Common use of Additional Allowance Clause in Contracts

Additional Allowance. Tenant may, upon written notice to Landlord given on or before the "Cost Proposal Delivery Date," as that term is set forth in Section 4.2 of this Work Letter, below, elect to cause the Improvement Allowance for the initial Premises to be increased by an amount (the "Additional Allowance") set forth in such notice. Any such resulting Additional Allowance shall (i) be an amount equal to an even number of United States Dollars (as opposed to fractions of United States Dollars), and (ii) in no event exceed the product of (A) [***], and (B) the number of rentable square feet of the Premises (i.e., an amount anticipated to equal [***] based upon 147,533 rentable square feet, which square footage is subject to confirmation pursuant to the TCCs of Section 1.2 of the Lease). In the event Tenant exercises its right to use all or any portion of the Additional Allowance, the Monthly Installment of 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 "Additional Monthly Base Rent" shall be determined as the missing component of an annuity, which annuity shall have (w) the amount of the Additional Allowance which Tenant elects to utilize as the present value amount, (x) [***]. If Tenant elects to utilize all or a portion of the Additional Allowance, then (i) all references in this Work Letter to the "Improvement Allowance," shall be deemed to include the Additional Allowance which Tenant elects to utilize, (ii) the parties shall promptly execute an amendment (the "Additional Allowance Amendment") to this Lease setting forth the new amount of the Base Rent and Improvement Allowance computed in accordance with this Section 2.3, and (iii) Tenant shall deliver to Landlord, concurrently with Tenant's execution and delivery of the Additional Allowance Amendment to Landlord, a letter of credit, in the form attached to the Lease as Exhibit H and subject to the terms and conditions of Article 21 of the Lease, in an amount equal to [***], which letter of credit shall be held by Landlord pursuant to the terms of Article 21 of the Lease.

Appears in 4 contracts

Samples: Office Lease (Bridgepoint Education Inc), Office Lease (Bridgepoint Education Inc), Lease Agreement (Bridgepoint Education Inc)

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Additional Allowance. Landlord shall provide Tenant may, upon written notice to Landlord given on or before the "Cost Proposal Delivery Date," as that term is set forth in Section 4.2 of this Work Letter, below, elect to cause the Improvement Allowance for the initial Premises to be increased by with an amount allowance (the "Additional Allowance") set forth in such notice. Any such resulting Additional Allowance shall (i) be an amount equal to an even number of United States Sixteen Dollars (as opposed to fractions of United States Dollars), and (ii$16.00) in no event exceed the product of (A) [***], and (B) the number of per rentable square feet foot of the Premises (i.e., an amount anticipated up to equal [***] One Million One Hundred Sixteen Thousand Nine Hundred Twenty-Eight Dollars ($1,116,928.00) based upon 147,533 on 69,808 rentable square feetfeet in the Premises) to help Tenant pay for the actual and documented costs incurred by Tenant (collectively, which square footage is subject to confirmation pursuant the “Moving/Cabling/FF&E Costs”) for (i) moving and relocating to the TCCs Premises, (ii) the costs of Section 1.2 data and telecommunications cabling in the Premises, and (iii) the costs of the Lease)purchase and installation of furniture, fixtures and equipment in the Premises. In So long as Tenant is not then in default under this Lease (beyond the event Tenant exercises its right to use expiration of all or any portion applicable notice and cure periods) Landlord shall disburse one-half (1/2) of the Additional AllowanceAllowance (i.e., the Monthly Installment of Base Rent for the Premises shall be increased by an amount equal to Five Hundred Fifty-Eight Thousand Four Hundred Sixty-Four Dollars ($558,464.00) based on 69,808 rentable square feet in the "Additional Monthly Base Rent," as that term is defined belowPremises) (the “First Disbursement”) within thirty (30) days after Landlord has received Tenant’s written request for disbursement together with copies of paid invoices from third parties evidencing the amount of such Moving/Cabling/FF&E Costs paid by Tenant, in order to repay the Additional Allowance to Landlord. The "Additional Monthly Base Rent" shall be determined as the missing component of an annuity, which annuity but Landlord shall have (w) no obligation to disburse the Initial Disbursement until after the Lease Commencement Date has occurred and after Tenant is occupying the Premises and conducting its business therein. So long as Tenant is not then in default under this Lease, Landlord shall deliver the remaining amount of the Additional Allowance which to Tenant elects to utilize as the present value amount, (x) [***]. If Tenant elects to utilize all or a portion of the Additional Allowance, then follows: (i) all references in this Work Letter to the "Improvement Allowance," Landlord shall be deemed to include the Additional Allowance which Tenant elects to utilize, disburse One hundred Thirty-Nine Thousand Six hundred Sixteen Dollars (ii$139,616.00) the parties shall promptly execute an amendment (the "Additional Allowance Amendment") to this Lease setting forth the new amount of the Base Rent and Improvement Allowance computed in accordance with this Section 2.3, and (iii) Tenant shall deliver to Landlord, concurrently with Tenant's execution and delivery of the Additional Allowance Amendment to Landlordon the first (1st) day of the second (2nd) annual anniversary of the Lease Commencement Date. (the “Second Disbursement’’); (ii) Landlord shall disburse One Hundred Thirty-Nine Thousand Six Hundred Sixteen Dollars ($139,616.00) of the Additional Allowance on the first (1st) day of the third (3rd) annual anniversary of the Lease Commencement Date (the “Third Disbursement”); (iii) Landlord shall disburse One Hundred Thirty-Nine Thousand Six Hundred Sixteen Dollars ($139,616.00) of the Additional Allowance on the first (1st) day of the fourth (4th) annual anniversary of the Lease Commencement Date (the “Fourth Disbursement”), a letter and (iv) Landlord shall disburse the balance of credit, the Additional Allowance (in the form attached amount of One Hundred Thirty-Nine Thousand Six Hundred Sixteen Dollars ($139,616.00)) on the first (1st) day of the fifth (5th) annual anniversary of the Lease Commencement Date (the “Final Disbursement”). Notwithstanding anything above to the Lease as Exhibit H and subject to the terms and conditions of Article 21 contrary, Tenant shall, after each of the Leaseherein mentioned disbursement dates, in an have the option to use any unused amount equal of the Additional Allowance as a credit toward Tenant s obligation to [***], which letter of credit shall be held by Landlord pursuant to the terms of Article 21 of pay Base Rent and Additional Rent first coming due under the Lease.

Appears in 3 contracts

Samples: Lease (AltheaDx, Inc.), Lease (AltheaDx, Inc.), Lease (AltheaDx, Inc.)

Additional Allowance. Tenant may, upon written notice to Landlord given on or before Notwithstanding the "Cost Proposal Delivery Date," as that term is terms and conditions set forth in Section 4.2 2.1, within thirty (30) days after the mutual execution and dc]iveiy of this Work LetterLease, belowTenant shall be entitled, elect pursuant to cause a written notice (the “Additional Allowance Notice”) delivered to Landlord, to a one time increase (the “Additional Allowance”) in the Tenant Improvement Allowance for the initial Premises to be increased by in an amount (the "Additional Allowance") set forth in such notice. Any such resulting Additional Allowance shall (i) be an amount equal not to an even number of United States Dollars (as opposed to fractions of United States Dollars), and (ii) in no event exceed the product of (A) [***], and (B) the number of $10.00 per rentable square feet foot of the Premises (i.e., an amount anticipated to equal [***] based upon 147,533 rentable square feet$991,720.00), which square footage is subject to confirmation pursuant for the costs relating to the TCCs of Section 1.2 initial design and construction of the Lease)Tenant Improvements. In the event that Tenant exercises its right to use all or any portion of the Additional Allowance, then such portion of the Monthly Installment of Additional Allowance shall be repaid by Tenant to Landlord by increasing Tenant’s monthly Base Rent for hereunder by the Premises shall be increased by an amount required to fully amortize such portion of the Additional Allowance over the initial Lease Term, in one hundred twenty (120) equal to monthly installments, commencing upon the "Lease Commencement Date and continuing on the first day of each calendar month thereafter through the Lease Expiration Date (the “Additional Monthly Base Rent," as that term is defined below, in order to repay the Additional Allowance to Landlord”). The "Additional Monthly Base Rent" Such amortization shall be determined as calculated together with interest at the missing component rate of an annuity, which annuity shall have eight percent (w8%) per annum. In the amount of the Additional Allowance which Tenant elects to utilize as the present value amount, (x) [***]. If event Tenant elects to utilize all or a any portion of the Additional Allowance, then (i) all references in this Work Letter to the "Improvement Allowance," shall be deemed to include the Additional Allowance which Tenant elects to utilize, (ii) the parties shall promptly execute an amendment (the "Additional Allowance Amendment") to this the Lease setting forth the new amount of the monthly Base Rent and Improvement Allowance computed in accordance with this Section 2.3as increased by the Additional Monthly Base Rent, and (iiiii) Tenant shall deliver pay to Landlord, concurrently with Tenant's ’s execution and delivery of the Additional Allowance Amendment to Landlord, a letter of credit, in the form attached to the Lease as Exhibit H and subject to the terms and conditions of Article 21 of the Lease, in an amount equal to [***]the first installment ofthe Additional Monthly Base Rent payment. SECTION 3 CONSTRUCTION DOCUMENTS 3.1 Selection of Architect/Space Planner/Construction Documents. Tenant shall retain a licensed, which letter of credit competent, reputable architect/space planner experienced in high-rise office space and Laboratory Use design selected by Tenant and reasonably approved by Landlord (the “Architect/Space Planner”) and licensed, competent, reputable engineering consultants selected by Tenant and reasonably approved by Landlord (the “Engineers”) to prepare the Construction Documents. The plans and drawings to be prepared by Architect/Space Planner and the Engineers hereunder shall be held known collectively as the “Construction Documents.” All Construction Documents shall comply with Landlord’s drawing format and specifications. Landlord’s review of the Construction Documents as set forth in this Section 3, shall be for its sole purpose and shall not imply Landlord’s review of the same, or obligate Landlord to review the same, for quality, design, Code compliance or other like matters. Accordingly, notwithstanding that any Construction Documents are reviewed by Landlord pursuant or its space planner, architect, engineers and consultants, and notwithstanding any advice or assistance which may be rendered to Tenant by Landlord or Landlord’s space planner, architect, engineers, and consultants, Landlord shall have no liability whatsoever in connection therewith and shall not be responsible for any omissions or errors contained in the Construction Documents, and Tenant’s waiver and indemnity set forth in Section 10.1 of this Lease shall specifically apply to the terms of Article 21 Construction Documents. Furthermore, Tenant and Architect/Space Planner shall verify, in the field, the dimensions and conditions as shown on the relevant portions of the Leasebase building plans, and Tenant and Architect/Space Planner shall be solely responsible for the same, and Landlord shall have no responsibility in connection therewith.

