Allowance. Landlord shall pay towards the costs of the Tenant Improvements, including all pre-construction costs, permit fees, project management, and costs of constructing the Tenant Improvements (collectively, the “Tenant Improvement Costs”), an amount equal to $75.00 per rentable square foot of the Building (as determined by Architect and reasonably approved by Tenant in the Construction Documents in accordance with ANSI/BOMA Z65.3-2018 Gross Area 1 (Leasing Method) (the “BOMA Standard”)) (the “Allowance”), except that the Allowance shall not be used to pay for Tenant’s machinery, equipment and trade fixtures and other personal property (other than as documented in the approved TI Construction Documents), any Excluded Costs or any costs associated with construction management personnel engaged by Tenant in connection with this Lease. For the avoidance of doubt, all Excluded Costs shall be payable solely by Landlord and shall not be included in the calculation of Tenant Improvement Costs for the purpose of determining Tenant’s Contribution. Except as expressly set forth herein, Landlord’s payment of the Allowance or the Tenant Improvement Costs (if such amount is less than the Allowance), shall satisfy in full Landlord’s obligation to pay the Allowance hereunder, and Landlord shall not be obligated to make any payment for any subsequent alterations or improvements to the Project whether or not the entire Allowance was expended on the initial Tenant Improvements. Notwithstanding the foregoing, in the event the entire Allowance is not expended on the initial Tenant Improvements, any remaining amounts may be used for Tenant’s Work subject to a draw procedure agreed to by Landlord and Tenant in their reasonable discretion, including reasonable requirements regarding lien waivers delivered by Tenant. Furthermore, notwithstanding the foregoing, if an Event of Default is continuing at the time Landlord's payment of any portion of the Allowance is due under this Work Letter, then, in addition to any other remedies available to Landlord in this Work Letter or elsewhere in the Lease, Landlord may stop construction (including any pre-construction work) of the Improvements until such Event of Default is cured. If Landlord stops construction due to an Event of Default, then any such delay shall be a Tenant Delay and Tenant shall be responsible for all costs in connection with remobilizing the Contractors and recommencing construction.
Appears in 1 contract
Sources: Lease Agreement (Exelixis, Inc.)
Allowance. Landlord shall pay towards hereby agrees to provide to Tenant an Allowance in the costs amount of the Tenant Improvements, including all pre-construction costs, permit fees, project management, and costs of constructing the Tenant Improvements (collectively, the “Tenant Improvement Costs”), an amount equal to $75.00 7.00 per rentable square foot of the Building (as determined by Architect and reasonably approved by Tenant space in the Construction Documents in accordance with ANSI/BOMA Z65.3-2018 Gross Area 1 Premises (Leasing Methodbeing $325,367.00) (the “BOMA Standard”)) (the “Allowance”). The Allowance shall be used and applied by Tenant as follows:
(a) If Tenant so elects by written notice to Landlord, except Landlord shall furnish and install approximately 99 parking stalls (“Parking Stalls”) in the area depicted on Exhibit A-1 (“Parking Election”). If Tenant exercises the Parking Election, subject to city approval of the same, Landlord must complete (subject to delays due to permitting, governmental regulations and delays by Tenant in responding to requests for approval), installation of the Parking Stalls on or before six months following the later to occur of (i) Tenant’s notice to Landlord or (ii) the Execution Date. Within thirty (30) days following completion of the Parking Stalls, Landlord shall provide to Tenant evidence of the reasonable costs and expenses paid by Landlord to third parties for the design, permitting and/or installation of the Parking Stalls and a construction management fee equal to 2% of all hard and soft costs of the Work shall be payable to Landlord, and such amounts (if any) shall be credited against the Allowance. If Landlord fails to complete the Parking Stalls and render them useable on or before the date herein required, Tenant shall have the right to give Landlord notice of such failure and if Landlord fails to complete the Parking Stalls within thirty (30) days after receipt of such notice from Tenant, then Tenant shall be entitled to day-for-day abatement of the Base Rent payable under the terms of the Lease as hereby amended, for each day that the completion of the Parking Stalls is delayed.
