Common use of Additional TI Allowance Clause in Contracts

Additional TI Allowance. In addition to the Tenant Improvement Allowance (as defined in the Work Letter), Landlord shall, subject to the terms of the Work Letter, make available to Tenant the Additional Tenant Improvement Allowance (as defined in the Work Letter). Commencing on the Commencement Date and continuing thereafter on the first day of each month during the Base Term, Tenant shall pay the amount necessary to fully amortize (i) 50% of the first $10.00 per rentable square foot of the Additional Tenant Improvement Allowance disbursed by Landlord, if any, and (ii) 100% of any additional portion of the Additional Tenant Improvement Allowance actually disbursed by Landlord, if any, in equal monthly payments with interest at a rate of 8% per annum over the 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 (collectively, “TI Rent”). Notwithstanding the foregoing, Tenant may pay the outstanding and unamortized portion of the Additional Tenant Improvement Allowance that was actually funded by Landlord in full at any time without penalty. Any of the Additional Tenant Improvement Allowance and applicable interest payable by Tenant pursuant to this Section 4(b) (including, without limitation, the amounts set forth in subsection (i) above) remaining unpaid as of the expiration or earlier termination of this Lease shall be paid to Landlord in a lump sum at the expiration or earlier termination of this Lease.

Appears in 2 contracts

Samples: Lease Agreement (Vividion Therapeutics, Inc.), Lease Agreement (ONCOSEC MEDICAL Inc)

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Additional TI Allowance. In addition Landlord shall make available for the payment of Excess TI Costs an additional tenant improvement allowance (the “Additional TI Allowance”) of $[***], which shall, to the Tenant Improvement Allowance (as defined extent used, result in the Work Letter), Landlord shall, subject TI Rent pursuant to the terms Section 4(d) of the Work Letter, make available to Tenant First Amendment. Within 5 business days of receipt of the Additional Tenant Improvement Allowance (as defined in the Work Letter). Commencing on the Commencement Date and continuing thereafter on the first day of each month during the Base TermBudget from Landlord, Tenant shall pay the amount necessary to fully amortize (i) 50% of the first $10.00 per rentable square foot notify Landlord in writing how much of the Additional TI Allowance Tenant Improvement has elected to receive from Landlord (the “Additional TI Allowance disbursed by LandlordElection”); provided, however that if Tenant does not elect the full amount of the Additional TI Allowance in the Additional TI Allowance Election, Tenant may elect to have additional funds, not to exceed any positive amount remaining after subtraction of the amount elected in the Additional TI Allowance Election from the Additional TI Allowance, to be made available to pay for Excess TI Costs (if any, and (ii) 100% the “Subsequent Additional TI Allowance Election”), upon 10 business days’ prior written notice to Landlord, which prior written notice of any additional portion Subsequent Additional TI Allowance Election shall be given, if at all, within 45 days of the date of Tenant’s initial Additional Tenant Improvement TI Allowance actually disbursed by Election. The Subsequent Additional TI Allowance Election and Additional TI Allowance Election (or if no Subsequent Additional TI Allowance Election is made within the time period required, the Additional TI Allowance Election itself) shall be final and binding on Tenant, and may not thereafter be modified without Landlord, if any, in equal monthly payments with interest at a rate of 8% per annum over the Base Term’s consent, which interest shall begin to accrue on the date that Landlord first disburses such Additional Tenant Improvement Allowance may be granted or any portion(s) thereof (collectively, “TI Rent”). Notwithstanding the foregoing, Tenant may pay the outstanding withheld in Landlord’s sole and unamortized portion of the Additional Tenant Improvement Allowance that was actually funded by Landlord in full at any time without penalty. Any of the Additional Tenant Improvement Allowance and applicable interest payable by Tenant pursuant to this Section 4(b) (including, without limitation, the amounts set forth in subsection (i) above) remaining unpaid as of the expiration or earlier termination of this Lease shall be paid to Landlord in a lump sum at the expiration or earlier termination of this Leaseabsolute subjective discretion.

Appears in 2 contracts

Samples: Lease Agreement (Rubius Therapeutics, Inc.), Lease Agreement (Rubius Therapeutics, Inc.)

