Common use of Upon Tenant Clause in Contracts

Upon Tenant. s approval of the final form of the drawings, pans and specifications, which shall constitute the Construction Documents, Landlord shall prepare an analysis of the cost of constructing the Leasehold improvements according to the Construction Documents (the "Final Cost") and submit such analysis to Tenant for its approval. Within five (5) business days from the date the Final Cost has been submitted to Tenant ("Cost Approval Period"), Tenant shall approve or disapprove the Final Cost. If Tenant fails to respond within the Cost Approval Period, it shall be conclusively presumed that Tenant has approved the Final Costs. If Tenant does not approve the Final Cost, It shall promptly notify Landlord; in which case Tenant and Landlord shall use their best efforts to amend the Construction Documents in a manner satisfactory to each. If they are unable to do so within 10 days after Tenant notifies Landlord as provided in the preceding sentence, either party may terminate the Lease by delivering written notice to the other. Tenant acknowledges that Landlord's sole monetary obligation is to pay the costs attributable to the construction of the Leasehold Improvements, up to an aggregate maximum limit of $20.00 per square foot of Tenant's Square Footage (the "Allowance"), and Tenant shall pay all other costs of the construction of the Leasehold improvements in excess of the Allowance ("Tenant's Share"). Landlord acknowledges and agrees that the Allowance shall be used toward the construction of the Leasehold Improvements, including all architectural services, engineering fees, preparation of working drawings, permit fees and other related services (including overtime and other expenses incurred to expedite the construction of the Leasehold Improvements to meet the Lease Commencement Date), the installation of additional heating, ventilating and air conditioning units and other special installations, and that a portion of the Allowance (up to $2.00 per square foot of Tenant's Square Footage) may be used to fund the installation of telephone and computer wiring, moving and other related expenses incurred by Tenant in relocating its offices to the Leased Premises, all as reasonably agreed upon by Tenant and Landlord. In addition, all costs attributable to changes and variations from the Construction Documents in excess of the Allowance (including, without limitation, any fees and expenses of the Consultants and any increased costs of construction) shall be paid by Tenant.

Appears in 1 contract

Sources: Lease Agreement (Icarus International Inc)

Upon Tenant. s approval default, and after the expiration of any applicable notice and cure periods, Landlord or its agents may immediately or at any time thereafter, re-enter and resume possession of the final form Premises and remove all persons and property therefrom, either by summary dispossess proceedings or by a suitable action or proceeding at law, or by force or otherwise, without being liable for any damages therefor. No re-entry by Landlord shall be deemed an acceptance or a surrender of this Lease. Thereafter, Landlord may in its own behalf, relet any portion of the drawings, pans and specifications, which shall constitute Premises for any period of the Construction Documentsremaining Term for any reasonable sum to any reasonable tenant for any reasonable use or purpose. In connection with any such reletting, Landlord shall prepare an analysis may make such changes to the Premises and may grant such concessions of free Rent as may be reasonably appropriate or helpful in effecting such lease. Should this Lease be terminated before the expiration of the cost Term of constructing this Lease by reason of a default by Tenant, the Leasehold improvements according Premises may be relet by Landlord, for such Rent and upon such terms as Landlord is able to obtain, and, if the Construction Documents (the "Final Cost") and submit such analysis to Tenant for its approval. Within five (5) business days from the date the Final Cost has been submitted to Tenant ("Cost Approval Period")full Rent shall not be realized by Landlord, Tenant shall approve or disapprove the Final Cost. If Tenant fails to respond within the Cost Approval Periodbe liable for all damages sustained by Landlord, it shall be conclusively presumed that Tenant has approved the Final Costs. If Tenant does not approve the Final Cost, It shall promptly notify Landlord; in which case Tenant and Landlord shall use their best efforts to amend the Construction Documents in a manner satisfactory to each. If they are unable to do so within 10 days after Tenant notifies Landlord as provided in the preceding sentence, either party may terminate the Lease by delivering written notice to the other. Tenant acknowledges that Landlord's sole monetary obligation is to pay the costs attributable to the construction of the Leasehold Improvements, up to an aggregate maximum limit of $20.00 per square foot of Tenant's Square Footage (the "Allowance"), and Tenant shall pay all other costs of the construction of the Leasehold improvements in excess of the Allowance ("Tenant's Share"). Landlord acknowledges and agrees that the Allowance shall be used toward the construction of the Leasehold Improvements, including all architectural services, engineering fees, preparation of working drawings, permit fees and other related services (including overtime and other expenses incurred to expedite the construction of the Leasehold Improvements to meet the Lease Commencement Date), the installation of additional heating, ventilating and air conditioning units and other special installations, and that a portion of the Allowance (up to $2.00 per square foot of Tenant's Square Footage) may be used to fund the installation of telephone and computer wiring, moving and other related expenses incurred by Tenant in relocating its offices to the Leased Premises, all as reasonably agreed upon by Tenant and Landlord. In addition, all costs attributable to changes and variations from the Construction Documents in excess of the Allowance (including, without limitation, any fees the deficiency in Rent and other amounts due under the Lease including without limitation reasonable attorneys' fees, other collection costs and all expenses (including leasing fees) of placing the Premises in first class rentable condition. Any damage or loss sustained by Landlord may be recovered by Landlord, at Landlord's option, (i) at the time of the Consultants reletting, (ii) in separate actions, from time to time, as said damage shall have been made more easily ascertainable by successive relettings, (iii) be deferred until the expiration of the term of this Lease, in which event the cause of action shall not be deemed to have accrued until the date of expiration of said term, or (iv) if Landlord is unable to find a new tenant for the Premises within sixty days from termination of the Lease, Tenant shall immediately pay Landlord the present value (discounted at 6%) of all the Rent and any increased costs other amounts due under the Lease, including without limitation property taxes which will accrue for the remainder of constructionthe Term (as if there had been no termination for cause) as liquidated damages. The provisions contained in the paragraph shall be paid by Tenant.in addition to and shall not prevent the enforcement of any claim Landlord may have against Tenant for anticipatory breach of the unexpired term of this Lease

Appears in 1 contract

Sources: Lease Agreement (Pointe Financial Corp)