Definition of Lessee's Improvement Allowance


Lessee's Improvement Allowance means $350,000.00
Sample 1

Examples of Lessee's Improvement Allowance in a sentence

Provided that Lessee completes Lessees Additional Work as provided herein, then Lessor agrees to provide to Lessee a lessee improvement allowance in an amount of up to Three Hundred Fifty-Seven Thousand Six-Hundred Sixty and 00 100 Dollars ($357,660.00) (Lessees Improvement Allowance) subject to the terms set forth herein and further subject to Paragraph 13.3 of the Original Lease.
Lessee shall perform and complete Lessees Additional Work in two (2) phases as specified on Exhibit A and, subject to Lessees compliance with the terms and conditions set forth herein, up to Ninety Thousand and 00100 Dollars ($90,000.00) of Lessees Improvement Allowance shall be paid to Lessee after the completion of Phase I, and the remainder of Lessees Improvement Allowance shall be paid to Lessee after the completion of Phase II.
Lessees Improvement Allowance shall be used solely for the cost of Lessees Additional Work as outlined in Exhibit A which shall be completed no later than May 1, 2017 and under no circumstances will any unused amount of Lessees Improvement Allowance be paid to Lessee.
If the construction cost for the Leasehold Improvements as set out in the construction contract, including any increases for change orders initiated or approved by Lessee, is less than Lessee's Improvement Allowance, the difference will be paid by Lessor to Lessee in cash on the Commencement Date (or as soon thereafter as the amount due can be calculated with certainty).
Lessee shall be entitled to receive a rent credit to the extent, if any, that Lessee's Improvement Allowance remains undisbursed after Lessor's payment to contractor of the final total cost of construction and Lessor's reimbursement of Lessee's architect's cost of architectural and mechanical plans and specification s.