Additional Premises Ti Allowance Sample Clauses
The "Additional Premises TI Allowance" clause defines the amount of tenant improvement (TI) funds that a landlord will provide for any extra premises leased by the tenant beyond the original space. This allowance typically covers costs such as construction, remodeling, or upgrades needed to make the additional premises suitable for the tenant’s use, and may specify a per-square-foot amount or a total cap. By clearly outlining the financial support available for improvements to new or expanded spaces, this clause ensures both parties understand their obligations and helps prevent disputes over renovation costs when the tenant expands within the property.
Additional Premises Ti Allowance. Tenant may construct, but Landlord will own (and to the extent provided below will pay for), certain improvements in the Additional Premises ("Tenant Improvements"). Effective as of the Additional Premises Commencement Date, Tenant shall have the right to receive an additional allowance from Landlord not to exceed Fourteen Thousand Seven Hundred Thirty-Six Dollars ($14,736) (i.e., $8 per rentable square foot of the Additional Premises) for construction of the Tenant Improvements in the Additional Premises or the Existing Premises ("Additional Premises T.I. Allowance"). Any cost to construct the Tenant Improvements in excess of the Additional Premises T.I. Allowance shall be paid for by Tenant. The Additional Premises T.I. Allowance shall be available towards the actual, incurred costs as described in the third sentence of Section 7.1 of the Lease and Tenant's construction of Tenant Improvements in the Additional Premises shall be in accordance with and subject to the terms and conditions set forth in Section 10 of the Lease. Landlord will disburse the Additional Premises T.I. Allowance within thirty (30) days after receipt of an invoice from Tenant therefor together with supporting documentation reasonable satisfactory to Landlord. The Additional Premises T.I. Allowance is the only allowance to be provided by Landlord and replaces any other such rights set forth in the Lease, except to the extent that any tenant improvement allowance referred to in the Lease has been disbursed to Tenant prior to the date of this Amendment.
Additional Premises Ti Allowance. Tenant shall cause the work (the “Tenant Improvements”) described in the Work Letter attached hereto as Exhibit A (the “Work Letter”) to be constructed in the Additional Premises pursuant to the Work Letter at a cost to Landlord not to exceed (a) Two Hundred Thirty-One Thousand One Hundred Fifty and 00/100 Dollars ($231,150.00) (based upon Fifteen and 00/100 Dollars ($15.00) per square foot of Rentable Area of the Additional Premises) (the “Additional Premises TI Allowance”). The Additional Premises TI Allowance may be applied to the costs of (a) construction (including, standard laboratory improvements; finishes; building fixtures; demolition, removal and related repairs of any furniture, fixtures and equipment remaining in the Additional Premises as of the Third Amendment Execution Date (but only to the extent related to the construction of the new improvements forming part of the Tenant Improvements); installation costs for Tenant’s electrical, telephone and data cabling and wiring, and related connection charges, (b) project review by Landlord (which fee shall equal one and one-half percent (1½%) of the cost of the Tenant Improvements, including the Additional Premises TI Allowance), (c) commissioning of mechanical, electrical and plumbing systems by a licensed, qualified commissioning agent hired by ▇▇▇▇▇▇, and review of such party’s commissioning report by a licensed, qualified commissioning agent hired by Landlord, (d) space planning, architect, engineering and other related services performed by third parties unaffiliated with Tenant, (e) building permits and other taxes, fees, charges and levies by Governmental Authorities for permits or for inspections of the Tenant Improvements, (f) costs and expenses for labor and material, and (g) a project management fee for Tenant’s construction manager; provided that, no more than four percent (4%) of the Additional Premises TI Allowance shall be applied to such project management fee. In no event shall the Additional Premises TI Allowance be used for (i) the cost of work that is not authorized by the Approved Plans (as defined in the Work Letter), (ii) payments to Tenant or any affiliates of Tenant, (iii) the purchase of any furniture, signage, personal property or other non-building system equipment, (iv) costs arising from any default of Tenant of its obligations under the Lease, (v) costs that are recoverable by Tenant from a third party (e.g. insurers, warrantors or tortfeasors), or (vi) as a credit ag...
Additional Premises Ti Allowance