Common use of Additional Allowance Clause in Contracts

Additional Allowance. Landlord shall, at Tenant’s request, provide an additional tenant improvement allowance not to exceed Fifty Dollars ($50.00) per rentable square foot of the Premises (the “Additional Allowance”), which amount may be used by Tenant to increase the scope of Core and Shell Work or the Tenant Improvements pursuant to the terms and conditions contained in the Work Letter. In the event Tenant elects to use the Additional Allowance, Tenant shall pay to Landlord, as Rent, an amount equal to the drawn portion of the Additional Allowance, amortized over the initial Term at an interest rate of ten percent (10%) per annum. Tenant shall make payments in respect of the Additional Allowance plus interest thereon in equal monthly installments so that the full amount shall be paid on or before the expiration of the initial Term. Tenant shall pay such amounts with the payment of Basic Annual Rent for each month. If Tenant has not paid the full amount of the Additional Allowance plus interest thereon at the expiration or earlier termination of this Lease (unless such termination is due to an event of casualty or condemnation for which Landlord receives sufficient insurance or condemnation proceeds with respect to the Tenant Improvements to fully compensate Landlord for the amortized value thereof as determined by Landlord in good faith), then upon the expiration or termination of this Lease Tenant shall immediately pay the unpaid portion of such amount to Landlord. The payments Tenant is required to make in respect of the Additional Allowance shall constitute “Additional Rent” in accordance with Section 6.2 hereof. Tenant shall be entitled to prepay the Additional Allowance at any time, without penalty.

Appears in 3 contracts

Samples: Lease (NanoString Technologies Inc), Lease (NanoString Technologies Inc), Lease (NanoString Technologies Inc)

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Additional Allowance. Landlord shallNotwithstanding the terms and conditions set forth in Section 2.1, at Tenant’s requestwithin thirty (30) days after the mutual execution and delivery of this Lease, provide Tenant shall be entitled, pursuant to a written notice (the “Additional Allowance Notice”) delivered to Landlord, to a one time increase (the “Additional Allowance”) in the Tenant Improvement Allowance in an additional tenant improvement allowance amount not to exceed Fifty Dollars ($50.00) 10.00 per rentable square foot of the Premises (i.e., $991,720.00), for the costs relating to the initial design and construction of the 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 Additional Allowance shall be repaid by Tenant to Landlord by increasing Tenant’s monthly Base Rent hereunder by the amount required to fully amortize such portion of the Additional Allowance over the initial Lease Term, in one hundred twenty (120) equal 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 AllowanceMonthly Base Rent”), which amount may . Such amortization shall be used by Tenant to increase calculated together with interest at the scope rate of Core and Shell Work or the Tenant Improvements pursuant to the terms and conditions contained in the Work Lettereight percent (8%) per annum. In the event Tenant elects to use utilize all or any portion of the Additional Allowance, then (i) the parties shall promptly execute an amendment (the “Amendment”) to the Lease setting forth the monthly Base Rent as increased by the Additional Monthly Base Rent, and (ii) Tenant shall pay to Landlord, as Rentconcurrently with Tenant’s execution and delivery of the Amendment to Landlord, an amount equal to the drawn portion first installment of the Additional Allowance, amortized over the initial Term at an interest rate of ten percent (10%) per annum. Tenant shall make payments in respect of the Additional Allowance plus interest thereon in equal monthly installments so that the full amount shall be paid on or before the expiration of the initial Term. Tenant shall pay such amounts with the payment of Basic Annual Monthly Base Rent for each month. If Tenant has not paid the full amount of the Additional Allowance plus interest thereon at the expiration or earlier termination of this Lease (unless such termination is due to an event of casualty or condemnation for which Landlord receives sufficient insurance or condemnation proceeds with respect to the Tenant Improvements to fully compensate Landlord for the amortized value thereof as determined by Landlord in good faith), then upon the expiration or termination of this Lease Tenant shall immediately pay the unpaid portion of such amount to Landlord. The payments Tenant is required to make in respect of the Additional Allowance shall constitute “Additional Rent” in accordance with Section 6.2 hereof. Tenant shall be entitled to prepay the Additional Allowance at any time, without penaltypayment.