Additional TI Allowance. In addition to the Tenant Improvement Allowance (as defined in the Work Letter), Landlord shall, subject to the terms of the Work Letter, make available to Tenant the Additional Tenant Improvement Allowance (as defined in the Work Letter). Commencing on the Rent Commencement Date Date, and continuing thereafter on the first day of each month during the Base Term, Tenant shall pay the amount necessary to fully amortize (i) 50% of the first $10.00 per rentable square foot of the Additional Tenant Improvement Allowance disbursed by Landlord, if any, and (ii) 100% of any additional portion of the Additional Tenant Improvement Allowance actually disbursed funded by Landlord, if any, in equal monthly payments with interest at a rate of 8% per annum over the 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 (collectivelythereof. Tenant acknowledges that because the Additional Tenant Improvement Allowance may be disbursed to Tenant in multiple disbursements following the Commencement Date, “TI Rent”)the Additional Rent payable by Tenant pursuant to this Section 4(b) may be adjusted following each such disbursement. Notwithstanding anything to the foregoingcontrary contained herein, Tenant may may, at Tenant’s sole election, accelerate or pre-pay all or any portion of the outstanding and unamortized portion of the Additional Tenant Improvement Allowance that was actually funded by Landlord in full at any time without penalty, in which event the amortizing payments shall be appropriately adjusted. Any of the Additional Tenant Improvement Allowance and applicable interest payable by Tenant pursuant to this Section 4(b) (including, without limitation, the amounts set forth in subsection (i) above) remaining unpaid as of the expiration or earlier termination of this Lease shall be paid to Landlord in a lump sum at the expiration or earlier termination of this Lease. The Additional Tenant Improvement Allowance shall be available for use by Tenant until the date that is twenty-four (24) months after the Commencement Date. Any portion of the Additional Tenant Improvement Allowance which has not been properly requested by Tenant from Landlord on or before the date that is twenty-four (24) months after the Commencement Date, shall be forfeited and shall not be available for use by Tenant.

Appears in 2 contracts

Samples: Lease Agreement (Cue Health Inc.), Lease Agreement (Cue Health Inc.)

Additional TI Allowance. In addition to the Tenant Improvement Allowance (as defined in the Work Letter), Landlord shall, subject to the terms of the Work Letter, make available to Tenant the Additional Tenant Improvement Allowance (as defined in the Work Letter). Commencing on the Commencement Date and continuing thereafter on the first day of each month during the Base TermAllowance, Tenant shall pay have the amount necessary right, by written notice to fully amortize (i) 50% of the first Landlord given on or before July 1, 2019, to use up to $10.00 [•] per rentable square foot of the Premises (i.e., up to $[•]) (the “Additional TI Allowance”) to be applied towards the Cost of Improvements for the construction of the Tenant Improvement Allowance disbursed by Landlord, if any, and (ii) 100% of Improvements in the Premises. In the event Tenant exercises its right to use all or any additional portion of the Additional TI Allowance, Tenant Improvement Allowance actually disbursed by shall be required to pay Landlord, if any, in equal monthly payments with interest at a rate of 8% per annum over the Base Term, which interest shall begin to accrue commencing on the date that Landlord first disburses such the Tenant Improvements are completed (the “Additional Tenant Improvement Allowance or any portion(s) thereof (collectively, “TI RentPayment Commencement Date”), the “Additional TI Allowance Payment,” as that term is defined below, in consideration of Landlord provision of the Additional TI Allowance. Notwithstanding The “Additional TI Allowance Payment” shall be determined as the foregoingmissing component of an annuity, which annuity shall have (i) the amount of the Additional TI Allowance utilized by Tenant may pay as the outstanding 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 [•]%, which is equal to [•] percent ([•]%) divided by twelve (12) months per year, and unamortized (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 Additional Tenant Improvement TI Allowance that was actually funded by Landlord in full at any time without penalty. Any of the Additional Tenant Improvement Allowance and applicable interest payable which has not been claimed or drawn by Tenant pursuant prior to this Section 4(b) (includingJuly 1, without limitation2019, the amounts set forth in subsection (i) above) remaining unpaid as of the expiration or earlier termination of this Lease shall expire and shall no longer be paid available to Landlord in a lump sum at the expiration or earlier termination of this LeaseTenant thereafter.

Appears in 1 contract

Samples: Lease Agreement (Principia Biopharma Inc.)

