Definition of Tenant Improvement Deposit


Tenant Improvement Deposit means the sum of $220,000, $110,000 of which shall be deposited by Tenant with Landlord at such time as Landlord receives the building permit from the City of Austin for the construction of the Tenant Improvements, and $110,000 of which shall be payable on the Completion Date. Tenants failure to timely deposit the Tenant Improvement Deposit with Landlord shall constitute a Tenant Delay. The Tenant Improvement Deposit will be used by Landlord to reimburse Landlord for the costs of installing the Tenant Improvements. If Tenant is not in default at the termination of this Lease, then Landlord shall repay the Tenant Improvement Deposit to Tenant within thirty (30) days following the termination of this Lease. If Landlord transfers its interest in the Building during the term of this Lease, Landlord may assign its obligation to repay the Tenant Improvement Deposit to the transferee and upon assumption by such transferee of such obligation, Landlord shall have no further liability for the return of the Tenant Improvement Deposit.

Examples of Tenant Improvement Deposit in a sentence

Prior to commencement of the Landlord Improvements, Landlord may require Tenant to deposit with Landlord an additional sum equal to the difference of the estimated cost to complete the Landlord Improvements and the Landlord Contribution ("Tenant Improvement Deposit").
Any portion of the Tenant Improvement Deposit remaining on the Termination Date (as defined in Section 6 below) shall be released to Purchaser and all accrued interest shall be disbursed to Seller.
In the event Buyer has delivered a Tenant Improvement Deposit or Leasing Common Deposit to Escrow Holder in accordance with this Agreement, such amounts shall be disbursed in accordance with Exhibit G.
Notwithstanding anything contained herein to the contrary, if the Completion Date does not occur on or before January 1, 2000 (the “Outside Completion Date”), for any reason whatsoever save and except for Tenant Delays, Tenant shall have the option, but not the obligation, to terminate this Lease at any time prior to the occurrence of the Completion Date, in which event Landlord shall immediately return to Tenant that portion of the Tenant Improvement Deposit previously deposited by Tenant with Landlord.
The Termination Date of this Escrow Agreement is the date which is twenty-five (25) months hereof with respect to the Tenant Improvement Deposit and the Leasing Commissions Deposit and shall be twenty (20) months hereof with respect to the Real Estate Tax Deposit.