Appears in 2 contracts

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

Additional Allowance. Landlord shallNotwithstanding the terms and conditions set forth in Section 2.1, at Tenant’s requestwithin thirty (30) days after the mutual execution and dc]iveiy of this Lease, provide Tenant shall be entitled, pursuant to a written notice (the “Additional Allowance Notice”) delivered to Landlord, to a one time increase (the “Additional Allowance”) in the Tenant Improvement Allowance in an additional tenant improvement allowance amount not to exceed Fifty Dollars ($50.00) 10.00 per rentable square foot of the Premises (i.e., $991,720.00), for the costs relating to the initial design and construction of the 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 Additional Allowance shall be repaid by Tenant to Landlord by increasing Tenant’s monthly Base Rent hereunder by the amount required to fully amortize such portion of the Additional Allowance over the initial Lease Term, in one hundred twenty (120) equal 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 AllowanceMonthly Base Rent”), which amount may . Such amortization shall be used by Tenant to increase calculated together with interest at the scope rate of Core and Shell Work or the Tenant Improvements pursuant to the terms and conditions contained in the Work Lettereight percent (8%) per annum. In the event Tenant elects to use utilize all or any portion of the Additional Allowance, then (i) the parties shall promptly execute an amendment (the “Amendment”) to the Lease setting forth the monthly Base Rent as increased by the Additional Monthly Base Rent, and (ii) Tenant shall pay to Landlord, as Rentconcurrently with Tenant’s execution and delivery of the Amendment to Landlord, an amount equal to the drawn portion first installment ofthe Additional Monthly Base Rent payment. SECTION 3 CONSTRUCTION DOCUMENTS 3.1 Selection of the Additional Allowance, amortized over the initial Term at an interest rate of ten percent (10%) per annumArchitect/Space Planner/Construction Documents. Tenant shall make payments retain a licensed, competent, reputable architect/space planner experienced in respect high-rise office space and Laboratory Use design selected by Xxxxxx 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 known collectively as the “Construction Documents.” All Construction Documents shall comply with Xxxxxxxx’s drawing format and specifications. Landlord’s review of the Additional Allowance plus interest thereon Construction Documents as set forth in equal monthly installments so that the full amount this Section 3, shall be paid on or before the expiration for its sole purpose and shall not imply Landlord’s review of the initial Termsame, 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 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 pay such amounts with have no liability whatsoever in connection therewith and shall not be responsible for any omissions or errors contained in the payment of Basic Annual Rent for each month. If Tenant has not paid the full amount of the Additional Allowance plus interest thereon at the expiration or earlier termination Construction Documents, and Tenant’s waiver and indemnity set forth in Section 10.1 of this Lease (unless such termination is due to an event of casualty or condemnation for which Landlord receives sufficient insurance or condemnation proceeds with respect shall specifically apply to the Construction Documents. Furthermore, Tenant Improvements to fully compensate Landlord and Architect/Space Planner shall verify, in the field, the dimensions and conditions as shown on the relevant portions of the base building plans, and Tenant and Architect/Space Planner shall be solely responsible for the amortized value thereof as determined by same, and Landlord shall have no responsibility in good faith), then upon the expiration or termination of this Lease Tenant shall immediately pay the unpaid portion of such amount to Landlord. The payments Tenant is required to make in respect of the Additional Allowance shall constitute “Additional Rent” in accordance with Section 6.2 hereof. Tenant shall be entitled to prepay the Additional Allowance at any time, without penaltyconnection therewith.

Appears in 1 contract

Samples: Office Lease (Recursion Pharmaceuticals, Inc.)

