Common use of TI Allowance Clause in Contracts

TI Allowance. Landlord shall make available for the payment of the TI Costs a tenant improvement allowance (the “TI Allowance”) of $190.00 per rentable square foot of the Premises, or $4,321,740.00 in the aggregate. Within 5 business days of receipt of the Budget from Landlord, Tenant shall notify Landlord in writing how much of the TI Allowance Tenant has elected to receive from Landlord (the “TI Allowance Election”); provided, however that if Tenant does not elect the full amount of the TI Allowance in the TI Allowance Election, Tenant may elect to have additional funds, not to exceed any positive amount remaining after subtraction of the amount elected in the TI Allowance Election from the TI Allowance, to be made available to pay for the Tenant Improvements as part of the TI Allowance (if any, the “Subsequent TI Allowance Election”), upon 10 business days’ prior written notice to Landlord, which prior written notice of any Subsequent TI Allowance Election shall be given, if at all, within 45 days of the date of Tenant’s initial TI Allowance Election. The Subsequent TI Allowance Election and TI Allowance Election (or if no Subsequent TI Allowance Election is made within the time period required, the TI Allowance Election itself) shall be final and binding on Tenant, and may not thereafter be modified without Landlord’s consent, which may be granted or withheld in Landlord’s sole and absolute subjective discretion. The TI Allowance shall be disbursed in accordance with this Work Letter. Tenant shall have no right to the use or benefit (including any reduction to or payment of Base Rent) of any portion of the TI Allowance not required for the construction of (i) the Tenant Improvements described in the TI Construction Drawings approved pursuant to Section 2(d) or (ii) any approved Changes pursuant to Section 4.

Appears in 2 contracts

Samples: License Agreement (Sigilon Therapeutics, Inc.), License Agreement (Sigilon Therapeutics, Inc.)

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TI Allowance. Landlord shall make available for the payment of the TI Costs provide to Tenant a tenant improvement allowance (the “TI Allowance”) of $190.00 10.00 per rentable square foot of the Premises, or $4,321,740.00 300,000 in the aggregate. Within 5 business days of after receipt of notice of Landlord’s approval of the Budget from LandlordBudget, Tenant shall notify Landlord in writing how much of the TI Allowance Tenant has elected to receive from Landlord (the “TI Allowance Election”); provided, however that if Tenant does not elect the full amount of the TI Allowance in the TI Allowance Election, Tenant may elect to have additional funds, not to exceed any positive amount remaining after subtraction of the amount elected in the TI Allowance Election from the TI Allowance, to be made available to pay for the Tenant Improvements as part of the TI Allowance (if any, the “Subsequent TI Allowance Election”), upon 10 business days’ prior written notice to Landlord, which prior written notice of any Subsequent TI Allowance Election shall be given, if at all, within 45 days of the date of Tenant’s initial TI Allowance Election. The Subsequent TI Allowance Election and TI Allowance Election (or if no Subsequent TI Allowance Election is made within the time period required, the TI Allowance Election itself) Such election shall be final and binding on Tenant, and may not thereafter be modified without Landlord’s consent, which may be granted or withheld in Landlord’s sole and absolute subjective discretion. The TI Allowance shall be disbursed in accordance with this Work Letter. Tenant shall have no right to the use or benefit (including any reduction to or payment of Base Rent) of any portion of the TI Allowance not required for the construction of (i) the Tenant Improvements described in the TI Construction Drawings approved pursuant to Section 2(d) or (ii) any approved Changes pursuant to Section 44 except that any unused portion of the TI Allowance may be applied as a tenant improvement allowance for the construction of improvements in Tenant Reception Area on the first floor of the Building or in any additional space Tenant may lease from Landlord in the Building during the Term of this Lease. Notwithstanding anything to the contrary contained herein, Tenant shall have no right to any portion of the TI Allowance that is not disbursed before the last day of the 12th month after the Commencement Date.

