review and 11approval. Landlord and Landlord’s consultants shall pay to Tenant, upon written request have the right at any time and from time to time (but not more frequently than monthly) to inspect the Premises during the construction of Tenant’s Initial Installations to ensure compliance with the terms hereof, and pro rata as such work progresses, an amount equal to the cost thereof not in excess of $317,640 (hereinafter referred to as “Landlord’s Construction Contribution”). Any unused balance of Landlord’s Contribution plus an additional allowance in the amount of $21,176 (hereinafter referred to as “Landlord’s Additional Allowance”) may be applied to any other costs (including without limitation architectural, engineering, space planning and moving expenses) incurred by Tenant in relocating its business operations to the Demised Premises. The disbursement of any portion of Landlord’s Construction Contribution event that Landlord or Landlord’s Additional Allowance shall be made within fifteen (15) days following consultant gives notice to the receipt by Landlord Tenant of invoices, receipts and other documentation evidencing to Landlord’s reasonable satisfaction the costs on account of which such disbursement has been requested, as well as releases and waivers of any mechanic’s and other liens for any labor or materials furnished as part non-compliance of such work. Any portion construction, Tenant shall promptly undertake to correct such deficiencies in order to bring the construction of LandlordTenant’s Construction Contribution or Landlord’s Additional Allowance not paid within fifteen (15) days from the date when due in accordance Initial Installations into compliance with the foregoing provisions shall bear interest thereafter at a rate equal to one percent in excess terms and conditions of the so-called “prime rate” charged from time to time by the First National Bank of Bostonthis Lease and all applicable laws, and may be deducted from installments of Yearly Fixed Rent next becoming due hereunder.ordinances, rules, regulations and/or code Initials: /s/ KS /s/ RL Landlord Tenant

Appears in 1 contract

Samples: Lease Agreement (Ufp Technologies Inc)

Tenant’s Work. (a) Within thirty (30) days after the execution and delivery of this Agreement by Landlord, Tenant shall accept furnish to Landlord for Landlord's approval, two (2) sets of plans and specifications done in accordance with the Demised Tenant Handbook which shall provide for the remodeling of the Leased Premises, including without limitation, utilities, interior finish (including refinishing counters and new menu board for display), painting, signage and fixturing plans, together with mechanical and electrical specifications with respect to the work to be performed and the installations to be made by Tenant in order to fit the Leased Premises for use by Tenant in the conduct of its business ("Tenant's Work"). Tenant agrees, at its sole cost and expense, to construct and make such improvements in the Leased Premises in accordance with the approved plans and specifications. Tenant shall be allowed to close the Leased Premises for a period not to exceed thirty (30) days ("Remodel Period") to perform Tenant's Work and Tenant shall continue to pay all Minimum Rent and additional rent due under the Lease. Tenant has inspected the Leased Premises, is familiar with its condition and accepts same "as is" and in its present condition and Landlord shall not be obligated to do any further construction or to make any additional improvements in the Leased Premises, except as may otherwise be expressly provided herein. The taking of the Leased Premises by Tenant for the performance of Tenant's Work shall be conclusive evidence that at such time the Leased Premises were in satisfactory condition except that this provision shall not be deemed to release Landlord from its obligation to make such repairs as are elsewhere set forth herein as Landlord's obligation to make. If Landlord shall, within thirty (30) days after receipt of Tenant's plans and specifications, notify Tenant of any objections to such plans and specifications, Tenant shall make necessary revisions and resubmit the same within thirty (30) days after such notice. Landlord's approval will be evidenced by endorsement to that effect on the date hereof plans and specifications, one set to be retained by Landlord and one set by Tenant. Tenant understands that Landlord's approval of its plans and specifications is primarily for conceptual purposes and such approval shall not constitute a representation or warranty of any kind with respect thereto, including, without limitation, cost of Tenant's Work, compliance with governmental requirements or suitability of design. As soon as practicable after the plans and specifications are made available to Landlord and Landlord shall have no obligation whatsoever to prepare the Demised Premises for occupancy by approved Tenant. Any such work performed by 's plans and specifications, Tenant shall be subject enter the Leased Premises and shall proceed with due diligence and dispatch to the provisions of this Lease, including without limitation Articles 10 make improvements and 11. Landlord shall pay to Tenant, upon written request from time to time (but not more frequently than monthly) and pro rata as such work progresses, an amount equal to the cost thereof not in excess of $317,640 (hereinafter referred to as “Landlord’s Construction Contribution”). Any unused balance of Landlord’s Contribution plus an additional allowance in the amount of $21,176 (hereinafter referred to as “Landlord’s Additional Allowance”) may be applied to any other costs (including without limitation architectural, engineering, space planning and moving expenses) incurred by Tenant in relocating its business operations to the Demised Premises. The disbursement of any portion of Landlord’s Construction Contribution or Landlord’s Additional Allowance shall be made within fifteen (15) days following the receipt by Landlord of invoices, receipts install fixtures and other documentation evidencing to Landlord’s reasonable satisfaction the costs on account equipment and a full stock of which such disbursement has been requestedinventory therein, as well as releases and waivers of any mechanic’s and other liens for any labor or materials furnished as part of such work. Any portion of Landlord’s Construction Contribution or Landlord’s Additional Allowance not paid within fifteen (15) days from the date when due in accordance with the foregoing provisions approved plans and specifications and all governmental requirements. Such work and installation shall bear interest thereafter at a rate equal not interfere with any work to one percent be done by Landlord in excess other portions of the so-called “prime rate” charged from time Shopping Center, shall be done with labor which is not incompatible with other labor employed at the Shopping Center without creating any conflict or work stoppage with, under or as a result of any labor agreement to time by the First National Bank of Bostonwhich Landlord or its contractors may be a party, and in compliance with such rules and regulations as Landlord may reasonably make. Landlord shall have no responsibility or liability whatsoever for any loss of or damage to any fixtures or other equipment or inventory installed or left in the Leased Premises, and Tenant's entry on and occupancy of the Leased Premises shall be governed by and subject to all the provisions, covenants and conditions of this Lease. Tenant shall obtain and furnish to Landlord to be delivered not later than the expiration of the Remodel Period, lien waivers from all contractors, subcontractors and materialmen, a building permit, licenses, certificates and approvals with respect to work done and installations made by Tenant that may be deducted required from installments the governmental authorities with respect to Tenant's Work, use and occupancy and shall open for business to the public not later than the expiration of Yearly Fixed Rent next becoming due hereunderthe Remodel Period.