Additional Allowance. So long as Tenant is not in default under the Lease (after notice and opportunity to cure) and if the cost of Tenant's Improvements exceeds the Finish Allowance, Tenant may request that Landlord shall, at Tenant’s request, provide up to an additional tenant improvement allowance not to exceed Fifty Dollars ($50.00) 10.00 per rentable square foot of the Premises Expansion Space (the "Additional Allowance"), which amount may to be used by applied to Excess Costs in accordance with this paragraph 4. Upon receipt of a request from Tenant to increase for such Additional Allowance, Landlord will notify Tenant in writing (the scope "Additional Allowance Notice") of Core and Shell Work or the Tenant Improvements adjusted basic rent (the "Adjusted Basic Rent") determined pursuant to this paragraph to incorporate the terms Additional Allowance. The Adjusted Basic Rent will be the sum of Basic Rent due under this Lease plus the Additional Allowance Factor. The "Additional Allowance Factor" shall be the total Additional Allowance amortized over the 184- month term of the Lease for the Expansion Space at a rate of 9% per annum. Upon receipt of the Additional Allowance Notice, Tenant will have five (5) days to notify Landlord, in writing, of Tenant's acceptance of the Additional Allowance Notice. If Tenant accepts the Additional Allowance Notice, Tenant will execute an amendment to this Lease so confirming the Adjusted Basic Rent within 30 days of receipt of same from Landlord. Tenant's obligation to pay the Adjusted Basic Rent shall commence on the first day of the month following the execution of the Lease amendment and conditions contained in be retroactive to the Work LetterDelivery Date. If Tenant fails to apply all the Additional Allowance to the cost of Tenant's Improvements, Tenant will have no right to the use of any excess Additional Allowance and the Adjusted Basic Rent will be reduced accordingly. In the event Tenant elects fails to use request the Additional AllowanceAllowance on or before December 31, Tenant shall pay 2008, or fails to Landlord, as Rent, an amount equal deliver to the drawn portion Landlord written notice of the Additional Allowance, amortized over the initial Term at an interest rate of ten percent (10%) per annum. Tenant shall make payments in respect Tenant's acceptance or rejection of the Additional Allowance plus interest thereon in equal monthly installments so that the full amount shall be paid on or before the expiration of the initial Term. Tenant shall pay such amounts with the payment of Basic Annual Rent Notice, Tenant's option for each month. If Tenant has not paid the full amount of the Additional Allowance plus interest thereon at the expiration or earlier termination of this Lease (unless such termination is due to an event of casualty or condemnation for which Landlord receives sufficient insurance or condemnation proceeds with respect to the Tenant Improvements to fully compensate Landlord for the amortized value thereof as determined by Landlord in good faith), then upon the expiration or termination of this Lease Tenant shall immediately pay the unpaid portion of such amount to Landlord. The payments Tenant is required to make in respect of the any Additional Allowance shall constitute “Additional Rent” in accordance with Section 6.2 hereof. Tenant shall be entitled to prepay the Additional Allowance at any time, without penaltyterminate.

