Common use of Tenant Improvement Allowance Clause in Contracts

Tenant Improvement Allowance. If and for as long as Tenant is not in default under this Lease beyond any applicable grace period, Tenant shall be entitled to a tenant improvement allowance in an amount equal to $10,758 ("Tenant Improvement Allowance" or "Allowance"). The Tenant Improvement Allowance shall be applied to the Work Cost. Tenant shall pay the entire amount of the Work Cost which is in excess of the Allowance. Landlord shall have no obligation to proceed with any Tenant Improvements until its receipt from Tenant of any such excess amounts. The Allowance may not be used toward any "soft costs" related to purchase or installation of Tenant's wiring of telephone, data and communications, fixtures, furniture or equipment, unless expressly provided herein. The payment of any such amounts by Tenant shall not be considered Additional Rent. Tenant shall not receive cash or any credit against Rent for any unused portion of the Allowance, if the Work Cost is less than the Allowance. Within ten days after receipt of the contractor's estimate of the anticipated Work Cost (subject to Value Engineering by Tenant), Tenant shall pay Landlord, in cash, the difference between the estimated Work Cost and the Tenant Improvement Allowance. Upon final completion of the Tenant Improvements, Landlord will provide a final accounting of the Work Cost and Tenant shall pay any amounts in excess of the Allowance then due not previously paid by Tenant within ten days after receipt of Landlord's invoice. Such payments by Tenant shall not be considered Additional Rent. Tenant's right to application of the Tenant Improvement Allowance shall expire 180 days after the Commencement Date. Any requests for reimbursement submitted to Landlord after such date shall not be paid from the Allowance and Tenant shall thereafter be solely responsible for the costs of the Tenant Improvements without reimbursement from Landlord. The rights granted to Tenant under this section to the Allowance are personal to the original named Tenant in this Lease and may not be assigned or exercised by or for the benefit of anyone (including, any subtenant) other than such Tenant. If after Tenant has been granted all or any portion of the Allowance, the Lease Term is terminated by virtue of a default by Tenant or Landlord resumes possession of the Premises as a result of Tenant's default, in addition to all other available damages and remedies, Landlord shall also be entitled to recover from Tenant the unamortized portion (calculated using an interest rate of 12% per annum compounded monthly) of the Tenant Improvement Allowance, which sum shall not be deemed rent. This obligation of Tenant to repay the unamortized balance of the Tenant Improvement Allowance to Landlord shall survive the expiration or sooner termination of the Lease Term. No Construction Management Fee shall be paid by Tenant to Landlord on any amount under $10,000.

Appears in 1 contract

Samples: Office Lease (PASSUR Aerospace, Inc.)

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Tenant Improvement Allowance. If The parties agree and acknowledge that (i) TWENTY-FIVE THOUSAND AND NO/100 DOLLARS ($25,000.00) of the Tenant Improvement Allowance must be used for the immediate short-term repairs as long identified on Exhibit C attached hereto and made a part hereof as the “immediate/short term repairs” (collectively, the “Short-Term Repairs”); (ii) EIGHT HUNDRED THIRTY THOUSAND AND NO/100 DOLLARS ($830,000.00) must be used for the roof replacement as identified on Exhibit C (the “Roof Replacement”); and (iii) ONE HUNDRED FORTY FIVE THOUSAND AND NO/100 DOLLARS ($145,000.00) must be used for those certain replacements and work identified on Exhibit C (the “Replacement Items”). The remaining balance of the Tenant Improvement Allowance in the amount of ONE MILLION FOUR HUNDRED THOUSAND AND NO/100 DOLLARS ($1,400,000.00) shall be used by Tenant to complete certain office renovation and improvement work at the Premises (the “Office Work” and together with the Short-Term Repairs, the Roof Replacement and the Replacement Items, referred to herein collectively, as the “Improvement Work”). Tenant shall, following the Commencement Date, commence and thereafter diligently complete the Improvement Work in accordance with the schedule set forth in Exhibit C attached hereto and made a part hereof. Landlord and Tenant acknowledge and agree that following the completion of the Roof Replacement and the Replacement Items, such items shall be assets of the Landlord (provided that the foregoing shall in no way be construed to impose any maintenance, repair or replacement obligations on the Landlord with respect to such assets, which obligations shall remain with Tenant as set forth herein). Tenant shall only use licensed contractors and subcontractors in the construction of the Improvement Work. It is not understood that all such contractors shall be qualified and have expertise in default under this Lease beyond any the applicable grace periodarea of work being performed. With respect to the Replacement Items (including the roof work), Tenant shall use a contractor subject to Landlord’s prior approval, such approval shall not be entitled to a tenant improvement allowance in an amount equal to $10,758 ("Tenant Improvement Allowance" unreasonably withheld, conditioned or "Allowance")delayed. The Replacement Items shall not be completed unless and until Landlord has approved the plans and specifications, such approval not to be unreasonably withheld, conditioned or delayed. No work shall commence at the Premises and specifications for any Improvement Work such approval not to be unreasonably withheld, conditioned or delayed. Tenant agrees to complete the Improvement Work substantially in accordance with the approved plans and specifications by entering into a construction contract with the approved contractor and Tenant shall promptly provide Landlord with a copy of such contract. Tenant shall not be responsible for any supervisory fee of Landlord or construction management fee of Landlord, but Tenant shall be responsible for reimbursing Landlord for any and all costs and expenses associated with Landlord’s review and approval of the plans and specifications for the Roof Replacement not to exceed $2,500.00. Accordingly, all such costs and expenses incurred by Landlord, shall be deducted from the Tenant Improvement Allowance shall be applied prior to the Work Costcommencement of Roof Replacement. Tenant shall pay have the entire amount obligation to obtain all permits and governmental approvals required for completion of the Improvement Work, if any, and shall maintain for inspection by Landlord copies of all approvals, permits, inspections, reports and other governmental consents obtained by Tenant, if any, and shall provide Landlord with copies of same upon request. The Improvement Work Cost which is shall be constructed by Tenant and the approved contractor and its representatives in excess a good and workmanlike manner and all construction and improvements resulting from the Improvement Work shall comply with all Legal Requirements. Tenant, in addition to the approved general contractor, will provide Landlord with the name of any and all subcontractors, construction managers and other building or design professionals working at the Premises, along with evidence of such party’s insurance and any other information that Landlord may reasonably request. Landlord and its agents shall have the right at all reasonable times to access the Premises to inspect the progress of construction. Xxxxxx’s receipt of the Allowance. Tenant Improvement Allowance related to the Improvement Work is further conditioned upon such work being completed and invoiced no later than the schedule set forth on Exhibit C. Notwithstanding anything contained herein to the contrary, the parties agree and acknowledge that (i) the Office Repairs shall be completed on or prior to the completion of the second (2nd) Lease Year, and even if the work is completed sooner, Landlord shall have no obligation to proceed with provide any Tenant Improvements until its receipt from Tenant of any such excess amounts. The Allowance may not be used toward any "soft costs" related to purchase or installation of Tenant's wiring of telephone, data and communications, fixtures, furniture or equipment, unless expressly provided herein. The payment of any such amounts by Tenant shall not be considered Additional Rent. Tenant shall not receive cash or any credit against Rent for any unused portion of the Allowance, if the Work Cost is less than the Allowance. Within ten days after receipt of the contractor's estimate of the anticipated Work Cost (subject to Value Engineering by Tenant), Tenant shall pay Landlord, in cash, the difference between the estimated Work Cost and the Tenant Improvement Allowance. Upon final completion of the Tenant Improvements, Landlord will provide a final accounting of the Work Cost and Tenant shall pay any amounts in excess of the Allowance then due not previously paid by Tenant within ten days after receipt of Landlord's invoice. Such payments by Tenant shall not be considered Additional Rent. Tenant's right to application of the Tenant Improvement Allowance shall expire 180 days after the Commencement Date. Any requests for reimbursement submitted to Landlord after such date shall not be paid from the Allowance and Tenant shall thereafter be solely responsible for the costs Office Work prior to the commencement of the Tenant Improvements without reimbursement from Landlord. The rights granted second (2nd) Lease Year (and subject to Tenant under this section Tenant’s satisfaction of the other terms and conditions set forth herein); (ii) the Roof Replacement shall be completed on or prior to the Allowance are personal completion of the fourth (4th) Lease Year, and even if the work is completed sooner, Landlord shall have no obligation to the original named Tenant in this Lease and may not be assigned or exercised by or for the benefit of anyone (including, any subtenant) other than such Tenant. If after Tenant has been granted all or provide any portion of the Allowance, Tenant Improvement Allowance for the Lease Term is terminated by virtue of a default by Tenant or Landlord resumes possession Roof Replacement prior to the commencement of the Premises as a result fourth (4th) Lease Year (and subject to Tenant’s satisfaction of Tenant's defaultthe other terms and conditions set forth herein) and (iii) the Replacement Items shall be completed on or prior to the completion of the fifth (5th) Lease Year, in addition to all other available damages and remedieseven if the Replacement Items are completed sooner, Landlord shall also have no obligation to provide any portion of the Tenant Improvement Allowance for the Replacement Items prior to the commencement of the fifth (5th) Lease Year (and subject to Tenant’s satisfaction of the other terms and conditions set forth herein). Subject to the conditions provided in this Lease, the Tenant Improvement Allowance shall be entitled paid to recover from Tenant within thirty (30) days of satisfaction of all of the unamortized following: (i) Landlord’s receipt of (a) Tenant’s invoice(s) detailing the costs and expenses of the portion of the Improvement Work that Xxxxxx seeks reimbursement for and any other written documentation reasonably requested by Landlord; (calculated using an interest rate b) copies of 12% per annum compounded monthlyTenant’s approved building permit drawings for the applicable portion of the Improvement Work; (c) copies of “as-built” drawings for the applicable portion of the Improvement Work; (d) copies of executed lien waivers as set forth in more detail below; (e) copy of the Warranty (as defined below); and (f) updated and amended insurance certificates, if required. Subject to the terms and conditions provided for herein, any remaining unused Tenant Improvement Allowance may be used by Tenant toward the cost of additional leasehold improvements to the Premises, but not otherwise. In the event that the Improvement Work occurs in separate phases or separate projects, Landlord shall cause the disbursement of the portion of the Tenant Improvement Allowance applicable to the portion of the Improvement Work so completed, upon Tenant complying with the provisions of this Section 8.4 applicable to such portion. Notwithstanding anything contained herein to the contrary, in the event the cost to complete the Improvement Work exceeds the Tenant Improvement Allowance, which sum then Tenant shall not be deemed rentresponsible, at its sole cost and expense, for any such excess costs and expenses. This obligation In addition, Tenant shall obtain commercially reasonable warranties from the general contractor(s) completing the Improvement Work for the benefit of Tenant and Landlord (collectively, the “Warranty”). In addition, for so long as the Warranty is in effect, Tenant will use commercially reasonable efforts to repay enforce any such Warranty extended to Tenant and Landlord covering the unamortized balance of the Tenant Improvement Allowance to Landlord shall survive the expiration or sooner termination of the Lease Term. No Construction Management Fee shall be paid by Tenant to Landlord on any amount under $10,000Work.

Appears in 1 contract

Samples: Lease Agreement (Limbach Holdings, Inc.)

Tenant Improvement Allowance. If and for as long as Tenant is not in default under this Lease beyond any applicable grace period, Tenant shall be entitled to a tenant improvement allowance in an amount equal to $10,758 ("Tenant Improvement Allowance" or "Allowance"). The Tenant Improvement Allowance shall be applied to the Work Cost. Tenant shall pay the entire amount of the Work Cost which is in excess of the Allowance. Landlord shall have no obligation to proceed with any cost created by changes made by Tenant Improvements until its receipt from Tenant of any such excess amounts. The Allowance may not be used toward any "soft costs" related to purchase or installation of after Tenant's wiring of telephone, data Plans have been approved by both Landlord and communications, fixtures, furniture or equipment, unless expressly provided herein. The payment of any Tenant and such amounts by Tenant shall not cost may be considered Additional Rent. Tenant shall not receive cash or any credit against Rent for any unused portion of the Allowance, if the Work Cost is less than the Allowance. Within ten days after receipt of the contractor's estimate of the anticipated Work Cost (subject to Value Engineering by Tenant), Tenant shall pay Landlord, in cash, the difference between the estimated Work Cost and funded from the Tenant Improvement Allowance. Upon final After completion of the improvements (construction of which Landlord will monitor and control) Tenant Improvements, shall pay within twenty (20) business days of Tenant's receipt of invoice for any cost overages resulting from changes made by Tenant in approved Tenant's Plans. Landlord will provide a final accounting Tenant Improvement Allowance of $28.00 per rentable square foot of the Premises toward the completion of the Work Cost shown in Tenant's Plans including any space planning and Tenant engineering costs, data and voice cabling costs and systems furniture (such systems furniture shall pay any amounts in excess not exceed a cost of $4.00 per rentable square foot of the Allowance then due not previously paid Premises). Any unused allowance may be utilized by Tenant within ten days after receipt during the Term for additional leasehold improvements to the Premises and/or up to $5.00 per rentable square foot of Landlord's invoice. Such payments by Tenant shall not any unused allowance may be considered Additional Rent. converted, at Tenant's right request, to application an equivalent amount of free rent to be applied against Base Rental as it becomes due pursuant to Paragraph 18(a) of this Lease. In the event Tenant elects to convert up to $5.00 per rentable square foot of any unused allowance into free rent as provided for above, then the Tenant Improvement Allowance set forth herein shall be reduced by an equivalent amount. In the event any portion of the Tenant Improvement Allowance shall expire 180 days remains unused after the Commencement Date. Any requests for reimbursement submitted to completion of the Work, Landlord after such date shall not be paid from the Allowance and Tenant shall thereafter be solely responsible for agree to amend the costs of Lease to specify the manner in which Tenant Improvements without reimbursement from Landlord. The rights granted desires to Tenant under this section to utilize the Allowance are personal to the original named Tenant in this Lease and may not be assigned or exercised by or for the benefit of anyone (including, any subtenant) other than such Tenant. If after Tenant has been granted all or any unused portion of the Allowance, allowance in accordance with the Lease Term is terminated by virtue of a default by Tenant or Landlord resumes possession of the Premises as a result of Tenant's default, options set forth in addition to all other available damages and remedies, Landlord shall also be entitled to recover from Tenant the unamortized portion (calculated using an interest rate of 12% per annum compounded monthly) of the Tenant Improvement Allowance, which sum shall not be deemed rent. This obligation of Tenant to repay the unamortized balance of the Tenant Improvement Allowance to Landlord shall survive the expiration or sooner termination of the Lease Term. No Construction Management Fee shall be paid by Tenant to Landlord on any amount under $10,000this Paragraph 8.

Appears in 1 contract

Samples: Lease Agreement (Infinity Property & Casualty Corp)

Tenant Improvement Allowance. If and for as long as Tenant is not in default under this Lease beyond any applicable grace period, Tenant shall be entitled to a one-time tenant improvement allowance in an amount equal to $10,758 ("the “Tenant Improvement Allowance" or "Allowance"”) in the amount of Fifty-Four Thousand Five Hundred Nine and No/100 Dollars ($54,509.00) (i.e. $13.00 per usable square foot of the Premises times 4,193 usable square feet) for the costs relating to the initial design and construction of Tenant’s improvements which are permanently affixed to the Premises (the “Tenant Improvements”). The Tenant Improvement Allowance shall be applied to the Work Cost. Tenant shall pay the entire amount of the Work Cost which is in excess of the Allowance. Landlord shall have no obligation to proceed with any Tenant Improvements until its receipt In addition, and not as a deduction from Tenant of any such excess amounts. The Allowance may not be used toward any "soft costs" related to purchase or installation of Tenant's wiring of telephone, data and communications, fixtures, furniture or equipment, unless expressly provided herein. The payment of any such amounts by Tenant shall not be considered Additional Rent. Tenant shall not receive cash or any credit against Rent for any unused portion of the Allowance, if the Work Cost is less than the Allowance. Within ten days after receipt of the contractor's estimate of the anticipated Work Cost (subject to Value Engineering by Tenant), Tenant shall pay Landlord, in cash, the difference between the estimated Work Cost and the Tenant Improvement Allowance, Landlord shall pay the costs related to the preparation of one (1) preliminary space plan for the Premises (the “Space Plan Allowance”) provided Landlord’s space planner prepares the preliminary space plan for the Premises. Upon final completion Notwithstanding, the foregoing, in the event Tenant elects to use Tenant’s space planner to prepare the preliminary space plan for the Premises, Landlord shall have the right, in Landlord’s reasonable discretion, to approve the space planner selected by Tenant, and in such event, the Space Plan Allowance payable by Landlord shall be limited to a maximum of $.10 per usable square foot of the Premises. In no event shall Landlord be obligated to make disbursements pursuant to this Tenant Improvements, Landlord will provide Work Letter in a final accounting of total amount which exceeds the Work Cost and Tenant shall pay any amounts in excess of the Allowance then due not previously paid by Tenant within ten days after receipt of Landlord's invoice. Such payments by Tenant shall not be considered Additional Rent. Tenant's right to application total of the Tenant Improvement Allowance shall expire 180 days after and the Commencement DateSpace Plan Allowance. Any requests for reimbursement submitted to Landlord after such date shall not be paid from the Allowance and Tenant shall thereafter be solely responsible for the costs of the All Tenant Improvements without reimbursement from Landlord. The rights granted to Tenant under this section to the Allowance are personal to the original named Tenant in this Lease and may not be assigned or exercised by or for the benefit of anyone (including, any subtenant) other than such Tenant. If after Tenant has been granted all or any portion of the Allowance, the Lease Term is terminated by virtue of a default by Tenant or Landlord resumes possession of the Premises as a result of Tenant's default, in addition to all other available damages and remedies, Landlord shall also be entitled to recover from Tenant the unamortized portion (calculated using an interest rate of 12% per annum compounded monthly) of the Tenant Improvement Allowance, which sum shall not be deemed rent. This obligation of Tenant to repay the unamortized balance of the Tenant Improvement Allowance to Landlord has been made available shall survive be deemed Landlord’s property under the expiration or sooner termination terms of Article 6 of the Lease Term. No Construction Management Fee shall be paid by Tenant to Landlord on any amount under $10,000Lease.

Appears in 1 contract

Samples: Office Lease (Pacific Mercantile Bancorp)

Tenant Improvement Allowance. If and for as long as Tenant is not in default under this Lease beyond any applicable grace period, Tenant shall be entitled to a one-time tenant improvement allowance in an the amount equal to of up to, but not exceeding One Hundred Dollars ($10,758 100.00) per rentable square foot of the Expansion Premises ("the “Expansion Premises Allowance”) and Thirty Dollars ($30.00) per rentable square foot of the Existing Premises (together with the Expansion Premises Allowance, the “Tenant Improvement Allowance" or "Allowance"). The Tenant Improvement Allowance shall be applied used for the costs relating to the Work Cost. design, permitting and construction of Tenant’s improvements which are permanently affixed to the Premises (the “Tenant shall pay the entire amount of the Work Cost which is in excess of the Allowance. Improvements”); provided, however, that Landlord shall have no obligation to proceed with disburse all or any portion of the Tenant Improvement Allowance to Tenant unless Tenant makes a request for disbursement pursuant to the terms and conditions of Section 2.2 below prior to April 30, 2020. The Expansion Premises Allowance shall only be used for the costs relating to the Tenant Improvements until its receipt from Tenant of any such excess amountsin the Expansion Premises. The Existing Premises Allowance may not be used toward any "soft costs" related for the costs relating to purchase or installation of the Tenant Improvements in the Existing Premises and/or the Expansion Premises, in Tenant's wiring of telephone, data and communications, fixtures, furniture or equipment, unless expressly provided herein’s sole discretion. The payment of any such amounts by In no event shall Landlord be obligated to make disbursements pursuant to this Work Letter in a total amount which exceeds the Tenant Improvement Allowance. Tenant shall not be considered Additional Rent. Tenant shall not entitled to receive any cash payment or any credit against Rent or otherwise for any unused portion of the Allowance, if the Work Cost is less than the Allowance. Within ten days after receipt of the contractor's estimate of the anticipated Work Cost (subject to Value Engineering by Tenant), Tenant shall pay Landlord, in cash, the difference between the estimated Work Cost and the Tenant Improvement Allowance. Upon final completion of the Tenant Improvements, Landlord will provide a final accounting of the Work Cost and Tenant shall Allowance which is not used to pay any amounts in excess of the Allowance then due not previously paid by Tenant within ten days after receipt of Landlord's invoice. Such payments by Tenant shall not be considered Additional Rent. Tenant's right to application of for the Tenant Improvement Allowance shall expire 180 days after the Commencement Date. Any requests for reimbursement submitted to Landlord after Items (as such date shall not be paid from the Allowance and Tenant shall thereafter be solely responsible for the costs of the Tenant Improvements without reimbursement from Landlord. The rights granted to Tenant under this section to the Allowance are personal to the original named Tenant in this Lease and may not be assigned or exercised by or for the benefit of anyone (including, any subtenant) other than such Tenant. If after Tenant has been granted all or any portion of the Allowance, the Lease Term term is terminated by virtue of a default by Tenant or Landlord resumes possession of the Premises as a result of Tenant's default, in addition to all other available damages and remedies, Landlord shall also be entitled to recover from Tenant the unamortized portion (calculated using an interest rate of 12% per annum compounded monthly) of the Tenant Improvement Allowance, which sum shall not be deemed rent. This obligation of Tenant to repay the unamortized balance of the Tenant Improvement Allowance to Landlord shall survive the expiration or sooner termination of the Lease Term. No Construction Management Fee shall be paid by Tenant to Landlord on any amount under $10,000defined below).

Appears in 1 contract

Samples: Office Lease (Forrester Research, Inc.)

Tenant Improvement Allowance. If and for Commencing as long as Tenant is not in default under of the date of this Lease beyond any applicable grace periodLease, Tenant shall be entitled to a tenant an improvement allowance in an amount equal to $10,758 (the "Tenant Improvement Allowance") in the amount set forth in Section 5 of the Summary for the costs relating to the design and construction of Tenant's improvements, refurbishment work and other renovations to be performed by Tenant in and adjacent to the Premises or which are "Tenant Improvement Allowance Items," or as that term is defined in Section 2.2.1, below (collectively, the "AllowanceTenant Improvements"). For the avoidance of doubt, Tenant is not required to expend the Tenant Improvement Allowance or the Additional TI Allowance equally across the Premises and may, for example, expend most of the Tenant Improvement Allowance and the Additional TI Allowance in Building 900. All Tenant Improvements that have been paid for with or reimbursed from the Tenant Improvement Allowance shall be deemed Landlord's property under the terms of the Lease; provided, however, Landlord may, by written notice to Tenant given concurrently with Landlord's approval of the "Final Working Drawings", as that term is defined in Section 3.3, below, require Tenant, prior to the end of the Lease Term, at Tenant's expense, to remove any portion of the Tenant Improvements and to repair any damage to the Premises and Building caused by such removal and return the affected portion of the Premises to a condition with removed systems components capped, Building standard ceiling tiles in good condition, and sheet rock and floors patched and repaired to match existing conditions of the remainder of the Premises. Landlord approves in concept and shall not require Tenant to remove any of the Tenant Improvements to the extent shown on the Space Plan attached hereto as Schedule 1. The Tenant Improvement Allowance shall be applied to the Work Cost. Tenant shall pay the entire amount of the Work Cost which is in excess of the Allowance. Landlord shall have no obligation to proceed with any Tenant Improvements until its receipt from Tenant of any such excess amounts. The Allowance may not be used toward any "soft costs" related to by Tenant for the purchase or installation of Tenant's wiring of telephonefurniture, fixtures or equipment (other than an autoclave and glasswash), or for telephone or data and communicationscabling, fixtures, furniture or equipment, unless expressly provided herein. The payment of any such amounts by Tenant shall not be considered Additional Rent. Tenant shall not receive cash or any credit against Rent for any unused other personal property. Any portion of the Allowance, if the Work Cost is less than the Allowance. Within ten days after receipt of the contractor's estimate of the anticipated Work Cost (subject to Value Engineering by Tenant), Tenant shall pay Landlord, in cash, the difference between the estimated Work Cost and the Tenant Improvement Allowance. Upon final completion of the Tenant Improvements, Landlord will provide a final accounting of the Work Cost and Tenant shall pay any amounts in excess of the Allowance then due not previously paid by Tenant within ten days after receipt of Landlord's invoice. Such payments by Tenant shall not be considered Additional Rent. Tenant's right to application of the Tenant Improvement Allowance as to which Tenant has not properly requested disbursement by the later of December 31, 2019 and the date that is fourteen (14) months after all of the Premises have been delivered to Tenant in the required condition (the “Outside Allowance Date”), shall expire 180 days after the Commencement Date. Any requests for reimbursement submitted revert to Landlord after such date shall not be paid from the Allowance and Tenant shall thereafter be solely responsible for the costs of the Tenant Improvements without reimbursement from Landlord. The have no further rights granted to Tenant under this section to the Allowance are personal to the original named Tenant in this Lease and may not be assigned or exercised by or for the benefit of anyone (including, any subtenant) other than such Tenant. If after Tenant has been granted all or any portion of the Allowance, the Lease Term is terminated by virtue of a default by Tenant or Landlord resumes possession of the Premises as a result of Tenant's default, in addition to all other available damages and remedies, Landlord shall also be entitled to recover from Tenant the unamortized portion (calculated using an interest rate of 12% per annum compounded monthly) of the Tenant Improvement Allowance, which sum shall not be deemed rent. This obligation of Tenant to repay the unamortized balance of the Tenant Improvement Allowance to Landlord shall survive the expiration or sooner termination of the Lease Term. No Construction Management Fee shall be paid by Tenant to Landlord on any amount under $10,000with respect thereto.

Appears in 1 contract

Samples: Seaport Center (Adverum Biotechnologies, Inc.)

Tenant Improvement Allowance. If and for as long as Tenant is not in default under this Lease beyond any applicable grace period, Tenant shall be entitled to a tenant improvement allowance (the "TENANT IMPROVEMENT ALLOWANCE") in an the amount equal of Four Million Two Hundred Seventy-Eight Thousand Four Hundred Nineteen Dollars ($4,278,419.00) for the costs relating to $10,758 the design and construction of Tenant's improvements (the "Tenant Improvement Allowance" or "AllowanceTENANT IMPROVEMENTS"). The Tenant shall have the right to defer the construction of Tenant Improvements for space in the Building which Tenant elects not to initially build-out until no later than three (3) years after the Lease Commencement Date for the applicable Floor Group; however, (i) if Tenant elects to commence construction of Tenant Improvements for any space in the Building, such construction may not thereafter be deferred, and (ii) any such deferral shall be deemed a Tenant Delay so that the Lease Commencement Date shall not be delayed. In no event shall Landlord be obligated to make disbursements pursuant to this Tenant Work Letter in a total amount which exceeds the Tenant Improvement Allowance shall be applied to the (except as expressly contemplated by this Tenant Work CostLetter). Tenant shall pay the entire amount of the Work Cost which is in excess of the Allowance. Landlord shall have no obligation to proceed with any Tenant Improvements until its receipt from Tenant of any such excess amounts. The Allowance may not be used toward any "soft costs" related to purchase or installation of Tenant's wiring of telephone, data and communications, fixtures, furniture or equipment, unless expressly provided herein. The payment of any such amounts by Tenant shall not be considered Additional Rent. Tenant shall not receive cash or any credit against Rent for any unused Any portion of the Allowance, if the Work Cost is less than the Allowance. Within ten days after receipt of the contractor's estimate of the anticipated Work Cost (subject to Value Engineering by Tenant), Tenant shall pay Landlord, in cash, the difference between the estimated Work Cost and the Tenant Improvement Allowance. Upon final completion of the Tenant Improvements, Landlord will provide a final accounting of the Work Cost and Tenant shall pay any amounts in excess of the Allowance then due not previously paid by Tenant within ten days after receipt of Landlord's invoice. Such payments by Tenant shall not be considered Additional Rent. Tenant's right to application of the Tenant Improvement Allowance shall expire 180 days remaining after the Commencement Date. Any requests for reimbursement submitted to Landlord after such date shall not be paid from the Allowance and Tenant shall thereafter be solely responsible for the costs construction of the Tenant Improvements without reimbursement from Landlord. The rights granted to for each Floor Group may be used by Tenant under this section to for Tenant Improvements for such Floor Group before the Allowance are personal to the original named Tenant in this Lease and may not be assigned or exercised by or for the benefit of anyone (including, any subtenant) other than such Tenant. If after Tenant has been granted all or any portion first anniversary of the AllowanceLease Commencement Date for such Floor Group. Further, Tenant shall allocate and use a minimum Tenant Improvement Allowance for "hard costs" (i.e., costs incurred under the Lease Term is terminated by virtue of a default by Tenant or Landlord resumes possession of the Premises as a result of Tenant's default, in addition to all other available damages and remedies, Landlord shall also be entitled to recover from Tenant the unamortized portion (calculated using an interest rate of 12% per annum compounded monthlygeneral contract with Contractor) of the Tenant Improvement Allowance, Improvements in an amount not less than Two Million Seven Hundred Ninety-Five Thousand Five Hundred Fifty-Eight Dollars ($2,795,558.00). All Tenant Improvements for which sum shall not be deemed rent. This obligation of Tenant to repay the unamortized balance of the Tenant Improvement Allowance to Landlord shall survive the expiration or sooner termination of the Lease Term. No Construction Management Fee has been made available shall be paid by Tenant to Landlord on any amount deemed Landlord's property except as described under $10,000the terms of Section 8.5 of this Lease.

Appears in 1 contract

Samples: Office Lease (Peregrine Systems Inc)

Tenant Improvement Allowance. If Landlord shall make available to Tenant a tenant improvement allowance of up to $25,000 in the aggregate (the “TI Allowance”) for the construction and expansion of restrooms located in the Premises (collectively, “Tenant Improvements”). Except as otherwise provided in this Section 3, the TI Allowance shall be available only for as long as the design and construction of Tenant is Improvements in the Premises. Tenant acknowledges that upon the expiration of the Term of the Lease, the Tenant Improvements shall become the property of Landlord and may not in default under this Lease beyond be removed by Tenant. Notwithstanding anything to the contrary contained herein, the TI Allowance shall not be used to purchase any applicable grace periodfurniture, personal property or other non-Building system materials or equipment, including, but not limited to, Tenant’s voice or data cabling, non-ducted biological safety cabinets and other scientific equipment not incorporated into the Premises. Except for the TI Allowance, Tenant shall be entitled to a tenant improvement allowance in an amount equal to $10,758 ("solely responsible for all of the costs of the Tenant Improvement Allowance" or "Allowance")Improvements. The Tenant Improvement Allowance Improvements shall be applied treated as Alterations and shall be undertaken pursuant to Section 12 of the Lease. The contractor for the Tenant Improvements shall be selected by Tenant, subject to Landlord’s approval, which approval shall not be unreasonably withheld, conditioned or delayed. Prior to the Work Costcommencement of the Tenant Improvements, Tenant shall deliver to Landlord a copy of any contract with Tenant’s contractors, and certificates of insurance from any contractor performing any part of the Tenant Improvements evidencing industry standard commercial general liability, automotive liability, “builder’s risk”, and workers’ compensation insurance. Tenant shall pay cause the entire amount general contractor to provide a certificate of the Work Cost which is in excess of the Allowance. Landlord shall have no obligation to proceed with any Tenant Improvements until its receipt from Tenant of any such excess amounts. The Allowance may not be used toward any "soft costs" related to purchase or installation of Tenant's wiring of telephone, data and communications, fixtures, furniture or equipment, unless expressly provided herein. The payment of any such amounts by Tenant shall not be considered Additional Rent. Tenant shall not receive cash or any credit against Rent for any unused portion of the Allowance, if the Work Cost is less than the Allowance. Within ten days after receipt of the contractor's estimate of the anticipated Work Cost (subject to Value Engineering by Tenant), Tenant shall pay insurance naming Landlord, in cashAlexandria Real Estate Equities, Inc., and Landlord’s lender (if any) as additional insureds for the difference between general contractor’s liability coverages required above. During the estimated Work Cost course of design and the Tenant Improvement Allowance. Upon final completion construction of the Tenant Improvements, Landlord will provide a final accounting of the Work Cost and shall reimburse Tenant shall pay any amounts in excess of the Allowance then due not previously paid by Tenant within ten days after receipt of Landlord's invoice. Such payments by Tenant shall not be considered Additional Rent. Tenant's right to application of the Tenant Improvement Allowance shall expire 180 days after the Commencement Date. Any requests for reimbursement submitted to Landlord after such date shall not be paid from the Allowance and Tenant shall thereafter be solely responsible for the costs cost of the Tenant Improvements without reimbursement once a month against a draw request in Landlord’s standard form, containing evidence of payment of the applicable costs and such certifications, lien waivers (including a conditional lien release for each progress payment and unconditional lien releases for the prior month’s progress payments), inspection reports and other matters as Landlord customarily obtains, to the extent of Landlord’s approval thereof for payment, no later than 30 days following receipt of such draw request. Upon completion of Tenant Improvements (and prior to any final disbursement of the TI Allowance) Tenant shall deliver to Landlord the following items: (i) sworn statements setting forth the names of all contractors and subcontractors who did work on the Tenant Improvements and final lien waivers from Landlordall such contractors and subcontractors; and (ii) “as built” plans for the Tenant Improvements. Notwithstanding the foregoing, if the cost of the Tenant Improvements exceeds the TI Allowance, Tenant shall be required to pay such excess in full prior to Landlord having any obligation to fund any of the TI Allowance. The rights granted to TI Allowance shall only be available for use by Tenant under this section to the Allowance are personal to the original named Tenant in this Lease and may not be assigned or exercised by or for the benefit construction of anyone (includingthe Tenant Improvements in the Premises until the date that is 6 months after the mutual execution and delivery of this First Amendment by the parties, any subtenant) other than such Tenant. If after Tenant has been granted all or and any portion of TI Allowance which has not been disbursed by Landlord on or before until the Allowance, date that is 6 months after the Lease Term is terminated mutual execution and delivery of this First Amendment by virtue of a default by Tenant or Landlord resumes possession of the Premises as a result of Tenant's default, in addition to all other available damages parties shall be forfeited and remedies, Landlord shall also be entitled to recover from Tenant the unamortized portion (calculated using an interest rate of 12% per annum compounded monthly) of the Tenant Improvement Allowance, which sum shall not be deemed rent. This obligation of Tenant to repay the unamortized balance of the Tenant Improvement Allowance to Landlord shall survive the expiration or sooner termination of the Lease Term. No Construction Management Fee shall be paid available for use by Tenant to Landlord on any amount under $10,000Tenant.

Appears in 1 contract

Samples: Lease Agreement (Upland Software, Inc.)

Tenant Improvement Allowance. If and for as long as Tenant is not in default under this Lease beyond any applicable grace period, Tenant shall be entitled to a one-time tenant improvement allowance (the “Tenant Improvement Allowance”) in an the amount equal to Five Hundred Eighty-Seven Thousand Three Hundred Fifty Dollars ($10,758 ("Tenant Improvement Allowance" or "Allowance"587,350.00). The Tenant Improvement Allowance shall be applied , for the costs relating to the Work Cost. initial design and construction of Tenant’s improvements which are permanently affixed to the Premises (the “Tenant shall pay Improvements”) and installed during the entire amount period (the “Improvement Period”) from and after the date of execution of the Work Cost Second Amendment until the date which is in excess of six (6) months after the Allowance. Second Expansion Space Commencement Date; provided, however, that Landlord shall have no obligation to proceed disburse all or any portion of the Tenant Improvement Allowance to Tenant (i) with respect to any disbursement request made by Tenant for Tenant Improvements until its receipt from constructed or installed after the expiration of the Improvement Period, and (ii) with respect to any disbursement request made by Tenant after the date which is sixty (60) days after the expiration of any such excess amountsthe Improvement Period. The Allowance may not In no event shall Landlord be used toward any "soft costs" related obligated to purchase or installation of Tenant's wiring of telephone, data and communications, fixtures, furniture or equipment, unless expressly provided hereinmake disbursements pursuant to this Tenant Work Letter in a total amount which exceeds the Tenant Improvement Allowance. The payment of any such amounts by Tenant shall not be considered Additional Rent. Tenant shall not entitled to receive any cash payment or any credit against Rent rent or otherwise for any unused portion of the Allowance, if the Work Cost is less than the Allowance. Within ten days after receipt of the contractor's estimate of the anticipated Work Cost (subject to Value Engineering by Tenant), Tenant shall pay Landlord, in cash, the difference between the estimated Work Cost and the Tenant Improvement Allowance. Upon final completion of the Tenant Improvements, Landlord will provide a final accounting of the Work Cost and Tenant shall Allowance which is not used to pay any amounts in excess of the Allowance then due not previously paid by Tenant within ten days after receipt of Landlord's invoice. Such payments by Tenant shall not be considered Additional Rent. Tenant's right to application of for the Tenant Improvement Allowance shall expire 180 days after the Commencement DateItems (as such term is defined below). Any requests for reimbursement submitted to Landlord after such date shall not be paid from the Allowance and Tenant shall thereafter be solely responsible for the costs The portion of the Tenant Improvements without reimbursement from Landlord. The rights granted to Tenant under this section that relate only to the Allowance Second Expansion Space are personal referred to herein as the original named “Second Expansion Space Tenant in this Lease and may not be assigned or exercised by or for the benefit of anyone (including, any subtenant) other than such Tenant. If after Tenant has been granted all or any portion of the Allowance, the Lease Term is terminated by virtue of a default by Tenant or Landlord resumes possession of the Premises as a result of Tenant's default, in addition to all other available damages and remedies, Landlord shall also be entitled to recover from Tenant the unamortized portion (calculated using an interest rate of 12% per annum compounded monthly) of the Tenant Improvement Allowance, which sum shall not be deemed rent. This obligation of Tenant to repay the unamortized balance of the Tenant Improvement Allowance to Landlord shall survive the expiration or sooner termination of the Lease Term. No Construction Management Fee shall be paid by Tenant to Landlord on any amount under $10,000Improvements”.

Appears in 1 contract

Samples: Village Industrial Gross Lease (Celera CORP)

Tenant Improvement Allowance. If Tenant shall have the right to construct fixed and for as permanent improvements in the Premises pursuant to plans approved by Landlord, which approval shall not be unreasonably withheld, conditioned or delayed (the “Tenant Improvements”), including, without limitation, with respect to HVAC components connecting to the cleanroom in the Premises, in accordance with the terms of the Lease including, without limitation, Section 9 thereof. So long as no Event of Default has occurred and remains uncured, Landlord will pay Tenant is for Tenant’s documented costs and expenses incurred in connection with Tenant’s design, permitting and construction of the Tenant Improvements, not to exceed in default under this Lease beyond any applicable grace period, Tenant shall be entitled to a tenant improvement allowance in an amount equal to the aggregate $10,758 2,568,480.00 ("Tenant Improvement the “TI Allowance" or "Allowance"). The Tenant Improvement may apply for payments of the TI Allowance on a monthly draw basis. Each application for a payment out of the TI Allowance shall be applied to accompanied by reasonable documentation that the Work Costapplication portion of the Tenant Improvements has been completed and shall include commercially reasonable, conditional lien releases. Tenant shall Landlord will pay the entire amount requested portion of the Work Cost which is in excess TI Allowance to Tenant (not to exceed $2,568,480.00) within thirty (30) days of receipt of invoice from Tenant. If Landlord both fails to timely pay any properly requested portion of the Allowance. Landlord shall have no obligation TI Allowance and fails to proceed with dispute all or any portion of the applicable disbursement request from Tenant, then Tenant Improvements until its receipt from Tenant may offset any undisputed portion of any such excess amounts. The Allowance may not be used toward any "soft costs" related to purchase or installation amount against next owing installments of Tenant's wiring of telephone, data and communications, fixtures, furniture or equipment, unless expressly provided herein. The payment of any such amounts by Tenant shall not be considered Additional Rent. Tenant shall not receive cash or any credit against Rent be responsible for any unused portion cost of the Allowance, if Tenant Improvements that exceeds the Work Cost is less than the Allowance. Within ten days after receipt of the contractor's estimate of the anticipated Work Cost (subject to Value Engineering by Tenant), Tenant shall pay Landlord, in cash, the difference between the estimated Work Cost and the Tenant Improvement TI Allowance. Upon final completion of the Tenant Improvements, Tenant shall provide Landlord will provide a final accounting as applicable with “as built” plans for the same. Upon the expiration of the Work Cost Term or earlier termination of the Lease, the Tenant Improvements shall be and remain the property of Landlord and Tenant shall pay any amounts in excess not remove same. Any portion of the TI Allowance then due which has not previously paid been properly requested by Tenant within ten days from Landlord on or before the date which is 36 months after receipt of Landlord's invoice. Such payments the date on which this Amendment has been executed by Tenant shall not be considered Additional Rent. Tenant's right to application of the Tenant Improvement Allowance shall expire 180 days after the Commencement Date. Any requests for reimbursement submitted to Landlord after such date forfeited and shall not be paid from available for use by Tenant. The Tenant Improvements shall be competitively bid by Tenant and Landlord shall have the Allowance and right to approve the general contractor engaged by Tenant shall thereafter be solely responsible for the costs of to construct the Tenant Improvements without reimbursement from Landlord. The rights granted to Tenant under this section to the Allowance are personal to the original named Tenant in this Lease and may not be assigned or exercised by or for the benefit of anyone (including, any subtenant) other than such Tenant. If after Tenant has been granted all or any portion of the Allowance, the Lease Term is terminated by virtue of a default by Tenant or Landlord resumes possession of the Premises as a result of Tenant's default, in addition to all other available damages and remedies, Landlord shall also be entitled to recover from Tenant the unamortized portion (calculated using an interest rate of 12% per annum compounded monthly) of the Tenant Improvement AllowanceImprovements, which sum approval shall not be deemed rentunreasonably withheld, conditioned or delayed. This obligation Prior to the commencement of construction of any Tenant Improvements, Tenant shall deliver a certificate of insurance naming Landlord, its officers, directors, employees, managers, agents, sub- agents, constituent entities and lease signators as an additional insured with respect to repay the unamortized balance insurance required to be carried by Tenant pursuant to Section 9 of the Tenant Improvement Allowance to Landlord shall survive the expiration or sooner termination of the Lease Term. No Construction Management Fee shall be paid by Tenant to Landlord on any amount under $10,000Lease.

Appears in 1 contract

Samples: Lease (Biolife Solutions Inc)

Tenant Improvement Allowance. If and for as long as Tenant is not in default under this Lease beyond any applicable grace period, Tenant shall be entitled to a one-time tenant improvement allowance in an amount equal to $10,758 ("the “Tenant Improvement Allowance" or "Allowance"”), in the amount set forth in Section T of the Summary to the Lease for the costs relating to the initial design and construction of Tenant’s improvements to be installed in the Premises (the “Tenant Improvements”). The In no event shall Landlord be obligated to make disbursements pursuant to this Tenant Improvement Allowance shall be applied to the Work Cost. Tenant shall pay the entire Letter in a total amount of the Work Cost which is in excess of the Allowance. Landlord shall have no obligation to proceed with any Tenant Improvements until its receipt from Tenant of any such excess amounts. The Allowance may not be used toward any "soft costs" related to purchase or installation of Tenant's wiring of telephone, data and communications, fixtures, furniture or equipment, unless expressly provided herein. The payment of any such amounts by Tenant shall not be considered Additional Rent. Tenant shall not receive cash or any credit against Rent for any unused portion of the Allowance, if the Work Cost is less than the Allowance. Within ten days after receipt of the contractor's estimate of the anticipated Work Cost (subject to Value Engineering by Tenant), Tenant shall pay Landlord, in cash, the difference between the estimated Work Cost and exceeds the Tenant Improvement Allowance. Upon final Tenant shall have until December 31, 2014 (which date shall be extended on a day-for-day basis for any delays in the completion of the Tenant Improvements, Landlord will provide a final accounting Improvements caused by (i) an event of force majeure as set forth in Section 15.4 of the Lease, (ii) Tenant’s inability to obtain any required permits despite Tenant’s diligent and good-faith efforts to obtain the same, or (iii) delays caused by Landlord’s failure to comply with the terms of this Tenant Work Cost and Letter (collectively, “Tenant shall pay any amounts in excess Improvement Delays”)), to utilize up to $5.00 per rentable square foot of the Allowance then due not previously paid by Tenant within ten days after receipt of Landlord's invoice. Such payments by Tenant shall not be considered Additional Rent. Tenant's right to application Premises of the Tenant Improvement Allowance shall expire 180 days after the Commencement Date. Any requests for reimbursement submitted (i.e., up to Landlord after such date shall not be paid from the Allowance and Tenant shall thereafter be solely responsible for $597,915.00) towards the costs relating to the initial design and construction of the Tenant Improvements without reimbursement from Landlord. The rights granted to Tenant under this section to Lease or the Allowance are personal to Companion Lease. In the original named Tenant in this Lease and may not be assigned or exercised by or for the benefit of anyone (including, any subtenant) other than such Tenant. If after event that Tenant has been granted all or not fully utilized such amount by December 31, 2014 (as such date may be extended by any portion of the Allowance, the Lease Term is terminated by virtue of a default by Tenant or Landlord resumes possession of the Premises as a result of Tenant's default, in addition to all other available damages and remedies, Landlord shall also be entitled to recover from Tenant the unamortized portion (calculated using an interest rate of 12% per annum compounded monthly) of the Tenant Improvement AllowanceDelay), which sum shall not be deemed rent. This obligation of Tenant then Tenant’s only rights with respect to repay the unamortized balance of the Tenant Improvement Allowance following such date shall be as set forth in Section 2.4 of this Tenant Work Letter. Any Tenant Improvements that require the use of Building risers, raceways, shafts and/or conduits, shall be subject to Landlord Landlord’s reasonable rules, regulations, and restrictions, and that the amount and location of any such cabling must be approved by Landlord, which approval shall survive not be unreasonably withheld, conditioned or delayed. All Tenant Improvements for which the expiration or sooner termination Tenant Improvement Allowance has been made available shall be deemed Landlord’s property under the terms of the Lease Term. No Construction Management Fee shall be paid by Tenant to Landlord on any amount under $10,000Lease.

Appears in 1 contract

Samples: Disturbance and Attornment Agreement (Intevac Inc)

Tenant Improvement Allowance. If and for as long as Tenant is not in default under this Lease beyond any applicable grace period, Tenant shall be entitled to a one-time tenant improvement allowance in an amount equal to $10,758 ("the “Tenant Improvement Allowance" or "Allowance"”) in the amount of up to, but not exceeding Forty-Eight Dollars ($48.50) per rentable square foot of the Premises (i.e., up to Three Million Five Hundred Thirty-seven Thousand Two Hundred Fifty and 50/100ths Dollars ($3,537,250.50). The Tenant Improvement Allowance shall be applied , based on 72,933 rentable square feet in the Premises), for the costs relating to the Work Cost. Tenant shall pay the entire amount of the Work Cost which is in excess of the Allowance. Landlord shall have no obligation to proceed with any Tenant Improvements until its receipt from Tenant of any such excess amounts. The Allowance may not be used toward any "soft costs" related to purchase or installation initial design and construction of Tenant's wiring of telephone’s improvements which are permanently affixed to the Premises (the “Tenant Improvements”) over and above the items included in the Base, data Shell, and communications, fixtures, furniture or equipment, unless expressly provided hereinCore. The payment of any such amounts by Tenant shall not be considered Additional Rent. responsible for nor shall Tenant shall not receive cash or fund any credit against Rent for construction to the Base, Shell, and Core and to any unused portion of the Allowance, if the Work Cost is less than the Allowance. Within ten days after receipt structural components of the contractor's estimate of the anticipated Building. In no event shall Landlord be obligated to make disbursements pursuant to this Tenant Work Cost (subject to Value Engineering by Tenant), Tenant shall pay Landlord, Letter in cash, the difference between the estimated Work Cost and a total amount which exceeds the Tenant Improvement Allowance. Upon final Tenant shall not be entitled to receive any cash payment or credit against Rent or otherwise for any portion of the Tenant Improvement Allowance which is not used to pay for the Tenant Improvement Allowance Items (as such term is defined below); provided, however, upon the completion of the Tenant Improvements, and provided that Tenant completed the Tenant Improvements in a manner substantially consistent with the Final Space Plans, as amended from time to time by mutual consent of Landlord will provide a final accounting of and Tenant, to the Work Cost and Tenant shall pay extent that any amounts in excess of the Allowance then due not previously paid by Tenant within ten days after receipt of Landlord's invoice. Such payments by Tenant shall not be considered Additional Rent. Tenant's right to application portion of the Tenant Improvement Allowance is unused, then Tenant shall expire 180 days after have the Commencement Date. Any requests for reimbursement submitted right, exercisable by written notice to Landlord after (the “Unused Allowance Exercise Notice”), to elect to use such date shall not be paid from the Allowance and Tenant shall thereafter be solely responsible for the costs of the Tenant Improvements without reimbursement from Landlord. The rights granted to Tenant under this section to the Allowance are personal to the original named Tenant in this Lease and may not be assigned or exercised by or for the benefit of anyone (including, any subtenant) other than such Tenant. If after Tenant has been granted all or any portion of the Allowance, the Lease Term is terminated by virtue of a default by Tenant or Landlord resumes possession of the Premises as a result of Tenant's default, in addition to all other available damages and remedies, Landlord shall also be entitled to recover from Tenant the unamortized portion (calculated using an interest rate of 12% per annum compounded monthly) of the Tenant Improvement Allowance, which sum shall not be deemed rent. This obligation of Tenant to repay the unamortized balance unused amount of the Tenant Improvement Allowance (the “Unused Allowance Amount”), if any, to Landlord receive a credit against consecutive future installments of Base Rent next coming due under the Lease immediately following the Abatement Period, and for no other purpose. Notwithstanding anything in this Section 2.1 to the contrary, in no event shall survive the expiration or sooner termination aggregate of any Base Rent credit received by Tenant exceed the amount of the Lease Term. No Construction Management Fee shall be paid by Tenant to Landlord on any amount under $10,000Unused Allowance Amount.

Appears in 1 contract

Samples: Lease Agreement (Zendesk, Inc.)

Tenant Improvement Allowance. If Tenant is entitled to a one-time tenant improvement allowance (the “Tenant Improvement Allowance”) in the amount of up to Two Hundred Thirty-One Thousand Five Hundred Fifty Dollars ($231,550.00) for the design and construction of the Tenant Improvements. The Tenant Improvement Allowance may be used for as long as all actual costs incurred performing the Work, including without limitation architecture, design, engineering, and permitting (collectively, “Soft Costs”); provided, however, that in no event shall the amount of Soft Costs exceed ten percent (10%) of the Tenant Improvement Allowance. In no event will Landlord be obligated for any costs in excess of the Tenant Improvement Allowance. No credit will be given for any unused portion of the Tenant Improvement Allowance. Provided that Tenant is not in default under this Lease hereunder beyond any applicable grace period, Tenant shall be entitled to a tenant improvement allowance in an amount equal to $10,758 ("Tenant Improvement Allowance" or "Allowance"). The the Tenant Improvement Allowance shall be applied disbursed to the Work Cost. Tenant shall pay the entire amount of the Work Cost which is in excess of the Allowance. Landlord shall have no obligation Tenant, or as designated by Tenant, to proceed with any Tenant Improvements until its receipt from Tenant of any such excess amounts. The Allowance may not be used toward any "soft costs" related to purchase or installation of Tenant's wiring of telephone’s architect and/or General Contractor, data and communications, fixtures, furniture or equipment, unless expressly provided herein. The payment of any such amounts on a monthly basis for costs theretofore incurred by Tenant shall not be considered Additional Rent. Tenant shall not receive cash or any credit against Rent for any unused portion of the Allowance, if the Work Cost is less than the Allowance. Within ten days after receipt of the contractor's estimate of the anticipated Work Cost (subject to Value Engineering by Tenant), Tenant shall pay Landlord, in cash, the difference between the estimated Work Cost and the Tenant Improvement Allowance. Upon final completion of the Tenant Improvements, Landlord will provide a final accounting of the Work Cost and Tenant shall pay any amounts in excess of the Allowance then due not previously paid by Tenant within ten days after receipt of Landlord's invoice. Such payments by Tenant shall not be considered Additional Rent. Tenant's right to application of which the Tenant Improvement Allowance shall expire 180 is applicable within thirty (30) days after Tenant has provided Landlord with a written request for such payment, together with (i) copies of all government approvals theretofore required, (ii) confirmation of the Commencement Dateportion of the Work theretofore completed, certified by Tenant’s architect and/or General Contractor, as appropriate, on standard AIA forms and (iii) partial lien waivers (conditioned solely on payment of the payment amount requested) and progress payment affidavits from General Contractor and from all subcontractors. Any requests for reimbursement submitted Landlord shall be permitted to hold a retainage equal to the greater of 10% of any payment or the retainage amount specified in the contract with General Contractor. Landlord after such date shall not be paid from required to make final payment of the Allowance and Tenant shall thereafter be solely responsible for the costs of the Tenant Improvements without reimbursement from Landlord. The rights granted to Tenant under this section to the Allowance are personal to the original named Tenant in this Lease and may not be assigned or exercised by or for the benefit of anyone until thirty (including, any subtenant30) other than such Tenant. If days after Tenant Xxxxxx has been granted all or any portion of the Allowance, the Lease Term is terminated by virtue of a default by Tenant or Landlord resumes possession taken occupancy of the Premises as a result of Tenant's defaultand Landlord has received, in addition to the items required under clauses (i) and (ii) above, final lien waivers and affidavits from General Contractor and all other available damages and remedies, Landlord shall also be entitled to recover from Tenant the unamortized portion (calculated using an interest rate of 12% per annum compounded monthly) of the Tenant Improvement Allowance, which sum shall not be deemed rent. This obligation of Tenant to repay the unamortized balance of the Tenant Improvement Allowance to Landlord shall survive the expiration or sooner termination of the Lease Term. No Construction Management Fee shall be paid by Tenant to Landlord on any amount under $10,000subcontractors.