(b) To the extent the Allowance shall is not used for and applied to the Parking Election, the Allowance may be used to pay and applied by the Tenant toward payment for Tenant’s machinery, equipment and trade fixtures and other personal property (other than as documented in the approved TI Construction Documents), any Excluded Costs or any costs associated with construction management personnel engaged by Tenant in connection with this Lease. For the avoidance of doubt, all Excluded Costs shall be payable solely by Landlord and shall not be included in the calculation of Tenant Improvement Costs for the purpose of determining Tenant’s Contribution. Except as expressly set forth herein, Landlord’s payment of the Allowance or the Tenant Improvement Costs (if such amount is less than the Allowance), shall satisfy in full Landlord’s obligation to pay the Allowance hereunder, and Landlord shall not be obligated to make any payment for any subsequent alterations or improvements to the Project whether or not the entire Allowance was expended on the initial Premises (“Tenant Improvements” and “Tenant Improvements Election”). Notwithstanding the foregoing, in the event the entire Allowance is not expended on the initial Tenant Improvements, any remaining amounts may be used for The Construction Rider attached hereto as Exhibit A shall govern Tenant’s Work subject to a draw procedure agreed to by Landlord construction of Tenant Improvements and Tenant in their reasonable discretion, including reasonable requirements regarding lien waivers delivered by Tenant. Furthermore, notwithstanding the foregoing, if an Event of Default is continuing at the time Landlord's allocation and payment of any portion of the Allowance is due under this Work Letter, then, in addition to any other remedies available to Landlord in this Work Letter or elsewhere in the Lease, Landlord may stop construction (including any pre-construction work) of the Improvements until such Event of Default is cured. If Landlord stops construction due to an Event of Default, then any such delay shall be a Tenant Delay and Tenant shall be responsible for all costs in connection with remobilizing the Contractors and recommencing constructionfunds therefor.
Appears in 1 contract
Sources: Office Lease (Faro Technologies Inc)
Allowance. 57.1 So long as no Event of Default shall be existing under the Lease as of the date Tenant requests reimbursement of the Allowance (as defined below), Landlord agrees to reimburse Tenant up to, and not to exceed, the sum of $1,285,775.00 (the "Allowance") (based on a $5.00 prsf of the Premises) for costs incurred in connection with the design and construction of the permanent improvements to the Premises, including but not limited to the professional services and its fees like architects, engineers, project managers, (the "Allowance Items"). Landlord shall pay towards the costs Allowance to Tenant upon delivery to Landlord of "Tenant's Allowance Notice" (as defined below) according to the terms and conditions of this Section 57.1. Not more frequently than once in any calendar month, Tenant may submit to Landlord a written notice indicating that Tenant has paid the cost of Allowance Items, which notice shall be accompanied by all of the Tenant Improvements, including all pre-construction costs, permit fees, project management, and costs of constructing the Tenant Improvements following (collectively, "Tenant's Allowance Notice"): (i) copies of paid invoices for the “Tenant Improvement Costs”)Allowance Items, an amount equal and (ii) certification that the Special Allowance Items have been delivered to $75.00 per rentable square foot and installed in the Premises, (iii) final unconditional lien releases in compliance with California law from Tenant's general contractor and all subcontractors and material suppliers, showing that full payment has been received for the construction of the Building Allowance Items, and (as determined iv) copies of all building permits (if any) required by Architect the City in connection with the construction and reasonably approved installation of the Allowance Items signed by Tenant in the Construction Documents in accordance with ANSI/BOMA Z65.3-2018 Gross Area 1 (Leasing Method) (the “BOMA Standard”)) (the “Allowance”)appropriate building inspector, except indicating that the Allowance shall not be used to pay for Tenant’s machinery, equipment and trade fixtures and other personal property (other than as documented in the approved TI Construction Documents), any Excluded Costs or any costs associated with construction management personnel engaged by Tenant in connection with this LeaseItems have been finally approved. For the avoidance of doubt, all Excluded Costs The Allowance shall be payable solely by Landlord and shall not be included in available for reimbursement to Tenant during the