Appears in 2 contracts

Samples: Lease Agreement (Adaptive Insights Inc), Lease Agreement (Adaptive Insights Inc)

TI Allowance. Landlord shall make available for the payment of the TI Costs provide to Tenant a tenant improvement allowance (the “TI Allowance”) of $190.00 175.00 per rentable square foot of the Premises, or $4,321,740.00 2,676,100 in the aggregate. Within 5 business days of after receipt of notice of Landlord’s approval of the Budget from LandlordBudget, Tenant shall notify Landlord in writing how much of the TI Allowance Tenant has elected to receive from Landlord (the “TI Allowance Election”); provided, however that if Tenant does not elect the full amount of the TI Allowance in the TI Allowance Election, Tenant may elect to have additional funds, not to exceed any positive amount remaining after subtraction of the amount elected in the TI Allowance Election from the TI Allowance, to be made available to pay for the Tenant Improvements as part of the TI Allowance (if any, the “Subsequent TI Allowance Election”), upon 10 business days’ prior written notice to Landlord, which prior written notice of any Subsequent TI Allowance Election shall be given, if at all, within 45 days of the date of Tenant’s initial TI Allowance Election. The Subsequent TI Allowance Election and TI Allowance Election (or if no Subsequent TI Allowance Election is made within the time period required, the TI Allowance Election itself) Such election shall be final and binding on Tenant, and may not thereafter be modified without Landlord’s consent, which may not be granted unreasonably withheld or withheld in Landlord’s sole and absolute subjective discretiondelayed. The TI Allowance shall be disbursed in accordance with this Work Letter. In addition to the TI Allowance, Landlord shall reimburse Tenant up to $0.15 per usable square foot of the Premises for actual costs incurred by Tenant for the preparation by Tenant’s interior design firm of a test fit of the Premises. Tenant shall have no right to the use or benefit (including any reduction to or payment of Base Rent) of any portion of the TI Allowance not required for the construction of (i) the Tenant Improvements described in the TI Construction Drawings approved pursuant to Section 2(d) or (ii) any approved Changes pursuant to Section 4; provided, however that any portion of the TI Allowance not required for the items listed in subsections (i) or (ii) above, may be used by Tenant for the payment of architectural, engineering and other consultant fees incurred by Tenant in connection with the Tenant Improvements and other expenses incurred by Tenant for improvements which shall remain in the Premises and will be useable by future tenants following the expiration or earlier termination of the Term of the Lease. Tenant shall have no right to any portion of the TI Allowance that is not disbursed before the last day of the month that is 12 months after the Commencement Date.

Appears in 2 contracts

Samples: Lease Agreement, Lease Agreement (Ligand Pharmaceuticals Inc)

TI Allowance. Landlord shall make available for the payment of the TI Costs provide to Tenant a tenant improvement allowance (the “"TI Allowance") of $190.00 100 per rentable square foot of the Premises, or $4,321,740.00 in the aggregate. Within 5 business days of receipt of the Budget from Landlord, Tenant shall notify Landlord in writing how much of the TI Allowance Tenant has elected to receive from Landlord (the “TI Allowance Election”); provided, however that if Tenant does not elect the full amount of the TI Allowance in the TI Allowance Election, Tenant may elect to have additional funds, not to exceed any positive amount remaining after subtraction of the amount elected in the TI Allowance Election from the TI Allowance, to be made available to pay for the Tenant Improvements as part of the TI Allowance (if any, the “Subsequent TI Allowance Election”), upon 10 business days’ prior written notice to Landlord, which prior written notice of any Subsequent TI Allowance Election shall be given, if at all, within 45 days of the date of Tenant’s initial TI Allowance Election. The Subsequent TI Allowance Election and TI Allowance Election (or if no Subsequent TI Allowance Election is made within the time period required, the TI Allowance Election itself) shall be final and binding on Tenant, and may not thereafter be modified without Landlord’s consent, which may be granted or withheld in Landlord’s sole and absolute subjective discretion. The TI Allowance shall be disbursed in accordance with this Work Letter. If upon the Substantial Completion of the Tenant shall have no right to the use or benefit (including any reduction to or payment of Base Rent) of Improvements any portion of the TI Allowance not required remains, Tenant shall thereafter, at any time and from time-to-time during the initial 12 months of the Term, have the right to submit for Landlord's approval, as described in Section 2.2 hereof, TI Design/Engineering Drawings with respect to any additional Tenant Improvements Tenant wishes to have constructed in the Premises. Thereafter the design of such additional Tenant Improvements shall proceed on the schedule, and shall be subject to the approval process, set forth in Section 2 hereof, and such additional Tenant Improvements shall be constructed by Landlord as described herein, provided that Landlord shall be obligated to pursue the construction of (i) the such additional Tenant Improvements described in with reasonable diligence, but shall not be obligated to Substantially Complete such additional Tenant Improvements by any fixed date; and provided further, that Landlord shall not have any obligation to disburse any portion of the TI Construction Drawings approved pursuant Allowance more than 12 months after the Lease Commencement Date. No failure by Tenant to Section 2(d) or (ii) use all of the TI Allowance shall result in any approved Changes pursuant to Section 4adjustment of Rent under the Lease.