Appears in 3 contracts

Samples: Office Lease (Recursion Pharmaceuticals, Inc.), Office Lease (Recursion Pharmaceuticals, Inc.), Office Lease (Recursion Pharmaceuticals, Inc.)

Additional Allowance. Tenant may, upon written notice to Landlord given on or before Notwithstanding the "Cost Proposal Delivery Date," as that term is terms and conditions set forth in Section 4.2 2.1 of this Work Letter, belowTenant shall have the one-time right, elect exercisable by delivery of written notice (the “Additional Allowance Notice”) to cause Landlord on or before the Improvement Allowance September 31, 2013, to an additional tenant improvement allowance from Landlord (the “Additional Allowance”) in an amount not to exceed Ten and 00/100 Dollars ($10.00) per rentable square foot of the New Premises, for the costs relating to the initial Premises to be increased by an amount (design and construction of the "Additional Allowance") set forth in such noticeTenant Improvements for any portion of the New Premises. Any such resulting The Additional Allowance Notice shall (i) be an specify the amount equal to an even number of United States Dollars (as opposed to fractions of United States Dollars), and (ii) in no event exceed the product of (A) [***], and (B) the number of rentable square feet of the Premises Additional Allowance that Tenant elects to use (i.e., an which amount anticipated shall be referred to equal [***] based upon 147,533 rentable square feet, which square footage is subject to confirmation pursuant to herein as the TCCs of Section 1.2 of the Lease“Additional Allowance Amount”). In the event that Tenant exercises its right to use all or any portion of the Additional Allowance, then the Monthly Installment of Additional Allowance Amount shall be repaid in amortized Base Rent and, accordingly, commencing on the New Premises Commencement Date, 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 Amount to Landlord. The "Additional Monthly Base Rent" shall be determined as the missing component of an annuity, which annuity shall have (wi) the amount of the Additional Allowance which Tenant elects to utilize Amount as the present value amount, (xii) [***]ninety (90) as the number of payments, (iii) eighty-three one hundredths (0.83), which is equal to ten percent (10%) 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. If In the event Tenant elects to utilize all or a any portion of the Additional Allowance, then (i) all references in this Work Letter to the "Improvement Allowance," shall be deemed to include the Additional Allowance which Tenant elects to utilize, (iia) the parties shall promptly execute an amendment (the "Additional Allowance Amendment") to this the Lease setting forth the new amount of the monthly Base Rent and Improvement Allowance computed in accordance with this Section 2.3as increased by the Additional Monthly Base Rent, and (iiib) Tenant shall deliver pay to Landlord, concurrently with Tenant's ’s execution and delivery of the Additional Allowance Amendment to Landlord, a letter an amount equal to the product of credit(A) the Additional Monthly Base Rent, and (B) the number of calendar months that have elapsed, in whole or in part, during the form attached New Premises Term, through and including the date of such payment to Landlord. The Additional Monthly Base Rent shall not be abated pursuant to Section 4.1 of this Second Amendment. If Tenant elects to utilize the Lease as Exhibit H and Additional Allowance, then Tenant’s use of the Additional Allowance Amount shall be subject to the terms and conditions of Article 21 Section 2.4 below, with references therein to the Tenant Improvement Allowance also applying to the Additional Allowance Amount. Further, in the event that Tenant exercises its right to use all or any portion of the LeaseAdditional Allowance, in then, as a condition to Landlord’s obligation to disburse any portion of the Additional Allowance, Tenant shall cause the L-C amount to be increased by an amount equal to [***], which letter of credit shall be held by Landlord pursuant to the terms of Article 21 forty percent (40%) of the LeaseAdditional Allowance Amount (the “Additional L-C Amount”).

Appears in 2 contracts

Samples: Office Lease (Appdynamics Inc), Office Lease (Appdynamics Inc)

Additional Allowance. Tenant may, upon written notice In addition to Landlord given on or before the "Cost Proposal Delivery Date," as that term is 6310 Expansion Premises Improvement Allowance set forth in Section 4.2 2.1.1, above, Tenant shall, but only if so elected by Tenant in writing prior to the date upon which Tenant commences to construct the Improvements in the 6310 Initial Premises or the 6310 Must-Take Premises (as applicable), be entitled to a one-time additional allowance in an amount not to exceed Ten and 00/100 Dollars ($10.00) per rentable square foot of this Work Letter, below, elect to cause each of the Improvement Allowance for 6310 Initial Premises and the initial 6310 Must-Take Premises (the “Additional Allowance”) to be increased by an amount (used solely for hard costs in the "Additional Allowance") set forth in such notice. Any such resulting Additional Allowance shall (i) be an amount equal to an even number of United States Dollars (as opposed to fractions of United States Dollars), and (ii) in no event exceed the product of (A) [***], and (B) the number of rentable square feet construction of the Premises (i.e., an amount anticipated to equal [***] based upon 147,533 rentable square feet, which square footage is subject to confirmation pursuant to the TCCs of Section 1.2 of the Lease)Improvements. In the event Tenant exercises its right to use all or any portion of the Additional Allowance, the Monthly Installment of Base Rent for the applicable 6310 Initial Premises or the 6310 Must-Take Premises (as otherwise set forth in Section 4 of the Summary of Basic Lease Information, as amended by Section 4.2 of this First Amendment) shall be increased by an amount equal to the "Additional Monthly Base Rent," as that term is ” (defined below, in order ) applicable to repay the Additional Allowance to Landlord6310 Initial Premises or the 6310 Must-Take Premises (as the case may be). The "Additional Monthly Base Rent" shall be determined as mean either (A) to the extent the Additional Allowance is applicable to the construction of Improvements in the 6310 Initial Premises, an amount equal to the missing component of an annuity, which annuity shall have (wi) the such actual amount of the Additional Allowance which (if any) utilized by Tenant elects in connection with the construction of the Improvements in the 6310 Initial Premises (expressed as a total amount up to utilize Ten and 00/100 Dollars ($10.00)/per rentable square foot (e.g., Three Hundred Sixty-Four Thousand Four Hundred Forty and 00/100 Dollars ($364,440.00)) as the present value amount, (x) [***]. If Tenant elects to utilize all or a portion of the Additional Allowance, then (i) all references in this Work Letter to the "Improvement Allowance," shall be deemed to include the Additional Allowance which Tenant elects to utilize, (ii) seventy-two (72) as the parties shall promptly execute an amendment (the "Additional Allowance Amendment") to this Lease setting forth the new amount number of the Base Rent and Improvement Allowance computed in accordance with this Section 2.3payments, and (iii) Tenant 0.81, which is equal to nine percent and three quarters (9.75%) divided by twelve (12) months per year, as the monthly interest factor, or (B) to the extent the Additional Allowance is applicable to the construction of Improvements in the 6310 Must-Take Premises, an amount equal to the missing component of an annuity, which annuity shall deliver to Landlord, concurrently with Tenant's execution and delivery have (i) such actual amount of the Additional Allowance Amendment to Landlord, a letter (if any) utilized by Tenant in connection with the construction of credit, the Improvements in the form attached 6310 Must-Take Premises (expressed as a total amount up to Ten and 00/100 Dollars ($10.00)/per rentable square foot (e.g., Two Hundred Fifty Nine Thousand Seven Hundred Ten and 00/100 Dollars ($259,710.00)) as the present value amount, (ii) a whole number which is equal to the Lease as Exhibit H number of full calendar months during the 6310 Must-Take Premises Term, and subject to the terms and conditions of Article 21 of the Lease(iii) 0.81, in an amount which is equal to [***]nine and three quarters percent (9.75%) divided by twelve (12) months per year, which letter of credit shall be held by Landlord pursuant to as the terms of Article 21 of the Leasemonthly interest factor.