calculation of Tenant Improvement Costs for period from June 1, 2012 through July 1, 2013 (the purpose of determining Tenant’s Contribution"Window"). Except as expressly set forth herein, Landlord’s payment of the Allowance or the Tenant Improvement Costs (if such amount is less than the Allowance), shall satisfy in full Landlord’s obligation to pay the Allowance hereunder, and Landlord shall not be obligated to make any payment for any subsequent alterations or improvements to the Project whether or not the entire Allowance was expended on the initial Tenant Improvements. Notwithstanding the foregoing, in the event the entire Allowance is not expended on the initial Tenant Improvements, any remaining amounts may be used for Tenant’s Work subject to a draw procedure agreed to by Landlord and Tenant in their reasonable discretion, including reasonable requirements regarding lien waivers delivered by Tenant. Furthermore, notwithstanding the foregoing, if an Event of Default is continuing at the time Landlord's payment of any Any portion of the Allowance is due under this Work Letter, then, in not requested by Tenant within the Window shall be deemed forfeited by Tenant and shall no longer be available for disbursement to or for the account of Tenant. No part of the Allowance may be used as a credit against Rent or for any purpose other than construction of the Allowance Items. In addition to any other remedies available the foregoing conditions, Landlord's obligation to Landlord in this Work Letter or elsewhere in disburse the Lease, Landlord may stop construction (including any pre-construction work) Allowance is conditioned upon Landlord's prior receipt of the Improvements until such Event Security Deposit or Letter of Default Credit, whichever is cured. If Landlord stops construction due to an Event of Default, then any such delay shall be a Tenant Delay and Tenant shall be responsible for all costs in connection with remobilizing the Contractors and recommencing constructionapplicable.
Appears in 1 contract
Sources: Sublease (Telenav, Inc.)
Allowance. Landlord Tenant shall pay towards be responsible for the costs of the Tenant Improvements, including all pre-construction costs, permit fees, project management, cost to construct and costs of constructing install the Tenant Improvements only to the extent that the Cost Statement, taking into account any increases or decreases resulting from any Change Orders (collectivelyas hereinafter defined) or as a result of any Tenant Delays, exceeds $42.00 per RSF (as defined in the Lease) of the Leased Premises (i.e, if the RSF is 34,436, the “Tenant Improvement Costs”), an amount equal to Allowance shall be $75.00 per rentable square foot of the Building (as determined by Architect and reasonably approved by Tenant in the Construction Documents in accordance with ANSI/BOMA Z65.3-2018 Gross Area 1 (Leasing Method) (the “BOMA Standard”)42.00 x 34,436 = $1,446,312.00) (the “Allowance”). If, except following Tenant’s approval (or deemed approval) of the Cost Statement shows that the cost to construct and install the Tenant Improvements will exceed the Allowance, Tenant shall pay Landlord, within ten (10) days following Landlord’s written request, which request shall not be submitted until a point of completion which requires funds in excess of the Allowance, an amount equal to one-half (1/2) of such excess. Following Substantial Completion of the Tenant Improvements, Tenant shall pay to Landlord the remaining difference between the Cost Statement (taking into account any increases or decreases resulting from any Change Orders) and the Allowance within ten (10) days of Landlord’s request therefor. Tenant’s failure to deliver the payments required in this paragraph shall entitle Landlord to stop the construction and installation of the Tenant Improvements until such payment is received, and any resulting delay shall constitute a Tenant Delay (as hereinafter defined) hereunder. In addition, all delinquent payments shall accrue interest at the Prime Rate plus four percent (4%) per annum. If the Allowance exceeds the Cost Statement (taking into account any increases or decreases resulting from any Change Orders), Tenant may use such excess amount for the actual cost of Tenant’s moving expenses, CD’s, legal fees and expenses, telecommunication wiring costs and furniture. Any remaining amount of the Allowance shall not be used either (i) credited to pay for Tenant upon occupancy of the Leased Premises, or (ii) applied to Rent at Tenant’s machinery, equipment and trade fixtures and other personal property (other than as documented in the approved TI Construction Documents), any Excluded Costs or any costs associated with construction management personnel engaged by Tenant in connection with this Leasedirection. For the avoidance of doubt, all Excluded Costs shall be payable solely