Landlord’s Work definition
Examples of Landlord’s Work in a sentence
Landlord shall charge a three percent (3%) project management fee, which fee shall be applied to the Landlord’s Work Cap and paid by Tenant directly after the cost of the Landlord’s Work exceeds the Landlord’s Work Cap.
A final true-up and accounting shall be performed after completion of construction of the Landlord’s Work, in order to document all costs of the Landlord’s Work.
Notwithstanding anything to the contrary herein, if Landlord fails to make such reimbursement of the Landlord’s Work Cap, Tenant shall have the right to apply any unpaid reimbursement to any amount of Basic Rent owed under the Lease, provided that any application of such amounts towards Basic Rent can only cover up to one-half of the amount of Basic Rent owed for such month.
In the event that Tenant objects to a proposed budget, then Landlord may stop all work related to the Landlord’s Work until the budget is approved by both Landlord and Tenant.
If the cost of Landlord’s Work does not exceed the Landlord’s Work Cap, Tenant may utilize any amount remaining towards the purchase of furniture, installation of telecommunication and data wiring, security system, signage or moving costs.