Over-Allowance Amount definition
Over-Allowance Amount shall be the difference between (i) the amount of the Cost Proposal, and (ii) the amount of the Tenant Improvement Allowance (after deducting from the Tenant Improvement Allowance any amounts expended in connection with the preparation of the Construction Drawings, and the cost of all other items incurred prior to the commencement of construction of the Tenant Improvements). Tenant shall pay, immediately upon written notice from Landlord, a percentage of each amount disbursed by Landlord to the Contractor or otherwise disbursed under this Tenant Work Letter, which percentage shall be equal to the amount of the Over-Allowance Amount divided by the amount of the Cost Proposal, and such payment by Tenant shall be a condition to Landlord’s obligation to pay any amounts of the Tenant Improvement Allowance. In the event that, after the Cost Proposal Delivery Date, any revisions, changes, or substitutions shall be made to the Construction Drawings or the Tenant Improvements, any additional costs which arise in connection with such revisions, changes or substitutions or any other additional costs shall be paid by Tenant to Landlord on a prorata basis with Landlord (as reasonably determined by Landlord) consistent with the manner in which the initial Over-Allowance Amount is paid.
Over-Allowance Amount means the difference between (i) the amount of the Cost Proposal and (ii) the amount of the Improvement Allowance (less any portion thereof already disbursed by Landlord of in the items that will not materially interfere with Tenant's ability to conduct business in the Expansion Space; (ii) the issuance of a certificate of occupancy (temporary or permanent) for the Expansion Space or other similar evidence of acceptance of the Improvements from the appropriate local governmental authority permitting occupancy of the Expansion Space (e.g., an inspector's sign-off); and (iii) the Primary Systems are in good working order, with the exception of punch list items that will not materially interfere with Tenant's ability to conduct business in the Expansion Space. Landlord will give Tenant at least five (5) days prior written notice of the date that Landlord anticipates Substantial Completion will occur, and the parties will schedule a mutually acceptable time on or before such anticipated date of Substantial Completion to conduct a walk-through of the Expansion Space and prepare a punch list for the Improvements and the Primary Systems identifying those items that are not in compliance with the requirements of this Tenant Work Letter or Paragraph 6 of the First Amendment. Landlord shall correct all items identified on the punch list with all due diligence.
Examples of Over-Allowance Amount in a sentence
The Over-Allowance Amount shall be disbursed by Landlord prior to the disbursement of any then remaining portion of the Tenant Improvement Allowance, and such disbursement shall be pursuant to the same procedure as the Tenant Improvement Allowance.
Any Over-Allowance Amount shall be disbursed by Landlord before the Allowance and pursuant to the same procedure as the Allowance.
The Over-Allowance Amount shall be disbursed by Landlord prior to the disbursement of any of the then remaining portion of the Tenant Improvement Allowance, and such disbursement shall be pursuant to the same procedure as the Tenant Improvement Allowance.
In the event that, after the Cost Proposal Delivery Date, any revisions, changes, or substitutions shall be made to the Construction Drawings or the Tenant Improvements, any additional costs which arise in connection with such revisions, changes or substitutions or any other additional costs shall be paid by Tenant to Landlord immediately upon Landlord's request as an addition to the Over-Allowance Amount.
All Tenant Improvements paid for by the Over-Allowance Amount shall be deemed Landlord’s property under the terms of the Lease.
More Definitions of Over-Allowance Amount
Over-Allowance Amount means the difference between (i) the Final Costs for the Premises, and (ii) the amount of the Tenant Improvement Allowance. Tenant shall be required to pay the Over-Allowance Amount on a pro rata basis throughout the course of construction of the Tenant Improvements. By way of example only, and not as a limitation upon the foregoing, if the total cost of the Tenant Improvement Allowance Items equals Fifty Dollars ($50.00) per rentable square foot of the Premises, the Over-Allowance Amount shall be Fifteen Dollars ($15.00) per rentable square foot (i.e., the Final Costs less the Thirty-Five Dollar ($35.00) per rentable square foot Tenant Improvement Allowance), and Tenant shall pay fifteen fiftieths (15/50ths) of the amount of each invoice net of retention. In the event that after the Final Costs are determined, and if such Final Costs exceed the amount of the Tenant Improvement Allowance allocated to such space as described above, any revisions, changes or substitutions shall be made to the Construction Drawings or the Tenant Improvements pursuant to the provisions of this Tenant Work Letter, any additional costs net of retention reasonably attributable to such revisions, changes or substitutions shall be paid by Tenant.
