Additional Tenant Improvement Allowance in the maximum amount of $200,000 in the aggregate, which shall, to the extent used, result in TI Rent as set forth in Section 5(b) of the Second Amendment. Before commencing the Tenant Improvements, Tenant shall notify Landlord how much Additional Tenant Improvement Allowance Tenant has elected to receive from Landlord. 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 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 Changes pursuant to Section 4. 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 Second Expansion Premises Commencement Date.
Additional Tenant Improvement Allowance in the amount of $280,000 in the aggregate, which entire amount shall be amortized (with interest) as set forth in Section 5(c) of the First Amendment. The parties agree that all disbursements of the TI Allowance in connection with the Tenant Improvements shall be deemed to be on account of the Tenant Improvement Allowance until exhausted in full, and only then on account of the Additional Tenant Improvement Allowance. The TI Allowance shall be disbursed in accordance with this First Amendment Work Letter. Except as otherwise provided in this paragraph, Tenant shall have no right to the use or benefit (including any reduction to 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 Changes pursuant to Section 4. Tenant may elect, upon written notice to Landlord following the Substantial Completion of all of the Tenant Improvements, to use any remaining Additional Tenant Improvement Allowance for the payment of Alterations performed by Tenant in the Premises pursuant to Section 12 of the Lease. The Tenant Improvement Allowance shall only be available for use by Tenant until the date that is 12 months after the Expansion Premises Commencement Date (“Tenant Improvement Allowance Expiration Date”), and any portion of the Tenant Improvement Allowance which has not been disbursed by Landlord for the Tenant Improvements or Alterations on or before the Tenant Improvement Allowance Expiration Date shall be forfeited and shall not be available for use by Tenant. The Additional Tenant Improvement Allowance shall only be available for use by Tenant until the date that is 18 months after the Expansion Premises Commencement Date (“Additional Tenant Improvement Allowance Expiration Date”), and any portion of the Additional Tenant Improvement Allowance which has not been disbursed by Landlord for the Tenant Improvements or Alterations on or before the Additional Tenant Improvement Allowance Expiration Date shall be forfeited and shall not be available for use by Tenant.
Additional Tenant Improvement Allowance in the maximum amount of $15 per rentable square foot in the Premises, or $205,935 in the aggregate, which shall, to the extent used, result in the payment of TI Rent as set forth in the Lease. The TI Allowance shall be disbursed in accordance with this Work Letter. Except as otherwise provided in this 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 design, permitting and construction of (i) the Tenant Improvements described in the TI Construction Drawings approved pursuant to Section 2(d) or (ii) any Changes pursuant to Section 4. Tenant may elect, upon written notice to Landlord following the Substantial Completion of all of the Tenant Improvements, to use any remaining TI Allowance for the payment of Alterations performed by Tenant in the Premises pursuant to Section 12 of the Lease. The TI Allowance shall only be available for use by Tenant until the date that is 12 months after the Commencement Date of the Lease (“Allowance Expiration Date”), and any portion of the TI Allowance which has not been disbursed by Landlord for the Tenant Improvements or Alterations on or before the Allowance Expiration Date shall be forfeited and shall not be available for use by Tenant.
Examples of Additional Tenant Improvement Allowance in a sentence
In addition to the Tenant Improvement Allowance (as defined in the Work Letter), Landlord shall, subject to the terms of the Work Letter, make available to Tenant the Additional Tenant Improvement Allowance (as defined in the Work Letter).
Any of the Additional Tenant Improvement Allowance and applicable interest remaining unpaid as of the expiration or earlier termination of this Lease shall be paid to Landlord in a lump sum at the expiration or earlier termination of this Lease.
Such fees shall be equal to 2.65% of all funds the Tenant Improvement Allowance or Additional Tenant Improvement Allowance used in connection with the construction of the Tenant Improvements, and 2% of any additional funds provided by Tenant for such construction.
Any of the Additional Tenant Improvement Allowance and applicable interest remaining unpaid as of the expiration or earlier termination of the Lease shall be paid to Landlord in a lump sum at the expiration or earlier termination of the Lease.