by Landlord and shall not be included in the calculation of Tenant Improvement Costs for the purpose of determining Tenant’s Contribution. Except as expressly set forth herein, Landlord’s payment of the Allowance or the Tenant Improvement Costs (if such amount is less than the Allowance), shall satisfy in full Landlord’s obligation to pay the Allowance hereunder, and Landlord shall not be obligated to make any payment for any subsequent alterations or improvements to the Project whether or not the entire Allowance was expended on the initial Tenant Improvements. Notwithstanding the foregoing, in the event the entire Allowance is not expended on the initial Tenant Improvements, any remaining amounts may be used for Tenant’s Work subject to a draw procedure agreed to by Landlord and Tenant in their reasonable discretion, including reasonable requirements regarding lien waivers delivered by Tenant. Furthermore, notwithstanding the foregoing, if an Event of Default is continuing at the time Landlord's payment of any Any portion of the Allowance is due under this Work Letter, then, in addition to any other remedies available to Landlord in this Work Letter not used on or elsewhere in before the Lease, Landlord may stop construction (including any pre-construction work) first anniversary of the Improvements until such Event of Default is cured. If Landlord stops construction due to an Event of Default, then any such delay Commencement Date shall be a Tenant Delay and Tenant shall be responsible for all costs in connection with remobilizing the Contractors and recommencing constructionforfeited.
Appears in 1 contract
Sources: Office Lease (Akorn Inc)
Allowance. Upon and subject to the terms and conditions of this Section 3(c), Landlord shall pay towards reimburse Tenant for the costs cost of the Tenant Improvements, including all pre-construction costs, permit fees, project management, and costs of constructing the Tenant Improvements (collectively, the “Tenant Improvement Costs”), an amount equal to $75.00 per rentable square foot of the Building (as determined by Architect and reasonably approved by Tenant Tenant’s performing its initial tenant improvements in the Construction Documents in accordance with ANSI/BOMA Z65.3-2018 Gross Area 1 (Leasing Method) Premises (the “BOMA StandardTenant’s Work”)) [which may be performed at any time during the first twelve (12) Lease Months of the Term]; provided, however, Landlord’s obligation to reimburse Tenant for the Tenant’s Work shall be: (i) limited to the lesser of (A) actual construction costs incurred by third parties on behalf of Tenant in its construction of the Tenant’s Work; and (B) an amount up to, but not exceeding, $17,020.00 (the “Allowance”), except ; and (ii) conditioned upon Landlord’s receipt of written notice (which notice shall be accompanied by invoices and documentation set forth below) from Tenant that the Allowance shall not be used to pay for Tenant’s machinery, equipment Work has been completed and trade fixtures and other personal property accepted by Tenant. Landlord shall make payment for the Tenant’s Work (other than limited as documented in the approved TI Construction Documents), any Excluded Costs or any described above) within thirty (30) days following Tenant’s delivery to Landlord of: (x) third-party invoices for costs associated with construction management personnel engaged incurred by Tenant in connection constructing the Tenant’s Work; (y) evidence that Tenant has paid the invoices for such costs; and (z) final, unconditional lien waivers in the statutory form from any contractor or subcontractor who has constructed any portion of the Tenant’s Work or any materialman who has supplied materials used or incorporated into any portion of the Tenant’s Work. The Tenant’s Work shall be performed in accordance with this all the provisions of the Lease. For the avoidance of doubt, all Excluded Costs shall be payable solely by Landlord and shall not be included in the calculation of Tenant Improvement Costs All bills for the purpose of determining Tenant’s ContributionWork must be submitted on or before May 31, 2013, and Landlord will make no further payments related to the Tenant’s Work with respect to disbursement requests submitted to Landlord after such date. Except as expressly set forth herein, Landlord’s payment of the Allowance or the Tenant Improvement Costs (if such amount is less than the Allowance), Landlord shall satisfy in full Landlord’s have no obligation to pay the Allowance hereunder, and Landlord shall not be obligated to make at any payment for any subsequent alterations or improvements to the Project whether or not the entire Allowance was expended on the initial time that Tenant Improvements. Notwithstanding the foregoing, is in the event the entire Allowance is not expended on the initial Tenant Improvements, any remaining