Appears in 1 contract

Samples: Lease (Metagenomi Technologies, LLC)

Tenant Improvement Allowance. If and for as long as Tenant is not in default under this Lease beyond any applicable grace period, Tenant shall be entitled to a one-time tenant improvement allowance in an amount equal to $10,758 ("the “Tenant Improvement Allowance" ”) in the amount not to exceed Two Hundred Fifty Thousand and No/100 Dollars ($250,000.00) for the costs relating to the remodel, design and construction of interior improvements and architectural/engineering services to the New Premises deemed necessary or "Allowance"useful by Tenant (the “Tenant Improvements”). The As part of the Tenant Improvements and without limiting its other design and construction activities with the Tenant Improvement Allowance shall be applied to the Work Cost. Tenant shall pay the entire amount of the Work Cost which is in excess of the Allowance. Landlord shall have no obligation to proceed with any Tenant Improvements until its receipt from Tenant of any such excess amounts. The Allowance may not be used toward any "soft costs" related to purchase or installation of Tenant's wiring of telephone, data and communications, fixtures, furniture or equipment, unless expressly provided herein. The payment of any such amounts by Tenant shall not be considered Additional Rent. Tenant shall not receive cash or any credit against Rent for any unused portion of the Allowance, if Tenant shall, with funds from the Tenant Improvement Allowance, construct the demising wall(s) shown on Exhibit A in accordance with building standards (the “Demising Wall”). In no event shall Landlord be obligated to make disbursements pursuant to this Tenant Work Cost is less than the Allowance. Within ten days after receipt of the contractor's estimate of the anticipated Work Cost (subject to Value Engineering by Tenant), Tenant shall pay Landlord, Letter in cash, the difference between the estimated Work Cost and a total amount which exceeds the Tenant Improvement Allowance. Upon final completion of In the Tenant Improvements, Landlord will provide a final accounting of the Work Cost and Tenant shall pay any amounts in excess of the Allowance then due not previously paid by Tenant within ten days after receipt of Landlord's invoice. Such payments by Tenant shall not be considered Additional Rent. Tenant's right to application of event that the Tenant Improvement Allowance is not fully utilized by Tenant by the one year anniversary of the date of this First Amendment, then such unused amounts shall expire 180 days after the Commencement Date. Any requests for reimbursement submitted revert to Landlord after such date shall not be paid from the Allowance Landlord, and Tenant shall thereafter be solely responsible for the costs of the have no further rights with respect thereto. Any Tenant Improvements without reimbursement that require the use of Building risers, raceways, shafts and/or conduits, shall be subject to Landlord’s reasonable rules, regulations, and restrictions, including the requirement that any cabling vendor must be selected from a list provided by Landlord, and that the amount and location of any such cabling must be approved by Landlord. The rights granted to All Tenant under this section to the Allowance are personal to the original named Tenant in this Lease and may not be assigned or exercised by or Improvements for the benefit of anyone (including, any subtenant) other than such Tenant. If after Tenant has been granted all or any portion of the Allowance, the Lease Term is terminated by virtue of a default by Tenant or Landlord resumes possession of the Premises as a result of Tenant's default, in addition to all other available damages and remedies, Landlord shall also be entitled to recover from Tenant the unamortized portion (calculated using an interest rate of 12% per annum compounded monthly) of the Tenant Improvement Allowance, which sum shall not be deemed rent. This obligation of Tenant to repay the unamortized balance of the Tenant Improvement Allowance has been made available shall be deemed Landlord’s property under the terms of the Lease; provided, however, Landlord may, by written notice to Landlord shall survive Tenant prior to the expiration or sooner termination end of the Lease Term, or given following any earlier termination of this Lease, require Tenant, at Tenant’s expense, to remove any Tenant Improvements and to repair any damage to the New Premises and Building caused by such removal and return the affected portion of the New Premises to a condition consistent with their condition existing prior to the installment of such Tenant Improvements. No Construction Management Fee shall be paid by Tenant to Landlord on any amount under $10,000.1.2

Appears in 1 contract

Samples: Office Lease

Tenant Improvement Allowance. If and for as long as Tenant is not in default under this Lease beyond any applicable grace period, Tenant Lessee shall be entitled to a one-time tenant improvement allowance in an the amount equal of Two Hundred Thirty-Four Thousand Six Hundred and 00/100 Dollars ($234,600.00) for costs related to $10,758 the design and construction of tenant improvements in the Premises ("the “Tenant Improvement Allowance" or "”) and Lessee shall specify the building address associated with use of the Tenant Improvement Allowance"). The Tenant Improvement Allowance must be disbursed in accordance with the terms of this Section 11 no later than the last day of the eighteenth (18th) month following the Extended Term Commencement Date. The construction of all tenant improvements desired by Lessee and constructed with the use of the Tenant Improvement Allowance (“New Tenant Improvements”) shall be applied performed in accordance with the terms of this Section 11. Lessor shall work with Lessor’s architect and Lessee to develop plans and specifications (“Preliminary Plans”) for the New Tenant Improvements. Within ten (10) days of Lessee’s receipt of the Preliminary Plans for any New Tenant Improvements, Lessee shall provide Lessor with either its consent to the Work Costsame or reasonably detailed objections thereto. If Lessee provides such objections, Lessor shall revise and re-submit the Preliminary Plans for the New Tenant Improvements and thereafter Lessee shall pay have five (5) days to consent or provide reasonably detailed objections to the entire amount same, and the process shall repeat until Lessee has consented to the Preliminary Plans for the New Tenant Improvements (“Final Plans”). If Lessee shall fail to respond within such five (5) day period, Lessor may send a second written request for approval. Lessee’s failure to respond within five (5) days of such second written request shall be deemed its approval of such Preliminary Plans. Lessor, at Lessee’s sole expense (subject to the Tenant Improvement Allowance), shall cause to be constructed New Tenant Improvements in accordance with the Final Plans. Lessee shall be liable for all fees and costs of the Work Cost which is design and construction of any tenant improvements in excess of the AllowanceTenant Improvement Allowance (such difference referred to herein as the “Tenant Improvement Shortfall”). Landlord shall have no obligation to proceed with any Tenant Improvements until its receipt from Tenant of any such excess amounts. The Allowance may not be used toward any "soft costs" related to purchase or installation of Tenant's wiring of telephone, data and communications, fixtures, furniture or equipment, unless expressly provided herein. The payment of any such amounts by Tenant shall not be considered Additional Rent. Tenant shall not receive cash or any credit against Rent for any unused portion of Notwithstanding the Allowance, if the Work Cost is less than the Allowance. Within ten days after receipt of the contractor's estimate of the anticipated Work Cost (subject to Value Engineering by Tenant), Tenant shall pay Landlord, in cashforegoing, the difference between the estimated Work Cost and the Tenant Improvement Allowance. Upon final completion of the Tenant Improvements, Landlord will provide a final accounting of the Work Cost and Tenant shall pay any amounts in excess of the Allowance then due not previously paid by Tenant within ten days after receipt of Landlord's invoice. Such payments by Tenant shall not be considered Additional Rent. Tenant's right to application parties agree that Lessor’s disbursements of the Tenant Improvement Allowance shall expire 180 days after the Commencement Date. Any requests for reimbursement submitted to Landlord after such date shall not be paid from the Allowance and Tenant shall thereafter be solely responsible for made pari passu with Lessee’s contribution of its own funds towards the costs of constructing the tenant improvements as such costs become due (i.e. in proportion of Tenant Improvements without reimbursement from Landlord. The rights granted Improvement Shortfall payable by Lessee to Tenant under this section to the Allowance are personal to the original named Tenant in this Lease and may not be assigned or exercised by or for the benefit of anyone (including, any subtenant) other than such Tenant. If after Tenant has been granted all or any portion of the Allowance, the Lease Term is terminated by virtue of a default by Tenant or Landlord resumes possession of the Premises as a result of Tenant's default, in addition to all other available damages and remedies, Landlord shall also be entitled to recover from Tenant the unamortized portion (calculated using an interest rate of 12% per annum compounded monthly) of the Tenant Improvement Allowance). Lessor shall disburse the Tenant Improvement Allowance directly to the applicable design professional, which sum contractor, materialman or other laborer (“Contractor”) in connection with the construction of such tenant improvements upon receipt of paid invoices for work completed, conditional/unconditional lien releases, and other documentation reasonably required by Lessor. For the avoidance of doubt, Lessee may submit to Lessor reimbursement requests from the Tenant Improvement Allowance for work completed prior to the date of this Amendment, provided that (i) such work was completed by a Contractor approved by Lessor, and (ii) Lessee delivers to Lessor receipt of paid invoices for work completed, conditional/unconditional lien releases, and other documentation reasonably required by Lessor. Lessee shall not be deemed rent. This obligation of Tenant entitled to repay the unamortized balance receive any cash payment or credit against Rent or otherwise for any portion of the Tenant Improvement Allowance which is not used to Landlord shall survive pay for the expiration or sooner termination construction of the Lease Term. No Construction Management Fee shall be paid by Tenant to Landlord on any amount under $10,000tenant improvements contemplated hereunder.

Appears in 1 contract

Samples: Lease (Personalis, Inc.)

Tenant Improvement Allowance. If and for as long as Tenant is not in default under this Lease beyond any applicable grace period, Tenant Lessor shall be entitled to provide a tenant improvement allowance (“TI Allowance”) in an the amount equal of Eighty-One Thousand Four Hundred Fifty-Six Dollars ($81,456.00) which shall be available to $10,758 ("Tenant Improvement Allowance" or "Allowance"Lessee upon mutual execution of this Second Amendment. Any such improvements shall constitute Alterations under the Lease and shall therefore be subject to all requirements of Paragraph 7.3(b). The Tenant Improvement Allowance shall be applied to Notwithstanding the Work Cost. Tenant shall pay the entire amount of the Work Cost which is in excess of the Allowance. Landlord shall have no obligation to proceed with any Tenant Improvements until its receipt from Tenant of foregoing, any such excess amounts. The Allowance may not be used toward any "soft costs" related to purchase or installation of Tenant's wiring of telephoneimprovements shall require Lessor’s consent, data and communications, fixtures, furniture or equipment, unless expressly provided herein. The payment of any such amounts by Tenant which shall not be considered Additional Rentunreasonably withheld. Tenant Lessee shall not receive cash or any credit against Rent for any unused portion of the Allowance, if the Work Cost is less than the Allowance. Within ten days after receipt of the contractor's estimate of the anticipated Work Cost (subject to Value Engineering by Tenant), Tenant shall initially pay Landlord, in cash, the difference between the estimated Work Cost and the Tenant Improvement Allowance. Upon final completion of the Tenant Improvements, Landlord will provide a final accounting of the Work Cost and Tenant shall pay any amounts in excess of the Allowance then due not previously paid by Tenant within ten days after receipt of Landlord's invoice. Such payments by Tenant shall not be considered Additional Rent. Tenant's right to application of the Tenant Improvement Allowance shall expire 180 days after the Commencement Date. Any requests for reimbursement submitted to Landlord after such date shall not be paid from the Allowance and Tenant shall thereafter be solely responsible for the costs of the Tenant Improvements without reimbursement from Landlordimprovements. The rights granted Upon Lessee completing and paying for such improvements, Lessee shall submit to Tenant under this section Lessor invoices reflecting the costs incurred by Lessee in connection with such improvements, and shall also submit (if applicable to the Allowance are personal subject improvements) all drawings and plans, city-issued permits, proofs of payment with contract waivers, contractor and subcontractor logs, final signed inspection cards, as well as a final recorded notice of completion (if applicable to the original named Tenant subject improvements), along with any other documents reasonably requested by Lessor. Within thirty (30) days after receiving all documentation, Lessor shall credit Lessee’s monetary obligations under the Lease in this Lease and may not be assigned or exercised the amount paid by or for Lessee up to the benefit of anyone (including, any subtenant) other than such Tenant. If after Tenant has been granted all or any portion amount of the TI Allowance, the Lease Term is terminated by virtue of a default by Tenant or Landlord resumes possession of the Premises as a result of Tenant's default, in addition to all other available damages and remedies, Landlord shall also be entitled to recover from Tenant the unamortized portion (calculated using an interest rate of 12% per annum compounded monthly) of the Tenant Improvement Allowance, which sum . ​ Lessee shall not be deemed rent. This obligation of Tenant required to repay the unamortized balance restore any of the Tenant Improvement Allowance Alterations made pursuant to Landlord shall survive the expiration this Section that have been constructed, or sooner termination of the Lease Termwill be constructed, per plans approved by Lessor. No Construction Management Fee Lessee shall be paid by Tenant responsible, at Lessee’s sole cost and expense, for complying with disability access laws (including but not limited to Landlord on the ADA) in connection with any amount Alterations under $10,000.this Lease, including the tenant improvements described herein. ​

Appears in 1 contract

Samples: Lease (GLAUKOS Corp)

Tenant Improvement Allowance. If and for as long as Tenant is not in default under this Lease beyond any applicable grace periodPursuant to Paragraph 4 to the Agreement to Extend Lease, Tenant shall be entitled Prime Lessor agreed to a tenant improvement provide Sublessor with an allowance in an amount equal of up to $10,758 200,375.00 toward improvements to be made to the Premises at any time during the period from November 1, 1997 through April 30, 2001 (the "Tenant Improvement Allowance" or "AllowanceTENANT IMPROVEMENT ALLOWANCE"). The Sublessor represents and warrants that it has (a) not used or expended any of the Tenant Improvement Allowance shall be applied to the Work Cost. Tenant shall pay the entire amount as of the Work Cost which is date hereof and (b) no reason to believe that Prime Lessor will not provide the Tenant Improvement Allowance for the "tenant improvements" as defined in excess the Agreement to Extend Lease. Sublessor covenants that it will cooperate with Sublessee at Sublessee's sole cost and expense to ensure Prime Lessor's prompt release of the Allowance. Landlord shall have no obligation to proceed with any Tenant Improvements until its receipt from Tenant of any such excess amounts. The Allowance may not be used toward any "soft costs" related to purchase or installation of Tenant's wiring of telephone, data and communications, fixtures, furniture or equipment, unless expressly provided herein. The payment of any such amounts by Tenant shall not be considered Additional Rent. Tenant shall not receive cash or any credit against Rent for any unused portion of the Allowance, if the Work Cost is less than the Allowance. Within ten days after receipt of the contractor's estimate of the anticipated Work Cost (subject to Value Engineering by Tenant), Tenant shall pay Landlord, in cash, the difference between the estimated Work Cost and the Tenant Improvement Allowance. Upon final completion of Sublessee shall be entitled to the Tenant ImprovementsImprovement Allowance to the same extent as Sublessor under the Prime Lease and in the manner set forth in the Prime Lease, Landlord will provide a final accounting and Sublessor agrees to pay the Tenant Improvement Allowance to Sublessee in the amount and in the manner set forth in the Agreement to Extend Lease within five (5) business days of the Work Cost and Tenant shall pay any amounts in excess of the Allowance then due not previously paid by Tenant within ten days after Sublessor's receipt of Landlord's invoicesuch funds from the Prime Lessor. Such payments by Tenant Notwithstanding the foregoing, Sublessee agrees and acknowledges that Sublessor shall not be considered Additional Rent. Tenant's right permitted throughout the Sublease Term to application use all or any part of the Tenant Improvement Allowance shall expire 180 days after in the Commencement Dateamount and in the manner set forth in the Agreement to Extend Lease. Any requests for reimbursement submitted If Sublessee during the Sublease Term desires to Landlord after such date shall not be paid from the Allowance and Tenant shall thereafter be solely responsible for the costs of the Tenant Improvements without reimbursement from Landlord. The rights granted to Tenant under this section make tenant improvements to the Allowance are personal to Sublet Premises and the original named Tenant in this Lease and may not be assigned or exercised by or for cost of such improvements exceeds the benefit of anyone (including, any subtenant) other than such Tenant. If after Tenant has been granted all or any remaining unused portion of the Allowance, the Lease Term is terminated by virtue of a default by Tenant or Landlord resumes possession of the Premises as a result of Tenant's default, in addition to all other available damages and remedies, Landlord shall also be entitled to recover from Tenant the unamortized portion (calculated using an interest rate of 12% per annum compounded monthly) of the Tenant Improvement Allowance, which sum shall not be deemed rent. This obligation of Tenant Sublessor will pay to repay Sublessee an amount equal to the unamortized balance portion of the Tenant Improvement Allowance used by Sublessor upon the receipt of invoices for the tenant improvements, provided such tenant improvements constitute "tenant improvements" as defined in the Agreement to Landlord Extend Lease, Sublessee has furnished to Sublessor the same documents that are required under the Prime Lease in connection with any tenant improvements, and has obtained any and all necessary permits and/or approvals required under the Prime Lease. It is anticipated that Sublessee shall survive install or cause the expiration or sooner termination of following improvements to be made to the Lease Term. No Construction Management Fee shall be paid by Tenant to Landlord on Sublet Premises: (a) recarpet the Sublet Premises, (b) repaint interior walls, (c) remove any amount under $10,000.interior non-

Appears in 1 contract

Samples: Sublease Agreement (Costar Group Inc)

Tenant Improvement Allowance. If and for as long as Tenant is not in default under this Lease beyond any applicable grace period, Tenant shall be entitled to a tenant improvement allowance (the "TENANT IMPROVEMENT ALLOWANCE") in an the amount equal of Thirty-Five and 20/100 Dollars ($35.20) per usable square foot of the Premises (calculated on a single-tenant basis) for the costs relating to $10,758 the design and construction of Tenant's improvements (the "Tenant Improvement Allowance" or "AllowanceTENANT IMPROVEMENTS"). The Tenant shall have the right to defer the construction of Tenant Improvements for space in the Building which Tenant elects not to initially build-out until no later than three (3) years after the Lease Commencement Date for the applicable Floor Group; however, (i) if Tenant elects to commence construction of Tenant Improvements for any space in the Building, such construction may not thereafter be deferred, and (ii) any such deferral shall be deemed a Tenant Delay so that the Lease Commencement Date shall not be delayed. In no event shall Landlord be obligated to make disbursements pursuant to this Tenant Work Letter in a total amount which exceeds the Tenant Improvement Allowance shall be applied to the (except as expressly contemplated by this Tenant Work CostLetter). Tenant shall pay the entire amount of the Work Cost which is in excess of the Allowance. Landlord shall have no obligation to proceed with any Tenant Improvements until its receipt from Tenant of any such excess amounts. The Allowance may not be used toward any "soft costs" related to purchase or installation of Tenant's wiring of telephone, data and communications, fixtures, furniture or equipment, unless expressly provided herein. The payment of any such amounts by Tenant shall not be considered Additional Rent. Tenant shall not receive cash or any credit against Rent for any unused Any portion of the Allowance, if the Work Cost is less than the Allowance. Within ten days after receipt of the contractor's estimate of the anticipated Work Cost (subject to Value Engineering by Tenant), Tenant shall pay Landlord, in cash, the difference between the estimated Work Cost and the Tenant Improvement Allowance. Upon final completion of the Tenant Improvements, Landlord will provide a final accounting of the Work Cost and Tenant shall pay any amounts in excess of the Allowance then due not previously paid by Tenant within ten days after receipt of Landlord's invoice. Such payments by Tenant shall not be considered Additional Rent. Tenant's right to application of the Tenant Improvement Allowance shall expire 180 days remaining after the Commencement Date. Any requests for reimbursement submitted to Landlord after such date shall not be paid from the Allowance and Tenant shall thereafter be solely responsible for the costs construction of the Tenant Improvements without reimbursement from Landlord. The rights granted to for each Floor Group may be used by Tenant under this section to for Tenant Improvements for such Floor Group before the Allowance are personal to the original named Tenant in this Lease and may not be assigned or exercised by or for the benefit of anyone second (including, any subtenant2nd) other than such Tenant. If after Tenant has been granted all or any portion anniversary of the AllowanceLease Commencement Date for such Floor Group). Further, Tenant shall allocate and use a minimum Tenant Improvement Allowance for "hard costs" (i.e., costs incurred under the Lease Term is terminated by virtue general contract with Contractor) of a default by Tenant or Landlord resumes possession of the Premises as a result of Tenant's default, Improvements in addition to all other available damages and remedies, Landlord shall also be entitled to recover from Tenant the unamortized portion an amount not less than Twenty Three Dollars ($23.00) per usable square foot (calculated using an interest rate of 12% per annum compounded monthlyon a single-tenant basis) of the each Floor Group. All Tenant Improvement Allowance, Improvements for which sum shall not be deemed rent. This obligation of Tenant to repay the unamortized balance of the Tenant Improvement Allowance to Landlord shall survive the expiration or sooner termination of the Lease Term. No Construction Management Fee has been made available shall be paid by Tenant to Landlord on any amount deemed Landlord's property except as described under $10,000the terms of Section 8.5 of this Lease.

Appears in 1 contract

Samples: Lease Option Agreement (Peregrine Systems Inc)

Tenant Improvement Allowance. If and for as long as Tenant is not in default under this Lease beyond any applicable grace period, Tenant shall be entitled to a tenant an improvement allowance in an amount equal to $10,758 (the "Tenant Improvement Allowance" or ") in the amount Tenant shall be entitled to an improvement allowance (the "Tenant Improvement Allowance") (i) in the amount of $82.50 per RSF of the Building 3 Premises for the costs relating to the initial design and construction of the improvements which are permanently affixed to the Building 3 Premises, (ii) in the amount of $82.50 per RSF of the Building 4 Premises for the costs relating to the initial design and construction of the improvements which are permanently affixed to the Building 4 Premises, and (iii) in the amount of $82.50 per RSF of the Building A2 Premises for the costs relating to the initial design and construction of the improvements which are permanently affixed to the Building A2 Premises, (collectively, the "Tenant Improvements"). The In no event shall Landlord be obligated to make disbursements pursuant to this Tenant Improvement Allowance shall be applied Work Letter in the event that Tenant fails to the Work Cost. Tenant shall immediately pay the entire amount of the Work Cost which is in excess of the Allowance. Landlord shall have no obligation to proceed with any Tenant Improvements until its receipt from Tenant of any such excess amounts. The Allowance may not be used toward any "soft costs" related to purchase or installation of Tenant's wiring of telephone, data and communications, fixtures, furniture or equipment, unless expressly provided herein. The payment of any such amounts by Tenant shall not be considered Additional Rent. Tenant shall not receive cash or any credit against Rent for any unused portion of the Allowance"Over-Allowance Amount," as defined in Section 4.2.1, if the Work Cost is less than the Allowance. Within ten days after receipt of the contractor's estimate of the anticipated Work Cost (subject nor shall Landlord be obligated to Value Engineering by Tenant), Tenant shall pay Landlord, in cash, the difference between the estimated Work Cost and a total amount which exceeds the Tenant Improvement Allowance. Upon final completion Notwithstanding the foregoing or any contrary provision of the this Lease, all Tenant Improvements, Landlord will provide a final accounting of the Work Cost and Tenant Improvements shall pay any amounts in excess of the Allowance then due not previously paid by Tenant within ten days after receipt of be deemed Landlord's invoiceproperty under the terms of this Lease. Such payments by Tenant shall not be considered Additional Rent. Tenant's right to application Any unused portion of the Tenant Improvement Allowance shall expire 180 days after remaining as of the Lease Commencement Date. Any requests for reimbursement submitted to , shall remain with Landlord after such date shall not be paid from the Allowance and Tenant shall thereafter be solely responsible for the costs of the Tenant Improvements without reimbursement from Landlord. The rights granted to Tenant under this section to the Allowance are personal to the original named Tenant in this Lease and may not be assigned or exercised by or for the benefit of anyone (including, any subtenant) other than such Tenant. If after Tenant has been granted all or any portion of the Allowance, the Lease Term is terminated by virtue of a default by Tenant or Landlord resumes possession of the Premises as a result of Tenant's default, in addition to all other available damages and remedies, Landlord shall also be entitled to recover from Tenant the unamortized portion (calculated using an interest rate of 12% per annum compounded monthly) of the Tenant Improvement Allowance, which sum shall not be deemed rent. This obligation of Tenant to repay the unamortized balance of the Tenant Improvement Allowance to Landlord shall survive the expiration or sooner termination of the Lease Term. No Construction Management Fee shall be paid by Tenant to Landlord on any amount under $10,000have no further right thereto.

Appears in 1 contract

Samples: Office Lease (Roku, Inc)

Tenant Improvement Allowance. If and for as long as Tenant is not in default under this Lease beyond any applicable grace period, Tenant shall be entitled Xxxxxxxx has agreed to contribute a one-time tenant improvement allowance for the cost of preparing the T.I. Plans and Specifications related to Tenant Improvements and toward the cost of constructing the Tenant Improvements, (including, but not limited to, any necessary permits and approvals, and any necessary demolition work but excluding any costs of furniture, trade fixtures, equipment or personal property and/or any non-Building Standard improvements, all of which shall be Tenant’s sole responsibility) in an amount equal up to but not exceeding Sixty-One and 06/100 Dollars ($10,758 61.06) per square foot of the Premises ("Tenant Improvement Allowance" or "Allowance"). The Tenant Improvement Allowance is based on the square feet of the Premises, and the calculation of square feet for the Premises shall be applied to the Work Costas determined by Landlord. Tenant shall pay have the entire amount option, exercisable by written notice to Landlord on or before the commencement of the Work Cost which is in excess of the Allowance. Landlord shall have no obligation to proceed with any Tenant Improvements until its receipt from Tenant of any such excess amounts. The Allowance may not be used toward any "soft costs" related to purchase or installation of Tenant's wiring of telephone, data and communications, fixtures, furniture or equipment, unless expressly provided herein. The payment of any such amounts by Tenant shall not be considered Additional Rent. Tenant shall not receive cash or any credit against Rent for any unused portion of the Allowance, if the Work Cost is less than the Allowance. Within ten days after receipt of the contractor's estimate of the anticipated Work Cost (subject to Value Engineering by Tenant), Tenant shall pay Landlord, in cash, the difference between the estimated Work Cost and the Tenant Improvement Allowance. Upon final completion construction of the Tenant Improvements, to cause Landlord will provide a final accounting of to increase the Work Cost and Tenant shall pay any amounts in excess of the Allowance then due not previously paid by Tenant within ten days after receipt of Landlord's invoice. Such payments by Tenant shall not be considered Additional Rent. Tenant's right to application amount of the Tenant Improvement Allowance by up to One Hundred One Thousand One Hundred Fifty-Six and No/100 Dollars ($101,156.00) (the “TI Allowance Increase Amount”) as designated by Tenant in such written notice. If Tenant exercises such option, monthly Base Rent payable by Tenant throughout the initial Lease Term shall expire 180 days after be increased by an amount sufficient to fully amortize the Commencement DateTI Allowance Increase Amount throughout the initial Lease Term based upon equal monthly payments of principal and interest, with interest imputed on the outstanding principal balance at the rate of six point five percent (6.5%) per annum. Any requests for reimbursement submitted If Tenant makes such election, the parties shall enter into a amendment of this Lease to Landlord after reflect such date shall not be paid from increase in Base Rent. Notwithstanding any provisions of the Allowance and Lease or this Tenant Work Letter to the contrary, Tenant shall thereafter be solely responsible for the for, and shall pay upon billing therefor, any and all costs of and expenses relating in any way to the Tenant Improvements without reimbursement from Landlord. The rights granted to Tenant under this section to the Allowance are personal to the original named Tenant in this Lease and may not be assigned or exercised by or for the benefit of anyone (including, any subtenant) other than such Tenant. If after Tenant has been granted all or any portion of the Allowancebut not limited to, the Lease Term is terminated by virtue of a default by Tenant or Landlord resumes possession of the Premises as a result of Tenant's defaultdesign, permitting and construction thereof) in addition to all other available damages and remedies, Landlord shall also be entitled to recover from Tenant the unamortized portion (calculated using an interest rate of 12% per annum compounded monthly) of the Tenant Improvement Allowance, which sum shall not be deemed rent. This obligation of Tenant to repay the unamortized balance excess of the Tenant Improvement Allowance with respect to Landlord shall survive the expiration or sooner termination work of construction of the Lease TermTenant Improvements by Xxxxxxxx’s Contractor (“Excess Costs”). No Construction Management Fee The total of all costs to be incurred by Landlord in connection with the design and construction of the Tenant Improvements (including, without limitation, the costs to prepare the T.I. Plans and specifications, the obtainment of permits and completion of other pre-construction work relating to the Tenant Improvements) shall be paid by referred to as “Landlord Costs” and Landlord’s contribution toward Landlord’s Costs shall be limited to the Tenant Improvement Allowance (as the same may be increased as set forth in this Section 3.1 above). Landlord hereby acknowledges and agrees that , any Landlord Costs incurred prior to the date set forth in Section 29.34 for the delivery of the SNDA only are at Landlord’s sole risk and expense and in the event that Landlord on fails to deliver the SNDA to Tenant and as a result, Tenant timely terminates the Lease as set forth in Section 29.34, Tenant shall have no liability for any amount under $10,000Landlord Costs, nor the cost of designing the Landlord Improvements.

Appears in 1 contract

Samples: Subordination Agreement (GenMark Diagnostics, Inc.)

Tenant Improvement Allowance. If Landlord shall make available to Tenant an allowance in the amount of [***]per rentable square foot in the Premises (i.e., [***]) (the “Allowance”) for the design and for as long as construction of Improvements by Tenant is in accordance with Exhibit A attached hereto and made a part hereof by this reference. Out of the Allowance (and not in default under this Lease beyond any applicable grace periodaddition to it) Tenant may use up to [***] per rentable square foot for furniture, Tenant shall be entitled to a tenant improvement allowance in an amount equal to $10,758 fixtures, and equipment ("Tenant Improvement Allowance" or "Allowance"“FF&E”) (i.e., [***]). The Tenant Improvement Allowance shall be applied available for disbursement to the Work CostTenant commencing on the Effective Date through December 31, 2026 (the “Outside Allowance Date”). Tenant shall pay Up to [***] in FF&E costs may be incurred prior to the entire amount of Effective Date and charged to the Work Cost which is in excess of the Allowance. Landlord shall have no obligation to proceed with any Tenant Improvements until its receipt from Tenant of any such excess amounts. The Allowance may not be used toward any "soft costs" related to purchase or installation of Tenant's wiring of telephone, data and communications, fixtures, furniture or equipment, unless expressly provided herein. The payment of any such amounts by Tenant shall not be considered Additional Rent. Tenant shall not receive cash or any credit against Rent for any unused FF&E portion of the Allowance, if provided that Landlord will disburse such FF&E costs to Tenant on the Work Cost is less than later of (a) the Allowance. Within ten Effective Date, or (b) thirty (30) days after receipt Xxxxxx has delivered its request for disbursement and paid invoices for the same. The Outside Allowance Date shall be extended day for day for each day of Landlord Delay or Force Majeure delay. As used herein, a “Landlord Delay” shall mean any actual delay in the contractor's estimate of the anticipated Work Cost (subject to Value Engineering by Tenant), Tenant shall pay Landlord, in cash, the difference between the estimated Work Cost and the Tenant Improvement Allowance. Upon final completion of the Tenant Improvements, Landlord will provide a final accounting of the Work Cost and Tenant shall pay any amounts in excess of the Allowance then due not previously paid by Tenant within ten days after receipt of Landlord's invoice. Such payments by Tenant shall not be considered Additional Rent. Tenant's right to application of the Tenant Improvement Allowance shall expire 180 days after the Commencement Date. Any requests for reimbursement submitted to Landlord after such date shall not be paid from the Allowance and Tenant shall thereafter be solely responsible for the costs of the Tenant Improvements without reimbursement from Landlord. The rights granted to Tenant under this section to the Allowance are personal to the original named Tenant in this Lease and may not be assigned or exercised by or for the benefit of anyone (including, any subtenant) other than such Tenant. If after Tenant has been granted all or any portion of the Allowance, the Lease Term is terminated by virtue of a default by Tenant or Landlord resumes possession of the Premises as a result of Tenant's default, Landlord’s material breach or material default under this Ninth Amendment; or Landlord’s failure to allow contractors access to the Building or Premises as scheduled in addition to all other available damages advance with the Building’s property manager or Xxxxxxxx’s and remedies, receipt of written NINTH AMENDMENT TO OFFICE LEASE approval for such access. No Landlord Delay shall also be entitled to recover from Tenant the unamortized portion (calculated using an interest rate of 12% per annum compounded monthly) of the Tenant Improvement Allowance, which sum shall not be deemed rent. This obligation of Tenant to repay the unamortized balance of the Tenant Improvement Allowance have occurred unless and until Xxxxxx has delivered to Landlord a factually correct written notice (the “Landlord Delay Notice”) to Landlord, specifying the bona fide action or inaction which Tenant contends constitutes the Landlord Delay and Xxxxxxxx has failed to cure such Landlord Delay within three (3) business day. Any assertion of Landlord Delay may be reasonably and in good faith disputed by Landlord and the parties shall survive meet and confer to resolve such dispute not later than ten (10) business days after the expiration or sooner termination of the Lease Term. No Construction Management Fee Landlord Delay Notice is delivered (during which time no Landlord Delay shall be paid by Tenant deemed to Landlord on any amount under $10,000occur). .

Appears in 1 contract

Samples: Office Lease (Blackline, Inc.)

Tenant Improvement Allowance. If and for as long as Tenant is not in default under this Lease beyond any applicable grace period, Tenant shall be entitled to use a tenant one-time improvement allowance in an amount equal to $10,758 (the "Tenant Improvement Allowance") in the amount of One Million Eight Hundred Forty-One Thousand Four Hundred and 00/100 Dollars ($1,841,400.00) (i.e., Thirty and 00/100 Dollars ($30.00) per rentable square foot of the entire Premises), for the costs relating to the initial design and construction of Tenant's improvements, which are permanently affixed to the Premises (i.e., the Existing Premises and the Expansion Premises) or which are "Tenant Improvement Allowance Items," or as that term is defined in Section 2.2.1, below (collectively, the "AllowanceTenant Improvements"). In no event shall Landlord be obligated to make disbursements pursuant to this Tenant Work Letter or otherwise in connection with Tenant's construction of the Tenant Improvements or any Tenant Improvement Allowance Items, as defined below, in a total amount which exceeds the sum of the Tenant Improvement Allowance, except as required by the warranty provisions of Section 1, above. All Tenant Improvements for which the Tenant Improvement Allowance has been made available shall be deemed Landlord's property under the terms of the Lease; provided, however, notwithstanding any contrary provision contained in the Lease, upon the expiration or earlier termination of the Expansion Term, Tenant shall not be required to remove the Tenant Improvements installed within the Premises which are installed in accordance with the "Final Working Drawings", as that term is defined in Section 3.3, below. The Tenant Improvement Allowance shall be applied to the Work Cost. Tenant shall pay the entire amount of the Work Cost which is in excess of the Allowance. Landlord shall have no obligation to proceed with any Tenant Improvements until its receipt from Tenant of any such excess amounts. The Allowance may not be used toward any "soft costs" related to purchase or installation of Tenant's wiring of telephone, data and communications, fixtures, furniture or equipment, unless expressly provided herein. The payment of any such amounts available for use by Tenant shall not be considered Additional Rent. Tenant shall not receive cash or from and after the Expansion Commencement Date, and any credit against Rent for any unused portion of the Allowance, if the Work Cost is less than the Allowance. Within ten days after receipt of the contractor's estimate of the anticipated Work Cost (subject to Value Engineering by Tenant), Tenant shall pay Landlord, in cash, the difference between the estimated Work Cost and the Tenant Improvement Allowance. Upon final completion of the Tenant Improvements, Landlord will provide a final accounting of the Work Cost and Tenant shall pay any amounts in excess of the Allowance then due not previously paid by Tenant within ten days after receipt of Landlord's invoice. Such payments by Tenant shall not be considered Additional Rent. Tenant's right to application of the Tenant Improvement Allowance that is not disbursed or allocated for disbursement by March 31, 2016, shall expire 180 days after the Commencement Date. Any requests for reimbursement submitted revert to Landlord after such date shall not be paid from the Allowance and Tenant shall thereafter be solely responsible for the costs of the Tenant Improvements without reimbursement from Landlord. The have no further rights granted to Tenant under this section to the Allowance are personal to the original named Tenant in this Lease and may not be assigned or exercised by or for the benefit of anyone (including, any subtenant) other than such Tenant. If after Tenant has been granted all or any portion of the Allowance, the Lease Term is terminated by virtue of a default by Tenant or Landlord resumes possession of the Premises as a result of Tenant's default, in addition to all other available damages and remedies, Landlord shall also be entitled to recover from Tenant the unamortized portion (calculated using an interest rate of 12% per annum compounded monthly) of the Tenant Improvement Allowance, which sum shall not be deemed rent. This obligation of Tenant to repay the unamortized balance of the Tenant Improvement Allowance to Landlord shall survive the expiration or sooner termination of the Lease Term. No Construction Management Fee shall be paid by Tenant to Landlord on any amount under $10,000with respect thereto.

Appears in 1 contract

Samples: Lease (Portola Pharmaceuticals Inc)

Tenant Improvement Allowance. If Landlord shall provide Tenant with a basic allowance for construction of Tenant's Improvements Work and for as long to offset such other Tenant Improvement Costs as Tenant is not may incur in default under connection with this Lease beyond any applicable grace period, Tenant shall be entitled to a tenant improvement allowance in an amount equal to determined by multiplying the sum of Thirty Five Dollars ($10,758 35.00) times the number of square feet of Usable Area in the Premises as determined in accordance with Section 1.05 ("Tenant Improvement Allowance" or "Allowance"). The All Tenant Improvement Allowance shall be applied to the Work Cost. Tenant shall pay the entire amount of the Work Cost which is Costs in excess of the Allowance. Landlord shall have no obligation to proceed with any Tenant Improvements until its receipt from Tenant of any such excess amounts. The Allowance may not be used toward any "soft costs" related to purchase or installation of Tenant's wiring of telephone, data and communications, fixtures, furniture or equipment, unless expressly provided herein. The payment of any such amounts by Tenant shall not be considered Additional Rent. Tenant shall not receive cash or any credit against Rent for any unused portion of the Allowance, if the Work Cost is less than the Allowance. Within ten days after receipt of the contractor's estimate of the anticipated Work Cost (subject to Value Engineering by Tenant), Tenant shall pay Landlord, in cash, the difference between the estimated Work Cost and the Tenant Improvement Allowance. Upon final completion of the Tenant Improvements, Landlord will provide a final accounting of the Work Cost and Tenant shall pay any amounts in excess of the Allowance then due not previously paid by Tenant within ten days after receipt of Landlord's invoice. Such payments by Tenant shall not be considered Additional Rent. Tenant's right to application of the Tenant Improvement Allowance (collectively, the "Tenant's Improvement Contribution") shall expire 180 days after the Commencement Date. Any requests for reimbursement submitted to Landlord after such date shall not be paid from the Allowance and Tenant shall thereafter be solely responsible for the costs by Tenant. Landlord acknowledges receipt of the Tenant Improvements without reimbursement from Landlord. The rights granted an initial contribution to Tenant under this section Improvement Contribution of Two Hundred Forty-three Thousand Three Hundred Thirteen Dollars ($243,313). An additional contribution to the Allowance are personal to the original named Tenant in this Lease and may not be assigned or exercised by or for the benefit of anyone (including, any subtenant) other than such Tenant. If after Tenant has been granted all or any portion of the Allowance, the Lease Term is terminated by virtue of a default by Tenant or Landlord resumes possession of the Premises as a result of Tenant's default, Improvement Contribution in addition to all other available damages and remedies, Landlord shall also be entitled to recover from Tenant the unamortized portion (calculated using an interest rate of 12% per annum compounded monthly) of the Tenant Improvement Allowance, which sum shall not be deemed rent. This obligation of Tenant to repay the unamortized balance excess of the Tenant Improvement Allowance and the initial contribution to Landlord shall survive the expiration or sooner termination of the Lease Term. No Construction Management Fee Tenant Improvement Contribution shall be paid by Tenant to Landlord fifteen (15) days after Tenant shall have approved a Cost Estimate (as each term is defined in the Work Letter) and Landlord and Tenant have thereafter agreed on any an estimate of Tenant Improvement Costs. Any additional contributions to Tenant's Improvement Contribution to be paid by Tenant hereunder shall be paid by Tenant to Landlord thirty (30) days after Tenant shall have approved a Revised Cost Estimate (as such term is defined in the Work Letter), if same is required. In the event the actual Tenant Improvement Costs are less than the sum of the Tenant Improvement Allowance and Tenant's Improvement Contribution, then Landlord shall pay to Tenant within ten (10) days after such determination the amount under by which the sum of the Tenant Improvement Allowance and Tenant's Improvement Contribution exceeded the actual Tenant Improvement Costs; provided , however, in no event shall the Landlord be required to pay an amount greater than the amount of Tenant's Improvement Contribution. The Tenant Improvement Allowance and Tenant's Improvement Contribution are herein collectively referred to as the "Tenant Improvement Fund". In no event, however, shall amounts paid for Tenant's moving costs from the Tenant Improvement Fund exceed Two Dollars ($10,0002.00) per square foot of Usable Area in the Premises.

Appears in 1 contract

Samples: Agreement Regarding Lease (Iomega Corp)

Tenant Improvement Allowance. If and for as long as Tenant is not in default under this Lease beyond any applicable grace period, Tenant shall be entitled to a one-time tenant improvement allowance in an amount equal to $10,758 ("the “Tenant Improvement Allowance" ”) in the amount of [*****] for the costs relating to the initial design, permitting and construction of the Initial Improvements in accordance with the Approved Construction Plans (as defined below) and all Legal Requirements, including, without limitation, the American with Disabilities Act pertaining to the Initial Improvements (but not to the specific use or "Allowance"occupancy of Tenant). The Tenant Improvement Allowance parties acknowledge that the Initial Improvements in the entire Premises shall be applied constructed at the same time pursuant to the Work Cost. Tenant shall pay the entire amount terms of the Work Cost which is in excess of the Allowance. Landlord shall have this Addendum and that no obligation to proceed with any Tenant Improvements until its receipt from Tenant of any such excess amounts. The Allowance may not be used toward any "soft costs" related to purchase or installation of Tenant's wiring of telephone, data and communications, fixtures, furniture or equipment, unless expressly provided herein. The payment of any such amounts by Tenant shall not be considered Additional Rent. Tenant shall not receive cash or any credit against Rent for any unused portion of the Allowance, if the Work Cost is less than the Allowance. Within ten days after receipt of the contractor's estimate of the anticipated Work Cost (subject to Value Engineering by Tenant), Tenant shall pay Landlord, in cash, the difference between the estimated Work Cost and the Tenant Improvement Allowance. Upon final completion of the Tenant Improvements, Landlord will provide a final accounting of the Work Cost and Tenant shall pay any amounts in excess of the Allowance then due not previously paid by Tenant within ten days after receipt of Landlord's invoice. Such payments by Tenant shall not be considered Additional Rent. Tenant's right to application of the Tenant Improvement Allowance shall expire 180 days after be available for use by Tenant following the Commencement Datecompletion of the Initial Improvements in the entire Premises. Any requests for reimbursement submitted Under no circumstances shall Landlord be obligated to Landlord after such date shall not be paid from the Allowance and Tenant shall thereafter be solely responsible make disbursements for the costs of the Tenant Initial Improvements without reimbursement from Landlord. The rights granted (pursuant to Tenant under this section to the Allowance are personal to the original named Tenant Addendum or otherwise) in this Lease and may not be assigned or exercised by or for the benefit of anyone (including, any subtenant) other than such Tenant. If after Tenant has been granted all or any portion of the Allowance, the Lease Term is terminated by virtue of a default by Tenant or Landlord resumes possession of the Premises as a result of Tenant's default, in addition to all other available damages and remedies, Landlord shall also be entitled to recover from Tenant the unamortized portion (calculated using an interest rate of 12% per annum compounded monthly) of total amount which exceeds the Tenant Improvement Allowance, which sum and Tenant shall not be deemed rentobligated to pay the entire cost of the design, permitting, construction and other costs of the Initial Improvements to the extent the same exceeds the Tenant Improvement Allowance (the “Excess Costs”). This obligation Except as otherwise set forth in this Addendum, the Tenant Improvement Allowance shall be disbursed by Landlord for costs related to the construction of the Initial Improvements and for the design, permitting, construction and construction fees for the Initial Improvements (collectively, the “Tenant Improvement Allowance Items”). Landlord shall disburse the Tenant Improvement Allowance, and Tenant shall pay the Excess Cost for the Tenant Improvement Allowance Items, in proportion to repay the unamortized balance ratio that their respective contribution bears to the total cost of the Tenant Improvement Allowance Items, in each case as and when due to Landlord the Architect/Space Planner, Engineers and Contractor. Tenant shall survive have at least ten (10) days to make a payment of Excess Costs due under this Section 2.1; provided, however, that Tenant may instead elect to modify the expiration or sooner termination scope of the Lease TermInitial Improvements to minimize or eliminate any Excess Costs prior to commencement of construction. No Based on the Preliminary Construction Management Fee Proposal, the total cost for construction of the Initial Improvements is estimated to be [*****], which means that Excess Costs payable by Tenant would equal [*****]. Notwithstanding the foregoing, if the final construction costs of the Initial Improvements are less than [*****], Landlord and Tenant agree that Tenant Improvement Allowance shall be paid reduced by [*****]. For illustration purposes of how this reduction in the Tenant Improvement Allowance occurs at different total costs of construction, please see the chart attached to Landlord on any amount under $10,000this Lease as Exhibit G (the “Landlord-Tenant Contribution Analysis”).

Appears in 1 contract

Samples: Lease Agreement (Atlas Crest Investment Corp.)

Tenant Improvement Allowance. If and for as long as Tenant is not in default under this Lease beyond any applicable grace period, Tenant shall be entitled to a one-time tenant improvement allowance in an amount equal to $10,758 ("the “Tenant Improvement Allowance" or "Allowance"”) in the amount of $60.00 per rentable square foot of the Premises for the costs relating to the initial design and construction of Tenant’s improvements, which, except as provided in Section 2.2.1.10, below, are permanently affixed to the Premises (the “Tenant Improvements”). The Except with respect to the Landlord Work, in no event shall Landlord be obligated to make disbursements pursuant to this Tenant Work Letter in a total amount which exceeds the Tenant Improvement Allowance shall be applied to and “Landlord’s Drawing Contribution”(as that term is defined below). In the Work Cost. event that the Tenant shall pay the entire amount Improvement Allowance for any particular portion of the Work Cost which Premises is in excess of not fully utilized by Tenant within one (1) year after the Allowance. Landlord applicable Rent Commencement Date for such portion, then such unused amounts shall revert to Landlord, and Tenant shall have no obligation further rights with respect thereto. Any Tenant Improvements that require the use of Building risers, raceways, shafts and/or conduits, shall be subject to proceed with Landlord’s reasonable rules, regulations, and restrictions, including the requirement that any cabling vender to the extent performing work in the riser must be reasonably approved by Landlord, and that the amount and location of any such cabling must be reasonably approved by Landlord, subject to the terms of Section 6.1.7 of the Lease. All Tenant Improvements for which the Tenant Improvement Allowance has been used shall be deemed Landlord’s property under the terms of the Lease; provided, however, Landlord may, by written notice to Tenant prior to the end of the Lease Term, or given following any earlier termination of this Lease, require Tenant, at Tenant’s expense, to remove any Tenant Improvements until its receipt from Tenant of and to repair any damage to the Premises and Building caused by such excess amounts. The Allowance may not be used toward any "soft costs" related to purchase or installation of Tenant's wiring of telephone, data removal and communications, fixtures, furniture or equipment, unless expressly provided herein. The payment of any such amounts by Tenant shall not be considered Additional Rent. Tenant shall not receive cash or any credit against Rent for any unused return the affected portion of the AllowancePremises to their condition existing prior to the installment of such Tenant Improvements; provided, however, that, notwithstanding the foregoing, (i) upon request by Tenant at the time of Tenant’s request for Landlord’s approval of the “Final Working Drawings,” as that term is defined in Section 3.3 of this Tenant Work Letter, Landlord shall notify Tenant whether the Tenant Improvements will be required to be removed pursuant to the terms of this Section 2.1, and (ii) Tenant’s removal and restoration obligation with respect to the Tenant Improvements shall be subject to the terms of Section 8.5 of the Lease, including, without limitation, any restrictions on Landlord’s right to require Tenant’s removal of specific improvements. In addition, Landlord shall contribute an amount not to exceed $0.15 per rentable square foot of the Initial Premises, the Must-Take 1 Space, and the Must-Take 2 Space (“Landlord’s Drawing Contribution”) toward the cost of a preliminary analysis and fit plan to be prepared by the “Architect” (as that term is defined below), and no portion of the Landlord’s Drawing Contribution, if the Work Cost is less than the Allowance. Within ten days any, remaining after receipt of the contractor's estimate of the anticipated Work Cost (subject to Value Engineering by Tenant), Tenant shall pay Landlord, in cash, the difference between the estimated Work Cost and the Tenant Improvement Allowance. Upon final completion of the Tenant Improvements, Landlord will provide a final accounting Improvements shall be available for use by Tenant. Tenant shall deliver one (1) hard copy and one (1) electronic copy of the Work Cost and Tenant shall pay any amounts in excess of the Allowance then due not previously paid by Tenant preliminary space plan to Landlord within ten fifteen (15) days after receipt of Landlord's invoice. Such payments by Tenant shall not be considered Additional Rent. Tenant's right to application of the Tenant Improvement Allowance shall expire 180 days after the Commencement Date. Any requests for reimbursement submitted to Landlord after such date shall not be paid from the Allowance and Tenant shall thereafter be solely responsible for the costs of the Tenant Improvements without reimbursement from Landlord. The rights granted to Tenant under this section to the Allowance are personal to the original named Tenant in this Lease and may not be assigned or exercised by or for the benefit of anyone (including, any subtenant) other than such Tenant. If after Tenant has been granted all or any portion of the Allowance, the Lease Term is terminated by virtue of a default by Tenant or Landlord resumes possession of the Premises as a result of Tenant's default, in addition to all other available damages and remedies, Landlord shall also be entitled to recover from Tenant the unamortized portion (calculated using an interest rate of 12% per annum compounded monthly) of the Tenant Improvement Allowance, which sum shall not be deemed rent. This obligation of Tenant to repay the unamortized balance of the Tenant Improvement Allowance to Landlord shall survive the expiration or sooner termination ’s execution of the Lease Term(the “Space Plan Delivery Date”). No Construction Management Fee Landlord shall be paid disburse such Landlord Drawing Contribution amount within thirty (30) days of written request by Tenant to Landlord on any amount under $10,000accompanied by an invoice and proof of payment from the Architect for such work.

Appears in 1 contract

Samples: Office Lease (Square, Inc.)

Tenant Improvement Allowance. If Subject to any restrictions, conditions or limitations expressly set forth in this Tenant Work Letter or in the Lease or as otherwise expressly provided by mutual written agreement of Landlord and Tenant, the cost of construction of the Tenant Improvements shall be paid or reimbursed by Landlord up to the amount set forth in Section 5 of the Summary (the “Tenant Improvement Allowance”), which amount is being made available by Landlord to be applied towards the Cost of Improvements for the construction of the Tenant Improvements in the Premises. Tenant shall be responsible, at its sole cost and expense, for payment of the entire Cost of Improvements of the Tenant Improvements in excess of the Tenant Improvement Allowance, including (but not limited to) any costs or cost increases incurred as a result of delays (unless caused by Landlord), governmental requirements or unanticipated conditions (unless caused by Landlord), and for as long as payment of any and all costs and expenses relating to any alterations, additions, improvements, furniture, furnishings, equipment, fixtures and personal property items which are not eligible for application of Tenant is not Improvement Allowance funds under the restrictions expressly set forth below in default under this Lease beyond any applicable grace periodparagraph, but Tenant shall be entitled to a tenant improvement allowance in an amount equal to $10,758 ("Tenant Improvement Allowance" use or "Allowance"). The apply the entire Tenant Improvement Allowance shall be applied to toward the Work Cost. Tenant shall pay the entire amount Cost of Improvements of the Work Cost which is in excess of the Allowance. Landlord shall have no obligation to proceed with any Tenant Improvements until its receipt from Tenant of any such excess amounts. The Allowance may not be used toward any "soft costs" related to purchase or installation of Tenant's wiring of telephone, data and communications, fixtures, furniture or equipment, unless expressly provided herein. The payment of any such amounts by Tenant shall not be considered Additional Rent. Tenant shall not receive cash or any credit against Rent for any unused portion of the Allowance, if the Work Cost is less than the Allowance. Within ten days after receipt of the contractor's estimate of the anticipated Work Cost (subject to Value Engineering by any applicable restrictions, conditions, limitations, reductions or charges set forth in the Lease or in this Tenant Work Letter) prior to being required to expend any of Tenant), Tenant shall pay Landlord, in cash, the difference between the estimated Work Cost and the Tenant Improvement Allowance. Upon final completion of ’s own funds for the Tenant Improvements, Landlord will provide a final accounting of the Work Cost and Tenant shall pay any amounts in excess of the Allowance then due not previously paid by Tenant within ten days after receipt of Landlord's invoice. Such payments by Tenant shall not be considered Additional Rent. Tenant's right to application The funding of the Tenant Improvement Allowance shall expire 180 days after be made on a monthly basis or at other convenient intervals mutually approved by Landlord and Tenant and in all other respects shall be based on such commercially reasonable disbursement conditions and procedures as Landlord, Project Manager and Landlord’s lender (if any) may reasonably prescribe. Notwithstanding the Commencement Dateforegoing provisions, under no circumstances shall the Tenant Improvement Allowance or any portion thereof be used or useable by Tenant for any moving or relocation expenses of Tenant, or for any Cost of Improvement (or any other cost or expense) associated with any moveable furniture or trade fixtures, personal property or any other item or element which, under the applicable provisions of the Lease, will not become Landlord’s property and remain with the Building upon expiration or termination of the Lease. Any requests for reimbursement submitted Notwithstanding anything to Landlord after such date the contrary herein, the Tenant Improvements shall not be paid from the Allowance include (and Tenant Landlord shall thereafter be solely responsible for the costs of the Tenant Improvements without reimbursement from Landlord. The rights granted to Tenant under this section to the Allowance are personal to the original named Tenant in this Lease and may not be assigned or exercised by or for the benefit of anyone (including, any subtenant) other than such Tenant. If after Tenant has been granted all or any portion of the Allowance, the Lease Term is terminated by virtue of a default by Tenant or Landlord resumes possession of the Premises as a result of Tenant's default, in addition to all other available damages and remedies, Landlord shall also be entitled to recover from Tenant the unamortized portion (calculated using an interest rate of 12% per annum compounded monthly) of the Tenant Improvement Allowance, which sum Allowance shall not be deemed rent. This obligation used for) the following: (a) costs incurred due to the presence of any Hazardous Materials, if any, but with respect to removal and remediation of any such Hazardous Materials, only to the extent such removal or remediation is required by Applicable Laws enforced as of the date of this Lease for improvements in the Premises generally (as opposed to the specific Tenant Improvements) and to the extent the same required in order to allow Tenant to repay obtain a certificate of occupancy or its legal equivalent, for the unamortized balance Premises for the Permitted Use assuming a normal and customary occupancy density; (b) costs to bring the Project into compliance with Applicable Laws to the extent required in order to allow Tenant to obtain a certificate of occupancy or its legal equivalent, for the Premises for the Permitted Use assuming a normal and customary office occupancy density; (c) construction costs in excess of the contract amount stated in the contract with the General Contractor, as approved EXHIBIT B by Tenant (not to be unreasonably withheld), except for increases set forth in change orders approved by Tenant; (d) wages, labor and overhead for overtime and premium time unless approved by Tenant (which approval shall not be unreasonably withheld, conditioned or delayed); (e) attorneys’ fees incurred in connection with negotiation of construction contracts, and attorneys’ fees, experts’ fees and other costs in connection with disputes with third parties; (f) interest and other costs of financing construction costs; (g) costs incurred as a consequence construction defects or default by a contractor; (h) costs as a consequence of casualties; (i) penalties and late charges attributable to Landlord’s failure to pay construction costs, and (j) costs due to compliance with any soil management plan for the Project or its appendices. Any unused portion of the Tenant Improvement Allowance to remaining as of December 31, 2022, shall remain with Landlord and Tenant shall survive the expiration or sooner termination of the Lease Term. No Construction Management Fee shall be paid by Tenant to Landlord on any amount under $10,000have no further right thereto.

Appears in 1 contract

Samples: Lease (Annexon, Inc.)

Tenant Improvement Allowance. If and for as long as Tenant is not in default under this Lease beyond any applicable grace period, Tenant shall be entitled to Upon completion of all or a tenant improvement allowance in an amount equal to $10,758 ("Tenant Improvement Allowance" or "Allowance"). The Tenant Improvement Allowance shall be applied to the Work Cost. Tenant shall pay the entire amount of the Work Cost which is in excess of the Allowance. Landlord shall have no obligation to proceed with any Tenant Improvements until its receipt from Tenant of any such excess amounts. The Allowance may not be used toward any "soft costs" related to purchase or installation of Tenant's wiring of telephone, data and communications, fixtures, furniture or equipment, unless expressly provided herein. The payment of any such amounts by Tenant shall not be considered Additional Rent. Tenant shall not receive cash or any credit against Rent for any unused portion of the Allowance, if the Work Cost is less than the Allowance. Within ten days after receipt of the contractor's estimate of the anticipated Work Cost (subject to Value Engineering by Tenant), Tenant shall pay Landlord, in cash, the difference between the estimated Work Cost and the Tenant Improvement Allowance. Upon final completion of the Tenant Improvements, Landlord will provide Tenant may make one or more requests in writing for a final accounting disbursement of a portion of the Work Cost Tenant Improvement Allowance (which disbursement requests may not be made more frequently than monthly and Tenant shall pay any amounts in excess may not be made for a disbursement request of less than $50,000 per request, excluding, however, the final disbursement of the Allowance then due not previously Tenant Improvement Allowance). Each disbursement request shall include (a) a reasonably detailed description of the completed portion of the Tenant Improvements, (b) the total cost of the completed Tenant Improvements, and (c) copies of paid invoices evidencing the actual, out-of-pocket expenses incurred by Tenant within ten for the completed Tenant Improvements. For thirty (30) days after receipt of Tenant’s request for disbursement, Landlord shall have the right to review such submission and have its building supervisor or property manager inspect the Property and verify that the portion of the Tenant Improvements for which a portion of the Tenant Improvement Allowance is then requested have been completed in accordance with the Tenant’s Plans, as approved by Landlord's invoice, and this Exhibit “B”. Such payments by It shall be a condition precedent to any disbursement of the Tenant Improvement Allowance that Tenant shall not be considered Additional Renthave furnished to Landlord executed unconditional partial or final mechanics lien releases from Tenant’s Contractors and all other parties (if any) who performed such work in connection with the applicable portion of Tenant Improvements as set forth in Section 3(g) of this Exhibit “B”. Subject to such review, inspection and the conditions set forth in this Exhibit “B”, Landlord shall disburse to Tenant the portion of the Tenant Improvement Allowance requested within forty-five (45) days after the date of Tenant's right to application ’s written request therefor. Any request for disbursement of the Tenant Improvement Allowance shall expire 180 days after be made by Tenant within twenty four (24) months of the Commencement Datedate of the Amendment, which twenty four (24) month period may be reasonably extended due to Force Majeure Delays, as defined below (“TI Deadline”). Any requests for reimbursement submitted In the event that Tenant fails to Landlord after such date shall not be paid from the Allowance and Tenant shall thereafter be solely responsible for the costs of complete the Tenant Improvements without reimbursement from Landlord. The rights granted to and properly request the Tenant under this section Improvement Allowance on or prior to the Allowance are personal TI Deadline, Tenant shall be deemed to the original named Tenant in this Lease have forfeited any and may not be assigned or exercised by or for the benefit of anyone (including, all right to receive any subtenant) other than such Tenant. If after Tenant has been granted all or any then-undisbursed portion of the Allowance, the Lease Term is terminated by virtue of a default by Tenant or Landlord resumes possession of the Premises as a result of Tenant's default, in addition to all other available damages and remedies, Landlord shall also be entitled to recover from Tenant the unamortized portion (calculated using an interest rate of 12% per annum compounded monthly) of the Tenant Improvement Allowance. Notwithstanding the foregoing, which sum in no event shall not Landlord be deemed rent. This obligation of Tenant required to repay the unamortized balance pay any portion of the Tenant Improvement Allowance to Landlord shall survive the expiration or sooner termination of the Lease Term. No Construction Management Fee shall be paid at any time during which default by Tenant has occurred under this Lease and remains outstanding. For purposes of this Work Letter, “Force Majeure Delay(s)” shall include, without limitation, strikes, lockouts or labor disputes, inability to obtain labor or materials or reasonable substitutes therefor, unusual weather conditions, acts of God or the public enemy, acts of terrorism, condemnation, civil commotion, fire of other casualty, shortage of fuel, willful or negligent action or omission of a Landlord on Party, action or nonaction of public utilities or of local, state or federal governments or authorities affecting the Tenant Improvements or the ability to obtain permits or entitlements, or any amount under $10,000other events, acts or conditions which are beyond the reasonable control of Tenant.

