Tenant Improvement Allowance definition
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.