Appears in 2 contracts

Samples: Office Lease, Office Lease (Dexcom Inc)

Additional Allowance. If the costs to design, permit, install and construct the Tenant mayImprovements exceed the initial Tenant Improvement Allowance amount stated in Section 2.1 above, Tenant shall have the option, exercisable upon written notice to Landlord given on or before the "Cost Proposal Delivery Date," as that term is set forth in Section 4.2 of this Work Letterprior to January 1, below2023, elect to cause the Improvement Allowance receive an additional Tenant improvement allowance to pay for the initial Premises to be increased by an amount such excess costs (the "Additional Allowance") set forth in such notice. Any such resulting Additional Allowance shall (i) be an the amount equal to an even number of United States Dollars (as opposed to fractions of United States Dollars)up to, and (ii) in but no event exceed the product of (A) [***]more than, and (B) the number of $60.00 per rentable square feet foot of the Premises (i.e., an amount anticipated to equal [***] based upon 147,533 rentable square feet, which square footage is subject to confirmation pursuant to the TCCs of Section 1.2 of the Lease)Premises. In the event If Tenant exercises its right to use all or any portion of the option for the Additional Allowance, then the Monthly Installment term "Tenant Improvement Allowance" as used in this Tenant Work Letter shall mean and refer to the initial Tenant Improvement Allowance amount stated in Section 2.1 above plus the Additional Allowance. For the avoidance of Base Rent doubt, Txxxxx’s execution and delivery of this Agreement after January 1, 2023 shall be deemed a timely and valid exercise of its option 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 Allowance. As consideration for Landlord providing such Additional Allowance to Landlord. The "Additional Monthly Base Rent" shall be determined as the missing component of an annuityTenant, which annuity shall have (w) the amount of the Additional Allowance which provided by Landlord shall be repaid by Tenant elects to utilize as Landlord amortized based upon equal monthly payments of principal amortization and interest on a monthly basis over the present value amount, (x) [***]. If Tenant elects to utilize all or a portion remainder of the Additional Allowanceinitial Term from and after March 1, then 2023 at an interest rate of eight percent (i8%) all references in this Work Letter to per annum, and each such monthly payment of principal amortization and interest (collectively, the "Improvement Allowance," Amortization Rent") shall be deemed paid by Tenant to include Landlord commencing on March 1, 2023. In the event the Lease shall terminate for any reason, including, without limitation, as a result of a default by Tenant under the terms of the Lease beyond any applicable notice and cure period, Tenant acknowledges and agrees that the unamortized balance of the Additional Allowance which has not been paid by Tenant elects to utilize, (ii) the parties shall promptly execute an amendment (the "Additional Allowance Amendment") to this Lease setting forth the new amount Landlord as of the termination date of the Lease pursuant to the foregoing provisions of this Section shall become immediately due and payable as unpaid rent which has been earned as of such termination date. In no event shall the amortization Rent be abated for any reason whatsoever.” 2. The Base Rent schedule identified in the Basic Lease Information of the Initial Lease (as amended by the Third Amendment), is hereby amended and restated in its entirety with the following: Period (In Months) Monthly Base Rent Monthly Amortization Rent Total Monthly Base Rent and Improvement Allowance computed Amortization Rent 09/01/2019 - 02/29/2020 N/A $0.00 $0.00 03/01/2020 - 08/31/2020 $211,281.00 $0.00 $211,281.00 09/01/2020 - 08/31/2021 $217,619.43 $0.00 $217,619.43 09/01/2021 - 08/31/2022 $224,148.01 $0.00 $224,148.01 09/01/2022 - 02/28/2023 $230,872.45 $0.00 $230,872.45 03/01/2023 - 08/31/2023 $230,872.45 $47,043.87 $277,916.32 09/01/2023 - 08/31/2024 $237,798.63 $47,043.87 $284,842.50 09/01/2024 - 08/31/2025 $244,932.59 $47,043.87 $291,976.46 09/01/2025 - 08/31/2026 $252,280.56 $47,043.87 $299,324.43 09/01/2026 - 08/31/2027 $259,848.98 $47,043.87 $306,892.85 09/01/2027 - 08/31/2028 $267,644.45 $47,043.87 $314,688.32 -2- SMRH:4862-3329-8537.2 09/01/2028 - 08/31/2029 $275,673.78 $47,043.87 $322,717.65 09/01/2029 - 02/28/2030 $283,944.00 $47,043.87 $330,987.87 Landlord and Tenant acknowledge and agree that Base Rent with respect to the Expansion Space (as defined in the Second Amendment) shall be paid by Tenant to Landlord in accordance with the Second Amendment. 3. Landlord hereby represents and warrants to Tenant that it has dealt with no broker, finder or similar person in connection with this Section 2.3Agreement, and Tenant hereby represents and warrants to Landlord that it has dealt with no broker, finder or similar person in connection with this Agreement. Landlord and Txxxxx shall each defend, indemnify and hold the other harmless with respect to all claims, causes of action, liabilities, losses, costs and expenses (iiiincluding without limitation attorneys' fees) with respect to any leasing commission or equivalent compensation alleged to be owing on account of the indemnifying party's dealings with any real estate broker, agent, finder or similar person. Nothing in this Agreement shall impose any obligation on Landlord to pay a commission or fee to any party. 4. As additional consideration for this Agreement, Tenant hereby certifies that: (a) The Original Lease (as amended hereby) is in full force and effect. (b) Tenant shall deliver to Landlordis in possession of the entire Existing Premises and neither the Existing Premises, concurrently with nor any part thereof, is occupied by any subtenant or other party other than Tenant. (c) To Tenant's execution actual knowledge, without inquiry, there are no uncured defaults on the part of Landlord or Tenant under the Original Lease. (d) All of Landlord's obligations with respect to construction of tenant improvements in the Premises and delivery payment of Tenant improvement allowances have been satisfied, other than the payment of the Additional Allowance Amendment to as set forth in this Agreement. (e) To Tenant's actual knowledge, there are no existing offsets or defenses which Tenant has against the enforcement of the Original Lease (as amended hereby) by Landlord, a letter . (f) All of credit, the representations and warranties of Tenant in the form attached Original Lease are hereby remade. (g) Txxxxx holds all right, title and interest of the tenant in and to the Original Lease and the Existing Premises and has not transferred, encumbered, assigned or sublet any interest therein or portion thereof. 5. As additional consideration for this Agreement, Landlord hereby certifies that: (a) The Original Lease (as Exhibit H amended hereby) is in full force and subject to the terms and conditions of Article 21 of the Lease, in an amount equal to [***], which letter of credit shall be held by Landlord pursuant to the terms of Article 21 of the Leaseeffect.

Appears in 2 contracts

Samples: Lease Agreement (Adicet Bio, Inc.), Lease Agreement (Adicet Bio, Inc.)

Additional Allowance. In addition to the Maximum Construction -------------------- Allowance, Landlord hereby agrees to provide to Tenant may, upon written notice to Landlord given on or before the an additional allowance ("Cost Proposal Delivery Date," as that term is set forth in Section 4.2 of this Work Letter, below, elect to cause the Improvement Allowance for the initial Premises to be increased by an amount (the "Additional Supplemental Allowance") set forth in such notice. Any such resulting Additional Allowance shall (i) be an amount equal to an even number of United States Dollars (as opposed to fractions of United States Dollars), and (ii) in no event exceed the product of (A) [***], and (B) the number of rentable square feet of the Premises (i.e., an amount anticipated to equal [***] based upon 147,533 rentable square feet, which square footage is subject to confirmation pursuant to the TCCs of Section 1.2 of the Lease). In the event Tenant exercises its right to use all or any portion of the Additional Allowance, the Monthly Installment of 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 "Additional Monthly Base Rent" shall be determined as the missing component of an annuity, which annuity shall have (w) the amount of the Additional Allowance $500,000.00, which will be available for use by Tenant elects to utilize as the present value amount, (x) [***]. If Tenant elects to utilize all or a portion of the Additional Allowance, then (i) all references in this Work Letter to the "Improvement Allowance," shall be deemed to include the Additional Allowance which Tenant elects to utilize, (ii) the parties shall promptly execute an amendment (the "Additional Allowance Amendment") to this Lease setting forth the new amount of the Base Rent and Improvement Allowance computed in accordance with this Section 2.34.2. Tenant may use the Supplemental Allowance to fund the payment of the cost of any Allowance Work which exceeds the Maximum Construction Allowance and then the payment of the installation by Landlord of permanent improvements at the Demised Premises ("Additional Improvements"), in addition to the Allowance Work; provided that the nature and (iii) Tenant shall deliver scope of such work will be subject to the approval of Landlord, not to be unreasonably withheld, delayed or conditioned. Landlord will, to the extent reasonably practicable, perform the Additional Work concurrently with Tenant's execution and delivery performance of the Allowance Work, subject to the condition that Landlord will not be required to perform the Additional Work in any manner which would delay the occurrence of Substantial Completion. To the extent that Tenant does not utilize the Additional Allowance to pay excess cost for the Allowance Work or the cost of Additional Improvements, the unused portion of the Additional Allowance Amendment shall then be applied as a credit against Base Rent and Additional Rent, up to Landlorda maximum of $243,229.26, a letter of creditand the balance, if any, will be paid to Tenant in cash. Under no circumstances will Tenant have any right to receive the form attached payment from the Additional Allowance (except to the Lease extent that Landlord may be performing Additional Work), either in cash or as Exhibit H and subject to a credit against Base Rent, until Tenant has acknowledged in writing the terms and conditions occurrence of Article 21 of the Lease, in an amount equal to [***], which letter of credit shall be held by Landlord pursuant to the terms of Article 21 of the LeaseSubstantial Completion.