amounts may be used for Tenant’s Work subject to a draw procedure agreed to by Landlord and Tenant in their reasonable discretion, including reasonable requirements regarding lien waivers delivered by Tenant. Furthermore, notwithstanding the foregoing, if an Event default of Default is continuing at the time Landlord's payment of any portion of the Allowance is due its obligations under this Work Letter, then, in addition to any other remedies available to Landlord in this Work Letter or elsewhere in the Lease, Landlord may stop construction (including any pre-construction work) of the Improvements until such Event of Default is cured. If Landlord stops construction due to an Event of Default, then any such delay shall be a Tenant Delay and Tenant shall be responsible for all costs in connection with remobilizing the Contractors and recommencing construction.
Appears in 1 contract
Allowance. Subject to Exhibit D and provided no Event of Default exists and is continuing without having been remedied (it being agreed that if such Event of Default shall be cured by Tenant prior to Landlord’s exercise of the Landlord’s remedies specified in Section 23.2, (a), and/or (b) of this Lease, then Tenant shall be entitled to the Tenant Improvement Allowance), Landlord shall pay towards make available to Tenant up to $1,318,280.00 (the costs “Tenant Improvement Allowance”) (calculated as $40.00 for each of 32,957 Rentable Square Feet) to be used for and in connection with (i) the purchase, installation and construction of the Tenant Improvements, including (ii) space planning, architectural and engineering expenses related to the Tenant Improvements, (iii) plan review, permits, inspections and other governmental requirements and approvals relating to the Tenant Improvements, (iv) construction management services relating to the Tenant Improvements, and (v) any and all pre-construction costs, permit feesexpenses, project management, fees and costs of constructing charges incurred in connection with the Tenant Improvements and/or the items described in (collectively, i) through (iv) above. Notwithstanding the “Tenant Improvement Costs”), an amount equal to $75.00 per rentable square foot of the Building (as determined by Architect and reasonably approved by Tenant in the Construction Documents in accordance with ANSI/BOMA Z65.3-2018 Gross Area 1 (Leasing Method) (the “BOMA Standard”)) (the “Allowance”), except that the Allowance shall not be used to pay foregoing specified uses for Tenant’s machinery, equipment and trade fixtures and other personal property (other than as documented in the approved TI Construction Documents), any Excluded Costs or any costs associated with construction management personnel engaged by Tenant in connection with this Lease. For the avoidance of doubt, all Excluded Costs shall be payable solely by Landlord and shall not be included in the calculation of Tenant Improvement Costs for the purpose of determining Tenant’s Contribution. Except as expressly set forth herein, Landlord’s payment of the Allowance or the Tenant Improvement Costs (if Allowance, Tenant may use up to $2.00 per Rentable Square Foot of the Tenant Improvement Allowance as reimbursement for actual moving expenses and data and cabling expenses upon the presentation of an invoice of such amount costs to Landlord. If the Tenant Improvement Allowance is less than the Allowance), shall satisfy in full Landlord’s obligation insufficient to pay the Allowance hereunder, and Landlord shall not be obligated to make any payment for any subsequent alterations or improvements to the Project whether or not defray the entire Allowance was expended on cost of the initial Tenant Improvements. Notwithstanding the foregoing, in the event the entire Allowance is not expended on the initial Tenant Improvements, any remaining amounts may be used for Tenant’s Work subject to a draw procedure agreed to by Landlord and Tenant in their reasonable discretion, including reasonable requirements regarding lien waivers delivered by Tenant. Furthermore, notwithstanding the foregoing, if an Event of Default is continuing at the time Landlord's payment of any portion of the Allowance is due under this Work Letter, then, in addition to any other remedies available to Landlord in this Work Letter or elsewhere in the Lease, Landlord may stop construction (including any pre-construction work) of the Improvements until such Event of Default is cured. If Landlord stops construction due to an Event of Default, then any such delay balance shall be a paid entirely by Tenant Delay pursuant to the terms and conditions specified in Exhibit D. Landlord has no obligation to advance more than the Tenant shall be responsible Improvement Allowance for all costs in connection with remobilizing the Contractors and recommencing constructionany items under any circumstances.