Additional TI Allowance. In addition to Commencing on the Tenant Improvement Allowance (as defined in the Work Letter)date of this Seventh Amendment, Landlord shall, subject to the terms of the Work Letter, shall make available to Tenant the Additional Tenant Improvement Allowance (as defined in the Work Letter). Commencing on the Commencement Date and continuing thereafter on the first day of each month during the Base Term, Tenant shall pay the amount necessary a tenant improvement allowance equal to fully amortize (i) 50% of the first $10.00 35.00 per rentable square foot of the Premises, or $1,920,135 in the aggregate (“Additional Allowance”), for the design and construction after the date of this Seventh Amendment of Alterations to the Premises (which Alterations shall be designed and constructed pursuant to and in accordance with this Section 7 and Section 12 of the Lease) (“Seventh Amendment Alterations”). Except as otherwise provided in this Section 7, the Additional Allowance shall only be available for the hard and soft costs of construction of such Seventh Amendment Alterations; provided that a portion of the Additional Allowance, up to $2.00 per rentable square foot of the Premises may be used toward the cost of Tenant’s teledata/computer cabling for the Premises. Tenant Improvement acknowledges that upon the expiration of the Term of the Lease, all Seventh Amendment Alterations shall become the property of Landlord and may not be removed by Tenant, nor shall Tenant have the right to remove such Seventh Amendment Alterations at any time during the Term. Except for the Additional Allowance, Tenant shall be solely liable for all of the costs of any and all Seventh Amendment Alterations. The Seventh Amendment Alterations may be constructed in phases. During the course of design and construction of any phase of Seventh Amendment Alterations, Landlord shall reimburse Tenant or pay directly to Tenant’s contractors on a pro rata basis a percentage of the costs of the applicable phase of the Seventh Amendment Alterations (equal to the percentage that the remaining Additional Allowance disbursed by bears to the total budget for such Seventh Amendment Alterations) once a month against a draw request in Landlord’s standard form and all applicable Reimbursement Deliveries, if any, no later than 30 days following receipt of such draw request. Upon completion of the applicable phase of Seventh Amendment Alterations (and prior to any final disbursement of the Additional Allowance in connection with such phase of Seventh Amendment Alterations) Tenant shall deliver to Landlord the following items: (i) sworn statements setting forth the names of all contractors and subcontractors who did work on such phase of the Seventh Amendment Alterations and final lien waivers from all such contractors and subcontractors; and (ii) 100% “as built” plans or marked-up construction drawings for the Seventh Amendment Alterations constructed during such phase. Landlord shall be entitled to receive the benefit of all construction warranties and manufacturer’s equipment warranties relating to equipment installed in the Premises as part of the Seventh Amendment Alterations. If Landlord does not reimburse the cost of Seventh Amendment Alterations (up the full amount of the Additional Allowance) to Tenant within (x) if Landlord does not dispute such costs, the date that is 90 days after Tenant’s delivery to Landlord of all required Reimbursement Deliveries, or (y) if Landlord disputes such costs, the date that is 90 days after the earlier to occur of (1) the date the parties mutually agree on such costs and Landlord’s responsibility therefor, and (2) the date a final judgment is issued by a court of law or an out of court settlement is reached by the parties with respect to such costs, then, in each case, Tenant may deduct from Base Rent next payable by Tenant under the Lease the amount of such costs. The contractor for the Seventh Amendment Alterations shall be selected by Tenant, subject to Landlord’s approval. Prior to the commencement of each phase of the Seventh Amendment Alterations, Tenant shall deliver to Landlord a copy of any contract with Tenant’s contractors (including the architect), and certificates of insurance from any contractor performing any part of such phase of the Seventh Amendment Alterations evidencing industry standard commercial general liability, automotive liability, “builder’s risk”, and workers’ compensation insurance. Tenant shall cause the general contractor to provide a certificate of insurance naming Landlord, Alexandria Real Estate Equities, Inc., and Landlord’s lender (if any) as additional insureds for the general contractor’s liability coverages required above. With respect to any portion of the Additional Allowance not used before January 31, 2016, commencing in the calendar year 2016, prior to July 30th of each year, Tenant Improvement Allowance actually disbursed shall deliver to Landlord for Landlord’s approval, in Landlord’s reasonable discretion, a preliminary scope of work and budget (which preliminary scope of work and budget shall be merely an estimate and shall not be binding on Tenant) for the Seventh Amendment Alterations desired by Tenant to be constructed during the 12-month period following Tenant’s delivery of such preliminary scope of work and budget to Landlord. The Seventh Amendment Alterations reflected in each applicable preliminary scope of work and budget shall be designed and constructed by Tenant pursuant to the terms of Section 12 of the Lease and this Section 7. Notwithstanding anything to the contrary contained herein, Tenant may, upon written notice to Landlord, if any, in equal monthly payments with interest at elect to use all or a rate of 8% per annum over the 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 (collectively, “TI Rent”). Notwithstanding the foregoing, Tenant may pay the outstanding and unamortized portion of the Additional Tenant Improvement Allowance that was actually funded by Landlord in full at any time without penalty. Any to cover costs of the Base Building Alterations for which Tenant is responsible, if any. The Additional Allowance shall only be available for use by Tenant Improvement Allowance for the design and applicable interest payable construction of Seventh Amendment Alterations (or, if elected by Tenant pursuant to the immediately preceding sentence, the cost of Base Building Alterations for which Tenant is responsible). Tenant shall have no right to the use or benefit of any portion of the Additional Allowance not requisitioned by Tenant in accordance with this Section 4(b) (including, without limitation, 7 prior to the amounts set forth in subsection (i) above) remaining unpaid as expiration of the expiration or earlier termination of this Lease shall be paid to Landlord in a lump sum at the expiration or earlier termination of this LeaseTerm.

