Leasehold Improvement definition
Examples of Leasehold Improvement in a sentence
Lessor may, at its sole discretion, condition such approval upon the obligation of Lessee to replace the Leasehold Improvement by an improvement specified by Lessor.
All Leasehold Improvements, when completed, shall form part of the Premises, become the property of the Landlord as of their completion, without compensation being due to the Tenant therefor, and the Tenant shall not be allowed to remove any Leasehold Improvement without the Landlord’s prior written consent.
Lessee shall not remove or demolish, in whole or in part, any Leasehold Improvement on the Premises without Lessor’s prior written approval.
The fair market value of the Leasehold Improvements shall be reasonably determined by Sublessor with such determination based on information regarding, without limitation, the nature of the particular Leasehold Improvement, its age and functionality, and the current sale price of similar improvements in the same industry, all as valued for their highest and best use at the time of termination of the Sublease.
All representations and warranties contained in this Leasehold Improvement Agreement shall constitute continuing representations and warranties which shall remain true, correct and complete throughout the Term.
If this Lease conflicts with the Leasehold Improvement Agreement, the Leasehold Improvement Agreement shall prevail.
In the event Landlord’s approval for any Tenant’s Alterations is required, Tenant shall not construct the Leasehold Improvement until Landlord has approved in writing the plans and specifications therefore, and such Tenant’s Alterations shall be constructed substantially in compliance with such approved plans and specifications by a licensed contractor first approved by Landlord.
TENANT’s obligation to pay Leasehold Improvement costs is subject to TENANT’s rights in Section 2(c) to request revisions in the preliminary budget and/or terminate the Lease.
LANDLORD shall provide TENANT with a Leasehold Improvement Allowance in the amount of $ [INSERT DOLLAR AMOUNT IN WORDS AND NUMBERS e.g, FIFTY and 00/100 Dollars ($50.00)] per square foot for a total of [INSERT DOLLAR AMOUNT IN WORDS AND NUMBERS, e.g, FIFTY THOUSAND and 00/100 Dollars ($50,000.00)] toward the cost of design, purchase and construction of Leasehold Improvements, including without limitation design, engineering, construction, and consulting fees (“Leasehold Improvement Costs”).
Notwithstanding the requirements set out in (a) above, in emergency situations, the TPA may have the discretion to conditionally approve and flow funds for Minor Leasehold Improvement One-Time Funding provided that the details set out in (a) are provided within 7 days of the flow of the Minor Leasehold Improvement One-Time Funding.