Appears in 1 contract

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

Additional Allowance. Landlord shall, at Tenant’s request, provide Subtenant has elected to have Sublandlord pay an additional tenant improvement allowance not to exceed in the amount of Two Hundred Fifty Thousand Dollars ($50.00250,000.00) per rentable square foot of the Premises (the “Additional Excess Improvement Allowance”)) to be utilized for the design and construction of the Initial Improvements plus, which amount may be used by Tenant to increase the scope of Core and Shell Work or the Tenant Improvements pursuant notwithstanding anything to the terms contrary contained herein, for any other purpose related to Subtenant’s move to and conditions contained in occupancy of the Work LetterPremises. In Subtenant shall repay the event Tenant elects Excess Improvement Allowance to use Sublandlord as follows: concurrently with its payments to Sublandlord of monthly Basic Rent during the Additional AllowanceTerm, Tenant Subtenant shall pay to Landlord, Sublandlord as Rent, an Additional Rent the amount necessary to repay the Excess Improvement Allowance in equal to the drawn portion of the Additional Allowance, amortized monthly payments over the initial Term Term, together with interest thereon at an interest the rate of ten nine percent (109%) per annum. Tenant Such monthly payments shall make payments in respect of the be deemed Additional Allowance plus interest thereon in equal monthly installments so that the full amount Rent due under this Sublease, and shall be paid on in the time and manner as Basic Rent is required to be paid (disregarding any abatement of Basic Rent). If the Sublease is canceled or before terminated for any reason prior to the expiration of the full initial Term. Tenant shall pay such amounts with the payment of Basic Annual Rent for each month. If Tenant has not paid the full amount Term of the Additional Sublease, then the present value of the unpaid installments of the Excess Improvement Allowance plus interest thereon at shall become immediately due and payable to Sublandlord. The Excess Improvement Allowance shall be deemed part of the expiration or earlier termination Base Improvement Allowance for purposes of this Lease (unless such termination is due to Subtenant Work Letter, except for Subtenant’s re-payment obligations set forth herein. Upon Sublandlord’s demand, Subtenant shall execute an event of casualty or condemnation for which Landlord receives sufficient insurance or condemnation proceeds with respect amendment to the Tenant Improvements Sublease, on Sublandlord’s commercially reasonable form, to fully compensate Landlord for reflect the amortized value thereof as determined by Landlord in good faith), then upon the expiration or termination of this Lease Tenant shall immediately pay the unpaid portion of such amount to Landlord. The payments Tenant is required to make in respect of the Additional Allowance shall constitute “Additional Rent” in accordance with Section 6.2 hereof. Tenant shall be entitled to prepay the Additional Allowance at any time, without penaltyadditional rent described herein.

Appears in 1 contract

Samples: Sublease (Electronic Arts Inc)

Additional Allowance. Landlord shallIn addition to Sublandlord's payment of the Tenant Improvement Allowance to Subtenant as set forth in Section 9.2 above, at Tenant’s requestprovided that Subtenant is not in default under this Sublease or the Work Letter (following the expiration of all applicable cure periods without cure), provide Subtenant, upon written notice to Sublandlord, may elect to have Sublandlord contribute up to an additional tenant improvement allowance not to exceed Fifty Five Dollars ($50.005.00) per rentable square foot RSF for each of Phase I, Phase II and Phase III and the Expansion Premises for Tenant Improvement Costs and/or Non TI-Costs (the "Additional Allowance"), which amount may . The Additional Allowance shall be used by Tenant disbursed to increase Subtenant on a Phased basis in the scope of Core and Shell Work or same manner as the Tenant Improvements pursuant to the terms and conditions contained in the Work LetterImprovement Allowance is disbursed under Section 9.2 above. In the event Tenant If Subtenant elects to use draw down the Additional Allowance, Tenant Subtenant shall pay to Landlord, as Rent, an amount equal to the drawn portion of reimburse Sublandlord for the Additional AllowanceAllowance pursuant to monthly payments (due on the same dates and as part of Base Rent for Phase I, Phase II, Phase III and the Expansion Premises) amortized over the initial Term of the Sublease beginning on the applicable Rent Commencement Date as to each such Phase at an interest the rate of ten percent Ten Percent (10%) per annum, compounded annually. Accrued interest at such rates on amounts advanced for any period prior to the applicable Rent Commencement Date as to a given Phase shall be added to the Additional Allowance for purposes of calculation of Subtenant's monthly reimbursement payment hereunder. Anything contained in this Sublease or the Work Letter to the contrary notwithstanding, Subtenant acknowledges and agrees that Sublandlord shall have no obligation to make the Additional Allowance available to Subtenant unless and until Sublandlord receives payment of the Additional Tenant shall make payments Allowance (as defined in Section 1.01 of the Work Letter) from Master Landlord with respect to the Sublease Premises. No portion of the Additional Allowance plus interest thereon in equal monthly installments so that as to a given Phase or the full amount Expansion Premises shall be paid on or before disbursed by Sublandlord to Subtenant unless and until the expiration of the initial Term. Tenant shall pay such amounts with the payment of Basic Annual Rent for each month. If Tenant has not paid the full amount of the Additional Allowance plus interest thereon at the expiration or earlier termination of this Lease (unless such termination is due to an event of casualty or condemnation for which Landlord receives sufficient insurance or condemnation proceeds with respect to the Tenant Improvements to fully compensate Landlord for the amortized value thereof as determined by Landlord in good faith), then upon the expiration or termination of this Lease Tenant shall immediately pay the unpaid portion of such amount to Landlord. The payments Tenant is required to make in respect of the Additional Allowance shall constitute “Additional Rent” in accordance with Section 6.2 hereof. Tenant shall be entitled to prepay the Additional Allowance at any time, without penaltyapplicable 1st Installment Payment Date.