Appears in 1 contract

Samples: Deed of Lease (Elizabeth Arden Inc)

Tenant Improvement Allowance. If and for as long as Landlord agrees to provide Tenant is not in default under this Lease beyond any applicable grace period, Tenant shall be entitled to a tenant improvement an allowance in an amount equal to $10,758 (the "Tenant Improvement Allowance" or ") in an amount not to exceed $461,188.00 which amount represents $28.00 per Rentable Square Foot less the square footage attributable to (i) the restrooms; (ii) janitor's closet; (iii) telephone and electric rooms; and (iv) Tenant's share of the ground floor lobby. Landlord also agrees to provide Tenant with an additional allowance toward the cost of the Tenant Improvements of up to $8.00 per Rentable Square Foot of space in the Premises, at Tenant's option ("Additional Tenant Improvement Allowance"), provided that (a) Tenant gives Landlord written notice of its intention to exercise its option to utilize the Additional Tenant Improvement Allowance within thirty (30) days after the execution of this Lease, and (b) such Additional Tenant Improvement Allowance shall be amortized over the Lease Term and shall result in an increase of Monthly Base Rent of $.02 per Rentable Square Foot of space in the Premises for each $l.00 per Rentable Square Feet of Additional Tenant Improvement Allowance for which Tenant exercises its option. The Tenant Improvement Allowance and Additional Tenant Improvement Allowance shall be applied towards, without limitation, any and all costs of construction, city permits, space planning, working drawings, engineering and the cost of Landlord's overhead. Landlord agrees that the Contractor shall not be entitled to the Work Cost. Tenant shall pay the entire amount general conditions as part of the Work Cost which costs to construct the Tenant Improvements, as the Contractor is in excess of already on the AllowanceProject site performing construction. Landlord shall have no obligation submit to proceed with any Tenant Improvements until its receipt from Tenant of any such excess amounts. The Allowance may not be used toward any "soft costs" related Tenant, prior to purchase or installation of Tenant's wiring of telephone, data and communications, fixtures, furniture or equipment, unless expressly provided herein. The payment of any such amounts by Tenant shall not be considered Additional Rent. Tenant shall not receive cash or any credit against Rent for any unused portion of the Allowance, if the Work Cost is less than the Allowance. Within ten days after receipt of the contractor's estimate of the anticipated Work Cost (subject commencement to Value Engineering by Tenant), Tenant shall pay Landlord, in cash, the difference between the estimated Work Cost and the Tenant Improvement Allowance. Upon final completion construction of the Tenant Improvements, Landlord will provide a final accounting detailed written estimate of the total cost to construct the Tenant Improvements in accordance with the Plans and Specifications ("Work Cost Estimate"). Tenant shall approve or disapprove of the Work Cost and Tenant shall pay any amounts in excess of the Allowance then due not previously paid by Tenant Estimate within ten five (5) business days after receipt of Landlord's invoice. Such payments by Tenant shall not be considered Additional Rent. Tenant's right to application of the Tenant Improvement Allowance shall expire 180 days after the Commencement Date. Any requests for reimbursement submitted to Landlord after such date shall not be paid from the Allowance and Tenant shall thereafter be solely responsible for the costs of the Tenant Improvements without reimbursement thereof from Landlord. The rights granted failure of Tenant to timely deliver notice of disapproval shall be deemed to be Tenant's approval of the Work Cost Estimate. If Tenant under this section timely reasonably disapproves the Work Cost Estimate, Tenant shall immediately notify Landlord of such disapproval and the specific bases for such disapproval within such five (5) business day period and the parties shall immediately meet in order to revise the Allowance are personal Plans and Specifications so that the Work Cost Estimate can he adjusted to the original named Tenant in this Lease and may not be assigned or exercised by or for the benefit of anyone (including, any subtenant) other than such an amount which is acceptable to Tenant. If after The amount by which the costs to construct the Tenant has been granted all or any portion of the Allowance, the Lease Term is terminated by virtue of a default by Tenant or Landlord resumes possession of the Premises as a result of Tenant's default, in addition to all other available damages and remedies, Landlord shall also be entitled to recover from Tenant the unamortized portion (calculated using an interest rate of 12% per annum compounded monthly) of Improvements exceed the Tenant Improvement Allowance, which sum or Tenant Improvement Allowance plus Additional Tenant Improvement Allowance, if Tenant exercises its option for same, shall not be deemed rentdefined as the "Tenant Extra Cost" and shall be the sole responsibility of Tenant. This obligation Tenant shall pay to Landlord, within five (5) business days of Landlord's written request therefor, the total amount payable by Tenant for the Tenant Extra Cost. Any savings achieved during the construction of the Tenant Improvements shall be applied first to repay reduce the unamortized balance Tenant Extra Cost, and any excess Tenant Extra Cost held by Landlord at completion of the Tenant Improvements shall be refunded to Tenant. Neither the Tenant Improvement Allowance nor the Additional Tenant Improvement Allowance will be applied to Landlord shall survive Tenant's furniture, trade fixtures, and personal property, moving costs, or Tenant's obligations under the expiration or sooner termination of the Lease Term. No Construction Management Fee shall be paid by Tenant to Landlord on any amount under $10,000Lease.

Appears in 1 contract

Samples: Tenant Improvement Agreement (Collateral Therapeutics Inc)

Tenant Improvement Allowance. If Provided that: (i) the Tenant’s Work concerning the Expansion Space is completed in accordance with this Exhibit B on or before December 31, 2004, (ii) on the Commencement Date if there is no Event of Default at that time and (iii) the Lease is in full force and effect, Landlord shall reimburse Tenant for as long as Tenant is not in default under this Lease beyond any applicable grace period, Tenant shall be entitled Tenant’s actual construction costs up to a tenant improvement allowance in an amount equal to maximum of Two Hundred Ten Thousand Dollars ($10,758 210,000.00) ("the “Expansion Space Tenant Improvement Allowance" or "Allowance"). The Expansion Space Tenant Improvement Allowance shall be applied paid by Landlord, and Tenant shall construct the tenant improvements for the Expansion Space, in accordance with Exhibit B to the Work Cost. Lease (Tenant shall pay Improvements to the entire amount Premises) and Article 6 of the Work Cost which is Lease. The Expansion Space Tenant Improvement Allowance shall be paid directly to Tenant in excess three (3) equal progress payments equal to 30% of the applicable Expansion Space Tenant Improvement Allowance. The first progress payment shall be paid after it has been mutually agreed that one third of the Tenant’s Work for the Expansion Space has been satisfactorily completed as reasonably determined by the parties; the second progress payment shall be paid after it has been mutually agreed that two thirds of the Tenant’s Work for the expansion space has been satisfactorily completed as reasonably determined by the parties; and the third progress payment shall be paid after it has been mutually agreed that 100% of the Tenant’s Work for the Expansion Space has been satisfactorily completed as reasonably determined by the parties. Landlord shall have no obligation to proceed with any Tenant Improvements until its pay each progress payment within thirty (30) days after receipt from Tenant of any such excess amountsa request for payment, together with copies of submitted invoices, certification from Tenant’s architect concerning the appropriate percentage of work completed and all unconditional waiver and release upon progress payment for material and labor from Tenant’s contractor, subcontractors and suppliers, subject to Landlord’s reasonable verification concerning satisfaction of quality and the percentage of work completed as reasonably determined by the parties. The Allowance may not be used toward any "soft costs" related to purchase or installation of Tenant's wiring of telephone, data and communications, fixtures, furniture or equipment, unless expressly provided herein. The payment of any such amounts by Tenant shall not be considered Additional Rent. Tenant shall not receive cash or any credit against Rent for any unused portion remaining 10% of the Allowance, if the Work Cost is less than the Allowance. Within ten days after receipt of the contractor's estimate of the anticipated Work Cost (subject to Value Engineering by Tenant), Tenant shall pay Landlord, in cash, the difference between the estimated Work Cost and the Tenant Improvement Allowance. Upon final completion of the Tenant Improvements, Landlord will provide a final accounting of the Work Cost and Tenant shall pay any amounts in excess of the Allowance then due not previously paid by Tenant within ten days after receipt of Landlord's invoice. Such payments by Tenant shall not be considered Additional Rent. Tenant's right to application of the Expansion Space Tenant Improvement Allowance shall expire 180 days after the Commencement Date. Any requests for reimbursement submitted to Landlord after such date shall not be paid from the Allowance and Tenant shall thereafter be solely responsible within sixty (60) days following proper recordation of a Notice of Completion for the costs Tenant’s Work relating to such expansion space, upon commencement of Tenant’s business within the expanded Premises, and subject to satisfaction of the Tenant Improvements without reimbursement from Landlord. The rights granted to Tenant under this section to the Allowance are personal to the original named Tenant in this Lease and may not be assigned or exercised by or for the benefit of anyone (including, any subtenant) other than such Tenant. If after Tenant has been granted all or any portion of the Allowance, the Lease Term is terminated by virtue of a default by Tenant or Landlord resumes possession of the Premises as a result of Tenant's default, in addition to all other available damages and remedies, Landlord shall also be entitled to recover from Tenant the unamortized portion (calculated using an interest rate of 12% per annum compounded monthly) of the Tenant Improvement Allowance, which sum shall not be deemed rent. This obligation of Tenant to repay the unamortized balance of the Tenant Improvement Allowance to Landlord shall survive the expiration or sooner termination of the Lease Term. No Construction Management Fee shall be paid by Tenant to Landlord on any amount under $10,000.following conditions:

Appears in 1 contract

Samples: Natural Alternatives International Inc

Tenant Improvement Allowance. If and for as long as Tenant represents to Landlord that Tenant is not aware of any current defects in default under this the Revised Space. Landlord represents that, as of the Effective Date, the Building and its common areas are in material compliance with all Governmental Requirements and Access Laws applicable to a multi-tenant building. If Landlord completes any improvements or alterations to the Building or its common areas, during the Lease beyond any Term, they will be completed in material compliance with all Governmental Requirements and Access Laws applicable grace period, to multi-tenant buildings. Landlord shall provide a Tenant Improvement Allowance (the "TI Allowance") equal to Twelve and No/100 Dollars ($12.00) per rentable square foot. The TI Allowance shall be entitled based upon the mutually agreed upon space plan (the "Space Plan"), which is attached hereto as Exhibit B, and shall be eligible to a tenant improvement allowance in an amount equal cover the following expenses associated with the project: space planning, architectural and engineering fees, construction costs including electrical and mechanical, project management, construction management fees to $10,758 Tenant's construction manager, and Washington State Sales Tax ("Tenant Improvement Allowance" or "AllowanceEligible Expenses"). The Tenant Improvement Allowance shall be applied to the Work Cost. Tenant shall pay the entire amount of the Work Cost which is in excess of the Allowance. Landlord shall have no obligation to proceed with any Tenant Improvements until its receipt from Tenant of any such excess amounts. The Allowance may not be used toward any "soft costs" related to purchase or installation of Tenant's wiring of telephone, data and communications, fixtures, furniture or equipment, unless expressly provided herein. The payment of any such amounts by Tenant shall not be considered Additional Rentrequired to restore any tenant improvements that are made pursuant to the Space Plan. The TI Allowance shall be disbursed to Tenant shall not receive cash or any credit against Rent for any unused portion of the Allowance, if the Work Cost is less than the Allowance. Within ten within thirty (30) days after receipt Tenant furnishes Landlord with invoices evidencing Tenant having incurred the eligible expenses and copies of applicable conditional lien releases. In the contractor's estimate of event the anticipated Work Cost (subject to Value Engineering by Tenant), Tenant shall pay Landlord, in cashentire TI Allowance is not used for the initial tenant improvements and other Eligible Expenses, the difference between the estimated Work Cost and the balance shall remain available to Tenant Improvement Allowance. Upon final completion of the Tenant Improvements, Landlord will provide a final accounting of the Work Cost and Tenant shall pay any amounts in excess of the Allowance then due not previously paid by Tenant within ten days after receipt of Landlord's invoice. Such payments by Tenant shall not be considered Additional Rent. Tenant's right to application of the Tenant Improvement Allowance shall expire 180 days until twenty-four (24) months after the Commencement Date. Any requests for reimbursement submitted Effective Date to Landlord after such date shall not be paid from the Allowance fund future improvements, alterations and Tenant shall thereafter be solely responsible for the costs of the Tenant Improvements without reimbursement from Landlord. The rights granted to Tenant under this section to the Allowance are personal to the original named Tenant in this Lease and may not be assigned or exercised by or for the benefit of anyone (including, any subtenant) other than such Tenant. If after Tenant has been granted all or any portion of the Allowance, the Lease Term is terminated by virtue of a default by Tenant or Landlord resumes possession of the Premises as a result of Tenant's default, in addition to all other available damages and remedies, Landlord shall also be entitled to recover from Tenant the unamortized portion (calculated using an interest rate of 12% per annum compounded monthly) of the Tenant Improvement Allowance, which sum shall not be deemed rent. This obligation of Tenant to repay the unamortized balance of the Tenant Improvement Allowance to Landlord shall survive the expiration or sooner termination of additions throughout the Lease Term. No Construction Management Fee shall Landlord hereby authorizes Tenant or Tenant's contractor to relocate and re-use the furniture, fixtures, equipment and movable improvements that are described in Exhibit B-1 and that are currently located in portions of the Building that Tenant will be paid by Tenant to Landlord on any amount under $10,000surrendering at the end of the transition period.

Appears in 1 contract

Samples: To Lease (Market Leader, Inc.)

Tenant Improvement Allowance. If and for as long as Tenant is not in default under this Lease beyond any applicable grace period, Tenant shall be entitled to a one- time tenant improvement allowance in an amount equal to $10,758 (the "Tenant Improvement Allowance" or ") in the amount of One Million Six Hundred Fifty-One Thousand Four Hundred Seventy-Five and 62/100 Dollars ($1,651,475.62) for the costs relating to the design and construction of Tenant's improvements, which are permanently affixed to the Premises (the "Tenant Improvements"), as well as for the costs of construction of two (2) public lobby areas on the first floor of the Building (including one lobby area at the entrance to the Building, and another at the rear of the Building allowing access to the existing elevator at the rear of the Building), and the finishes of the interiors of the existing Building elevators (collectively, the "Public Area Construction"). The plans and specifications for such Public Area Construction shall be mutually agreed upon by Landlord and Tenant and included as part of the Construction Drawings. The Public Area Construction shall be completed by Tenant, at Tenant's sole cost and expense (which costs may be deducted from the Tenant Improvement Allowance) in the same manner and in conjunction with Tenant's construction of the Tenant Improvements and for the purposes of this Tenant Work Letter only, such Public Area Construction shall be deemed to be a part of the Tenant Improvements. Additionally, Tenant may, at its option, cause Landlord to construct modifications to the front facade of the Building (the "Facade Modification"). Such Facade Modification shall be at Tenant's sole cost and expense, which cost may be deducted from an additional Two Hundred Thousand Dollar ($200,000.00) allowance (the "Additional Allowance"). The If Tenant Improvement Allowance shall be applied desires to cause Landlord to construct the Work Cost. Tenant shall pay the entire amount of the Work Cost which is in excess of the Allowance. Landlord shall have no obligation to proceed with any Tenant Improvements until its receipt from Tenant of any such excess amounts. The Allowance may not be used toward any "soft costs" related to purchase or installation of Tenant's wiring of telephone, data and communications, fixtures, furniture or equipment, unless expressly provided herein. The payment of any such amounts by Tenant shall not be considered Additional Rent. Tenant shall not receive cash or any credit against Rent for any unused portion of the Allowance, if the Work Cost is less than the Allowance. Within ten days after receipt of the contractor's estimate of the anticipated Work Cost (subject to Value Engineering by Tenant)Facade Modification, Tenant shall pay submit plans for the same to Landlord on or before January 15, 1997, and any Facade Modification shall be mutually agreed upon by Landlord and Tenant, and subject to Landlord's prior approval, which may be withheld in cashLandlord's sole discretion, and shall furthermore comply with all applicable law regarding the difference between same. Any amounts of the estimated Work Cost and Additional Allowance which are not used as part of the Facade Modification shall be added to the Tenant Improvement Allowance. Upon final completion Except in connection with the Landlord Work and Landlord's delivery of the Tenant Improvements, Landlord will provide a final accounting of the Work Cost and Tenant shall pay any amounts in excess of the Allowance then due not previously paid by Tenant within ten days after receipt of Landlord's invoice. Such payments by Tenant shall not be considered Additional Rent. Tenant's right to application of the Tenant Improvement Allowance shall expire 180 days after the Commencement Date. Any requests for reimbursement submitted to Landlord after such date shall not be paid from the Allowance and Tenant shall thereafter be solely responsible for the costs of the Tenant Improvements without reimbursement from Landlord. The rights granted to Tenant under this section to the Allowance are personal to the original named Tenant in this Lease and may not be assigned or exercised by or for the benefit of anyone (including, any subtenant) other than such Tenant. If after Tenant has been granted all or any portion of the Allowance, the Lease Term is terminated by virtue of a default by Tenant or Landlord resumes possession of the Premises as a result of Tenant's defaultBase Building, in addition no event shall Landlord be obligated to all other available damages and remedies, Landlord shall also be entitled make disbursements pursuant to recover from this Tenant the unamortized portion (calculated using an interest rate of 12% per annum compounded monthly) of Work Letter in a total amount which exceeds the Tenant Improvement Allowance, which sum shall not be deemed rentthe Additional Allowance and "Landlord's Drawing Contribution," as that term is defined below. This obligation of Tenant to repay the unamortized balance of the Tenant Improvement Allowance to Landlord shall survive the expiration or sooner termination of the Lease Term. No Construction Management Fee shall be paid by Tenant to Landlord on any amount under $10,000.2.2

Appears in 1 contract

Samples: Office Lease (Activision Inc /Ny)

Tenant Improvement Allowance. If and for as long as Tenant is not In addition to the Space Plan Allowance described in default under this Lease beyond any applicable grace periodSection 5.5 below, Tenant shall be entitled to receive from Landlord a one-time tenant improvement allowance in an amount equal to $10,758 ("the “Tenant Improvement Allowance" or "Allowance"”) in the aggregate amount of up to, but not exceeding, Two Million Eight Hundred Twenty-Two Thousand Four Hundred Eighty-Eight Dollars ($2,822,488.00) (i.e., $38.00 per square foot of usable area of the Premises), to help Tenant pay for the costs (collectively, the “Tenant Improvement Costs”) of the design, permitting and construction of Tenant’s initial improvements which are permanently affixed to the Premises (collectively, the “Tenant Improvements”). The Tenant Improvement Allowance shall be applied Notwithstanding the foregoing to the Work Cost. contrary, (a) with respect to each Construction Premises, Tenant shall pay the entire amount of the Work Cost which is in excess of the Allowance. Landlord shall have no obligation to proceed with any Tenant Improvements until its receipt from Tenant of any such excess amounts. The Allowance may not be used toward any "soft costs" related to purchase or installation of Tenant's wiring of telephoneuse, data and communications, fixtures, furniture or equipment, unless expressly provided herein. The payment of any such amounts by Tenant Landlord shall not be considered Additional Rent. Tenant shall not receive cash or any credit against Rent for any unused obligated to disburse, a portion of the Allowance, if the Work Cost is less than the Allowance. Within ten days after receipt of the contractor's estimate of the anticipated Work Cost (subject to Value Engineering by Tenant), Tenant shall pay Landlord, in cash, the difference between the estimated Work Cost and the Tenant Improvement Allowance. Upon final completion of the Tenant Improvements, Landlord will provide a final accounting of the Work Cost and Tenant shall pay any amounts in excess of the Allowance then due not previously paid by Tenant within ten days after receipt of Landlord's invoice. Such payments by Tenant shall not be considered Additional Rent. Tenant's right to application of the Tenant Improvement Allowance shall expire 180 days after the Commencement Date. Any requests for reimbursement submitted to Landlord after such date shall not be paid from the Allowance and Tenant shall thereafter be solely responsible for the costs of the Tenant Improvements without reimbursement from Landlord. The rights granted to Tenant under this section to the Allowance are personal to the original named Tenant in this Lease and may not be assigned or exercised by or for the benefit of anyone (including, any subtenant) other than such Tenant. If after Tenant has been granted all or any portion of the Allowance, the Lease Term is terminated by virtue of a default by Tenant or Landlord resumes possession of the Premises as a result of Tenant's default, in addition to all other available damages and remedies, Landlord shall also be entitled to recover from Tenant the unamortized portion (calculated using an interest rate of 12% per annum compounded monthly) of the Tenant Improvement Allowance, which sum shall not be deemed rent. This obligation of Tenant to repay the unamortized balance of the Tenant Improvement Allowance to help Tenant pay for the Tenant Improvement Costs for such Construction Premises in an amount greater than $38.00 per square foot of usable area of such Construction Premises (each such portion of the Tenant Improvement Allowance referred to herein as the “TI Allowance Portion”), and (b) Landlord shall survive make each TI Allowance Portion available to help Tenant pay for the expiration or sooner termination Tenant Improvement Costs for the Construction Premises applicable thereto commencing upon the following dates (each, a “TI Portion Availability Date”): (i) with respect to the Initial Premises only, upon the date of execution of this Lease; and (ii) with respect to each Construction Premises which is other than the Initial Premises, upon the date Landlord delivers possession of such Construction Premises to Tenant. In no event shall Landlord be obligated to make disbursements of the Lease TermTenant Improvement Allowance (or portions thereof) pursuant to this Tenant Work Letter: (A) in a total amount which exceeds Two Million Eight Hundred Twenty-Two Thousand Four Hundred Eighty-Eight Dollars ($2,822,488.00); and (B) with respect to each Construction Premises, (1) in an amount greater than the TI Allowance Portion applicable thereto, or (2) on a date prior to the TI Portion Availability Date applicable thereto. No Except as otherwise provided in Section 2.1.2, below, Tenant shall not be entitled to receive as a cash payment or credit against Rent or otherwise any unused part of the TI Allowance Portion that is applicable to a particular Construction Management Fee shall be paid by Premises that is not used to pay for the Tenant Improvement Costs for the Tenant Improvement Allowance Items (as defined below) applicable and pertaining to Landlord on any amount under $10,000such particular Construction Premises.

Appears in 1 contract

Samples: Lease Agreement (Fusion-Io, Inc.)

Tenant Improvement Allowance. If Subject to any restrictions, conditions or limitations expressly set forth in this Tenant Work Letter or in the Lease or as otherwise expressly provided by mutual written agreement of Landlord and Tenant, the cost of construction of the Tenant Improvements shall be paid or reimbursed by Landlord up to a maximum amount as set forth in Section 5 of the Summary to the Lease (the "Tenant Improvement Allowance"), which amount is being made available by Landlord to be applied towards the Cost of Improvements for the construction of the Tenant Improvements in the Premises. Tenant shall be responsible, at its sole cost and expense, for payment of the entire Cost of Improvements of the Tenant Improvements in excess of the Tenant Improvement Allowance, including (but not limited to) any costs or cost increases incurred as a result of delays (unless caused by Landlord), governmental requirements or unanticipated conditions (unless caused by Landlord), and for as long as payment of any and all costs and expenses relating to any alterations, additions, improvements, furniture, furnishings, equipment, fixtures and personal property items which are not eligible for application of Tenant is not Improvement Allowance funds under the restrictions expressly set forth below in default under this Lease beyond any applicable grace periodparagraph, but Tenant shall be entitled to a tenant improvement allowance in an amount equal to $10,758 ("Tenant Improvement Allowance" use or "Allowance"). The apply the entire Tenant Improvement Allowance shall be applied to toward the Work Cost. Tenant shall pay the entire amount Cost of Improvements of the Work Cost which is in excess of the Allowance. Landlord shall have no obligation to proceed with any Tenant Improvements until its receipt from Tenant of any such excess amounts. The Allowance may not be used toward any "soft costs" related to purchase or installation of Tenant's wiring of telephone, data and communications, fixtures, furniture or equipment, unless expressly provided herein. The payment of any such amounts by Tenant shall not be considered Additional Rent. Tenant shall not receive cash or any credit against Rent for any unused portion of the Allowance, if the Work Cost is less than the Allowance. Within ten days after receipt of the contractor's estimate of the anticipated Work Cost (subject to Value Engineering by any applicable restrictions, conditions, limitations, reductions or charges set forth in the Lease or in this Tenant Work Letter) prior to being required to expend any of Tenant), Tenant shall pay Landlord, in cash, the difference between the estimated Work Cost and the Tenant Improvement Allowance. Upon final completion of ’s own funds for the Tenant Improvements, Landlord will provide a final accounting of the Work Cost and Tenant shall pay any amounts in excess of the Allowance then due not previously paid by Tenant within ten days after receipt of Landlord's invoice. Such payments by Tenant shall not be considered Additional Rent. Tenant's right to application The funding of the Tenant Improvement Allowance shall expire 180 days after be made on a monthly basis or at other EXHIBIT B convenient intervals mutually approved by Landlord and Tenant and in all other respects shall be based on such commercially reasonable disbursement conditions and procedures as Landlord, Project Manager and Landlord’s lender (if any) may reasonably prescribe. Notwithstanding the Commencement Dateforegoing provisions, under no circumstances shall the Tenant Improvement Allowance or any portion thereof be used or useable by Tenant for any moving or relocation expenses of Tenant, or for any Cost of Improvement (or any other cost or expense) associated with any moveable furniture or trade fixtures, personal property or any other item or element which, under the applicable provisions of the Lease, will not become Landlord’s property and remain with the Building upon expiration or termination of the Lease. Any requests for reimbursement submitted Notwithstanding anything to Landlord after such date the contrary herein, the Tenant Improvements shall not be paid from the Allowance include (and Tenant Landlord shall thereafter be solely responsible for the costs of the Tenant Improvements without reimbursement from Landlord. The rights granted to Tenant under this section to the Allowance are personal to the original named Tenant in this Lease and may not be assigned or exercised by or for the benefit of anyone (including, any subtenant) other than such Tenant. If after Tenant has been granted all or any portion of the Allowance, the Lease Term is terminated by virtue of a default by Tenant or Landlord resumes possession of the Premises as a result of Tenant's default, in addition to all other available damages and remedies, Landlord shall also be entitled to recover from Tenant the unamortized portion (calculated using an interest rate of 12% per annum compounded monthly) of the Tenant Improvement Allowance, which sum shall not be deemed rent. This obligation of Tenant to repay the unamortized balance of the Tenant Improvement Allowance shall not be used for) the following: (a) costs incurred due to Landlord shall survive the expiration presence of any Hazardous Materials in the Premises, if any; (b) costs to bring the Project into compliance with Applicable Laws to the extent required in order to allow Tenant to obtain a certificate of occupancy or sooner termination its legal equivalent, for the Premises for the Permitted Use assuming a normal and customary office occupancy density; (c) construction costs in excess of the Lease Term. No Construction Management Fee shall be paid contract amount stated in the contract with the General Contractor, as approved by Tenant (not to Landlord on any amount under $10,000be unreasonably withheld), except for increases set forth in change orders approved by Tenant; (d) wages, labor and overhead for overtime and premium time unless approved by Tenant (which approval shall not be unreasonably withheld, conditioned or delayed); (e) attorneys' fees incurred in connection with negotiation of construction contracts, and attorneys' fees, experts' fees and other costs in connection with disputes with third parties; (f) interest and other costs of financing construction costs; (g) costs incurred as a consequence construction defects or default by a contractor; (h) costs as a consequence of casualties; (i) penalties and late charges attributable to Landlord’s failure to pay construction costs; and (j) costs due to compliance with the soil management plan for the Project or its appendices.

Appears in 1 contract

Samples: Lease (MyoKardia Inc)

Tenant Improvement Allowance. If and for as long as Tenant acknowledges that Tenant is not currently in default under this Lease beyond any applicable grace period, Tenant shall be entitled to a tenant improvement allowance in an amount equal to $10,758 ("Tenant Improvement Allowance" or "Allowance"). The Tenant Improvement Allowance shall be applied to the Work Cost. Tenant shall pay the entire amount possession and occupancy of the Work Cost which Premises and Tenant is in excess familiar with the condition of the Allowance. Landlord shall have no obligation to proceed with any Tenant Improvements until its receipt from Tenant of any such excess amounts. The Allowance may not be used toward any "soft costs" related to purchase or installation of Tenant's wiring of telephone, data and communications, fixtures, furniture or equipment, unless expressly provided herein. The payment of any such amounts by Tenant shall not be considered Additional Rent. Tenant shall not receive cash or any credit against Rent for any unused portion of the Allowance, if the Work Cost is less than the Allowance. Within ten days after receipt of the contractor's estimate of the anticipated Work Cost (subject to Value Engineering by Tenant), Tenant shall pay Landlord, in cash, the difference between the estimated Work Cost Premises and the Tenant Improvement Allowancesuitability of same for Tenant’s purposes. Upon final completion of the Tenant Improvements, Landlord will provide a final accounting of the Work Cost and Tenant shall pay any amounts in excess of the Allowance then due not previously paid by Tenant within ten days after receipt of Landlord's invoice. Such payments by Tenant shall not be considered Additional Rent. Tenant's right to application of Except for the Tenant Improvement Allowance shall expire 180 days after the Commencement Date. Any requests for reimbursement submitted to (defined in this Section 7 below), Landlord after such date shall not be paid from obligated to construct or install any leasehold improvements in, on or around the Allowance and Tenant Premises or the Building or to provide any tenant improvement allowance to Tenant. Landlord shall thereafter be solely responsible for the costs of the Tenant Improvements without reimbursement from Landlord. The rights granted grant to Tenant under this section to the Allowance are personal to the original named Tenant in this Lease and may not be assigned or exercised by or for the benefit of anyone an allowance (including, any subtenant) other than such Tenant. If after Tenant has been granted all or any portion of the Allowance, the Lease Term is terminated by virtue of a default by Tenant or Landlord resumes possession of the Premises as a result of Tenant's default, in addition to all other available damages and remedies, Landlord shall also be entitled to recover from Tenant the unamortized portion (calculated using an interest rate of 12% per annum compounded monthly) of the Tenant Improvement Allowance”) to be used for the modification, which sum refurbishment, construction or installation of tenant improvements in the Premises (collectively, “Refurbishment”) in an amount not to exceed One Million Dollars ($1,000,000). Any and all work performed by Tenant in connection with the Refurbishment shall not be deemed renttreated as alterations to the Premises pursuant to Section 7 of the Lease and shall be subject to (or exempted from) Landlord’s prior written consent and shall otherwise performed in accordance with all of the terms and conditions of the Lease. This obligation of Tenant to repay Without limiting the unamortized balance of foregoing, Landlord agrees that the Tenant Improvement Allowance may be used by Tenant for paint and carpeting in the Premises, signage, architectural fees, consulting fees, engineering services, mechanical and electrical services, security systems, project management fees and building permit associated with Tenant’s Refurbishment. Before commencing any work of alteration, addition or improvement to the Premises, Tenant shall provide Landlord with a certificate of insurance from each contractor and subcontractor evidencing the insurance coverage required pursuant to Section 7(c) of the Lease. Landlord shall survive pay Tenant the expiration or sooner termination Tenant Improvement Allowance in ten (10) equal monthly installments of One Hundred Thousand Dollars ($100,000) each, with the first of said ten payments to be made on the first day of the Lease Term. No Construction Management Fee shall be paid by Tenant to Landlord on any amount under $10,000first month following the month in which the Effective Date occurs.

Appears in 1 contract

Samples: Lease Agreement (Intermolecular Inc)

Tenant Improvement Allowance. If and for as long as Tenant is not in default under this Lease beyond any applicable grace period, Landlord understands that Tenant shall require certain construction and renovation work to the Demised Premises in order for the Demised Premises to be entitled suitable as office space for Tenant's business purposes (the "Tenant Work"). Landlord shall provide to a tenant improvement Tenant an allowance in an amount equal to for the Tenant Work of Twenty-Three Thousand Eight Hundred Twenty-Three Dollars ($10,758 23,823.00) ($3.00 per rentable square foot for the Demised Premises) (the "Tenant Improvement Allowance" or "Allowance"). The Tenant Improvement Allowance shall be applied to available for use by Tenant throughout the Work CostTerm of the Agreement and for any space currently leased by Tenant. Tenant shall pay have the entire amount right to select any contractor or subcontractors to perform the Tenant Work, so long as Tenant provides Landlord advance notice of the Work Cost which is in excess name of the Allowancecontractor or subcontractors to perform the Tenant Work and Landlord approves the contractor and the contractor provides Landlord with a liability insurance certificate indicating a minimum of $1,000,000.00 in liability insurance protection. Prior to commencement of the Tenant Work, Tenant shall submit to Landlord shall have no obligation to proceed with any a description of the Tenant Improvements until its receipt from Tenant of any such excess amounts. The Allowance may not be used toward any Work in reasonable detail, including building plans and specifications for the Demised Premises (if any) (the "soft costs" related to purchase or installation of Tenant's wiring of telephonePlans") for approval by Landlord, data and communications, fixtures, furniture or equipment, unless expressly provided herein. The payment of any such amounts by Tenant which approval shall not be considered Additional Rentunreasonably withheld or delayed. The Tenant shall not receive cash Improvement Allowance or any credit against Rent portion thereof shall be paid by Landlord within thirty (30) days following submittal by Tenant to Landlord of invoices or other reasonable documentation evidencing the cost for the Tenant Work or any unused portion thereof. If the Tenant Improvement Allowance is not paid by Landlord within the time provided for in this Section/but only if Tenant is not in default as to any of the Allowanceterms, if the Work Cost is less than the Allowance. Within ten days after receipt provisions and covenants of the contractor's estimate of the anticipated Work Cost (subject to Value Engineering by Tenant)this Agreement, Tenant shall pay Landlord, have the right to offset the monthly payment of Rent as provided for in cash, this Agreement up to the difference between the estimated Work Cost and amount of the Tenant Improvement Allowance. Upon final completion of the Tenant Improvements, Landlord will provide a final accounting of the Work Cost and Tenant shall pay any amounts Any costs incurred in excess of the Allowance then due not previously paid by Tenant within ten days after receipt of Landlord's invoice. Such payments by Tenant shall not be considered Additional Rent. Tenant's right to application of the Tenant Improvement Allowance shall expire 180 days after the Commencement Date. Any requests for reimbursement submitted to Landlord after such date shall not be paid from the Allowance and Tenant shall thereafter be solely responsible for the costs of the Tenant Improvements without reimbursement from Landlord. The rights granted to Tenant under this section to the Allowance are personal to the original named Tenant in this Lease and may not be assigned or exercised by or for the benefit of anyone (including, any subtenant) other than such Tenant. If after Tenant has been granted all or any portion of the Allowance, the Lease Term is terminated by virtue of a default by Tenant or Landlord resumes possession of the Premises as a result of Tenant's default, in addition to all other available damages and remedies, Landlord shall also be entitled to recover from Tenant the unamortized portion (calculated using an interest rate of 12% per annum compounded monthly) of the Tenant Improvement Allowance, which sum shall not be deemed rent. This obligation of Tenant to repay the unamortized balance of the Tenant Improvement Allowance to Landlord shall survive the expiration or sooner termination of the Lease Term. No Construction Management Fee shall be paid by Tenant to Landlord on any amount under $10,000.performing the

Appears in 1 contract

Samples: Office Lease Agreement (Therapeutic Antibodies Inc /De)

Tenant Improvement Allowance. If and for Commencing as long as Tenant is not in default under of the date of this Lease beyond any applicable grace periodFirst Amendment, Tenant shall be entitled to a tenant an aggregate improvement allowance in an amount equal to $10,758 (the "Tenant Improvement Allowance") in the amount (i) $6,573,187.50 (i.e., $82.50 per RSF of the Expansion Premises) (the “Expansion Premises Tenant Improvement Allowance”) for the costs relating to the design and construction of Tenant's improvements, refurbishment work and other renovations to be performed by Tenant in and adjacent to the Expansion Premises or which are "Tenant Improvement Allowance Items," as that term is defined in Section 2.2.1, below for the Expansion Premises (the “Expansion Tenant Improvements”), and (ii) $407,060.00 (i.e., $5.00 per RSF of the Existing Premises) (the “Existing Premises Tenant Improvement Allowance”) for the costs relating to the design and construction of Tenant's improvements, refurbishment work and other renovations currently being performed or to be performed by Tenant in and adjacent to the Existing Premises or which are Tenant Improvement Allowance Items for the Existing Premises (the “Existing Tenant Improvements”). The Expansion Tenant Improvements and the Existing Tenant Improvements are collectively, the "AllowanceTenant Improvements"). For the avoidance of doubt, Tenant is not required to expend the Expansion Premises Tenant Improvement Allowance or the Additional TI Allowance equally across the Expansion Premises, and Tenant is not required to expend the Existing Premises Tenant Improvement Allowance equally across the Existing Premises (and may, for example, expend most of the Existing Premises Tenant Improvement Allowance in the 900 Building. All Tenant Improvements that have been paid for with or reimbursed from the Tenant Improvement Allowance shall be deemed Landlord's property under the terms of the Lease; provided, however, Landlord may, by written notice to Tenant given concurrently with Landlord's approval of the "Final Working Drawings", as that term is defined in Section 3.3, below, require Tenant, prior to the end of the Lease Term, at Tenant's expense, to remove any portion of the Tenant Improvements and to repair any damage to the Premises and Building caused by such removal and return the affected portion of the Premises to a condition with removed systems components capped, Building standard ceiling tiles in good condition, and sheet rock and floors patched and repaired to match existing conditions of the remainder of the Premises. Landlord approves in concept and shall not require Tenant to remove any of the Tenant Improvements to the extent shown on the Space Plan attached hereto as Schedule 1. The Tenant Improvement Allowance shall be applied to the Work Cost. Tenant shall pay the entire amount of the Work Cost which is in excess of the Allowance. Landlord shall have no obligation to proceed with any Tenant Improvements until its receipt from Tenant of any such excess amounts. The Allowance may not be used toward any "soft costs" related to by Tenant for the purchase or installation of Tenant's wiring of telephonefurniture, fixtures or equipment (other than an autoclave and glasswash), or for telephone or data and communicationscabling, fixtures, furniture or equipment, unless expressly provided herein. The payment of any such amounts by Tenant shall not be considered Additional Rent. Tenant shall not receive cash or any credit against Rent for any unused other personal property. Any portion of the AllowanceExisting Premises Tenant Improvement Allowance as to which Tenant has not properly requested disbursement by the date which is twelve (12) months following the Effective Date, if as such date may be extended by one (1) day for each day of delay by Tenant in completing the Work Cost is less than Tenant Improvements in the Allowance. Within ten days after receipt of Existing Premises due to an event which qualifies as a Landlord Caused Delay (as defined in Section 5.5.1 below) or Coronavirus Delay (as defined in Section 5.5.2 below) for the contractor's estimate of Tenant Improvements in the anticipated Work Cost Existing Premises only (subject to Value Engineering by Tenantthe “Existing Premises Outside Allowance Date”), Tenant shall pay Landlord, in cash, the difference between the estimated Work Cost and the Tenant Improvement Allowance. Upon final completion of the Tenant Improvements, revert to Landlord will provide a final accounting of the Work Cost and Tenant shall pay any amounts in excess have no further rights with respect thereto. Any portion of the Allowance then due not previously paid by Tenant within ten days after receipt of Landlord's invoice. Such payments by Tenant shall not be considered Additional Rent. Tenant's right to application of the Expansion Premises Tenant Improvement Allowance shall expire 180 days after as to which Tenant has not properly requested disbursement by the date which is twelve (12) months following the Expansion Commencement Date. Any requests , as such date may be extended by one (1) day for reimbursement submitted each day of delay by Tenant in completing the Tenant Improvements in the Expansion Premises due to an event which qualifies as a Landlord Caused Delay or Coronavirus Delay for the Tenant Improvements in the Expansion Premises only (the “Expansion Premises Outside Allowance Date”), shall revert to Landlord after such date shall not be paid from the Allowance and Tenant shall thereafter be solely responsible for the costs have no further rights with respect thereto. Each of the Tenant Improvements without reimbursement from Landlord. The rights granted to Tenant under this section to the Existing Premises Outside Allowance are personal to the original named Tenant in this Lease and may not be assigned or exercised by or for the benefit of anyone (including, any subtenant) other than such Tenant. If after Tenant has been granted all or any portion of the AllowanceDate, the Lease Term is terminated by virtue of a default by Tenant or Landlord resumes possession of Expansion Premises Outside Allowance Date and the Expansion Premises as a result of Tenant's default, in addition to all other available damages and remedies, Landlord shall also be entitled to recover from Tenant the unamortized portion (calculated using an interest rate of 12% per annum compounded monthly) of the Tenant Improvement Allowance, which sum shall not be deemed rent. This obligation of Tenant to repay the unamortized balance of the Tenant Improvement Outside Additional Allowance to Landlord shall survive the expiration or sooner termination of the Lease Term. No Construction Management Fee Date shall be paid by Tenant to Landlord on any amount under $10,000an “Outside Allowance Date.

Appears in 1 contract

Samples: Lease (Adverum Biotechnologies, Inc.)

Tenant Improvement Allowance. If After the mutual execution and delivery of this First Amendment by the parties, Landlord shall make available to Tenant a tenant improvement allowance of up to $6.00 per rentable square foot of the Premises, or $263,550 in the aggregate (the “TI Allowance”) for as long as the design, construction and/or installation of non-structural improvements to the Premises desired by and performed by Tenant is and which improvements shall be of a fixed and permanent nature (and Landlord and Tenant acknowledge and agree that paint and carpet shall constitute improvements of a fixed and permanent nature), and shall be constructed pursuant to space plans mutually approved by Landlord and Tenant (the “Tenant Improvements”). The TI Allowance shall be available only for the design, construction and/or installation of the Tenant Improvements. Tenant acknowledges that upon the expiration of the Term of the Lease, the Tenant Improvements shall become the property of Landlord and may not in default under this Lease beyond at any applicable grace periodtime be removed by Tenant. The TI Allowance shall not be used to purchase any furniture, personal property or other non-Building system materials or equipment. Except for the TI Allowance, Tenant shall be entitled to a tenant improvement allowance in an amount equal to $10,758 ("solely responsible for all of the costs of the Tenant Improvement Allowance" or "Allowance"). The Tenant Improvement Allowance shall be applied to the Work CostImprovements. Tenant shall pay obtain all required permits or other governmental approvals, if any, prior to commencing the entire amount Tenant Improvements and deliver a copy of the Work Cost which is in excess of same to Landlord. Tenant shall cause the Allowance. Landlord shall have no obligation to proceed with any Tenant Improvements until its receipt to be completed promptly and in a good and workmanlike manner and in accordance with applicable laws, subject to delays resulting from Tenant of any such excess amountsevents not within Tenant’s reasonable control. The Allowance may not contractor(s) for the Tenant Improvements shall be used toward any "soft costs" related shall be selected by Tenant, subject to purchase or installation of Tenant's wiring of telephoneLandlord’s approval, data and communications, fixtures, furniture or equipment, unless expressly provided herein. The payment of any such amounts by Tenant which approval shall not be considered Additional Rentunreasonably withheld, conditioned or delayed. Prior to the commencement of construction of the Tenant Improvements, Tenant shall deliver to Landlord a copy of its contract(s) with Tenant’s contractor(s), and certificates of insurance from any contractor(s) performing any part of the Tenant Improvements evidencing industry standard commercial general liability, automotive liability, workers’ compensation insurance, and, if generally required by institutional landlords of similar properties in the Sunnyvale area in connection with the type of Tenant Improvements being performed by Tenant pursuant to this Section 3, “builder’s risk” insurance. Tenant shall not receive cash or any credit against Rent cause its contractor(s) to provide a certificate of insurance naming Landlord and Landlord’s lender (if any) as additional insureds for any unused portion the contractor(s)’ liability coverages required above. During the course of the Allowance, if the Work Cost is less than the Allowance. Within ten days after receipt of the contractor's estimate of the anticipated Work Cost (subject to Value Engineering by Tenant), Tenant shall pay Landlord, in cash, the difference between the estimated Work Cost design and the Tenant Improvement Allowance. Upon final completion construction of the Tenant Improvements, Landlord will provide a final accounting shall pay Tenant (or, upon Tenant’s written request, pay Tenant contractor(s) for the Tenant Improvements directly) for the cost of the Work Cost Tenant Improvements once a month against a draw request in the form of an application for payment substantially in the form of AIA G-702 (or its equivalent) covering all work for which disbursement is to be made to a date specified therein, along with invoice(s) for the applicable costs or evidence of payment of the applicable costs and a conditional lien release for each progress payment and an unconditional lien release for the prior month’s progress payment, no later than 30 days following receipt of such draw request. Tenant shall use reasonable effort to deliver to Landlord, within 60 days after the completion of the Tenant Improvements (but in any event prior to any final disbursement of the TI Allowance), the following items: (i) a statement from Tenant setting forth the names of all contractors and subcontractors engaged by Tenant that performed work on the Tenant Improvements and final lien waivers from all such contractors and subcontractors; and (ii) “as built” plans for the Tenant Improvements (to the extent “as built” plans were prepared in connection with the Tenant Improvements). Within 30 days after Landlord’s receipt of the items listed in the immediately preceding sentence, Landlord shall pay Tenant (or, upon Tenant’s written request, pay Tenant’s contractor’s directly) the final disbursement of the TI Allowance. Notwithstanding the foregoing, if at any time and from time-to-time, the remaining cost of Tenant Improvements exceeds the amount of the TI Allowance, Landlord shall disburse the remaining TI Allowance on a pro rata basis based on the percentage that the TI Allowance bears to the total cost of the Tenant Improvements and Tenant shall pay any amounts in excess of the balance. The TI Allowance then due not previously paid shall only be available for use by Tenant within ten days after receipt of Landlord's invoice. Such payments by Tenant shall not be considered Additional Rent. Tenant's right to application of the Tenant Improvement Allowance shall expire 180 days after the Commencement Date. Any requests for reimbursement submitted to Landlord after such date shall not be paid from the Allowance and Tenant shall thereafter be solely responsible for the costs design, construction and/or installation of the Tenant Improvements without reimbursement from Landlord. The rights granted to Tenant under this section to the Allowance are personal to the original named Tenant in this Lease until April 30, 2016, and may not be assigned or exercised by or for the benefit of anyone (including, any subtenant) other than such Tenant. If after Tenant has been granted all or any portion of the Allowance, the Lease Term is terminated by virtue of a default TI Allowance which has not been requested for disbursement by Tenant in accordance with the terms of this paragraph on or Landlord resumes possession of the Premises as a result of Tenant's defaultbefore April 30, in addition to all other available damages 2016, shall be forfeited and remedies, Landlord shall also be entitled to recover from Tenant the unamortized portion (calculated using an interest rate of 12% per annum compounded monthly) of the Tenant Improvement Allowance, which sum shall not be deemed rent. This obligation of Tenant to repay the unamortized balance of the Tenant Improvement Allowance to Landlord shall survive the expiration or sooner termination of the Lease Term. No Construction Management Fee shall be paid available for use by Tenant to Landlord on any amount under $10,000Tenant.

Appears in 1 contract

Samples: Lease Agreement (Meru Networks Inc)

Tenant Improvement Allowance. If and for as long as Tenant is not in default under this Lease beyond any applicable grace period, Tenant shall be entitled to a one-time tenant improvement allowance in an amount equal to $10,758 ("the “Tenant Improvement Allowance" or "Allowance"”) in the amount of $60.00 per rentable square foot of the Premises (i.e., $3,018,300.00, based on 50,305 rentable square feet in the Premises), for the costs relating to the design, permitting, installation and construction of Tenant’s improvements which are permanently affixed to the Premises (the “Tenant Improvements”). The Tenant Improvement Allowance shall be applied to the Work Cost. Tenant shall pay the entire amount of the Work Cost which is in excess of the Allowance. Landlord shall have no obligation to proceed with any Tenant Improvements until its receipt from Tenant of any such excess amounts. The Allowance may not be used toward any "soft costs" related to purchase or installation of Tenant's wiring of telephone, data and communications, fixtures, furniture or equipment, unless Except as otherwise expressly provided herein. The payment of any such amounts by in this Tenant Work Letter, Landlord shall not be considered Additional Rent. obligated to make disbursements pursuant to this Tenant shall not receive cash or any credit against Rent for any unused portion of the Allowance, if the Work Cost is less than the Allowance. Within ten days after receipt of the contractor's estimate of the anticipated Work Cost (subject to Value Engineering by Tenant), Tenant shall pay Landlord, Letter in cash, the difference between the estimated Work Cost and a total amount which exceeds the Tenant Improvement Allowance. Upon final completion of the Tenant Improvements, Landlord will provide a final accounting of the Work Cost and Tenant shall pay any amounts in excess of the Allowance then due not previously paid by Tenant within ten days after receipt of Landlord's invoice. Such payments by Tenant shall not be considered Additional Rent. Tenant's right entitled to application receive any cash payment or credit against Rent or otherwise for any portion of the Tenant Improvement Allowance shall expire 180 days after the Commencement Date. Any requests for reimbursement submitted which is not used to Landlord after such date shall not be paid from the Allowance and Tenant shall thereafter be solely responsible pay for the costs of Tenant Improvement Allowance Items (as such term is defined below). In no event shall the Tenant Improvements without reimbursement from Landlord. The rights granted to Tenant under this section to Improvement Allowance be used for purposes of constructing improvements in the Allowance are personal to the original named Tenant in this Lease and may not be assigned or exercised by Premises for purposes of offering space for sublease or for the benefit of anyone (including, any a subtenant) other than such Tenant. If after Tenant has been granted all or any A portion of the AllowanceTenant Improvement Allowance has already been used to pay for the Preliminary Construction Costs in the Preliminary Construction Costs Amount and, accordingly, is not available for disbursement under this Exhibit C-2. Notwithstanding anything to the Lease Term is terminated by virtue of a default by contrary in this Tenant or Landlord resumes possession Work Letter, Tenant shall expend the Tenant Improvement Allowance for the improvement of the entire Premises to substantially the same level of improvement (which may include open plan design so long as the applicable open plan designed space includes, at a result of Tenant's defaultminimum, in addition to all other available damages finished floor, ceilings, lighting and remediesHVAC) as shown on the Final Preliminary Plan (as defined below). Since the Preliminary Construction, Landlord has incurred the Tenant Improvement Allowance Items (as defined below) outlined on Exhibit C-4, which shall also be entitled to recover from Tenant the unamortized portion (calculated using an interest rate of 12% per annum compounded monthly) payable out of the Tenant Improvement Allowance, which sum shall not be deemed rent. This obligation of Tenant to repay the unamortized balance of the Tenant Improvement Allowance to Landlord shall survive the expiration or sooner termination of the Lease Term. No Construction Management Fee shall be paid by Tenant to Landlord on any amount under $10,000.

Appears in 1 contract

Samples: Lease (Adicet Bio, Inc.)

Tenant Improvement Allowance. If Landlord agrees that Landlord shall pay to Tenant a sum equal to the lesser of (i) the actual cost of Tenant’s Improvements (as hereinafter defined), or (ii) FIFTY THOUSAND AND NO/00 DOLLARS ($50,000.00) (“Landlord’s Contribution”) on the terms and conditions contained herein. Landlord’s Contribution shall be paid to Tenant to reimburse Tenant for the actual cost of improvements installed by Tenant in the Premises (“Tenant Improvements”) provided such improvements: (i) are of the same general character as long the existing improvements in the Premises; (ii) are non-structural in nature; (iii) do not require openings on the roof or exterior walls of the Building; (iv) do not affect any building system; (v) are completed prior to December 31, 2006 (vi) consist of improvements to the structure, electrical, plumbing, lighting or HVAC systems of the Premises, and do not include personal property of Tenant, and (vii) are otherwise acceptable to Landlord in its reasonable discretion. Landlord’s Contribution shall be paid in one installment by Landlord to Tenant within ten (10) days of Tenant’s presentation of reasonable documentation evidencing (i) the amounts due to Tenant, including presentation of a contractor’s statement final lien waivers, as the case may be, covering all work for which the Tenant is not in default under this Lease beyond any applicable grace period, Tenant shall be entitled to a tenant improvement allowance in an amount equal to $10,758 requesting payment; ("Tenant Improvement Allowance" or "Allowance"). The Tenant Improvement Allowance shall be applied to the Work Cost. Tenant shall pay the entire amount of the Work Cost which is in excess of the Allowance. Landlord shall have no obligation to proceed with any Tenant Improvements until its receipt from Tenant of any such excess amounts. The Allowance may not be used toward any "soft costs" related to purchase or installation of Tenant's wiring of telephone, data and communications, fixtures, furniture or equipment, unless expressly provided herein. The payment of any such amounts by Tenant shall not be considered Additional Rent. Tenant shall not receive cash or any credit against Rent for any unused portion of the Allowance, if the Work Cost is less than the Allowance. Within ten days after receipt of the contractor's estimate of the anticipated Work Cost (subject to Value Engineering by Tenant), Tenant shall pay Landlord, in cash, the difference between the estimated Work Cost and the Tenant Improvement Allowance. Upon ii) final completion of the Tenant Improvements, Landlord will provide ; (iii) a final accounting of the Work Cost sworn statement from Tenant setting forth in detail all contractors and Tenant shall pay any amounts in excess of the Allowance then due not previously paid by Tenant within ten days after receipt of Landlord's invoice. Such payments by Tenant shall not be considered Additional Rent. Tenant's right to application of the Tenant Improvement Allowance shall expire 180 days after the Commencement Date. Any requests for reimbursement submitted to Landlord after such date shall not be paid from the Allowance and Tenant shall thereafter be solely responsible for the costs of the Tenant Improvements without reimbursement from Landlord. The rights granted to Tenant under this section to the Allowance are personal to the original named Tenant in this Lease and may not be assigned or exercised by or for the benefit of anyone (including, any subtenant) other than such Tenant. If after material suppliers with whom Tenant has contracted, their addresses, work or materials to be furnished, amounts of contracts, amounts paid to date, amounts of current payments and balances due; and (iv) a certification by Tenant’s contractor that the Tenant’s Improvements have been granted all or any portion of completed and materials are in place as indicated by the Allowance, the Lease Term is terminated by virtue of a default by Tenant or Landlord resumes possession of the Premises as a result of Tenant's default, in addition to all other available damages and remedies, Landlord shall also be entitled to recover from Tenant the unamortized portion (calculated using an interest rate of 12% per annum compounded monthly) of the Tenant Improvement Allowance, which sum shall not be deemed rent. This obligation of Tenant to repay the unamortized balance of the Tenant Improvement Allowance to Landlord shall survive the expiration or sooner termination of the Lease Term. No Construction Management Fee shall be paid by Tenant to Landlord on any amount under $10,000request for payment.

Appears in 1 contract

Samples: Lease Amendment (Nanophase Technologies Corporation)

Tenant Improvement Allowance. If and for as long as In connection with Tenant's lease of the Expansion Space, Landlord will provide Tenant is not in default under this Lease beyond any applicable grace period, Tenant shall be entitled to a tenant with an improvement allowance in an amount equal to $10,758 (the "Tenant Improvement Allowance" ") of Three and 50/100 Dollars ($3.50) per rentable square foot of the Expansion Space ($20,356.00) to complete, subject to the terms and conditions set forth in this Section 6, certain improvements (the "Tenant Improvements") to the Expansion Space desired to be made by Tenant. Prior to commencement of the Tenant Improvements, Tenant will furnish Landlord with all plans and specifications, if any, for Landlord's approval (which approval shall not be unreasonably withheld or "Allowance"delayed). If Tenant elects to use its own contractor to construct the Tenant Improvements, such contractor shall be licensed and approved by Landlord (approval not to be unreasonably withheld or delayed) prior to commencement of the Tenant Improvements. Upon Landlord's approval of the plans and specifications for the Tenant Improvements and Tenant's contractor, Tenant may commence the Tenant Improvements. The Tenant Improvement Allowance Improvements shall be applied to the Work Costperformed and completed in compliance with all applicable laws, codes, rules and regulations, without any unpaid claims for material, labor or supplies. Tenant shall pay furnish to Landlord executed construction permits and such invoices, affidavits, releases, and other documentation as Landlord may reasonably request, to be assured, to Landlord's satisfaction, that the entire Tenant Improvements have been completed in accordance with the plans and specifications, if any, approved by Landlord and have been paid for by Tenant. Provided Tenant complies with all of the terms and conditions of this Section 6, including but not limited to, proof of payment of all bills and delivery to Landlord of unconditional lien releases from all contractors, subcontractors and material suppliers, Landlord shall reimburse Tenant within thirty (30) days after completion of the Tenant Improvements for Tenant's costs incurred in connection with the Tenant Improvements up to an amount not to exceed the amount of the Work Cost which is Tenant Improvement Allowance. Tenant will be responsible for paying all costs of the Tenant Improvements in excess of the Tenant Improvement Allowance. Landlord shall have no obligation to proceed with any If the cost of the Tenant Improvements until its receipt from is less than the Tenant of any such excess amounts. The Allowance may not be used toward any "soft costs" related to purchase or installation of Tenant's wiring of telephoneImprovement Allowance, data and communications, fixtures, furniture or equipment, unless expressly provided herein. The payment of any such amounts by Tenant shall not be considered Additional Rent. Tenant shall not receive cash or any a credit against the Base Rent for next becoming due under the Lease in the amount of any unused portion of the Allowance, if the Work Cost is less than the Tenant Improvement Allowance. Within ten days after receipt In the event that Tenant demolishes any walls between any portion of the contractor's estimate of Expansion Space and any suite(s) adjacent to the anticipated Work Cost Expansion Space (subject to Value Engineering by Tenante.g., the demising wall between Suites 1050 and 1060), Tenant shall pay Landlordreplace such walls upon the expiration or earlier termination of Tenant's lease of the Expansion Space unless Tenant extends Tenant's lease of the Expansion Space for a term of not less than three (3) years beyond the Expansion Space Termination Date, in cash, the difference between the estimated Work Cost and the Tenant Improvement Allowance. Upon final completion of the Tenant Improvements, Landlord will provide a final accounting of the Work Cost and Tenant shall pay any amounts in excess of the Allowance then due not previously paid by Tenant within ten days after receipt of Landlord's invoice. Such payments by which event Tenant shall not be considered Additional Rent. Tenant's right required to application of the Tenant Improvement Allowance shall expire 180 days after the Commencement Date. Any requests for reimbursement submitted to Landlord after such date shall not be paid from the Allowance and Tenant shall thereafter be solely responsible for the costs of the Tenant Improvements without reimbursement from Landlord. The rights granted to Tenant under this section to the Allowance are personal to the original named Tenant in this Lease and may not be assigned or exercised by or for the benefit of anyone (including, replace any subtenant) other than such Tenant. If after Tenant has been granted all or any portion of the Allowance, the Lease Term is terminated by virtue of a default by Tenant or Landlord resumes possession of the Premises as a result of Tenant's default, in addition to all other available damages and remedies, Landlord shall also be entitled to recover from Tenant the unamortized portion (calculated using an interest rate of 12% per annum compounded monthly) of the Tenant Improvement Allowance, which sum shall not be deemed rent. This obligation of Tenant to repay the unamortized balance of the Tenant Improvement Allowance to Landlord shall survive the expiration or sooner termination of the Lease Term. No Construction Management Fee shall be paid by Tenant to Landlord on any amount under $10,000demolished walls.

