Common use of Budget For Tenant Improvements Clause in Contracts

Budget For Tenant Improvements. Before the commencement of construction of the Tenant Improvements, Landlord shall obtain and deliver to Tenant for approval (which approval shall not be unreasonably withheld, delayed or conditioned) a detailed breakdown by trade of the costs incurred or that will be incurred in connection with the design and construction of the Tenant Improvements (the “Budget”). The Budget may be amended from time to time but shall be submitted to Tenant each time for its approval which approval shall not be unreasonably withheld, conditioned or delayed. The initial Budget shall be based upon the TI Construction Drawings approved by Tenant and shall include a payment to Landlord of administrative rent (“Administrative Rent”) equal to 2.5% of the TI Costs for monitoring and inspecting the construction of the Tenant Improvements and Changes, which sum shall be payable from the TI Fund (as defined in Section 5(d). Administrative Rent shall include, without limitation, all out-of-pocket costs, expenses and fees incurred by or on behalf of Landlord arising from, out of, or in connection with monitoring the construction of the Tenant Improvements and Changes, and shall be payable out of the TI Fund. If the Budget is greater than the TI Allowance, Tenant shall deposit with Landlord the difference, in cash, prior to the commencement of construction of the Tenant Improvements or Changes, for disbursement by Landlord as described in Section 5(d).

Budget For Tenant Improvements. Before the commencement of construction of the Tenant ImprovementsImprovements (or any TI Phase), Landlord Tenant shall obtain and deliver to Tenant for approval (which approval shall not be unreasonably withheld, delayed or conditioned) a detailed breakdown breakdown, by trade trade, of the costs incurred or that will be incurred incurred, in connection with the design and construction of the Tenant Improvements (or such TI Phase) (the “Budget”). The , and deliver a copy of the Budget may be amended from time to time but shall be submitted to Tenant each time Landlord for its approval Landlord’s approval, which approval shall not be unreasonably withheld, conditioned withheld or delayed. The initial Budget shall be based upon the TI Construction Drawings approved by Tenant Landlord and shall include a payment to Landlord of administrative rent (“Administrative Rent”) equal to 2.5$[***] per rentable square foot (i.e., [***]% of the TI Costs $[***] per rentable square foot) for monitoring and inspecting the construction of the Tenant Improvements and ChangesImprovements, which lump sum shall be payable from the TI Fund (as defined in Section 5(d)Allowance on a percentage of completion basis. Such Administrative Rent shall include, without limitation, all out-of-pocket costs, expenses and fees incurred by or on behalf of Landlord arising from, out of, or in connection with with, such monitoring of the construction of the Tenant Improvements and Changes(or the Tenant Improvements for such phase), and shall be payable out of the TI Fundas provided in this Section 6. If the Budget is greater than the TI AllowanceAllowance (or the TI Allowance allocable to such TI Phase), Tenant shall deposit with Landlord the difference, in cash, prior to the commencement of construction of the Tenant Improvements or Changes, for disbursement by Landlord pay Tenant’s Proportionate Share (as described defined in Section 5(d)6.7 below) thereof.

Budget For Tenant Improvements. Before the commencement of construction of the Tenant Improvements, Landlord shall obtain and deliver submit to Tenant for approval (which approval shall not be unreasonably withheld, delayed conditioned or conditioneddelayed) a detailed breakdown by trade of the costs incurred or that will be incurred in connection with the design and construction of the Tenant Improvements (as approved by Tenant, the “Budget”). The Budget may be amended from time to time but shall be submitted to Tenant each time for its approval which approval shall not be unreasonably withheld, conditioned or delayed. The initial Budget shall be based upon the TI Construction Drawings approved by Tenant and shall include a payment to Landlord of administrative rent (“Administrative Rent”) equal to 2.51% of the TI Costs for monitoring and inspecting the construction of the Tenant Improvements and Changes, which sum shall be payable from the TI Fund (as defined in Section 5(d). Administrative Rent shall include, without limitation, all out-of-pocket costs, expenses and fees incurred by or on behalf of Landlord arising from, out of, or in connection with monitoring the construction of the Tenant Improvements and Changes, and shall be payable out of the TI Fund. If the Budget is greater than the TI Allowance, Tenant shall deposit with Landlord the difference, in cash, prior to the commencement of construction of the Tenant Improvements or Changes, for disbursement by Landlord as described in Section 5(d).

Budget For Tenant Improvements. Before the commencement of construction of the Tenant ImprovementsImprovements for any Suite, Landlord Tenant shall obtain and deliver to Tenant for approval (which approval shall not be unreasonably withheld, delayed or conditioned) a detailed breakdown breakdown, by trade trade, of the costs incurred or that which will be incurred incurred, in connection with the design and construction of the such Tenant Improvements (the “Budget”"BUDGET"). The Budget may be amended from time to time but shall be submitted to Tenant each time for its approval which approval shall not be unreasonably withheld, conditioned or delayed. The initial Budget shall be based upon the TI Construction Drawings approved by Tenant Landlord for such Suite and shall include a payment to Landlord of administrative rent (“Administrative Rent”"ADMINISTRATIVE RENT") equal to 2.51.5% of the TI Costs (as hereinafter defined), for monitoring and inspecting the construction of the such Tenant Improvements and ChangesImprovements, which sum shall be payable from as a TI Cost for such Suite; provided that such Administrative Rent shall not exceed $15,000 in the TI Fund (aggregate for any Suite used for clinical manufacturing, as defined in permitted pursuant to Section 5(d)5 of the Second Amendment. Such Administrative Rent shall include, without limitation, all out-of-pocket costs, expenses and fees incurred by or on behalf of Landlord Landlord, including the cost of any overhead, arising from, out of, or in connection with with, such monitoring of the construction of the Tenant Improvements Improvements, regardless whether Landlord's actual costs and Changes, and shall be payable out of the TI Fundexpenses exceed such Administrative Rent. If the Budget is greater than the TI AllowanceAllowance for such Suite, Tenant shall make the deposit with Landlord the difference, described in cash, prior to the commencement of construction of the Tenant Improvements or ChangesSection 5(d) hereof, for disbursement by Landlord as described in such Section 5(d).