Appears in 1 contract

Samples: Sublease (E Loan Inc)

Additional Allowance. Landlord shallIn addition to the amount of the Upgrade Allowance provided for in Paragraph 4.2(b) above, at Tenant’s requestrequest to Landlord at any time prior to commencement of construction of the Tenant Improvements, provide an additional tenant improvement allowance not given by written notice specifying the amount requested, Landlord will increase the Upgrade Allowance hereunder by up to exceed Fifty One Hundred Thousand Dollars ($50.00100,000.00). If Tenant exercises the foregoing option to increase the Upgrade Allowance, the Basic Rent payable by Tenant pursuant to the Lease shall be increased by an amount required to fully amortize in equal monthly installments the sum of (i) per rentable square foot the portion of the Premises said additional Upgrade Allowance requested by Tenant (the “Additional AllowanceAdded Allowance Amount”), which amount may be used by Tenant to increase plus (ii) interest at ten percent (10%) per annum on the scope of Core and Shell Work or Added Allowance Amount for the Tenant Improvements pursuant period from the Occupancy Date to the terms Commencement Date, over a ten (10) year term commencing on the Commencement Date and conditions contained in ending on the Work Letter. In the event Tenant elects to use the Additional Allowance, Tenant shall pay to Landlord, as Rent, an amount equal to the drawn portion tenth (10th) anniversary of the Additional AllowanceCommencement Date, amortized over the initial Term together with interest at an interest rate of ten percent (10%) per annum. In such event, the Basic Rent payable by Tenant for the initial Term shall be increased by the foregoing amortization amount and all references in the Lease to the Basic Rent payable by Tenant during the initial Term shall be amended to increase said Basic Rent by the foregoing amortization amount. Furthermore, whenever the Lease provides for the abatement of rent payable by Tenant to Landlord, the monthly installments of Basic Rent attributable to the amortization amounts shall not be abated under any circumstances. If the Lease is terminated for any reason, following such termination, and as an obligation which the parties specifically agree shall survive any such termination, Tenant shall continue to make monthly payments to Landlord in respect the amount of the Additional Allowance plus foregoing amortization amounts until the tenth (10th) anniversary of the Commencement Date. In the event of such termination, Landlord may require Tenant, in lieu of continuing the foregoing monthly payments, to pay the then present value of the remaining payments owed by Tenant under the Lease for such amortization, with such present value to be computed using a discount rate equal to the rate of interest thereon in equal monthly installments so that then being used to determine the full amount amounts to be added to Basic Rent. Any such election by Landlord to require Tenant to pay said present value shall be paid made by notice to Tenant on or before the expiration date which is 60 days after the termination of the initial TermLease. Payment of said present value amount shall be due and payable within 30 days after such notice. The failure by Tenant to make any payments required under this Paragraph 4.2(c) shall pay such amounts with be deemed to be a monetary default under the payment Lease and shall entitle Landlord to all of Basic Annual Rent its rights and remedies as provided therein, including, without limitation, the rights and remedies provided for each month. If Tenant has not paid the full amount in Article 22 of the Additional Lease. In addition, the LC Stated Amount set forth in Section 19.2 of the Lease shall be increased by an amount equal to one-half (1/2) of the Added Allowance plus interest thereon at Amount, and Tenant shall, prior to commencement of the expiration or earlier termination construction of this Lease (unless such termination is due to the Tenant Improvements, deliver an event of casualty or condemnation for which Landlord receives sufficient insurance or condemnation proceeds with respect amendment to the Tenant Improvements to fully compensate Landlord LC increasing the LC Stated Amount by such amount, or another letter of credit for such amount otherwise meeting the requirements for the amortized value thereof as determined by Landlord LC set forth in good faith), then upon the expiration or termination of this Lease Tenant shall immediately pay the unpaid portion of such amount to Landlord. The payments Tenant is required to make in respect Article 19 of the Additional Allowance shall constitute “Additional Rent” in accordance with Section 6.2 hereof. Tenant shall be entitled to prepay the Additional Allowance at any time, without penaltyLease.