Appears in 1 contract

Samples: Lease Agreement (Passport Restaurants Inc)

Tenant’s Work. With respect to Tenant's Work, Tenant shall accept have the Demised Premises “right to retain contractors, union or non-union, to fabricate millwork, including shelving, work surfaces, etc., and to install equipment, subject only to obtaining the prior written approval of Landlord. Landlord's approval of a contractor for the Tenant Work, which may not be unreasonably withheld, shall be based upon consideration such as is” on whether the date hereof contractor is properly licensed, his financial condition, experience and past job performance. Landlord may require that Tenant provide evidence of insurance coverage of a type and amount, reasonably acceptable to Landlord and that Tenant provide a certificate of insurance prior to commencement of any work naming Landlord as a loss payee. In addition, Landlord may require lien waivers from Tenant's contractors in respect of Landlord's interest in the Premises. Upon the request of Tenant, Landlord shall have no obligation whatsoever grant to prepare Tenant amid its contractors non-exclusive access to the Demised Premises (the "Non-Exclusive Access Period") (a) during construction of Landlord's Work, upon Ten (10) days' prior oral or written advice to Tenant, at such times and for occupancy by such periods as reasonably necessary for the orderly and efficient delivery, construction and installation of Tenant's Installations set forth in Schedule 3, and (b) during the thirty-day (30) period immediately prior to the Term Commencement Date, at reasonable times, for the purpose of installing the Tenant Work, provided, however, that the installation of Tenant's installations and the Tenant Work does not interfere with or delay the work of Landlord's General Contractor and its subcontractors. Any such work performed by Landlord and Tenant shall be subject use reasonable efforts to coordinate the provisions of this Lease, including without limitation Articles 10 Tenant's installations and 11the Tenant Work with Landlord's Work during the Non-Exclusive Access Period. Landlord shall pay to lock the Building and Premises during the Non-Exclusive Access Period, when work is not being performed. Tenant, upon written request from time to time (but not more frequently than monthly) and pro rata as such work progresses, an amount equal 's consultants shall have access to the cost thereof not in excess of $317,640 (hereinafter referred Premises during the construction period C-8 to as “Landlord’s Construction Contribution”). Any unused balance of Landlord’s Contribution plus an additional allowance in the amount of $21,176 (hereinafter referred to as “Landlord’s Additional Allowance”) may be applied to any install cabling, wiring and other costs (including without limitation architectural, engineering, space planning and moving expenses) incurred by Tenant in relocating its business operations related items prior to the Demised Premisespartitions being enclosed. The disbursement of any portion of Landlord’s Construction Contribution or Landlord’s Additional Allowance Tenant's consultants shall be made within fifteen (15) days following have access to the receipt by Landlord of invoicesPremises during the construction period to install cabling, receipts wiring and other documentation evidencing related items prior to Landlord’s reasonable satisfaction the costs on account of which such disbursement has been requested, as well as releases and waivers of any mechanic’s and other liens for any labor or materials furnished as part of such work. Any portion of Landlord’s Construction Contribution or Landlord’s Additional Allowance not paid within fifteen (15) days from the date when due in accordance with the foregoing provisions shall bear interest thereafter at a rate equal to one percent in excess of the so-called “prime rate” charged from time to time by the First National Bank of Boston, and may be deducted from installments of Yearly Fixed Rent next becoming due hereunderpartitions being enclosed.