Appears in 1 contract
Allowance. Provided no Event of Default or event that with the giving of notice or passage of time would become an Event of Default has occurred and remains outstanding, Landlord shall pay towards the costs of the provide to Tenant Improvements, including all pre-a construction costs, permit fees, project management, and costs of constructing the Tenant Improvements (collectively, the “Tenant Improvement Costs”), an amount allowance equal to $75.00 23.00 per rentable square foot in the Premises (the “Allowance”) to be applied toward the Total Construction Costs including up to $5.00 per rentable square foot of the Building Allowance towards purposes other than payment of hard construction costs, including, without limitation, for (as determined by Architect and reasonably approved by Tenant in the Construction Documents in accordance with ANSI/BOMA Z65.3-2018 Gross Area 1 (Leasing Methoda) (the “BOMA Standard”)) (the “Allowance”), except that the Allowance shall not be used to pay for Tenant’s machinery, telecommunications equipment and installation, (b) furniture, fixtures and equipment, (c) other specialty trade fixtures and other personal property equipment, (other than as documented d) legal fees, architectural fees, construction fees and consultant fees, and (e) any moving cost of any kind. Tenant shall at all times during the Term remain the lawful possessor and owner of all the aforementioned specialty items funded via the Allowance for items (a) through (c) above but title thereto shall become vested in Landlord upon expiration of the approved TI Construction Documents), any Excluded Costs Term or any costs associated with construction management personnel engaged by Tenant in connection with termination of this Lease. For , except for those specialty trade fixtures and equipment that by their nature cannot be reused within the avoidance of doubt, all Excluded Costs Premises and which shall be payable solely removed at Tenant’s expense. The Allowance must be used prior to October 1, 2005 or shall be deemed forfeited with no further obligation by Landlord and shall not be included in with respect thereto. If the calculation of Tenant Improvement Total Construction Costs for the purpose of determining Tenant’s Contribution. Except as expressly set forth herein, Landlord’s payment of the Allowance or the Tenant Improvement Costs (if such amount is are less than the Allowance), Tenant will not be entitled to any credit for any amounts not applied to the Total Construction Cost. It shall satisfy in full Landlord’s be a condition to the obligation of Landlord to pay the Allowance hereunderthat Tenant shall have provided Landlord a request for payment by Tenant’s contractor on standard AIA forms, contractors’ affidavits and sworn statements, contractors’ and subcontractors’ lien waivers (for previous payments), an architect’s payment certificate signed by Tenant’s architect, and Landlord shall not be obligated to make any payment for any subsequent alterations or improvements to the Project whether or not the entire Allowance was expended an affidavit by Tenant’s chief financial officer that all work indicated on the initial draw request has been completed and that Tenant Improvements. Notwithstanding has approved the foregoingpayment request, in the event the entire Allowance is not expended on the initial Tenant Improvements, any remaining amounts and such other documents as may be used for Tenant’s Work subject to a draw procedure agreed to reasonably required by Landlord to demonstrate the applicable work has been performed and the amount requested is correct. Prior to commencement of any of the Work, Tenant in their reasonable discretion, including reasonable requirements regarding lien waivers delivered by Tenant. Furthermore, notwithstanding the foregoingshall provide to Landlord its final budget of Total Construction Costs (based upon accepted bids) and, if an Event of Default is continuing at the time Landlord's payment of any portion estimated Total Construction Costs exceed the amount of the Allowance is due under this Work Letterby greater than $5.00 per rentable square foot, then, in addition to any other remedies available Tenant shall provide satisfactory assurances to Landlord in this Work Letter that adequate arrangements have been made to pay such excess costs. In no event shall Landlord have any responsibility for payment of Total Construction Costs or elsewhere in the Lease, Landlord may stop construction (including costs of any pre-construction work) of the Improvements until such Event Work in excess of Default is cured. If Landlord stops construction due to an Event of Default, then any such delay shall be a Tenant Delay and Tenant shall be responsible for all costs in connection with remobilizing the Contractors and recommencing constructionAllowance.
