Design Allowance definition
Examples of Design Allowance in a sentence
In addition, Landlord shall provide to Tenant a design layout allowance not to exceed Ten Cents ($0.10) per rentable square foot in the Building 1 Premises (and not the Building 2 Premises) (the "Design Allowance") to be applied toward the costs of designing a layout for two (2) floors (one (1) typical floor plan layout and one (1) specialty or executive layout» of the Building 1 Premises.
Landlord further agrees to provide an allowance for the costs of initial space planning and construction drawing services, to be completed by Tenant's selected space planner, in the amount of One Dollar and Twenty-five Cents ($1.25) per rentable square foot of the Leased Premises (the "Design Allowance").
The Design Allowance shall be paid by Landlord directly to Tenant's space planner within thirty (30) days after Landlord receives invoices for the design services provided by such space planner for the Leased Premises.
Tenant shall be solely responsible for any costs charged by such space planner in excess of the Design Allowance.
Landlord shall disburse any Phase II Design Allowance or any applicable portion thereof (not to exceed the actual Phase II Design Costs), to Tenant within thirty (30) days after the Final Reconciliation (Phase II) described in Paragraph 7 below after completion of the Phase II Tenant’s Improvements.
To the extent that the cost of the preparation of the Plans shall exceed the Design Allowance or the Construction Price shall exceed the Tenant Improvement Allowance, Tenant shall be liable for the difference.
In accordance with Articles 37, 38, and 42 of the Lease, Landlord shall provide Tenant with a Tenant Improvement Allowance for the Sixth Floor Space equal to $9.25 per square foot or $204,092, and a Space Planning and Design Allowance for the Sixth Floor Space equal to $1.25 per square foot or $27,580.
Such Design Allowance shall be used only for payment of the cost of preparing the space plan and the final working drawings and specifications, including mechanical, electrical, plumbing and structural drawings and all other aspects of the Tenant Improvements Plans.
The Tenant Improvement Allowance shall be the allowance for any so-called "hard costs" incurred in constructing the Landlord Work, which allowance shall not exceed Fifty-Eight Thousand Seven Hundred and 00/100 Dollars ($58,700.00) plus any unused portion of the Design Allowance.
Upon written request from Tenant, Landlord shall reimburse to Tenant the lesser of the Design Allowance or Tenant's cost of preparing the Plans and Specifications, such cost to be evidenced by supporting invoices, paid receipts and final lien waivers submitted to Landlord.