Additional TI Costs Clause Samples

Additional TI Costs. If Tenant uses the entire Allowance on Tenant Improvement Costs then Landlord shall, at Tenant’s option, provide an additional cash allowance (the “Additional Advance”) in the amount of up to Fifteen Dollars ($15.00) per square foot of Rentable Area in the Premises, to be amortized and repaid over the Initial Term of the Lease on a straight-line basis, together with interest at a rate of ten percent (10.00%) per annum. If Tenant elects to use the Additional Advance, Tenant shall notify Landlord in writing and the parties shall execute at Landlord’s option, an amendment to this Lease to memorialize the new rent schedule including the amortization of the Additional Advance or a promissory note in the amount of the Additional Advance. Landlord shall have no obligation to disburse the Additional Advance until such amendment or promissory note is executed and delivered. The Additional Advance may only be used for Tenant Improvements in the Initial Premises and may not be used for FF&E or later Alterations. The Additional Advance may be prepaid at any time, in which case the parties shall execute such documentation as is reasonably required to evidence and reflect such prepayment.