Appears in 1 contract
Allowance. Landlord Tenant shall pay towards the costs of the Tenant Improvements, including all prebe entitled to a one-construction costs, permit fees, project management, and costs of constructing the Tenant Improvements (collectively, the “Tenant Improvement Costs”), an amount equal to $75.00 per rentable square foot of the Building (as determined by Architect and reasonably approved by Tenant in the Construction Documents in accordance with ANSI/BOMA Z65.3-2018 Gross Area 1 (Leasing Method) (the “BOMA Standard”)) time tenant improvement allowance (the “Allowance”), except that ) in the amount of $75,000.00 to be applied toward the Allowance shall not be used to pay for Tenant’s machinery, equipment and trade fixtures and other personal property Items (other than as documented defined in the approved TI Construction DocumentsSection 1.2 below), any Excluded Costs or any costs associated with construction management personnel engaged by Tenant in connection with this Lease. For the avoidance of doubt, all Excluded Costs shall be payable solely by Landlord and shall not be included in the calculation of Tenant Improvement Costs for the purpose of determining Tenant’s Contribution. Except as expressly set forth herein, Landlord’s payment of the Allowance or the Tenant Improvement Costs (if such amount is less than the Allowance), shall satisfy in full Landlord’s obligation to pay the Allowance hereunder, and Landlord shall not be obligated to make any payment for any subsequent alterations or improvements to the Project whether or not the entire Allowance was expended on the initial Tenant Improvements. Notwithstanding the foregoing, in the event the entire Allowance is not expended on the initial Tenant Improvements, any remaining amounts may be used for Tenant’s Work subject to a draw procedure agreed to by Landlord and Tenant in their reasonable discretion, including reasonable requirements regarding lien waivers delivered by Tenant. Furthermore, notwithstanding the foregoing, if an Event of Default is continuing at the time Landlord's payment of any portion of the Allowance is due under this Work Letter, then, in addition to any other remedies available to Landlord in this Work Letter or elsewhere in the Lease, Landlord may stop construction (including any pre-construction work) of the Improvements until such Event of Default is cured. If Landlord stops construction due to an Event of Default, then any such delay shall be a Tenant Delay and Tenant shall be responsible for all costs associated with the Tenant Improvement Work, including the costs of the Allowance Items, to the extent such costs exceed the lesser of (a) the Allowance, or (b) the aggregate amount that Landlord is required to disburse for such purpose pursuant to this Work Letter. If any portion of the Allowance remains after the Allowance Items have been fully paid for, Landlord, upon Tenant’s request, shall disburse such portion of the Allowance (the “Excess Allowance”) to Tenant, to be applied (as specified in connection Tenant’s request), toward (i) the reasonable costs of furniture or typical office equipment purchased by Tenant for use in the Premises during the Term (“FF&E Costs”), which furniture and/or equipment shall be Tenant’s Property under the Agreement, within 30 days after receiving paid invoices from Tenant with remobilizing respect to such FF&E Costs, (ii) the Contractors cost of moving Tenant’s furniture, equipment and/or other personal property into the Premises (“Moving Costs”), within 30 days after receiving paid invoices from Tenant with respect to such Moving Costs, (iii) the cost of installing data or telecommunications cabling in the Premises (“Cabling Costs”), within 30 days after receiving paid invoices from Tenant with respect to such Cabling Costs; (iv) the installment(s) of Base Rent next due and recommencing constructionpayable under the Lease, as amended, or (v) provided Landlord is then the landlord under the Existing Lease (as amended), towards any “Allowance Items”, “FF&E Costs”, “Moving Costs” or “Cabling Costs” under the Existing Lease Amendment (as defined in Section 6 of the Agreement), to the extent defined in and provided for in the Existing Lease Amendment. Notwithstanding the foregoing, if Tenant fails to use the entire Allowance (including any Excess Allowance) by October 31, 2010, the unused amount shall revert to Landlord and Tenant shall have no further rights with respect thereto. Notwithstanding any provision in this Work Letter or the Existing Lease Amendment to the contrary, in no event shall Landlord’s collective allowance payment/application obligations pursuant to this Work Letter and the “Work Letter” attached to the Existing Lease Amendment, if any, exceed $100,000.00.