Appears in 1 contract

Samples: Work Agreement (Iwo Holdings Inc)

Tenant’s Work. Tenant shall accept the Demised Premises “as is” on the date hereof and Landlord shall have no obligation whatsoever to prepare the Demised Premises for occupancy by Tenant. Any such work performed by Tenant shall be subject to the provisions of this Lease, including without limitation Articles 10 and 11. Landlord shall pay to Tenant, upon written request from time to time (but not more frequently than monthly) and pro rata as such work progresses, an amount equal to the cost thereof not in excess of $317,640 (hereinafter referred to as “Landlord’s Construction Contribution”). Any unused balance of Landlord’s Contribution plus an additional allowance in the amount of $21,176 (hereinafter referred to as “Landlord’s Additional Allowance”) may be applied to any other costs (including without limitation architectural, engineering, space planning and moving expenses) incurred by Tenant in relocating its business operations to the Demised Premises. The disbursement of any portion of Landlord’s Construction Contribution or Landlord’s Additional Allowance shall be made within Within fifteen (15) days following execution of this Lease, Tenant shall submit preliminary plans and specifications for the improvements and alterations to be completed in the 4th Floor Premises, as further described as “Tenant’s Work” on the Tenant Work Letter attached hereto as Exhibit B to Landlord for Landlord’s preliminary review and approval prior to submission of the same to the appropriate governmental agency for such agency's review and approval, Within three (3) business days after receipt of the preliminary plans and specifications, Landlord shall approve the preliminary plans and specifications or deliver to Tenant its specific objections thereto, together with its proposed solution to each objection. Landlord’s approval of the plans and specifications shall not be unreasonably withheld or delayed. If Landlord fails to either approve or disapprove the preliminary plans and specifications within the 3 business day period, then Landlord shall be deemed to have approved same. Following approval of the preliminary plans and specifications, Tenant, at Tenant’s sole cost and expense, shall prepare and deliver to Landlord final plans and specifications and working drawings (based on approved preliminary plans and specifications) covering Tenant’s Work. Tenant shall obtain approval of the final plans and specifications and working drawings from all appropriate governmental agencies and after they have been approved, a copy shall be initialed and dated by the parties. Tenant shall use diligent efforts to obtain such approval as soon as is reasonably practicable. The plans and specifications as prepared by Tenant herein (as approved by Landlord herein) shall be controlling with respect to the performance by Tenant of invoicesTenant’s Work. Landlord shall not charge Tenant with any review or oversight fees in connection with its review and approval of Tenant’s plans and specifications. Tenant shall then complete Tenant’s Work in a good and workmanlike manner, receipts utilizing new materials and other documentation evidencing to Landlord’s reasonable satisfaction the costs on account of which such disbursement has been requestedduly licensed contractors, as well as releases and waivers of any mechanic’s and other liens for any labor or materials furnished as part of such work. Any portion of Landlord’s Construction Contribution or Landlord’s Additional Allowance not paid within fifteen (15) days from the date when due substantially in accordance with the foregoing provisions shall bear interest thereafter at a rate equal to one percent approved final plans and specifications and working drawings and in excess of the so-called “prime rate” charged from time to time by the First National Bank of Boston, and may be deducted from installments of Yearly Fixed Rent next becoming due hereundercompliance with all Applicable Laws.

Appears in 1 contract

Samples: Office Lease (Skechers Usa Inc)