Appears in 1 contract

Samples: Lease Agreement (Infinity Pharmaceuticals, Inc.)

Additional TI Allowance. In addition Landlord shall provide Tenant an allowance of up to Twenty-Five Thousand Dollars ($25,000.00), to be applied solely toward Tenant’s construction of additional conference room(s) and/or private office(s) within the Tenant Improvement Allowance Premises (as defined in Paragraph 1 above) (“Additional Allowance”). Any such improvements shall be deemed “Tenant’s Work” as defined in the Work Letter), Landlord shall, subject Letter attached to the terms Original Lease as Exhibit “C,” and shall be planned and constructed in accordance with the applicable provisions of said Work Letter. Provided that the above-described Tenant’s Work is constructed by Tenant’s Contractor in accordance with the Work Letter, make available Landlord shall reimburse Tenant for Tenant’s actual construction costs up to the amount of the Additional Allowance. Such Additional Allowance shall be paid directly to Tenant within ten business days following: 1) proper recordation of a Notice of Completion for the Additional Tenant’s Work; 2) receipt of all “unconditional waiver and release upon final payment for material and labor lien” releases from Tenant’s contractor, subcontractors, and suppliers; and 3) Landlord’s inspection and approval of the Tenant’s Work, which approval shall not be withheld so long as the Tenant’s Work has been performed in a good and workmanlike manner in accordance with the approved Plans; provided, however, no such inspection shall impose any liability upon Landlord, nor absolve Tenant Improvement or Tenant’s Contractor from liability for any defect or failure to comply with the requirements hereof. Landlord shall further provide Tenant an allowance of up to Twelve Thousand Five Hundred Dollars ($12,500.00), to be applied solely toward fifty percent (50%) of the actual costs of Tenant’s removal and relocation of existing Information Systems equipment from Xxxxx 000 xx Xxxxx 000, including any repairs to Suite 510 necessitated by such removal (“IS Allowance”). The IS Allowance (shall include no more than $3,000 of new equipment. Such removal and relocation shall be deemed “Tenant’s Work” as defined in the Work Letter attached to the Original Lease as Exhibit “C,” and shall be planned and constructed in accordance with the applicable provisions of said Work Letter); provided that the removal of the IS Equipment from Suite 510, and the completion of any repairs to Suite 510 necessitated by such removal, shall be completed on or before February 16, 2003. Commencing on Notwithstanding anything to the Commencement Date contrary contained in this First Amendment, the IS Allowance shall apply to work done both to Suite 510 as well as Suite 600. Provided that the above-described Tenant’s Work is constructed by Tenant’s Contractor in accordance with the Work Letter, Landlord shall reimburse Tenant for Tenant’s actual removal and continuing thereafter on the first day of each month during the Base Term, Tenant shall pay relocation costs up to the amount necessary to fully amortize (i) 50% of the first $10.00 per rentable square foot of the Additional Tenant Improvement IS Allowance. Such IS Allowance disbursed by Landlord, if any, and (ii) 100% of any additional portion of the Additional Tenant Improvement Allowance actually disbursed by Landlord, if any, in equal monthly payments with interest at a rate of 8% per annum over the 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 (collectively, “TI Rent”). Notwithstanding the foregoing, Tenant may pay the outstanding and unamortized portion of the Additional Tenant Improvement Allowance that was actually funded by Landlord in full at any time without penalty. Any of the Additional Tenant Improvement Allowance and applicable interest payable by Tenant pursuant to this Section 4(b) (including, without limitation, the amounts set forth in subsection (i) above) remaining unpaid as of the expiration or earlier termination of this Lease shall be paid directly to Landlord Tenant within ten business days following: 1) proper recordation of a Notice of Completion for the Tenant’s Work; 2) receipt of all “unconditional waiver and release upon final payment for material and labor lien” releases from Tenant’s contractor, subcontractors, and suppliers; and 3) Landlord’s inspection and approval of the Tenant’s Work, which approval shall not be withheld so long as the Tenant’s Work has been performed in a lump sum at good and workmanlike manner in accordance with the expiration approved Plans; provided, however, no such inspection shall impose any liability upon Landlord, nor absolve Tenant or earlier termination of this Lease.Tenant’s Contractor from liability for any defect or failure to comply with the requirements hereof. Landlord /s/JC Tenant /s/RR