Appears in 1 contract

Samples: Office Lease (Genius Products Inc)

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Additional Allowance. Landlord shall, at Tenant’s request, provide an additional tenant improvement allowance not to exceed Fifty Thirty-Five Dollars ($50.0035.00) per rentable square foot of the Expansion Premises (the “Additional Allowance”), which amount may be used by Tenant to increase the scope of Core and Shell Landlord’s Construction Work or the Tenant Improvements pursuant to the terms and conditions contained in the Work Letter and/or pay for any other costs payable by Tenant pursuant to the Work Letter. In the event Tenant elects to use all or any portion of the Additional Allowance, Tenant shall pay to Landlord, as Rent, an amount equal to the drawn portion of Additional Allowance disbursed by Landlord, together with interest thereon at the Additional Allowance, amortized over the initial Term at an interest rate of ten nine percent (109%) per annum. Tenant shall make payments in respect of the Additional Allowance plus interest thereon in equal monthly installments so that the full amount shall be paid on or before the expiration of the initial Term. Tenant shall pay such amounts with the payment of Basic Annual Rent for each month. If Tenant has not paid the full amount of the Additional Allowance plus interest thereon at the expiration or earlier termination of this Lease (unless such termination is due to an event of casualty or condemnation for which Landlord receives sufficient insurance or condemnation proceeds with respect to the Tenant Improvements to fully compensate Landlord for the amortized value thereof as determined by Landlord in good faith)Lease, then upon the expiration or termination of this Lease Lease, Tenant shall immediately shall, within thirty (30) days thereafter, pay the unpaid portion of such amount to Landlord. The payments Tenant is required requested to make in respect of the Additional Allowance shall constitute “Additional Rent” in accordance with Section 6.2 hereof. Tenant shall be entitled to prepay the Additional Allowance at any time, without penalty.

Appears in 1 contract

Samples: Lease (Illumina Inc)

