TI Allowance means (a) One Hundred Twenty Five Dollars ($125.00) per rentable square foot of the Premises (the “Initial TI Allowance”), together with (b) the Additional Allowance. The “TI Costs” shall mean all Tenant Core and Shell Costs (as defined in the Work Letter) and all costs and expenses of performing the TI Work, including without limitation the hard and soft costs of (i) construction, (ii) the Construction Management Fee (as such term is defined in the Work Letter) and any Project or construction management fees paid by Tenant to an unaffiliated third party (such fees not to exceed three percent (3%) of the TI Allowance), (iii) space planning, design, architect, engineering, data and phone cabling and other related services, (iv) costs and expenses for labor, material, equipment, data and phone cabling and fixtures (including, without limitation, any of the Attached Property (as defined in Section 18.5), (v) building permits and other taxes, fees, charges and levies by governmental and quasi-governmental agencies for permits or for inspections of the Tenant Improvements, and (vi) the Warm Shell Costs. In no event shall the TI Allowance be used for: (w) the purchase of any furniture, personal property or other non-building system equipment, (x) costs resulting from a Tenant Delay, (y) costs resulting from any default by Tenant of its obligations under this Lease, or (z) costs that are recoverable or reasonably recoverable by Tenant from a third party (e.g., insurers, warrantors, or tortfeasors). In the event the estimated total TI Costs (as set forth in the Budget) exceed the TI Allowance, Tenant shall deposit with Landlord such overage (the “TI Allowance Excess”), within five (5) business days of receiving the Budget (the “TI Deposit”). In the event Landlord determines the estimate of the TI Costs set forth in the Budget underestimates the amount of TI Costs so that the TI Deposit will not be sufficient to cover the TI Allowance Excess, then Landlord shall communicate the same to Tenant and, if required by Tenant, the parties shall discuss revisions to the Budget and Tenant may make a TI Tenant Change Order Request to reduce TI Costs, and unless the TI Costs are reduced to be within the Budget and previously paid TI Deposit, Tenant shall promptly pay the additional amount to Landlord, and such additional amount shall be added to the TI Deposit. If the sum of the TI Allowance plus the TI Deposit is not sufficient to cover the TI Costs, Tenant shall reimburse L...
TI Allowance is defined in Section 5.6.
TI Allowance. As provided in Exhibit C – Tenant Improvements Work Letter.
Examples of TI Allowance in a sentence
Tenant further acknowledges that Xxxxxxxx’s construction representative is authorized to approve plans and make decisions regarding construction but is not authorized to amend or modify the Lease or to increase the amount of the TI Allowance or contribute any additional Landlord funds toward the cost of the Tenant Improvements.
Landlord shall deduct the costs of the Tenant Improvements from the TI Allowance as and when due.
Landlord shall contribute the amount of the TI Allowance in accordance with this Work Agreement.
Upon exercise the Option, the terms and conditions of the Lease shall remain the same except that there shall be no additional TI Allowance or construction of Initial Improvements, and Landlord shall adjust the Basic Rent to an amount that is equal to Prevailing Market Rent for the Premises; provided, however, that in no event shall Basic Rent be adjusted downward from the Basic Rent in effect immediately prior to the Option term.
Landlord shall in good faith use its best efforts to ensure the total cost of the Tenant Improvements does not exceed the cost of the TI Allowance.
More Definitions of TI Allowance
TI Allowance has the meaning set forth in Paragraph 3(a) of the attached Exhibit A.
TI Allowance means up to $1,690,210.55 plus the Additional Allowance, if any (as defined and described in the attached Exhibit C), to be funded by Landlord and used exclusively for the design and construction in accordance with the attached Exhibit C.
TI Allowance has the meaning given in the Lease and shall be used to pay for the design, permitting and construction of Tenant Improvements in the Premises.
TI Allowance. PrePaid rent: T shall pay $3104.50 upon execution of lease. (L, Sec. 1.7, Pg. 1) No Lease provision. No Lease provision. No Lease provision. No Lease provision. No Lease provision. No Lease provision. DEPOSIT INFORMATION Security Deposit: $3104.5, which shall be returned w/out payment of interest after the expiration of the Lease. (3rd Amend, Sec. 12, Pg. 2; L, Sec. 5, Pg. 4) RECOVERIES CAM/Operating Expenses: T shall pay its PRS of Operating Expenses in excess over the Base Year. (3rd Amend., Sec. 6, Pg. 1; L, Sec. 4.2, Pg. 3) PRS: 6.67%. (3rd Amend., Sec. 6, Pg. 1) Base Year: 2015. (3rd Amend., Sec. 6, Pg. 1) CAP: 5% for Controllable Operating Expenses (except taxes, insurance, utilities). (3rd Amend., Sec. 6, Pg. 1) Gross Up: 95%. (L, Sec. 4.2(d), Pg. 3) Inclusions: All costs of operations, maintenance, replacement, and repair of common areas, Trash disposal, janitorial and security services; cost of premiums for liability and property insurance policies maintained by LL; cost of water, sewer, gas, electricity, and other utility services provided to the Office Building Project; Labor, salaries and applicable fringe benefits and costs, materials, supplies and tools, used in maintaining, cleaning and managing, together with all accounting, property management and asset management fees attributable to the operation of the Office Building Project; Replacements of equipment or improvements that have a useful life for depreciation purposes according to Federal income tax guidelines of 5 years or more provided, however, the applicable annual depreciation expense is amortized over such life; 100% of the replacement cost of equipment or improvements that have a useful life for depreciation purposes according to Federal income tax guidelines of 5 years or less shall be expensed in the calendar year such expense is incurred. (L, Sec. 4.2(e), Pg. 4) Exclusions: LL's legal, marketing, or tenant improvement costs associated with the leasing of space in the Office Building Project; expenses paid by any T directly to third parties, or as to which LL is otherwise reimbursed by any third party, other tenant, or by insurance proceeds. (L, Sec. 4.2(g, h), Pg. 4) Real Estate Taxes: T to pay its PRS in excess of Base Year. PRS: 6.67%. BY: 2015. (3rd Amend., Sec. 6, Pg. 1; L, Sec. 4.2, 10, Pg. 3, 8) Prop 13/Reassessment No Lease provision. Administrative Fee: No Lease provision. Management Fee: Included in Operating Expenses. (L, Sec. 4.2(e), Pg. 3-4) Insurance: Included in C...
TI Allowance as defined in the Work Letter shall mean the Tenant Improvement Allowance, the Additional Tenant Improvement Allowance and the Second Additional Tenant Improvement Allowance.
TI Allowance in the maximum amount of $239,400 in the aggregate, which is included in the Base Rent set forth in the Lease.