Appears in 1 contract

Samples: Industrial Lease Agreement (Mohawk Industries Inc)

Additional Allowance. Tenant may, upon written notice to Landlord given on On or before the "Cost Proposal Delivery Date," as that term is set forth in Section 4.2 of this Work LetterAugust 1, below2019, pursuant to a written notice delivered to Landlord, Tenant may elect to cause the Improvement Allowance for the initial Premises to be increased by an amount receive a one‑time increase (the "Additional Allowance") set forth of the Tenant Improvement Allowance in such notice. Any such resulting Additional Allowance shall (i) be an amount equal not to an even number exceed $20.00 per RSF of United States Dollars (as opposed to fractions of United States Dollars), and (ii) in no event exceed the product of (A) [***], and (B) the number of rentable square feet that portion of the Premises (i.e.which remain unimproved, an amount anticipated to equal [***] based upon 147,533 rentable square feet, which square footage is subject to confirmation pursuant for the costs relating to the TCCs of Section 1.2 initial design and construction of the Lease)Tenant Improvements. In the event Tenant exercises its right to use all or any portion of the Additional Allowance, the Monthly Installment of 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. Neither the "Initial Rent Abatement Period" nor the "Second Rent Abatement Period" shall have any affect Tenant's obligation to pay the Additional Monthly Base Rent. The "Additional Monthly Base Rent" shall be determined as the missing component of an annuity, which annuity shall have (wi) the amount of the Additional Allowance which Tenant elects to utilize as the present value amount, (xii) [***]the number of months then remaining in the initial Lease Term as the number of payments, (iii) eight percent (8%) as the annual interest factor and (iv) the Additional Monthly Base Rent as the missing component of the annuity. If In the event Tenant elects to utilize all or a portion of the Additional Allowance, then (ia) 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, (iib) the parties shall promptly execute an amendment (the "Additional Allowance Amendment") to this Lease setting forth the new amount of the Base Rent and Tenant Improvement Allowance computed in accordance with this Section 2.32.1.3, and (iiic) all of the Additional Monthly Base Rent owing in accordance with this Section 2.1.3 for the period prior to the execution of the Amendment shall be paid by Tenant shall deliver to Landlord, concurrently with Landlord at the time of Tenant's execution and delivery of the Additional Allowance Amendment to Landlord, a letter of credit, in the form attached to the Lease as Exhibit H and subject to the terms and conditions of Article 21 of the Lease, in an amount equal to [***], which letter of credit shall be held by Landlord pursuant to the terms of Article 21 of the LeaseAmendment.

Appears in 1 contract

Samples: Office Lease (Zeltiq Aesthetics Inc)

Additional Allowance. If the cost of the design and construction of the Tenant mayImprovements exceeds Landlord’s Allowance provided for in Paragraph 4.f.i. above, then Landlord will, upon Tenant’s written notice request, contribute toward such excess sum an amount not to exceed Four Hundred Twelve Thousand Eight Hundred Sixty Dollars ($412,860.00)(the “Additional Allowance”). Notwithstanding the foregoing, at Tenant’s option, all or part of Additional Allowance may be used for excess design and hard costs and Tenant’s moving expenses, equipment, trade fixtures, cabling, furniture and signage (“Soft Costs”). For requested disbursements of the Additional Allowance for Soft Costs, Tenant shall deliver to Landlord given invoices in form reasonably acceptable to Landlord and, if the payments are to contractors, subcontractors or to suppliers of materials to be incorporated into the Premises, the disbursement shall be further conditioned upon Tenant’s delivery to Landlord of conditional lien waivers executed by the contractor, subcontractors or suppliers, as applicable, for their portion of the work covered by the requested disbursement. The Additional Allowance shall only be available for disbursement to Tenant for application toward Soft Costs during the period commencing on or before the "Cost Proposal Delivery date hereof and ending on the last day of the sixth (6th) full calendar month following the Commencement Date," as . In no event shall Tenant be entitled to receive disbursements of the Additional Allowance if Tenant is then in breach of any provision of the Lease. Upon the completion of the Tenant Improvements and the determination of the actual amount (if any) of the Additional Allowance that term is was disbursed by Landlord pursuant to the foregoing (the “Amortization Amount”), Landlord and Tenant will enter into an amendment to this Lease which increases the monthly rent set forth in Section 4.2 Paragraph 2.c. above by a sum sufficient to fully amortize the Amortization Amount over the then remaining term of this Work Letter, below, elect to cause the Improvement Allowance for the initial Premises to be increased by an amount (the "Additional Allowance") set forth in such notice. Any such resulting Additional Allowance shall (i) be an amount equal to an even number of United States Dollars (as opposed to fractions of United States Dollars), and (ii) in no event exceed the product of (A) [***], and (B) the number of rentable square feet of the Premises (i.e., an amount anticipated to equal [***] based upon 147,533 rentable square feetLease, which square footage is subject to confirmation pursuant amortization shall be at an interest rate of eight percent (8%) per annum. Such amendment shall also provide that, if the Lease terminates prior to the TCCs of Section 1.2 date that the Amortization Amount plus accrued interest is fully repaid to Landlord, then, concurrently with such termination of the Lease). In , the event Tenant exercises its right to use all or any then unpaid portion of the Additional AllowanceAmortization Amount, the Monthly Installment of Base Rent for the Premises plus all accrued but unpaid interest, shall be increased by an amount equal to immediately payable in full. If the "Additional Monthly Base Rent," as that term is defined below, in order to repay cost of the Additional design and construction of the Tenant Improvements exceeds the funds available from Landlord’s Allowance to Landlord. The "Additional Monthly Base Rent" shall be determined as the missing component of an annuity, which annuity shall have (w) and the amount of the Additional Allowance which Tenant elects to utilize as the present value amountrequested by Tenant, (x) [***]. If Tenant elects to utilize all or a portion of the Additional Allowance, then (i) all references in this Work Letter to the "Improvement Allowance," shall be deemed to include the Additional Allowance which Tenant elects to utilize, (ii) the parties shall promptly execute an amendment (the "Additional Allowance Amendment") to this Lease setting forth the new amount of the Base Rent and Improvement Allowance computed in accordance with this Section 2.3, and (iii) Tenant shall deliver reimburse Landlord for such excess costs within thirty (30) days after Landlord’s written demand (which may be for payment prior to commencement of construction or in course of construction payments, at Landlord, concurrently with Tenant's execution and delivery of the Additional Allowance Amendment to Landlord, a letter of credit, in the form attached to the Lease as Exhibit H and subject to the terms and conditions of Article 21 of the Lease, in an amount equal to [***], which letter of credit shall be held by Landlord pursuant to the terms of Article 21 of the Lease’s option).

Appears in 1 contract

Samples: Office Lease (Zscaler, Inc.)