Appears in 1 contract

Samples: Office Lease (Ticketmaster)

Tenant Improvement Allowance. If Landlord hereby grants to Tenant an allowance of Four Hundred Seventy Six Thousand Four Hundred Eighty and for as long as Tenant is not in default under this Lease beyond any applicable grace period, Tenant shall be entitled to a tenant improvement allowance in an amount equal to NO/100 U.S. Dollars ($10,758 476,480.00) (the "Tenant Improvement Allowance" or "Allowance) for the costs of constructing Tenant improvements to the Leased Premises in accordance with the preliminary space plan as set forth in Appendix C-1 hereto and as may be revised by the final space plan, to be approved by Tenant within ten (10) days after Lease execution (the "Space Plan"), and the Tenant Improvement Plan, as defined below, inclusive of any and all space planning, architectural and design and engineering fees and expenses and municipal fees (collectively "Tenant Work"). The Tenant Improvement Allowance shall be applied to the Work Cost. Tenant shall pay the entire amount cost of the Tenant Work Cost which is in excess shall also include any costs resulting from changes ordered by the Tenant and reasonably approved by the Landlord plus any costs resulting from rulings, interpretations or instructions from Building, fire or other regulatory officials having jurisdiction over the work. In the event that the Landlord determines, based upon the final bid from Landlord's contractor, that the actual cost of the Allowance. Landlord shall have no obligation to proceed with any Tenant Improvements until its receipt from Tenant of any such excess amounts. The Allowance may not be used toward any "soft costs" related to purchase or installation of Tenant's wiring of telephoneWork, data and communicationsas contemplated by the Space Plan, fixtures, furniture or equipment, unless expressly provided herein. The payment of any such amounts by Tenant shall not be considered Additional Rent. Tenant shall not receive cash or any credit against Rent for any unused portion of the Allowance, if the Work Cost is less than the Allowance. Within ten days after receipt of the contractor's estimate of the anticipated Work Cost (subject to Value Engineering by Tenant), Tenant shall pay Landlord, in cash, the difference between the estimated Work Cost and the Tenant Improvement Plan will or may exceed the Tenant Improvement Allowance. Upon final completion , then Tenant shall, the Tenant, prior to the Landlord commencing construction and unless Tenant elects to revise the Tenant Improvement Plan to reduce the scope and costs of the Tenant ImprovementsWork, Landlord will provide a final accounting of the Work Cost and Tenant shall pay any amounts in excess of the Allowance then due not previously paid by Tenant within ten days after receipt of Landlord's invoice. Such payments by Tenant shall not be considered Additional Rent. Tenant's right to application of the Tenant Improvement Allowance shall expire 180 days after the Commencement Date. Any requests for reimbursement submitted to Landlord after such date shall not be paid from the Allowance and Tenant shall thereafter be solely responsible for the costs of and expenses for the Tenant Improvements without reimbursement from Landlord. The rights granted to Tenant under this section to the Allowance are personal to the original named Tenant in this Lease and may not be assigned or exercised by or for the benefit of anyone (including, any subtenant) other than such Tenant. If after Tenant has been granted all or any portion of the Allowance, the Lease Term is terminated by virtue of a default by Tenant or Landlord resumes possession of the Premises as a result of Tenant's default, in addition to all other available damages and remedies, Landlord shall also be entitled to recover from Tenant the unamortized portion (calculated using an interest rate of 12% per annum compounded monthly) of Work which exceed the Tenant Improvement Allowance, which sum up to the amount of the final bid. Tenant shall not be deemed rent. This obligation deposit with the Landlord sufficient funds equal to the difference between such estimated cost of amount of the final bid for the Tenant to repay the unamortized balance of Work less and the Tenant Improvement Allowance (the "Excess Costs"). Upon completion of the Tenant work and upon receipt of the final costs, a final adjustment shall be made between the Tenant Improvement Allowance and the funds which are to be provided by the Tenant towards the Tenant Work. Provided, however, Tenant shall not be responsible for payment of any additional amounts for the Tenant Work except for the as set forth herein and in paragraph 2 below with respect to change orders and Excess Costs for the Additional Work, or and additional costs otherwise caused by Tenant. Tenant agrees that Landlord shall survive be entitled to a construction supervision and management fee in the expiration or sooner termination amount of eight percent (8%) of the Lease Term. No Construction Management Fee cost of the Tenant Work which fee shall be paid by charged against the Tenant to Landlord on any amount under $10,000Improvement Allowance.

Appears in 1 contract

Samples: Lease (Healthetech Inc)

Tenant Improvement Allowance. If and for as long as Tenant is not in default under this Lease beyond any applicable grace period, Tenant Landlord shall be entitled to provide a tenant improvement allowance in an amount equal to $10,758 ("Tenant Improvement Allowance" or "Allowance")---------------------------- Allowance in the amount of $0.208 per usable square foot of space per month of the Lease term occurring from and after the Commencement Date. For example, if the Commencement Date is November 1, 1996, the Tenant Improvement Allowance will be Twenty Thousand, Three Hundred Six and 21/100 Dollars ($20,306.21) [$20,306.21 = 1,842 u.s.f. x $0.208/u.s.f./month of term x 53 months]. The Tenant Improvement Allowance shall be applied to the Work Cost. Tenant shall pay the entire amount cost of the Work Cost which is in excess of the Allowance. Landlord shall have no obligation to proceed with any Tenant Improvements until its receipt from Tenant of any such excess amounts. The Allowance may not be used toward any "soft costs" related to purchase or installation of Tenant's wiring of telephone, data space planning and communications, fixtures, furniture or equipment, unless expressly provided herein. The payment of any such amounts by Tenant shall not be considered Additional Rent. Tenant shall not receive cash or any credit against Rent for any unused portion of the Allowance, if the Work Cost is less than the Allowance. Within ten days after receipt of the contractor's estimate of the anticipated Work Cost (subject to Value Engineering by Tenant), Tenant shall pay Landlord, in cash, the difference between the estimated Work Cost and the Tenant Improvement Allowance. Upon final completion of the Tenant Improvements, Landlord will provide a final accounting of the Work Cost and Tenant shall pay any amounts in excess of the Allowance then due not previously paid by Tenant within ten days after receipt of Landlord's invoice. Such payments by Tenant shall not be considered Additional Rent. Tenant's right to application of the Tenant Improvement Allowance shall expire 180 days after the Commencement Dateconstruction improvements. Any requests for reimbursement submitted to Landlord after such date shall not be paid from the Allowance and Tenant shall thereafter be solely responsible for the additional costs of the Tenant Improvements without reimbursement from Landlordor Space Planning shall be payable by Tenant. The rights granted payment to be made by Landlord pursuant to this paragraph 1 shall be deemed to satisfy in full Landlord's obligation to provide a Tenant Improvement Allowance under the Lease. EXHIBIT "H" STATE OF GEORGIA COUNTY OF XXXXXX GUARANTY -------- KNOW ALL MEN BY THESE PRESENTS: In consideration of the letting by Pavilion Partners, L.P. ("Landlord") to QUALITY DIAGNOSTIC CARDIOLOGY SERVICES, INC. ("Tenant") pursuant to a Lease Agreement dated _________________________ (the "Lease") of premises described therein, the delivery of which lease is conditioned upon the execution and delivery of this section Guaranty, and the payment of One Dollar ($1.00) to the Allowance undersigned by Landlord, the receipt and sufficiency of which are personal hereby acknowledged by the undersigned, the undersigned (hereinafter collectively called the "Guarantor") does hereby unconditionally guarantee the full, prompt and complete performance by Tenant of all of the terms, covenants, conditions and agreements contained in the Lease on the part of Tenant to be performed, including specifically, without limitation, the original named Tenant obligation to pay all rents and any other charges or obligations therein set forth, together with any and all renewal or renewals, extension or extensions, modification or modifications thereof, and substitution or substitutions therefor( all such obligations being hereinafter called the "Obligations"). Guarantor waives presentment, demand, dishonor, notice of dishonor, protest, and all other notices whatsoever, including, without limitation, notices of acceptance hereof, of the existence or creation of the Obligations, and of all defaults, disputes or controversies with Tenant, and of the settlement, compromise or adjustment thereof. Guarantor agrees that Landlord shall have full authority, without obtaining the consent of, giving notice to, or affecting the liability of Guarantor, to make changes of terms, to extend time to pay, to release the whole or any part of the Obligations, to settle or compound differences for less than the full amount owing under the Lease, to accept notes, trade acceptances or any other form of obligation for the Obligations, to make arrangements or settlements in this Lease and may not be assigned or exercised by out of court in the case of receivership, liquidation, readjustment, bankruptcy, reorganization, arrangement or an assignment for the benefit of anyone creditors and to do anything, whether or not herein specified, which may be done or waived by or between Landlord and Tenant. The making of such arrangements, settlements, compromises, adjustments, extensions of time and so forth shall not diminish, discharge, modify, reduce extinguish or otherwise affect the liability of Guarantor hereunder for the full amount owing under the Lease. Guarantor further agrees that no act or omission on the part of Landlord shall in any way affect, impede or impair this guaranty. This guaranty shall be enforceable without Landlord having (includingi) to proceed against Tenant (any right to require Landlord to take action against Tenant as required by O.C.G.A. (S) 10-7-24 being hereby expressly waived) or -------- against any security for any payments due under the Lease, or (ii) to exercise any of Landlord's remedies under the Lease; and shall be effective regardless of the solvency or insolvency of Tenant, any subtenant) reorganization, merger or consolidation of Tenant, any change in the composition, nature, personnel or location of Tenant, or any bankruptcy, receivership, liquidation, reorganization or other than such proceeding involving Tenant. If after This guaranty shall be binding upon and enforceable against each person and entity executing this guaranty and upon the respective heirs, legal representatives, successors and assigns of each such person and entity. The liability of each person and entity executing this guaranty and the heirs, legal representatives, successors and assigns of each such entity and person hereunder is joint and several, primary and unconditional, and shall not be subject to any claim of offset, counterclaim or defense of Tenant. This guaranty shall be irrevocable, absolute and unconditional and shall remain in full force and effect as to Guarantor until such time as all of the Obligations shall have been paid or satisfied in full. No delay or failure on the part of Landlord in the exercise of any right or remedy shall operate as a waiver thereof, and no single or partial exercise by Landlord of any right or remedy shall preclude other or further exercise thereof or the exercise of any other right or remedy. Guarantor agrees that this guaranty shall not be affected by reason of assertion by Landlord against Tenant has been granted of any rights or remedies reserved to Landlord in the Lease, or by reason of any summary or other proceedings against Tenant, or by the amendment or modification of the Lease with or without notice to, or consent of, the Guarantor. This guaranty shall remain in full force and effect, and Guarantor shall continue to be liable for the payment of all amounts owing under the Lease in accordance with the original terms of the documents and instruments evidencing the same, notwithstanding the commencement of any bankruptcy, reorganization or other debtor relief proceeding by or against Tenant, and notwithstanding any modification, discharge or extension of the Obligations, any modification or amendment of any document or instrument evidencing any of the Obligations, any stay of the exercise by Landlord of any of its rights and remedies against Tenant with respect to any of the Obligations, or any portion cure of the Allowance, the Lease Term is terminated by virtue of a any default by Tenant under any document or Landlord resumes possession instrument evidencing any of the Premises Obligations, which may be effected in connection with any such proceeding, whether permanent or temporary, and notwithstanding any assent thereto by Landlord. Landlord may, without notice of any kind, sell, assign or transfer the Lease, and in such event each and every immediate and successive assignee, transferee or holder of the Lease shall have the right to enforce this guaranty, by suit or otherwise, for the benefit of such assignee, transferee or holder, as fully as if such person were herein by name specifically give such rights, powers and benefits, but Landlord shall have an unimpaired right to enforce this guaranty for its benefit as to so much of the Obligations as Landlord has not sold, assigned, or transferred. This guaranty has been made and delivered in the State of Georgia and shall be governed by, construed under and interpreted and enforced in accordance with the laws of the State of Georgia. Wherever possible, each provision of this guaranty shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this guaranty shall be prohibited by or be invalid under such law, such provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of such provision or the remaining provisions of this guaranty. Guarantor hereby submits to personal jurisdiction in the State of Georgia for the enforcement of this guaranty and waives any and all personal rights under the laws of the State of Georgia or the United States to object to jurisdiction within the State of Georgia for the purposes of litigation to enforce this guaranty. In the event that such litigation is commenced, Guarantor agrees that service of process may be made, and personal jurisdiction over Guarantor obtained, by the serving of a result copy of Tenant's defaultthe summons and complaint upon Guarantor at the following address: ________________________________ 000 XxXxxxxx Xxx -------------------------------- Marietta, GA 30067 -------------------------------- Nothing contained herein shall prevent Landlord from bringing any action or exercising any rights against any security given to Landlord by Tenant or Guarantor, or against Guarantor personally, or against any property of Guarantor, within any other state. Commencement of any such action or proceeding in any other state shall not constitute a waiver of the agreement that the laws of the State of Georgia shall govern the rights and obligations of Guarantor and Landlord hereunder or of the submission made by Guarantor to personal jurisdiction within the State of Georgia. The aforesaid means of obtaining personal jurisdiction and perfecting service of process are not intended to be exclusive but are cumulative and in addition to all other available damages means of obtaining personal jurisdiction and remediesperfecting service of process now or hereafter provided by the laws of the State of Georgia. Guarantor warrants and represents to Landlord that any financial statements heretofore delivered by Guarantor to Landlord were true and correct in all respects as of the date delivered to Landlord. At any time this Guaranty is in effect, Guarantor shall, upon ten (10) days prior written notice from Landlord, provide Landlord with a current financial statement and financial statements of two (2) years prior to the current financial statement year. Such statements shall also be entitled prepared in accordance with generally accepted accounting principles and, if such is the normal practice of Guarantor, shall be audited by an independent certified public accountant. Guarantor agrees that Guarantor shall have no right to recover from against Tenant by way of subrogation to the unamortized portion (calculated using an interest rate rights of 12% per annum compounded monthly) Landlord on account of any payment by Guarantor to Landlord until all of the Tenant Improvement AllowanceObligations have been paid and satisfied in full, which sum shall not be deemed rentand Guarantor hereby waives, releases and relinquishes any such rights of subrogation to such extent. This obligation of Tenant to repay If Guarantor is a corporation, Guarantor and the unamortized balance persons executing this guaranty as officers of the Tenant Improvement Allowance Guarantor represent that Guarantor has full corporate authority to Landlord shall survive execute this guaranty and that the expiration or sooner termination officers executing this guaranty are duly authorized to execute this guaranty on behalf of the Lease Termcorporation, and that there is no provision in its charter or bylaws that in any way conflicts with or prevents the execution, delivery or performance of this guaranty by Guarantor. No Construction Management Fee shall be paid Guarantor further represents that there is no provision of any other agreement by Tenant to Landlord on which Guarantor is bound that in any amount under $10,000way conflicts with or prevents the execution, delivery or performance of this guaranty by Guarantor.

Appears in 1 contract

Samples: Lease Agreement (Webmd Inc)

Tenant Improvement Allowance. If Landlord shall make available to Tenant a Tenant Improvement Allowance in the amount of Two Million Dollars ($2,000,000) (the "Tenant Improvement Allowance") as provided for in Paragraph 1.V. of the Lease which shall be held in an Escrow Account (over which Landlord shall exercise disbursement authority) and disbursed in accordance with this Section 2 to be utilized to pay for Tenant's Work (as long defined hereafter). "Tenant's Work" shall mean and include all work and improvements to the Premises in accordance with the Approved Tenant's Work Plans (as defined below) including telecommunications and data equipment, to the extent same are included in the Approved Tenant's Work Plans. The Tenant is Improvement Allowance may be utilized to pay the cost of space planning, development of any and all construction-related plans, specifications and drawings, physical improvements to the Premises, signage, telecommunication and data expenses, information service expenses, interior decorating fees and furniture for the Premises and to pay for any other costs included in completing Tenant's Work. Any work or items not specified in default under this Lease beyond Subsection 2.1, or in excess of the Approved Tenant's Work Plans, shall be performed by Tenant at its sole cost and expense, but shall still require Landlord's prior written consent. In the event that Tenant requires Landlord to perform any applicable grace periodof Tenant's Work, whether utilizing the Tenant Improvement Allowance or Tenant's own funds, Landlord shall be entitled to be paid a tenant improvement allowance in an amount construction management fee equal to $10,758 5.9% of all costs of construction ("hard and soft) of that portion of the Tenant's Work which Landlord performs, payable to Landlord pursuant to construction draws submitted in a manner similar to the draw requests required by Tenant for disbursal of its Tenant Improvement Allowance" or "Allowance")Allowance as provided herein; provided, however, Landlord shall receive a 3% construction management fee for any change orders which are a part of the Tenant's Work which Landlord actually performs. The Tenant Improvement Allowance shall be applied disbursed to Tenant on a monthly basis upon written request by Tenant on AIA Form G-702 (or such other form as Landlord and Tenant may mutually agree to use) accompanied by invoices, partial lien waivers and Tenant's contractor's or architect's certification that the Work Cost. Tenant shall pay work for which the entire amount of the Work Cost draw is requested is Substantially Complete (as such term is defined below), and such other back-up documentation as Landlord may reasonably request (provided that Tenant's draw request which is in excess of submitted for the Allowance. Landlord shall have no obligation to proceed with any Tenant Improvements until its receipt from Tenant of any such excess amounts. The Allowance may not be used toward any "soft costs" related to purchase or installation of last draw on Tenant's wiring of telephone, data and communications, fixtures, furniture or equipment, unless expressly provided herein. The payment of any such amounts by Tenant shall not be considered Additional Rent. Tenant shall not receive cash or any credit against Rent for any unused portion of the Allowance, if the Work Cost is less than the Allowance. Within ten days after receipt of the contractor's estimate of the anticipated Work Cost (subject to Value Engineering by Tenant), Tenant shall pay Landlord, in cash, the difference between the estimated Work Cost and the Tenant Improvement Allowance. Upon final completion of the Tenant Improvements, Landlord will provide a final accounting of the Work Cost and Tenant shall pay any amounts in excess of the Allowance then due not previously paid by Tenant within ten days after receipt of Landlord's invoice. Such payments by Tenant shall not be considered Additional Rent. Tenant's right to application of the Tenant Improvement Allowance shall expire 180 days after the Commencement Date. Any requests for reimbursement submitted to Landlord after such date shall not be paid from the Allowance and Tenant shall thereafter be solely responsible for the costs of the Tenant Improvements without reimbursement from Landlord. The rights granted to Tenant under this section accompanied by final lien waivers); provided, however, to the Allowance are personal to extent Landlord performs the original named Tenant in this Lease and may not be assigned or exercised by or for the benefit of anyone (including, any subtenant) other than such Tenant. If after Tenant has been granted all or any portion of the Allowance, the Lease Term is terminated by virtue of a default by Tenant or Landlord resumes possession of the Premises as a result of Tenant's default, in addition to all other available damages and remediesWork, Landlord shall also be entitled to recover from Tenant responsible for obtaining the unamortized portion (calculated using an interest rate accompanying documents and information required by this sentence as a part of 12% per annum compounded monthly) of the Tenant Improvement Allowance, which sum shall not be deemed rent. This obligation of Tenant to repay the unamortized balance of the Tenant Improvement Allowance to Landlord shall survive the expiration or sooner termination of the Lease Term. No Construction Management Fee shall be paid by Tenant to Landlord on any amount under $10,000its construction management duties.

Appears in 1 contract

Samples: Lease Agreement (NTS Realty Holdings Lp)

Tenant Improvement Allowance. If and for as long as Tenant is not in default under this Lease beyond any applicable grace period, Tenant shall be entitled to a one-time tenant improvement allowance in an amount equal to $10,758 ("the “Tenant Improvement Allowance" or "Allowance"”) in the amount of $25.00 per rentable square foot of the Premises for the costs relating to the design and construction of Tenant’s improvements which are permanently affixed to the Premises (the “Tenant Improvements”). The Tenant Improvement Allowance shall be applied to Within thirty (30) days following the Work Cost. Tenant shall pay the entire amount of the Work Cost which is in excess of the Allowance. Landlord shall have no obligation to proceed with any Tenant Improvements until its receipt from Tenant of any such excess amounts. The Allowance may not be used toward any "soft costs" related to purchase or installation of Tenant's wiring of telephone, data and communications, fixtures, furniture or equipment, unless expressly provided herein. The payment of any such amounts by Tenant shall not be considered Additional Rent. Tenant shall not receive cash or any credit against Rent for any unused portion of the Allowance, if the Work Cost is less than the Allowance. Within ten days after receipt of the contractor's estimate of the anticipated Work Cost (subject to Value Engineering by Tenant)Lease Commencement Date, Tenant shall pay be entitled, pursuant to a written notice delivered to Landlord, in cash, to a one-time increase (the difference between the estimated Work Cost and the Tenant Improvement “Additional Allowance. Upon final completion of the Tenant Improvements, Landlord will provide a final accounting of the Work Cost and Tenant shall pay any amounts in excess of the Allowance then due not previously paid by Tenant within ten days after receipt of Landlord's invoice. Such payments by Tenant shall not be considered Additional Rent. Tenant's right to application ”) of the Tenant Improvement Allowance shall expire 180 days after in an amount not to exceed $5.00 for each rentable square foot of the Commencement Date. Any requests for reimbursement submitted to Landlord after such date shall not be paid from the Allowance and Tenant shall thereafter be solely responsible Premises, for the costs relating to the initial design and construction of the Tenant Improvements without reimbursement from Improvements. In the event Tenant exercises its right to use all or any EXHIBIT B CHINA BASIN LANDING portion of the Additional Allowance, the monthly Base Rent for the Premises shall be increased by an amount equal to the “Additional Monthly Base Rent,” as that term is defined below, in order to repay the Additional Allowance to Landlord. The rights granted “Additional Monthly Base Rent” shall be determined as the missing component of an annuity, which annuity shall have (i) the amount of the Additional Allowance which Tenant elects to utilize as the present value amount, (ii) sixty (60) as the number of payments, (iii) seventy-five one-hundredths (.75), which is equal to nine percent (9%) divided by twelve (12) months per year, as the monthly interest factor, and (iv) the Additional Monthly Base Rent as the missing component of the annuity. In the event Tenant under this section elects to the Allowance are personal to the original named Tenant in this Lease and may not be assigned or exercised by or for the benefit of anyone (including, any subtenant) other than such Tenant. If after Tenant has been granted utilize all or any a portion of the Additional Allowance, then (a) all references in this Tenant Work Letter to the “Tenant Improvement Allowance”, shall be deemed to include the Additional Allowance which Tenant elects to utilize, (b) the parties shall promptly execute an amendment (the “Amendment”) to this Lease setting forth the new amount of the Base Rent and Tenant Improvement Allowance computed in accordance with this Section 2.1, and (c) the additional amount of monthly Base Rent owing in accordance with this Section 2.1 for the first full month of the Lease Term is terminated by virtue of a default by Tenant or Landlord resumes possession of the Premises as a result of Tenant's default, in addition to all other available damages and remedies, Landlord shall also be entitled to recover from Tenant the unamortized portion (calculated using an interest rate of 12% per annum compounded monthly) of the Tenant Improvement Allowance, which sum shall not be deemed rent. This obligation of Tenant to repay the unamortized balance of the Tenant Improvement Allowance to Landlord shall survive occurs after the expiration or sooner termination of the Lease Term. No Construction Management Fee any free rent period shall be paid by Tenant to Landlord on at the time of Tenant’s execution of the Amendment. In no event shall Landlord be obligated to make disbursements pursuant to this Tenant Work Letter in a total amount which exceeds the Tenant Improvement Allowance and the Additional Allowance. All Tenant Improvements for which the Tenant Improvement Allowance has been made available shall be deemed Landlord’s property under the terms of the Lease. Notwithstanding the foregoing, upon Txxxxx’s request, at the expiration or earlier termination of this Lease, Landlord shall negotiate with Tenant in good faith towards the purchase by Tenant of all or any amount under $10,000portion of the Tenant Improvements, at the then-current fair market value for such Tenant Improvements. Upon Txxxxx’s request, Landlord and Tenant shall retain an independent third party (mutually approved by Landlord and Tenant) to determine the fair market value of such Tenant Improvements. The fees of such third party shall be split evenly between Landlord and Tenant.

Appears in 1 contract

Samples: Office Lease (LoopNet, Inc.)

Tenant Improvement Allowance. If and for as long as Tenant is not in default under this Lease beyond any applicable grace period, Tenant shall be entitled to a one-time tenant improvement allowance in an amount equal to Two Hundred Forty-Nine Thousand Six Hundred Twenty and 00/100 Dollars ($10,758 249,620.00) for costs and fees related to the design and construction of tenant improvements to the Expansion Premises ("the “Tenant Improvement Allowance" or "Allowance"); provided, however, that the Tenant Improvement Allowance may be used for multiple projects but must be disbursed in accordance with the terms of this Section 9(a) no later than the last day of the eighteenth (18th) month following the Expansion Premises Commencement Date. The construction of any tenant improvements by Landlord shall be performed in accordance with the terms and conditions of Section 10 of the Lease and this Section 9(a). Upon Tenant’s request that Landlord perform any tenant improvements, Landlord shall prepare a construction schedule that is reasonably acceptable by both parties and Landlord shall use diligent efforts to perform the tenant improvements in accordance with such schedule. In connection with construction of the tenant improvements by Landlord, Landlord shall contract with a general contractor selected from a list of competitive bidders who are subject to the reasonable approval of Tenant pursuant to a guaranteed maximum price contract in an amount reasonably approved by Tenant, for the performance of the tenant improvements under the direct supervision of Xxxxxxx Properties, Inc. as construction manager, at a fee equal to five percent (5%) of hard construction costs (scope of work to include coordination of architect, engineer, design/build subcontractors, general contractor, submittals for permits, construction and punch list) as a cost of the tenant improvements. The Tenant Improvement Allowance shall be applied disbursed by Landlord directly to the Work Costapplicable design professional, contractor, materialman or other laborer in connection with the construction of such tenant improvements. Tenant shall be liable for all fees and costs of the design and construction of any tenant improvements in excess of the Tenant Improvement Allowance once the Tenant Improvement Allowance has been disbursed (such difference referred to herein as the “Tenant Improvement Shortfall”). Tenant shall pay the entire amount Tenant Improvement Shortfall upon written request from Landlord accompanied by invoices reflecting such amounts due within thirty (30) days following Tenant’s receipt of such payment request. Any tenant improvements constructed by Landlord shall be in accordance with the terms and procedure set forth in the first paragraph of Section 5.2 (except that references therein to the Preliminary Plans shall be preliminary plans provided by Tenant and the Final Cost Estimate shall be to a cost estimate provided by Landlord based on the Final Plans) and Section 5.3 of the Work Cost which is in excess of the Allowance. Lease; provided, however, that Landlord shall have no obligation to proceed deliver the Expansion Premises with any Tenant Improvements until its receipt from Tenant of any such excess amounts. The Allowance may not be used toward any "soft costs" related to purchase or installation of Tenant's wiring of telephone, data and communications, fixtures, furniture or equipment, unless expressly provided herein. The payment of any such amounts tenant improvements completed by Tenant shall not be considered Additional Rentthe Expansion Premises Commencement Date. Tenant shall not receive cash or have no obligation to remove any credit against Rent for any unused portion of the Allowance, if the Work Cost is less than the Allowance. Within ten days after receipt of the contractor's estimate of the anticipated Work Cost (subject to Value Engineering by Tenant), Tenant shall pay Landlord, in cash, the difference between the estimated Work Cost and the Tenant Improvement Allowance. Upon final completion of the Tenant Improvements, Landlord will provide a final accounting of the Work Cost and Tenant shall pay any amounts in excess of the Allowance then due not previously paid by Tenant within ten days after receipt of Landlord's invoice. Such payments by Tenant shall not be considered Additional Rent. Tenant's right to application of the Tenant Improvement Allowance shall expire 180 days after the Commencement Date. Any requests for reimbursement submitted to Landlord after such date shall not be paid tenant improvements from the Allowance and Tenant shall thereafter be solely responsible for Premises upon the costs of the Tenant Improvements without reimbursement from Landlord. The rights granted to Tenant under this section to the Allowance are personal to the original named Tenant in this Lease and may not be assigned or exercised by or for the benefit of anyone (including, any subtenant) other than such Tenant. If after Tenant has been granted all or any portion of the Allowance, the Lease Term is terminated by virtue of a default by Tenant or Landlord resumes possession of the Premises as a result of Tenant's default, in addition to all other available damages and remedies, Landlord shall also be entitled to recover from Tenant the unamortized portion (calculated using an interest rate of 12% per annum compounded monthly) of the Tenant Improvement Allowance, which sum shall not be deemed rent. This obligation of Tenant to repay the unamortized balance of the Tenant Improvement Allowance to Landlord shall survive the expiration or sooner termination of the Lease Term. No Construction Management Fee shall unless (a) such improvements are inconsistent with a normal office or laboratory build-out and (b) Landlord notifies Tenant in writing at the time it delivers to Tenant the final plans for such improvements that such improvements need to be paid by Tenant to Landlord on any amount under $10,000restored.

Appears in 1 contract

Samples: Lease (Avalanche Biotechnologies, Inc.)

Tenant Improvement Allowance. If 5.1. During the fifteen (15) month period commencing on the date this Agreement shall be executed and for delivered by the parties and expiring on the date (the “Alterations Outside Completion Date”) which shall be the last day of such fifteen (15) month period, subject to extension by reason of Force Majeure (as long as Tenant such term is not in default under this Lease beyond any applicable grace perioddefined below), Tenant shall perform and complete extensive alterations and improvements constituting Tenant’s Work in and to (i) the Premises and (ii) the Broadway side lobby and passenger elevator cabs in the Building which may include (and which are contemplated to include) new wall finishes, new lobby attendant reception desk, new interior lighting, new stainless steel stair doors, new paint finishes, new security system, new flooring and new digital tenant directory in the lobby, and new paneling, new flooring and new lighting in the elevator cabs (all of such alterations and improvements in and to the Premises and the Broadway side lobby and passenger elevator cabs in the Building are hereinafter collectively referred to as “Tenant’s Alterations”, and the portion of Tenant’s Alterations consisting of such alterations and improvements to the Broadway side lobby and passenger elevator cabs in the Building which are expressly specified and set forth above are hereinafter collectively referred to as the “Lobby and Elevator Alterations”) costing not less than a minimum of $2,000,000.00 for all of Tenant’s Alterations. Such minimum required cost of Tenant’s Alterations in the amount of $2,000,000.00 shall be entitled inclusive of (a) reasonable costs incurred by Tenant (limited for purposes of meeting such required minimum cost to a tenant improvement allowance in an amount equal the sum of $135,000.00) to perform the Lobby and Elevator Alterations and (b) so-called “soft costs” such as costs for architectural fees and engineering fees (limited for purposes of meeting such required minimum cost to the sum of $10,758 ("Tenant Improvement Allowance" or "Allowance"200,000.00). The Tenant Improvement Allowance shall be applied reasonable cost of the Lobby and Elevator Alterations, limited to the Work Costsum of $135,000.00, together with soft costs not exceeding the lesser of (i) ten (10%) percent of the total cost of Tenant’s Alterations or (ii) $255,017.50, are hereinafter collectively referred to as the “Included Costs”. In accordance with the applicable provisions of the Lease, Tenant shall pay the entire amount of the Work Cost which is submit to Owner, for Owner’s review and approval, proposed complete and detailed architectural, mechanical and engineering plans and specifications in excess of the Allowance. Landlord shall have no obligation to proceed with any Tenant Improvements until its receipt from Tenant of any such excess amounts. The Allowance may not be used toward any "soft costs" related to purchase or installation respect of Tenant's wiring of telephone, data and communications, fixtures, furniture or equipment, unless expressly provided herein. The payment of any such amounts by Tenant shall not be considered Additional Rent’s Alterations. Tenant shall not receive cash or any credit against Rent for any unused portion commence Tenant’s Alterations unless and until Tenant shall have received Owner’s final written approval of Tenant’s plans and specifications in respect thereof in accordance with the applicable provisions of the Allowance, if the Work Cost is less than the Allowance. Within ten days after receipt of the contractor's estimate of the anticipated Work Cost (subject to Value Engineering by Tenant), Tenant shall pay Landlord, in cash, the difference between the estimated Work Cost and the Tenant Improvement Allowance. Upon final completion of the Tenant Improvements, Landlord will provide a final accounting of the Work Cost and Tenant shall pay any amounts in excess of the Allowance then due not previously paid by Tenant within ten days after receipt of Landlord's invoice. Such payments by Tenant shall not be considered Additional RentLease. Tenant's right to application of the Tenant Improvement Allowance shall expire 180 days after the Commencement Date. Any requests for reimbursement submitted to Landlord after such date shall not be paid from the Allowance and Tenant shall thereafter be solely responsible ’s contractors for the costs of the Tenant Improvements without reimbursement from Landlord. The rights granted to Tenant under this section to the Allowance are personal to the original named Tenant in this Lease and may not be assigned or exercised by or for the benefit of anyone (including, any subtenant) other than such Tenant. If after Tenant has been granted all or any portion of the Allowance, the Lease Term is terminated by virtue of a default by Tenant or Landlord resumes possession of the Premises as a result performance of Tenant's default, in addition to all other available damages and remedies, Landlord shall also be entitled to recover from Tenant the unamortized portion (calculated using an interest rate of 12% per annum compounded monthly) of the Tenant Improvement Allowance, which sum shall not be deemed rent. This obligation of Tenant to repay the unamortized balance of the Tenant Improvement Allowance to Landlord shall survive the expiration or sooner termination of the Lease Term. No Construction Management Fee ’s Alterations shall be paid by Tenant reputable, licensed, third party contractors reasonably satisfactory to Landlord on any amount under $10,000Owner.

Appears in 1 contract

Samples: Sixth Lease Modification Agreement (Take Two Interactive Software Inc)

Tenant Improvement Allowance. If Tenant shall be entitled to a one-time tenant improvement allowance (the “Tenant Improvement Allowance”) in the amount of up to, but not exceeding One Hundred Forty Dollars ($140) per rentable square foot of the Premises (i.e., up to Two Million One Hundred Seventy-Three Thousand Six Hundred Forty Dollars ($2,173,640), for the costs relating to the initial design and construction of Tenant’s improvements which are permanently affixed to the Premises (the “Tenant Improvements”), which costs may include the cost of an inspection and report covering the Premises by a Certified Access Inspection specialist provided, however, that Landlord shall have no obligation to disburse all or any portion of the Tenant Improvement Allowance to Tenant unless Tenant makes one or more requests for disbursement pursuant to the terms and conditions of Section 2.2 below prior to July 31, 2021. In no event shall Landlord be obligated to make disbursements pursuant to this Work Letter in a total amount which exceeds the Tenant Improvement Allowance. Following the disbursement of the Tenant Improvement Allowance as long as Tenant is not in default under this Lease beyond any applicable grace periodcontemplated by Section 2.2 below, Tenant shall be entitled to receive a tenant improvement allowance in an amount equal to $10,758 ("Tenant Improvement Allowance" or "Allowance"). The Tenant Improvement Allowance shall be applied to the Work Cost. Tenant shall pay the entire amount of the Work Cost which is in excess of the Allowance. Landlord shall have no obligation to proceed with any Tenant Improvements until its receipt from Tenant of any such excess amounts. The Allowance may not be used toward any "soft costs" related to purchase or installation of Tenant's wiring of telephone, data and communications, fixtures, furniture or equipment, unless expressly provided herein. The payment of any such amounts by Tenant shall not be considered Additional Rent. Tenant shall not receive cash or any credit against Rent or otherwise for any unused portion of the Allowance, if the Work Cost is less than the Allowance. Within ten days after receipt Tenant Improvement Allowance [up to $5 per rentable square foot of the contractor's estimate of the anticipated Work Cost Premises (subject i.e., $77,630)] which is not used to Value Engineering by Tenant), Tenant shall pay Landlord, in cash, the difference between the estimated Work Cost and for the Tenant Improvement Allowance. Upon final completion of the Tenant Improvements, Landlord will provide a final accounting of the Work Cost and Tenant shall pay any amounts in excess of the Allowance then due not previously paid by Tenant within ten days after receipt of Landlord's invoice. Such payments by Tenant shall not be considered Additional RentItems (as such term is defined below). Tenant's ’s right to application receive a credit against Rent is capped at the sum of $77,630. Any unused portion of the Tenant Improvement Allowance in excess of the capped credit sum shall expire 180 days after the Commencement Datebelong to Landlord. Any requests for reimbursement submitted to Landlord after such date shall not be paid from the Allowance and Tenant shall thereafter be solely responsible liable for all costs associated with the costs design and construction of the Tenant Improvements without reimbursement from Landlord. The rights granted to Tenant under this section to the Allowance are personal to the original named Tenant in this Lease and may not be assigned or exercised by or for the benefit of anyone (including, any subtenant) other than such Tenant. If after Tenant has been granted all or any portion of the Allowance, the Lease Term is terminated by virtue of a default by Tenant or Landlord resumes possession of the Premises as a result of Tenant's default, in addition to all other available damages and remedies, Landlord shall also be entitled to recover from Tenant the unamortized portion (calculated using an interest rate of 12% per annum compounded monthly) excess of the Tenant Improvement Allowance, which sum shall not be deemed rent. This obligation of Tenant to repay the unamortized balance of the Tenant Improvement Allowance to Landlord shall survive the expiration or sooner termination of the Lease Term. No Construction Management Fee shall be paid by Tenant to Landlord on any amount under $10,000.

Appears in 1 contract

Samples: Sova Science District (Conatus Pharmaceuticals Inc.)

Tenant Improvement Allowance. If and for as long as Landlord shall provide Tenant is not in default under this Lease beyond any applicable grace period, Tenant shall be entitled to with a tenant improvement one-time allowance in an amount equal to $10,758 (the "Tenant Improvement Allowance" or "Allowance")) equal to Sixty Dollars ($60.00) per rentable square foot of the Premises. The Tenant Improvement Allowance shall be applied by Landlord exclusively against the out of pocket costs incurred by Landlord for (i) the Hard Costs to construct the Work CostTenant Improvement Work, (ii) costs incurred by Landlord on Tenant’s behalf yet defined as Tenant responsibility under the Tenant Fit-Out Criteria in Exhibit "E-2", (iii) the preparation of required space planning, architectural and/or engineering documents respecting the Tenant Improvement Work, including costs incurred to design the Premises and to prepare and revise (A) the Preliminary Plans and the Approved Preliminary Plans, and (B) the Preliminary Construction Documents and the Construction Documents, (iv) the fabrication and installation of Tenant’s signage, and (v) obtaining required state and local permits and approvals respecting the Tenant Improvement Work. The Tenant Improvement Allowance shall not be applied against the cost of Tenant's furniture, equipment, moving expenses or consultant fees, and Tenant shall have no right to credit the Tenant Improvement Allowance against Rent. Tenant shall pay reimburse Landlord for all costs incurred by Landlord with respect to the entire amount of the Tenant's Improvement Work Cost which is in excess of the AllowanceTenant Improvement Allowance within ten (10) days after receiving Landlord's invoice therefor. Landlord shall have no obligation In the event this lease terminates prior to proceed with any Tenant Improvements until its receipt from Tenant of any such excess amounts. The Allowance may not be used toward any "soft costs" related to purchase or installation of Tenant's wiring of telephone, data and communications, fixtures, furniture or equipment, unless expressly provided herein. The payment of any such amounts by Tenant shall not be considered Additional Rent. Tenant shall not receive cash or any credit against Rent for any unused portion the natural expiration of the Allowance, if the Work Cost is less than the Allowance. Within ten days after receipt of the contractor's estimate of the anticipated Work Cost (subject to Value Engineering by Tenant)Term, Tenant shall pay Landlord, in cash, immediately repay to Landlord the difference between the estimated Work Cost and unamortized portion of the Tenant Improvement Allowance. Upon final Any excess Tenant Improvement Allowance remaining after substantial completion of the Tenant ImprovementsImprovement Work and the payment of all applicable sums pursuant to this Section 29 may, Landlord will provide a final accounting of the Work Cost and Tenant shall pay any amounts in excess of the Allowance then due not previously paid by Tenant within ten days after receipt of Landlord's invoice. Such payments by Tenant shall not be considered Additional Rent. at Tenant's right to application election, be applied against the next due installments of the Tenant Improvement Allowance shall expire 180 days after the Commencement Date. Any requests for reimbursement submitted to Landlord after such date shall not be paid from the Allowance and Tenant shall thereafter be solely responsible for the costs of the Tenant Improvements without reimbursement from Landlord. The rights granted to Tenant under this section to the Allowance are personal to the original named Tenant in this Lease and may not be assigned or exercised by or for the benefit of anyone (including, any subtenant) other than such Tenant. If after Tenant has been granted all or any portion of the Allowance, the Lease Term is terminated by virtue of a default by Tenant or Landlord resumes possession of the Premises as a result of Tenant's default, in addition to all other available damages and remedies, Landlord shall also be entitled to recover from Tenant the unamortized portion (calculated using an interest rate of 12% per annum compounded monthly) of the Tenant Improvement Allowance, which sum shall not be deemed rent. This obligation of Tenant to repay the unamortized balance of the Tenant Improvement Allowance to Landlord shall survive the expiration or sooner termination of the Lease Term. No Construction Management Fee shall be paid by Tenant to Landlord on any amount under $10,000Rent.

Appears in 1 contract

Samples: Lease Agreement (Tasty Baking Co)

Tenant Improvement Allowance. If Landlord shall provide Tenant an allowance of (i) $63.00 per rentable square foot of the 5th and 10th Floor Premises totaling $8,086,869.00 and (ii) $55.00 per rentable square foot of the 6th Floor Premises totaling $1,753,235.00, for as long as Tenant is not in default under this Lease beyond any applicable grace period, Tenant shall be entitled to a tenant improvement allowance in an amount equal to collective total of $10,758 9,840,104.00 ("Tenant Improvement Allowance" or "Allowance"”), which Tenant may use for soft and hard costs of Tenant’s design, drawings, engineering and improvements to the Premises, including without limitation, moving costs, telecommunications, furniture, fixtures, and equipment (“Tenant’s Work”). The Landlord shall pay the Tenant Improvement Allowance shall be applied based on monthly draw requests accompanied by invoices, lien waivers and certification by Tenant’s architect that improvements to date substantially conform to the plans and specifications for Tenant’s Work Cost(“Plans”) previously approved by Landlord. Tenant shall pay the entire amount of the Work Cost which If Tenant’s submission is in excess of the Allowance. not complete and accurate, Landlord shall have no obligation to proceed with any Tenant Improvements until its receipt from notify Tenant of any such excess amounts. The Allowance may not be used toward any "soft costs" related to purchase or installation of Tenant's wiring of telephone, data and communications, fixtures, furniture or equipment, unless expressly provided herein. The payment of any such amounts by Tenant shall not be considered Additional Rent. Tenant shall not receive cash or any credit against Rent for any unused portion of the Allowance, if the Work Cost is less than the Allowance. Within ten same with specificity within five (5) business days after receipt of Tenant’s submission, or Landlord will be deemed to have approved same, and shall be obligated to make the contractor's estimate requested payment within such thirty (30) day period. Notwithstanding the foregoing, Landlord shall have the right to hold back ten percent (10%) of the anticipated Work Cost (subject to Value Engineering by Tenant), Tenant shall pay Landlord, in cash, the difference between the estimated Work Cost and the Tenant Improvement Allowance. Upon final completion of the Tenant Improvements, Landlord will provide a final accounting of the Work Cost and Tenant shall pay any amounts in excess of the Allowance then due not previously paid by Tenant within ten days after receipt of Landlord's invoice. Such payments by Tenant shall not be considered Additional Rent. Tenant's right to application total amount of the Tenant Improvement Allowance shall expire 180 until thirty (30) days after all of the Commencement Date. Any requests following conditions have been satisfied: (i) lien waivers and invoices for reimbursement submitted all of Tenant’s Work have been delivered to Landlord, and (ii) Tenant’s architect and general contractor have certified to Landlord after such date shall Substantial Completion of Tenant’s Work in accordance with the Plans (including any amendments approved by Landlord). In the event Landlord does not be paid from pay any draw request within thirty (30) days (and Landlord does not properly deny same within the Allowance and aforementioned five (5) business day period), then Tenant shall thereafter be solely responsible for have the costs of the Tenant Improvements without reimbursement from Landlord. The rights granted to Tenant under this section to the Allowance are personal to the original named Tenant in this Lease and may not be assigned or exercised by or for the benefit of anyone (including, any subtenant) other than such Tenant. If after Tenant has been granted all or any portion of the Allowance, the Lease Term is terminated by virtue of a default by Tenant or Landlord resumes possession of the Premises as a result of Tenant's defaultright, in addition to any other rights or remedies Tenant may have under this Lease, in law, or in equity, to offset any unpaid amounts against Total Rent until all other available damages and remedies, Landlord shall also be entitled to recover from Tenant the unamortized portion (calculated using an interest rate of 12% per annum compounded monthly) of the Tenant Improvement Allowance, which sum shall not be deemed rent. This obligation of Tenant to repay the unamortized balance of the Tenant Improvement Allowance to Landlord shall survive the expiration or sooner termination of the Lease Term. No Construction Management Fee shall be paid sums due by Tenant to Landlord on any amount under $10,000are fully recouped.

Appears in 1 contract

Samples: Lease (Enova International, Inc.)

Tenant Improvement Allowance. If and for as long as Tenant is not in default under this Lease beyond any applicable grace period, Tenant Section Three of Exhibit G. shall be entitled amended to provide that Landlord shall grant Tenant a tenant improvement allowance in an amount equal to $10,758 ("Tenant Improvement Allowance" or "Allowance"). The Tenant Improvement Allowance of up to $13.00 per square foot (the “Allowance”) which Tenant shall use at the beginning of the extended Term to make Building-standard improvements to the Premises in accordance with the requirements of Section Ten of the Lease, entitled “Alterations and Improvements”. The Allowance may be used for the construction of the improvements and related costs, including, but not limited to architectural and design fees, engineering fees, and the costs of external signage. Tenant shall have the right to hire its own contractor to do the construction work, so long as Landlord is given the opportunity to approve the nature of the construction (including architectural and engineering plans), which will not be unreasonably withheld and that the contractor follows Landlord’s Construction Rules and Specifications. The punchlist for the construction work shall be applied to the Work Costcompleted with Landlord’s participation. Tenant shall pay the entire amount of the Work Cost which is in excess of the AllowanceLandlord a $5,000.00 construction supervision fee. Landlord shall have no obligation pay up to proceed with any Tenant Improvements until its 80% of the Allowance upon the receipt from Tenant of any such excess amountscopies of paid invoices for the construction work. The Allowance may not be used toward any "soft costs" related to purchase or installation of Tenant's wiring of telephone, data and communications, fixtures, furniture or equipment, unless expressly provided herein. The payment of any such amounts by Tenant shall not be considered Additional Rent. Tenant shall not receive cash or any credit against Rent for any unused portion Upon the completion of the Allowanceconstruction, if Landlord shall pay Tenant the Work Cost is less than the Allowance. Within ten days after receipt last 20% of the contractor's estimate Allowance within thirty days of the anticipated Work Cost receipt from Tenant of (subject to Value Engineering by Tenant)i) final releases of lien from all contractors, Tenant shall pay Landlord, in cash, the difference between the estimated Work Cost subcontractors and the Tenant Improvement Allowance. Upon final completion of materialmen performing any work or providing any materials for the Tenant Improvements, Landlord will provide and from any lienors giving notice required under law; (ii) a final accounting of the Work Cost and Tenant shall pay any amounts in excess of the Allowance then due not previously paid by Tenant within ten days after receipt of Landlord's invoice. Such payments by Tenant shall not be considered Additional Rent. Tenant's right to application of the Tenant Improvement Allowance shall expire 180 days after the Commencement Date. Any requests for reimbursement submitted to Landlord after such date shall not be paid contractor’s affidavit from the Allowance general Contractor in accordance with applicable law; and Tenant shall thereafter be solely responsible for the costs (iii) any supporting documentation evidencing final completion and payment of the Tenant Improvements without reimbursement from reasonably requested by Landlord. The rights granted to Tenant under this section At the beginning of the Term, during the period in which improvements are being made to the Allowance are personal to the original named Tenant in this Lease and may not be assigned or exercised by or for the benefit of anyone (including, any subtenant) other than such Tenant. If after Tenant has been granted all or any portion of the Allowance, the Lease Term is terminated by virtue of a default by Tenant or Landlord resumes possession of the Premises as a result of Tenant's default, in addition to all other available damages and remediesPremises, Landlord shall also be entitled to recover from grant Tenant the unamortized portion (calculated using an interest rate opportunity to use Suite 3661, containing approximately 9,473 square feet, as shown in Exhibit B-1 attached for the operation of 12% per annum compounded monthly) of the Tenant Improvement Allowance, which sum shall not be deemed rentits business. This obligation of Tenant to repay the unamortized balance of the Tenant Improvement Allowance to Landlord shall survive the expiration or sooner termination The terms of the Lease Termshall apply to Tenant’s use, except for the obligation to pay Rent (including Additional Rent). No Construction Management Fee Tenant’s right to use the vacant space shall be paid by Tenant to Landlord commence as mutually agreed upon between the parties and expire on any amount under $10,000the earlier of substantial completion of the improvements or August 31, 2005.

Appears in 1 contract

Samples: Sento Corp

Tenant Improvement Allowance. If and for as long as Landlord shall provide Tenant is not with the Allowance specified on the Reference Page in default under this Lease beyond any applicable grace period, Tenant shall be entitled to a tenant improvement allowance in an amount equal to $10,758 ("Tenant Improvement Allowance" or "Allowance"). The Tenant Improvement Allowance shall be applied to accordance with the Work Costprovisions of Exhibit “B”. Tenant shall pay he responsible for costs to the entire amount extent that the cost of the such Tenant Work Cost which is in excess of the Allowance. Landlord shall have no obligation to proceed with any Tenant Improvements until its receipt from Tenant of any such excess amounts. The Allowance may not be used toward any "soft costs" related to purchase or installation of Tenant's wiring of telephone, data and communications, fixtures, furniture or equipment, unless expressly provided herein. The payment of any such amounts by Tenant shall not be considered Additional Rent. Tenant shall not receive cash or any credit against Rent for any unused portion of the Allowance, if the Work Cost is less than the Allowance. Within ten days after receipt of the contractor's estimate of the anticipated Work Cost (subject to Value Engineering by Tenant), Tenant shall pay Landlord, in cash, the difference between the estimated Work Cost and exceed the Tenant Improvement Allowance. Upon final completion Any amount of Tenant Improvement Allowance not spent on the Tenant Work shall be made available to Tenant for architectural design services, engineering costs, moving costs, telephone and computer equipment costs, and if not used for any of the foregoing shall be provided to Tenant in the form of rent abatement. If the cost of the Tenant Improvements, Landlord will provide a final accounting of the Work Cost and Tenant shall pay any amounts in excess of the Allowance then due not previously paid by Tenant within ten days after receipt of Landlord's invoice. Such payments by Tenant shall not be considered Additional Rent. Tenant's right to application of the Tenant Improvement Allowance shall expire 180 days after the Commencement Date. Any requests for reimbursement submitted to Landlord after such date shall not be paid from the Allowance and Tenant shall thereafter be solely responsible for the costs of the Tenant Improvements without reimbursement from Landlord. The rights granted to Tenant under this section to the Allowance are personal to the original named Tenant in this Lease and may not be assigned or exercised by or for the benefit of anyone (including, any subtenant) other than such Tenant. If after Tenant has been granted all or any portion of the Allowance, the Lease Term is terminated by virtue of a default by Tenant or Landlord resumes possession of the Premises as a result of Tenant's default, in addition to all other available damages and remedies, Landlord shall also be entitled to recover from Tenant the unamortized portion (calculated using an interest rate of 12% per annum compounded monthly) of exceed the Tenant Improvement Allowance, which sum shall not be deemed rent. This obligation of Tenant may, by written notice to repay the unamortized balance Landlord within ten (10) days of the Tenant Improvement Allowance Rent Commencement Date, elect to Landlord shall survive add such additional costs (up to but not exceeding the expiration or sooner termination sum of $2,625,000; the total of such additional costs added to the Annual Rent is hereinafter called “Additional Costs”) to the Annual Rent due during the initial Term of the Lease Termby adjusting the Annual Rent, and the Annual Rent shall immediately be adjusted by adding an amount to the Annual Rent for each such lease year equal to the cost of amortizing the Additional Costs over such initial Term with imputed interest at the rate of 9.75% per year. No Construction Management Fee For example, if the Additional Costs are $1 million, Monthly Rent during the initial Term shall he increased by $12,607.46. Landlord’s obligation to fund the Allowance shall be paid secured by the Guaranty (the “Guaranty”) in the form of Exhibit “H” from Lone Star Opportunity Fund. Tenant agrees that, if in Tenant’s reasonable determination, Landlord has provided Tenant with another mechanism to Landlord on any amount under $10,000adequately secure Landlord’s obligation to fund the Allowance, Tenant shall, to such extent, release or reduce the Guaranty.

Appears in 1 contract

Samples: Lease (Dunkin' Brands Group, Inc.)