Appears in 1 contract

Samples: Lease Agreement (Biogen Inc)

TI Allowance. Landlord shall make available for the payment of the TI Costs provide to Tenant a tenant improvement allowance (the “TI Allowance”) of $190.00 180.00 per rentable square foot of the PremisesPremises (which, or based on 44,084 rentable square feet initially demised under the Lease, equates to $4,321,740.00 7,935,120.00 in the aggregate). Within 5 10 business days of receipt of the Budget from Landlord, Tenant shall notify Landlord in writing how much of the TI Allowance Tenant has elected to receive from Landlord (the “TI Allowance Election”); provided, however that if Tenant does not elect the full amount of the TI Allowance in the TI Allowance Election, Tenant may elect to have additional funds, not to exceed any positive amount remaining after subtraction of the amount elected in the TI Allowance Election from the TI Allowance, to be made available to pay for the Tenant Improvements as part of the TI Allowance (if any, the “Subsequent TI Allowance Election”), upon 10 business days’ prior written notice to Landlord, which prior written notice of any Subsequent TI Allowance Election shall be given, if at all, within 45 days of the date of Tenant’s initial TI Allowance Election. The Subsequent TI Allowance Election and TI Allowance Election (or if no Subsequent TI Allowance Election is made within the time period required, the TI Allowance Election itself) Such election shall be final and binding on Tenant, and may not thereafter be modified without Landlord’s consent, which may be granted or withheld in Landlord’s sole and absolute subjective discretion. The TI Allowance shall be disbursed in accordance with this Work Letter. Tenant shall have no right to the use or benefit (including any reduction to or payment of Base Rent) of any portion of the TI Allowance not required for TI Costs (“Unrequired TI Allowance”), except that Tenant shall be entitled to receive any Unrequired TI Allowance with respect to any space leased to Tenant directly by Landlord in the construction of Building (pursuant to this Lease or otherwise), for Alterations thereto provided that (i) such Alterations are completed no later than twenty-four (24) months after the Tenant Improvements described in the TI Construction Drawings approved pursuant to Section 2(d) or Commencement Date, (ii) any approved Changes pursuant the disbursement of such Unrequired TI Allowance shall be subject to Section 4Landlord’s reasonable requirements consistent with the Lease and this Work Letter and (iii) a written request for such disbursement satisfying all such requirements shall have been received by Landlord no later than twenty-four (24) months after the Commencement Date.

Appears in 1 contract

Samples: Lease Agreement (Sirtris Pharmaceuticals, Inc.)