Tenant’s Work. (a) Tenant shall accept complete the Demised build-out of the Premises “as is” on and install its fixtures and equipment in accordance with that part of Exhibit B entitled "Tenant's Work". Landlord may perform any part of Tenant's Work if Tenant fails to perform any of Tenant's Work or if, in Landlord's reasonable judgment, it is necessary to coordinate the date hereof and opening of or maintain the existing operation of the Shopping Center. Tenant shall reimburse Landlord shall have no obligation whatsoever for any of Tenant's Work performed by the Landlord within ten (10) days after Landlord presents an invoice for the work to prepare the Demised Premises for occupancy by Tenant. Any such work performed by During the course of Tenant's Work, Tenant shall be subject responsible for collecting and removing all trash and construction debris. Landlord may elect to furnish trash or construction debris receptacles. If the Landlord provides trash or construction debris receptacles, Tenant shall reimburse Landlord for the cost (as reasonably estimated by Landlord) of the receptacles and for removing Tenant's trash. In addition, Tenant shall reimburse Landlord (as reasonably estimated by Landlord) for any temporary electricity or other utilities furnished by Landlord to the provisions of this LeasePremises and any required construction barricades. Tenant shall perform any other work necessary to open its store for business, including without limitation Articles 10 obtaining all approvals and 11certificates of occupancy. Landlord The Premises shall pay to be stocked with suitable merchandise by Tenant, upon written request from time to time (but not more frequently than monthly) fully staffed and pro rata as such work progresses, an amount equal open for business to the cost thereof not in excess of $317,640 (hereinafter referred to as “Landlord’s Construction Contribution”). Any unused balance of Landlord’s Contribution plus an additional allowance in public, on or before the amount of $21,176 (hereinafter referred to as “Landlord’s Additional Allowance”) may be applied to any other costs (including without limitation architectural, engineering, space planning and moving expenses) incurred by Tenant in relocating its business operations to the Demised Premises. The disbursement of any portion of Landlord’s Construction Contribution or Landlord’s Additional Allowance shall be made within fifteen (15) days following the receipt by Landlord of invoices, receipts and other documentation evidencing to Landlord’s reasonable satisfaction the costs on account of which such disbursement has been requested, as well as releases and waivers of any mechanic’s and other liens for any labor or materials furnished as part of such work. Any portion of Landlord’s Construction Contribution or Landlord’s Additional Allowance not paid within fifteen (15) days from the date when due in accordance with the foregoing provisions shall bear interest thereafter at a rate equal to one percent in excess of the so-called “prime rate” charged from time to time by the First National Bank of Boston, and may be deducted from installments of Yearly Fixed Rent next becoming due hereunderCommencement Date.

Appears in 1 contract

Samples: Lease Agreement (Americabilia Com Inc)

Tenant’s Work. (a) Tenant agrees, prior to the Commencement Date, at Tenant's sole cost and expense, to diligently perform all work of whatever nature in accordance with Tenant's obligations set forth in Exhibit "D" ("Tenant's Work") and all other related work necessary to prepare for the opening to the public of Tenant's store in the Leased Premises in accordance with the provision of this Lease. Tenant agrees to furnish to Landlord the Store Design Drawings and Working Drawings and Specifications with respect to the Leased Premises prepared in the manner and within the time periods required in Exhibit "D" attached hereto. If such Store Design Drawings or Working Drawings and Specifications are not furnished by Tenant to Landlord within the required time period(s) in form to permit approval by Landlord, then the Fixturing Period (as described in the Data Sheet) shall accept the Demised Premises “as is” on the date hereof be reduced by one (1) day of each day of delay by Tenant in submitting said plans, drawings and specifications. Landlord shall have no obligation whatsoever exercise reasonable efforts to prepare the Demised Premises for occupancy respond to drawings and specifications submitted by Tenant pursuant to this Lease within seven (7) business days following Landlord's receipt of such drawings and specifications from Tenant. Any In the event of Landlord's failure to respond within such seven (7) business day period, the Fixturing Period as described in the Data Sheet shall be extended by one (1) day for each day of additional delay by Landlord. No material deviations from the final plans and specifications, once approved by Landlord, shall be permitted unless necessary to comply with applicable governmental requirements. Landlord's approval of Tenant's Store Design Drawings and Working Drawing and Specifications shall not constitute the assumption of such items. Tenant's Work shall include the installation of fixtures and equipment and the stocking of the Leased Premises with suitable merchandise. Tenant covenants that all such fixtures and equipment visible to customers shall be new and otherwise acceptable to Landlord in appearance. In addition to conforming to the requirements specified in Exhibit "D", all work performed by Tenant shall be subject comply with such rules and regulations as Landlord and its representatives may make, provided that such rules and regulations are uniformly applied to all similarly situated Shopping Center tenants under construction. Unless Landlord otherwise directs in writing, Tenant shall not open the Leased Premises for business until all construction has been completed pursuant to the provisions of this Lease, including without limitation Articles 10 Exhibit "D". It is further understood and 11. agreed that: (i) Landlord shall pay have no responsibility or liability whatsoever for any loss of, or damage to, any fixtures, equipment, merchandise, or other property belonging to Tenant, upon written request from time to time (but not more frequently than monthly) and pro rata as such work progresses, an amount equal installed or left in the Leased Premises except to the cost thereof not in excess of $317,640 (hereinafter referred to as “Landlord’s Construction Contribution”). Any unused balance extent resulting from the negligence or intentional acts of Landlord’s Contribution plus an additional allowance in , its agents or employees; and (ii) Tenant's entry upon and occupancy of the amount Leased Premises prior to the Commencement Date shall be governed by and subject to all the provisions, covenants and conditions of $21,176 (hereinafter referred this Lease. Tenant shall obtain, at its sole cost, and immediately thereafter furnish to as “Landlord’s Additional Allowance”) , all certificates and approvals with respect to work done and installations made by Tenant that may be applied to any other costs (including without limitation architecturalrequired for the issuance of a certificate of occupancy of the Leased Premises, engineering, space planning and moving expenses) incurred by Tenant in relocating its business operations to the Demised Premises. The disbursement so that such certificate of any portion of Landlord’s Construction Contribution or Landlord’s Additional Allowance occupancy shall be made within fifteen (15) days following issued and the receipt by Landlord Leased Premises shall be ready for the opening of invoicesTenant's business on the Commencement Date. Upon the issuance of the certificate of occupancy, receipts and other documentation evidencing a copy thereof shall be immediately delivered to Landlord’s reasonable satisfaction . Promptly upon the costs on account completion of which such disbursement has been requestedits work, as well as releases Tenant shall repair, clean and waivers of any mechanic’s and other liens for any labor or materials furnished as part of such work. Any portion of Landlord’s Construction Contribution or Landlord’s Additional Allowance not paid within fifteen (15) days from the date when due in accordance with the foregoing provisions shall bear interest thereafter at a rate equal to one percent in excess restore all portions of the so-called “prime rate” charged from time Shopping Center affected by Tenant's Work to time by the First National Bank of Boston, and may be deducted from installments of Yearly Fixed Rent next becoming due hereundertheir prior condition.