Tenant Improvement Allowance. If A. Subject to Tenant’s compliance with the provisions of this Exhibit F, Landlord shall provide to Tenant an allowance in the amount of Two Hundred Fifty Four Thousand Eight Hundred Eighty and for as long as 00/100 Dollars ($254,880.00) (the “Tenant is not in default under this Lease beyond any applicable grace periodImprovement Allowance”) to construct and install only the Tenant Improvements; provided, however, Tenant shall be entitled have the right to a tenant improvement allowance in an amount equal utilize (i) up to Fifty Three Thousand One Hundred Dollars ($10,758 ("53,100.00) of the Tenant Improvement Allowance" Allowance for the purchase of furniture for the Premises (as evidenced by third party invoices for such furniture costs) and (ii) all or "Allowance")a portion of the Tenant Improvement Allowance for the tenant improvements being constructed by Tenant at premises owned by affiliates of Landlord and to be leased by Tenant located at 1003 – 0000 Xxxxxxxx Xxxxxx, Menlo Park, California and 0000 Xxxxxx Xxxx, Xxxxx Xxxx, Xxxxxxxxxx, subject to the terms of the leases between Tenant and such affiliates of Landlord. The Tenant Improvement Allowance shall be applied used to design, prepare, plan, obtain the Work Costapproval of, construct and install the Tenant Improvements and for no other purpose. Tenant shall pay the entire amount of the Work Cost which is in excess of the Allowance. Except as otherwise expressly provided herein, Landlord shall have no obligation to proceed contribute the Tenant Improvement Allowance unless and until the Construction Documents have been approved by Landlord and Tenant has complied with any Tenant Improvements until its receipt from Tenant all requirements set forth in Paragraph 4.C. of any such excess amounts. The Allowance may not be used toward any "soft costs" related this Exhibit F. In addition to purchase or installation of Tenant's wiring of telephonethe foregoing, data and communications, fixtures, furniture or equipment, unless expressly provided herein. The payment of any such amounts by Tenant Landlord shall not be considered Additional Rent. Tenant shall not receive cash have no obligation to disburse all or any credit against Rent for any unused portion of the AllowanceTenant Improvement Allowance to Tenant unless Tenant makes a progress payment request pursuant to the terms and conditions of Section 5.B. below prior to December 31, if the Work Cost is less than the Allowance. Within ten days after receipt 2012 (time being of the contractor's estimate of the anticipated Work Cost (subject essence). The costs to Value Engineering by Tenant), Tenant shall pay Landlord, in cash, the difference between the estimated Work Cost and the Tenant Improvement Allowance. Upon final completion of the Tenant Improvements, Landlord will provide a final accounting of the Work Cost and Tenant shall pay any amounts in excess of the Allowance then due not previously be paid by Tenant within ten days after receipt of Landlord's invoice. Such payments by Tenant shall not be considered Additional Rent. Tenant's right to application out of the Tenant Improvement Allowance shall expire 180 days after include all reasonable costs and expenses associated with the Commencement Date. Any requests for reimbursement submitted to Landlord after such date shall not be paid from the Allowance design, preparation, approval, planning, construction and Tenant shall thereafter be solely responsible for the costs installation of the Tenant Improvements without reimbursement from Landlord. The rights granted to (the “Tenant under this section to the Allowance are personal to the original named Tenant in this Lease and may not be assigned or exercised by or for the benefit of anyone (includingImprovement Costs”), any subtenant) other than such Tenant. If after Tenant has been granted including all or any portion of the Allowance, the Lease Term is terminated by virtue of a default by Tenant or Landlord resumes possession of the Premises as a result of Tenant's default, in addition to all other available damages and remedies, Landlord shall also be entitled to recover from Tenant the unamortized portion (calculated using an interest rate of 12% per annum compounded monthly) of the Tenant Improvement Allowance, which sum shall not be deemed rent. This obligation of Tenant to repay the unamortized balance of the Tenant Improvement Allowance to Landlord shall survive the expiration or sooner termination of the Lease Term. No Construction Management Fee shall be paid by Tenant to Landlord on any amount under $10,000.following:

Appears in 1 contract

Samples: Pacific Biosciences of California Inc

Tenant Improvement Allowance. Landlord shall contribute an improvement allowance not to exceed the product of the Rentable Area of the Premises (21,622 rentable square feet of Rentable Area) and $25.00 (i.e. $540,550.00) (the “Tenant Allowance”) toward payment for the “hard costs” of the Tenant Improvements, Consultant Fee, and FF&E Costs, subject to the conditions and limitations set forth herein. If the Tenant Allowance is inadequate to pay for the sum total of the “hard costs” for the Tenant Improvements, Consultant Fee, and for as long as Tenant is not in default under this Lease beyond any applicable grace periodFF&E Costs, then within five (5) days after the date of the Final Space Plan, Tenant may elect upon delivery of written notice to Landlord to request that Landlord increase the Tenant Allowance by the lesser of (i) the difference between the amount of the Tenant Allowance and the sum total amount of the “hard costs” of the Tenant Improvements, Consultant Fee, and FF&E Costs; or (ii) $5.00 per square foot of Rentable Area in the Premises (the “Additional Tenant Allowance”). In no event shall the Additional Tenant Allowance exceed $108,110.00. Each Monthly Installment of Base Rent for the Premises over the Initial Term shall be entitled to a tenant improvement allowance in increased by an amount equal calculated based upon the amortized Additional Tenant Allowance4 over a period of 102 months, together with eight percent (8%) interest per annum. Landlord shall update Section 5 of the Basic Lease Provisions prior to $10,758 the Commencement Date to account for the Additional Tenant Allowance ("Tenant Improvement Allowance" or "Allowance"if applicable). The Tenant Improvement Allowance plus the Additional Tenant Allowance, if any, shall be applied collectively referred to as the “Maximum Tenant Allowance” which shall not exceed $648,660.00s. As used herein, the phrase “hard costs” means all costs and expenses incurred by Landlord in connection with the construction and design of the Tenant Improvements, including, without limitation, amounts paid to the Work CostArchitect (including, permitting expeditor fees incurred by Landlord in connection with the Tenant Improvements), engineers, contractors, subcontractors and material suppliers. Except as otherwise provided below, the Maximum Tenant shall pay the entire amount of the Work Cost which is in excess of the Allowance. Landlord shall have no obligation to proceed with any Tenant Improvements until its receipt from Tenant of any such excess amounts. The Allowance may not be used toward applied to any "soft costs" related other costs such as, but not limited to, the cost of Tenant’s trade fixtures, equipment, moving expenses, low voltage wiring, card readers and cabling. Tenant hereby acknowledges that all Tenant Improvements paid for using any portion of the Maximum Tenant Allowance shall be the sole property of Landlord from the date of construction or installation in the Premises and shall remain in the Premises following the expiration of the Lease. Notwithstanding anything to the contrary, Tenant may elect to apply a portion of the unused Maximum Tenant Allowance against the cost and expense of (i) the fees paid to X. Xxxxx Advisors, Inc., as the Tenant’s designated relocation consultant (“Consultant Fee”) engaged by Tenant to supervise its relocation into the Premises from Tenant’s current office location; and (ii) the purchase or installation of Tenant's ’s equipment including, but not limited to, demountable partitions, furniture, and low voltage wiring (collectively, the “FF&E Costs”), provided that the Consultant Fee and FF&E Costs do not exceed an aggregate of telephone, data and communications, fixtures, furniture or equipment, unless expressly provided herein. The payment of any such amounts by Tenant shall not be considered Additional Rent. Tenant shall not receive cash or any credit against Rent for any unused portion twenty-five percent (25%) of the Allowance, if Maximum Tenant Allowance5 (to the Work Cost is less than extent funds are available and have not been exhausted in connection with the Allowance. Within ten days after receipt construction of the contractor's estimate of Tenant Improvements), Landlord shall then reimburse Tenant for Consultant Fees and FF&E Costs from the anticipated Work Cost Maximum Tenant Allowance (subject to Value Engineering by Tenant), Tenant shall pay Landlord, in cash, the difference between limitations set forth herein6) within thirty (30) days after the estimated Work Cost and the Tenant Improvement Allowance. Upon final substantial completion of the Tenant Improvements, Landlord will provide a final accounting of the Work Cost Improvements and Tenant shall pay any amounts in excess of the Allowance then due not previously paid by Tenant within ten days after receipt of Landlord's invoice. Such payments by Tenant shall not be considered Additional Rent. Tenant's right to application of the Tenant Improvement Allowance shall expire 180 days after the Commencement Date. Any requests for reimbursement submitted ’s delivery to Landlord after such date shall not be true copies of final contractor’s affidavit and waivers of lien in accordance with Florida Construction Lien Law (F.S. 713) for work performed and all paid from the Allowance receipts, bills, invoices and Tenant shall thereafter be solely responsible supporting information concerning payment for the costs of the Tenant Improvements without reimbursement from Landlord. The rights granted to Tenant under this section to the Allowance are personal to the original named Tenant in this Lease Consultant Fee, and FF&E Costs that Landlord may not be assigned or exercised by or for the benefit of anyone (including, any subtenant) other than such Tenant. If after Tenant has been granted all or any portion of the Allowance, the Lease Term is terminated by virtue of a default by Tenant or Landlord resumes possession of the Premises as a result of Tenant's default, in addition to all other available damages and remedies, Landlord shall also be entitled to recover from Tenant the unamortized portion (calculated using an interest rate of 12% per annum compounded monthly) of the Tenant Improvement Allowance, which sum shall not be deemed rent. This obligation of Tenant to repay the unamortized balance of the Tenant Improvement Allowance to Landlord shall survive the expiration or sooner termination of the Lease Term. No Construction Management Fee shall be paid by Tenant to Landlord on any amount under $10,000reasonably request.

Appears in 1 contract

Samples: Office Lease (FlexShopper, Inc.)

Tenant Improvement Allowance. If and for as long as Tenant is not in default under this Lease beyond any applicable grace period, Tenant shall be entitled (a) Landlord has agreed to contribute a one-time tenant improvement allowance in an amount equal to $10,758 (the "Tenant Improvement Allowance") in the amount of $40,337,715.73 to reimburse Tenant for the costs of preparing the Premises for Tenant's initial occupancy, including, without limitation, (a) the actual hard costs of completing, constructing or installing the Tenant's Work to the Premises, (b) Tenant's actual "soft costs" or "for Tenant's Work, including, without limitation, architectural and engineering costs incurred for Tenant's Work and government permit fees relating to such Tenant's Work, and (c) Tenant's actual costs for computer cabling, furniture, fixtures and equipment in connection with Tenant's Work. Tenant shall have the right to allocate the Tenant Improvement Allowance"), in Tenant's sole discretion, between the Tower Premises and the Pavilion Premises, including to the design and renovation of the main lobby of the Pavilion Building. The Tenant Improvement Allowance shall Allowance, or a portion thereof, will be applied disbursed by Landlord to Tenant no more frequently than monthly (the "Monthly Draws") within twenty (20) days (such period, the "Disbursement Date") after Tenant submits all of the following to Landlord: (i) a written certification from Tenant's architect stating that the improvements (to the extent completed during the period covered by the Monthly Draw) were completed in accordance with the Landlord-approved plans and specifications therefor, (ii) lien releases from all contractors and materialmen providing services or supplies, through the date of the pertinent Monthly Draw, in connection with the improvements, (iii) invoices or other reasonable evidence of the costs incurred in connection with the improvements, through the date of the pertinent Monthly Draw, and (iv) if applicable a certificate of completion or certificate of occupancy (but, only with respect to the final Monthly Draw, or sooner, if the pertinent improvements are completed sooner than the month of the final Monthly Draw) for the Premises (if required by applicable Requirements and if necessary pursuant to such Requirements, Landlord shall reasonably cooperate, at no expense to Landlord, with respect thereto). Landlord acknowledges and agrees that the entire Tenant Improvement Allowance may be disbursed to Tenant before all or certain portions of Tenant's Work Costare completed and before Tenant is able to obtain a certificate of occupancy. In such event, the issuance of a certificate of occupancy shall not be required as a condition to the applicable Monthly Draw, potentially including the final Monthly Draw, provided, however, that Tenant shall nonetheless be required to prosecute Tenant's Work to completion and to diligently pursue and in all events obtain such certificate of occupancy. Tenant shall pay be solely responsible for any and all costs of designing and constructing improvements to the entire amount of the Work Cost which is Premises in excess of the Allowance. Landlord shall have no obligation to proceed with any Tenant Improvements until its receipt from Tenant of any such excess amounts. The Allowance may not be used toward any "soft costs" related to purchase or installation of Tenant's wiring of telephone, data and communications, fixtures, furniture or equipment, unless expressly provided herein. The payment of any such amounts by Tenant shall not be considered Additional Rent. Tenant shall not receive cash or any credit against Rent for any unused portion of the Allowance, if the Work Cost is less than the Allowance. Within ten days after receipt of the contractor's estimate of the anticipated Work Cost (subject to Value Engineering by Tenant), Tenant shall pay Landlord, in cash, the difference between the estimated Work Cost and the Tenant Improvement Allowance. Upon final completion of the Tenant Improvements, If Landlord will provide a final accounting of the Work Cost and Tenant shall fails to pay any amounts in excess of the Allowance then due not previously paid by Tenant within ten days after receipt of Landlord's invoice. Such payments by Tenant shall not be considered Additional Rent. Tenant's right to application installment of the Tenant Improvement Allowance shall expire 180 days after within ten (10) Business Days following the Commencement Date. Any requests for reimbursement submitted satisfaction by Tenant of all conditions to said disbursement and written notice (the "Allowance Notice") from Tenant to Landlord after such date shall not be paid from the Allowance and Tenant shall thereafter be solely responsible for the costs that said disbursement of the Tenant Improvements without reimbursement from Landlord. The rights granted Improvement Allowance is due and payable, then Tenant shall have the right to Tenant under this section to offset against Rent next becoming due and payable the Allowance are personal to the original named Tenant in this Lease and may not be assigned or exercised by or for the benefit amount of anyone (including, any subtenant) other than such Tenant. If after Tenant has been granted all or any portion of the Allowance, the Lease Term is terminated by virtue of a default by Tenant or Landlord resumes possession of the Premises as a result of Tenant's default, in addition to all other available damages and remedies, Landlord shall also be entitled to recover from Tenant the unamortized portion (calculated using an interest rate of 12% per annum compounded monthly) said disbursement of the Tenant Improvement Allowance. Notwithstanding anything herein to the contrary, if Landlord disputes that Tenant is entitled to the amount covered by the Allowance Notice by notice given to Tenant within such ten (10) Business Day period (which sum notice sets forth in reasonable detail the reason(s) for why Landlord believes Tenant is not entitled to the disputed amount), then Tenant shall not be deemed rent. This obligation of entitled to offset the disputed amount unless and until Tenant to repay obtains the unamortized balance determination of the Arbitrator pursuant to Article 25 that Tenant Improvement Allowance is entitled to Landlord shall survive the expiration or sooner termination disputed amount. If Tenant obtains such determination, then Tenant may offset the disputed amount against the next installments of the Lease Term. No Construction Management Fee shall be paid by Tenant to Landlord on any amount under $10,000Rent coming due.

Appears in 1 contract

Samples: Agreement of Lease (World Wrestling Entertainmentinc)

Tenant Improvement Allowance. If and for Commencing as long as of the date upon which Tenant is not in default under this Lease beyond any applicable grace periodobtains possession of the Expansion Premises (which date may be prior to the Expansion Commencement Date), Tenant shall be entitled to a tenant improvement allowance as follows: (i) for the Expansion Premises in an the amount equal of $2,435,375.00 (i.e., $125.00 per RSF of the Expansion Premises) (the "Expansion Tenant Improvement Allowance"), for the costs relating to the initial design and construction of Tenant's improvements, which are permanently affixed to the Expansion Premises (the "Expansion Tenant Improvements") or which are "Tenant Improvement Allowance Items," as that term is defined in Section 2.2.1, below, for the Expansion Premises, and (ii) for the Existing Premises in the amount of $10,758 838,320.00 (i.e., $20.00 per RSF of the Existing Premises) (the "Existing Tenant Improvement Allowance"), for the costs relating to the initial design and construction of Tenant's improvements, which are permanently affixed to the Existing Premises (the "Existing Tenant Improvements") or which are Tenant Improvement Allowance Items for the Existing Premises (the Expansion Tenant Improvements and the Existing Tenant Improvements shall collectively be the "Tenant Improvements", and the Expansion Tenant Improvement Allowance and the Existing Tenant Improvement Allowance shall collectively be the "Tenant Improvement Allowance" or "Allowance"). The In no event shall Landlord be obligated to make disbursements pursuant to this Tenant Work Letter or otherwise in connection with Tenant's construction of the Tenant Improvements or any Tenant Improvement Allowance shall be applied to the Work Cost. Tenant shall pay the entire amount of the Work Cost which is in excess of the Allowance. Landlord shall have no obligation to proceed with any Tenant Improvements until its receipt from Tenant of any such excess amounts. The Allowance may not be used toward any "soft costs" related to purchase or installation of Tenant's wiring of telephoneItems, data and communications, fixtures, furniture or equipment, unless expressly provided herein. The payment of any such amounts by Tenant shall not be considered Additional Rent. Tenant shall not receive cash or any credit against Rent for any unused portion of the Allowance, if the Work Cost is less than the Allowance. Within ten days after receipt of the contractor's estimate of the anticipated Work Cost (subject to Value Engineering by Tenant), Tenant shall pay Landlordas defined below, in cash, a total amount which exceeds the difference between the estimated Work Cost and sum of the Tenant Improvement Allowance. Upon final completion All Tenant Improvements for which the Tenant Improvement Allowance has been made available shall be deemed Landlord's property under the terms of the Lease; provided, however, Landlord may, by written notice to Tenant given concurrently with Landlord's approval of the "Final Working Drawings", as that term is defined in Section 3.3, below, require Tenant, prior to the end of the Lease Term, or following any earlier termination of the Lease, at Tenant's expense, to remove any Tenant Improvements and to repair any damage to the Premises and Building caused ./ -/// -1- [Revolution Medicines, Inc.] by such removal and return the affected portion of the Premises to the condition in existence prior to the construction of the Tenant Improvements, provided that Landlord will provide a final accounting hereby acknowledges that Landlord shall not require removal of the Work Cost Tenant Improvements shown on the preliminary space plan attached hereto as Schedule 1 (the "Preliminary Space Plan"), and accordingly, so long as the Final Space Plan, Final Working Drawings and corresponding Tenant shall pay any amounts in excess Improvements are consistent with and a logical extension of the Allowance then due not previously paid by Tenant within ten days after receipt of Landlord's invoice. Such payments by Tenant Preliminary Space Plan, Landlord shall not be considered Additional Rentrequire Tenant, whether at the end of the Lease Term, or following any earlier termination of the Lease, to pay for or remove any Tenant Improvements set forth on the Final Working Drawings, to repair any damage to the Premises and Building caused by such removal, or to return the affected portion of the Premises to the condition in existence prior to the construction of the Tenant Improvements. Tenant's right to application Any portion of the Tenant Improvement Allowance shall expire 180 days after that is not disbursed or allocated for disbursement by the Commencement Date. Any requests for reimbursement submitted date which is eighteen (18) months following the Expansion Possession Date (subject to extension to the extent of delays resulting from events of Force Majeure (as defined in the Lease), provided that Tenant has delivered notice to Landlord after identifying such date Force Majeure event), shall not be paid from the Allowance revert to Landlord and Tenant shall thereafter be solely responsible for the costs of the Tenant Improvements without reimbursement from Landlord. The have no further rights granted to Tenant under this section to the Allowance are personal to the original named Tenant in this Lease and may not be assigned or exercised by or for the benefit of anyone (including, any subtenant) other than such Tenant. If after Tenant has been granted all or any portion of the Allowance, the Lease Term is terminated by virtue of a default by Tenant or Landlord resumes possession of the Premises as a result of Tenant's default, in addition to all other available damages and remedies, Landlord shall also be entitled to recover from Tenant the unamortized portion (calculated using an interest rate of 12% per annum compounded monthly) of the Tenant Improvement Allowance, which sum shall not be deemed rent. This obligation of Tenant to repay the unamortized balance of the Tenant Improvement Allowance to Landlord shall survive the expiration or sooner termination of the Lease Term. No Construction Management Fee shall be paid by Tenant to Landlord on any amount under $10,000with respect thereto.

Appears in 1 contract

Samples: Lease (Revolution Medicines, Inc.)

Tenant Improvement Allowance. If and for Commencing as long as Tenant is not in default under this of the Lease beyond any applicable grace periodCommencement Date, Tenant shall be entitled to use a tenant one-time improvement allowance in an the aggregate amount equal of $2,400,000.00 which is comprised of (i) $1,600,000 (the “Existing Premises Improvement Allowance”), for the costs relating to the design and construction of Tenant’s improvements, which are permanently affixed to the Existing Premises only (the “Existing Premises Improvements”) or which are “Tenant Improvement Allowance Items,” as that term is defined in Section 2.2.1, below, and (ii) $10,758 800,000.00 ("the “Expansion Premises Improvement Allowance”) for the costs relating to the design and construction of Tenant’s improvements which are permanently affixed to the Expansion Premises only (the “Expansion Premises Improvements”) or which are Tenant Improvement Allowance Items. Collectively, the Expansion Premises Improvements and the Existing Premises Improvements are the “Tenant Improvements” and collectively the Existing Premises Improvement Allowance and the Expansion Premises Improvement Allowance are the “Tenant Improvement Allowance" or "Allowance"). The Tenant Improvement Allowance shall be applied to the Work Cost. Tenant shall pay the entire amount of the Work Cost which is in excess of the Allowance. Landlord shall have no obligation to proceed with any Tenant Improvements until its receipt from Tenant of any such excess amounts. The Allowance may not be used toward any "soft costs" related to purchase or installation of Tenant's wiring of telephone, data hereby acknowledges and communications, fixtures, furniture or equipment, unless expressly provided herein. The payment of any such amounts by agrees that (A) Tenant shall not be considered Additional Rent. entitled to receive more than $500,000.00 of the Existing Improvement Allowance during the calendar year 2016, and (B) Tenant shall not be entitled to receive cash or any credit against Rent for any unused portion of the AllowanceExpansion Premises Improvement Allowance until the earlier to occur of (a) the date upon which the Expansion Confirmation Notice is delivered to Landlord or (b) September 16, if 2017 (assuming the Expansion Termination Notice has not been timely delivered by Tenant, as Tenant shall forfeit any and all rights to the Expansion Premises Improvement Allowance in the event the Expansion Termination Notice is timely delivered to Landlord). In no event shall Landlord be obligated to make disbursements pursuant to this Tenant Work Cost is less than the Allowance. Within ten days after receipt Letter or otherwise in connection with Tenant’s construction of the contractor's estimate of the anticipated Work Cost (subject to Value Engineering by Tenant)Tenant Improvements or any Tenant Improvement Allowance Items, Tenant shall pay Landlordas defined below, in cash, a total amount which exceeds the difference between the estimated Work Cost and sum of the Tenant Improvement Allowance. Upon final completion of the All Tenant Improvements, Landlord will provide a final accounting of the Work Cost and Tenant shall pay any amounts in excess of the Allowance then due not previously paid by Tenant within ten days after receipt of Landlord's invoice. Such payments by Tenant shall not be considered Additional Rent. Tenant's right to application of Improvements for which the Tenant Improvement Allowance has been made available shall expire 180 days after be deemed Landlord’s property under the Commencement Dateterms of the Lease; provided, however, Landlord may, by written notice to Tenant given concurrently with Landlord’s approval of the “Final Working Drawings”, as that term is defined in Section 3.3, below, require Tenant, prior to the end of the Lease Term, or promptly following any earlier termination of the Lease, at Tenant’s expense, to remove any Tenant Improvements and to repair any damage to the Premises and Building caused by such removal and return the affected portion of the Premises to a Building standard general office condition; provided, however, that Landlord shall not require Tenant to remove upon termination or expiration of the Lease, or condition its approval upon Tenant’s agreement to remove upon termination or expiration of the Lease, any Tenant Improvements constructed pursuant to this Tenant Work Letter which constitute standard, non-extraordinary improvements for ordinary office use. Any requests portion of the Existing Premises Improvement Allowance that is not disbursed or requested for reimbursement submitted disbursement by the end of the first twelve (12) months following the Expansion Commencement Date (or, in the event that Tenant timely exercises the Expansion Termination Notice, by September 15, 2018), shall revert to Landlord after such date shall not be paid from the Allowance and Tenant shall thereafter be solely responsible for the costs of the Tenant Improvements without reimbursement from Landlord. The have no further rights granted to Tenant under this section to the Allowance are personal to the original named Tenant in this Lease with respect thereto, and may not be assigned or exercised by or for the benefit of anyone (including, any subtenant) other than such Tenant. If after Tenant has been granted all or any portion of the Allowance, Expansion Premises Improvement Allowance that is not disbursed or allocated for disbursement by the Lease Term is terminated by virtue of a default by Tenant or Landlord resumes possession end of the Premises as a result of Tenant's defaultfirst twelve (12) months following the Expansion Commencement Date, in addition to all other available damages and remedies, Landlord shall also be entitled to recover from Tenant the unamortized portion (calculated using an interest rate of 12% per annum compounded monthly) of the Tenant Improvement Allowance, which sum shall not be deemed rent. This obligation of Tenant to repay the unamortized balance of the Tenant Improvement Allowance revert to Landlord and Tenant shall survive the expiration or sooner termination of the Lease Term. No Construction Management Fee shall be paid by Tenant to Landlord on any amount under $10,000have no further rights with respect thereto.

Appears in 1 contract

Samples: Animal Care Agreement (Revolution Medicines, Inc.)

Tenant Improvement Allowance. If Subject to any restrictions, conditions or limitations expressly set forth in this Tenant Work Letter or in the Lease or as otherwise expressly provided by mutual written agreement of Landlord and Tenant, the cost of construction of the Tenant Improvements shall be paid or reimbursed by Landlord up to a maximum amount equal to $125.00 per rentable square foot of the Premises (i.e., $7,831,875.00 based upon 62,655 rentable square feet in the Premises) (the "Tenant Improvement Allowance"), which amount is being made available by Landlord to be applied towards the Cost of Improvements for the construction of the Tenant Improvements in the Premises, less any reduction in or charge against such amount pursuant to any applicable provisions of this Tenant Work Letter. Tenant shall be responsible, at its sole cost and expense, for payment of the entire Cost of Improvements of the Tenant Improvements in excess of the Tenant Improvement Allowance (such excess amount is referred to herein as the "Tenant Funds Amount", including (but not limited to) any costs or cost increases incurred as a result of delays (unless caused by Landlord), governmental requirements or unanticipated conditions (unless caused by Landlord), and for as long as payment of any and all costs and expenses relating to any alterations, additions, improvements, furniture, furnishings, equipment, fixtures and personal property items which are not eligible for application of Tenant is not Improvement Allowance funds under the restrictions expressly set forth below in default under this Lease beyond any applicable grace periodparagraph, but Tenant shall be entitled to a tenant improvement allowance in an amount equal to $10,758 ("Tenant Improvement Allowance" use or "Allowance"). The apply the entire Tenant Improvement Allowance shall be applied to toward the Work Cost. Tenant shall pay the entire amount Cost of Improvements of the Work Cost which is in excess of the Allowance. Landlord shall have no obligation to proceed with any Tenant Improvements until its receipt from Tenant of any such excess amounts. The Allowance may not be used toward any "soft costs" related to purchase or installation of Tenant's wiring of telephone, data and communications, fixtures, furniture or equipment, unless expressly provided herein. The payment of any such amounts by Tenant shall not be considered Additional Rent. Tenant shall not receive cash or any credit against Rent for any unused portion of the Allowance, if the Work Cost is less than the Allowance. Within ten days after receipt of the contractor's estimate of the anticipated Work Cost (subject to Value Engineering by any applicable restrictions, conditions, limitations, reductions or charges set forth in the Lease or in this Tenant Work Letter) prior to being required to expend any of Tenant), Tenant shall pay Landlord, in cash, the difference between the estimated Work Cost and the Tenant Improvement Allowance. Upon final completion of ’s own funds for the Tenant Improvements, Landlord will provide a final accounting of the Work Cost and Tenant shall pay any amounts in excess of the Allowance then due not previously paid by Tenant within ten days after receipt of Landlord's invoice. Such payments by Tenant shall not be considered Additional Rent. Tenant's right to application The funding of the Tenant Improvement Allowance shall expire 180 days after the Commencement Date. Any requests for reimbursement submitted to be made on a monthly basis or at other convenient intervals mutually approved by Landlord after such date shall not be paid from the Allowance and Tenant shall thereafter be solely responsible for the costs of the Tenant Improvements without reimbursement from Landlord. The rights granted to Tenant under this section to the Allowance are personal to the original named Tenant and in this Lease and may not be assigned or exercised by or for the benefit of anyone (including, any subtenant) other than such Tenant. If after Tenant has been granted all or any portion of the Allowance, the Lease Term is terminated by virtue of a default by Tenant or Landlord resumes possession of the Premises as a result of Tenant's default, in addition to all other available damages respects shall be based on such commercially reasonable disbursement conditions and remediesprocedures as Landlord, Landlord Project Manager and Landlord’s lender (if any) may reasonably prescribe. Notwithstanding the foregoing provisions, under no circumstances shall also be entitled to recover from Tenant the unamortized portion (calculated using an interest rate of 12% per annum compounded monthly) of the Tenant Improvement Allowance, which sum shall not be deemed rent. This obligation of Tenant to repay the unamortized balance of the Tenant Improvement Allowance to Landlord shall survive or any portion thereof be used or useable by Tenant for any moving or relocation expenses of Tenant, or for any Cost of Improvement (or any other cost or expense) associated with any moveable furniture or trade fixtures, personal property or any other item or element which, under the applicable provisions of the Lease, will not become Landlord’s property and remain with the Building upon expiration or sooner termination of the Lease Term. No Construction Management Fee shall be paid by Tenant to Landlord on any amount under $10,000Lease.

Appears in 1 contract

Samples: Lease (Unity Biotechnology, Inc.)

Tenant Improvement Allowance. If Tenant acknowledges that it is currently in possession of the Premises and is agreeing to an extension of the Term as provided herein with the Premises being accepted in "as is" condition as of the date of this Sixth Amendment. Notwithstanding the foregoing, Tenant, at Tenant's sole cost and expense (except to the extent of Landlord's Contribution, hereinafter defined), shall be responsible for making any alterations or improvements to the Premises desired by Tenant, subject to Landlord's approval, as long hereinafter provided. Tenant shall prepare complete construction drawings and specifications (“Tenant’s Plans”) for the improvements to the Premises desired by Tenant, and submit the same to Landlord for Landlord’s approval in accordance with the provisions of Section 7.2 of the Original Lease within sixty (60) days of the date of this Sixth Amendment. Landlord shall respond to Tenant's Plans (either by approval·, request for additional information, request for-revision or communication of a reason for failure to approve) within seven (7) Business Days after the date of Landlord's receipt of Tenant's Plans (or any resubmission) plus such additional period of time as may be necessary for review of Tenant's Plans by a third-party architect, engineer or other consultant if Landlord reasonably determines that any aspect of Tenant's Plans requires such third-party review. Unless Landlord shall have approved all of Tenant's Plans, Tenant shall deliver to Landlord such additional information, documentation and/or revisions to Tenant's Plans as are necessary to obtain Landlord’s approval of Tenant's Plans and this process shall continue until Tenant's Plans are approved by Landlord. All work to be done at the Premises shall meet City and County code requirements and be performed under a valid building permit by a contractor licensed to work in the State of Florida. Upon approval of Tenant's Plans by Landlord Tenant shall cause its contractor(s) (selected by Tenant, but subject to approval by Landlord, which approval shall not be unreasonably withheld or delayed) to perform the work and improvements described on such approved Tenant's Plans (collectively, “Tenant's Work”) diligently and continuously until Tenant's Work is completed. Tenant's Work shall be performed in accordance with the 5267-003 // 206,540.V6 [003] provisions of Section 7.2 of the Original Lease. Tenant agrees (i) to cease promptly upon notice from Landlord any activity or work which has not been approved by Landlord or is not in default under compliance with the provisions of the Lease, and (ii) to comply and cause its contractors to comply promptly with all reasonable procedures and regulations prescribed by Landlord from time to time. Tenant's Work shall be considered substantially complete and the “Substantial Completion Date” shall occur as of the first day as of which all of the following requirements have ·been met: (i) all Tenant's Work shown and described in Tenant’s Plans has been completed in accordance with Tenant's Plans, with only punch-list items (i.e., minor and insubstantial details of decoration or mechanical adjustment) excepted; (ii) all electrical, mechanical, plumbing and HVAC facilities installed by Tenant, if any, are functioning properly; (iii) the Premises are reasonably free of debris and construction materials; (iv) if applicable, Tenant' s architect has issued' a certificate of substantial completion on the standard AIA form, which has been delivered to Landlord; and (v) if applicable, all required governmental inspections have· been successfully completed and any final or amended certificate of occupancy required as a result of Tenant's Work ,has been issued and a copy thereof delivered to Landlord. Provided the Lease is in full force and effect and subject to the provisions of this Lease beyond Section 8 of this Sixth Amendment, Landlord shall provide Tenant with an allowance (“Landlord's Contribution”) equal to-the lesser of the cost of Tenant’s Work or $225,732.00. For purposes of this Section 8, the “cost” of Tenant's Work shall mean the actual third-party costs incurred by Tenant in connection with performing Tenant's Work including, without limitation, all fees and expenses of Tenant's architectural and engineering professionals all contractor charges for the cost of labor and materials, profit, general conditions and overhead and supervision, all filing fees and other permitting costs and, subject to a limit of 5% of such total costs, and fees paid to independent construction managers, if any. Tenant may requisition Landlord for payment of Landlord’s Contribution monthly (hereinafter “Progress Payments”) provided that Landlord may withhold ten percent (10%) of the amount due for Tenant's Work on each Progress Payment paid prior to the Substantial Completion Date until the Final Payment (hereinafter defined). Each requisition for a Progress Payment shall include (i) a detailed breakdown of the cost of Tenant's Work included in the requisition, (ii) copies of invoices from Tenant's contractors, suppliers and others, as applicable, substantiating such costs, and (iii) executed waivers of mechanic’s or material supplier’s liens (in such form as Landlord or its lenders shall reasonably require) on account of any labor and/or materials furnished by such party through the date of the requisition (provided that any such waiver may be conditioned upon receipt of the amount requested for such party in the requisition). Landlord shall make each Progress Payment (in an amount not to exceed the lesser of (x) the cost of Tenant's Work, as evidenced by the documentation submitted with the applicable grace periodrequisition, or (y) the balance of Landlord’s Contribution then remaining, less amounts retained by Landlord as hereinabove provided) to Tenant (or at Tenant' s request, to its 5267-003 // 206,540.V6 [003] general contractor) within thirty (30) days after Landlord's receipt of a Progress Payment requisition with all required supporting documentation. After the Substantial Completion Date shall have occurred, Tenant may submit a final requisition to Landlord (the “Final Payment”). Such requisition shall include · (i) a final, detailed breakdown of the cost of Tenant's Work, (ii) final mechanic’s and material supplier’s lien waivers (provided that any such waiver may be entitled conditioned upon receipt of the amount requested for such party in the applicable requisition) and (iii) all other documentation required for the Progress Payment pursuant to a tenant improvement allowance the preceding paragraph as to the portion of Tenant's Work covered by the Final Payment. Landlord shall make payment of the Final Payment in an amount equal to $10,758 the lesser of ("x) the unreimbursed cost of Tenant's Work, as evidenced by the documentation submitted with the requisition for the Final Payment or (y) the balance of Landlord's Contribution then remaining, if any (including any retained amounts), to Tenant Improvement Allowance" (or "Allowance")at Tenant's request, to its general contractor) within thirty (30) days after Landlord's receipt of a requisition for the Final Payment with all required supporting documentation. The Tenant Improvement Allowance shall be applied to Notwithstanding the Work Cost. Tenant shall pay the entire amount of the Work Cost which is in excess of the Allowanceforegoing. Landlord shall have no obligation to proceed with make any Tenant Improvements until its receipt from Tenant of any such excess amounts. The Allowance may not be used toward any "soft costs" related Progress Payment or the Final Payment, (a) if (or to purchase or installation of Tenant's wiring of telephone, data and communications, fixtures, furniture or equipment, unless expressly provided herein. The payment of any such amounts by the extent) Tenant shall not be considered Additional Rent. Tenant shall not receive cash or any credit against Rent have submitted paid receipts for any unused portion Tenant's Work together with all required supporting documentation by December 31, 2022, time being of the Allowanceessence, (b) at a time when there exists an event of default and/or (c) if the Work Cost Lease shall have terminated. Any balance of Landlord's Contribution which Landlord is less than not required to pay to Tenant (or its general contractor, as applicable) pursuant to this Section 8 shall be the Allowanceproperty of Landlord. Within ten days after receipt of the contractor's estimate of the anticipated Work Cost (subject to Value Engineering by Tenant), Tenant shall pay Landlord, in cash, the difference between the estimated Work Cost and the Tenant Improvement Allowance. Upon final completion of the Tenant Improvements, Both Landlord will provide a final accounting of the Work Cost and Tenant shall pay appoint one individual as its “Construction Representative” who is authorized to act on its behalf in connection with any amounts in excess matters arising pursuant to this Section 8. The Construction Representative may be changed from time to time by notice hereunder from the then current Construction Representative to the other party's Construction Representative or by notice from Landlord or Tenant pursuant to Section 19.5 of the Allowance then due not previously paid by Tenant within ten days after receipt Original Lease. The initial Construction Representative of Landlord's invoice. Such payments by the Landlord shall be Avison Young, and of Tenant shall not be considered Additional RentXxxxxxxxx Xxxx. Tenant's right to application Notwithstanding Section 19.5 of the Tenant Improvement Allowance shall expire 180 days after the Commencement Date. Any requests for reimbursement submitted to Landlord after such date shall not be paid from the Allowance and Tenant shall thereafter be solely responsible for the costs of the Tenant Improvements without reimbursement from Landlord. The rights granted to Tenant Original Lease, any notices or other communication under this section Section 8 may be made by letter or other writing sent by U.S. mail or email, provided the communication is made by one party's Construction Representative to the Allowance are personal to the original named Tenant in this Lease and may not be assigned or exercised by or for the benefit of anyone (including, any subtenant) other than such Tenant. If after Tenant has been granted all or any portion of the Allowance, the Lease Term is terminated by virtue of a default by Tenant or Landlord resumes possession of the Premises as a result of Tenantparty's default, in addition to all other available damages and remedies, Landlord shall also be entitled to recover from Tenant the unamortized portion (calculated using an interest rate of 12% per annum compounded monthly) of the Tenant Improvement Allowance, which sum shall not be deemed rent. This obligation of Tenant to repay the unamortized balance of the Tenant Improvement Allowance to Landlord shall survive the expiration or sooner termination of the Lease Term. No Construction Management Fee shall be paid by Tenant to Landlord on any amount under $10,000Representative.

Appears in 1 contract

Samples: Lease (Axogen, Inc.)

Tenant Improvement Allowance. If and for as long as Tenant is not in default under this Lease beyond any applicable grace period, Tenant Landlord shall be entitled make up to a tenant improvement allowance in an amount equal to One Hundred Sixty Thousand Six Hundred Eighty Dollars ($10,758 160,680) (the "Fourth Amendment Tenant Improvement Allowance" or "Allowance")) available to Tenant after January 1, 2002 but before October 1, 2003 to reimburse Tenant for actual out-of-pocket costs paid to third parties for designing and constructing tenant improvements to the Premises pursuant to plans reasonably approved by Landlord and otherwise subject to the provisions of Section 14. The Landlord shall pay the Fourth Amendment Tenant Improvement Allowance within thirty (30) days of invoice submitted after the improvements have been inspected and accepted by Tenant (less minor punch list items). Landlord may require lien releases as a condition of payment. Tenant confirms that Landlord's obligations under any previous tenant improvement allowances have been satisfied. If Tenant utilizes the entire Fourth Amendment Tenant Improvement Allowance, Landlord shall make available to Tenant after January 1, 2002 but before October 1, 2003 up to an additional Two Hundred Seventy-Five Thousand Dollars ($275,000) as a supplemental Tenant Improvement Allowance (the "Fourth Amendment Supplemental Tenant Improvement Allowance") to be applied expended for the same purposes, subject to the Work Costsame approvals, and with the same disbursement provisions as the Fourth Amendment Tenant Improvement Allowance. If Tenant shall pay the entire amount utilizes all or some of the Work Cost which is in excess Fourth Amendment Supplemental Tenant Improvement Allowance, then commencing with the first payment of Base Monthly Rent due after payment of the Fourth Amendment Supplemental Tenant Improvement Allowance. Landlord shall have no obligation to proceed with any Tenant Improvements until its receipt from Tenant of any such excess amounts. The Allowance may not be used toward any "soft costs" related to purchase or installation of Tenant's wiring of telephone, data and communications, fixtures, furniture or equipment, unless expressly provided herein. The payment of any such amounts by Tenant shall not be considered Additional Rent. Tenant shall not receive cash or any credit against Rent for any unused portion of the Allowance, if the Work Cost is less than the Allowance. Within ten days after receipt of the contractor's estimate of the anticipated Work Cost (subject to Value Engineering by Tenant), Tenant shall pay Landlordmonthly, in cashas additional Base Monthly Rent, an amount sufficient to amortize the difference between the estimated Work Cost and the Tenant Improvement Allowance. Upon final completion of the Tenant Improvements, Landlord will provide a final accounting of the Work Cost and Tenant shall pay any amounts in excess of the Allowance then due not previously paid by Tenant within ten days after receipt of Landlord's invoice. Such payments by Tenant shall not be considered Additional Rent. Tenant's right to application of the Fourth Amendment Supplemental Tenant Improvement Allowance on an equal payments basis over the then remaining term of this Lease (excluding any renewal terms) with interest at ten percent (10%) per annum (which payments shall expire 180 days after the Commencement Date. Any requests for reimbursement submitted to Landlord after such include amortization of interest accrued from date shall not be paid from the Allowance and Tenant shall thereafter be solely responsible for the costs of the Tenant Improvements without reimbursement from Landlord. The rights granted to Tenant under this section disbursement to the Allowance are personal to the original named Tenant in this Lease and may not be assigned or exercised by or for the benefit of anyone (including, any subtenant) other than such Tenant. If after Tenant has been granted all or any portion of the Allowance, the Lease Term is terminated by virtue of a default by Tenant or Landlord resumes possession of the Premises as a result of Tenant's default, in addition to all other available damages and remedies, Landlord shall also be entitled to recover from Tenant the unamortized portion (calculated using an interest rate of 12% per annum compounded monthly) of the Tenant Improvement Allowance, which sum shall not be deemed rent. This obligation of Tenant to repay the unamortized balance of the Tenant Improvement Allowance to Landlord shall survive the expiration or sooner termination of the Lease Term. No Construction Management Fee shall be paid by Tenant to Landlord on any amount under $10,000first amortization payment).

Appears in 1 contract

Samples: Lease (Sonus Pharmaceuticals Inc)

Tenant Improvement Allowance. If Subject to any restrictions, conditions or limitations expressly set forth in this Tenant Work Letter or in the Lease or as otherwise expressly provided by mutual written agreement of Landlord and Tenant, the cost of construction of the Tenant Improvements shall be paid or reimbursed by Landlord up to a maximum amount equal to $145 per RSF of the Premises (i.e. $21,462,900.00) (the "Tenant Improvement Allowance"), which amount is being made available by Landlord to be applied towards the Cost of Improvements for the construction of the Tenant Improvements in the Premises. Tenant shall be responsible, at its sole cost and expense, for payment of the entire Cost of Improvements of the Tenant Improvements in excess of the Tenant Improvement Allowance, including (but not limited to) any costs or cost increases incurred as a result of delays (unless caused by Landlord), governmental requirements or unanticipated conditions (unless caused by Landlord), and for as long as payment of any and all costs and expenses relating to any alterations, additions, improvements, furniture, furnishings, equipment, fixtures and personal property items which are not eligible for application of Tenant is not Improvement Allowance funds under the restrictions expressly set forth below in default under this Lease beyond any applicable grace periodparagraph, but Tenant shall be entitled to a tenant improvement allowance in an amount equal to $10,758 ("Tenant Improvement Allowance" use or "Allowance"). The apply the entire Tenant Improvement Allowance shall be applied to toward the Work Cost. Tenant shall pay the entire amount Cost of Improvements of the Work Cost which is in excess of the Allowance. Landlord shall have no obligation to proceed with any Tenant Improvements until its receipt from Tenant of any such excess amounts. The Allowance may not be used toward any "soft costs" related to purchase or installation of Tenant's wiring of telephone, data and communications, fixtures, furniture or equipment, unless expressly provided herein. The payment of any such amounts by Tenant shall not be considered Additional Rent. Tenant shall not receive cash or any credit against Rent for any unused portion of the Allowance, if the Work Cost is less than the Allowance. Within ten days after receipt of the contractor's estimate of the anticipated Work Cost (subject to Value Engineering by any applicable retentions, restrictions, conditions, limitations, reductions or charges set forth in the Lease or in this Tenant Work Letter) prior to expending any of Tenant), Tenant shall pay Landlord, in cash, the difference between the estimated Work Cost and the Tenant Improvement Allowance. Upon final completion of ’s own funds for the Tenant Improvements, Landlord will provide a final accounting of the Work Cost and Tenant shall pay any amounts in excess of the Allowance then due not previously paid by Tenant within ten days after receipt of Landlord's invoice. Such payments by Tenant shall not be considered Additional Rent. Tenant's right to application The funding of the Tenant Improvement Allowance shall expire 180 days after be made on a monthly basis or at other convenient intervals mutually approved by Landlord and Tenant and in all other respects shall be based on such commercially reasonable disbursement conditions and procedures as Landlord, Project Manager and Landlord’s lender (if any) may reasonably prescribe. Notwithstanding the Commencement Dateforegoing provisions, under no circumstances shall the Tenant Improvement Allowance or any portion thereof be used or useable by Tenant for any moving or relocation expenses of Tenant, or for any Cost of Improvement (or any other cost or expense) associated with any moveable furniture or trade fixtures, personal property or any other item or element which, under the applicable provisions of the Lease, will not become Landlord’s property and remain with the Building upon expiration or termination of the Lease. Any requests for reimbursement submitted Notwithstanding anything to Landlord after such date the contrary herein, the Tenant Improvements shall not be paid from the Allowance include (and Tenant Landlord shall thereafter be solely responsible for the costs of the Tenant Improvements without reimbursement from Landlord. The rights granted to Tenant under this section to the Allowance are personal to the original named Tenant in this Lease and may not be assigned or exercised by or for the benefit of anyone (including, any subtenant) other than such Tenant. If after Tenant has been granted all or any portion of the Allowance, the Lease Term is terminated by virtue of a default by Tenant or Landlord resumes possession of the Premises as a result of Tenant's default, in addition to all other available damages and remedies, Landlord shall also be entitled to recover from Tenant the unamortized portion (calculated using an interest rate of 12% per annum compounded monthly) of the Tenant Improvement Allowance, which sum shall not be deemed rent. This obligation of Tenant to repay the unamortized balance of the Tenant Improvement Allowance shall not be used for) the following: (a) costs incurred due to Landlord shall survive the expiration presence of any Hazardous Materials in the Premises, if any, but with respect to removal and remediation of any such Hazardous Materials, only to the extent such removal or sooner termination remediation is required by Applicable Laws enforced as of the Lease Term. No Construction Management Fee shall be paid date of this First Amendment for improvements in the Premises generally (as opposed to the specific Tenant Improvements) and to the extent the same required in order to allow Tenant to obtain a EXHIBIT B BRITANNIA POINTE GRAND BUSINESS PARK[Denali Therapeutics, Inc.][First Amendment] certificate of occupancy or its legal equivalent, for the Premises for the Permitted Use assuming a normal and customary office occupancy density; (b) costs to bring the Project into compliance with Applicable Laws to the extent required in order to allow Tenant to obtain a certificate of occupancy or its legal equivalent, for the Premises for the Permitted Use assuming a normal and customary office occupancy density; (c) construction costs in excess of the final contract amount in the contract with the General Contractor, as approved by Tenant (not to Landlord on any amount under $10,000be unreasonably withheld), except for increases set forth in approved change orders; and (d) wages, labor and overhead for overtime and premium time unless approved by Tenant (which approval shall not be unreasonably withheld, conditioned or delayed);.

Appears in 1 contract

Samples: Lease (Denali Therapeutics Inc.)

Tenant Improvement Allowance. If Landlord shall make available to Tenant a tenant improvement allowance of up to $45,000 (the “TI Allowance”) for the construction of fixed and permanent improvements in the Expansion Premises desired by and performed by Tenant (subject to Landlord’s supervision) and which improvements shall be of a fixed and permanent nature (the “Expansion Improvements”). Tenant acknowledges that (i) Landlord’s prior written consent shall be required with respect to the Expansion Improvements (which consent shall be granted or withheld in accordance with the standards established in Section 12 of the Lease), and (ii) upon the expiration of the Term of the Lease, the Expansion Improvements shall become the property of Landlord and may not be removed by Tenant. Except for as long as Tenant is not in default under this Lease beyond any applicable grace periodthe TI Allowance, Tenant shall be entitled to a tenant improvement allowance in an amount equal to $10,758 ("Tenant Improvement Allowance" or "Allowance")solely responsible for all of the costs of the Expansion Improvements. The Tenant Improvement Allowance Expansion Improvements shall be applied treated as Alterations and shall be undertaken pursuant to the Work Cost. Tenant shall pay the entire amount Section 12 of the Work Cost which is in excess of the AllowanceLease. Landlord shall have no obligation the right to proceed with any Tenant Improvements until its receipt from Tenant of any such excess amountsapprove the contractor for the Expansion Improvements. The Allowance may not be used toward any "soft costs" related to purchase or installation of Tenant's wiring of telephone, data and communications, fixtures, furniture or equipment, unless expressly provided herein. The payment of any such amounts by Tenant Landlord shall not be considered Additional Rentunreasonably delay its approval of such contractor. Tenant Landlord shall not receive cash or any credit against Rent for any unused portion fund the TI Allowance upon completion of the Allowance, if Expansion Improvements and upon presentation to Landlord of a draw request containing unconditional lien waivers and such other documents as are customary for construction projects in the Work Cost is less than the AllowanceMountain View area. Within ten days after receipt Promptly following completion of the contractor's estimate of the anticipated Work Cost (subject Expansion Improvements and prior to Value Engineering funding by Tenant)Landlord, Tenant shall pay provide to Landlord, in cash, : (i) sworn statements setting forth the difference between names of all contractors and subcontractors who did work on the estimated Work Cost Expansion Improvements and the Tenant Improvement Allowance. Upon final completion of the Tenant Improvements, Landlord will provide a final accounting of the Work Cost lien waivers from all such contractors and Tenant shall pay any amounts in excess of the Allowance then due not previously paid by Tenant within ten days after receipt of Landlord's invoice. Such payments by Tenant shall not be considered Additional Rent. Tenant's right to application of the Tenant Improvement Allowance shall expire 180 days after the Commencement Date. Any requests for reimbursement submitted to Landlord after such date shall not be paid from the Allowance subcontractors; and Tenant shall thereafter be solely responsible (ii) “as built” plans for the costs of the Tenant Improvements without reimbursement from Landlord. The rights granted to Tenant under this section to the Allowance are personal to the original named Tenant in this Lease and may not be assigned or exercised by or for the benefit of anyone (including, any subtenant) other than such Tenant. If after Tenant has been granted all or any portion of the Allowance, the Lease Term is terminated by virtue of a default by Tenant or Landlord resumes possession of the Premises as a result of Tenant's default, in addition to all other available damages and remedies, Landlord shall also be entitled to recover from Tenant the unamortized portion (calculated using an interest rate of 12% per annum compounded monthly) of the Tenant Improvement Allowance, which sum shall not be deemed rent. This obligation of Tenant to repay the unamortized balance of the Tenant Improvement Allowance to Landlord shall survive the expiration or sooner termination of the Lease Term. No Construction Management Fee shall be paid by Tenant to Landlord on any amount under $10,000Expansion Improvements.

Appears in 1 contract

Samples: Lease Agreement (MAP Pharmaceuticals, Inc.)

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Tenant Improvement Allowance. If and for as long as Tenant is not agrees to accept the New Premises in default under this Lease beyond any applicable grace periodits current “as-is” condition, Tenant shall be entitled subject to a Landlord's obligation to provide the tenant improvement allowance in an amount equal to $10,758 ("Tenant Improvement Allowance" or "Allowance")”) described in the next sentence. The Tenant Improvement Allowance will be Thirty-Two Million Three Hundred Seventeen Thousand Three Hundred Dollars ($32,317,300.00) based on One Hundred Nine Dollars and 27/100 ($109.27) per rentable square feet in the New Premises. Construction of the tenant improvements for the New Premises (“New Premises Tenant Improvements”) shall be applied governed by Exhibit C to the Work Cost. Tenant shall pay the entire amount of the Work Cost which is in excess of the Allowance. Landlord shall have no obligation to proceed with any Tenant Improvements until its receipt from Tenant of any such excess amounts. The Allowance may not be used toward any "soft costs" related to purchase or installation of Tenant's wiring of telephone, data this Seventeenth Amendment and communications, fixtures, furniture or equipment, unless expressly provided herein. The payment of any such amounts by Tenant shall not be considered Additional Rent. Tenant shall not receive cash or any credit against Rent for any unused portion of the Allowance, if the Work Cost is less than the Allowance. Within ten days after receipt of the contractor's estimate of the anticipated Work Cost (subject to Value Engineering by Tenant), Tenant shall pay Landlord, in cash, the difference between the estimated Work Cost and the Tenant Improvement Allowance. Upon final completion of the Tenant Improvements, Landlord will provide a final accounting of the Work Cost and Tenant shall pay any amounts in excess of the Allowance then due not previously paid by Tenant within ten days after receipt of Landlord's invoice. Such payments by Tenant shall not be considered Additional Rent. Tenant's right to application of the Tenant Improvement Allowance by Landlord shall expire 180 days after be governed by the Commencement Dateprovisions of Paragraph 10 of Exhibit C to this Seventeenth Amendment. Any requests for reimbursement submitted Subject to Landlord after such date the approval of Landlord, which approval shall not be paid from unreasonably withheld, conditioned or delayed, the Allowance and New Premises Tenant Improvements shall include the right of Tenant to construct a private café and/or fitness facilities and/or medical, dental or vision facilities (the medical, dental, or vision facilities shall be collectively referred to as “Medical Facilities”) in the New Premises. The installation of any Medical Facilities in the New Premises shall be subject to compliance by Tenant with any applicable laws which are specific to Tenant's operations in the New Premises as a medical, dental or vision facility, including without limitation obtaining any professional or other similar licenses or permits for such use. Tenant shall thereafter be solely responsible responsible, at Tenant’s sole risk and expense, for the costs treatment, storage, disposal and removal of any medical waste, infectious materials, toxic, radioactive or hazardous materials (all of which shall be deemed to be “Hazardous Materials” as defined in Paragraph 26 below) used or occurring in the New Premises, in a safe and responsible manner and in full compliance with all applicable laws, ordinances and regulations now in effect or hereinafter enacted, including without limitation the Occupational Safety and Health Administration’s Bloodborne Pathogen Regulations contained at C.F.R 29 §1910.103 et. seq. Notwithstanding anything contained herein to the contrary, the Tenant Improvement Allowance shall be available to Tenant for use pursuant to Exhibit C of this Seventeenth Amendment at any time from and after the Effective Date through the Construction Termination Date (as hereinafter defined), or, in the alternative, Tenant may elect in writing on or before the Construction Termination Date to Landlord to apply up to Five Million Six Hundred Twenty Thousand Four Hundred Dollars ($5,620,400.00) (“Rent Credit”) of the Tenant Improvements without reimbursement from Landlord. The rights granted to Tenant Improvement Allowance as a credit against Rent due under this section the Lease or for future improvements to the Allowance are personal New Premises (“Future Improvements”). Notwithstanding anything in this Seventeenth Amendment or in Exhibit C of this Seventeenth Amendment to the original named contrary, the Tenant Improvement Allowance shall be used only for the construction of the New Premises Tenant Improvements (which includes architectural, engineering, Tenant’s project management fees, construction, low voltage cabling, relocation costs, third party move expenses, furniture and lobby security desk), the Permitted Costs (as defined in Paragraph 10 in Exhibit C to this Lease and may not be assigned or exercised by Seventeenth Amendment), the Rent Credit, or for Future Improvements and if construction of the benefit of anyone (including, any subtenant) other than such Tenant. If after New Premises Tenant Improvements is not completed or if Tenant has been granted not requested in writing that Landlord apply all or any portion of the AllowanceRent Credit, the Lease Term is terminated by virtue of a default by Tenant or Landlord resumes possession reserve all or any portion of the Premises as a result of Tenant's defaultRent Credit for Future Improvements on or before September 30, 2021 (“Construction Termination Date”), then Landlord’s obligation to provide the Tenant Improvement Allowance shall terminate and become null and void, and Tenant shall be deemed to have waived its rights in addition and to all other available damages and remedies, Landlord shall also be entitled to recover from Tenant the unamortized portion (calculated using an interest rate of 12% per annum compounded monthly) of the Tenant Improvement Allowance. Notwithstanding anything contained herein or in Exhibit C to this Seventeenth Amendment, which sum Landlord shall not be deemed rent. This obligation of have the right to issue a check to Tenant to repay the unamortized balance for all or any portion of the Rent Credit. Tenant Improvement Allowance shall have no obligation to Landlord shall survive remove or restore any existing improvements in the expiration or sooner termination New Premises (including Tenant’s current data, phone and security cabling) existing as of the Lease Term. No Construction Management Fee shall be paid Effective Date or any stairwells between floors if added by Tenant to Landlord on any amount under $10,000Tenant.

Appears in 1 contract

Samples: Office Lease (KBS Real Estate Investment Trust II, Inc.)