Additional Allowance. On or before May 31, 2016, Tenant mayshall be entitled, upon pursuant to a written notice delivered to Landlord given on or before (the "Cost Proposal Delivery Date," as that term is set forth in Section 4.2 “Additional Allowance Notice”), to a one-time increase (the “Additional Allowance”) of this Work Letter, below, elect to cause the Tenant Improvement Allowance for in the initial Premises to be increased by an amount (the "Additional Allowance") set forth in such notice. Any such resulting Additional Allowance shall (i) be an amount equal to an even number of United States Dollars (as opposed to fractions of United States Dollars), and (ii) in no event exceed the product of (A) [***], and (B) the number of rentable square feet of the Premises $7,354,025.00 (i.e., an amount anticipated to equal [***] based upon 147,533 additional $35.00 per each rentable square feetfoot of the Premises), which square footage is subject to confirmation pursuant for the costs relating to the TCCs of Section 1.2 initial design and construction of the Lease)Tenant Improvements. In the event Tenant exercises its right to use all or any portion of the Additional Allowance, the Monthly Installment of monthly Base Rent for the Premises shall be increased by an amount equal to as set forth on Schedule 5 attached hereto. Tenant shall commence payments of the "amortized Additional Monthly Base Rent," Allowance as that term is defined belowof the Lease Commencement Date, in order to repay notwithstanding the rent abatement otherwise applicable during such period. If Tenant timely delivers the Additional Allowance Notice, then Landlord and Tenant shall within thirty (30) days thereafter execute an amendment to Landlordthe Lease documenting the new Base Rent schedule and increased improvement allowance. The "Additional Monthly Base Rent" Notwithstanding the foregoing, the failure of Landlord and Tenant to execute and deliver such amendment shall be determined as the missing component of not affect an annuity, which annuity shall have (w) the amount otherwise valid delivery of the Additional Allowance Notice or the parties’ rights and responsibilities in respect thereof. Notwithstanding the foregoing, no later than the last day of the first Lease Year, provided that Tenant has delivered the Additional Allowance Notice, Tenant shall be entitled, pursuant to a written notice delivered to Landlord (the “Additional Allowance Prepayment Notice”) together with a check in the aggregate amount of $4,202,300.00 plus interest at an annual rate of eight percent (8%), less any amount previously amortized pursuant to the terms hereof (the “Additional Allowance Prepayment”), to a one-time prepayment of the portion of the Additional Allowance equal to $4,202,300.00 (i.e., $20.00 per rentable square foot of the Premises), which Additional Allowance Prepayment shall be applicable at the end of Lease Year 1. In the event Tenant elects exercises its right to utilize as the present value amount, (x) [***]. If Tenant elects to utilize all or prepay a portion of the Additional Allowance, then (i) all references in this Work Letter to the "Improvement Allowance," monthly Base Rent for the Premises shall be deemed to include decreased as set forth on Schedule 5 attached hereto. If Tenant timely delivers the Additional Allowance which Prepayment Notice and the Additional Allowance Prepayment, then Landlord and Tenant elects to utilize, shall within thirty (ii30) the parties shall promptly days thereafter execute an amendment (to the "Additional Allowance Amendment") to this Lease setting forth documenting the new amount of the Base Rent schedule and Improvement Allowance computed in accordance with this Section 2.3decreased improvement allowance. Notwithstanding the foregoing, the failure of Landlord and (iii) Tenant to execute and deliver such amendment shall deliver to Landlord, concurrently with Tenant's execution and not affect an otherwise valid delivery of the Additional Allowance Amendment to Landlord, a letter of credit, Prepayment Notice and Additional Allowance Prepayment or the parties’ rights and responsibilities in the form attached to the Lease as Exhibit H and subject to the terms and conditions of Article 21 of the Lease, in an amount equal to [***], which letter of credit shall be held by Landlord pursuant to the terms of Article 21 of the Leaserespect thereof.

Appears in 1 contract

Samples: Sublease Agreement (Snowflake Inc.)

Additional Allowance. Tenant may, upon written notice to Landlord given on On or before the "Cost Proposal Delivery Date," as that term is set forth in Section 4.2 of this Work Letter, belowTenant shall be entitled, elect pursuant to cause the Improvement Allowance for the initial Premises a written notice delivered to be increased by an amount Landlord, to a one‑time increase (the "Additional Allowance") set forth of the Tenant Improvement Allowance in such notice. Any such resulting Additional Allowance shall (i) be an amount equal not to an even number exceed $10.00 for each of United States Dollars (as opposed to fractions of United States Dollars), and (ii) in no event exceed the product of (A) [***], and (B) the number of 13,670 rentable square feet of the Premises (i.e.Premises, an amount anticipated to equal [***] based upon 147,533 rentable square feet, which square footage is subject to confirmation pursuant for the costs relating to the TCCs of Section 1.2 initial design and construction of the Lease)Tenant Improvements. In the event Tenant exercises its right to use all or any portion of the Additional Allowance, the Monthly Installment of 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 "Additional Monthly Base Rent" shall be determined as the missing component of an annuity, which annuity shall have (wi) the amount of the Additional Allowance which Tenant elects to utilize as the present value amount, (xii) [***]sixth (60) as the number of payments, (iii) seventy‑one one‑hundredths (.71), which is equal to eight and one-half percent (8.5%) 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. If In the event Tenant elects to utilize all or a portion of the Additional Allowance, then (ia) 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, (iib) the parties shall promptly execute an amendment (the "Additional Allowance Amendment") to this Lease setting forth the new amount of the Base Rent and Tenant Improvement Allowance computed in accordance with this Section 2.32.4, and (iiic) Tenant shall deliver to deposit with Landlord, concurrently with Tenant's execution and delivery of the Additional Allowance Amendment to Landlord, a letter of credit, in the form attached to the Lease as Exhibit H and subject to the terms and conditions of Article 21 of the Lease, cash in an amount equal to [***]the Additional Allowance, which letter of credit amount shall be held by Landlord pursuant to the terms of Article 21 as part of the LeaseSecurity Deposit, and the Amendment shall contain the new amount of the Security Deposit, and (d) the additional amount of monthly Base Rent owing in accordance with this Section 2.1 for the first full month of the Lease Term which occurs after the expiration of any free rent period shall be paid by Tenant to Landlord at the time of Xxxxxx's execution of the Amendment.

Appears in 1 contract

Samples: Office Lease (Atara Biotherapeutics, Inc.)

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Additional Allowance. Tenant may, upon written notice In addition to Landlord given on or before the "Cost Proposal Delivery Date," as that term is 6290 Expansion Premises Improvement Allowance and the Existing Premises Improvement Allowance set forth in Section 4.2 2.1.1, above, Tenant shall, but only if so elected by Tenant in writing prior to the date upon which Tenaxx xxxmences to construct the Improvements in the 6290 Initial Premises, the 6290 Must-Take Premises or the Existing Premises (as applicable), be entitled to a one-time additional allowance in an amount not to exceed $15.00 per rentable square foot of this Work Lettereach of the 6290 Initial Premises, below, elect to cause the Improvement Allowance for 6290 Must-Take Premises and the initial Existing Premises (the “Additional Allowance”) to be increased by an amount (used solely for hard costs in the "Additional Allowance") set forth in such notice. Any such resulting Additional Allowance shall (i) be an amount equal to an even number of United States Dollars (as opposed to fractions of United States Dollars), and (ii) in no event exceed the product of (A) [***], and (B) the number of rentable square feet construction of the Premises (i.e., an amount anticipated to equal [***] based upon 147,533 rentable square feet, which square footage is subject to confirmation pursuant to the TCCs of Section 1.2 of the Lease)Improvements. In the event Tenant exercises its right to use all or any portion of the Additional Allowance, the Monthly Installment monthly installments of Base Rent for the applicable 6290 Initial Premises, the 6290 Must-Take Premises or the Existing Premises (as otherwise set forth in Section 4 of this Second Amendment) shall be increased by an amount equal to the "Additional Monthly Base Rent," ” (defined below) applicable to the 6290 Initial Premises, the 6290 Must-Take Premises or the Existing Premises (as the case may be). The “Additional Monthly Base Rent” shall mean the amount sufficient to fully amortize the Additional Allowance utilized by Tenant over the “Amortization Period” (as that term is defined below) based up on equal monthly payments of principal and interest throughout such Amortization Period, in order to repay with interest imputed on the Additional Allowance to Landlordoutstanding principal balance at the rate of eight point five percent (8.5%) per annum. The "Additional Monthly Base Rent" “Amortization Period” shall be determined as the missing component of an annuity, which annuity shall have (w) the amount of the Additional Allowance which Tenant elects to utilize as the present value amount, (x) [***]. If Tenant elects to utilize all or a portion of the Additional Allowance, then mean (i) all references in this Work Letter for any Additional Allowance attributable to the "Improvement Allowance," shall be deemed to include 6290 Initial Premises, a period of seven (7) years commencing upon the Additional Allowance which Tenant elects to utilizeExpansion Commencement Date, (ii) the parties shall promptly execute an amendment (the "for any Additional Allowance Amendment") attributable to this Lease setting forth the new amount of 6290 Must-Take Premises, the Base Rent and Improvement Allowance computed in accordance with this Section 2.3period from the 6290 Must-Take Premises Commencement Date through the New Expiration Date, and (iii) for any Additional Allowance attributable to the Existing Premises, the period commencing upon the earlier of (A) the date of substantial completion of Improvements in the Existing Premises or (B) the date which is sixty (60) days after the date Tenant commences construction of Improvements in the Existing Premises, through the New Expiration Date. In no event shall deliver to Landlord, concurrently with Tenant's execution and delivery of the Additional Allowance Amendment to Landlord, a letter of credit, in the form attached to the Lease as Exhibit H and Monthly Base Rent be subject to the terms and conditions of Article 21 of the Lease, in an amount equal to [***], which letter of credit shall be held by Landlord pursuant to the terms of Article 21 of the Leaseabatement.