Appears in 1 contract

Samples: Lease (Captiva Software Corp)

Additional TI Allowance. In addition Provided that the costs to construct the Tenant Improvements (as defined in Exhibit B to the Tenant Improvement Second Amendment) exceed Landlord’s Construction Allowance (as defined in Paragraph 7 of the Work LetterSecond Amendment) plus the Third Amendment Allowance (i.e., such that Tenant would be required to come out of pocket with respect to such excess costs for the Tenant Improvements), then Landlord shall, subject agrees to provide Tenant with an additional allowance (the terms “Additional TI Allowance”) of up to $525,000 to be used by Tenant solely towards paying for that portion of the Work Letter, make available to cost of constructing the Tenant the Additional Tenant Improvement Allowance (as defined Improvements in the Work Letter). Commencing on the Commencement Date and continuing thereafter on the first day of each month during the Base Term, Tenant shall pay the amount necessary to fully amortize (i) 50% excess of the first $10.00 per rentable square foot of aggregate Landlord’s Construction Allowance and Third Amendment Allowance. In the Additional event Tenant Improvement Allowance disbursed by Landlord, if any, and (ii) 100% of desires to utilize any additional portion of the Additional TI Allowance, then Tenant Improvement shall make a one-time request on or before December 31, 2019, indicating in such request the amount of such Additional TI Allowance actually disbursed Tenant desires that Landlord disburse. Landlord and Tenant hereby agree that in the event Tenant notifies Landlord in writing that Tenant desires any portion of the Additional TI Allowance, such portion requested by Landlord, if any, in equal monthly payments with interest Tenant shall be amortized (at a rate of 8% interest equal to seven and one-half percent (7.5%) per annum annum) over the Base Term, which interest shall begin to accrue period commencing on the date that such sums were initially advanced or disbursed by Landlord first disburses such Additional Tenant Improvement Allowance or any portion(s) thereof (collectively, “TI Rent”). Notwithstanding and ending on the foregoing, Tenant may pay the outstanding and unamortized portion expiration of the Additional Tenant Improvement Allowance that was actually funded by Landlord in full at any time without penalty. Any Third Amendment Extension Term, and the monthly installments of the Additional Tenant Improvement Allowance and applicable interest Basic Annual Rent payable by Tenant pursuant with respect to this Section 4(b) (including, without limitation, the amounts set forth in subsection (i) above) remaining unpaid as of the expiration or earlier termination of this Lease Existing Premises and Suite 1150 Space shall be paid increased by the monthly amount necessary to Landlord so amortize such Additional TI Allowance so disbursed by Landlord. Tenant agrees to execute promptly an amendment to the Lease reflecting the increase in a lump sum at the expiration or earlier termination of this LeaseBasic Annual Rent as described above. In the event Tenant fails to request such Additional TI Allowance by December 31, 2019, then Tenant shall forfeit its right to request such Additional TI Allowance.

Appears in 1 contract

Samples: Office Lease (Zoom Video Communications, Inc.)