Tenant Improvement Allowance. If Subject to the terms and for as long as conditions ---------------------------- of this Xxxxxxxxx 0, Xxxxxxxx shall pay on behalf of Tenant is not in default under this Lease beyond any applicable grace period, Tenant shall be entitled up to a tenant improvement allowance maximum amount of Eight Hundred Five Thousand Thirty-Five and No/100 Dollars ($805,035.00) (or a maximum of $35.00 per rentable square foot of Premises) for the construction of Tenant Improvements in an amount equal to $10,758 the Premises (the "Tenant Improvement Allowance" or "Allowance"), including without limitation, all architectural and engineering fees incurred in connection therewith, project and construction management fees, real property improvements, and all sums payable to Landlord as provided in Paragraph 4 below. The Tenant Improvement Allowance shall be applied to the Work Cost. Tenant shall pay the entire amount of the Work Cost which is in excess of the Allowance. Landlord shall have no obligation to proceed with any Tenant Improvements until its receipt from Tenant of any such excess amounts. The Allowance may not be used toward for any "soft costs" related to purchase equipment or furniture purchases, ________ expenses, or the installation of a security system. The Tenant Improvement Allowance __________ be paid as follows: upon the presentation of invoices to Landlord from Tenant or the person performing the work or rendering the services or providing the materials and such supporting documentation _________ Landlord may reasonably require, including, without limitation, identification of the work completed and/or material supplied, mechanic lien releases and certificates of payment issued by the Tenant's wiring Architect and Tenant's designated representative, Landlord shall pay such invoices on or before the fifteenth (15th) day of telephonethe following month to the person performing the work or rendering the services or providing the materials. Notwithstanding anything to the contrary contained herein or in the Lease, data and communications, fixtures, furniture the obligation of Landlord to make any one or equipment, unless expressly provided hereinmore payments pursuant to the provisions of this Paragraph 3 shall be suspended without further act of the parties during any such time as there exists a material default under the Lease. The payment of any such amounts Tenant Improvement Allowance must be utilized by Tenant shall not be considered Additional Rent. Tenant shall not receive cash or any credit against Rent for any unused portion of the AllowanceTenant, if at all, prior to that date which is seven (7) months after the Work Cost is less than the AllowanceEffective Date. Within ten days after receipt As of the contractor's estimate of the anticipated Work Cost (subject to Value Engineering by Tenant)such date, Tenant shall pay Landlord, in cash, the difference between the estimated Work Cost and the Tenant Improvement Allowance. Upon final completion of the Tenant Improvements, Landlord will provide a final accounting of the Work Cost and Tenant shall pay forfeit any amounts in excess of the Allowance then due not previously paid by Tenant within ten days after receipt of Landlord's invoice. Such payments by Tenant shall not be considered Additional Rent. Tenant's right to application of the Tenant Improvement Allowance shall expire 180 days after the Commencement Date. Any requests for reimbursement submitted to Landlord after such date shall not be paid from the Allowance and Tenant shall thereafter be solely responsible for the costs of the Tenant Improvements without reimbursement from Landlord. The rights granted to Tenant under this section to the Allowance are personal to the original named Tenant in this Lease and may not be assigned or exercised by or for the benefit of anyone (including, any subtenant) other than such Tenant. If after Tenant has been granted all or any portion of the Allowance, the Lease Term is terminated by virtue of a default by Tenant or Landlord resumes possession of the Premises as a result of Tenant's default, in addition to all other available damages and remedies, Landlord shall also be entitled to recover from Tenant the unamortized portion (calculated using an interest rate of 12% per annum compounded monthly) of the Tenant Improvement Allowance, which sum shall not be deemed rent. This obligation of Tenant to repay the unamortized remaining balance of the Tenant Improvement Allowance that Tenant has not utilized pursuant to Landlord the terms of this Exhibit C. Tenant --------- shall survive bear the expiration or sooner termination cost of any and all Tenant Improvements to the Lease Term. No Construction Management Fee shall be paid by Premises in exces__________ Tenant to Landlord on any amount under $10,000Improvement Allowance.

Appears in 1 contract

Samples: Office Lease (Smartage Corp)

Tenant Improvement Allowance. If and for as long as Provided the Tenant is not in default under this Lease beyond any applicable grace perioddefault, the Landlord shall provide the Tenant shall be entitled to a tenant with an improvement allowance in an amount equal to $10,758 ("Tenant Improvement Allowance" or the "Allowance")) which shall be solely applied to fixturing and modifying the Leased Premises. The Allowance is payable in two (2) instalments as follows. The first instalment (the "First Instalment") is equal to the sum of $25.00 per square foot of the Area of the Leased Premises being approximately 31,200 square feet plus applicable Goods and Services Tax. The First Instalment is payable by the Landlord to the Tenant after provision of satisfactory evidence of payment of all of the Tenant's contractors in full by the Tenant including but not limited to a statutory declaration that all fees and payments resulting from the modification and fixturing of the Leased Premises have been made and provided this Lease has been fully executed and the Tenant has fully occupied the Leased Premises and commenced business operations therein. The second instalment (the "Second Instalment") is equal to the sum of $20.00 per square foot of the Area of the Leased Premises being 10,000 square feet plus applicable Goods and Services Tax. The Second Instalment is payable by the Landlord to the Tenant on or after September 1, 1997 and provided the Landlord receives satisfactory evidence of payment of all of the Tenant's contractors in full by the Tenant including but not limited to a statutory declaration that all fees and payments resulting from the modification and fixturing of the Leased Premises have been made and provided this Lease has been fully executed and the Tenant has fully occupied the Leased Premises and commenced business operations therein. All modifications to the Leased Premises are to the Tenant's account and are subject to the Landlord's prior written approval. It is understood that the Landlord's contractor shall be utilized for all changes to the mechanical, electrical and life safety systems. All design and consultants' fees and permits are to the Tenant's account. The Tenant Improvement Allowance shall be applied to the Work Cost. Tenant shall pay the entire amount spend a minimum of $17.00 per square foot of the Work Cost which is in excess Area of Leased Premises of the AllowanceAllowance on the fixturing and modifying of the Leased Premises. Landlord shall have no obligation to proceed with any Tenant Improvements until its receipt from Tenant of any such excess amounts. The It is understood and agreed that the Allowance may not be used toward any "soft costs" related to purchase or installation of Tenant's wiring of telephone, data and communications, fixtures, furniture or equipment, unless expressly provided herein. The payment of any such amounts by Tenant shall not be considered Additional Rent. Tenant shall not receive cash or any credit against Rent for any unused portion of the Allowanceapplied towards items such as office furnishings, if the Work Cost is less than the Allowance. Within ten days after receipt of the contractor's estimate of the anticipated Work Cost (subject to Value Engineering by Tenant)system furniture, Tenant shall pay Landlordindoor plants, in cash, the difference between the estimated Work Cost and the Tenant Improvement Allowance. Upon final completion of the Tenant Improvements, Landlord will provide a final accounting of the Work Cost office and Tenant shall pay any amounts in excess of the Allowance then due not previously paid by Tenant within ten days after receipt of Landlord's invoice. Such payments by Tenant shall not be considered Additional Rent. Tenant's right to application of the Tenant Improvement Allowance shall expire 180 days after the Commencement Date. Any requests for reimbursement submitted to Landlord after such date shall not be paid from the Allowance and Tenant shall thereafter be solely responsible for the costs of the Tenant Improvements without reimbursement from Landlord. The rights granted to Tenant under this section to the Allowance are personal to the original named Tenant in this Lease and may not be assigned or exercised by or for the benefit of anyone (including, any subtenant) other than such Tenant. If after Tenant has been granted all or any portion of the Allowance, the Lease Term is terminated by virtue of a default by Tenant or Landlord resumes possession of the Premises as a result of Tenant's default, in addition to all other available damages and remedies, Landlord shall also be entitled to recover from Tenant the unamortized portion (calculated using an interest rate of 12% per annum compounded monthly) of the Tenant Improvement Allowance, which sum shall not be deemed rent. This obligation of Tenant to repay the unamortized balance of the Tenant Improvement Allowance to Landlord shall survive the expiration or sooner termination of the Lease Term. No Construction Management Fee shall be paid by Tenant to Landlord on any amount under $10,000communications equipment.

Appears in 1 contract

Samples: Brooks Automation Inc

Tenant Improvement Allowance. If and for In addition to performing the Tenant Improvement Work as long as defined in this Work Letter, Landlord shall also provide Tenant is not in default under this Lease beyond any applicable grace period, Tenant shall be entitled to with a tenant improvement allowance in the amount of One Hundred Two Thousand Three Hundred Fifty-Two Dollars ($102,352.00) ("Landlord's Amortizing Contribution") towards the cost related to installing certain Non-Standard upgraded carpet tiles and the cost of relocating and re-installing Tenants furniture in connection with such carpet installation (as itemized as "Alternate A" in the Cost Estimate) (the "Amortizing Improvements"). Any portion of the Landlord's Amortizing Contribution funded by Landlord shall be amortized over the sixty (60) month Term of the Lease as extended by this Amendment using an interest factor of ten percent (10%) per annum, and the Basic Rent payable during the initial sixty (60) months of the Lease as extended by this Amendment shall be increased by said amortized payments, retroactive to August 1, 2005. Upon request by Landlord, the amount of such rental adjustment shall be memorialized on a form provided by Landlord. In the event that the amount of the rental adjustment is finally determined, Tenant shall promptly pay to Landlord a lump sum amount equal to $10,758 ("Tenant Improvement Allowance" or "Allowance")the total accrued sums owing due to the retroactive adjustment. The Tenant Improvement Allowance It is further understood and agreed that the Amortizing Improvements shall be applied scheduled and shall be substantially completed not later than December 31, 2005 to be eligible for funding by the Work Cost. Tenant shall pay the entire amount of the Work Cost which is in excess of the Allowance. Landlord's Amortizing Contribution, and that Landlord shall have no obligation to proceed with any Tenant Improvements until its receipt from Tenant of any such excess amounts. The Allowance may not be used toward any "soft costs" related to purchase or installation of Tenant's wiring of telephone, data and communications, fixtures, furniture or equipment, unless expressly provided herein. The payment of any such amounts by Tenant shall not be considered Additional Rent. Tenant shall not receive cash or any credit against Rent for any unused portion of the Allowance, if the Work Cost is less than the Allowance. Within ten days after receipt of the contractor's estimate of the anticipated Work Cost (subject obligated to Value Engineering by Tenant), Tenant shall pay Landlord, in cash, the difference between the estimated Work Cost and the Tenant Improvement Allowance. Upon final completion of the Tenant Improvements, Landlord will provide a final accounting of the Work Cost and Tenant shall pay any amounts in excess of the Allowance then due not previously paid by Tenant within ten days after receipt of Landlord's invoice. Such payments by Tenant shall not be considered Additional Rent. Tenant's right to application of the Tenant Improvement Allowance shall expire 180 days after the Commencement Date. Any requests for reimbursement submitted to Landlord after such date shall not be paid from the Allowance and Tenant shall thereafter be solely responsible for the costs of the Tenant Improvements without reimbursement from Landlord. The rights granted to Tenant under this section to the Allowance are personal to the original named Tenant in this Lease and may not be assigned or exercised by or for the benefit of anyone (including, any subtenant) other than such Tenant. If after Tenant has been granted all or fund any portion of the Allowance, the Lease Term is terminated by virtue of a default by Tenant or Landlord resumes possession of the Premises as a result of TenantLandlord's default, in addition to all other available damages and remedies, Landlord shall also be entitled to recover from Tenant the unamortized portion (calculated using an interest rate of 12% per annum compounded monthly) of the Tenant Improvement Allowance, which sum shall not be deemed rent. This obligation of Tenant to repay the unamortized balance of the Tenant Improvement Allowance to Landlord shall survive the expiration or sooner termination of the Lease Term. No Construction Management Fee shall be paid by Tenant to Landlord on any amount under $10,000Amortizing Contribution for Amortizing Improvements commenced after such date.

Appears in 1 contract

Samples: Lease (Lantronix Inc)

Tenant Improvement Allowance. If and for as long as Tenant is not in default under this Lease beyond any applicable grace period, Tenant shall be entitled to a one-time tenant improvement allowance in an amount equal to $10,758 (the "Tenant Improvement Allowance" or "Allowance) in the amount of $301,180.00 (based upon $20.00 per useable square foot contained within the Premises for the costs relating to the initial design and construction of Tenant's improvements which are permanently affixed to the Premises (the "Tenant Improvements"). The In no event shall Landlord be obligated to make disbursements pursuant to this Tenant Work Letter in a total amount which exceeds the Tenant Improvement Allowance and in no event shall Tenant be applied entitled to the Work Cost. Tenant shall pay the entire amount of the Work Cost which is in excess of the Allowance. Landlord shall have no obligation to proceed with any Tenant Improvements until its receipt from Tenant of any such excess amounts. The Allowance may not be used toward any "soft costs" related to purchase or installation of Tenant's wiring of telephone, data and communications, fixtures, furniture or equipment, unless expressly provided herein. The payment of any such amounts by Tenant shall not be considered Additional Rent. Tenant shall not receive cash or any credit against Rent for any unused portion of the Allowance, if the Work Cost is less than the Allowance. Within ten days after receipt of the contractor's estimate of the anticipated Work Cost (subject to Value Engineering by Tenant), Tenant shall pay Landlord, in cash, the difference between the estimated Work Cost and the Tenant Improvement Allowance. Upon final completion of the Tenant Improvements, Landlord will provide a final accounting of the Work Cost and Tenant shall pay any amounts in excess of the Allowance then due not previously paid by Tenant within ten days after receipt of Landlord's invoice. Such payments by Tenant shall not be considered Additional Rent. Tenant's right to application of the Tenant Improvement Allowance shall expire 180 days which is not used by Tenant on or before the date which is three (3) months after the Commencement Date. Any requests Notwithstanding the foregoing, in the event costs to be incurred for reimbursement submitted to Landlord after such date shall not be paid from the Allowance and Tenant shall thereafter be solely responsible for the costs of the Tenant Improvements without reimbursement from Landlord. The rights granted to Tenant under this section to the Allowance are personal to the original named Tenant in this Lease and may not be assigned or exercised by or for the benefit of anyone (including, any subtenant) other than such Tenant. If after Tenant has been granted all or any portion of the Allowance, the Lease Term is terminated by virtue of a default by Tenant or Landlord resumes possession of the Premises as a result of Tenant's default, in addition to all other available damages and remedies, Landlord shall also be entitled to recover from Tenant the unamortized portion (calculated using an interest rate of 12% per annum compounded monthly) of exceed the Tenant Improvement Allowance, which sum shall not be deemed rent. This obligation Tenant may elect, by written notice to Landlord at any time on or before the commencement of Tenant construction, to repay the unamortized balance of increase the Tenant Improvement Allowance by up to Landlord shall survive Five Dollars ($5.00) per usable square foot contained within the expiration or sooner termination of Premises ("Additional Allowance"). If Tenant exercises its option to so increase the Lease Term. No Construction Management Fee Tenant Improvement Allowance, Monthly Basic Rental for the Premises shall be paid increased throughout the initial Term by Tenant an amount sufficient to Landlord amortize the Additional Allowance over a ten (10) year term based upon equal monthly payments of principal and interest, with interest imputed on any amount under $10,000.the outstanding principal balance at ten percent (10%) per annum. EXHIBIT "D" 1 Initials: ____ ____

Appears in 1 contract

Samples: Office Lease (Inetvisionz Com Inc)

Tenant Improvement Allowance. If and for as long as A. Subject to Tenant’s compliance with the provisions of this Exhibit F, Landlord shall provide to Tenant is not in default under this Lease beyond any applicable grace period, Tenant shall be entitled to a tenant improvement an allowance in an the amount equal to of $10,758 28.00 per rentable square footage of the Premises for a total of One Million Nine Hundred Twenty One Thousand Twenty Four and 00/100 dollars and ("$1,921,024) (the “Tenant Improvement Allowance" or "Allowance")”) to construct and install only the Tenant Improvements. The Tenant Improvement Allowance shall be applied used to design, prepare, plan, obtain the Work Cost. approval of, construct and install the Tenant Improvements and for no other purpose; provided, Landlord agrees that Tenant may utilize up to an amount equal to Sixty Eight Thousand Six Hundred Eight Dollars ($68,608.00) of the Tenant Improvement Allowance for the costs of purchasing and installing cabling in the Premises (and Tenant shall pay the entire amount provide Landlord with written invoices from independent vendors marked ‘paid’ in order to obtain reimbursement of the Work Cost which is in excess of the Allowancesuch costs). Except as otherwise expressly provided herein, Landlord shall have no obligation to proceed contribute the Tenant Improvement Allowance unless and until the Construction Documents have been approved by Landlord and Tenant has complied with any Tenant Improvements until its receipt from Tenant all requirements set forth in Paragraph 4.C. of any such excess amounts. The Allowance may not be used toward any "soft costs" related this Exhibit B. In addition to purchase or installation of Tenant's wiring of telephonethe foregoing, data and communications, fixtures, furniture or equipment, unless expressly provided herein. The payment of any such amounts by Tenant Landlord shall not be considered Additional Rent. Tenant shall not receive cash have no obligation to disburse all or any credit against Rent for any unused portion of the Allowance, if Tenant Improvement Allowance to Tenant unless Tenant makes a progress payment request pursuant to the Work Cost terms and conditions of Section 5.B. below prior to that date which is less than six (6) months after the Allowance. Within ten days after receipt Commencement Date (as such term is defined in the Basic Provisions of the contractor's estimate of the anticipated Work Cost (subject Lease). The costs to Value Engineering by Tenant), Tenant shall pay Landlord, in cash, the difference between the estimated Work Cost and the Tenant Improvement Allowance. Upon final completion of the Tenant Improvements, Landlord will provide a final accounting of the Work Cost and Tenant shall pay any amounts in excess of the Allowance then due not previously be paid by Tenant within ten days after receipt of Landlord's invoice. Such payments by Tenant shall not be considered Additional Rent. Tenant's right to application out of the Tenant Improvement Allowance shall expire 180 days after include all reasonable costs and expenses associated with the Commencement Date. Any requests for reimbursement submitted to Landlord after such date shall not be paid from the Allowance design, preparation, approval, planning, construction and Tenant shall thereafter be solely responsible for the costs installation of the Tenant Improvements without reimbursement from Landlord. The rights granted to (the “Tenant under this section to the Allowance are personal to the original named Tenant in this Lease and may not be assigned or exercised by or for the benefit of anyone (includingImprovement Costs”), any subtenant) other than such Tenant. If after Tenant has been granted including all or any portion of the Allowance, the Lease Term is terminated by virtue of a default by Tenant or Landlord resumes possession of the Premises as a result of Tenant's default, in addition to all other available damages and remedies, Landlord shall also be entitled to recover from Tenant the unamortized portion (calculated using an interest rate of 12% per annum compounded monthly) of the Tenant Improvement Allowance, which sum shall not be deemed rent. This obligation of Tenant to repay the unamortized balance of the Tenant Improvement Allowance to Landlord shall survive the expiration or sooner termination of the Lease Term. No Construction Management Fee shall be paid by Tenant to Landlord on any amount under $10,000.following:

Appears in 1 contract

Samples: D Lease (Harmonic Inc)

Tenant Improvement Allowance. If and for Commencing as long as Tenant is not in default under of the date of this Lease beyond any applicable grace periodFirst Amendment, Tenant shall be entitled to a tenant an improvement allowance in an amount equal to $10,758 ("the “Tenant Improvement Allowance" ”) in the amount of $45.00 per rentable square foot of the Premises (i.e., $1,514,835.00) for the costs relating to the design and construction of Tenant’s improvements, refurbishment work and other renovations to be performed by Tenant in the Premises or "Allowance"which are “Tenant Improvement Allowance Items,” as that term is defined in Section 2.2.1, below (collectively, the “Tenant Improvements”). All Tenant Improvements that have been paid for with or reimbursed from the Tenant Improvement Allowance shall be deemed Landlord’s property under the terms of the Lease; provided, however, Landlord may, by written notice to Tenant given concurrently with Landlord’s approval of the “Final Working Drawings”, as that term is defined in Section 3.3, below, require Tenant, prior to the end of the Lease Term, at Tenant’s expense, to remove any portion of the Tenant Improvements and to repair any damage to the Premises and Building caused by such removal and return the affected portion of the Premises to a condition with removed systems components capped, Building standard ceiling tiles in good condition, and sheet rock and floors patched and repaired to match existing conditions of the remainder of the Premises. Landlord approves in concept and shall not require Tenant to remove any of the Tenant Improvements to the extent shown on the Space Plan attached hereto as Schedule 1. The Tenant Improvement Allowance shall be applied to the Work Cost. Tenant shall pay the entire amount of the Work Cost which is in excess of the Allowance. Landlord shall have no obligation to proceed with any Tenant Improvements until its receipt from Tenant of any such excess amounts. The Allowance may not be used toward any "soft costs" related to by Tenant for the purchase or installation of Tenant's wiring of telephonefurniture, fixtures or equipment (other than an autoclave and glasswash), or for telephone or data and communicationscabling, fixtures, furniture or equipment, unless expressly provided herein. The payment of any such amounts by Tenant shall not be considered Additional Rent. Tenant shall not receive cash or any credit against Rent for any unused portion of the Allowance, if the Work Cost is less than the Allowanceother personal property. Within ten days after receipt of the contractor's estimate of the anticipated Work Cost (subject to Value Engineering by Tenant), Tenant shall pay Landlord, in cash, the difference between the estimated Work Cost and the Tenant Improvement Allowance. Upon final completion of the Tenant Improvements, Landlord will provide a final accounting of the Work Cost and Tenant shall pay any amounts in excess of the Allowance then due not previously paid by Tenant within ten days after receipt of Landlord's invoice. Such payments by Tenant shall not be considered Additional Rent. Tenant's right to application of the Tenant Improvement Allowance shall expire 180 days after the Commencement Date. Any requests for reimbursement submitted to Landlord after such date shall not be paid from the Allowance and Tenant shall thereafter be solely responsible for the costs of the Tenant Improvements without reimbursement from Landlord. The rights granted to Tenant under this section to the Allowance are personal to the original named Tenant in this Lease and may not be assigned or exercised by or for the benefit of anyone (including, any subtenant) other than such Tenant. If after Tenant has been granted all or any portion of the Allowance, the Lease Term is terminated by virtue of a default by Tenant or Landlord resumes possession of the Premises as a result of Tenant's default, in addition to all other available damages and remedies, Landlord shall also be entitled to recover from Tenant the unamortized portion (calculated using an interest rate of 12% per annum compounded monthly) of the Tenant Improvement Allowance, which sum shall not be deemed rent. This obligation of Tenant to repay the unamortized balance of the Tenant Improvement Allowance to Landlord shall survive the expiration or sooner termination of the Lease Term. No Construction Management Fee shall be paid by Tenant to Landlord on any amount under $10,000.EXHIBIT B

Appears in 1 contract

Samples: Lease (Oric Pharmaceuticals, Inc.)

Tenant Improvement Allowance. If and for as long as In connection with Tenant's lease of the Expansion Space, Landlord will provide Tenant is not in default under this Lease beyond any applicable grace period, Tenant shall be entitled to a tenant with an improvement allowance in an amount equal to $10,758 (the "Tenant Improvement Allowance" ") of Three and 50/100 Dollars ($3.50) per rentable square foot of the Expansion Space ($15,596.00) to complete, subject to the terms and conditions set forth in this Section 7, certain improvements (the "Tenant Improvements") to the Expansion Space desired to be made by Tenant. Prior to commencement of the Tenant Improvements, Tenant will furnish Landlord with all plans and specifications, if any, for Landlord's approval (which approval shall not be unreasonably withheld or "Allowance"delayed). If Tenant elects to use its own contractor to construct the Tenant Improvements, such contractor shall be licensed and approved by Landlord (approval not to be unreasonably withheld or delayed) prior to commencement of the Tenant Improvements. Upon Landlord's approval of the plans and specifications for the Tenant Improvements and Tenant's contractor, Tenant may commence the Tenant Improvements. The Tenant Improvement Allowance Improvements shall be applied to the Work Costperformed and completed in compliance with all applicable laws, codes, rules and regulations, without any unpaid claims for material, labor or supplies. Tenant shall pay furnish to Landlord executed construction permits and such invoices, affidavits, releases, and other documentation as Landlord may reasonably request, to be assured, to Landlord's satisfaction, that the entire Tenant Improvements have been completed in accordance with the plans and specifications, if any, approved by Landlord and have been paid for by Tenant. Provided Tenant complies with all of the terms and conditions of this Section 7, including but not limited to, proof of payment of all bills and delivery to Landlord of unconditional lien releases from all contractors, subcontractors and material suppliers, Landlord shall reimburse Tenant within thirty (30) days after completion of the Tenant Improvements for Tenant's costs incurred in connection with the Tenant Improvements up to an amount not to exceed the amount of the Work Cost which is Tenant Improvement Allowance. Tenant will be responsible for paying all costs of the Tenant Improvements in excess of the Tenant Improvement Allowance. Landlord shall have no obligation to proceed with any If the cost of the Tenant Improvements until its receipt from is less than the Tenant of any such excess amounts. The Allowance may not be used toward any "soft costs" related to purchase or installation of Tenant's wiring of telephoneImprovement Allowance, data and communications, fixtures, furniture or equipment, unless expressly provided herein. The payment of any such amounts by Tenant shall not be considered Additional Rent. Tenant shall not receive cash or any a credit against the Base Rent for next becoming due under the Lease in the amount of any unused portion of the Allowance, if the Work Cost is less than the Allowance. Within ten days after receipt of the contractor's estimate of the anticipated Work Cost (subject to Value Engineering by Tenant), Tenant shall pay Landlord, in cash, the difference between the estimated Work Cost and the Tenant Improvement Allowance. Upon final completion of the Tenant Improvements, Landlord will provide a final accounting of the Work Cost and Tenant shall pay any amounts in excess of the Allowance then due not previously paid by Tenant within ten days after receipt of Landlord's invoice. Such payments by Tenant shall not be considered Additional Rent. Tenant's right to application of the Tenant Improvement Allowance shall expire 180 days after the Commencement Date. Any requests for reimbursement submitted to Landlord after such date shall not be paid from the Allowance and Tenant shall thereafter be solely responsible for the costs of the Tenant Improvements without reimbursement from Landlord. The rights granted to Tenant under this section to the Allowance are personal to the original named Tenant in this Lease and may not be assigned or exercised by or for the benefit of anyone (including, any subtenant) other than such Tenant. If after Tenant has been granted all or any portion of the Allowance, the Lease Term is terminated by virtue of a default by Tenant or Landlord resumes possession of the Premises as a result of Tenant's default, in addition to all other available damages and remedies, Landlord shall also be entitled to recover from Tenant the unamortized portion (calculated using an interest rate of 12% per annum compounded monthly) of the Tenant Improvement Allowance, which sum shall not be deemed rent. This obligation of Tenant to repay the unamortized balance of the Tenant Improvement Allowance to Landlord shall survive the expiration or sooner termination of the Lease Term. No Construction Management Fee shall be paid by Tenant to Landlord on any amount under $10,000.

Appears in 1 contract

Samples: Office Lease (Ticketmaster)

Tenant Improvement Allowance. If Lessee, at its sole cost and expense, will construct any desired improvements to the Premises for as long as Lessee’s occupation and use (each a “Tenant is not in default under this Lease beyond any applicable grace periodImprovement” and collectively the “Tenant Improvements”), Tenant shall but Lessee will be entitled to reimbursement by Lessor in the form of a tenant improvement allowance Tenant Improvement Allowance. Lessee may not make or cause to be made any Tenant Improvements without obtaining Lessor’s prior written consent, which consent may not be unreasonably withheld. Lessor retains the right, as a condition to any consent granted under this Section, to place conditions on its consent such as, but not limited to, requiring that any Tenant Improvements be constructed by Lessor’s pre-approved contractors, requiring that Lessee post sufficient security to assure completion of the Tenant Improvement beyond the Lessor’s Tenant Improvement Allowance, and conditions relating to insurance required to be carried by Lessee’s contractors. Subject to the terms and conditions of this Second Amendment, Lessee is solely responsible for all costs associated with any Tenant Improvements, and once any Tenant Improvements are commenced, Lessee must diligently and continuously pursue their completion. All Tenant Improvements must be performed in a good and workmanlike manner and in compliance with all laws, rules, ordinances, and regulations (now or hereafter in effect) of all governmental agencies and authorities. Further, Lessee shall comply with and shall cause its contractors to comply with the Construction Rules and Regulations attached hereto as Exhibit “K” and incorporated herein by this reference. Subject to Lessor’s prior approval, which approval shall not be unreasonably withheld, conditioned, or delayed, with respect to architectural and construction work to be performed at the Premises, Lessee shall have the right to undertake both “building standard” and “non-building standard” improvements. Lessee acknowledges and agrees that any review by Lessor of Lessee’s plans and specifications and/or right of approval exercised by Lessor with respect to Lessee’s architect and/or contractor is for Lessor’s benefit only and Lessor shall not, by virtue of such review or right of approval, be deemed to make any representation, warranty or acknowledgment to Lessee or to any other person or entity as to the adequacy of Lessee’s plans and specifications or as to the ability, capability or reputation of Lessee’s architect and/or contractor. Commencing on (i) the Effective Date and continuing through the last day of the twelfth calendar month thereafter (the “First Improvement Period”), Lessor shall reimburse Lessee for the cost to construct any Tenant Improvements in the Premises (i.e., the Original Premises and/or the First Expansion Premises) commenced during the foregoing period, in cash in an amount equal to $10,758 35.00 per square foot of Rentable Area of the Original Premises and the First Expansion Premises, and ("ii) the Second Expansion Premises Commencement Date and continuing through the last day of the twelfth calendar month thereafter (the “Second Improvement Period”), Lessor shall reimburse Lessee for the cost to construct any Tenant Improvements in the Premises (i.e., the Original Premises, the First Expansion Premises, and/or the Second Expansion Premises) completed during the foregoing period in cash in an amount equal to $35.00 per square foot of Rentable Area of the Second Expansion Premises ($35.00 x 10,000) for a total of $350,000.00 (collectively, the “Tenant Improvement Allowance" or "Allowance"). The Tenant Improvement Allowance shall be applied to the Work Cost. Tenant shall pay the entire amount of the Work Cost which is in excess of the Allowance. Landlord shall have no obligation to proceed with any Tenant Improvements until its receipt from Tenant of any such excess amounts. The Allowance may not be used toward any "soft costs" related to purchase or installation of Tenant's wiring of telephone, data and communications, fixtures, furniture or equipment, unless expressly provided herein. The payment of any such amounts by Tenant shall not be considered Additional Rent. Tenant shall not receive cash or any credit against Rent for any unused portion of the Allowance, if the Work Cost is less than the Allowance. Within ten days after receipt of the contractor's estimate of the anticipated Work Cost (subject to Value Engineering by Tenant), Tenant shall pay Landlord, in cash, the difference between the estimated Work Cost and the Tenant Improvement Allowance. Upon final completion of the Tenant Improvements, Landlord will provide a final accounting of the Work Cost and Tenant shall pay any amounts in excess of the Allowance then due not previously paid by Tenant within ten days after receipt of Landlord's invoice. Such payments by Tenant shall not be considered Additional Rent. Tenant's right to application each disbursement of the Tenant Improvement Allowance shall expire 180 days after be hereinafter referred to as an “Allowance Installment”). Notwithstanding anything set forth herein to the Commencement Date. Any requests for reimbursement submitted to Landlord after such date shall contrary, not be paid from the Allowance and Tenant shall thereafter be solely responsible for the costs more than $12.00 out of the $35.00 per square foot allotment shall be used to pay the cost of Lessee’s personal property, such as, furniture, fixtures and equipment (the “Allotment Restriction”). In other words, $23.00 out of the $35.00 per rentable square foot allotment must be applied towards the cost of designing and constructing the Tenant Improvements. Tenant Improvements without reimbursement from Landlord. The rights granted shall include but are not limited to Tenant under this section to the Allowance are personal to the original named Tenant in this Lease space planning costs, design and may not be assigned or exercised by or for the benefit of anyone (includingarchitectural fees, any subtenant) other than such Tenant. If after Tenant has been granted all or any portion of the Allowanceengineering costs, signage costs, the Lease Term is terminated by virtue cost of a default by Tenant or Landlord resumes possession of the Premises as a result of Tenant's defaultpermits, in addition general costs, and costs to all other available damages install telecom, back-up power, and remedies, Landlord cabling. Lessee shall also only be entitled to recover from Tenant the unamortized portion (calculated using payment by Lessor of an interest rate of 12% per annum compounded monthly) Allowance Installment if and when each and every one of the following five (5) conditions (collectively, the “Allowance Conditions”) are fully satisfied with respect to those Tenant Improvement AllowanceImprovements that Lessee is seeking reimbursement for: (i) Lessee is not in default or breach in any material manner under the Lease; (ii) Lessee has provided Lessor with a written request for the applicable Allowance Installment; (iii) Lessee has provided Lessor with proof of expenditures for the amount to be reimbursed under the applicable Allowance Installment; (iv) the proof of expenditure show that Lessee is in compliance with the Allotment Restriction; and (v) Lessee has provided Lessor with full and final unconditional lien waivers from each and every one of Lessee’s contractors and subcontractors and suppliers who furnished labor and/or materials in connection with the performance of the applicable Tenant Improvements. If and when each and every one of the Allowance Conditions has been fully satisfied, which sum shall not Lessor will disburse to Lessee the requested Allowance Installment within fifteen (15) business days thereafter. Lessee will only be deemed rent. This obligation of Tenant entitled to repay the unamortized balance that portion of the Tenant Improvement Allowance to Landlord shall survive the expiration or sooner termination for which Lessee has provided proof of expenditures and any of Lessee’s expenditures in excess of the Tenant Improvement Allowance and/or in excess of the Allotment Restriction will be at Lessee’s sole cost and expense. Lessor shall not charge Lessee a supervision or management fee in connection with Lessee’s construction of the Tenant Improvements. Lessee may request (and Lessor agrees to do so) that Lessor apply any unused portion of the Tenant Improvement Allowance (i.e., that portion of the Tenant Improvement Allowance not applied towards the cost of Tenant Improvements during the respective time period) towards the next payment(s) of Rent due under the Lease Termuntil the applicable Tenant Improvement Allowance is used in full. No Construction Management Fee Notwithstanding anything to the contrary, the parties acknowledge that related to the (vacant shell) ground floor area of Ferry II Building consisting of approximately 8,434 square feet of Rentable Area, no HVAC equipment is currently installed to service this area. Lessor shall be paid responsible for the payment of installing standard HVAC equipment adequate to accommodate building standard office load in this area in an amount up to and not to exceed Ten and 00/100 Dollars ($10.00) per square foot of Rentable Area. Notwithstanding anything set forth herein to the contrary, the Tenant Improvement Allowance with respect to the Second Expansion Premises only shall be reduced on a dollar-per-dollar basis in the amount of the actual costs, fees, and expenses incurred by Lessor to enter into lease terminations and to relocate the tenants who currently occupy the Second Expansion Premises. Lessee acknowledges that the relocation costs for individual tenants may vary depending on the specific demands of such tenant. For example, the aggregate cost to relocate one tenant may equal $10.00 per square foot, whereas, the aggregate cost to relocate another tenant may equal $20.00 per square foot. Accordingly, Lessee and Lessor agree that there shall be no per square foot cap on the cost to relocate such tenants. Rather, the actual costs, fees, and expenses incurred by Lessor to enter into lease terminations and to relocate the tenants who currently occupy the Second Expansion Premises shall be pooled together to create a single figure, such figure being hereinafter referred to as Lessor’s “Relocation Costs”. Notwithstanding the foregoing, in the event Lessor successfully enters into a lease termination with a third-party tenant that occupies a portion of the Second Expansion Premises, but then subsequently benefits by placing such third-party tenant into one of Lessor’s other properties and such third-party tenant executes a lease (or amendment to an existing lease) affirmatively agreeing to occupy the replacement space for three (3) or more years (or extending its existing term for three (3) or more years), any costs related to such third-party tenant shall be expressly excluded from Lessor’s Relocation Costs. Further, notwithstanding anything set forth herein to the contrary, in no event shall Lessee’s share of the Relocation Costs exceed, and the Tenant Improvement for the Second Expansion Premises be reduced by more than, Two Hundred Fifty Thousand and 00/00 Dollars ($250,000.00). By way of illustration, per Section 19, above, Lessee has the right to Landlord be reimbursed an amount up to $35.00 per square foot of Rentable Area of the Second Expansion Premises ($35.00 x 10,000 RSF) for a total of $350,000.00 for Tenant Improvements to the Premises performed during the Second Improvement Period. In the event that the Relocation Costs incurred by Lessor equal Two Hundred Thousand and 00/100 Dollars ($200,000.00), the Tenant Improvement Allowance for the Second Improvement Period shall be proportionately reduced to One Hundred Fifty Thousand and 00/100 Dollars ($150,000.00). Alternatively, in the event that the Relocation Costs incurred by Lessor equal Four Hundred Thousand and 00/100 Dollars ($400,000.00), the Tenant Improvement Allowance for the Second Improvement Period shall be reduced proportionately to One Hundred Thousand Dollars ($100,000.00) and Lessor shall bear the loss of the remaining balance in the amount One Hundred Fifty Thousand and 00/100 Dollars ($150,000.00). As a part of the Tenant Improvements to be constructed by Lessee pursuant to this Second Amendment, Lessee shall have the right to place a film on any amount under $10,000the windows of the First Expansion Premises which would minimize the ability to view the interior of the First Expansion Premises from the exterior of the Project; provided, however, Lessee must obtain Lessor’s prior written consent with respect to the grade of shading of the film.

Appears in 1 contract

Samples: Office Lease (Lifelock, Inc.)

Tenant Improvement Allowance. If Tenant shall be entitled to a one-time tenant improvement allowance (the "TENANT IMPROVEMENT ALLOWANCE") in the amount of $35.00 per usable square foot of the Premises for the costs relating to the initial design and for as long as construction of Tenant's improvements, including the Landlord Work, which are permanently affixed to the Premises (the "TENANT IMPROVEMENTS"). In no event shall Landlord be obligated to make disbursements pursuant to this Tenant Work Letter in a total amount which exceeds the Tenant Improvement Allowance. In the event the cost of the Tenant Improvement Allowance Items is not in default under this Lease beyond any applicable grace periodless than the total Tenant Improvement Allowance, Tenant shall be entitled to a tenant improvement allowance in an amount equal use up to One Dollar ($10,758 ("1.00) per usable square foot of the Premises of such unused portion of the Tenant Improvement Allowance" or "Allowance"). The Allowance to reimburse Tenant for costs incurred by Tenant in connection with moving its personal property to the Premises and fifty percent (50%) of any remaining unused portion of the Tenant Improvement Allowance shall be applied as a credit against Tenant's first obligations to pay Base Rent for the Work Cost. Tenant shall pay Premises under the entire amount Lease, up to a maximum such credit of One Dollar ($1.00) per usable square foot of the Work Cost which is in excess of the AllowancePremises. Landlord shall have no obligation to proceed with any Tenant Improvements until its receipt from Tenant of any such excess amounts. The Allowance may not be used toward any "soft costs" related to purchase or installation of Tenant's wiring of telephone, data and communications, fixtures, furniture or equipment, unless expressly provided herein. The payment of any such amounts by Tenant shall not be considered Additional Rent. Tenant shall not receive cash or entitled to any credit against Rent for any unused portion of the Allowance, if Tenant Improvement Allowance to the Work Cost is less than extent such unused portion exceeds the Allowance. Within ten days after receipt One Dollar ($1.00) per usable square foot of the contractor's estimate Premises for moving costs and the One Dollar ($1.00) per usable square foot of the anticipated Work Cost (subject to Value Engineering by Tenant), Premises for a Base Rent credit as provided above. All Tenant shall pay Landlord, in cash, the difference between the estimated Work Cost and the Tenant Improvement Allowance. Upon final completion of the Tenant Improvements, Landlord will provide a final accounting of the Work Cost and Tenant shall pay any amounts in excess of the Allowance then due not previously paid by Tenant within ten days after receipt of Landlord's invoice. Such payments by Tenant shall not be considered Additional Rent. Tenant's right to application of Improvements for which the Tenant Improvement Allowance has been made available shall expire 180 days after be deemed Landlord's property under the Commencement Date. Any requests for reimbursement submitted to Landlord after such date shall not be paid from the Allowance and Tenant shall thereafter be solely responsible for the costs terms of Section 8.5 of the Tenant Improvements without reimbursement from Landlord. The rights granted to Tenant under this section to the Allowance are personal to the original named Tenant in this Lease and may not be assigned or exercised by or for the benefit of anyone (including, any subtenant) other than such Tenant. If after Tenant has been granted all or any portion of the Allowance, the Lease Term is terminated by virtue of a default by Tenant or Landlord resumes possession of the Premises as a result of Tenant's default, in addition to all other available damages and remedies, Landlord shall also be entitled to recover from Tenant the unamortized portion (calculated using an interest rate of 12% per annum compounded monthly) of the Tenant Improvement Allowance, which sum shall not be deemed rent. This obligation of Tenant to repay the unamortized balance of the Tenant Improvement Allowance to Landlord shall survive the expiration or sooner termination of the Lease Term. No Construction Management Fee shall be paid by Tenant to Landlord on any amount under $10,000Lease.

Appears in 1 contract

Samples: Office Lease (First Consulting Group Inc)

Tenant Improvement Allowance. If and for as long as Tenant is not in default under this Lease beyond any applicable grace period, Tenant shall be entitled to a one-time tenant improvement allowance (the “Tenant Improvement Allowance”) in the amount set forth in Section 13 of the Summary (or, with respect to the Must-Take Space, an amount equal to $10,758 12,256,860.00 ("i.e., an amount equal to $105.00 per rentable square foot of the Must-Take Space)) for the costs relating to the initial design, permitting, and construction of Tenant’s improvements, which are permanently affixed to the Premises (the “Tenant Improvements”). In addition, Landlord shall contribute an amount not to exceed $15,000.00 (the “Landlord’s Drawing Contribution”) toward the cost of one (1) preliminary space plan to be prepared by “Architect,” as that term is defined in Section 3.1, below (or, at Tenant’s option, by Tenant’s in-house design staff), and no portion of the Landlord’s Drawing Contribution, if any, remaining after the completion of the Tenant Improvements shall be payable to or available for use by Tenant. Tenant shall provide an electronic copy of such preliminary space plan to Landlord promptly following completion of the same. Except as otherwise expressly set forth in this Tenant Work Letter, in no event shall Landlord be obligated to make disbursements pursuant to this Tenant Work Letter in a total amount which exceeds the Tenant Improvement Allowance" or "Allowance", the Landlord’s Drawing Contribution, and the Lobby Improvement Allowance (defined in Section 2.4 below). The In the event that the Tenant Improvement Allowance is not fully utilized by Tenant on or before the date that occurs twenty-four (24) months following the Lease Commencement Date (or Must-Take Commencement Date, as applicable), then such unused amounts shall revert to Landlord, and Tenant shall have no further rights with respect thereto; provided, however, such twenty-four (24) month period shall be applied extended to the Work Costextent of any Tenant Force Majeure Delay and any Landlord Delay. Any Tenant Improvements that require the use of Building risers, raceways, shafts and/or conduits, shall pay be subject to Landlord’s reasonable rules, regulations, and restrictions imposed by Landlord generally on all Building occupants, including the entire requirement that any cabling vendor must be selected from a list provided by Landlord, and that the amount and location of any such cabling must be approved by Landlord. All Tenant Improvements for which the Tenant Improvement Allowance has been made available shall be deemed Landlord’s property under the terms of the Work Cost which is in excess Lease; provided, however, that, notwithstanding the foregoing, upon request by Tenant at the time of Tenant’s request for Landlord’s approval of the Allowance. “Final Working Drawings,” as said term is defined in Section 3.3 of this Tenant Work Letter, Landlord shall notify Tenant whether any element of the Tenant Improvements reflected in such Construction Drawings constitutes a Specialty Alteration which will be required to be removed at the end of the Lease Term or upon any earlier termination of this Lease and in connection therewith, to repair any damage to the Premises and Building caused by such removal and return the affected portion of the Premises to their condition existing prior to the installment of such Specialty Alterations; if Landlord fails to so designate any portion of the Tenant Improvements as a Specialty Alteration to be removed, Tenant will have no obligation to proceed with any Tenant Improvements until its receipt from Tenant of any remove such excess amountsimprovements. The Allowance may not be used toward any "soft costs" related to purchase or installation of Tenant's wiring of telephoneNotwithstanding the foregoing, data and communicationsif, fixtures, furniture or equipment, unless expressly provided herein. The payment of any such amounts by Tenant shall not be considered Additional Rent. Tenant shall not receive cash or any credit against Rent for any unused portion of the Allowance, if the Work Cost is less than the Allowance. Within ten days after receipt of the contractor's estimate of the anticipated Work Cost (subject to Value Engineering by Tenant), Tenant shall pay Landlord, in cash, the difference between the estimated Work Cost and the Tenant Improvement Allowance. Upon final completion as part of the Tenant Improvements, Landlord Tenant proposes to install a “kitchenette” (defined below) which has a size of less than 800 rentable square feet, said breakroom will provide a final accounting of the Work Cost and Tenant shall pay any amounts in excess of the Allowance then due not previously paid by Tenant within ten days after receipt of Landlord's invoice. Such payments by Tenant shall not be considered Additional Rent. Tenant's right to application of the Tenant Improvement Allowance shall expire 180 days after the Commencement Date. Any requests for reimbursement submitted to Landlord after such date shall not be paid from the Allowance and Tenant shall thereafter be solely responsible for the costs of the Tenant Improvements without reimbursement from Landlord. The rights granted to Tenant under this section to the Allowance are personal to the original named Tenant in this Lease and may not be assigned or exercised by or for the benefit of anyone (including, any subtenant) other than such Tenant. If after Tenant has been granted all or any portion of the Allowance, the Lease Term is terminated by virtue of a default by Tenant or Landlord resumes possession of the Premises as a result of Tenant's default, in addition to all other available damages and remedies, Landlord shall also be entitled to recover from Tenant the unamortized portion (calculated using an interest rate of 12% per annum compounded monthly) of the Tenant Improvement Allowance, which sum shall not be deemed renta Specialty Alteration. This obligation of Tenant to repay As used in this Lease, the unamortized balance of the Tenant Improvement Allowance to Landlord term “kitchenette” shall survive the expiration mean a small service kitchen with a sink, dishwasher and refrigerator, but not a stove, oven or sooner termination of the Lease Termother cooking appliances (excluding microwaves, toasters and other moveable countertop appliances). No Construction Management Fee shall be paid by Tenant to Landlord on any amount under $10,000.EXHIBIT B -4- 000 XXXXXXXX XXXXXX [Airbnb, Inc.]

Appears in 1 contract

Samples: Office Lease (Airbnb, Inc.)

Tenant Improvement Allowance. If and for as long as Tenant is not in default under this Lease beyond any applicable grace period, Tenant shall be entitled to a tenant improvement allowance in an amount equal to $10,758 (the "Tenant Improvement Allowance" ") in the amount set forth in Section 5 of the Summary for Must-Take Space 1 or Must-Take Space 3, as applicable, for the costs relating to the initial design and construction of Tenant's improvements, which are permanently affixed to the Premises (the "AllowanceTenant Improvements"). The In the event that the Tenant Improvement Allowance shall be applied to the Work Cost. Tenant shall pay the entire amount of the Work Cost which is in excess of the Allowance. Landlord shall have no obligation to proceed with any Tenant Improvements until its receipt from Tenant of any such excess amounts. The Allowance may not be used toward any "soft costs" related to purchase or installation of Tenant's wiring of telephone, data and communications, fixtures, furniture or equipment, unless expressly provided herein. The payment of any such amounts fully utilized by Tenant shall not be considered Additional Rent. Tenant shall not receive cash on or any credit against Rent for any unused portion of before the Allowance, if the Work Cost is less than the Allowance. Within ten days after receipt of the contractor's estimate of the anticipated Work Cost (subject to Value Engineering by Tenant), Tenant shall pay Landlord, in cash, the difference between the estimated Work Cost and the Tenant Improvement Allowance. Upon final completion of the Tenant ImprovementsImprovements for the Premises, Landlord will provide a final accounting then such unused amounts may be used by Tenant in connection with the construction of the Work Cost Tenant Improvements for the Initial Premises, Must-Take Space 1 (or Must-Take Space 3, as applicable), and/or Must-Take Space 2 (but only to the extent of any BTS Over-Allowance Amount), or for costs incurred in connection with the Site Modernization/Beautification Work. In the event that the Tenant Improvement Allowance is not fully utilized by Tenant on or before December 31, 2020 (as applicable, the "TIA Expiration Date"), then such unused amounts shall revert to Landlord, and Tenant shall pay have no further rights with respect thereto. At any amounts in excess time prior to the TIA Expiration Date, Tenant shall have the option, by delivery of one or more written notices to Landlord (each, a "TIA Allocation Notice"), to allocate the Tenant Improvement Allowance (or to modify any prior allocation thereof) to the cost of the Allowance then due Tenant Improvements and Tenant's FF&E (not to exceed, in total, Landlord's FF&E Limit) in Must-Take Space 1 or Must-Take Space 3 (to the extent not previously paid allocated by Tenant within ten days after receipt to the cost of Landlord's invoice. Such payments Tenant Improvements in the Initial Premises and/or to the BTS Over-Allowance Amount for Must-Take Space 2 and/or to costs incurred in connection with the Site Modernization/Beautification Work; except to the extent that such previously-allocated amounts are not utilized by Tenant shall not be considered Additional Rent. for the cost of such work), to pay for the Tenant's right to application cost of the Tenant Improvement Allowance Items pursuant to this Tenant Work Letter. In no event, however, shall expire 180 days after the Commencement Date. Any requests for reimbursement submitted to Landlord after such date shall not be paid from the Allowance and Tenant shall thereafter be solely responsible for the costs of the Tenant Improvements without reimbursement from Landlord. The rights granted to Tenant under this section to the Allowance are personal to the original named Tenant in this Lease and may not be assigned or exercised by or for the benefit of anyone (including, any subtenant) other than such Tenant. If after Tenant has been granted all or any portion of the Allowance, the Lease Term is terminated by virtue of a default by Tenant or Landlord resumes possession of the Premises as a result of Tenant's default, in addition to all other available damages and remedies, Landlord shall also be entitled to recover from Tenant the unamortized portion (calculated using an interest rate of 12% per annum compounded monthly) of the Tenant Improvement Allowance, which sum shall not be deemed rent. This obligation of Tenant to repay the unamortized balance allocation of the Tenant Improvement Allowance to Tenant Improvement Allowance Items pursuant to this Tenant Work Letter result in the aggregate Tenant Improvement Allowance payable by Landlord shall survive pursuant to the expiration or sooner termination Initial Premises Work Letter and this Tenant Work Letter, collectively, exceeding the amount of the Lease TermTenant Improvement Allowance set forth in Section 5.1 of the Summary. No Construction Management Fee All Tenant Improvements and all furniture, trade fixtures, equipment, and other items of personal property included in the Tenant Improvement Allowance Items paid for by Landlord from the Tenant Improvement Allowance in accordance with Section 2.2 below ("Tenant's FF&E"), shall EXHIBIT B-2 be deemed Landlord's property under the terms of the Lease; provided, however, Tenant's removal and restoration obligations with respect to such Tenant Improvements and Tenant's FF&E shall be paid governed by Tenant to Landlord on any amount under $10,000the terms and conditions of Section 8.5 of the Lease.

Appears in 1 contract

Samples: Sorrento Summit (Nuvasive Inc)

Tenant Improvement Allowance. If Tenant shall be entitled to receive a tenant improvement allowance (the "Full Floor Tenant Improvement Allowance") in the amount of up to, but not exceeding, Fifty-Two and 5011 00 Dollars ($52.50) per rentable square foot of floors 2, 3, 4, 5, 6, 7, 9, II, 14 and 18 of the Initial Premises (collectively, the "Existing Full TI Floors"), the 20th Floor Space and the 28th Floor Expansion Space (if Tenant exercises its Expansion Option for as long as Tenant is not in default under the 28th Floor Expansion Space pursuant to Section 1.6 of this Lease beyond any applicable grace periodLease) (collectively with the Existing Full TI Floors, the "Full TI Floors"). In addition, Tenant shall be entitled to receive a tenant improvement allowance ("Remaining Floors Tenant Improvement Allowance") in an the amount equal of up to, but not exceeding, Ten and 0011 00 Dollars ($10.00) per rentable square foot of floors 8, 10, 12, 13, IS, 16, 17, 21 and 24 of the Initial Premises and the Vault Space plus Thirty-One and 25/100 Dollars ($31.25) per rentable square foot of the Retail Space. Floors 8,10,12,13,15,16,17,21 and 24 of the Initial Premises, the Vault Space and the Retail Space may be collectively referred to $10,758 (herein as the "Remaining Floors." The Full Floor Tenant Improvement Allowance and the Remaining Floors Tenant Improvement Allowance may be collectively referred to herein as the "Tenant Improvement Allowance." or "Allowance"). The Tenant Improvement Allowance shall be applied to the Work Cost. Tenant shall pay the entire amount of the Work Cost which is in excess of the Allowance. Landlord shall have no obligation to proceed with any Tenant Improvements until its receipt from Tenant of any such excess amounts. The Allowance may not be used toward any "soft costs" related to purchase or installation of Tenant's wiring of telephone, data and communications, fixtures, furniture or equipment, unless expressly provided herein. The payment of any such amounts by Tenant shall not be considered Additional Rent. to help Tenant shall not receive cash or any credit against Rent for any unused portion of the Allowance, if the Work Cost is less than the Allowance. Within ten days after receipt of the contractor's estimate of the anticipated Work Cost (subject to Value Engineering by Tenant), Tenant shall pay Landlord, in cash, the difference between the estimated Work Cost and the Tenant Improvement Allowance. Upon final completion of the Tenant Improvements, Landlord will provide a final accounting of the Work Cost and Tenant shall pay any amounts in excess of the Allowance then due not previously paid by Tenant within ten days after receipt of Landlord's invoice. Such payments by Tenant shall not be considered Additional Rent. Tenant's right to application of the Tenant Improvement Allowance shall expire 180 days after the Commencement Date. Any requests for reimbursement submitted to Landlord after such date shall not be paid from the Allowance and Tenant shall thereafter be solely responsible for the costs of the Tenant Improvements without reimbursement from Landlord. The rights granted to Tenant under this section Improvement Allowance Items (as defined below) pertaining to the Allowance initial tenant improvements which are personal to be installed by Tenant pursuant to this Tenant Work Letter and affixed to the original named Tenant in this Lease and may not be assigned or exercised by or Full TI Floors and/or the Remaining Floors, all as set forth on the Approved Working Drawings (as defined below) for such Full TI Floors and/or the benefit of anyone Remaining Floors (including, any subtenant) other than such Tenant. If after Tenant has been granted all or any portion of the Allowancecollectively, the Lease Term is terminated by virtue "New Tenant Improvements"). In no event shall Landlord be obligated to make disbursements pursuant to this Tenant Work Letter in a total amount which exceeds the sum of a default by Tenant or Landlord resumes possession of the Premises as a result of Tenant's default, in addition to all other available damages and remedies, Landlord shall also be entitled to recover from Tenant the unamortized portion (calculated using an interest rate of 12% per annum compounded monthlyi) of the Tenant Improvement AllowanceAllowance plus (ii) those costs incurred by Landlord to complete the Landlord Work. Notwithstanding the designation of space as a Full TI Floor or a Remaining Floor as provided above, which sum shall not the Full Floor Tenant Improvement Allowance and the Remaining Floor Tenant Improvement Allowance may be deemed rent. This obligation used for the Tenant Improvement Allowance Items with respect to any or all of Tenant such spaces and such amounts may be commingled subject, however, to repay the unamortized balance conditions and limitations in Section 2.2.2 below regarding the availability of the Tenant Improvement Allowance to Landlord shall survive for Full TI Floors and the expiration or sooner termination of the Lease Term. No Construction Management Fee shall be paid by Tenant to Landlord on any amount under $10,000limitations in Sections 2.2.1.8 and 2.2.1.9 below.

Appears in 1 contract

Samples: Retail Lease (KBS Real Estate Investment Trust II, Inc.)

Tenant Improvement Allowance. If and Landlord shall provide to Tenant an allowance for as long as Tenant is not Improvements (defined below) to be made to the Premises in default under this Lease beyond any applicable grace period, Tenant shall be entitled the amount of up to Eight Dollars ($8.00) per rentable square foot for a tenant improvement allowance in an amount equal to total of Three Hundred Twenty-Eight Thousand Four Hundred Fifty-Six Dollars ($10,758 328,456) ("Tenant Improvement Allowance" ”). Tenant may use all or "Allowance"any portion of the Tenant Improvement Allowance for all improvements to the Premises and other related work, including but not limited to: (a) space planning and construction drawings; (b) profit, overhead and general conditions of contractors; (c) purchase or installation of telephone/computer cabling costs; (d) the cost to purchase or lease any furniture, fixtures and equipment for the Premises; or (e) such other improvements or repairs to the Premises as Tenant elects (collectively, “Tenant Improvements”). In addition, Tenant may apply the Tenant Improvement Allowance toward Base Rent, in which event such credit shall be applied toward the next months’ Base Rent following Landlord’s receipt of written notice thereof from Tenant. The Tenant Improvement Allowance shall must be applied to utilized by Tenant on or before the Work Cost. Tenant shall pay date that is twelve (12) months after the entire amount of the Work Cost which is in excess of the Allowance. Landlord shall have no obligation to proceed with any Tenant Improvements until its receipt from Tenant of any such excess amounts. The Allowance may not be used toward any "soft costs" related to purchase or installation of Tenant's wiring of telephone, data and communications, fixtures, furniture or equipment, unless expressly provided Commencement Date as amended herein. The payment of any After such amounts by Tenant shall not be considered Additional Rent. Tenant shall not receive cash or any credit against Rent for date, any unused portion of the Allowance, if the Work Cost is less than the Allowance. Within ten days after receipt of the contractor's estimate of the anticipated Work Cost (subject to Value Engineering by Tenant), Tenant shall pay Landlord, in cash, the difference between the estimated Work Cost and the Tenant Improvement Allowance. Upon final completion of the Tenant Improvements, Landlord will provide a final accounting of the Work Cost and Tenant shall pay any amounts in excess of the Allowance then due not previously paid by Tenant within ten days after receipt of Landlord's invoice. Such payments by Tenant shall not be considered Additional Rent. Tenant's right to application amount of the Tenant Improvement Allowance shall expire 180 no longer be available to Tenant. Landlord shall pay the Tenant Improvement Allowance to Tenant within thirty (30) days after Landlord’s receipt of (as applicable): (a) copies of all invoices for the Commencement DateTenant Improvements; (b) final as-built plans for Tenant Improvements; (c) copies of all permits for Tenant Improvements, if any; and (d) unconditional lien releases from Tenant’s general contractor and all subcontractors. Any requests for reimbursement submitted The Tenant Improvements and any other Alternations made by Tenant remain subject to the requirements of Section 11 of the Lease; provided, however, that Landlord after such date shall will not be paid from entitled to receive an “administrative/coordination fee” (as described in Section 11.2 of the Lease). All improvements to the Premises made by Tenant covered by the Tenant Improvement Allowance and shall become the property of Landlord upon the expiration or sooner termination of this Lease. Tenant shall thereafter be solely responsible for the all costs of the Tenant Improvements without reimbursement from Landlord. The rights granted to Tenant under this section to the Allowance are personal to the original named Tenant in this Lease and may not be assigned improve or exercised by or for the benefit of anyone (including, any subtenant) other than such Tenant. If after Tenant has been granted all or any portion of the Allowance, the Lease Term is terminated by virtue of a default by Tenant or Landlord resumes possession of repair the Premises as a result of Tenant's default, in addition to all other available damages and remedies, Landlord shall also be entitled to recover from Tenant the unamortized portion (calculated using an interest rate of 12% per annum compounded monthly) excess of the Tenant Improvement Allowance, which sum shall not be deemed rentincluding any costs to bring the Premises into compliance with the ADA. This obligation of Tenant to repay the unamortized balance of the Tenant Improvement Allowance to Landlord shall survive be responsible for the expiration or sooner termination cost of demising the Lease TermPremises to exclude the Returned Space from the Premises and any improvements and repairs to the Returned Space, including the creation of a corridor to connect the lobby with the restrooms (as shown on attached Exhibit A) and any costs associated with ADA compliance within the Returned Space. No Construction Management Fee shall Landlord and Tenant each agree to be paid by Tenant responsible to Landlord on any amount under $10,000pull their own permits for their respective work.