Appears in 1 contract

Samples: Office Lease (Dexcom Inc)

Additional Allowance. Tenant may, upon written notice In addition to Landlord given on or before the "Cost Proposal Delivery Date," as that term is initial Improvement Allowance set forth in Section 4.2 2.1.1, above, Tenant shall be entitled to a one-time additional allowance in an amount not to exceed One Million Two Hundred Twenty-Seven Thousand Four Hundred Twenty and No/100 Dollars ($1,227,420.00) (i.e., Ten and No/100 Dollar ($10.00) per rentable square foot of this Work Letter, below, elect the Premises) (the “Additional Allowance”) to cause the be used solely for costs of Improvement Allowance for the initial Premises to be increased by an amount Items (the "Additional Allowance") set forth in such notice. Any such resulting Additional Allowance shall (i) be an amount equal to an even number of United States Dollars (as opposed to fractions of United States Dollars), and (ii) but in no event exceed shall any such Additional Allowance be used for Tenant's furniture, fixtures, equipment or other items of personal property). Tenant shall only have the product right to utilize such Additional Allowance in the event that Tenant provides written notice of (A) [***], and (B) the number of rentable square feet of the Premises (i.e., an amount anticipated to equal [***] based upon 147,533 rentable square feet, which square footage is subject to confirmation pursuant Tenant’s election prior to the TCCs of Section 1.2 of Lease Commencement Date. Such notice shall specify the Lease)amount that Tenant desires to utilize and shall be delivered to Landlord. In the event Tenant exercises its right to use all or any portion of the Additional Allowance, the Monthly Installment monthly installments of Base Rent for the Premises (as otherwise set forth in Section 4 of the Summary of Basic Lease Information) 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 "Additional Monthly Base Rent" shall be determined as an amount equal to the missing component of an annuity, which annuity shall have (wi) the such actual amount of the Additional Allowance which utilized by Tenant elects (expressed as a total amount up to utilize $10.00 per rentable square foot) as the present value amount, (xii) [***]one hundred twenty (120) as the number of payments with respect to any Additional Allowance, and (iii) 0.667%, which is equal to eight percent (8%) divided by twelve (12) months per year, as the monthly interest factor. If In the event Tenant elects to utilize uses all or a any portion of the Additional Allowance, then (i) all references in this Work Letter to the "Improvement Allowance," shall be deemed to include the Additional Allowance which requested by Tenant. Tenant elects acknowledges and hereby agrees to utilize, (ii) pay to Landlord the parties shall promptly execute an amendment (the "Additional Allowance Amendment") to this Lease setting forth the new full amount of the Base Rent and Improvement Allowance computed in accordance with this Section 2.3, and (iii) Tenant shall deliver to Landlord, concurrently with Tenant's execution and delivery of the Additional Allowance Amendment requested by Tenant and disbursed by Landlord as provided herein (including interest, as provided herein above), and accordingly, hereby further agrees that in no event shall any provision of this Lease relating to any abatement, reduction, cessation or other modification of the Rent payable by Tenant to Landlord (including, without limitation, Section 3.2, Section 6.4, Article 11 and Article 13 of this Lease) be deemed to affect, modify, reduce or otherwise apply with respect to Tenant's obligation to pay the Additional Allowance to Landlord, a letter and which obligation shall continue to survive any early termination of credit, in this Lease until the form attached to the Lease as Exhibit H and subject to the terms and conditions of Article 21 full amount of the Lease, in an amount equal to [***], which letter of credit shall be held Additional Allowance requested by Tenant and disbursed by Landlord pursuant (including interest as provided herein) has been paid to the terms of Article 21 of the LeaseLandlord.

Appears in 1 contract

Samples: Office Lease (Concur Technologies Inc)

Additional Allowance. In addition to the Second Extension Allowance, Landlord agrees to provide Tenant may, upon written notice to Landlord given on or before the "Cost Proposal Delivery Date," as that term is set forth in Section 4.2 of this Work Letter, below, elect to cause the Improvement Allowance for the initial Premises to be increased by with an amount additional allowance (the "Additional Allowance") set forth in such notice. Any such resulting Additional Allowance shall of up to Three Hundred Eighty-One Thousand Six Hundred and 00/100 Dollars (i$381,600.00) be an amount (equal to an even number $15.00 per square foot of United States Dollars (as opposed to fractions of United States Dollars), and (ii) in no event exceed the product of (A) [***], and (B) the number of rentable 25,440 square feet of the Premises (i.e., an amount anticipated in Building 6) to equal [***] based upon 147,533 rentable square feet, which square footage is subject to confirmation pursuant to the TCCs of Section 1.2 of the Lease)be used by Tenant solely towards paying for constructing lab improvements in Building 6. In the event Tenant exercises its right desires to use all or utilize any portion of the Additional Allowance, then Tenant shall make a one-time request on or before the Monthly Installment of Base Rent for the Premises shall be increased by an amount equal to the "Additional Monthly Base Rent," as that term is defined belowSecond Extension Term Commencement Date, indicating in order to repay the Additional Allowance to Landlord. The "Additional Monthly Base Rent" shall be determined as the missing component of an annuity, which annuity shall have (w) such request the amount of the such Additional Allowance which Tenant elects to utilize as desires that Landlord disburse. Landlord and Tenant hereby agree that in the present value amount, (x) [***]. If event Tenant elects to utilize all or a notifies Landlord in writing that Tenant desires any portion of the Additional Allowance, then such portion requested by Tenant shall be amortized (iat a rate of interest equal to eight percent (8%) all references in this Work Letter per annum) over the period commencing on the Second Extension Term Commencement Date and ending on the expiration of the Second Extension Term, and the monthly installments of Annual Rent payable by Tenant hereunder shall be increased by the monthly amount necessary to so amortize such Additional Allowance so disbursed by Landlord. Tenant agrees to execute promptly an amendment to the "Improvement Allowance," Lease reflecting the increase in the Annual Rent as described above. THIS ONE RENEWAL OPTION AT MARKET RATE is attached as Exhibit B to the Third Amendment to Lease between KBS NORTH CREEK, LLC, a Delaware limited liability company, as Landlord, and ALDER BIOPHARMACEUTICALS, INC., a Delaware corporation, as Tenant, and constitutes the further agreement between Landlord and Tenant as follows: In the event of any conflict between the terms of this Exhibit B and the Lease, the terms of this Exhibit B shall be deemed control. 1. Tenant shall, provided the Lease is in full force and effect and Tenant is not in default under any of the other terms and conditions of the Lease at the time of notification or commencement, have one option to include renew the Additional Allowance which Term of the Lease beyond the Second Extension Term for a term of three (3) years for all of the Premises being leased by Tenant as of the date the renewal term is to commence, on the same terms and conditions set forth in the Lease, except as modified by the terms, covenants and conditions as set forth below: a. If Tenant elects to utilizeexercise said option, then Tenant shall provide Landlord with written notice no earlier than the date which is three hundred sixty (ii360) days prior to the expiration of the then current term of the Lease but no later than the date which is two hundred seventy (270) days prior to the expiration of the Second Extension Term. If Tenant fails to provide such written notice, Tenant shall have no further or additional right to extend or renew the Term of the Lease. b. The Annual Rent and Monthly Installment of Rent in effect at the expiration of the Second Extension Term shall be revised to reflect the current fair market rental for comparable space in other similar buildings in the same rental market as of the date the renewal term is to commence, including tenant improvement allowances and leasing commissions to be paid by Landlord, taking into account the specific provisions of the Lease which will remain constant. Landlord shall advise Tenant of the proposed Annual Rent and Monthly Installment of Rent for the Premises no later than thirty (30) days after receipt of Tenant’s written request therefor. Said request shall be made no earlier than thirty (30) days prior to the first date on which Tenant may exercise its option under this Exhibit B. Said notification of the new Annual Rent may include a provision for its escalation to provide for a change in fair market rental between the time of notification and the commencement of the renewal term. If Tenant disagrees with Landlord’s proposed Annual Rent and Monthly Installment of Rent for the Premises, Tenant shall so advise Landlord in writing, and the parties shall promptly execute meet and attempt in good faith to resolve their differences. If the parties are unable to agree upon such amounts within thirty (30) days of Landlord’s receipt of Tenant’s notice, then Landlord and Tenant shall each appoint an amendment (independent, qualified MAI appraiser experienced in appraising rental rates of similarly situated commercial properties, and the "Additional Allowance Amendment") to this Lease setting forth two appraisers shall appoint a third independent, qualified MAI appraiser with similar experience. The appraisers shall, by the new amount agreement of the Base majority of them, determine in writing the fair market rental of the Premises and the Annual Rent and Improvement Allowance computed Monthly Installment of Rent for the upcoming renewal term. Such determination shall be binding upon Landlord and Tenant. The appraisers shall have no power to modify the provisions of the Lease or this Third Amendment. Each party shall pay the fees and expenses of its respective appraiser and both shall share equally in accordance with this Section 2.3the fees and expenses of the third appraiser. c. This option is not transferable; the parties hereto acknowledge and agree that they intend that the aforesaid option to extend the Term of the Lease shall be “personal” to Tenant as set forth above and that in no event will any assignee or sublessee have any rights to exercise the aforesaid option to renew. d. As the renewal option provided for above is exercised, and (iii) Tenant shall deliver have no further right to Landlord, concurrently with Tenant's execution and delivery of extend the Additional Allowance Amendment to Landlord, a letter of credit, in the form attached to the Lease as Exhibit H and subject to the terms and conditions of Article 21 Term of the Lease, in an amount equal to [***], which letter of credit shall be held by Landlord pursuant . THIS EXPANSION OPTION is attached as Exhibit C to the terms of Article 21 of Third Amendment to Lease between KBS NORTH CREEK, LLC, a Delaware limited liability company, as Landlord, and ALDER BIOPHARMACEUTICALS, INC., a Delaware corporation, as Tenant, and constitutes the Lease.further agreement between Landlord and Tenant as follows:

Appears in 1 contract

Samples: Lease (Alder Biopharmaceuticals Inc)

Additional Allowance. If the costs to design, permit, install and construct the Tenant mayImprovements exceed the initial Tenant Improvement Allowance amount stated in Section 2.1 above, Tenant shall have the option, exercisable upon written notice to Landlord given on or before the "Cost Proposal Delivery Date," as that term is set forth in Section 4.2 of this Work Letterprior to January 1, below2023, elect to cause the Improvement Allowance receive an additional Tenant improvement allowance to pay for the initial Premises to be increased by an amount such excess costs (the "Additional Allowance") set forth in such notice. Any such resulting Additional Allowance shall (i) be an the amount equal to an even number of United States Dollars (as opposed to fractions of United States Dollars)up to, and (ii) in but no event exceed the product of (A) [***]more than, and (B) the number of $60.00 per rentable square feet foot of the Premises (i.e., an amount anticipated to equal [***] based upon 147,533 rentable square feet, which square footage is subject to confirmation pursuant to the TCCs of Section 1.2 of the Lease)Premises. In the event If Tenant exercises its right to use all or any portion of the option for the Additional Allowance, then the Monthly Installment term "Tenant Improvement Allowance" as used in this Tenant Work Letter shall mean and refer to the initial Tenant Improvement Allowance amount stated in Section 2.1 above plus the Additional Allowance. For the avoidance of Base Rent doubt, Xxxxxx’s execution and delivery of this Agreement after January 1, 2023 shall be deemed a timely and valid exercise of its option 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 Allowance. As consideration for Landlord providing such Additional Allowance to Landlord. The "Additional Monthly Base Rent" shall be determined as the missing component of an annuityTenant, which annuity shall have (w) the amount of the Additional Allowance which provided by Landlord shall be repaid by Tenant elects to utilize as Landlord amortized based upon equal monthly payments of principal amortization and interest on a monthly basis over the present value amount, (x) [***]. If Tenant elects to utilize all or a portion remainder of the Additional Allowanceinitial Term from and after January 1, then 2023 at an interest rate of eight percent (i8%) all references in this Work Letter to per annum, and each such monthly payment of principal amortization and interest (collectively, the "Improvement Allowance," Amortization Rent") shall be deemed paid by Tenant to include Landlord commencing on January 1, 2023. In the event the Lease shall terminate for any reason, including, without limitation, as a result of a default by Tenant under the terms of the Lease beyond any applicable notice and cure period, Tenant acknowledges and agrees that the unamortized balance of the Additional Allowance which has not been paid by Tenant elects to utilize, (ii) the parties shall promptly execute an amendment (the "Additional Allowance Amendment") to this Lease setting forth the new amount Landlord as of the termination date of the Lease pursuant to the foregoing provisions of this Section shall become immediately due and payable as unpaid rent which has been earned as of such termination date. In no event shall the amortization Rent be abated for any reason whatsoever.” 2. The Base Rent schedule identified in the Basic Lease Information of the Initial Lease, is hereby amended and restated in its entirety with the following: Period (In Months) Monthly Base Rent Monthly Amortization Rent Total Monthly Base Rent and Improvement Allowance computed Amortization Rent 09/01/2019 - 02/29/2020 N/A $0.00 $0.00 03/01/2020 - 08/31/2020 $211,281.00 $0.00 $211,281.00 09/01/2020 - 08/31/2021 $217,619.43 $0.00 $217,619.43 09/01/2021 - 08/31/2022 $224,148.01 $0.00 $224,148.01 09/01/2022 - 12/31/2022 $230,872.45 $0.00 $230,872.45 01/01/2023 - 08/31/2023 $230,872.45 $46,227.39 $277,099.84 09/01/2023 - 08/31/2024 $237,798.63 $46,227.39 $284,026.02 09/01/2024 - 08/31/2025 $244,932.59 $46,227.39 $291,159.98 09/01/2025 - 08/31/2026 $252,280.56 $46,227.39 $298,507.95 09/01/2026 - 08/31/2027 $259,848.98 $46,227.39 $306,076.37 09/01/2027 - 08/31/2028 $267,644.45 $46,227.39 $313,871.84 09/01/2028 - 08/31/2029 $275,673.78 $46,227.39 $321,901.17 09/01/2029 - 02/28/2030 $283,944.00 $46,227.39 $330,171.39 3. Landlord hereby represents and warrants to Tenant that it has dealt with no broker, finder or similar person in accordance connection with this Section 2.3Agreement, and Tenant hereby represents and warrants to Landlord that it has dealt with no broker, finder or similar person in connection with this Agreement. Landlord and Xxxxxx shall each defend, indemnify and hold the other harmless with respect to all claims, causes of action, liabilities, losses, costs and expenses (iiiincluding without limitation attorneys' fees) with respect to any leasing commission or equivalent compensation alleged to be owing on account of the indemnifying party's dealings with any real estate broker, agent, finder or similar person. Nothing in this Agreement shall impose any obligation on Landlord to pay a commission or fee to any party. 4. As additional consideration for this Agreement, Tenant hereby certifies that: (a) The Original Lease (as amended hereby) is in full force and effect. (b) Tenant shall deliver to Landlordis in possession of the entire Existing Premises and neither the Existing Premises, concurrently with nor any part thereof, is occupied by any subtenant or other party other than Tenant. (c) To Tenant's execution actual knowledge, without inquiry, there are no uncured defaults on the part of Landlord or Tenant under the Original Lease. (d) All of Landlord's obligations with respect to construction of tenant improvements in the Premises and delivery payment of Tenant improvement allowances have been satisfied, other than the payment of the Additional Allowance Amendment to as set forth in this Agreement. (e) To Tenant's actual knowledge, there are no existing offsets or defenses which Tenant has against the enforcement of the Original Lease (as amended hereby) by Landlord, a letter . (f) All of credit, the representations and warranties of Tenant in the form attached Original Lease are hereby remade. (g) Xxxxxx holds all right, title and interest of the tenant in and to the Original Lease and the Existing Premises and has not transferred, encumbered, assigned or sublet any interest therein or portion thereof. 5. As additional consideration for this Agreement, Landlord hereby certifies that: (a) The Original Lease (as Exhibit H amended hereby) is in full force and subject to effect. (b) To Landlord's actual knowledge, without inquiry, there are no uncured defaults on the part of Landlord or Tenant under the Original Lease. (c) To Landlord's knowledge, without inquiry, there are no existing offsets or defenses which Landlord has against the enforcement of the Original Lease (as amended hereby) by Xxxxxx. 6. Except as specifically provided herein, the terms and conditions of Article 21 the Original Lease as amended hereby are ratified and confirmed and shall continue in full force and effect. This Agreement shall be binding on the heirs, administrators, successors and assigns (as the case may be) of the parties hereto. This Agreement and the Original Lease constitute the entire agreement of the parties with respect to all matters discussed herein and therein, including, but not limited to, all matters relating to the Premises and the leasing relationship and supersede all other agreements and understandings between the parties, both written and oral. Under no circumstances shall Tenant be entitled to any Rent abatement, improvement allowance, leasehold improvements, or other work to the Premises, or any similar economic incentives that may have been provided to Tenant in connection with entering into the Original Lease, unless specifically set forth in this Agreement or the Lease. Tenant agrees that neither Tenant nor its agents or any other parties acting on behalf of Tenant shall disclose any matters set forth in this Agreement or disseminate or distribute any information concerning the terms, details or conditions hereof to any person, firm or entity other than Tenant's attorneys, agents, assigns, accountants and consultants, or to an amount equal entity or person to [***]whom disclosure is required by Applicable Laws, which letter without obtaining the express written consent of credit shall be held by Landlord pursuant to Landlord. In the terms case of Article 21 any inconsistency between the provisions of the LeaseOriginal Lease and this Agreement, the provisions of this Agreement shall govern and control. Submission of this Agreement by Xxxxxxxx is not an offer to enter into this Agreement but rather is a solicitation for such an offer by Xxxxxx. Landlord shall not be bound by this Agreement until Xxxxxxxx has executed and delivered the same to Tenant. Time is of the essence of this Agreement and the provisions contained herein. Each signatory of this Agreement represents that she or he has the authority to execute and deliver the same on behalf of the party for which such signatory is acting, and that upon the execution by such signatory, this Agreement is binding on behalf of the party for which such signatory is acting and enforceable against such party in accordance with its terms.