TI Allowance. Landlord shall make available for the payment of the TI Costs provide to Tenant a tenant improvement allowance (the “TI Allowance”) of $190.00 per rentable square foot of the Premises, or $4,321,740.00 in the aggregate. Within 5 business days of receipt of the Budget from Landlordmaximum amount $2,346,000, Tenant shall notify Landlord in writing how much of the TI Allowance Tenant has elected to receive from Landlord (the “TI Allowance Election”); provided, however that if Tenant does not elect the full amount of the TI Allowance which is included in the TI Allowance Election, Tenant may elect to have additional funds, not to exceed any positive amount remaining after subtraction of the amount elected Base Rent set forth in the TI Allowance Election from the TI Allowance, to be made available to pay for the Tenant Improvements as part of the TI Allowance (if any, the “Subsequent TI Allowance Election”), upon 10 business days’ prior written notice to Landlord, which prior written notice of any Subsequent TI Allowance Election shall be given, if at all, within 45 days of the date of Tenant’s initial TI Allowance Election. The Subsequent TI Allowance Election and TI Allowance Election (or if no Subsequent TI Allowance Election is made within the time period required, the TI Allowance Election itself) shall be final and binding on Tenant, and may not thereafter be modified without Landlord’s consent, which may be granted or withheld in Landlord’s sole and absolute subjective discretionLease. The TI Allowance shall be disbursed in accordance with this Fifth Amendment Work Letter. Except as provided in the immediately following paragraph, Tenant shall have no right to the use or benefit (including any reduction to or payment of Base Rent) of any portion of the TI Allowance not required for the construction of (i) the Tenant Improvements described in the TI Construction Drawings approved pursuant to Section 2(d) or (ii) any approved Changes pursuant to Section 4. Tenant shall have no right to any portion of the TI Allowance that is not disbursed before January 1, 2021. Notwithstanding anything to the contrary contained herein, Tenant may use all or any portion of the TI Allowance to construct Tenant Improvements, subject to all of the terms and conditions of this Fifth Amendment Work Letter, in that certain Premises leased by Tenant from Landlord pursuant to that certain Lease Agreement dated as of July 21, 2008, as amended by that certain First Amendment to Lease dated as of April 13, 2015, as further amended by that certain Second Amendment to Lease dated as of January 24, 2017, and as further amended by that certain Consent to Assignment and Third Amendment to Lease dated of even date herewith.

Appears in 1 contract

Samples: Lease (Moderna, Inc.)

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TI Allowance. Landlord shall make available for the payment of the TI Costs provide to Tenant a tenant improvement allowance (the “TI Allowance”) of $190.00 34.00 per rentable square foot of the First Expansion Premises (and if Tenant leases the ROFO Premises pursuant to Section 13 of the First Amendment, the ROFO Premises, or $4,321,740.00 ) which is included in the aggregate. Within 5 business days of receipt Base Rent set forth in Section 5(b) of the Budget from Landlord, Tenant shall notify Landlord in writing how much of the TI Allowance Tenant has elected to receive from Landlord (the “TI Allowance Election”); provided, however that if Tenant does not elect the full amount of the TI Allowance in the TI Allowance Election, Tenant may elect to have additional funds, not to exceed any positive amount remaining after subtraction of the amount elected in the TI Allowance Election from the TI Allowance, to be made available to pay for the Tenant Improvements as part of the TI Allowance (if any, the “Subsequent TI Allowance Election”), upon 10 business days’ prior written notice to Landlord, which prior written notice of any Subsequent TI Allowance Election shall be given, if at all, within 45 days of the date of Tenant’s initial TI Allowance Election. The Subsequent TI Allowance Election and TI Allowance Election (or if no Subsequent TI Allowance Election is made within the time period required, the TI Allowance Election itself) shall be final and binding on Tenant, and may not thereafter be modified without Landlord’s consent, which may be granted or withheld in Landlord’s sole and absolute subjective discretionFirst Amendment. The TI Allowance shall be disbursed in accordance with this First Expansion Premises Work Letter. Landlord shall, upon receipt of reasonably satisfactory invoices, reimburse Tenant for the payment made by Tenant for an initial test fit and one revision, not to exceed $0.15 per rentable square foot of the First Expansion Premises (and if Tenant leases the ROFO Premises pursuant to Section 13 of the First Amendment, the ROFO Premises). Tenant shall have no right to the use or benefit (including any reduction to or payment of Base Rent) of any portion of the TI Allowance not required for the construction of (i) the Tenant Improvements described in the TI Construction Drawings approved pursuant to Section 2(d) or (ii) any approved Changes pursuant to Section 4. Notwithstanding the foregoing, Tenant shall have the right to use any unused portion of the TI Allowance for Alterations of a fixed and permanent nature reasonably acceptable to Landlord in any portion of the Premises (or any other premises leased by Tenant from Landlord at the Building). Tenant shall have no right to any portion of the TI Allowance that is not disbursed before the December 31, 2021.

Appears in 1 contract

Samples: Lease Agreement (Ultragenyx Pharmaceutical Inc.)

