TI Costs means tenant improvement costs and allowances incurred by First Mortgage Borrower in connection with renewing existing Leases or executing new Leases for space located in the Mortgaged Property.
TI Costs means 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 Landlord the difference between (a) the TI Costs and (b) the sum of the TI Allowance and the TI Deposit. However, Landlord shall be solely responsible for any costs related to the Tenant I...
TI Costs means costs and expenses incurred by Borrower for the payment of leasing commissions and expenditures related to repairs, replacements and improvements (including any tenant work allowance) in connection with the leasing of a Property or any portion thereof to a new tenant or the renewal or extension of a Lease to an existing tenant.
Examples of TI Costs in a sentence
Notwithstanding anything to the contrary set forth in this Section 5(d), Tenant shall be fully and solely liable for TI Costs and the cost of Minor Variations in excess of the TI Allowance.
If Tenant: (i) approves in writing the cost or savings and the estimated extension in the time for completion of Landlord’s Work, if any, and (ii) deposits with Landlord any Excess TI Costs required in connection with such Change, Landlord shall cause the approved Change to be instituted.
If Tenant fails to deposit any Excess TI Costs with Landlord, Landlord shall have all of the rights and remedies set forth in the Lease for nonpayment of Rent (including, but not limited to, the right to interest at the Default Rate and the right to assess a late charge).
The TI Allowance and Excess TI Costs are herein referred to as the “TI Fund.” Funds deposited by Tenant shall be the first disbursed to pay TI Costs.
If upon Substantial Completion of the Tenant Improvements and the payment of all sums due in connection therewith there remains any undisbursed portion of the TI Fund, Tenant shall be entitled to such undisbursed TI Fund solely to the extent of any Excess TI Costs deposit Tenant has actually made with Landlord.
More Definitions of TI Costs
TI Costs means the total of all costs incurred by Landlord in connection with or allocable to the construction, installation and financing of the Initial Tenant Improvements, including, without limitation, design costs, permitting fees, interest and financing fees.
TI Costs. The cost of the Tenant Improvements determined in accordance with EXHIBIT C. Wherever applicable in this Lease, the TI Costs shall be deemed to be amortized on a straight line basis over a ten (10) year period commencing on the Rent Commencement Date.
TI Costs means any and all costs incurred in accordance with this Exhibit C and associated with the performance of Landlord's TI Work and any Tenant Work for which Tenant seeks reimbursement out of the TI Allowance, including (i) all amounts paid for labor, materials and equipment associated with, or in connection with, the performance of Landlord 's TI Work, including fees and costs paid to the TI GC (and any applicable subcontractors), contractor's Ojverhead, supervision, profit and all costs of payment and performance bonds (to the extent applicable to Landlord's TI Work), (ii) all permit fees applicable to the Tenant Improvements, (iii) all fixture fees and governmental inspection fees for Tenant Improvements (i.e., excluding base building tap fees, fixture fees and/or inspection fees), and related engineering fees incurred by Landlord, regardless of whether any of the foregoing were paid by Landlord prior to the commencement of construction C-7
TI Costs means all of Landlord's costs in connection with the Tenant Improvements (other than recarpeting the existing office pursuant to Section 1(a) above, which shall be performed at Landlord's sole cost), including, without limitation, costs of design and engineering, purchase of materials, obtaining of permits and costs of construction. Tenant shall reimburse Landlord for all TI Costs by amortization of TI Costs over the final sixty (60) months of the Initial Term of the Lease using an interest rate of eleven and one-quarter percent (11.25%), with Tenant paying equal month installments of such amortized amount, monthly in advance as additional rent (the "Additional Fixed Rent").
TI Costs shall include all of the following costs: space planning and studies; architectural and engineering fees; permits, approvals and other governmental fees; construction costs, taxes, and all other costs expended or to be expended in connection with the Tenant Improvements, as applicable. Tenant may use up to $32,560.00 of the Tenant Allowance (“FF&E Maximum Amount”) for the installation of Tenant’s telecom/data, furniture, fixtures and equipment for the Premises (as that term is defined in Paragraph 2 above) and moving expenses incurred with respect to the Premises. The FF&E Maximum Amount shall be disbursed to Tenant within ten (10) days after Landlord’s receipt of Tenant’s written request for the same, which request shall be accompanied by an itemization of the costs associated with any such installation of such telecom/data, furniture, fixtures and equipment for the Premises and moving expenses incurred with respect to the Premises, together with paid receipts showing that the requested sums were spent on same. If Tenant fails to satisfy all of the conditions set forth in Paragraph 6 of the Work Letter attached hereto as Exhibit B and/or request reimbursement of the Tenant Allowance (or unpaid portion thereof) within twelve (12) months following the Expansion Commencement Date, then Tenant’s right to receive the same shall be deemed waived and null and void, and Landlord shall thereafter have no obligation to pay the Tenant Allowance (or unpaid portion thereof) to Tenant.
TI Costs means the entire cost of performing the Tenant Improvements (including design of the Tenant Improvements and preparation of any working drawings, costs of construction labor and materials, related taxes and insurance costs, and the Administrative Rent. Landlord shall have no obligation to bear any portion of the cost of any of the Tenant Improvements except to the extent of the TI Allowance. If at any time and from time-to-time, the remaining TI Costs under the Budget exceed the remaining unexpended TI Allowance, Tenant shall be responsible for paying 100% of the then current TI Cost in excess of the TI Allowance (the “Excess Costs”). Notwithstanding anything to the contrary set forth in this Section 5(c), Tenant shall be fully and solely liable for TI Costs and the cost of Minor Variations in excess of the TI Allowance, if any.