Appears in 1 contract

Samples: Lease (Play Co Toys & Entertainment Corp)

Tenant’s Work. Tenant shall accept have the Demised Premises “as is” on right to submit plans for the date hereof and Landlord shall have no obligation whatsoever to prepare the Demised Premises Tenant’s Work in stages for occupancy by Tenant. Any such work performed by Tenant shall be subject to the provisions portions of this Lease, including without limitation Articles 10 and 11. Landlord shall pay to Tenant, upon written request from time to time (but not more frequently than monthly) and pro rata as such work progresses, an amount equal to the cost thereof not in excess of $317,640 (hereinafter referred to as “Landlord’s Construction Contribution”). Any unused balance of Landlord’s Contribution plus an additional allowance in the amount of $21,176 (hereinafter referred to as “Landlord’s Additional Allowance”) may be applied to any other costs (including without limitation architectural, engineering, space planning and moving expenses) incurred by Tenant in relocating its business operations to the Demised Premises. Tenant shall cause the TI Architect to prepare and deliver to Landlord for Landlord’s or MDC’s review preliminary plans (architectural, mechanical, electrical, plumbing and structural, if necessary) and specifications for the proposed leasehold improvements (the “Preliminary Plans”). Landlord shall have ten (10) business days after its receipt thereof (or such additional time as may reasonably be necessary) to review the Preliminary Plans, request any changes it deems reasonably appropriate, and indicate on the Preliminary Plans which portions of the leasehold improvements are to be removed by Tenant prior to the expiration or termination of the Lease. The disbursement TI Architect shall modify the Preliminary Plans to accommodate Landlord’s changes, and resubmit the revised plans (the “Revised Preliminary Plans”) to Landlord for approval. If Tenant or the TI Architect elect not to make said changes to the Preliminary Plans, then Landlord shall have the right to require Tenant to perform corresponding restoration work to effect said changes prior to the expiration or termination of any portion the Lease. Upon receipt of Landlord’s Construction Contribution or Landlord’s Additional Allowance approval of the Revised Preliminary Plans, the TI Architect shall prepare a complete set of construction drawings and specifications for the construction of the proposed leasehold improvements (the “Working Drawings”). The Working Drawings shall be made in sufficient detail for (i) Tenant’s general contractor to obtain bids from all trades for and to perform the work described on the Working Drawings; (ii) Tenant’s general contractor to secure building permits from the requisite governmental authorities having jurisdiction over same; and (iii) Landlord or MDC to indicate the portion of Tenant’s Work, if any, which Tenant is to remove by expiration or termination of the Lease. The Working Drawings shall conform to and be consistent with the Revised Preliminary Plans and comply with all applicable Laws and Insurance Requirements, as those terms are defined in the Lease. The Working Drawings shall be submitted to MDC for review and approval, which approval (or a request for changes to be made) shall be given within fifteen (15) days following after receipt thereof. Within five (5) business days after MDC’s approval of the receipt by Landlord of invoices, receipts and other documentation evidencing to Landlord’s reasonable satisfaction the costs on account of which such disbursement has been requestedWorking Drawings, as well as releases modified by any revisions requested by MDC, Landlord and waivers Tenant shall initial same to confirm their mutual approval thereof (the “Approved Working Drawings”). The Approved Working Drawings will indicate which portions of the Tenant’s Work, if any, will have to be removed by Tenant prior to the expiration or termination of the Lease, and Tenant will timely comply with such requirement and repair any mechanic’s and damage to the Land or the Building caused thereby at its own expense. Tenant will have no obligation to remove any other liens for any labor or materials furnished as part of such work. Any portion of Landlordthe Tenant’s Construction Contribution or Landlord’s Additional Allowance not paid within fifteen (15) days from the date when due in accordance with the foregoing provisions shall bear interest thereafter at a rate equal to one percent in excess of the so-called “prime rate” charged from time to time by the First National Bank of Boston, and may be deducted from installments of Yearly Fixed Rent next becoming due hereunderWork.