TI Allowance. Landlord shall make available for the payment of the TI Costs provide to Tenant a tenant improvement allowance (the “"TI Allowance") of $190.00 70.00 per rentable square foot of the Premises, or $4,321,740.00 3,421,600 in the aggregate, which shall, to the extent used, result in TI Rent pursuant to Section 4(b) of the Lease. Within 5 business 60 days of receipt after the mutual execution and delivery of the Budget from LandlordLease by the parties, Tenant shall notify Landlord in writing how much of the TI Allowance Tenant has elected to receive from Landlord (the “TI Allowance Election”); provided, however that if Tenant does not elect the full amount of the TI Allowance in the TI Allowance Election, Tenant may elect to have additional funds, not to exceed any positive amount remaining after subtraction of the amount elected in the TI Allowance Election from the TI Allowance, to be made available to pay for the Tenant Improvements as part of the TI Allowance (if any, the “Subsequent TI Allowance Election”), upon 10 business days’ prior written notice to Landlord, which prior written notice of any Subsequent TI Allowance Election shall be given, if at all, within 45 days of the date of Tenant’s initial TI Allowance Election. The Subsequent TI Allowance Election and TI Allowance Election (or if no Subsequent TI Allowance Election is made within the time period required, the TI Allowance Election itself) Such election shall be final and binding on Tenant, and may not thereafter be modified without Landlord’s 's consent, which may be granted or withheld in Landlord’s 's sole and absolute subjective discretion. The TI Allowance shall be disbursed in accordance with this Work Letter. Tenant shall have no right to the use or benefit (including any reduction to or payment of Base Rent) of any portion of the TI Allowance not required for the construction of (i) the Tenant Improvements described in the TI Construction Drawings approved pursuant to Section 2(d) or (ii) any approved Changes pursuant to Section 4. Tenant Work Letter – Tenant Build 10151 Xxxxxx Canyon/Tandem - Page 4 shall have no right to any portion of the TI Allowance elected to be used by Tenant that is not disbursed before the last day of the month that is 12 months after the Commencement Date.

Appears in 1 contract

Samples: Lease Agreement (Tandem Diabetes Care Inc)

TI Allowance. Landlord shall make available for the payment of the TI Costs provide to Tenant a tenant improvement allowance (the “TI Allowance”) of $190.00 180.00 per rentable square foot of the PremisesBasement Space (which, or based on 4,006 rentable square feet of Basement Space demised under the Lease, equates to $4,321,740.00 721,080.00 in the aggregate). Within 5 10 business days of receipt of the Budget from Landlord, Tenant shall notify Landlord in writing how much of the TI Allowance Tenant has elected to receive from Landlord (the “TI Allowance Election”); provided, however that if Tenant does not elect the full amount of the TI Allowance in the TI Allowance Election, Tenant may elect to have additional funds, not to exceed any positive amount remaining after subtraction of the amount elected in the TI Allowance Election from the TI Allowance, to be made available to pay for the Tenant Improvements as part of the TI Allowance (if any, the “Subsequent TI Allowance Election”), upon 10 business days’ prior written notice to Landlord, which prior written notice of any Subsequent TI Allowance Election shall be given, if at all, within 45 days of the date of Tenant’s initial TI Allowance Election. The Subsequent TI Allowance Election and TI Allowance Election (or if no Subsequent TI Allowance Election is made within the time period required, the TI Allowance Election itself) Such election shall be final and binding on Tenant, and may not thereafter be modified without Landlord’s consent, which may be granted or withheld in Landlord’s sole and absolute subjective discretion. The TI Allowance shall be disbursed in accordance with this Work Letter. Tenant shall have no right to the use or benefit (including any reduction to or payment of Base Rent) of any portion of the TI Allowance not required for TI Costs (“Unrequired TI Allowance”), except that Tenant shall be entitled to receive any Unrequired TI Allowance with respect to any space leased to Tenant directly by Landlord in the construction of Building (pursuant to this Lease or otherwise), for Alterations thereto provided that (i) such Alterations are completed no later than twenty-four (24) months after the Tenant Improvements described in the TI Construction Drawings approved pursuant to Section 2(d) or Commencement Date, (ii) any approved Changes pursuant the disbursement of such Unrequired TI Allowance shall be subject to Section 4Landlord’s reasonable requirements consistent with the Lease and this Work Letter and (iii) a written request for such disbursement satisfying all such requirements shall have been received by Landlord no later than twenty-four (24) months after the Commencement Date.

Appears in 1 contract

Samples: Lease (Sirtris Pharmaceuticals, Inc.)

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