Appears in 1 contract

Samples: Lease (Iteris, Inc.)

Tenant Improvement Allowance. If and for as long as Landlord shall provide to Tenant is not in default under this Lease beyond any applicable grace period, a Tenant shall be entitled to a tenant improvement allowance in an amount Improvement Allowance (the “Tenant Improvement Allowance”) equal to $10,758 3.33 per square foot of Rentable Square Feet ("98,223rsf) or $327,410.00 to be paid by Landlord to Tenant Improvement Allowance" or "Allowance"). The Tenant Improvement Allowance shall be applied within thirty (30) days upon receipt of invoice(s) and proper documentation, including but not limited to the Work Costlien waivers from contractors and subcontractors. Tenant shall pay bear the entire amount cost of performing the Work (including, without limitation, design of the Work Cost and preparation of the Working Drawings, costs of construction labor and materials (the “Construction Hard Costs”), electrical usage during construction (allocated to Tenant as reasonably agreed by Landlord and Tenant), janitorial services. signage, fees, and related non-ad valorem taxes and insurance costs, all of which is costs are herein collectively called the “Total Construction Costs”) in excess of the Tenant Improvement Allowance. Landlord or its designee shall coordinate the relationship between the Work, the Building, and the Building Systems. In consideration for Landlord’s services, Tenant shall pay to Landlord a construction supervision fee equal to three and one half percent (3.5%) of the Total Construction Hard Costs for all improvements and alterations made to the Premises other than the Shell Construction, which fee shall be paid from the Tenant Improvement Allowance. Tenant must use such allowance before the end of June 30, 2007 or Tenant shall have no obligation deemed to proceed with any Tenant Improvements until its receipt from Tenant of any such excess amounts. The Allowance may not be used toward any "soft costs" related forfeit all rights to purchase or installation of Tenant's wiring of telephone, data and communications, fixtures, furniture or equipment, unless expressly provided herein. The payment of any such amounts by Tenant shall not be considered Additional Rent. Tenant shall not receive cash or any credit against Rent for any unused portion of the Allowance, if the Work Cost is less than the Allowance. Within ten days after receipt of the contractor's estimate of the anticipated Work Cost (subject to Value Engineering by Tenant), Tenant shall pay Landlord, in cash, the difference between the estimated Work Cost and the Tenant Improvement Allowance. Upon final completion of the Tenant Improvements, Landlord will provide a final accounting of the Work Cost and Tenant shall pay any amounts in excess of the Allowance then due not previously paid by Tenant within ten days after receipt of Landlord's invoice. Such payments by Tenant shall not be considered Additional Rent. Tenant's right to application The entire $3.33 per Rentable Square Feet of the Tenant Improvement Allowance shall expire 180 days after the Commencement Datemust be used for Construction Hard Costs. Any requests provision herein to the contrary notwithstanding including the preceding sentence, Tenant may use the Tenant Improvement Allowance for reimbursement submitted the purpose of purchasing among other things, workstations and furniture (“Premises Personal Property”) for the Premises, the ownership of which shall vest in Tenant, provided however, in the event Tenant elects not to Landlord after such date renew the Lease at the end of the initial Term Tenant shall not be paid from the Allowance and Tenant shall thereafter be solely responsible for the costs of the Tenant Improvements without reimbursement from Landlord. The rights granted to Tenant under this section to the Allowance are personal to the original named Tenant in this Lease and may not be assigned or exercised by or for the benefit of anyone (including, any subtenant) other than such Tenant. If after Tenant has been granted all or any portion of the Allowance, the Lease Term is terminated by virtue of a default by Tenant or Landlord resumes possession of remove the Premises as a result of Tenant's default, in addition to all other available damages and remedies, Landlord shall also be entitled to recover from Tenant the unamortized portion (calculated using an interest rate of 12% per annum compounded monthly) Personal Property purchased through use of the Tenant Improvement Allowance, which sum but rather shall not be deemed rent. This obligation of Tenant to repay the unamortized balance of the Tenant Improvement Allowance assign to Landlord shall survive title to the expiration or sooner termination Premises Personal Property through execution of the Lease Term. No Construction Management Fee shall be paid by Tenant to Landlord on any amount under $10,000a Xxxx of Sale.

Appears in 1 contract

Samples: Lease Agreement (Realpage Inc)

Tenant Improvement Allowance. Landlord and Tenant hereby acknowledge ---------------------------- and agree that the Tenant Improvement Costs (defined in Section 9 below) for the Tenant Improvements, based upon the Initial Plans approved by Landlord and Tenant in accordance with the provisions of Section 4 above, will be determined at a later date (the "Estimated TI Costs"). If the actual Tenant Improvement ------------------ Costs varies from the initial estimate by more than twenty-five percent (25%), then Landlord may require any of the following, in its sole discretion: (a) changes be made to the Final Drawings to reduce the cost of the Tenant Improvements and for Landlord may refuse to sign any construction contract or Change Orders to the construction contract, as long as the case may be, until such changes are made to the sole satisfaction of Landlord; (b) Tenant is not in default under this Lease beyond any applicable grace period, Tenant shall be entitled to deposit into a tenant improvement allowance separate escrow account cash in an amount equal to the Excess Tenant Improvement Costs (defined in Section 10 below); (c) Tenant to provide to Landlord evidence satisfactory to Landlord, in its reasonable discretion, that Tenant has adequate financial resources to pay for the Excess Tenant Improvement Costs, as reasonably determined by Landlord; and/or (d) Tenant to pay all of the Excess Tenant Improvement Costs before Landlord's contribution of the Tenant Improvement Allowance (defined in Section 10 below); provided, however, in no event or circumstance shall the Tenant Improvement Costs exceed the maximum amount of seven hundred sixty-nine thousand four hundred forty and 00/100 dollars ($10,758 769,440.00), which amount is based on the amount of thirty and 00/100 dollars ($30.00) per rentable square foot for 25,648 square feet of the Premises which is to be improved, as described in the Initial Plans. Subject to the foregoing, Landlord shall provide an allowance for the planning and construction of the Tenant Improvements for the Work to be performed in the Premises, as described in the Initial Plans and the Final Drawings, in the amount of six hundred forty-one thousand two hundred and 00/100 dollars ($641,200.00) (the "Tenant Improvement Allowance" ") based upon an allowance of twenty-five and 00/100 dollars ($25.00) per rentable square foot for 25,648 square feet of the Premises which is to be improved, as described in the Initial Plans and the Final Drawings. Tenant shall not be entitled to any credit, abatement or "Allowance")payment from Landlord in the event that the amount of the Tenant Improvement Allowance specified above exceeds the actual Tenant Improvement Costs. The Tenant Improvement Allowance shall only be used for tenant improvements typically installed by Landlord in office/R&D and warehouse/distribution buildings. The Tenant Improvement Allowance shall be applied to the Work Cost. Tenant shall pay the entire amount of the Work Cost which is in excess of the Allowance. maximum contribution by Landlord shall have no obligation to proceed with any Tenant Improvements until its receipt from Tenant of any such excess amounts. The Allowance may not be used toward any "soft costs" related to purchase or installation of Tenant's wiring of telephone, data and communications, fixtures, furniture or equipment, unless expressly provided herein. The payment of any such amounts by Tenant shall not be considered Additional Rent. Tenant shall not receive cash or any credit against Rent for any unused portion of the Allowance, if the Work Cost is less than the Allowance. Within ten days after receipt of the contractor's estimate of the anticipated Work Cost (subject to Value Engineering by Tenant), Tenant shall pay Landlord, in cash, the difference between the estimated Work Cost and the Tenant Improvement Allowance. Upon final completion of the Tenant Improvements, Landlord will provide a final accounting of the Work Cost Costs and Tenant shall pay any amounts in excess of the Allowance then due not previously paid by Tenant within ten days after receipt of Landlord's invoice. Such payments by Tenant shall not be considered Additional Rent. Tenant's right to application of the Tenant Improvement Allowance shall expire 180 days after the Commencement Date. Any requests for reimbursement submitted to Landlord after such date shall not be paid from the Allowance and Tenant shall thereafter be solely responsible for the costs of the Tenant Improvements without reimbursement from Landlord. The rights granted to Tenant under this section subject to the Allowance are personal to the original named Tenant in this Lease and may not be assigned or exercised by or for the benefit provisions of anyone (including, any subtenant) other than such Tenant. If after Tenant has been granted all or any portion of the Allowance, the Lease Term is terminated by virtue of a default by Tenant or Landlord resumes possession of the Premises as a result of Tenant's default, in addition to all other available damages and remedies, Landlord shall also be entitled to recover from Tenant the unamortized portion (calculated using an interest rate of 12% per annum compounded monthly) of the Tenant Improvement Allowance, which sum shall not be deemed rent. This obligation of Tenant to repay the unamortized balance of the Tenant Improvement Allowance to Landlord shall survive the expiration or sooner termination of the Lease Term. No Construction Management Fee shall be paid by Tenant to Landlord on any amount under $10,000Section 10 below.

Appears in 1 contract

Samples: Lease Agreement (Nuance Communications)

Tenant Improvement Allowance. If and for as long as A. Subject to Tenant's compliance with the provisions of this Exhibit B, --------- Landlord shall provide to Tenant is not in default under this Lease beyond any applicable grace period, Tenant shall be entitled to a tenant improvement an allowance in the approximate amount of One Million Eight Hundred Ninety-five Thousand Two Hundred Fifty Dollars ($1,895,250.00) based upon a rate of Twenty-five Dollars ($25.00) per rentable square foot of the Premises to construct and install only the Tenant Improvements and an additional allowance in the amount equal of Fifty Thousand Dollars ($50,000.00) applicable only to $10,758 the design, preparation, planning, construction and installation of the Lobby Improvements (collectively, the "Tenant Improvement Allowance" or "Allowance"). The actual amount of the Tenant Improvement Allowance shall be applied adjusted commensurately based upon the actual rentable square feet of the Premises after Landlord's Substantial Completion of the Shell Improvements. Subject to the Work Costprovisions of this Exhibit B, the Tenant Improvement Allowance --------- shall be used to design, prepare, plan, obtain the approval of, construct and install the Tenant Improvements and for no other purpose. Tenant shall pay the entire amount of the Work Cost which is in excess of the Allowance. Except as otherwise expressly provided herein, Landlord shall have no obligation to proceed with any Tenant Improvements until its receipt from Tenant of any such excess amounts. The Allowance may not be used toward any "soft costs" related to purchase or installation of Tenant's wiring of telephone, data and communications, fixtures, furniture or equipment, unless expressly provided herein. The payment of any such amounts by Tenant shall not be considered Additional Rent. Tenant shall not receive cash or any credit against Rent for any unused portion of the Allowance, if the Work Cost is less than the Allowance. Within ten days after receipt of the contractor's estimate of the anticipated Work Cost (subject to Value Engineering by Tenant), Tenant shall pay Landlord, in cash, the difference between the estimated Work Cost and the Tenant Improvement Allowance. Upon final completion of the Tenant Improvements, Landlord will provide a final accounting of the Work Cost and Tenant shall pay any amounts in excess of the Allowance then due not previously paid by Tenant within ten days after receipt of Landlord's invoice. Such payments by Tenant shall not be considered Additional Rent. Tenant's right to application of contribute the Tenant Improvement Allowance shall expire 180 days after unless and until the Commencement Date. Any requests for reimbursement submitted Construction Documents have been approved by Landlord and Tenant has complied with all requirements set forth in Paragraph 4.C. of this Exhibit B. The costs to Landlord after such date shall not be paid from out of the --------- Tenant Improvement Allowance shall include all reasonable costs and Tenant shall thereafter be solely responsible for expenses associated with the costs design, preparation, approval, planning, construction and installation of the Tenant Improvements without reimbursement from Landlord. The rights granted to (the "Tenant under this section to the Allowance are personal to the original named Tenant in this Lease and may not be assigned or exercised by or for the benefit of anyone (includingImprovement Costs"), any subtenant) other than such Tenant. If after Tenant has been granted including all or any portion of the Allowance, the Lease Term is terminated by virtue of a default by Tenant or Landlord resumes possession of the Premises as a result of Tenant's default, in addition to all other available damages and remedies, Landlord shall also be entitled to recover from Tenant the unamortized portion (calculated using an interest rate of 12% per annum compounded monthly) of the Tenant Improvement Allowance, which sum shall not be deemed rent. This obligation of Tenant to repay the unamortized balance of the Tenant Improvement Allowance to Landlord shall survive the expiration or sooner termination of the Lease Term. No Construction Management Fee shall be paid by Tenant to Landlord on any amount under $10,000.following:

Appears in 1 contract

Samples: Lease Agreement (Loudcloud Inc)

Tenant Improvement Allowance. If Subject to Tenant’s compliance with the provisions of this Addendum and for as long as the Lease, Landlord shall provide to Tenant is not in default under this Lease beyond any applicable grace period, Tenant shall be entitled to a tenant improvement an allowance in an the amount equal of Two Hundred Eighty-Two Thousand One Hundred Thirty-Eight and zero/00 Dollars ($282,138.00) (“TI Allowance”) to $10,758 construct and install only the alterations to the Premises which have been approved in writing by Landlord pursuant to this Addendum ("Tenant Improvement Allowance" or "Allowance"“Alterations”). The Tenant Improvement TI Allowance shall be applied used to design, prepare, plan, obtain approval of, construct and install the Work CostAlterations and for no other purpose. Tenant shall pay the entire amount of the Work Cost which is in excess of the Allowance. Except as otherwise expressly provided herein, Landlord shall have no obligation to proceed with contribute the TI Allowance unless and until the Alterations have been completed in a good and workmanlike manner in lien free condition and evidence of same reasonably satisfactory to Landlord has been received by Landlord to include, but not be limited to (a) receipt by Landlord of unconditional mechanics’ lien releases from the contractor and all subcontractors, labor suppliers and materialmen for the Alterations completed by the contractor, subcontractors, labor suppliers and materialmen and for which Tenant seeks funds from the TI Allowance to pay for such Alterations, (b) invoices, bills, or statements for the Alterations completed and the materials and supplies used for all Alterations for which the TI Allowance was utilized, and (c) completion by Landlord or Landlord’s agents of any Tenant Improvements until its receipt inspections of the Alterations completed and materials and supplies used as deemed reasonably necessary by Landlord which Landlord will complete within thirty (30) days after notice from Tenant of any such excess amountsthat work is complete. The TI Allowance may not shall be used toward any "soft costs" related paid to purchase or installation of Tenant's wiring of telephone, data and communications, fixtures, furniture or equipment, unless expressly provided herein. The payment of any such amounts by Tenant shall not be considered Additional Rent. Tenant shall not receive cash or any credit against Rent for any unused portion within forty-five (45) days from the satisfaction of the Allowance, if conditions set forth in the Work Cost is immediately preceding sentence. Should the total cost of constructing the Alterations be less than the TI Allowance, the TI Allowance shall be automatically reduced to the amount equal to said actual cost. Within ten days after receipt If the Lease is terminated prior to the date on which the Alterations are completed, for any reason due to the default of Tenant hereunder, in addition to any other remedies available to Landlord under the contractor's estimate of the anticipated Work Cost (subject to Value Engineering by Tenant)Lease, Tenant shall pay Landlordto Landlord as Additional Rent under the Lease, in cashwithin thirty (30) days of receipt of a statement therefor, the difference between the estimated Work Cost any and the Tenant Improvement Allowance. Upon final completion of the Tenant Improvements, all costs incurred by Landlord will provide a final accounting of the Work Cost and Tenant shall pay any amounts in excess of the Allowance then due not previously reimbursed or otherwise paid by Tenant within ten days after receipt as required herein through the date of Landlord's invoice. Such payments by Tenant shall not be considered Additional Rent. Tenant's right termination in connection with the Alterations to application the extent planned, installed and/or constructed as of the Tenant Improvement Allowance shall expire 180 days after the Commencement Date. Any requests for reimbursement submitted to Landlord after such date shall of termination , including, but not be paid from the Allowance and Tenant shall thereafter be solely responsible for the limited to, any costs of the Tenant Improvements without reimbursement from Landlord. The rights granted to Tenant under this section related to the Allowance are personal to the original named Tenant in this Lease and may not be assigned or exercised by or for the benefit removal of anyone (including, any subtenant) other than such Tenant. If after Tenant has been granted all or any portion of the Alterations and restoration costs related thereto. Notwithstanding the foregoing, if all of the conditions for payment of the TI Allowance have not been completed or Landlord has not received the request for the TI Allowance from Tenant on or before April 30, 2022, Landlord shall have no obligation to pay the TI Allowance. To the extent that any Alterations or improvements made by or for Tenant or Tenant’s specific use require compliance with Applicable Requirements for the Premises or any part of the Industrial Center including, but not limited to, the Lease Term is terminated Americans with Disabilities Act (collectively “Compliance Improvements”), Tenant shall (i) be solely responsible for the cost of the Compliance Improvements, (ii) reimburse Landlord for any amounts expended by virtue Landlord for the cost of a default the Compliance Improvements, and (iii) indemnify, hold harmless and defend at Tenant’s sole cost by counsel reasonably satisfactory to Landlord, Landlord and the Landlord Entities from any liability, damage or cost arising from the Compliance Improvements, which indemnity shall survive the termination or expiration of the Lease. Tenant or Landlord resumes possession acknowledges and agrees that it has had sufficient opportunity to investigate and inspect the physical condition of the Premises and, except as otherwise set forth in the Lease, accepts the Premises subject to the foregoing in its existing condition, “as-is, where is and with all faults”. Except as specifically set forth herein or in the Lease, it is expressly understood and agreed that Landlord has no responsibility or obligation to or for (1) repair or perform any work with respect to the Premises including, but not limited to, the building, floor, roof, storefront (if any), walls, ceiling, lighting fixtures, heating, ventilating and air-conditioning systems, plumbing, bathrooms, utilities systems or otherwise, (2) the condition of the Premises, (3) the suitability of the Premises for any use by Tenant, (4) the presence of any hazardous, toxic or environmentally sensitive materials in, on or below the Premises, or (5) the existence of any other physical impairment or impairment to the Premises not specifically disclosed in this Lease. Notwithstanding anything to the contrary, within five (5) business days of receipt from Landlord of a result of Tenant's defaultMove-In Inspection form on Landlord’s then current form (“Move-Inspection”), Tenant shall execute the Move-In Inspection and return the signed Move-In Inspection to Landlord. Failure by Tenant to sign and return the Move-In Inspection in addition to all other available damages and remediesa timely manner shall be a default under the Lease. Where no time period is specified above, Landlord shall also be entitled respond to recover from Tenant the unamortized portion any consent or approval request within ten (calculated using an interest rate of 12% per annum compounded monthly10) of the Tenant Improvement Allowance, which sum business days and Landlord’s failure to provide or reasonably refuse its consent within such time period shall not be deemed rentLandlord’s consent or approval to the request. This obligation of Tenant to repay the unamortized balance of the Tenant Improvement Allowance to Landlord shall survive the expiration or sooner termination of the Lease Term. No Construction Management Fee shall be paid by Tenant to Landlord on any amount under $10,000.Schedule 1 Approved Alterations ADDENDUM 3 Intentionally Deleted ADDENDUM 4

Appears in 1 contract

Samples: Industrial Lease (Tenaya Therapeutics, Inc.)

Tenant Improvement Allowance. If Subject to any restrictions, conditions or limitations expressly set forth in this Tenant Work Letter or in the Lease or as otherwise expressly provided by mutual written agreement of Landlord and Tenant, the cost of construction of the Tenant Improvements shall be paid by Landlord up to the amount set forth in Section 5 of the Summary (the “Tenant Improvement Allowance”), which amount is being made available by Landlord to be applied towards the Cost of Improvements for the construction of the Tenant Improvements in the Premises, less any reduction in or charge against such amount expressly allowed to be made from the Tenant Improvement Allowance pursuant to any applicable provisions of the Lease or of this Tenant Work Letter. Tenant shall be responsible, at its sole cost and expense, for payment of the entire Cost of Improvements of the Tenant Improvements in excess of the Tenant Improvement Allowance (and Additional TI Allowance, if Tenant elects to use such amounts), including (but not limited to) any costs or cost increases incurred as a result of Tenant Delays, governmental requirements or unanticipated conditions (unless caused by Landlord or otherwise disallowed pursuant to Section 2(d)(i) of this Tenant Work Letter), and for as long as payment of any and all costs and expenses relating to any alterations, additions, improvements, furniture, furnishings, equipment, fixtures and personal property items which are not eligible for application of Tenant is not Improvement Allowance funds under the restrictions expressly set forth below in default under this Lease beyond any applicable grace periodparagraph, but Tenant shall be entitled to a tenant improvement allowance in an amount equal to $10,758 ("Tenant Improvement Allowance" use or "Allowance"). The apply the entire Tenant Improvement Allowance shall be applied to the Work Cost. Tenant shall pay the entire amount of the Work Cost which is in excess of the Allowance. Landlord shall have no obligation to proceed with any Tenant Improvements until its receipt from Tenant of any such excess amounts. The Allowance may not be used toward any "soft costs" related to purchase or installation of Tenant's wiring of telephone, data (and communications, fixtures, furniture or equipment, unless expressly provided herein. The payment of any such amounts by Tenant shall not be considered Additional Rent. Tenant shall not receive cash or any credit against Rent for any unused portion of the TI Allowance, if Tenant elects to use such amounts) toward the Work Cost is less than the Allowance. Within ten days after receipt of Improvements of the contractor's estimate of the anticipated Work Cost Tenant Improvements (subject to Value Engineering by any applicable restrictions, conditions, limitations, reductions or charges set forth in the Lease or in this Tenant Work Letter) prior to being required to expend any of Tenant), Tenant shall pay Landlord, in cash, the difference between the estimated Work Cost and the Tenant Improvement Allowance. Upon final completion of ’s own funds for the Tenant Improvements, Landlord will provide a final accounting of the Work Cost and Tenant shall pay any amounts in excess of the Allowance then due not previously paid by Tenant within ten days after receipt of Landlord's invoice. Such payments by Tenant shall not be considered Additional Rent. Tenant's right to application The funding of the Tenant Improvement Allowance shall expire 180 days after the Commencement Date. Any requests for reimbursement submitted to be made on a monthly basis or at other convenient intervals mutually approved by Landlord after such date shall not be paid from the Allowance and Tenant and in all other respects shall thereafter be solely responsible for based on such commercially reasonable disbursement conditions and procedures as Landlord, Project Manager and Landlord’s lender (if any) may reasonably prescribe. Notwithstanding the costs of foregoing provisions, (i) under no circumstances shall the Tenant Improvements without reimbursement from Landlord. The rights granted to Tenant under this section to the Improvement Allowance are personal to the original named Tenant in this Lease and may not be assigned or exercised by or for the benefit of anyone (including, any subtenant) other than such Tenant. If after Tenant has been granted all or any portion thereof be used or useable by Tenant for any moving or relocation expenses of Tenant, or for any Cost of Improvement (or any other cost or expense) associated with any moveable furniture or trade fixtures, personal property or any other item or element which, under the applicable provisions of the AllowanceLease, will not become Landlord’s property and remain with the Lease Term is terminated by virtue of a default by Tenant Building upon expiration or Landlord resumes possession termination of the Premises Lease, and (ii) except as a result of Tenant's defaultotherwise expressly provided in this Tenant Work Letter or expressly approved by Landlord in writing, in addition to all other available damages and remedies, Landlord shall also be entitled to recover from Tenant the unamortized any portion (calculated using an interest rate of 12% per annum compounded monthly) of the Tenant Improvement Allowance, which sum shall not be deemed rent. This obligation of Tenant to repay the unamortized balance of the Tenant Improvement Allowance to Landlord shall survive the expiration which has not been claimed or sooner termination of the Lease Term. No Construction Management Fee shall be paid drawn by Tenant prior to Landlord on any amount under $10,000July 1, 2019, shall expire and shall no longer be available to Tenant thereafter.

Appears in 1 contract

Samples: Lease (Principia Biopharma Inc.)

Tenant Improvement Allowance. If and for as long as Tenant is not in default under this Lease beyond any applicable grace period, Tenant Lessee shall be entitled to a one-time tenant improvement allowance in an amount equal to $10,758 ("the “Tenant Improvement Allowance" or "Allowance"”) in the amount of Two Hundred Sixty-Six Thousand and No/100 Dollars ($266,000.00) (i.e., $20.00 per rentable square foot of the Expansion Premises) for the costs relating to the design and construction of Lessee’s improvements which are permanently affixed to the Premises (the “Tenant Improvements”). The In no event shall Lessor be obligated to make disbursements pursuant to this Tenant Improvement Allowance shall be applied to the Work Cost. Tenant shall pay the entire Letter in a total amount of the Work Cost which is in excess of the Allowance. Landlord shall have no obligation to proceed with any Tenant Improvements until its receipt from Tenant of any such excess amounts. The Allowance may not be used toward any "soft costs" related to purchase or installation of Tenant's wiring of telephone, data and communications, fixtures, furniture or equipment, unless expressly provided herein. The payment of any such amounts by Tenant shall not be considered Additional Rent. Tenant shall not receive cash or any credit against Rent for any unused portion of the Allowance, if the Work Cost is less than the Allowance. Within ten days after receipt of the contractor's estimate of the anticipated Work Cost (subject to Value Engineering by Tenant), Tenant shall pay Landlord, in cash, the difference between the estimated Work Cost and exceeds the Tenant Improvement Allowance. Upon final completion of In the Tenant Improvements, Landlord will provide a final accounting of the Work Cost and Tenant shall pay any amounts in excess of the Allowance then due not previously paid by Tenant within ten days after receipt of Landlord's invoice. Such payments by Tenant shall not be considered Additional Rent. Tenant's right to application of event that the Tenant Improvement Allowance is not fully utilized by Lessee on or before the first (1st) anniversary of the Expansion Commencement Date (the “TIA Expiration Date”), then such unused amounts shall expire 180 days after the Commencement Daterevert to Lessor, and Lessee shall have no further rights with respect thereto. Any requests for reimbursement submitted to Landlord after such date shall not be paid from the Allowance and Tenant shall thereafter be solely responsible for the costs of the Tenant Improvements without reimbursement that require the use of Building risers, raceways, shafts and/or conduits, shall be subject to Lessor’s reasonable rules, regulations, and restrictions, including the requirement that any cabling vendor must be selected from Landlorda list provided by Lessor containing at least three (3) independent cabling vendors, and that the amount and location of any such cabling must be approved by Lessor (such EXHIBIT B -1- FIFTH AMENDMENT TO LEASE [11099 North Xxxxxx Xxxxx Road] [DermTech, Inc.] approval not to be unreasonably withheld). The rights granted to All Tenant under this section to the Allowance are personal to the original named Tenant in this Lease and may not be assigned or exercised by or Improvements for the benefit of anyone (including, any subtenant) other than such Tenant. If after Tenant has been granted all or any portion of the Allowance, the Lease Term is terminated by virtue of a default by Tenant or Landlord resumes possession of the Premises as a result of Tenant's default, in addition to all other available damages and remedies, Landlord shall also be entitled to recover from Tenant the unamortized portion (calculated using an interest rate of 12% per annum compounded monthly) of the Tenant Improvement Allowance, which sum shall not be deemed rent. This obligation of Tenant to repay the unamortized balance of the Tenant Improvement Allowance has been made available shall be deemed Lessor’s property under the terms of the Lease; provided, however, Lessor may, by written notice to Landlord shall survive Lessee prior to the expiration end of the Expansion Term, or sooner given following any earlier termination of the Lease Term. No Construction Management Fee Lease, as amended, require Lessee, at Lessee’s expense, to remove any Tenant Improvements and to repair any damage to the Premises and Building caused by such removal; provided, however, that, notwithstanding the foregoing, upon request by Lessee at the time of Lessee’s request for Lessor’s approval of the “Final Working Drawings,” as that term is defined in Section 3.3 of this Tenant Work Letter, Lessor shall notify Lessee whether the Tenant Improvements will be paid by Tenant required to Landlord on any amount under $10,000be removed pursuant to the terms of this Section 2.1.

Appears in 1 contract

Samples: Lease and Signage Lease (DermTech, Inc.)

Tenant Improvement Allowance. If and Landlord offers to Tenant, as an inducement to enter into this agreement, an allowance of _____ dollar ($x.xx) per square foot for as long as Tenant is not the Building to fund real estate improvements to the Premises included in default under the cost of Base Rent described in Section 1 of this Lease beyond any applicable grace period, Tenant Addendum 1. The scope of the real estate improvements shall be entitled as described in Addendum 5 – Work Letter. Any unused allowance will be paid to a tenant improvement allowance in an amount equal to $10,758 Tenant within thirty ("Tenant Improvement Allowance" or "Allowance"). The Tenant Improvement Allowance shall be applied to the Work Cost. Tenant shall pay the entire amount 30) days of the Work Cost which is in excess completion of the Allowancework described in Addendum 5 – Work Letter. Option for Landlord shall have no obligation to proceed with any Tenant Financing of Real Estate Improvements until its receipt from Tenant of any such excess amounts. The Allowance may not be used toward any "soft costs" related to purchase or installation of Tenant's wiring of telephone, data and communications, fixtures, furniture or equipment, unless expressly provided herein. The payment of any such amounts by Tenant shall not be considered Additional Rent. Tenant shall not receive cash or any credit against Rent for any unused portion of the Allowance, if the Work Cost is less than the Allowance. Within ten days after receipt of the contractor's estimate of the anticipated Work Cost (subject to Value Engineering by Tenant), Tenant shall pay Landlord, in cash, the difference between the estimated Work Cost and exceeding the Tenant Improvement Allowance. Upon final completion of the If Tenant Improvements, Landlord will provide a final accounting of the Work Cost and Tenant shall pay any amounts in excess of the Allowance then due not previously paid by Tenant within ten days after receipt of Landlord's invoice. Such payments by Tenant shall not be considered Additional Rent. Tenant's right to application of the Tenant Improvement Allowance shall expire 180 days after the Commencement Date. Any requests for reimbursement submitted to Landlord after such date shall not be paid from the Allowance and Tenant shall thereafter be solely responsible desires for the costs Landlord or a General Contractor of the Tenant Improvements without reimbursement from Landlord. The rights granted to Tenant under this section their choosing, acceptable to the Allowance are personal Landlord, to make additional improvements to the original named Tenant in this Lease and may not be assigned or exercised by or for real estate that exceed the benefit of anyone (including, any subtenant) other than such Tenant. If after Tenant has been granted all or any portion of the Allowance, the Lease Term is terminated by virtue of a default by Tenant or Landlord resumes possession of the Premises as a result of Tenant's default, in addition to all other available damages and remedies, Landlord shall also be entitled to recover from Tenant the unamortized portion (calculated using an interest rate of 12% per annum compounded monthly) cost of the Tenant Improvement Allowance, which sum shall not be deemed rentthe Landlord will finance the additional cost up to three million five hundred thousand dollars ($3,500,000.00). This obligation of Landlord will finance the Tenant to repay approved amount at 8% interest fully amortized over 120 monthly payments, due and payable as Base Rent when and where Base Rent is due under the unamortized balance same terms and conditions, except if rent had already commenced before the completion of the improvements so financed are completed, Tenant Improvement Allowance will make an initial payment to Landlord shall survive get caught up with the expiration or sooner termination 120 payments scheduled for the initial Term of the Lease and Tenant will not be required to pay any late payment fees for the initial catch-up payment. Likewise, if any system of the Premises can no longer be maintained and requires replacement, the Landlord will replace the system that can no longer be maintained (for example HVAC systems or pavement) and will add to the monthly Rent the cost of replacement financed at 8% over the useful life of the improvement, (Landlord shall obtain at least two (2) bids, and provide copies upon Tenant’s request). If the useful life of the improvement ends during the Lease Term, the payment for such added improvements will end. No Construction Management Fee shall be paid by ADDENDUM 2 EXTENSION OPTIONS Tenant (or any Permitted Transferee or Transferee) has the right to Landlord extend the Lease Term for five_____ additional term(s) of _5__ years each (each, an “Extension Term”) commencing on any amount under $10,000the day following the expiration of the Lease Term (each, a “Commencement Date of the Extension Term”). Tenant will give notice (the “Extension Notice”) of its election to extend the Lease Term at least two hundred seventy (270) days prior to the scheduled expiration of the Lease Term (the “Extension Notice Deadline”).

Appears in 1 contract

Samples: Lease Agreement

Tenant Improvement Allowance. If and for as long as Tenant is not in default under this Lease beyond any applicable grace period, Tenant shall be entitled Lessor agrees to provide a tenant improvement allowance in an amount equal to $10,758 ("Tenant Improvement Allowance" or "Allowance")” of up to $50.00 per RSF of the Leased Premises for 141,784 RSF. The aforementioned Tenant Improvement Allowance shall be applied spent only on permanent improvements to the Work CostLeased Premises based upon mutually approved plans and specifications for the Tenant Work. The “Tenant Improvement Costs” as used herein, shall pay consist of all direct and indirect costs associated with the entire amount Tenant Work, including: (i) design, including, without limitation, the cost of preparing the Work Cost which is plans and specifications and submittals, permitting, demolition and preparation work, (ii) “hard” and “soft” construction costs, including, without limitation, all amounts payable to the general contractor under Lessee’s contract with its general contractor, including sales tax and other taxes, (iii) the cost of any changes to the plans and specifications required by Lessor or any applicable governmental authority, and (iv) all inspection and approval fees. Any and all Tenant Improvement Costs in excess of the Allowance. Landlord shall have no obligation to proceed with any Tenant Improvements until its receipt from Tenant of any such excess amounts. The Allowance may not be used toward any "soft costs" related to purchase or installation of Tenant's wiring of telephone, data and communications, fixtures, furniture or equipment, unless expressly provided herein. The payment of any such amounts by Tenant shall not be considered Additional Rent. Tenant shall not receive cash or any credit against Rent for any unused portion of the Allowance, if the Work Cost is less than the Allowance. Within ten days after receipt of the contractor's estimate of the anticipated Work Cost (subject to Value Engineering by Tenant), Tenant shall pay Landlord, in cash, the difference between the estimated Work Cost and the Tenant Improvement Allowance. Upon final completion of the Tenant Improvements, Landlord will provide a final accounting of the Work Cost and Tenant shall pay any amounts in excess of the Allowance then due not previously paid by Tenant within ten days after receipt of Landlord's invoice. Such payments by Tenant shall not be considered Additional Rent. Tenant's right to application of the Tenant Improvement Allowance shall expire 180 days after the Commencement Date. Any requests be Lessee’s responsibility and, if performed or paid for reimbursement submitted to Landlord after such date by Lessor, shall not be paid from upon demand to Lessor. To the Allowance extent used by Lessee, Base Rent shall be repaid to Lessor as follows: beginning on January 1, 2018 and continuing until the last day of the Extended Term (the “Amortization Period”), Base Rent shall be increased by an amount necessary to repay (x) with respect to the first HomeStreet Bank / USLLC Twenty-First Amendment to Lease $20/RSF of the Leased Premises of the total Tenant Improvement Allowance, amortized over the Amortization Period on a straight-line (i.e., at 0% interest), and (y) with respect to the remainder of the total Tenant Improvement Allowance, amortized over the Amortization Period with interest at eight percent (8%) interest. Lessee shall thereafter be solely responsible for the costs notify Lessor on or before December 31, 2017 how much of the Tenant Improvements without reimbursement Improvement Allowance Lessee has elected to receive from LandlordLessor. The rights granted to Tenant under this section to the Allowance are personal to the original named Tenant in this Lease Such election shall be final and binding on Lessee and may not thereafter be assigned or exercised by or for the benefit of anyone (including, any subtenant) other than such Tenantmodified without Lessor’s consent. If Within a reasonable period after Tenant has been granted all or any portion final completion of the AllowanceTenant Work, Lessor shall determine the total Tenant Improvement Allowance received by Lessee, shall calculate the increased Base Rent payable by Lessee pursuant to this Section 6(c), and shall provide written notice thereof to Lessee. Notwithstanding anything to the contrary elsewhere in the Lease, except as set forth in Section 9 below, the Lease Term is terminated by virtue of a default by Tenant or Landlord resumes possession additional Base Rent reflecting repayment to Lessor of the Premises as a result Tenant Improvement Allowance described herein shall not xxxxx in the event of Tenant's defaultany event or occurrence permitting Lessee to otherwise xxxxx any Rent payable under the Lease. Furthermore, in addition the event the Lease terminates for any reason prior to all other available damages and remediesthe scheduled expiration date of the Extended Term, Landlord Lessee shall also be entitled required to recover from Tenant pay to Lessor at the unamortized time of early termination the unrepaid portion (calculated using an interest rate of 12% per annum compounded monthly) of the Tenant Improvement Allowance, which sum shall not be deemed rent. This obligation of Tenant to repay the unamortized balance of the Tenant Improvement Allowance to Landlord shall survive the expiration or sooner termination of the Lease Term. No Construction Management Fee shall be paid by Tenant to Landlord on any amount under $10,000.

Appears in 1 contract

Samples: HomeStreet, Inc.

Tenant Improvement Allowance. If and for Commencing as long as Tenant is not in default under this of the Lease beyond any applicable grace periodCommencement Date, Tenant shall be entitled to use a tenant one-time improvement allowance in an the aggregate amount equal of $2,400,000.00 which is comprised of (i) $1,600,000 (the "Existing Premises Improvement Allowance"), for the costs relating to the design and construction of Tenant's improvements, which are permanently affixed to the Existing Premises only (the "Existing Premises Improvements") or which are "Tenant Improvement Allowance Items," as that term is defined in Section 2.2.1, below, and (ii) $10,758 800,000.00 (the "Expansion Premises Improvement Allowance") for the costs relating to the design and construction of Tenant's improvements 761257.05/WLA 183305-00010/3-9-17/gjn/gjn EXHIBIT B -1- HCP LS Redwood City, LLC [Third Amendment] [Oncomed Pharmaceuticals, Inc.] which are permanently affixed to the Expansion Premises only (the "Expansion Premises Improvements") or which are Tenant Improvement Allowance Items. Collectively, the Expansion Premises Improvements and the Existing Premises Improvements are the "Tenant Improvements" and collectively the Existing Premises Improvement Allowance and the Expansion Premises Improvement Allowance are the "Tenant Improvement Allowance" or "Allowance"). The Tenant Improvement Allowance shall be applied to the Work Cost. Tenant shall pay the entire amount of the Work Cost which is in excess of the Allowance. Landlord shall have no obligation to proceed with any Tenant Improvements until its receipt from Tenant of any such excess amounts. The Allowance may not be used toward any "soft costs" related to purchase or installation of Tenant's wiring of telephone, data hereby acknowledges and communications, fixtures, furniture or equipment, unless expressly provided herein. The payment of any such amounts by agrees that (A) Tenant shall not be considered Additional Rent. entitled to receive more than $500,000.00 of the Existing Improvement Allowance during the calendar year 2016, and (B) Tenant shall not be entitled to receive cash or any credit against Rent for any unused portion of the AllowanceExpansion Premises Improvement Allowance until the earlier to occur of (a) the date upon which the Expansion Confirmation Notice is delivered to Landlord or (b) September 16, if 2017 (assuming the Expansion Termination Notice has not been timely delivered by Tenant, as Tenant shall forfeit any and all rights to the Expansion Premises Improvement Allowance in the event the Expansion Termination Notice is timely delivered to Landlord). In no event shall Landlord be obligated to make disbursements pursuant to this Tenant Work Cost is less than the Allowance. Within ten days after receipt Letter or otherwise in connection with Tenant's construction of the contractor's estimate of the anticipated Work Cost (subject to Value Engineering by Tenant)Tenant Improvements or any Tenant Improvement Allowance Items, Tenant shall pay Landlordas defined below, in cash, a total amount which exceeds the difference between the estimated Work Cost and sum of the Tenant Improvement Allowance. Upon final completion of the All Tenant Improvements, Landlord will provide a final accounting of the Work Cost and Tenant shall pay any amounts in excess of the Allowance then due not previously paid by Tenant within ten days after receipt of Landlord's invoice. Such payments by Tenant shall not be considered Additional Rent. Tenant's right to application of Improvements for which the Tenant Improvement Allowance has been made available shall expire 180 days after be deemed Landlord's property under the Commencement Dateterms of the Lease; provided, however, Landlord may, by written notice to Tenant given concurrently with Landlord's approval of the "Final Working Drawings", as that term is defined in Section 3.3, below, require Tenant, prior to the end of the Lease Term, or promptly following any earlier termination of the Lease, at Tenant's expense, to remove any Tenant Improvements and to repair any damage to the Premises and Building caused by such removal and return the affected portion of the Premises to a Building standard general office condition; provided, however, that Landlord shall not require Tenant to remove upon termination or expiration of the Lease, or condition its approval upon Tenant’s agreement to remove upon termination or expiration of the Lease, any Tenant Improvements constructed pursuant to this Tenant Work Letter which constitute standard, non-extraordinary improvements for ordinary office use. Any requests portion of the Existing Premises Improvement Allowance that is not disbursed or requested for reimbursement submitted disbursement by the end of the first twelve (12) months following the Expansion Commencement Date (or, in the event that Tenant timely exercises the Expansion Termination Notice, by September 15, 2018), shall revert to Landlord after such date shall not be paid from the Allowance and Tenant shall thereafter be solely responsible for the costs of the Tenant Improvements without reimbursement from Landlord. The have no further rights granted to Tenant under this section to the Allowance are personal to the original named Tenant in this Lease with respect thereto, and may not be assigned or exercised by or for the benefit of anyone (including, any subtenant) other than such Tenant. If after Tenant has been granted all or any portion of the Allowance, Expansion Premises Improvement Allowance that is not disbursed or allocated for disbursement by the Lease Term is terminated by virtue of a default by Tenant or Landlord resumes possession end of the Premises as a result of Tenant's defaultfirst twelve (12) months following the Expansion Commencement Date, in addition to all other available damages and remedies, Landlord shall also be entitled to recover from Tenant the unamortized portion (calculated using an interest rate of 12% per annum compounded monthly) of the Tenant Improvement Allowance, which sum shall not be deemed rent. This obligation of Tenant to repay the unamortized balance of the Tenant Improvement Allowance revert to Landlord and Tenant shall survive the expiration or sooner termination of the Lease Term. No Construction Management Fee shall be paid by Tenant to Landlord on any amount under $10,000have no further rights with respect thereto.

Appears in 1 contract

Samples: Lease (OncoMed Pharmaceuticals Inc)

Tenant Improvement Allowance. If Tenant may designate such portion of the funds to be provided by Landlord as the Tenant Improvement Allowance for the Initial Premises, Must-Take Space 1 and Must-Take Space 3 in accordance with terms and conditions set forth in Section 5 of the Summary to reimburse Tenant for the Tenant Improvement Allowance Items (as long as defined in Section 3.2.1 below) from time to time in accordance with the terms and conditions of this Tenant Work Letter, but only to the extent that the Tenant Improvement Allowance is not utilized by Tenant for the cost of Must Take 1 Work, Must Take 3 Work or any of the Site Modernization/Beautification Work, and is payment is requested in default under accordance with the terms and conditions of this Lease beyond Tenant Work Letter prior to the TIA Expiration Date. In the event that the Tenant Improvement Allowance is not fully utilized by Tenant on or before December 31, 2020 (the "TIA Expiration Date"), then such unused amounts shall revert to Landlord, and Tenant shall have no further rights with respect thereto. At any applicable grace periodtime prior to the TIA Expiration Date, Tenant shall be entitled have the option, by delivery of written notice to Landlord (each a tenant improvement allowance in an amount equal to $10,758 ("Tenant Improvement Allowance" or "AllowanceTIA Allocation Notice"). The Tenant Improvement Allowance shall be applied , to the Work Cost. Tenant shall pay the entire amount of the Work Cost which is in excess of the Allowance. Landlord shall have no obligation to proceed with allocate any Tenant Improvements until its receipt from Tenant of any such excess amounts. The Allowance may not be used toward any "soft costs" related to purchase or installation of Tenant's wiring of telephone, data and communications, fixtures, furniture or equipment, unless expressly provided herein. The payment of any such amounts by Tenant shall not be considered Additional Rent. Tenant shall not receive cash or any credit against Rent for any unused portion of the Allowance, if the Work Cost is less than the Allowance. Within ten days after receipt of the contractor's estimate of the anticipated Work Cost (subject to Value Engineering by Tenant), Tenant shall pay Landlord, in cash, the difference between the estimated Work Cost and the Tenant Improvement Allowance. Upon final completion of the Tenant Improvements, Landlord will provide a final accounting of the Work Cost and Tenant shall pay any amounts in excess of the Allowance then due not previously paid by Tenant within ten days after receipt of Landlord's invoice. Such payments by Tenant shall not be considered Additional Rent. Tenant's right to application all of the Tenant Improvement Allowance shall expire 180 days after (or to modify any prior allocation thereof) that has not been allocated by Tenant to the Commencement Date. Any requests for reimbursement submitted cost of the Must Take 1 Work, Must Take 3 Work or any of the Site Modernization/Beautification Work in accordance with Exhibits B-2 and B-4 to Landlord after such date shall this Lease (or that may have been so allocated and was not be paid from the Allowance and utilized by Tenant shall thereafter be solely responsible for the costs cost of such work), to pay for the Tenant's cost of the Tenant Improvements without reimbursement from LandlordImprovement Allowance Items pursuant to this Tenant Work Letter. The rights granted In no event, however, shall such allocation of the Tenant Improvement Allowance to Tenant under Improvement Allowance Items pursuant to this section Tenant Work Letter result in the aggregate amount payable by Landlord pursuant to the Allowance are personal to the original named Tenant in this Lease and may not be assigned or exercised by or for to exceed the benefit of anyone (including, any subtenant) other than such Tenant. If after Tenant has been granted all or any portion total amount of the Allowance, the Lease Term is terminated Tenant Improvement Allowance payable by virtue of a default by Tenant or Landlord resumes possession pursuant to Section 5 of the Premises as a result of Tenant's default, in addition to all other available damages and remedies, Summary. All Tenant Improvements Allowance Items actually paid for (or reimbursed) by Landlord shall also be entitled to recover from Tenant the unamortized portion (calculated using an interest rate of 12% per annum compounded monthly) with proceeds of the Tenant Improvement Allowance, which sum Including without limitation the cost of Tenant’s furniture, trade fixtures, equipment, and other items of personal property included in the "FF&E Costs" (as defined in Section 3.2 below), shall not be deemed rent. This obligation Landlord's property under the terms of this Lease; provided that Tenant's removal and restoration obligations with respect to the Tenant to repay Improvements shall be governed by the unamortized balance terms and conditions of Section 8.5 of the Tenant Improvement Allowance to Lease. Tenant’s furniture, trade fixtures, equipment, and other items personal property paid for (or reimbursed) by Landlord as FF&E Costs (the "Tenant's FF&E") shall survive the expiration or sooner termination of be deemed Landlord's property during the Lease Term. No Construction Management Fee shall be paid by Tenant to Landlord on any amount under $10,000.

Appears in 1 contract

Samples: Sorrento Summit (Nuvasive Inc)

Tenant Improvement Allowance. If Subject to any restrictions, conditions or limitations expressly set forth in this Tenant Work Letter or in the Lease or as otherwise expressly provided by mutual written agreement of Landlord and Tenant, the cost of construction of the Tenant Improvements shall be paid or reimbursed by Landlord up to a maximum amount as set forth in Section 5 of the Summary to the Lease (the “Tenant Improvement Allowance”), which amount is being made available by Landlord to be applied towards the Cost of Improvements for the construction of the Tenant Improvements in the Initial Premises and Pad only (and not the Additional Premises) and, to the extent any of the Tenant Improvement Allowance remains after the Lease Commencement Date, to Alterations to be made by Tenant to the Initial Premises or the Pad. Tenant shall be responsible, at its sole cost and expense, for payment of the entire Cost of Improvements of the Tenant Improvements in excess of the Tenant Improvement Allowance, including (but not limited to) any costs or cost increases incurred as a result of delays (unless caused by Landlord), governmental requirements or unanticipated conditions (unless caused by Landlord), and for as long as payment of any and all costs and expenses relating to any alterations, additions, improvements, furniture, furnishings, equipment, fixtures and personal property items which are not eligible for application of Tenant is not Improvement Allowance funds under the restrictions expressly set forth below in default under this Lease beyond any applicable grace periodparagraph, but Tenant shall be entitled to a tenant improvement allowance in an amount equal to $10,758 ("Tenant Improvement Allowance" use or "Allowance"). The apply the entire Tenant Improvement Allowance shall be applied to toward the Work Cost. Tenant shall pay the entire amount Cost of Improvements of the Work Cost which is in excess of the Allowance. Landlord shall have no obligation to proceed with any Tenant Improvements until its receipt from Tenant of any such excess amounts. The Allowance may not be used toward any "soft costs" related to purchase or installation of Tenant's wiring of telephone, data and communications, fixtures, furniture or equipment, unless expressly provided herein. The payment of any such amounts by Tenant shall not be considered Additional Rent. Tenant shall not receive cash or any credit against Rent for any unused portion of the Allowance, if the Work Cost is less than the Allowance. Within ten days after receipt of the contractor's estimate of the anticipated Work Cost (subject to Value Engineering by any applicable restrictions, conditions, limitations, reductions or charges set forth in the Lease or in this Tenant Work Letter) prior to being required to expend any of Tenant), Tenant shall pay Landlord, in cash, the difference between the estimated Work Cost and the Tenant Improvement Allowance. Upon final completion of ’s own funds for the Tenant Improvements, Landlord will provide a final accounting of the Work Cost and Tenant shall pay any amounts in excess of the Allowance then due not previously paid by Tenant within ten days after receipt of Landlord's invoice. Such payments by Tenant shall not be considered Additional Rent. Tenant's right to application The funding of the Tenant Improvement Allowance shall expire 180 days after the Commencement Date. Any requests for reimbursement submitted to be made on a monthly basis or at other convenient intervals mutually approved by Landlord after such date shall not be paid from the Allowance and Tenant and in all other respects shall thereafter be solely responsible for based on such commercially reasonable disbursement conditions and procedures as Landlord, Project Manager and Landlord’s lender (if any) may reasonably prescribe. Notwithstanding the costs of foregoing provisions, under no circumstances shall the Tenant Improvements without reimbursement from Landlord. The rights granted to Tenant under this section to the Improvement Allowance are personal to the original named Tenant in this Lease and may not be assigned or exercised by or for the benefit of anyone (including, any subtenant) other than such Tenant. If after Tenant has been granted all or any portion thereof be used or useable by Tenant for any moving or relocation expenses of Tenant, or for any Cost of Improvement (or any other cost or expense) associated with any moveable furniture or trade fixtures, personal property or any other item or element which, under the applicable provisions of the AllowanceLease, will not become Landlord’s property and remain with the Lease Term is terminated by virtue of a default by Tenant Building upon expiration or Landlord resumes possession termination of the Premises Lease, and (ii) except as a result of Tenant's defaultotherwise expressly provided in this Tenant Work Letter or expressly approved by Landlord in writing, in addition to all other available damages and remedies, Landlord shall also be entitled to recover from Tenant the unamortized any portion (calculated using an interest rate of 12% per annum compounded monthly) of the Tenant Improvement Allowance, which sum shall not be deemed rent. This obligation of Tenant to repay the unamortized balance of the Tenant Improvement Allowance which has not been claimed or drawn by Tenant prior to Landlord shall survive the expiration or sooner termination later of the Lease TermCommencement Date and the date which is twelve (12) moths following the date of the full execution and delivery of this Lease by Landlord and Tenant, shall expire and shall no longer be available to Tenant thereafter, subject to extension by one (1) day for each day Tenant is delayed in competing its Alterations due to Landlord Delay or Unavoidable Delays. No Construction Management Fee Notwithstanding anything to the contrary herein, the Tenant Improvements shall not include (and Landlord shall be paid solely responsible for and the Tenant Improvement Allowance shall not be used for) the following: (a) costs incurred due to the presence of any Hazardous Materials in or about the Initial Premises, if any; (b) costs to bring the Project into compliance with Applicable Laws to the extent required in order to allow Tenant to obtain a certificate of occupancy or its legal equivalent, for the Initial Premises for the Permitted Use assuming a normal and customary office occupancy density; (c) construction costs in excess of the contract amount stated in the contract with the General Contractor, as approved by Tenant (not to Landlord on any amount under $10,000be unreasonably withheld), except for increases set forth in change orders approved by Tenant; (d) wages, labor and overhead for overtime and premium time unless approved by Tenant (which approval shall not be unreasonably withheld, conditioned or delayed); (e) attorneys’ fees incurred in connection with negotiation of construction contracts, and attorneys’ fees, experts’ fees and other costs in connection with disputes with third parties; (f) interest and other costs of financing construction costs; (g) costs incurred as a consequence construction defects or default by a contractor; (h) costs as a consequence of casualties; (i) penalties and late charges attributable to Landlord’s failure to pay construction costs; and (j) costs due to compliance with the soil management plan for the Project or its appendices.

Appears in 1 contract

Samples: Lease (Bolt Biotherapeutics, Inc.)

Tenant Improvement Allowance. If and for as long as Tenant is not in default under this Lease beyond any applicable grace period, Tenant shall be entitled to a one-time tenant improvement allowance in an amount equal to $10,758 (the "Tenant Improvement Allowance") in the amount of Three Hundred Thousand and No/100 Dollars ($300,000.00), for the costs relating to the initial design and construction of Tenant's improvements, which are permanently affixed to the Expansion Premises or which are "Tenant Improvement Allowance Items," or as that term is defined in Section 2.2.1, below (collectively, the "AllowanceTenant Improvements"). The In no event shall Landlord be obligated to make disbursements pursuant to this Tenant Work Letter or otherwise in connection with Tenant's construction of the Tenant Improvements or any Tenant Improvement Allowance shall be applied to the Work Cost. Tenant shall pay the entire amount of the Work Cost which is in excess of the Allowance. Landlord shall have no obligation to proceed with any Tenant Improvements until its receipt from Tenant of any such excess amounts. The Allowance may not be used toward any "soft costs" related to purchase or installation of Tenant's wiring of telephoneItems, data and communications, fixtures, furniture or equipment, unless expressly provided herein. The payment of any such amounts by Tenant shall not be considered Additional Rent. Tenant shall not receive cash or any credit against Rent for any unused portion of the Allowance, if the Work Cost is less than the Allowance. Within ten days after receipt of the contractor's estimate of the anticipated Work Cost (subject to Value Engineering by Tenant), Tenant shall pay Landlordas defined below, in cash, a total amount which exceeds the difference between the estimated Work Cost and sum of the Tenant Improvement Allowance. Upon final completion All Tenant Improvements for which the Tenant Improvement Allowance has been made available shall be deemed Landlord's property under the terms of the Tenant ImprovementsLease, as amended; provided, however, Landlord will provide a final accounting may, by written notice to Tenant given concurrently with Landlord's approval of the Work Cost and Tenant shall pay any amounts "Final Working Drawings", as that term is defined in excess Section 3.3, below, require Tenant, prior to the end of the Allowance then due not previously paid by Tenant within ten days after receipt Expansion Term, or given following any earlier termination of Landlord's invoice. Such payments by Tenant shall not be considered Additional Rent. this Lease, as amended, at Tenant's right expense, to application remove any Tenant Improvements which are reasonably be deemed to be Specialty Alterations (as that term is defined in Section 8.5 of the Lease) and to repair any damage to the Expansion Premises and Building caused by such removal and return the affected portion of the Expansion Premises to a Building standard general office condition. Any portion of the Tenant Improvement Allowance shall expire 180 days after that is not disbursed or allocated for disbursement by the date which is twelve (12) months following the Expansion Commencement Date. Any requests for reimbursement submitted , shall revert to Landlord after such date shall not be paid from the Allowance and Tenant shall thereafter be solely responsible for the costs of the Tenant Improvements without reimbursement from Landlord. The have no further rights granted to Tenant under this section to the Allowance are personal to the original named Tenant in this Lease and may not be assigned or exercised by or for the benefit of anyone (including, any subtenant) other than such Tenant. If after Tenant has been granted all or any portion of the Allowance, the Lease Term is terminated by virtue of a default by Tenant or Landlord resumes possession of the Premises as a result of Tenant's default, in addition to all other available damages and remedies, Landlord shall also be entitled to recover from Tenant the unamortized portion (calculated using an interest rate of 12% per annum compounded monthly) of the Tenant Improvement Allowance, which sum shall not be deemed rent. This obligation of Tenant to repay the unamortized balance of the Tenant Improvement Allowance to Landlord shall survive the expiration or sooner termination of the Lease Term. No Construction Management Fee shall be paid by Tenant to Landlord on any amount under $10,000with respect thereto.