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Additional TI Allowance. In addition to the Tenant Improvement Allowance (as defined in the Work Letter), Landlord shall, subject to the terms of the Work Letter, make available to Tenant the Additional Tenant Improvement Allowance (as defined in the Work Letter)Allowance. Commencing on the Rent Commencement Date and continuing thereafter on the first day of each month during the Base Term, Tenant shall pay the amount necessary to fully amortize (i) 50% of the first $10.00 per rentable square foot of the Additional Tenant Improvement Allowance disbursed by Landlord, if any, and (ii) 100% of any additional portion of the Additional Tenant Improvement Allowance actually disbursed funded by Landlord, if any, in equal monthly payments with interest at a rate of 8% per annum over the 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 (collectively, “TI Rent”). Notwithstanding In the foregoingevent that the Additional TI Allowance is disbursed in tranches, Tenant may pay interest shall begin to accrue on the outstanding and unamortized amount of each tranche on the date that such tranche is disbursed. The TI Rent shall not be subject to the annual adjustments pursuant to Section 4(a) above. If any portion of the Additional Tenant Improvement Allowance that was actually is, subject to the terms of the Work Letter, funded by Landlord after the Rent Commencement Date, the monthly amount of TI Rent payable by Tenant shall be adjustment in order to fully amortize the amounts funded after the Rent Commencement Date in equal monthly payments with interest at a rate of % per annum over the remaining Base Term. Tenant shall have the right, any time after the month after the Rent Commencement Date, to prepay in full at any time the then outstanding and unamortized TI Rent, without penalty. Any of the Additional Tenant Improvement Allowance and applicable interest payable by Tenant pursuant to this Section 4(b) (including, without limitation, the amounts set forth in subsection (i) above) TI Rent remaining unpaid as of the expiration or earlier termination of this Lease shall be paid to Landlord in a lump sum at the expiration or earlier termination of this Lease.

Appears in 1 contract

Samples: Lease Agreement (Beam Therapeutics Inc.)

Additional TI Allowance. In addition to Following the Tenant Improvement Allowance (as defined in mutual execution and delivery of this Fifth Amendment by the Work Letter)parties, Landlord shall, subject to the terms of the Work Letter, shall make available to Tenant a tenant improvement allowance of up to $671,670 (the “Additional TI Allowance”) for the design and construction of fixed and permanent improvements desired by and performed by Tenant and which improvements shall be of a fixed and permanent nature (the “Additional Tenant Improvement Allowance (as defined in the Work Letter). Commencing on the Commencement Date and continuing thereafter on the first day of each month during the Base Term, Tenant shall pay the amount necessary to fully amortize (i) 50% of the first $10.00 per rentable square foot of the Additional Tenant Improvement Allowance disbursed by Landlord, if any, and (ii) 100% of any additional portion of the Additional Tenant Improvement Allowance actually disbursed by Landlord, if any, in equal monthly payments with interest at a rate of 8% per annum over the 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 (collectively, “TI RentImprovements”). Notwithstanding The Additional TI Allowance shall be available for the foregoing, Tenant may pay the outstanding design and unamortized portion construction of the Additional Tenant Improvement Allowance that was actually funded by Landlord Improvements in full at any time without penalty. Any of the Additional Tenant Improvement Allowance and applicable interest payable by Tenant pursuant to this Section 4(b) (Premises only including, without limitation, the amounts set forth painting, flooring, carpeting and data cabling; provided, however, that in subsection (i) above) remaining unpaid as no event may more than 10% of the Additional TI Allowance be used to pay for Tenant’s data cabling. Tenant acknowledges that upon the expiration of the Term of the Lease, the Additional Tenant Improvements shall become the property of Landlord and may not be removed by Tenant. Notwithstanding anything to the contrary contained herein, the Additional TI Allowance shall not be used to purchase any furniture, personal property or earlier termination other non-Building system materials or equipment (other than data cabling subject to the limitation provided for in the first sentence of this Lease Section 3), including, but not limited to, Tenant’s voice cabling, non-ducted biological safety cabinets and other scientific equipment not incorporated into the Additional Tenant Improvements. Except for the Additional TI Allowance, Tenant shall be paid solely responsible for all of the costs of the Additional Tenant Improvements. The Additional Tenant Improvements shall be treated as Alterations and shall be undertaken pursuant to Section 12 of the Lease. Landlord shall reimburse Tenant for the cost of the Additional Tenant Improvements in two (2) draws with the first draw payable once the Additional Tenant Improvements have been 50% completed and the second draw payable once the Additional Tenant Improvements have been 100% substantially completed. Each draw request shall be in Landlord’s standard form, containing evidence of the applicable costs (and payment of such costs) and such certifications, lien waivers (including a lump sum at conditional lien release for each progress payment and unconditional lien releases for prior progress payments), inspection reports and other matters as is customary in the expiration market, to the extent of Landlord’s reasonable approval thereof for payment, no later than 30 days following receipt of such draw request. Any amounts not so approved by Landlord because they fail to satisfy any of the disbursement requirements may be submitted by Tenant with the next requisition and shall be reimbursed by Landlord provided that all of the applicable disbursement requirements are satisfied with request to the reimbursement being sought. The Additional TI Allowance shall only be available for use by Tenant for the construction of the Additional Tenant Improvements until December 31, 2013, and any portion of the Additional TI Allowance which has not been requisitioned by Tenant in accordance with this paragraph on or earlier termination of this Leasebefore December 31, 2013, shall be forfeited and shall not be available for use by Tenant.