Any of the Additional Tenant Improvement Allowance and applicable interest remaining unpaid as of the expiration or earlier termination of the Lease shall be paid to Landlord in a lump sum at the expiration or earlier termination of this Lease.
More Definitions of Additional Tenant Improvement Allowance
Additional Tenant Improvement Allowance in the maximum amount of $35.00 per rentable square foot in the Premises, which shall, to the extent used, result in TI Rent as set forth in Section 4(b) of the Lease. Before commencing the Tenant Improvements, Tenant shall notify Landlord how much Additional Tenant Improvement Allowance Xxxxxx has elected to receive from Landlord. Such election shall be final and binding on Tenant, and may not thereafter be modified without Xxxxxxxx’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.
Additional Tenant Improvement Allowance in the maximum amount of $45.00 per rentable square foot in the Premises, which shall, to the extent used, result in TI Rent as set forth in Section 4(b) of the Lease. Within 10 days after Tenant’s receipt of the Budget, Tenant shall notify Landlord how much Additional Tenant Improvement Allowance Tenant has elected to receive from Landlord. 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 Changes pursuant to Section 4; except that, if, following the completion and full payment of the Tenant Improvements, the full TI Costs were less than $200.00 per rentable square foot of the Premises, then the Base Rent payable during the Base Term under the Lease shall be reduced by the amount of the savings multiplied by 7% per annum. For example, if only $190.00 per rentable square foot of the Tenant Improvement Allowance is used, the Base Rent per rentable square foot per month would be reduced by $0.0583 per rentable square foot per month. In addition to the foregoing, if Tenant elects to construct operable windows as part of the Tenant Improvements on the second floor of the Building in select locations mutually agreed to by Landlord and Tenant, Landlord shall contribute up to $100,000 towards the costs incurred by Tenant in connection with the same.
Additional Tenant Improvement Allowance in the maximum amount of $5.00 per rentable square foot in the Premises, or $64,590.00 in the aggregate, which shall, to the extent used, result in the payment by Tenant of the Additional TI Payments pursuant to Section 4(a). of the Lease. At any time prior to the date that is 6 months after the Rent Commencement Date, Tenant shall notify Landlord how much Additional Tenant Improvement Allowance Tenant has elected to receive from Landlord. 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. The Additional Tenant Improvement Allowance shall be available to Tenant until the date which is the last day of the month that is 6 months after the Rent Commencement Date of the Lease. Tenant shall have no right to the use or benefit (including any reduction to 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 Changes pursuant to Section 4. Tenant shall have no right to any portion of the TI Allowance that is not requested before the last day of the month that is 6 months after the Rent Commencement Date.
Additional Tenant Improvement Allowance in the maximum amount of $75.00 per rentable square foot in the Premises, which shall, to the extent used, result in Additional Rent pursuant to Section 4(b) of the Lease. 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 Changes pursuant to Section 4.
Additional Tenant Improvement Allowance in the maximum amount of $25.00 per rentable square foot in the Premises, which shall, to the extent used, result in adjustments to the Base Rent as set forth in the Lease. Within 10 days after receipt of the approved Budget, Tenant shall notify Landlord how much Additional Tenant Improvement Allowance Tenant has elected to receive from Landlord. 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 hard and soft costs of the design and construction of (i) the Tenant Improvements described in the TI Construction Drawings approved pursuant to Section 2(d) or (ii) any Changes pursuant to Section 4.
Additional Tenant Improvement Allowance in the maximum amount of $65.00 per rentable square foot in the Premises, which shall result in additional rent as provided in Section 4(b)
Additional Tenant Improvement Allowance in the maximum amount of $683,500.00 in the aggregate, which shall, to the extent used, result in TI Rent as set forth in Section 2(b) of the Second Amendment. Tenant may only elect to use the Additional Tenant Improvement Allowance (or portions thereof, as applicable) after the Tenant Improvement Allowance has been fully disbursed. 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 date of this Second Amendment. 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 Changes pursuant to Section 4.