Additional Tenant Improvement Allowance. In addition to the Tenant Improvement Allowance, Tenant shall have the right, exercisable no later than the applicable Rent Commencement Date, to use up to $10.00 per rentable square foot of the Initial Premises, the Must-Take 1 Space, and/or the Must-Take 2 Space (the “Additional Tenant Improvement Allowance”) towards the payment of the costs of the “Tenant Improvement Allowance Items” (as that term is defined below). In the event Tenant exercises its right to use all or any portion of the Additional Tenant Improvement Allowance, an amount equal to the “Additional Monthly Base Rent,” as that term is defined below, shall be added to each month’s Base Rent payment in order to repay the Additional Tenant Improvement Allowance to Landlord. The “Additional Monthly Base Rent” shall be determined as the missing component of an annuity, which annuity shall have (i) the amount of the Additional Tenant Improvement Allowance utilized by Tenant as the starting principal amount, (ii) the number of monthly Base Rent payments to be made by Tenant during the Lease Term as the number of payments, (iii) sixty-seven one-hundredths (.67), which is equal to eight percent (8%) 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. As an example only, if Tenant elects to use the entire Additional Tenant Improvement Allowance with respect to the Initial Premises (i.e., $1,818,050.00 based on 181,805 rentable square feet), and the applicable one hundred twenty (120) monthly Base Rent payments, the Additional Monthly Base Rent shall be equal to $22,057.96. In this event, (a) the “Tenant Improvement Allowance”, shall be deemed to include the Additional Tenant Improvement Allowance which Tenant elects to utilize, (b) the parties shall promptly execute an amendment (the “Amendment”) to the Lease setting forth the additional amount of the Base Rent with respect to only the applicable space (i.e., Initial Premises, the Must-Take 1 Space or the Must-Take 2 Space), and the additional amount of Tenant Improvement Allowance with respect to only the applicable space (i.e., Initial Premises, the Must-Take 1 Space or the Must-Take 2 Space), computed in accordance with this Section 2.1.2, and (c) the additional amount of monthly Base Rent owing in accordance with this Section 2.1.2 for the first full month of the Lease Term which occurs after the expiration of any free rent period shall be paid b...
Additional Tenant Improvement Allowance. Within ninety (90) days after the execution of this Third Amendment, Landlord shall pay to Tenant a tenant improvement allowance (the “Tenant Improvement Allowance”) in the sum of One Million Two Thousand Forty and No/100 Dollars ($1,002,040.00) ($3.25 per square foot of rental space), which allowance, at Tenant’s option, shall be (i) used, within thirty (30) months after Tenant’s receipt of the Tenant Improvement Allowance, to pay for the cost of the Landlord approved improvements listed on Exhibit “B” (the “Contemplated Improvements”), and/or (ii) credited against Basic Rent for up to a total of three (3) months during the remainder of the Fourth Renewal Term or during the first year of the Fifth Renewal Term. The Contemplated Improvements shall be (i) subject to Landlord’s reasonable approval and other conditions stated in Paragraph 2.1 of the Lease, (ii) performed by Tenant or by contractors or subcontractors obtained by Tenant, according to plans and specifications approved by Landlord, which approval shall not be unreasonably withheld, delayed or conditioned, and (iii) except for funding from the Tenant Improvement Allowance, entirely paid for by Tenant (including, without limitation, costs to design the work and prepare drawings, costs of construction, labor and materials, as well as related taxes and insurance costs). Until the earlier of (i) thirty (30) months after Tenant’s receipt of the Tenant Improvement Allowance or (ii) such time as Tenant has provided Landlord evidence, reasonably satisfactory to Landlord, that Tenant has fully spent the Tenant Improvement Allowance in accordance with this Section 5, Tenant shall provide the Landlord with regular accountings of Tenant’s expenditures of the Tenant Improvement Allowance. If Tenant has not accounted for spending the entire Tenant Improvement Allowance in accordance with this Section 5 within thirty (30) months after Tenant’s receipt of the funds, Tenant shall refund to Landlord any such unused balance of the Tenant Improvement Allowance no later than thirty (30) days after expiration of the 30-month expenditure period. Tenant shall have no obligation to remove any of the Contemplated Improvements (or any improvements previously made to the Demised Premises) upon the expiration or termination of the Lease.
Additional Tenant Improvement Allowance. In addition to the Tenant Improvement Allowance, Tenant shall have the right, by written notice to Landlord given on or before the Allowance Deadline, to cause Landlord to provide up to $50.00 per rentable square foot of the Premises (i.e., up to $4,405,300.00) (the "Additional TI Allowance") towards the payment of the costs of the Tenant Improvement Allowance Items. In the event Tenant exercises its right to use all or any portion of the Additional TI Allowance, Tenant shall be required to pay Landlord, commencing on the date the Tenant Improvements are completed (the "Additional Payment Commencement Date"), the "Additional TI Allowance Payment," as that term is defined below, in consideration of Landlord provision of the Additional TI Allowance. The "Additional TI Allowance Payment" shall be determined as the missing component of an annuity, which annuity shall have (i) the amount of the Additional TI Allowance utilized by Tenant as the present value amount, (ii) a number equal to the number of full calendar months then remaining in the Lease Term as the number of payments, (iii) a monthly interest factor equal to eight and one-half percent (8.5%) per annum divided by twelve (12) months per year, and (iv) the Additional TI Allowance Payment as the missing component of the annuity. Following the calculation of the Additional TI Allowance Payment, Landlord and Tenant will enter into a lease amendment to confirm the amount thereof. Any portion of the Tenant Improvement Allowance as to which Tenant has not properly requested disbursement by the Allowance Deadline, shall revert to Landlord and Tenant shall have no further rights with respect thereto. The Additional TI Allowance Payment shall not be subject to annual Base Rent increases.