Appears in 1 contract

Samples: Lease Agreement (Infinity Pharmaceuticals, Inc.)

Additional TI Allowance. In addition to the Tenant Improvement Allowance (as defined in the Work Letter), Landlord shall, subject to the terms of the Work Letter, make available to Tenant the Additional Tenant Improvement Allowance (as defined in the Work Letter). Commencing on the Commencement Date and continuing thereafter on the first day of each month during the Base TermAllowance, Tenant shall pay have the amount necessary right, by written notice to fully amortize Landlord given on or before the date which is twelve (i12) 50% months following the Lease Commencement Date, to use up to $913,800.00 (the “Additional TI Allowance”) towards the payment of the first $10.00 per rentable square foot Costs of Improvement for the Additional Tenant Improvement Allowance disbursed Improvements or Alterations performed by Landlord, if any, and (ii) 100% of Tenant. In the event Tenant exercises its right to use all or any additional portion of the Additional TI Allowance, Tenant Improvement Allowance actually disbursed by shall be required to pay Landlord, if any, in equal monthly payments with interest at a rate of 8% per annum over the Base Term, which interest shall begin to accrue commencing on the date that Landlord the Tenant Improvements or Alterations constructed with the Additional TI Allowance are completed (the “Additional Payment Commencement Date”) (provided however in connection with Alterations, in no event shall the Additional Payment Commencement Date occur later than the later of the Lease Commencement Date and twelve (12) months following the date of the first disburses such Additional Tenant Improvement Allowance or any portion(s) thereof (collectively, “TI Rent”). Notwithstanding the foregoing, Tenant may pay the outstanding and unamortized portion disbursement of the Additional Tenant Improvement TI Allowance for such Alterations), the “Additional TI Allowance Payment,” as that was actually funded by term is defined below, in consideration of Landlord in full at any time without penalty. Any provision of the Additional TI Allowance. To the extent that there is any remaining Additional TI Allowance as of the date which is twelve (12) months following the Lease Commencement Date, Tenant Improvement shall have the right, upon not less than six (6) months prior written notice to delivered on or before the last day of the forty-eighth (48th) month of the Lease Term, to use such remaining Additional TI Allowance and applicable interest payable by Tenant pursuant (up to this Section 4(b) (includinga maximum of $456,900.00 even if a greater amount of the Additional TI Allowance is then remaining). The “Additional TI Allowance Payment” shall be determined as the missing component of an annuity, without limitation, the amounts set forth in subsection which annuity shall have (i) above) remaining unpaid as the amount of the expiration or earlier termination Additional TI Allowance utilized by Tenant as the present value amount, (ii) a number equal to the number of this full calendar months then remaining in the Lease Term as the number of payments, (iii) a monthly interest factor equal to seventy-five one-hundredths percent (0.75%), which is equal to nine percent (9%) divided by twelve (12) months per year, and (iv) the Additional TI Allowance Payment as the missing component of the annuity, and shall not be paid subject to annual escalations. Following the calculation of the Additional TI Allowance Payment, Landlord and Tenant will enter into a lease amendment in a lump sum at the expiration or earlier termination form of this Exhibit G attached to the Lease, to confirm the amount thereof.

Appears in 1 contract

Samples: Lease (Bolt Biotherapeutics, Inc.)

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