Tenants Allowance and Payment of Tenants Cost from Lease
THIS LEASE is made in Worcester, Massachusetts effective on the Date of Lease stated in Article 1 between the Landlord and the Tenant named in Article 1. In consideration of the Rent payable by Tenant and of the agreements to be performed and observed by Tenant, Landlord hereby leases the Premises to Tenant, and Tenant hereby takes the Premises from Landlord, subject to the provisions and for the term stated below:
Tenants Allowance and Payment of Tenants Cost. Landlord agrees to make available up to $600,000 which Tenant may, at its election use to pay Tenants Cost in preparing the Premises for Tenants occupancy, which amount is referred to in this Lease as Tenants Allowance. Tenants Allowance will consist of two separate funded accounts, namely Account I in the amount of $400,000, which is applicable to Tenants Cost with respect to Area B and Area C, and Account II in the amount of $200,000, which is applicable to the entire Premises. Landlords obligation to make Account I available will expire on October 31, 1996 unless on or before that date Tenant notifies Landlord of its intention to make Improvements and apply Account I to Tenants Cost for the Improvements. Tenant will have no right to request funds from Account I after March 31, 1997. Landlords obligation to make Account II available is subject to the closing of permanent financing of the Building known as Three Biotech Park from Teachers Insurance and Annuity Association of America under a commitment dated April 6, 1995. Tenant will have no right to request funds from Account II after June 30, 1996.