Appears in 1 contract

Samples: Agreement of Sublease (Advancis Pharmaceutical Corp)

Tenant’s Work. Promptly following the Commencement Date, Tenant shall accept perform with reasonable dispatch, at Xxxxxx’s sole cost and expense (except for reimbursement by Landlord of the Demised Premises “Allowance as is” on the date hereof and Landlord shall have no obligation whatsoever hereinafter provided), all work which is necessary or desirable to prepare the Demised Premises for Tenant’s use and occupancy (the “Tenant’s Work”) in accordance with plans and specifications submitted to and approved in advance in writing by Landlord in each instance. Tenant shall be responsible, at its sole cost and expense, for the preparation of the architectural, electrical and mechanical construction drawings, plans and specifications (called the “construction plans”) which are necessary to perform the Tenant’s Work, which construction plans shall be submitted to Landlord for prior approval. Any If any of such work construction plans are disapproved by Landlord, Landlord shall provide Tenant with specific reasons for such disapproval and the foregoing submission process shall be repeated until all construction plans have been approved by Landlord. Landlord’s approval in each instance shall not be unreasonably withheld, conditioned or delayed for any construction plans (i) which would not involve or affect any structural or exterior element of the Building or any portion thereof, (ii) which would not adversely affect the value of the Building or any portion thereof, (iii) which would not adversely affect the proper functioning of the Building systems or other facilities, or (iv) which would not change the character of the exterior or interior architectural design of the Building. During the performance of Tenant’s Work, Tenant shall not be obligated to pay Fixed Rent, Taxes or Operating Costs to Landlord unless the Rent Commencement Date has occurred. However, Tenant shall reimburse Landlord for its actual costs incurred in connection with the Tenant’s Work, including, without limitation, trash removal, electrical costs and costs of other utilities during construction (if separate accounts have not been established in Tenant’s name with the local utility companies at such time). All Tenant’s Work shall be performed by Tenant in a good and workmanlike manner employing materials of good quality and so as to conform with all applicable zoning, building, fire, health and other codes, regulations, ordinances and laws and shall be subject to the applicable provisions of this Lease, including including, without limitation Articles 10 and 11limitation, subsection 6.2.5. Landlord Tenant shall pay to Tenant, upon written request from time to time (but not more frequently than monthly) and pro rata as such work progresses, an amount equal to the cost thereof not in excess of $317,640 (hereinafter referred to as “Landlord’s Construction Contribution”). Any unused balance of Landlord’s Contribution plus an additional allowance in the amount of $21,176 (hereinafter referred to as “Landlord’s Additional Allowance”) may be applied to any other costs (including without limitation architectural, engineering, space planning and moving expenses) incurred by Tenant in relocating its business operations to the Demised Premises. The disbursement of any portion of Landlord’s Construction Contribution or Landlord’s Additional Allowance shall be made within fifteen (15) days following the receipt by Landlord of invoices, receipts and other documentation evidencing to Landlord’s reasonable satisfaction the costs on account of which such disbursement has been requesteduse, as well as releases its project manager Nordblom Development Company (pursuant to a separate written agreement between Nordblom Development Company and waivers of any mechanic’s and other liens for any labor or materials furnished as part of such work. Any portion of Landlord’s Construction Contribution or Landlord’s Additional Allowance not paid within fifteen (15) days from the date when due in accordance with the foregoing provisions shall bear interest thereafter at a rate equal to one percent in excess of the so-called “prime rate” charged from time to time by the First National Bank of Boston, and may be deducted from installments of Yearly Fixed Rent next becoming due hereunder.Tenant)