Over-Allowance Amount has the meaning set forth in Section 3.5(c).
Over-Allowance Amount shall equal the difference between the amount of the Final Costs and the amount of the Tenant Improvement Allowance (less any portion thereof already disbursed by Landlord, or in the process of being disbursed by Landlord, on or before the commencement of construction of the Tenant Improvements). Tenant shall pay, immediately upon written notice from Landlord, a percentage of each amount disbursed by Landlord to the Contractor or otherwise disbursed under the Tenant Work Letter, which percentage shall be equal to the amount of the Over-Allowance Amount divided by the amount of the Final Costs, and such payment by Tenant shall be a condition to Landlord's obligation to pay any amounts of the Tenant Improvement Allowance. In the event that, after the Final Costs have been delivered by Tenant to Landlord, the costs relating to the design and construction of the Tenant Improvements shall change, any additional costs necessary to such design and construction in excess of the Final Costs, shall be an addition to the Over-Allowance Amount for purposes of this Section 4.2.1.
Over-Allowance Amount shall be equal to the difference between the amount of the Final Costs and the amount of the Improvement Allowance (less any portion thereof already disbursed by Landlord, or in the process of being disbursed by Landlord, on or before the commencement of construction of the Improvements). In the event that, after the Final Costs have been delivered by Tenant to Landlord, the costs relating to the design and construction of the Improvements shall change, any additional costs necessary to such design and construction in excess of the Final Costs, shall be paid by Tenant to Landlord immediately as an addition to the Over-Allowance Amount or at Landlord’s option, Tenant shall make payments for such additional costs out of its own funds, but Tenant shall continue to provide Landlord with the documents described in Sections 2.2.2.1(i), (ii), (iii) and (iv) of this Work Letter Agreement, above, for Landlord’s approval, prior to Tenant paying such costs.
Over-Allowance Amount means the difference between (i) the Final Costs for the Premises, and (ii) the amount of the Tenant Improvement Allowance. Tenant shall be required to pay the Over-Allowance Amount on a pro rata basis throughout the course of construction of the Tenant Improvements. By way of example only, and not as a limitation upon the foregoing, if the total cost of the Tenant Improvement Allowance Items equals Thirty and 60/100 Dollars ($30.60) per rentable square foot of the Premises, the Over-Allowance Amount shall be Five and 10/100 Dollars ($5.10) per rentable square foot (i.e., the Final Costs less the Twenty-Five and 50/100 Dollars ($25.50) per rentable square foot Tenant Improvement EXHIBIT C - Page 11 TISHMAN WARNER CENTER VENTURE, LLC [20th Century Industries; 6303 Owensmouth] Allowance), and Tenant shall pay one-fifth (1/5ths) of the amount of each invoice net of retention. In the event that after the Final Costs are determined, and if such Final Costs exceed the amount of the Tenant Improvement Allowance allocated to such space as described above, any revisions, changes or substitutions shall be made to the Construction Drawings or the Tenant Improvements pursuant to the provisions of this Tenant Work Letter, any additional costs (net of retention) reasonably attributable to such revisions, changes or substitutions shall be paid by Tenant.
Over-Allowance Amount means that amount by which the Final Costs exceed the Tenant Improvement Allowance.
Over-Allowance Amount. Landlord and Tenant shall initially share in the cost of the progress billing for the work based upon the ratio of the Work Allowance to the Over Allowance Amount as determined by the budget agreed to with the Contractor. Tenant shall pay any invoice for an Over Allowance Amount to Landlord, as Additional Rent, within ten (10) business days after Tenant’s receipt thereof.