Additional Allowance. Provided Tenant is not in default, Tenant shall have the right to require Landlord shallto contribute up to $448,955.00 (i.e., at Tenant’s request, provide an additional tenant improvement allowance not to exceed Fifty Dollars ($50.00) 15.00 per rentable square foot of the Premises Premises) (the “Additional Allowance”)) in order to finance the costs of the Initial Alterations. In order to exercise such right, Tenant must provide written notice to Landlord on or before the date that is 15 Business Days after the date of the Lease, which notice shall state the amount of the Additional Allowance that Tenant desires to borrow. The Additional Allowance may only be used by Tenant to increase the scope of Core and Shell Work or the Tenant Improvements pursuant to the terms and conditions contained for hard costs in the Work Letterconnection with Initial Alterations. In the event If Tenant elects to use any portion of the Additional Allowance, the Additional Allowance shall be provided in the same manner and subject to all of the same terms and conditions as are applicable to the Allowance set forth in Section I(3) above, except that Tenant shall pay Construction Rent as follows: If Tenant elects that Landlord provide the Additional Allowance to Tenant, then Tenant shall pay to Landlord, as Additional Rent, an Construction Rent, as hereinafter defined. Construction Rent shall be payable by Tenant to Landlord commencing as of the date that is three (3) months after the Commencement Date, and continuing on the first day of each month thereafter throughout the Term of the Lease. Construction Rent shall be based upon the amount of the Additional Allowance. Tenant’s monthly payments of Construction Rent shall be equal to the drawn portion amount of equal monthly payments of principal and interest which would be necessary to repay a loan in the amount of the Additional Allowance, amortized over together with interest at the initial Term at an interest rate of ten percent eight (108%) percent per annum, on a level direct reduction basis over an eighty-four (84) month period. For all purposes of the Lease, Construction Rent shall be treated as Additional Rent and shall be stated as Additional Rent on any invoice therefor delivered by Landlord to Tenant. Monthly payments of Construction Rent shall be payable at the same time and in the same manner as Base Rent is payable under the Lease. Construction Rent shall not be abated or reduced for any reason whatsoever (including, without limitation, termination of the Lease). If there is any default (beyond the expiration of any applicable grace periods) of any of Tenant’s obligations under the Lease (including, without limitation, its obligation to pay Construction Rent) or if the Term of the Lease is terminated for any reason whatsoever prior to the termination of the Term of the Lease, then Tenant shall make payments in respect pay to Landlord, immediately upon demand, the unamortized balance of the Additional Allowance plus interest thereon in equal monthly installments so that the full amount shall be paid on or before the expiration of the initial TermAllowance. Tenant shall pay such amounts with the payment of Basic Annual Rent for each month. If Tenant has not paid the full amount of the Additional Allowance plus interest thereon at the expiration or earlier termination of this Lease (unless such termination is due Tenant’s obligation to an event of casualty or condemnation for which Landlord receives sufficient insurance or condemnation proceeds with respect to the Tenant Improvements to fully compensate Landlord for the amortized value thereof as determined by Landlord in good faith), then upon the expiration or termination of this Lease Tenant shall immediately pay the unpaid portion of such amount to Landlord. The payments Tenant is required to make in respect unamortized balance of the Additional Allowance shall constitute “Additional Rent” be in accordance with Section 6.2 hereof. addition to all other rights and remedies which Landlord has based upon any default of Tenant under the Lease, and Tenant shall not be entitled to prepay any credit or reduction in such payment based upon amounts collected by Landlord from reletting the Additional Allowance at any time, without penaltyPremises after the default of Tenant.

Appears in 1 contract

Samples: Office Lease Agreement (Karyopharm Therapeutics Inc.)

Additional Allowance. If the cost of the design and construction of the Initial Alterations exceeds the Alterations Allowance provided for above, then Landlord shallwill, at Tenant’s request, provide contribute toward such excess sum an additional tenant improvement allowance amount not to exceed Fifty Two Hundred Seventy Four Thousand Five Hundred Dollars ($50.00274,500.00) per rentable square foot of the Premises (the “Additional Allowance”); provided, which amount may be used by Tenant to increase the scope of Core and Shell Work or the Tenant Improvements pursuant to the terms and conditions contained in the Work Letter. In the event Tenant elects to use however, that the Additional AllowanceAllowance will not be available for disbursement during any period that Tenant is in default under the Lease (provided, however, that if Landlord did not make a disbursement because Tenant was then in default under this Lease, Landlord shall pay to Landlordmake the disbursement at such time as the default is cured, provided that all other conditions for the disbursement hereunder have been met) or after the expiration of the Allowance Availability Period (as Rent, an defined above). Upon the completion of the initial Alterations and the determination of the actual amount equal to the drawn portion of the Additional AllowanceAllowance that was disbursed by Landlord (the “Amortization Amount”), amortized Landlord and Tenant shall enter into an amendment to the Lease which increases the Monthly Rent set forth in this Lease by a sum sufficient to fully amortize the Amortization Amount over the initial Term period commencing on the Rent Commencement Date and ending on the Expiration Date, which amortization shall be on a straight line basis at an interest rate of ten eight percent (108%) per annum. Tenant Such amendment shall make payments in respect also provide that, if the Lease terminates prior to the date that the Amortization Amount plus accrued interest is fully repaid to Landlord, then concurrently with such termination of the Additional Allowance plus interest thereon in equal monthly installments so that Lease the full amount shall be paid on or before the expiration of the initial Term. Tenant shall pay such amounts with the payment of Basic Annual Rent for each month. If Tenant has not paid the full amount of the Additional Allowance plus interest thereon at the expiration or earlier termination of this Lease (unless such termination is due to an event of casualty or condemnation for which Landlord receives sufficient insurance or condemnation proceeds with respect to the Tenant Improvements to fully compensate Landlord for the amortized value thereof as determined by Landlord in good faith), then upon the expiration or termination of this Lease Tenant shall immediately pay the unpaid portion of such amount to Landlord. The payments Tenant is required to make in respect of the Additional Allowance shall constitute “Additional Rent” in accordance with Section 6.2 hereof. Tenant Amortization Amount, plus all accrued but unpaid interest, shall be entitled to prepay the Additional Allowance at any time, without penaltyimmediately payable in full.