Appears in 1 contract

Samples: Lemaitre Vascular Inc

Tenant’s Work. The Premises shall be delivered to Tenant shall accept the Demised Premises “by Landlord in their "as is" condition except as required to be improved by and with the improvements listed on Exhibit B. All other work necessary to prepare the date hereof Premises for use and occupancy by Tenant, including, without limitation, all work, if any, described in Exhibit C hereto, shall be performed by Tenant at its own expense. Plans and specifications for all Tenant's Work must be approved by Landlord prior to commencement of any such work. Landlord shall have no obligation whatsoever to prepare the Demised Premises for occupancy by Tenant. Any such work performed by Tenant shall be subject to the provisions of this Lease, including without limitation Articles 10 and 11. Landlord shall pay to Tenant, upon written request from time to time seven (but not more frequently than monthly7) and pro rata as such work progresses, an amount equal to the cost thereof not in excess of $317,640 (hereinafter referred to as “Landlord’s Construction Contribution”). Any unused balance of Landlord’s Contribution plus an additional allowance in the amount of $21,176 (hereinafter referred to as “Landlord’s Additional Allowance”) may be applied to any other costs (including without limitation architectural, engineering, space planning and moving expenses) incurred by Tenant in relocating its business operations to the Demised Premises. The disbursement of any portion of Landlord’s Construction Contribution or Landlord’s Additional Allowance shall be made within fifteen (15) days following the receipt by Landlord of invoices, receipts and other documentation evidencing to Landlord’s reasonable satisfaction the costs on account of which such disbursement has been requested, as well as releases and waivers of any mechanic’s and other liens for any labor or materials furnished as part of such work. Any portion of Landlord’s Construction Contribution or Landlord’s Additional Allowance not paid within fifteen (15) days from the date when due of submission to approve (which approval shall not be unreasonably withheld) or disapprove the submitted plans and specifications. In the event of disapproval, Landlord shall give written notice thereof to Tenant and Tenant shall, as soon as possible thereafter, submit new plans and specifications for Landlord's approval corrected so as to satisfy Landlord's reasonable objections. Landlord agrees to cooperate reasonably with Tenant in accordance with the foregoing provisions shall bear interest thereafter at a rate equal correction of disapproved plans and specifications. In the event Tenant fails to one percent in excess satisfy Landlord's objections to any of Tenant's plans and specifications within twenty (20) days after Landlord notifies Tenant of the sosame, then such failure shall, at the election of Landlord, upon notice to Tenant, be a default by Tenant and Landlord may, in addition to all other available remedies, terminate this Lease. Any additions or improvements required to the Premises, Building and/or Property on account of Tenant's particular business or use or operating requirements shall be provided, paid for and maintained by Tenant. All of Tenant's Work shall be done in good and workmanlike manner and in compliance with all laws at Tenant's sole risk and expense, using good and first class, new materials. Landlord shall not be a party to nor incur any liability as a result of any contract to perform any of Tenant's Work. All of Tenant's Work shall be done by reputable and insured contractors, sub-called “prime rate” charged from time to time contractors and labor previously approved by Landlord, which approval shall not be unreasonably withheld or delayed (Landlord acknowledges that the First National Bank of BostonGeorxx X. Xxxxxxx Xx., Inc. is an approved contractor), and shall be done by such contractors, labor and means so that, as far as may be deducted from installments possible, such work and any work by Landlord or its contractors, subcontractors or labor in or about the Building shall be without interruption on account of Yearly Fixed Rent next becoming due hereunderstrikes, work stoppages or similar causes or delay. No mechanics' or materialmen's liens shall be attached to the Premises, the Building or the Property as a result of Tenant's Work, or if attached shall be removed or bonded within twenty (20) days of notice thereof. Tenant shall commence Tenant's Work no later than on the Term Commencement Date and shall as promptly as possible perform all of Tenant's Work and open for business at the Premises. On the Term Commencement Date and, as applicable, the date on which Tenant first opens for business in the Premises, Tenant shall deliver to Landlord copies of all permits, licenses and other governmental approvals, if any, lawfully required for Tenant's use of the Premises. The preceding sentence shall not be construed to obligate Tenant to obtain any permits, licenses or approvals for work required by this Lease to be performed by Landlord. Tenant shall obtain at Tenant's sole cost and expense, any permits, licenses or approvals for work under this Lease to be performed by Tenant.

Appears in 1 contract

Samples: Lease Cambridge (Cambridge Neuroscience Inc)

