Additional Premises Improvements Sample Clauses
Additional Premises Improvements. All Additional Premises Improvements shall be performed by Tenant’s contractor, at Tenant’s sole cost and expense (subject to Landlord’s obligations with respect to any portion of the First Floor TI Allowance, and if properly requested by Tenant, the Fourth Floor TI Allowance, and in accordance with the Approved Plans (as defined below), the Lease and this Work Letter. To the extent that the total projected cost of the Additional Premises Improvements (as projected by Landlord) exceeds the TI Allowance (such excess, the “Excess TI Costs”), Tenant shall advance to Landlord any Excess TI Costs within ten (10) days after receipt of an invoice therefor, but in any case before Tenant commences the Additional Premises Improvements. Excess TI Costs shall be separately calculated with respect to the First Floor TI Allowance and the Fourth Floor TI Allowance (to the extent applicable). If the actual Excess TI Costs are less than the Excess TI Costs paid by Tenant to Landlord, Landlord shall credit Tenant with the overage paid by Tenant against Tenant’s Rent obligations, beginning after Landlord has completed the final accounting for the Additional Premises Improvements. If the cost of the Additional Premises Improvements (as projected by Landlord) increases over Landlord’s initial projection, then Landlord may notify Tenant and Tenant shall deposit any additional Excess TI Costs with Landlord in the same way that Tenant deposited the initial Excess TI Costs. If Tenant fails to pay, or is late in paying, any sum due to Landlord under this Work Letter, then Landlord shall have all of the rights and remedies set forth in the Lease for nonpayment of Rent (including the right to interest and the right to assess a late charge), and for purposes of any litigation instituted with regard to such amounts the same shall be considered Rent. All material and equipment furnished by Tenant or its contractors as the Additional Premises Improvements shall be new or “like new”; the Additional Premises Improvements shall be performed in a first-class, workmanlike manner; and the quality of the Additional Premises Improvements shall be of a nature and character not less than the Building Standard. Tenant shall take, and shall require its contractors to take, commercially reasonable steps to protect the Additional Premises during the performance of any Additional Premises Improvements, including covering or temporarily removing any window coverings so as to guard against dust, debris o...
Additional Premises Improvements. (a) Tenant shall cause the work (the “Additional Premises Improvements”) described in the Work Letter attached hereto as Exhibit C (the “Work Letter”) to be constructed in the Additional Premises at a cost to Landlord not to exceed Two Hundred Sixty-Two Thousand Five Hundred and 00/100 Dollars ($262,500.00) (based upon Thirty and 00/100 Dollars ($30.00) per square foot of Rentable Area of the Additional Premises) (the “TI Allowance”). The TI Allowance may be applied to the costs of (i) construction, (ii) project review by Landlord (which fee shall equal Landlord’s actual third-party costs and expenses for managing and reviewing the Additional Premises Improvements not to exceed Five Thousand Two Hundred and Fifty Dollars ($5,250.00), (iii) commissioning of mechanical, electrical and plumbing systems by a licensed, qualified commissioning agent hired by Tenant, and review of such party’s commissioning report by a licensed, qualified commissioning agent hired by Landlord, (iv) space planning, architect, engineering and other related services performed by third parties unaffiliated with Tenant, (v) building permits and other taxes, fees, charges and levies by Governmental Authorities for permits or for inspections of the Additional Premises Improvements, (vi) costs and expenses for labor, material, equipment and fixtures and (v) subject to the Soft Cost Limit described below, soft costs for data/telecom cabling, signage, relocation expenses and furniture, fixtures and equipment (collectively, the “Soft Costs”). In no event shall the TI Allowance be used for (A) the cost of work that is not authorized by the Approved Plans (as defined in the Work Letter) or otherwise approved in writing by Landlord, (B) payments to Tenant or any affiliates of Tenant, (C) except as otherwise provided herein, the purchase of any furniture, personal property or other non-building system equipment, (D) costs resulting from any default by Tenant of its obligations under this Lease or (E) costs that are recoverable by Tenant from a third party (e.g., insurers, warrantors, or tortfeasors). Notwithstanding anything set forth herein to the contrary, Tenant may apply up to Thirty-Nine Thousand Three Hundred Seventy-Five and 00/100 Dollars ($39,375.00) (based upon Four and 50/100 Dollars ($4.50) per square foot of Rentable Area of the Additional Premises) (the “Soft Cost Limit”) of the TI Allowance towards the Soft Costs identified above.
(b) Tenant shall have until October 1, 2015 (the ...