Appears in 1 contract

Samples: Lease (BioAtla, Inc.)

Tenant Improvement Allowance. If Tenant acknowledges that except as otherwise described herein, the Premises are leased to Tenant for the First Renewal Term in its “as-is” condition as of the date of this Amendment and for as long as Tenant that Landlord is not obligated to make any improvements to the Premises. At anytime during the period of January 1, 2015 – December 31, 2016, Tenant, at Tenant’s request, shall have the right to make such improvements to the Premises as are approved by Landlord, such approval not to be unreasonably withheld, conditioned or delayed. Landlord hereby grants Tenant an allowance not to exceed One Million Five Hundred Thirty Thousand Seventy Five and 00/100 Dollars ($1,530,075.00) (the “Allowance”) towards the costs of such improvements. Such improvements shall be subject to the provisions of Section 10 of the Lease. Tenant shall be responsible for preparing all construction documents (“Tenant’s Construction Documents”), subject to Landlord’s prior consent, which consent shall not be unreasonably withheld, conditioned or delayed. Tenant shall submit to Landlord completed construction documents for Landlord’s review and approval. Within ten (10) business days following Landlord’s receipt of the Tenant Construction Documents, Landlord shall review, and in default under this Lease beyond Landlord’s reasonable discretion, either approve the same or notify Tenant of Landlord’s objections thereto and, if applicable, Landlord’s proposed modifications. If Landlord has any applicable grace periodobjections to the Tenant Construction Documents, Landlord shall identify such objections in a written notice to Tenant. Within five (5) business days of receiving Landlord’s objections, Tenant shall be entitled address the objections and deliver revised Tenant Construction Documents to a tenant improvement allowance Landlord for approval in an amount equal to $10,758 ("Tenant Improvement Allowance" or "Allowance")the same manner. The Tenant Improvement Allowance Construction Documents shall be applied conform to all Legal Requirements applicable to the Work CostTenant Work, and to Landlord’s rules and regulations concerning Building safety, fire and protection of persons from injury. Tenant shall pay Notwithstanding the entire amount of the Work Cost which is in excess of the Allowance. Landlord shall have no obligation to proceed with any Tenant Improvements until its receipt from Tenant of any such excess amounts. The Allowance may not be used toward any "soft costs" related to purchase or installation of Tenant's wiring of telephoneforegoing, data and communications, fixtures, furniture or equipment, unless expressly provided herein. The payment of any such amounts by Tenant shall not be considered Additional Rent. Tenant shall not receive cash or any credit against Rent for any unused portion of the Allowance, if the Work Cost is less than the Allowance. Within ten days after receipt of the contractor's estimate of the anticipated Work Cost (subject to Value Engineering by Tenant), Tenant shall pay Landlord, in cash, the difference between the estimated Work Cost and the Tenant Improvement Allowance. Upon final completion ’s approval of the Tenant Improvements, Construction Documents shall not constitute a representation or warranty by Landlord will provide a final accounting of that the Work Cost and Tenant Construction Documents are in compliance with building codes or other applicable laws. Tenant’s improvements shall be referred to as the “Tenant’s Work.” Tenant shall pay any amounts in excess of the Allowance then due not previously paid by Tenant within ten days after receipt of Landlord's invoice. Such payments by Tenant shall not be considered Additional Rent. Tenant's right to application of the Tenant Improvement Allowance shall expire 180 days after the Commencement Date. Any requests apply for reimbursement submitted and obtain all required permits and deliver copies thereof to Landlord after prior to commencing Tenant’s Work. In such date shall not be paid from the Allowance and Tenant shall thereafter be solely responsible for the costs of the Tenant Improvements without reimbursement from Landlord. The rights granted to Tenant under this section to the Allowance are personal to the original named Tenant in this Lease and may not be assigned or exercised by or for the benefit of anyone (including, any subtenant) other than such Tenant. If after Tenant has been granted all or any portion of the Allowance, the Lease Term is terminated by virtue of a default by Tenant or Landlord resumes possession of the Premises as a result of Tenant's default, in addition to all other available damages and remediesevent, Landlord shall also be entitled to recover from Tenant disburse the unamortized portion (calculated using an interest rate of 12% per annum compounded monthly) of Allowance in accordance with the Tenant Improvement Allowance, which sum shall not be deemed rent. This obligation of Tenant to repay the unamortized balance of the Tenant Improvement Allowance to Landlord shall survive the expiration or sooner termination of the Lease Term. No Construction Management Fee shall be paid by Tenant to Landlord on any amount under $10,000.following provisions:

Appears in 1 contract

Samples: Agreement of Lease (Osiris Therapeutics, Inc.)

Tenant Improvement Allowance. If and for as long as Tenant is not in default under Subject to the terms of this Lease beyond any applicable grace periodExhibit B, Tenant shall be entitled to an allowance in the amount of Two Million Six Hundred Forty-One Thousand Six Hundred and No/100 Dollars ($2,641,600.00) (i.e., $25.00 per rentable square foot of the Premises) (the "Base Allowance") for the costs relating to the Improvement Allowance Items. Notwithstanding the terms and conditions set forth in this Exhibit B, Tenant shall be entitled, pursuant to a tenant improvement allowance written notice (the "Additional Allowance Notice") delivered to Landlord, to a one-time increase (the "Additional Allowance") in the Base Allowance in an amount equal not to exceed $10,758 1,056,640.00 (i.e., $10.00 per rentable square foot of the Premises), for the costs relating to the Improvement Allowance Items. The Base Allowance together with the Additional Allowance shall sometimes be collectively referred to herein as the "Tenant Improvement Allowance" or "Allowance"). The In the event that Tenant Improvement Allowance shall be applied to the Work Cost. Tenant shall pay the entire amount of the Work Cost which is in excess of the Allowance. Landlord shall have no obligation to proceed with any Tenant Improvements until exercises its receipt from Tenant of any such excess amounts. The Allowance may not be used toward any "soft costs" related to purchase or installation of Tenant's wiring of telephone, data and communications, fixtures, furniture or equipment, unless expressly provided herein. The payment of any such amounts by Tenant shall not be considered Additional Rent. Tenant shall not receive cash or any credit against Rent for any unused portion of the Allowance, if the Work Cost is less than the Allowance. Within ten days after receipt of the contractor's estimate of the anticipated Work Cost (subject to Value Engineering by Tenant), Tenant shall pay Landlord, in cash, the difference between the estimated Work Cost and the Tenant Improvement Allowance. Upon final completion of the Tenant Improvements, Landlord will provide a final accounting of the Work Cost and Tenant shall pay any amounts in excess of the Allowance then due not previously paid by Tenant within ten days after receipt of Landlord's invoice. Such payments by Tenant shall not be considered Additional Rent. Tenant's right to application of the Tenant Improvement Allowance shall expire 180 days after the Commencement Date. Any requests for reimbursement submitted to Landlord after such date shall not be paid from the Allowance and Tenant shall thereafter be solely responsible for the costs of the Tenant Improvements without reimbursement from Landlord. The rights granted to Tenant under this section to the Allowance are personal to the original named Tenant in this Lease and may not be assigned or exercised by or for the benefit of anyone (including, any subtenant) other than such Tenant. If after Tenant has been granted use all or any portion of the Additional Allowance, then such portion of the Additional Allowance shall be repaid by Tenant to Landlord by increasing Tenant's monthly Base Rent hereunder by the amount required to fully amortize such portion of the Additional Allowance over the initial Term, in sixty-two (62) equal monthly installments, commencing upon the Commencement Date and continuing on the first day of each calendar month thereafter through the Expiration Date (the "Allowance Rent"). Such amortization shall be calculated together with interest at the rate of seven percent (7%) per annum. In the event Tenant elects to utilize all or any portion of the Additional Allowance, then (i) the parties shall promptly execute an amendment (the "Amendment") to the Lease Term is terminated setting forth the monthly Base Rent as increased by virtue of a default by the Allowance Rent, and (ii) Tenant or Landlord resumes possession shall pay to Landlord, concurrently with Xxxxxx's execution and delivery of the Premises as a result of Tenant's defaultAmendment to Landlord, in addition an amount equal to all other available damages and remedies, Landlord shall also be entitled to recover from Tenant the unamortized portion (calculated using an interest rate of 12% per annum compounded monthly) first installment of the Tenant Improvement AllowanceAllowance Rent payment. Notwithstanding anything contained herein to the contrary, which sum shall not be deemed rent. This obligation of Tenant to repay the unamortized balance of the Tenant Improvement Allowance to Landlord shall survive the expiration or sooner termination of the Lease Term. No Construction Management Fee shall only be paid by Tenant to Landlord on any amount under $10,000available for disbursement until March 31, 2021.

Appears in 1 contract

Samples: Lease (Gigamon Inc.)

Tenant Improvement Allowance. If 5.1. During the period commencing on the date this Agreement shall be executed and for delivered by the parties and expiring on September 30, 2014 (the “Alterations Outside Completion Date”), subject to extension by reason of Force Majeure (as long as Tenant such term is not in default under this Lease beyond any applicable grace perioddefined below), Tenant shall perform and substantially complete extensive alterations and improvements constituting Tenant’s Work in and to (i) the Premises and (ii) the Broadway side lobby and passenger elevator cabs in the Building which shall include new wall finishes, new lobby attendant reception desk, new interior lighting, new stainless steel stair doors, new paint finishes, new flooring and installation of pre-positioned electrical and computer cabling to allow for a new digital tenant directory to be entitled installed in the lobby at a later date, and new paneling, new flooring and new lighting in the elevator cabs (all of such alterations and improvements in and to the Premises and the Broadway side lobby and passenger elevator cabs in the Building are hereinafter collectively referred to as “Tenant’s Alterations”, and the portion of Tenant’s Alterations consisting of such alterations and improvements to the Broadway side lobby and passenger elevator cabs in the Building which are expressly specified and set forth above are hereinafter collectively referred to as the “Lobby and Elevator Alterations”), costing not less than a tenant improvement allowance minimum of $3,500,000.00 for all of Tenant’s Alterations. Such minimum required cost of Tenant’s Alterations in an the amount equal of $3,500,000.00 shall be inclusive of (a) reasonable costs incurred by Tenant to perform the Lobby and Elevator Alterations at a minimum cost of $10,758 350,000.00 and ("Tenant Improvement Allowance" or "Allowance"b) so-called “soft costs” such as costs for architectural fees and engineering fees (limited for purposes of meeting such required minimum cost to the sum of $270,000.00). The Tenant Improvement Allowance shall be applied reasonable cost of the Lobby and Elevator Alterations, performed at a minimum cost of $350,000.00, together with soft costs not exceeding the sum of $270,000.00, are hereinafter collectively referred to as the Work Cost“Included Costs”. In accordance with the applicable provisions of the Lease, Tenant shall pay the entire amount of the Work Cost which is submit to Owner, for Owner’s review and approval, proposed complete and detailed architectural, electrical, plumbing, mechanical and engineering plans and specifications in excess of the Allowance. Landlord shall have no obligation to proceed with any Tenant Improvements until its receipt from Tenant of any such excess amounts. The Allowance may not be used toward any "soft costs" related to purchase or installation respect of Tenant's wiring of telephone, data and communications, fixtures, furniture or equipment, unless expressly provided herein. The payment of any such amounts by Tenant shall not be considered Additional Rent’s Alterations. Tenant shall not receive cash or any credit against Rent for any unused portion commence Tenant’s Alterations unless and until Tenant shall have received Owner’s final written approval of Tenant’s plans and specifications in respect thereof in accordance with the applicable provisions of the Allowance, if the Work Cost is less than the Allowance. Within ten days after receipt of the contractor's estimate of the anticipated Work Cost (subject to Value Engineering by Tenant), Tenant shall pay Landlord, in cash, the difference between the estimated Work Cost and the Tenant Improvement Allowance. Upon final completion of the Tenant Improvements, Landlord will provide a final accounting of the Work Cost and Tenant shall pay any amounts in excess of the Allowance then due not previously paid by Tenant within ten days after receipt of Landlord's invoice. Such payments by Tenant shall not be considered Additional RentLease. Tenant's right to application of the Tenant Improvement Allowance shall expire 180 days after the Commencement Date. Any requests for reimbursement submitted to Landlord after such date shall not be paid from the Allowance and Tenant shall thereafter be solely responsible ’s contractors for the costs of the Tenant Improvements without reimbursement from Landlord. The rights granted to Tenant under this section to the Allowance are personal to the original named Tenant in this Lease and may not be assigned or exercised by or for the benefit of anyone (including, any subtenant) other than such Tenant. If after Tenant has been granted all or any portion of the Allowance, the Lease Term is terminated by virtue of a default by Tenant or Landlord resumes possession of the Premises as a result performance of Tenant's default, in addition to all other available damages and remedies, Landlord shall also be entitled to recover from Tenant the unamortized portion (calculated using an interest rate of 12% per annum compounded monthly) of the Tenant Improvement Allowance, which sum shall not be deemed rent. This obligation of Tenant to repay the unamortized balance of the Tenant Improvement Allowance to Landlord shall survive the expiration or sooner termination of the Lease Term. No Construction Management Fee ’s Alterations shall be paid by Tenant reputable, licensed, third party contractors reasonably satisfactory to Landlord on any amount under $10,000Owner.

Appears in 1 contract

Samples: Seventh Lease Modification Agreement (Take Two Interactive Software Inc)

Tenant Improvement Allowance. If and for as long as Tenant is not in default under this Lease beyond any applicable grace period, Tenant shall be entitled to a one-time tenant improvement allowance (the “Expansion Space A Allowance”) in an the amount equal of Two Hundred Eighty-One Thousand Three Hundred Seventy Dollars ($281,370) (equivalent to $10,758 ("Tenant Improvement Allowance" or "Allowance"15.00 per rentable square foot of Expansion Space A). The Tenant Improvement Allowance shall be applied , to the Work Cost. Tenant shall pay the entire amount of the Work Cost which is in excess of the Allowance. Landlord shall have no obligation to proceed with any Tenant Improvements until its receipt from Tenant of any such excess amounts. The Allowance may not be used toward any "soft costs" related to purchase or installation of Tenant's wiring of telephone, data and communications, fixtures, furniture or equipment, unless expressly provided herein. The payment of any such amounts by Tenant shall not be considered Additional Rent. Tenant shall not receive cash or any credit against Rent for any unused portion of the Allowance, if the Work Cost is less than the Allowance. Within ten days after receipt of the contractor's estimate of the anticipated Work Cost (subject to Value Engineering by Tenant), Tenant shall pay Landlord, in cash, the difference between the estimated Work Cost and the Tenant Improvement Allowance. Upon final completion of the Tenant Improvements, Landlord will provide a final accounting of the Work Cost and Tenant shall pay any amounts in excess of the Allowance then due not previously paid by Tenant within ten days after receipt of Landlord's invoice. Such payments by Tenant shall not be considered Additional Rent. Tenant's right to application of the Tenant Improvement Allowance shall expire 180 days after the Commencement Date. Any requests for reimbursement submitted to Landlord after such date shall not be paid from the Allowance and Tenant shall thereafter be solely responsible for the costs of the Tenant Improvements without reimbursement from Landlord. The rights granted to Tenant under this section relating to the Allowance design, engineering, permitting, management and construction of Tenant’s initial improvements (“Tenant Improvements”) which are personal permanently affixed to the original named Tenant in this Lease Expansion Space A and may not be assigned or exercised by or for the benefit of anyone (including, any subtenant) other than such Tenant. If after “Soft Costs” defined below which pertain to Expansion Space A. Tenant has been granted all or any portion of the Allowance, the Lease Term is terminated by virtue of a default by Tenant or Landlord resumes possession of the Premises as a result of Tenant's default, in addition to all other available damages and remedies, Landlord shall also be entitled to recover from a one-time tenant improvement allowance (the “Expansion Space B Allowance”) in the amount of Forty-One Thousand Eight Hundred Ninety-Dollars ($41,890) (equivalent to $5.00 per rentable square feet of Expansion Space B), to be used solely for the costs relating to the design, engineering, permitting, management and construction of Tenant Improvements which are permanently affixed to Expansion Space A or Expansion Space B and for the unamortized portion (calculated using an interest rate “Soft Costs” defined below which pertain to Expansion Space A or Expansion Space B. The Expansion Space A Allowance and the Expansion Space B Allowance are sometimes referred to collectively herein as the “Tenant Improvement Allowance.” In no event shall Landlord be obligated to make disbursements of 12% per annum compounded monthly) of its own funds pursuant to this Tenant Work Letter in a total amount which exceeds the Tenant Improvement Allowance, which sum shall not be deemed rent. This obligation of Tenant to repay the unamortized balance of the Tenant Improvement Allowance to Landlord shall survive the expiration or sooner termination of the Lease Term. No Construction Management Fee shall be paid by Tenant to Landlord on any amount under $10,000.

Appears in 1 contract

Samples: Lease (Cornerstone OnDemand Inc)

Tenant Improvement Allowance. If and for as long as Tenant is not in default under this Lease beyond any applicable grace period, Tenant shall be entitled to a one-time tenant improvement allowance in an amount equal to $10,758 ("the “Tenant Improvement Allowance" or "Allowance"). The Tenant Improvement Allowance shall be applied ”) in the amount set forth in Section 5 of the Summary for the costs relating to the Work Cost. Tenant shall pay the entire amount of the Work Cost which is in excess of the Allowance. Landlord shall have no obligation to proceed with any Tenant Improvements until its receipt from Tenant of any such excess amounts. The Allowance may not be used toward any "soft costs" related to purchase or installation initial design and construction of Tenant's wiring of telephone’s improvements, data and communicationswhich are permanently affixed to the Premises (the “Tenant Improvements”), fixtures, furniture or equipment, unless expressly except as otherwise provided herein. The payment of any such amounts by In no event shall Landlord be obligated to make disbursements pursuant to this Tenant shall not be considered Additional Rent. Tenant shall not receive cash or any credit against Rent for any unused portion of the Allowance, if the Work Cost is less than the Allowance. Within ten days after receipt of the contractor's estimate of the anticipated Work Cost (subject to Value Engineering by Tenant), Tenant shall pay Landlord, Letter in cash, the difference between the estimated Work Cost and a total amount which exceeds the Tenant Improvement Allowance. Upon final completion In the event that the Tenant Improvement Allowance is not fully utilized by Tenant on or before the third (3rd) anniversary of the Tenant ImprovementsLease Commencement Date, Landlord will provide a final accounting then, subject to the remaining terms of the Work Cost this Section 2.1.1, such unused amounts shall revert to Landlord, and Tenant shall pay any amounts in excess have no further rights with respect thereto. All Tenant Improvements for which the Tenant Improvement Allowance has been made available shall be deemed Landlord’s property under the terms of the Allowance then due not previously paid by Tenant within ten days after receipt of Landlord's invoice. Such payments by Lease and Tenant shall not be considered Additional Rent. Tenant's right required to application of the Tenant Improvement Allowance shall expire 180 days after the Commencement Date. Any requests for reimbursement submitted to Landlord after such date shall not be paid from the Allowance and Tenant shall thereafter be solely responsible for the costs of remove the Tenant Improvements without reimbursement from Landlord. The rights granted to Tenant under this section to the Allowance are personal to the original named Tenant in this Lease and may not be assigned or exercised by or for the benefit of anyone (including, any subtenant) other than such Tenant. If after Tenant has been granted all or any portion of the Allowance, the Lease Term is terminated by virtue of a default by Tenant or Landlord resumes possession of the Premises as a result of Tenant's default, in addition to all other available damages and remedies, Landlord shall also be entitled to recover from Tenant the unamortized portion (calculated using an interest rate of 12% per annum compounded monthly) of the Tenant Improvement Allowance, which sum shall not be deemed rent. This obligation of Tenant to repay the unamortized balance of the Tenant Improvement Allowance to Landlord shall survive upon the expiration or sooner of earlier termination of the Lease Term. No Construction Management Fee shall be paid In the event that the Tenant Improvement Allowance is not fully utilized by Tenant following the Substantial Completion of the Tenant Improvements (such unused amount to be known as the “Unused TIA”), then Tenant may, by written notice to Landlord or before the Lease Commencement Date, elect to either (i) receive a credit against Base Rent otherwise due and owing under this Lease commencing on any the first (1st) day of Lease Month 13 (provided that Landlord may, upon thirty (30) days’ prior notice to Tenant and at Landlord’s sole option, elect to accelerate the credit against Base Rent and apply the same to an earlier Lease Month(s) as designated by Landlord in such notice), in an amount under equal to fifty percent (50%) of the Unused TIA, not to exceed a total of two (2) months of Base Rent EXHIBIT B -1- HCP, INC. Sorrento Gateway [Sorrento Therapeutics, Inc.] (calculated at the Base Rent for Month 13), or (ii) apply the Unused TIA to improvements or alterations constructed by Tenant, prior to the third (3rd) anniversary of the Lease Commencement Date, in that certain building located at 0000 Xxxxxxxx Xxxxx, Xxx Xxxxx, Xxxxxxxxxx 00000 (the “9380 JD Building”), which 9380 JD Building is owned by an affiliate of Landlord, not to exceed a total of $10,000920,244.00 (i.e., $12.00 per rentable square foot of the Premises).

Appears in 1 contract

Samples: Sorrento Gateway Lease (Sorrento Therapeutics, Inc.)

Tenant Improvement Allowance. If and for as long as Tenant is not in default under this Lease beyond any applicable grace period, Tenant shall be entitled to a one-time tenant improvement allowance in an amount equal to $10,758 ("the “Tenant Improvement Allowance" or "Allowance"”) in the amount of up to, but not exceeding $5.00 per useable square foot of the 2nd and 3rd Floor Space and $10.00 per useable square foot for the 1st Floor Space ($386,220 in the aggregate for the Premises), for the costs relating to the initial design and construction of Tenant’s improvements which are permanently affixed to the Premises (the “Tenant Improvements”). The Tenant Improvement Allowance shall may only be applied utilized by Tenant pursuant to the terms of this Tenant Work CostLetter for permissible expenditures or rent abatement, if applicable, occurring prior to April 30, 2008. Tenant shall pay the entire amount At Tenant’s election, up to fifty percent (50%) of the Work Cost which is in excess of the Allowance. Landlord shall have no Tenant Improvement Allowance may be used for Tenant’s costs relating to IT, furniture, telecommunications, and moving costs, and up to fifty percent (50%) may be used as a credit against Tenants obligation to proceed with any Tenant Improvements until its receipt from Tenant of any such excess amountspay Base Rent. The Allowance may not be used toward any "soft costs" related to purchase or installation Irrespective of Tenant's wiring ’s use of telephone, data and communications, fixtures, furniture or equipment, unless expressly provided herein. The payment of any such amounts by Tenant shall not be considered Additional Rent. Tenant shall not receive cash or any credit against Rent for any unused portion of the Allowance, if the Work Cost is less than the Allowance. Within ten days after receipt of the contractor's estimate of the anticipated Work Cost (subject to Value Engineering by Tenant), Tenant shall pay Landlord, in cash, the difference between the estimated Work Cost and the Tenant Improvement Allowance. Upon final completion of the , whether used (i) for Tenant Improvements, Landlord will provide (ii) up to fifty percent (50%) used for IT, furniture, telecommunications, moving costs, and/or (iii) up to fifty percent (50%) used as a final accounting of credit against Base Rent, the Work Cost and Tenant shall pay any amounts in excess of the Allowance then due not previously paid by Tenant within ten days after receipt of Landlord's invoice. Such payments by Tenant shall not be considered Additional Rent. Tenant's right to utilization or application of the Tenant Improvement Allowance shall expire 180 days after the Commencement Datemust have occurred no later than April 30, 2008. Any requests for reimbursement submitted to Landlord after such date shall not be paid from the Allowance and After April 30, 2008, Tenant shall thereafter be solely responsible for have-no-right in or to the costs unused portion of the Tenant Improvements without reimbursement from Landlordimprovement Allowance. The rights granted In no event shall Landlord be obligated to make disbursements pursuant to this Tenant under this section to the Allowance are personal to the original named Tenant Work Letter in this Lease and may not be assigned or exercised by or for the benefit of anyone (including, any subtenant) other than such Tenant. If after Tenant has been granted all or any portion of the Allowance, the Lease Term is terminated by virtue of a default by Tenant or Landlord resumes possession of the Premises as a result of Tenant's default, in addition to all other available damages and remedies, Landlord shall also be entitled to recover from Tenant the unamortized portion (calculated using an interest rate of 12% per annum compounded monthly) of the Tenant Improvement Allowance, total amount which sum shall not be deemed rent. This obligation of Tenant to repay the unamortized balance of exceeds the Tenant Improvement Allowance or obligated to make disbursements for expenditures which occur after April 30, 2008. Tenant shall be entitled to a maximum amount of $193,110 credit against its obligation to pay Base Rent or may use up to $193,110 for costs incurred by Tenant in conjunction with the Premises and related to IT, furniture, telecommunications and/or moving costs(“Alternate TI Use Error! Bookmark not defined.”). If Tenant desires to utilize the Alternate TI Use, Tenant shall notify Landlord of Tenant’s election in writing, together with all backup documentation sufficient in Landlord’s reasonable determination, evidencing such expenditures, no later than March 1, 2008. For purposes of this Section 2.1, “IT” shall survive include the expiration or sooner termination hardware, software and infrastructure of the Lease Term. No Construction Management Fee shall be paid by Tenant to Landlord on any amount under $10,000Tenant.

Appears in 1 contract

Samples: Office Lease (Active Network Inc)

Tenant Improvement Allowance. If and for as long as A Tenant is not in default under this Lease beyond any applicable grace period, Tenant shall be entitled to a tenant improvement allowance in an amount equal to $10,758 Improvement Allowance (the "Tenant Improvement Allowance" or "Allowance") of up to $64,440.00 (i.e., $5.00 per square foot ---------------------------- of the Fifth Expansion Space) shall be made available to Tenant for the construction of the Tenant Improvements on the terms and conditions set forth herein. Tenant agrees and acknowledges that the Fifth Expansion Space Base Monthly Rent shall be increased by $0.0254 per square foot for each $1.00 of the Tenant Improvement Allowance that is used by Tenant. Thus, if the entire Tenant Improvement Allowance is used by Tenant, the Fifth Expansion Space Base Monthly Rent would be increased by $1,636.78 per month (i.e., $64,440.00 x $0.0254). In the event any portion of the Tenant Improvement Allowance is used by Tenant, Landlord and Tenant agree to enter into an amendment to the Lease to reflect such increase to the Fifth Expansion Space Base Monthly Rent. The Tenant Improvement Allowance shall be applied against the costs and expenses incurred in connection with the performance of the Tenant Improvements work, including the design, permitting, demolition, procurement of supplies and materials, construction and installation of the Tenant Improvements. The Tenant Improvement Allowance shall be used for standard interior improvements within the Premises. None of the Tenant Improvement Allowance shall be used for specialized improvements, cabling, equipment, trade fixtures, rent or relocation expenses. Not sooner than the date on which the Tenant Improvements work within the Premises has been commenced, Tenant may submit invoices to Landlord for payment out of the Work CostTenant Improvement Allowance to reimburse Tenant or to pay Tenant's contractor directly (if so requested by Tenant) for Tenant Improvements costs incurred for work actually performed within the Premises. Following Landlord's receipt of such invoices, Landlord shall within thirty (30) days thereafter pay Tenant for the amount requested in such invoice; provided in no event shall Landlord be obligated to pay Tenant more than the entire maximum amount of the Work Cost which is Tenant Improvement Allowance. Any expenses incurred by Tenant for the Tenant Improvements work in excess of the AllowanceTenant Improvement Allowance shall be at Tenant's sole cost and expense. Landlord shall have no obligation to proceed with disburse any Tenant Improvements until its receipt from Tenant of any such excess amounts. The Allowance may not be used toward any "soft costs" related to purchase or installation of Tenant's wiring of telephone, data and communications, fixtures, furniture or equipment, unless expressly provided herein. The payment of any such amounts by Tenant shall not be considered Additional Rent. Tenant shall not receive cash or any credit against Rent for any unused portion of the Allowance, if the Work Cost is less than the Allowance. Within ten days after receipt of the contractor's estimate of the anticipated Work Cost (subject to Value Engineering by Tenant), Tenant shall pay Landlord, in cash, the difference between the estimated Work Cost and the Tenant Improvement Allowance. Upon final completion of the Tenant Improvements, Landlord will provide a final accounting of the Work Cost and Tenant shall pay any amounts in excess of the Allowance then due not previously paid by Tenant within ten days after receipt of Landlord's invoice. Such payments by Tenant shall not be considered Additional Rent. Tenant's right to application of the Tenant Improvement Allowance shall expire 180 days for invoices that are received by Landlord on or after the sixtieth (60th) day following the Fifth Expansion Space Commencement Date. Any requests for reimbursement submitted to Landlord after such date shall not be paid from the Allowance and Tenant shall thereafter be solely responsible for the costs of the Tenant Improvements without reimbursement from Landlord. The rights granted to Tenant under this section to the Allowance are personal to the original named Tenant in this Lease and may not be assigned or exercised by or for the benefit of anyone (including, any subtenant) other than such Tenant. If after Tenant has been granted all or any portion of the Allowance, the Lease Term is terminated by virtue of a default by Tenant or Landlord resumes possession of the Premises as a result of Tenant's default, in addition to all other available damages and remedies, Landlord shall also be entitled to recover from Tenant the unamortized portion (calculated using an interest rate of 12% per annum compounded monthly) of the Tenant Improvement Allowance, which sum shall not be deemed rent. This obligation of Tenant to repay the unamortized balance of the Tenant Improvement Allowance to Landlord shall survive the expiration or sooner termination of the Lease Term. No Construction Management Fee shall be paid by Tenant to Landlord on any amount under $10,000.

Appears in 1 contract

Samples: Tenant Improvement Agreement (Pericom Semiconductor Corp)

Tenant Improvement Allowance. If and for as long as Tenant is not in default under this Lease beyond any applicable grace period, Tenant shall be entitled to a one-time tenant improvement allowance in an the amount equal of (i) $358,060.00 with respect to the Building F Premises and the Building A Premises (i.e., Five Dollars ($10,758 5.00) per rentable square foot of the Premises multiplied by 71,612 rentable square feet of the Building F Premises and the Building A Premises) ("the “Existing Premises Tenant Improvement Allowance" or "”), and (ii) Five Dollars ($5.00) per rentable square foot of the Substitute Premises (which includes the Building B Substitute Premises and the Building D Substitute Premises), which final amount shall be calculated once the rentable square footage of the Building B Substitute Premises has been determined pursuant to Section 2.1 of the Fourth Amendment) (the “Substitute Premises Tenant Improvement Allowance"” and, collectively with the Existing Premises Tenant Improvement Allowance, the “Tenant Improvement EXHIBIT B -1- Allowance”), for the costs relating to the design and construction of Tenant’s improvements, which are permanently affixed to the Premises (the “Tenant Improvements”). The In no event shall Landlord be obligated to make disbursements pursuant to this Tenant Work Letter in a total amount which exceeds the Tenant Improvement Allowance. As more particularly set forth in Section 8.5 of the Original Lease, all Tenant Improvements for which the Tenant Improvement Allowance has been made available shall be applied to deemed Landlord’s property under the Work Costterms of the Lease. Tenant shall pay the entire amount of the Work Cost which is in excess of the Allowance. Landlord shall have no obligation to proceed with any Tenant Improvements until its receipt from Tenant of any such excess amounts. The Allowance may not be used toward any "soft costs" related to purchase or installation of Tenant's wiring of telephone, data hereby acknowledges and communications, fixtures, furniture or equipment, unless expressly provided herein. The payment of any such amounts by Tenant shall not be considered Additional Rent. Tenant shall not receive cash or any credit against Rent for agrees that any unused portion of the Allowance, if the Work Cost is less than the Allowance. Within ten days after receipt of the contractor's estimate of the anticipated Work Cost (subject to Value Engineering by Tenant), Tenant shall pay Landlord, in cash, the difference between the estimated Work Cost and the Tenant Improvement Allowance. Upon final completion Allowance remaining as of the Tenant ImprovementsMay 31, 2014, shall revert to Landlord will provide a final accounting of the Work Cost and Tenant shall pay any amounts in excess of the Allowance then due not previously paid by Tenant within ten days after receipt of Landlord's invoice. Such payments by Tenant shall not be considered Additional Rent. Tenant's have no further right to application of the Tenant Improvement Allowance shall expire 180 days after the Commencement Date. Any requests for reimbursement submitted to Landlord after such date shall not be paid from the Allowance and Tenant shall thereafter be solely responsible for the costs of the Tenant Improvements without reimbursement from Landlord. The rights granted to Tenant under this section to the Allowance are personal to the original named Tenant in this Lease and may not be assigned or exercised by or for the benefit of anyone (including, any subtenant) other than such Tenant. If after Tenant has been granted all or any portion of the Allowance, the Lease Term is terminated by virtue of a default by Tenant or Landlord resumes possession of the Premises as a result of Tenant's default, in addition to all other available damages and remedies, Landlord shall also be entitled to recover from Tenant the unamortized portion (calculated using an interest rate of 12% per annum compounded monthly) of the Tenant Improvement Allowance, which sum shall not be deemed rent. This obligation of Tenant to repay the unamortized balance of the Tenant Improvement Allowance to Landlord shall survive the expiration or sooner termination of the Lease Term. No Construction Management Fee shall be paid by Tenant to Landlord on any amount under $10,000thereto.

Appears in 1 contract

Samples: Office Lease

Tenant Improvement Allowance. If and for At such time as long as the portion of the Abbott Premises being located in Building A becomes Must Take Premises, Landlord shall make available to Tenant is not in default under this Lease beyond any applicable grace period, Tenant shall be entitled to a tenant improvement allowance in an the amount equal to of $10,758 2,702,100.00 ("Tenant being Fifty Dollars ($50.00) per rentable square feet of that portion of the Must Take Premises being located in Building A) (the “Improvement Allowance" or "Allowance"”) for the design and construction of fixed and permanent improvements desired by and performed by Tenant and reasonably acceptable to Landlord in that portion of the Must Take Premises located in Building A (the “Tenant Improvements”), which Tenant Improvements shall be constructed pursuant to a scope of work reasonably acceptable to Landlord and Tenant. Landlord may require that the Tenant Improvements be commensurate with a modern workplace standard. The Tenant Improvement Allowance shall be applied to available only for the Work Costdesign and construction of the Tenant Improvements. Tenant shall pay acknowledges that upon the entire amount expiration of the Work Cost which is in excess Term of the Allowance. Landlord shall have no obligation to proceed with any Lease, the Tenant Improvements until its receipt from Tenant shall become the property of any such excess amounts. The Allowance Landlord and may not be used toward any "soft costs" related to purchase or installation removed by Tenant. Except for the Improvement Allowance, Tenant shall be solely responsible for all of Tenant's wiring the costs of telephone, data and communications, fixtures, furniture or equipment, unless expressly provided hereinthe Tenant Improvements. The payment Tenant Improvements shall be treated as Alterations and shall be undertaken pursuant to Section 5 of any such amounts this Lease. The contractor for the Tenant Improvements shall be selected by Tenant Tenant, subject to Landlord’s approval, which approval shall not be considered Additional Rentunreasonably withheld, conditioned or delayed. Tenant shall not receive cash or any credit against Rent for any unused portion of Prior to the Allowance, if the Work Cost is less than the Allowance. Within ten days after receipt of the contractor's estimate of the anticipated Work Cost (subject to Value Engineering by Tenant), Tenant shall pay Landlord, in cash, the difference between the estimated Work Cost and the Tenant Improvement Allowance. Upon final completion commencement of the Tenant Improvements, Landlord will provide a final accounting of the Work Cost and Tenant shall pay any amounts in excess of the Allowance then due not previously paid by Tenant within ten days after receipt of Landlord's invoice. Such payments by Tenant shall not be considered Additional Rent. Tenant's right to application of the Tenant Improvement Allowance shall expire 180 days after the Commencement Date. Any requests for reimbursement submitted deliver to Landlord after such date shall not be paid a copy of any contract with Tenant’s contractors, and certificates of insurance from the Allowance and Tenant shall thereafter be solely responsible for the costs any contractor performing any part of the Tenant Improvements without reimbursement evidencing industry standard commercial general liability, automotive liability, “builder’s risk”, and workers’ compensation insurance. Tenant shall cause the general contractor to provide a certificate of insurance naming Landlord, Alexandria Real Estate Equities, Inc., and Landlord’s lender (if any) as additional insureds for the general contractor’s liability coverages required above. Upon completion of the Tenant Improvements (and prior to any final disbursement of the Improvement Allowance) Tenant shall deliver to Landlord the following items: (i) sworn statements setting forth the names of all contractors and subcontractors who did work on the Tenant Improvements and final lien waivers from Landlordall such contractors and subcontractors; and (ii) “as built” plans, if available, for the Tenant Improvements. Notwithstanding the foregoing, if the cost of the Tenant Improvements exceeds the Improvement Allowance, Tenant shall be required to pay such excess in full prior to Landlord having any obligation to fund any remaining portion of the Improvement Allowance. The rights granted to Improvement Allowance shall only be available for use by Tenant under this section for the construction of the Tenant Improvements from the commencement Date of that portion of the Must Premises consisting of Building A through the date that is 36 months after the commencement date of such Building A portion of the Must Take Premises (the “Outside Improvement Allowance Date”). Any portion of the Improvement Allowance which has not been properly requested by Tenant from Landlord on or before the Outside Improvement Allowance Date shall be forfeited and shall not be available for use by Tenant. Tenant shall otherwise accept the Must Take Premises in their then as-is condition. Notwithstanding anything to the Allowance are personal to the original named Tenant contrary in this Lease and may not be assigned or exercised by or for the benefit of anyone (includingLease, any subtenant) other than such Tenant. If after Tenant has been granted all or shall have no rights to any portion of the Allowance, TI Allowance until the Lease Term is terminated by virtue of a default by Tenant or Landlord resumes possession commencement date with respect to that portion of the Premises as a result of Tenant's default, Must Take Space located in addition to all other available damages and remedies, Landlord shall also be entitled to recover from Tenant the unamortized portion (calculated using an interest rate of 12% per annum compounded monthly) of the Tenant Improvement Allowance, which sum shall not be deemed rent. This obligation of Tenant to repay the unamortized balance of the Tenant Improvement Allowance to Landlord shall survive the expiration or sooner termination of the Lease Term. No Construction Management Fee shall be paid by Tenant to Landlord on any amount under $10,000.Building A.

Appears in 1 contract

Samples: Lease Agreement (Quidel Corp /De/)

Tenant Improvement Allowance. If Tenant acknowledges that except as otherwise described herein, the Premises are leased to Tenant for the First Renewal Term in its “as-is” condition as of the date of this Amendment and for as long as Tenant that Landlord is not obligated to make any improvements to the Premises. At anytime during the period of January 1, 2015 — December 31, 2016, Tenant, at Tenant’s request, shall have the right to make such improvements to the Premises as are approved by Landlord, such approval not to be unreasonably withheld, conditioned or delayed. Landlord hereby grants Tenant an allowance not to exceed One Million Five Hundred Thirty Thousand Seventy Five and 00/100 Dollars ($1,530,075.00) (the “Allowance”) towards the costs of such improvements. Such improvements shall be subject to the provisions of Section 10 of the Lease. Tenant shall be responsible for preparing all construction documents (“Tenant’s Construction Documents”), subject to Landlord’s prior consent, which consent shall not be unreasonably withheld, conditioned or delayed. Tenant shall submit to Landlord completed construction documents for Landlord’s review and approval. Within ten (10) business days following Landlord’s receipt of the Tenant Construction Documents, Landlord shall review, and in default under this Lease beyond Landlord’s reasonable discretion, either approve the same or notify Tenant of Landlord’s objections thereto and, if applicable, Landlord’s proposed modifications. If Landlord has any applicable grace periodobjections to the Tenant Construction Documents, Landlord shall identify such objections in a written notice to Tenant. Within five (5) business days of receiving Landlord’s objections, Tenant shall be entitled address the objections and deliver revised Tenant Construction Documents to a tenant improvement allowance Landlord for approval in an amount equal to $10,758 ("Tenant Improvement Allowance" or "Allowance")the same manner. The Tenant Improvement Allowance Construction Documents shall be applied conform to all Legal Requirements applicable to the Work CostTenant Work, and to Landlord’s rules and regulations concerning Building safety, fire and protection of persons from injury. Tenant shall pay Notwithstanding the entire amount of the Work Cost which is in excess of the Allowance. Landlord shall have no obligation to proceed with any Tenant Improvements until its receipt from Tenant of any such excess amounts. The Allowance may not be used toward any "soft costs" related to purchase or installation of Tenant's wiring of telephoneforegoing, data and communications, fixtures, furniture or equipment, unless expressly provided herein. The payment of any such amounts by Tenant shall not be considered Additional Rent. Tenant shall not receive cash or any credit against Rent for any unused portion of the Allowance, if the Work Cost is less than the Allowance. Within ten days after receipt of the contractor's estimate of the anticipated Work Cost (subject to Value Engineering by Tenant), Tenant shall pay Landlord, in cash, the difference between the estimated Work Cost and the Tenant Improvement Allowance. Upon final completion ’s approval of the Tenant Improvements, Construction Documents shall not constitute a representation or warranty by Landlord will provide a final accounting of that the Work Cost and Tenant Construction Documents are in compliance with building codes or other applicable laws. Tenant’s improvements shall be referred to as the “Tenant’s Work.” Tenant shall pay any amounts in excess of the Allowance then due not previously paid by Tenant within ten days after receipt of Landlord's invoice. Such payments by Tenant shall not be considered Additional Rent. Tenant's right to application of the Tenant Improvement Allowance shall expire 180 days after the Commencement Date. Any requests apply for reimbursement submitted and obtain all required permits and deliver copies thereof to Landlord after prior to commencing Tenant’s Work. In such date shall not be paid from the Allowance and Tenant shall thereafter be solely responsible for the costs of the Tenant Improvements without reimbursement from Landlord. The rights granted to Tenant under this section to the Allowance are personal to the original named Tenant in this Lease and may not be assigned or exercised by or for the benefit of anyone (including, any subtenant) other than such Tenant. If after Tenant has been granted all or any portion of the Allowance, the Lease Term is terminated by virtue of a default by Tenant or Landlord resumes possession of the Premises as a result of Tenant's default, in addition to all other available damages and remediesevent, Landlord shall also be entitled to recover from Tenant disburse the unamortized portion (calculated using an interest rate of 12% per annum compounded monthly) of Allowance in accordance with the Tenant Improvement Allowance, which sum shall not be deemed rent. This obligation of Tenant to repay the unamortized balance of the Tenant Improvement Allowance to Landlord shall survive the expiration or sooner termination of the Lease Term. No Construction Management Fee shall be paid by Tenant to Landlord on any amount under $10,000.following provisions:

Appears in 1 contract

Samples: Agreement of Lease (Osiris Therapeutics, Inc.)

Tenant Improvement Allowance. If Prior to the Commencement Date and during Tenant’s continuing occupancy of the Premises, Landlord shall supervise the design, construction and installation of certain additional improvements in the Premises (the “Tenant Improvements”) in accordance with the Plans (as hereinafter defined) and the following terms and conditions. Tenant’s engineer, contractor, and/or architect shall, at Tenant’s sole cost and expense (as part of the Allowance (as hereinafter defined)), prepare the plans for the design, construction and installation of the Tenant Improvements (the “Plans”) which shall be subject to Landlord’s prior written approval, such approval not to be unreasonably withheld, and said engineer and contractor shall construct such Tenant Improvements in accordance with the Plans. The final Plans, as long reviewed and approved by Landlord and Tenant, shall be attached hereto as Exhibit “C.” Landlord shall contribute Four and 50/100 Dollars ($4.50) per rentable square foot of the Premises (the “Allowance”) toward only the following costs: (i) any cost of installing the Tenant Improvements on an “as completed” basis which is performed in accordance with the Plans and related to the work to be done for the purpose of preparing the Premises for Tenant’s occupancy and use, (ii) the cost of preparing the Plans, (iii) design costs for architectural, mechanical, plumbing and electrical design, (iv) construction documents and permits, and (v) a construction management fee equal to four percent (4.0%) of the total cost of constructing the Tenant Improvements to be paid to Landlord, which total cost of constructing Tenant Improvements shall not include the design costs for architectural, mechanical, plumbing and electrical design; provided, however, Tenant may elect to use a portion of the Allowance for costs associated with Tenant’s telephone and data cable lines installed in default under this Lease beyond the Premises to which a construction management fee shall not be applied. In the event that either prior to the commencement of the installation of the Tenant Improvements or at any applicable grace periodtime during or following the installation of the Tenant Improvements, the cost of the Tenant Improvements exceeds the Allowance or Tenant requests any change to the aforementioned Plans which has resulted or might result in an increase in the cost of the installation of such Tenant Improvements so that the cost exceeds the Allowance, then Tenant shall be responsible for promptly paying such increased costs within thirty (30) days after Landlord demands same. Notwithstanding the foregoing, any change order(s) requested by Tenant which will result in an increase in the cost of the construction and installation of the Tenant Improvements shall be agreed to in advance by Landlord and Tenant. In no event shall Landlord have any obligation to disburse any portion of the Allowance after the one year anniversary of the Commencement Date. Notwithstanding the foregoing, Tenant shall be entitled have the right to a tenant improvement allowance in an amount equal to $10,758 ("Tenant Improvement Allowance" or "Allowance"). The Tenant Improvement Allowance shall be applied to the Work Cost. Tenant shall pay the entire amount of the Work Cost which is in excess of the Allowance. Landlord shall have no obligation to proceed with any Tenant Improvements until its receipt from Tenant of any such excess amounts. The Allowance may not be used toward any "soft costs" related to purchase or installation of Tenant's wiring of telephone, data and communications, fixtures, furniture or equipment, unless expressly provided herein. The payment of any such amounts by Tenant shall not be considered Additional Rent. Tenant shall not receive cash or any credit against Rent for apply any unused portion of the AllowanceAllowance (not to exceed Twenty-Nine Thousand Three Hundred Sixty-Two and 50/100 Dollars ($29,362.50)) to one (1) monthly installment of Minimum Rental coming due hereunder at any time prior to November 30, if the Work Cost is less than the Allowance2007. Within ten days after receipt of the contractor's estimate of the anticipated Work Cost (subject to Value Engineering by Tenant), Tenant shall pay Landlord, in cash, the difference between the estimated Work Cost and the Tenant Improvement Allowance. Upon final completion of the Tenant Improvements, Landlord will provide a final accounting of the Work Cost and Tenant shall pay any amounts in excess Any savings or unused portion of the Allowance then due not previously paid by Tenant within ten days after receipt of Landlord's invoice. Such payments by Tenant shall not be considered Additional Rent. Tenant's right to application of the Tenant Improvement Allowance shall expire 180 days after the Commencement Date. Any requests for reimbursement submitted to Landlord after such date shall not be paid from the Allowance and Tenant shall thereafter be solely responsible for the costs of the Tenant Improvements without reimbursement from Landlord. The rights granted to Tenant under this section to are completed and after the Allowance are personal to the original named Tenant in this Lease and may not be assigned or exercised by or for the benefit application of anyone one (including, any subtenant1) other than such Tenant. If after Tenant has been granted all or any portion of the Allowance, the Lease Term is terminated by virtue of a default by Tenant or Landlord resumes possession of the Premises months Minimum Rental (as a result of Tenant's default, in addition to all other available damages and remedies, Landlord shall also be entitled to recover from Tenant the unamortized portion (calculated using an interest rate of 12% per annum compounded monthlyhereinabove provided) of the Tenant Improvement Allowance, which sum shall not be deemed rent. This obligation of Tenant to repay the unamortized balance of the Tenant Improvement Allowance to Landlord shall survive the expiration or sooner termination of the Lease Term. No Construction Management Fee shall be paid retained by Tenant to Landlord on any amount under $10,000Landlord.

Appears in 1 contract

Samples: Lease Agreement (Inspire Pharmaceuticals Inc)

Tenant Improvement Allowance. If and for as long as Tenant is not in default under this Lease beyond any applicable grace periodAfter January 1, 2015 (subject to the "Early Disbursement", defined below), Tenant shall be entitled to a tenant an improvement allowance in an amount equal to $10,758 (the "Tenant Improvement Allowance") in the amount of Fifteen and No/100 Dollars ($15.00) per rentable square foot of the Premises (i.e., $1,591,140.00) for the costs relating to the design and construction of Tenant's improvements, refurbishment work and other renovations to be performed by Tenant in the Premises or which are "Tenant Improvement Allowance Items," or as that term is defined in Section 2.2.1, below (collectively, the "AllowanceTenant Improvements"). All Tenant Improvements that have been paid for with or reimbursed from the Tenant Improvement Allowance shall be deemed Landlord's property under the terms of the Lease; provided, however, Landlord may, by written notice to Tenant given concurrently with Landlord's approval of the "Final Working Drawings", as that term is defined in Section 3.3, below, require Tenant, prior to the end of the Lease Term, or given following any earlier termination of the Lease, as amended hereby, at Tenant's expense, to remove any portion of the Tenant Improvements and to repair any damage to the Premises and Building caused by such removal and return the affected portion of the Premises to a condition with removed systems components capped, Building standard ceiling tiles in good condition, and sheet rock and floors patched and repaired to match existing conditions of the remainder of the Premises. The Tenant Improvement Allowance shall be applied to the Work Cost. Tenant shall pay the entire amount of the Work Cost which is in excess of the Allowance. Landlord shall have no obligation to proceed with any Tenant Improvements until its receipt from Tenant of any such excess amounts. The Allowance may not be used toward any "soft costs" related to by Tenant for the purchase or installation of Tenant's wiring of telephonefurniture, data and communications, fixtures, furniture fixtures or equipment, unless expressly provided herein. The payment of any such amounts by Tenant shall not be considered Additional Rent. Tenant shall not receive cash or for telephone or data cabling, or any credit against Rent for any unused portion of other personal property. Notwithstanding the Allowanceforegoing, if the Work Cost is less than the Allowance. Within ten days after receipt of the contractor's estimate of the anticipated Work Cost (subject up to Value Engineering by Tenant), Tenant shall pay Landlord, in cash, the difference between the estimated Work Cost and the Tenant Improvement Allowance. Upon final completion of the Tenant Improvements, Landlord will provide a final accounting of the Work Cost and Tenant shall pay any amounts in excess of the Allowance then due not previously paid by Tenant within ten days after receipt of Landlord's invoice. Such payments by Tenant shall not be considered Additional Rent. Tenant's right to application $500,000 of the Tenant Improvement Allowance shall expire 180 days after may be used and drawn upon by Tenant in calendar year 2014 (including with respect to amounts expended by Tenant prior to the Lease Commencement Date) (the "Early Disbursement"). Any requests for reimbursement submitted to Landlord after such date shall not be paid from the Allowance and Tenant shall thereafter be solely responsible for the costs of the Tenant Improvements without reimbursement from Landlord. The rights granted to Tenant under this section to the Allowance are personal to the original named Tenant in this Lease and may not be assigned or exercised by or for the benefit of anyone (including, any subtenant) other than such Tenant. If after Tenant has been granted all or any portion of the Allowance, the Lease Term is terminated by virtue of a default by Tenant or Landlord resumes possession of the Premises as a result of Tenant's default, in addition to all other available damages and remedies, Landlord shall also be entitled to recover from Tenant the unamortized portion (calculated using an interest rate of 12% per annum compounded monthly) of the Tenant Improvement Allowance, which sum shall not be deemed rent. This obligation of Tenant to repay the unamortized balance of the Tenant Improvement Allowance that has not 726334.04/WLA183305-00001/10-27-14/ejs/ejs EXHIBIT B1 [XXXXXXXXX BIOTECH GATEWAY][Solazyme, Inc.] been allocated or disbursed by February 5, 2016, shall revert to Landlord and Tenant shall survive the expiration or sooner termination of the Lease Term. No Construction Management Fee shall be paid by Tenant to Landlord on any amount under $10,000have no further rights with respect thereto.

Appears in 1 contract

Samples: Lease (Solazyme Inc)

Tenant Improvement Allowance. If Landlord will provide a Tenant Improvement Allowance of Five Hundred Thousand 00/100ths Dollars ($500,000.00) toward improvements in 892 and 000 Xxxx Xxxxx. Tenant may allocate this Tenant Improvement Allowance at Tenant’s discretion between the two Premises and the two Leases. However, the total amount to be provided by Landlord for both Leases and both Premises shall be $500,000.00 and no more. The Allowance will be provided as long as a reimbursement of money actually expended by Tenant toward new Tenant Improvements (which must be approved by Landlord under the provisions of the Lease relating to construction) prior to December 31, 2005. Subject to the provisions below, reimbursement by Landlord will be made within sixty (60) days of presentation of reasonably adequate documentation evidencing the expenses incurred and confirming that (i) all Tenant Improvements for which reimbursement is not sought have been completed; (ii) all contractors, materialmen, suppliers, and others entitled to a lien have provided evidence satisfactory to Landlord releasing or waiving any such liens (or a proper Notice of Completion has been filed and the statutory period for filing of liens following recordation of a Notice of Completion has expired in default under this Lease beyond any applicable grace the reasonable opinion of counsel for Landlord); and (iii) said funds have actually been expanded by December 31, 2005 for the Tenant Improvements approved by Landlord. Upon application for funds in conformity with the above period, Landlord may audit Tenant’s records upon request made within thirty (30) days after the request is made in regard to each such request for reimbursement. Notwithstanding the above provisions, Landlord shall not be obligated to pay any reimbursement to Tenant in accordance with the above prior to March 31, 2005. Tenant may apply for reimbursement of such matters at any time to and including March 31, 2006. Landlord will have no duty to reimburse based on any application which is received by Landlord after such date. Tenant may not apply for reimbursement wider this Paragraph 4 more often than three (3) times in any calendar year. In the event of any non-payment of reimbursement which was due to Tenant, after said reimbursement was due under the above provision, the Tenant shall be entitled to a tenant improvement allowance in an set the amount equal to $10,758 ("Tenant Improvement Allowance" or "Allowance"). The Tenant Improvement Allowance shall be applied to the Work Cost. Tenant shall pay the entire amount of the Work Cost which is in excess of the Allowance. Landlord shall it should have no obligation to proceed with any Tenant Improvements until its receipt from Tenant of any such excess amounts. The Allowance may not be used toward any "soft costs" related to purchase or installation of Tenant's wiring of telephone, data and communications, fixtures, furniture or equipment, unless expressly provided herein. The payment of any such amounts by Tenant shall not be considered Additional Rent. Tenant shall not receive cash or any credit been reimbursed off against Rent for any unused portion of the Allowance, if the Work Cost is less than the Allowance. Within ten days after receipt of the contractor's estimate of the anticipated Work Cost (subject to Value Engineering by Tenant), Tenant shall pay Landlord, in cash, the difference between the estimated Work Cost and the Tenant Improvement Allowance. Upon final completion of the Tenant Improvements, Landlord will provide a final accounting of the Work Cost and Tenant shall pay any amounts in excess of the Allowance then due not previously paid by Tenant within ten days after receipt of Landlord's invoice. Such payments by Tenant shall not be considered Additional Rent. Tenant's right to application of the Tenant Improvement Allowance shall expire 180 days after the Commencement Date. Any requests for reimbursement submitted to Landlord after such date shall not be paid from the Allowance and Tenant shall thereafter be solely responsible for the costs of the Tenant Improvements without reimbursement from Landlord. The rights granted to Tenant under this section to the Allowance are personal to the original named Tenant in this Lease and may not be assigned or exercised by or for the benefit of anyone (including, any subtenant) other than such Tenant. If after Tenant has been granted all or any portion of the Allowance, the Lease Term is terminated by virtue of a default by Tenant or Landlord resumes possession of the Premises as a result of Tenant's default, in addition to all other available damages and remedies, Landlord shall also be entitled to recover from Tenant the unamortized portion (calculated using an interest rate of 12% per annum compounded monthly) of the Tenant Improvement Allowance, which sum shall not be deemed rent. This obligation of Tenant to repay the unamortized balance of the Tenant Improvement Allowance to Landlord shall survive the expiration or sooner termination of the Lease Term. No Construction Management Fee shall be paid by Tenant to Landlord on any amount under $10,000either Lease.

Appears in 1 contract

Samples: Sublease Agreement (Meru Networks Inc)

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