Appears in 1 contract

Samples: Lease Agreement (Adicet Bio, Inc.)

Additional Allowance. If the cost of the Tenant may, upon written notice to Landlord given on or before the "Cost Proposal Delivery Date," as that term is set forth in Section 4.2 of this Work Letter, below, elect to cause the Improvement Allowance for Items exceeds the initial Premises Tenant Improvement Allowance, then Landlord shall make available to be increased by Tenant, at Tenant's sole option, an "Additional Allowance" in the amount of up to, but not exceeding Six Hundred Fifteen Thousand Four Hundred Sixty Eight and No/100 Dollars ($615,468.00) (which is Twelve Dollars ($12.00) per rentable square foot of the Premises) (the "Additional Allowance") set forth in such notice). Any such resulting Tenant shall notify Landlord of Tenant's election to receive the Additional Allowance shall (i) be an amount equal to an even number of United States Dollars (as opposed to fractions of United States Dollars), and (ii) in no event exceed on or before the product of (A) [***], and (B) the number of rentable square feet date Tenant commences construction of the Premises (i.e., an amount anticipated Tenant Improvements. If Tenant elects to equal [***] based upon 147,533 rentable square feet, which square footage is subject to confirmation pursuant to the TCCs of Section 1.2 of the Lease). In the event Tenant exercises its right to use receive all or any portion of the Additional Allowance, then Tenant shall, during the Monthly Installment of Base Rent for initial Lease Term, pay to Landlord the Premises "Amortization Rent", which shall be increased by an that amount equal to which will fully amortize, over the "Additional Monthly Base Rent," as that term is defined belowinitial Lease Term, in order to repay together with interest at the Additional Allowance to Landlord. The "Additional Monthly Base Rent" shall be determined as rate of ten percent (10%) per annum, the missing component of an annuity, which annuity shall have (w) the amount portion of the Additional Allowance which utilized by Tenant elects to utilize as pay for the present value amount, (x) [***]. If Tenant elects to utilize all or a portion cost of the Additional Tenant Improvement Allowance Items which exceeds the Tenant Improvement Allowance. Each such monthly payment of the Amortization Rent shall be paid by Tenant to Landlord or Landlord's agent at the management office of the Building or such other place as Landlord may from time to time designate in writing, then (i) all references in this Work Letter lawful money of the United States of America, without notice or demand, on the first day of each month during the Amortization Period. In the event that the Lease shall terminate for any reason prior to the "Improvement Allowance," expiration of the initial Lease Term including, without limitation, as a result of a default by Tenant under the Lease, Tenant shall pay to Landlord (which payment shall be deemed part of the damages which Landlord is entitled to include recover as a result of any default by Tenant under the Additional Allowance which Tenant elects to utilize, (iiLease) the parties shall promptly execute an amendment (the "Additional Allowance Amendment") to this Lease setting forth the new amount unamortized balanced of the Base Amortization Rent and Improvement Allowance computed in accordance with this Section 2.3(i.e., and (iii) Tenant shall deliver to Landlord, concurrently with Tenant's execution and delivery the unamortized balance of the Additional Allowance Amendment provided to Landlord, a letter of credit, in the form attached Tenant set forth hereinabove) which has not been paid by Tenant to the Lease Landlord as Exhibit H and subject to the terms and conditions of Article 21 of the Lease, in an amount equal to [***], which letter date of credit shall be held by Landlord such termination pursuant to the terms foregoing provisions of Article 21 of the Leasethis Section 2.1.

Appears in 1 contract

Samples: Multi Tenant Office Triple Net Lease (Aehr Test Systems)

Additional Allowance. Provided that Tenant may, upon written notice to Landlord given satisfies the Letter of Credit Condition (defined in Section 24) on or before the "Cost Proposal ninetieth (90th) day following the Delivery Date," , Landlord shall pay to Tenant an allowance equal to the product obtained by multiplying the rentable area of the Premises as that term is set forth in Section 4.2 of this Work Letter, below, elect to cause the Improvement Allowance for Commencement Date (excluding the initial Premises to be increased rentable area of the Pocket Space and the Health Club Space) by an amount Ten Dollars ($10.00) (the "Additional Allowance") set forth to be utilized by Tenant as Tenant determines in its sole discretion. If Tenant fails to satisfy the Letter of Credit Condition on or before the ninetieth (90th) day following the Delivery Date, then without further notice or opportunity to cure, Tenant automatically be deemed to have irrevocably waived and released all of its rights to the Additional Allowance and Landlord will have no obligation to pay any of such noticeamounts to Tenant. Any such resulting Without limiting Landlord's obligation to pay to Tenant the entire Additional Allowance as required herein, the Additional Allowance shall (i) be an amount equal to an even number of United States Dollars (as opposed to fractions of United States Dollars), and (ii) in no event exceed applied toward the product of (A) [***], and (B) the number of rentable square feet cost of the Premises (i.e.architect's and engineer's fees, an amount anticipated project manager's fees and the fees of other professional consultants for designing and preparing construction documents for the Tenant's Work, legal fees in negotiating this Lease, the costs incurred to equal [***] based upon 147,533 rentable square feet, which square footage is subject to confirmation pursuant construct Tenant's Work and the costs listed on Exhibit "B-1" and other costs reimbursable by the PIDC if and to the TCCs of Section 1.2 of the Lease). In the event Tenant exercises its right extent it is possible to use all or any portion the intended payment of the Additional Allowance, the Monthly Installment of 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 "Additional Monthly Base Rent" shall be determined as pay for such costs where such costs are not otherwise paid by the missing component of an annuityTenant Allowance, which annuity shall have (w) the amount provided that such use of the Additional Allowance which Tenant elects does not disqualify Tenant's entitlement to utilize as the present value amount, (x) [***]. If Tenant elects to utilize all or a portion corresponding dollar amount of the Initial Allowance. The Additional Allowance, then (i) all references in this Work Letter to the "Improvement Allowance," Allowance shall be deemed disbursed in accordance with the following parameters: (A) Prior to include substantial completion of the Tenant's Work, Landlord shall disburse the Additional Allowance which Tenant elects to utilize, (ii) the parties shall promptly execute an amendment (the "Additional Allowance Amendment") to this Lease setting forth the new amount of the Base Rent and Improvement Allowance computed in accordance with this Section 2.3, and (iii) Tenant shall deliver to Landlord, concurrently with Tenant's execution and delivery of the Additional Allowance Amendment to Landlord, a letter of credit, in the form attached to the Lease as Exhibit H and subject to the terms and conditions of Article 21 Exhibit "B," provided that such disbursements of the Additional Allowance shall be applied only toward the cost of the architect's and engineer's fees, project manager's fees and the fees of other professional consultants for designing and preparing construction documents for the Tenant's Work, legal fees in negotiating this Lease, the costs incurred to construct Tenant's Work and the costs listed on Exhibit "B-1;" (B) Prior to substantial completion of the Tenant's Work, Landlord also shall disburse the Additional Allowance to pay costs and expenses that Tenant actually incurs in connection with the Lease and Tenant's relocation to the Premises where such costs and expenses are not otherwise payable or reimbursable by PIDC to Landlord in connection with the HUD Loans (defined in Paragraph 31). Tenant shall request any such advance by submitting a written request therefor, accompanied by specific invoices and a written statement by Tenant certifying the amounts to be paid (or, if already paid by Tenant, for which Tenant is to be reimbursed). After receipt of such an application, Landlord or its representative may seek to confirm the accuracy of the information set forth in the invoices. Thereafter, Landlord shall either (i) approve said application in the amount equal applied for or (ii) withhold its approval of the amount applied for, notifying Tenant of its reasons for withholding approval, said approval or disapproval being based on Landlord's reasonable determination of whether the requested advance are costs associated with the Lease or Tenant's relocation to [***]the Premises. If Landlord does not approve any such application in the amount applied for, which letter of credit Landlord may approve the application to the extent and in the amount that it is able. All payments made with respect to any such approved application shall be held made out of, to the extent of and for the items covered by the Additional Allowance. If Landlord approves the application or any part thereof, Landlord shall pay the amount approved to Tenant (or in Landlord discretion, to the contractor or party entitled to receive payment) by no later than the 45th day after the date on which Landlord receives an application pursuant to the terms of Article 21 this paragraph that Landlord subsequently approves; and (C) Following substantial completion of the LeaseTenant's Work, Tenant may request in writing that Landlord disburse to Tenant the entire remaining portion of the Additional Allowance not previously disbursed to Tenant, without Tenant having to tie such funds to the payment of costs associated with the Lease or Tenant's relocation to the Premises. Such request shall include a written statement by Tenant or its architect certifying that substantial completion of the Tenant's Work has occurred. Landlord shall pay said amount to Tenant by no later than the fifth (5th) business day after the date on which Landlord receives said application.

Appears in 1 contract

Samples: Lease Agreement (American Business Financial Services Inc /De/)

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