Additional Tenant Improvement Allowance. Tenant shall be responsible for the design and construction at its sole cost and expense of all improvements to the Premises (the “Additional TI Work”), which shall be subject to Landlord’s approval and the terms of Section 9.2
Additional Tenant Improvement Allowance. Landlord shall, subject to the terms of the Work Letter, make available to Tenant an additional tenant improvement allowance (“Additional TI Allowance”) for the construction of the Tenant Improvements in the Premises of up to $5.00 per rentable square foot of the Premises. Commencing on the Rent Commencement Date, and continuing thereafter monthly on the same day that Base Rent is due, in addition to Base Rent and Additional Rent, Tenant further agrees to pay to Landlord the amount necessary to fully amortize over the remainder of the Term the portion of the Additional TI Allowance to be funded by Landlord in equal payments with interest at a rate of 8% per annum (“Additional TI Payments”). The Additional TI Allowance shall only be available for use by Tenant as part of the construction of the Tenant Improvements until the date which is the last day of the month that is 6 months after the Rent Commencement Date and Tenant shall have no right thereafter to use any undisbursed portion thereof. The amount of the Additional TI Payments shall be subject to adjustments if Landlord disburses any portion of the Additional TI Allowance after the Rent Commencement Date.
Additional Tenant Improvement Allowance. Landlord shall provide Tenant with an additional Tenant Improvement Allowance in the amount of $77,050 for the Additional Premises. Said allowance shall be paid and used for the Additional Premises in accordance with paragraph 8 and Rider 5.C of the Lease. Tenant may use its own contractor and architect (both subject to Landlord's reasonable approval) for tenant improvement work in the Additional Premises. All costs of design and construction shall be included within the above Allowance.
Additional Tenant Improvement Allowance. Landlord and Tenant have amended the 901 Gateway Lease to, among other things, provide Tenant an “Additional TI Allowance” of up to $2,606,840.00. Notwithstanding anything to the contrary contained in the 901 Gateway Lease, Tenant shall only have the right to use up to $782,052.00 of the Additional TI Allowance for the design and construction of fixed and permanent improvements within the Third Floor Premises desired by and performed by Tenant and which improvements shall be of a fixed and permanent nature (the “Additional Tenant Improvements”); provided, however, that Tenant shall comply with the terms of Section 3 of that certain First Amendment to Lease of even date herewith entered into by Landlord and Tenant with respect to the 901 Gateway Lease in connection with Tenant’s use of the Additional TI Allowance and the construction by Tenant of the Additional Tenant Improvements within the Third Floor Premises.
Additional Tenant Improvement Allowance. In addition to the Tenant Improvement Allowance (as defined in the First Amendment Work Letter attached to this First Amendment as Exhibit B and incorporated herein by reference), Landlord shall, subject to the terms of the First Amendment Work Letter, make available to Tenant the Additional Tenant Improvement Allowance (as defined in the First Amendment Work Letter). Commencing on the earlier of (i) the last day of the 18th month after the Expansion Premises Commencement Date or, (ii) the date that Landlord disburses the full amount of the Additional Tenant Improvement Allowance, and continuing thereafter on the first day of each month during the Base Term, Tenant shall pay the amount necessary to fully amortize the full amount of the Additional Tenant Improvement Allowance in equal monthly payments with interest at a rate of 8% per annum over the remaining Base Term, which interest shall begin to accrue on the date that Landlord first disburses such Additional Tenant Improvement Allowance or any portion(s) thereof. Any of the Additional Tenant Improvement Allowance and applicable interest remaining unpaid as of the expiration or earlier termination of the Lease shall be paid to Landlord in a lump sum at the expiration or earlier termination of the Lease.
Additional Tenant Improvement Allowance. From and after May 1, 2013, the obligation of Tenant to repay the Additional Tenant Improvement Allowance (as defined in the Original Lease) shall be released and Tenant shall have no obligations to make any further payments on account of the Additional Tenant Improvement Allowance.
Additional Tenant Improvement Allowance. Subject to the terms and conditions set forth in this Section 2.1.2, and Sections 2.1.3 and 2.1.4, below, as applicable, Tenant shall be entitled to increase the Tenant Improvement Allowance (collectively, the “Additional Tenant Improvement Allowance”) by $25.00 per rentable -60- HCP, INC. [4930 Director’s Place] [Sorrento Therapeutics, Inc.] square foot of the Premises (i.e., $4,080,125.00 based upon 163,205 rentable square feet in the Premises), resulting in a total amount of the Tenant Improvement Allowance plus the Additional Tenant Improvement Allowance not to exceed Thirty-Five Million Eighty-Nine Thousand Seventy-Five and 00/100 Dollars ($35,089,075.00), pursuant to a notice delivered to Landlord on or before the Lease Commencement Date. In the event that the Additional Tenant Improvement Allowance is not fully disbursed by Landlord on behalf of Tenant on or before the date that occurs twelve (12) months following the Lease Commencement Date, then Tenant shall have no further rights with respect thereto. In the event Tenant exercises its right to use all or any portion of the Additional Tenant Improvement Allowance, the monthly Base Rent for the Premises shall be increased as follows.