Tenant’s Work. 2.1 All interior improvements, including installation of Trade Fixtures, as indicated in Exhibit B-3, furnishings and Building Core Improvements (collectively referred to herein as "Tenant's Work"), shall be constructed by Tenant at its sole cost and expense. All of the plans and specifications for Tenant's Work shall be approved by Landlord in advance of commencing any construction. Such approval by Landlord, shall not be unreasonably withheld or delayed. The parties agree that certain items of the Building Core improvements (specifically, proof loading of the roof structure and penetrations in the second deck for future mechanical drafts) shall be completed during shell construction by Landlord and the cost of such items shall be deducted from the Tenant Improvement Allowance. Tenant shall accept invest a minimum of sixty dollars ($60.00) per rentable square foot, including the Demised Premises “as is” Tenant Improvement Allowance supplied by Landlord, excluding soft costs ("Soft Costs" are those items described in Paragraphs 2.2 (v) through (xi)), and excluding the items described on Exhibit B-3 hereto, to improve the date hereof and entire Premises. Tenant shall, within thirty (30) days following the term Commencement Date, provide Landlord shall have no obligation whatsoever to prepare the Demised Premises for occupancy with an accounting, certified by an officer of Tenant. Any such work performed , itemizing all amounts expended by Tenant shall be subject to improve the Premises. If the amount expended by Tenant is less than sixty dollars ($60.00) per rentable square foot of the Building, (exclusive of Soft Costs), Tenant shall, together with the accounting, deliver to Landlord an unconditional irrevocable letter of credit (separate from but for a purpose similar to the provisions Letter of Credit described in paragraph 19 of this Lease, including without limitation Articles 10 ) in an amount equal to the difference between the amount expended by Tenant and 11sixty dollars ($60.00) per rentable square foot of the Building (exclusive of Soft Costs). Landlord shall pay At any time prior to Tenant, upon written request from time to time the twenty-forth month of the Lease Term (but not in no event more frequently than monthly) Tenant may provide Landlord with an amended accounting, as above, showing additional amounts expended by Tenant to improve the Premises (exclusive, however, of the costs of demolition and pro rata reconstruction of the Tenant's Work) since the last date shown on the immediately preceding accounting. If the total amount expended by Tenant is less than sixty dollars ($60.00) per rentable square foot of the Building (exclusive of Soft Costs), the amount of the letter of credit may be reduced to a sum equal to the difference between the amount expended by Tenant and sixty dollars ($60.00) per rentable square foot of the Building (exclusive of Soft Costs). On or before the last day of the twenty-forth month of the Lease Term, with an amended accounting as such work progressesabove showing in addition any amounts expended by Tenant to improve the Premises since the last date shown on Tenant's most recent accounting (exclusive, however, of the costs of demolition and reconstruction of the Tenant's Work), if the total amount expended by Tenant is less than sixty dollars ($60) per rentable square foot, Landlord shall be immediately entitled to draw down from the letter of credit an amount equal to the cost thereof not in excess of $317,640 (hereinafter referred to as “Landlord’s Construction Contribution”). Any unused balance of Landlord’s Contribution plus an additional allowance in difference between the amount expended by Tenaxx xxx sixty dollars ($60.00) per rentable square foot. Upon such draw the requirement that this letter of $21,176 credit be maintained shall terminate. The letter of credit shall (hereinafter referred a) designate Tenant or its assignees as beneficiary, (b) be issued by a financial institution approved by Landlord, (c) be in form satisfactory to as “Landlord’s Additional Allowance”, and (d) may be applied for a term of twenty-six months. Landlord shall not be required to deliver any other costs (including without limitation architectural, engineering, space planning and moving expenses) incurred by Tenant in relocating its business operations certifications or documentation of any kind to the Demised Premises. The disbursement of any portion of issuer in order to make a draw, other than Landlord’s Construction Contribution or Landlord’s Additional Allowance shall be made within fifteen (15) days following the receipt by 's written demand stating that Landlord of invoices, receipts and other documentation evidencing is entitled to Landlord’s reasonable satisfaction the costs on account of which such disbursement has been requested, as well as releases and waivers of any mechanic’s and other liens for any labor or materials furnished as part of such work. Any portion of Landlord’s Construction Contribution or Landlord’s Additional Allowance not paid within fifteen (15) days from the date when due draw in accordance with the foregoing provisions terms of this Lease. The issuer shall bear interest thereafter at a rate equal not be required to one percent in excess conduct any inquiry or investigation before paying Landlord the requested amount of the sodraw. Landlord may assign, transfer or pledge the letter of credit to any lender or purchaser in connection with any financing or sale of the Premises. Landlord shall provide to Tenant a Tenant Improvement Allowance of up to a maximum of thirty-called “prime rate” charged from time to time five dollars ($35.00) per rentable square foot on the Premises (Tenant Improvement Allowance") which shall include Soft Costs. The Tenant Improvement Allowance shall be reduced by the First National Bank amount Landlord expends on Building Core Improvements as stated above. Tenant shall promptly pay when due all costs for Tenaxx'x Xork. Landlord shall reimburse Tenant a portion of Bostonsuch costs not to exceed in the aggregate the amount of the Tenant Improvement Allowance less amounts expended by Landlord for Building Core Improvements as provided above. Tenant shall, not more frequently than monthly after commencement of the construction of Tenant's Work, submit to Landlord requests for reimbursement of amounts expended by Tenant for Tenant's Work. Each request shall be certified by an officer of Tenant and shall include, without limitation, (i) copies of all invoices paid by Tenant for which reimbursement is sought (ii) proof of payment of each invoice (iii) a fully executed unconditional lien release from each payee, and (iv) such additional information as Landlord may be deducted from installments reasonably request. After Landlord has received and approved each request as provided herein, Landlord shall process the approved request for payment by its lender and upon disbursement by Landlord's Lender reimburse Tenant promptly for one-half of Yearly Fixed Rent next becoming due hereunderall amounts shown in the request as expenditures for costs to which the Tenant Improvement Allowance applies, as hereinbelow provided, up to the maximum amount set forth above.

Appears in 1 contract

Samples: Lease (Virologic Inc)

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