Appears in 1 contract

Samples: Office Lease (New Relic Inc)

Additional Allowance. Landlord shallIf the estimated cost of designing and constructing improvements in the Expansion Space exceeds the Allowance, at Tenant’s requestSubtenant may elect to borrow up to $140,720.00 (i.e., provide an additional tenant improvement allowance not to exceed Fifty Dollars ($50.00) 10.00 per rentable square foot of in the Premises Expansion Space) (the “Additional Allowance”), which amount may be used by Tenant ) from Sublandlord in order to increase the scope finance Subtenant’s expenditure of Core and Shell Work or the Tenant Improvements pursuant to the terms and conditions contained over-Allowance amounts in the Work Letterimprovement of the Expansion Space (including the installation of cabling). In the event Tenant elects Subtenant shall not be entitled to use any of the Additional AllowanceAllowance as a reimbursement for the acquisition of personal property. If, Tenant shall pay following receipt of the construction bids or upon completion of Subtenant’s improvements, Subtenant so desires to Landlord, as Rent, an amount equal to the drawn borrow all or any portion of the Additional Allowance, amortized over Subtenant will submit to Sublandlord a request for payment, including in such request the initial Term at an interest rate items described in clauses (1) through (3) of ten percent (10%Section 7(a)(ii) per annumabove with respect to any costs for which Subtenant desires payment. Tenant shall In either event, Subtenant must make payments in respect of the its election as to whether or not to borrow any Additional Allowance plus interest thereon on or before March 31, 2007. Any Additional Allowance borrowed by Subtenant pursuant to the provisions of this Section 7(a)(iii) shall be repaid to Sublandlord as additional Base Rent in equal monthly installments so that over the full amount shall be paid on or before then remaining (as of the date of Subtenant’s disbursement of the Additional Allowance) portion of the Term (as extended pursuant to Section 2 above), together with interest at an annual rate equal to seven percent (7%), all as determined in accordance with a standard payment schedule prepared by Sublandlord after the disbursement of the Additional Allowance, such repayment to commence as of the first day of the calendar month next succeeding the calendar month in which Sublandlord funds the Additional Allowance. If, however, Subtenant is in monetary default under the Sublease (as amended hereby) after the expiration of applicable cure periods, the initial Term. Tenant entire unamortized balance of any Additional Allowance borrowed by Subtenant shall pay such amounts become immediately due and payable and, except to the extent required by applicable law, shall not be subject to mitigation or reduction in connection with the payment of Basic Annual Rent for each month. If Tenant has not paid the full amount a reletting of the Subleased Premises by Sublandlord, and, if such unamortized Additional Allowance plus interest thereon at the expiration or earlier termination of this Lease (unless such termination is due to an event of casualty or condemnation for which Landlord receives sufficient insurance or condemnation proceeds with respect to the Tenant Improvements to fully compensate Landlord for the amortized value thereof as determined so paid by Landlord in good faith)Subtenant, then upon the expiration or termination of this Lease Tenant shall immediately pay the unpaid portion of such amount to Landlord. The payments Tenant is required to make in respect of the Additional Allowance shall constitute “Additional Rent” in accordance with Section 6.2 hereof. Tenant Subtenant’s Base Rent payable thereafter shall be entitled reduced as necessary to prepay reflect the fact that Base Rent will no longer include as a component the repayment of Additional Allowance at any time, without penaltyAllowance.

Appears in 1 contract

Samples: Sublease (Onyx Pharmaceuticals Inc)

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