Tenant Improvement Allowance definition
Tenant Improvement Allowance in the maximum amount of $200.00 per rentable square foot in the Premises, which is included in the Base Rent set forth in the Lease; and
Tenant Improvement Allowance means the sum of $316,020.00 (or $15.00 per square foot of rentable area times 21,068 square feet of rentable area) which Landlord agrees to pay towards the construction costs. Landlord agrees to pay architectural fees and design services up to $1.25 per rentable square foot. Any services performed by the architect above the $1.25 per rentable square foot shall be the responsibility of the Tenant and may be paid out of the Tenant Improvement Allowance to the extent funds are available. Notwithstanding anything to the contrary, provided there is any unused portion of the Tenant Improvement Allowance, up to 20% of the allowance can be used by the Tenant as a moving allowance or for communications costs for cabling and data. Tenant must submit invoices for such allowances for Landlord to pay. Xxxxxx Development will act as General Contractor for the construction of tenant improvements, competitively bidding each trade to at least three subcontractors, the typical five percent (5%) construction management fee will not be charged to Tenant or deducted from the Tenant Improvement Allowance. Landlord shall obtain bids based on the Approved Pricing Plans and construct the Work as described in the Approved Pricing Plans. If after finalizing the Approved Working Drawings, it is determined that the construction costs will exceed the amount of the Tenant Improvement Allowance (an “Excess”), then Tenant shall pay to Landlord the amount of such Excess within ten (10) days of written request from Landlord. Notwithstanding anything to the contrary, if Tenant fails to pay any Excess timely, Landlord shall not be obligated to commence construction of the Work and such delay shall constitute a Tenant Delay for each day beyond the ten (10) day period until the Excess is paid to Landlord. If Tenant elects not to use Xxxxxx Development as the General Contractor, Tenant understands that Landlord, or its designated agent, shall serve as construction manager for all of Tenant’s refurbishment and renovations in the refurbishment and renovations in the Premises and the fee for such service is 5% of the total cost of all work performed in connection with such refurbishment and renovations. Tenant agrees to cooperate with Landlord in completing any such improvements on a timely basis and Tenant has approved the preliminary space plan and pricing documentation. Additional space on the 3rd floor which Tenant elects to lease pursuant [****] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN...
Tenant Improvement Allowance means the amount required to be paid by Borrower to a Tenant under a Lease on account of or in lieu of work performed by such Tenant in the applicable space demised under such Lease.
Examples of Tenant Improvement Allowance in a sentence
Commencing as of the Effective Date, Tenant shall be entitled to use the Tenant Improvement Allowance, to reimburse Tenant for costs incurred, inter alia, in the design and construction of the Tenant Improvements Work, limited to the extent in Section 3.5(a) below.
Notwithstanding anything to the contrary contained herein, Tenant shall be required to utilize the Tenant Improvement Allowance on the hard and softs costs associated with the initial Tenant Improvements Work prior to distribution of any portion of the Tenant Improvement Allowance expended for Tenant’s initial purchase and installation of furniture, fixtures and equipment.
Landlord shall only be obligated to make disbursements from the Tenant Improvement Allowance to the extent costs are incurred by Tenant for Tenant Improvement Allowance Items.
During the construction of the Tenant Improvements Work, Landlord shall make monthly disbursements of the Tenant Improvement Allowance for Tenant Improvement Allowance Items for the benefit of Tenant and shall authorize the release of monies for the benefit of Tenant as follows.
In no event shall Landlord be obligated to make disbursements in connection with Xxxxxx's construction of the Tenant Improvements Work or any Tenant Improvement Allowance Items, in a total amount which exceeds the sum of the Tenant Improvement Allowance.
More Definitions of Tenant Improvement Allowance
Tenant Improvement Allowance means (a) with respect to the Initial Premises, $80.00 for each rentable square foot of the Initial Premises, (b) with respect to Must-Take Premises 1, $70.00 for each rentable square foot of Must-Take Premises 1 (provided that the rentable square footage of the No Rent Patio Space shall be excluded from the Must-Take Premises 1 rentable square footage for purposes of determining the Tenant Improvement Allowance applicable to Must-Take Premises 1), and (c) with respect to the Must-Take Premises 2, $60.00 for each rentable square foot of Must-Take Premises 2. In addition, Landlord shall provide a one-time allowance (in connection with Tenant’s construction of the Tenant improvements in Must-Take Premises 1 only) for the costs of creating a stairwell opening that connects the Ground Floor Premises and Basement Premises (the “Stairwell Opening”) and the installation of stairs to be installed by Tenant in the Stairwell Opening (the “Stairwell”) in an aggregate amount equal to $275,000.00 (the “Stairwell Allowance”). The Stairwell Allowance shall be available for the Stairwell Opening and the Stairwell only (and for no other purposes) and shall be disbursed by Landlord in the same manner as the Tenant Improvement Allowance, and shall otherwise be subject to the same terms and conditions as the Tenant Improvement Allowance. Tenant specifically acknowledges and agrees that all plans and specifications relating to the Stairwell Opening (including the location thereof) and the Stairwell shall be subject to Landlord’s approval, which shall not be unreasonably withheld. Landlord hereby acknowledges and agrees that Tenant shall have no obligation to construct a Stairwell Opening and to install a Stairwell; provided, however, that Tenant acknowledges and agrees in connection therewith that the Stairwell Allowance shall only be available to Tenant for such purposes. In addition, Landlord shall provide a one-time allowance (the “Electrical Allowance”) in an amount equal to $15,000.00 for each full floor of the Premises for costs reasonably incurred by Tenant for electrical upgrades to the extent required to achieve the electrical capabilities contemplated by Section 6.1.2 of this Lease (“Electrical Upgrades”). In no event shall any Electrical Allowance shall be available in connection with any portion of Must-Take Premises 1. The Electrical Allowance shall be available for the Electrical Upgrades only (and for no other purposes) and shall be disbursed by Landlord in the ...
Tenant Improvement Allowance is specified in Article 1.
Tenant Improvement Allowance means the tenant improvement allowance of $955,500.00 to be provided by Landlord to Tenant with respect to the design, development, construction and completion of the Tenant Work.
Tenant Improvement Allowance has the meaning set forth in Item 4 of the Summary of Basic Terms.
Tenant Improvement Allowance means the maximum amount Landlord is required to spend toward the payment of Interior Improvement Costs (as defined in the Interior Improvement Agreement) for all Interior Improvements (as defined in the Interior Improvement Agreement) constructed in the Premises, which amount is Four Hundred Thirty-Six Thousand One Hundred Seventy-Six and 26/100 Dollars ($436,176.26).
Tenant Improvement Allowance in the maximum amount of $1,600,000 in the aggregate, which is included in the Base Rent set forth in the Lease; and
Tenant Improvement Allowance. The maximum amount, if any, to be expended by Landlord for the cost of Tenant Improvements (including architectural, engineering, permitting and space planning fees, and the Construction Management Fee), which maximum shall not exceed Eight Thousand Eight Hundred Twenty-Two and 00/100 Dollars ($8,822).