Definition of Landlord's Allowance


Landlord's Allowance means $18.00 per rentable square foot ($233,856.00) for the Third Expansion Space, an additional $4.00 per rentable square foot for the Second Expansion Space ($9,532.00) and $4.00 per rentable square foot for that portion of the Premises located on the 2nd floor of the Building ($225,952.00) plus $20,000 towards the cost of installing an elevator in the Premises for a total of $489,340.00. In addition, Tenant may utilize the Landlords Allowance described in Second Amendment for Leasehold Improvements within that portion of the Premises located on the first floor of the Building.
Sample 1

Examples of Landlord's Allowance in a sentence

If the cost of construction of Tenants Work exceeds the funds available therefor from Landlords Allowance, then Tenant shall pay all such excess (the Excess Cost).
Any unused portion of Landlord's Allowance for the Tenant Improvements shall remain the property of Landlord, and Tenant shall have no interest in said funds.
At such time as Landlords Allowance with respect to Tenants Work has been entirely disbursed, Tenant shall pay the remaining Excess Cost, if any, which payments shall be made in installments as construction progresses in the same manner as Tenants payments of Tenants Share of Costs were paid.
Landlord agrees to disburse the Landlord's Allowance for Tenant Improvement Costs and the Tenant's Costs (to the extent deposited by Tenant with Landlord) to pay the Tenant Improvement Costs as and when the same become due and payable.
Landlord, with Tenant's cooperation, shall cause to be made any change in the Construction Plans necessary to obtain the building permit and to the extent the aggregate amount of the Construction Costs exceeds the amount of Landlord's Allowance, Tenant shall be responsible for such additional costs, notwithstanding the amount previously specified in the Construction Budget approved by Landlord and Tenant.