Appears in 1 contract
Allowance. Landlord Amount; Reimbursable Costs & Payment. Allowance means an amount up to a maximum of Six Hundred Seventy-One Thousand Six Hundred Sixteen and 00/100 Dollars ($671,616.00) to reimburse Tenant for the actual costs of design, engineering, plan review, obtaining all approvals and permits, and construction of Tenant Work in the Premises (including the Construction Monitoring Fee), and shall pay towards be payable as provided below. In no event shall the Allowance be used to reimburse Tenant for Tenant’s FF&E (as such term is defined herein). For purposes of this Amendment, “Tenant’s FF&E” shall mean Tenant’s furniture, furnishings, telephone systems, computer systems, equipment, any other personal property or fixtures, and installation thereof, including without limitation, "Tenant’s Personal Property" described on Exhibit “G” to the Existing Lease. The Allowance shall be paid to Tenant within thirty (30) days after the later of final completion of the Tenant Work and Landlord's receipt of (i) a certificate of completion prepared by Tenant’s Architect, (ii) final as-built plans and specifications pursuant to this Amendment, (iii) full, final, unconditional lien releases, and (iv) reasonable substantiation of costs incurred by Tenant with respect to the Tenant Work. Tenant must prior to the date that is thirty-six (36) months from the Execution Date of this Amendment submit written application with the items required above for disbursement or reimbursement for any reimbursable costs out of the Allowance, and to the extent of any funds for which application has not been made prior to that date or if and to the extent that the reimbursable costs of the Tenant Improvements, including all pre-construction costs, permit fees, project management, and costs of constructing the Tenant Improvements (collectively, the “Tenant Improvement Costs”), an amount equal to $75.00 per rentable square foot of the Building (as determined by Architect and reasonably approved by Tenant in the Construction Documents in accordance with ANSI/BOMA Z65.3-2018 Gross Area 1 (Leasing Method) (the “BOMA Standard”)) (the “Allowance”), except that the Allowance shall not be used to pay for Tenant’s machinery, equipment and trade fixtures and other personal property (other than as documented in the approved TI Construction Documents), any Excluded Costs or any costs associated with construction management personnel engaged by Tenant in connection with this Lease. For the avoidance of doubt, all Excluded Costs shall be payable solely by Landlord and shall not be included in the calculation of Tenant Improvement Costs for the purpose of determining Tenant’s Contribution. Except as expressly set forth herein, Landlord’s payment of the Allowance or the Tenant Improvement Costs (if such amount is Work are less than the amount of the Allowance), then any balance remaining thereafter shall satisfy in full Landlord’s obligation to pay the Allowance hereunder, be retained by Landlord as its sole property and Landlord shall not be obligated have no obligation or liability to make any payment for any subsequent alterations or improvements Tenant with respect to the Project whether or not the entire Allowance was expended on the initial Tenant Improvements. Notwithstanding the foregoing, in the event the entire Allowance is not expended on the initial Tenant Improvements, any remaining amounts may be used for Tenant’s Work subject to a draw procedure agreed to by Landlord and Tenant in their reasonable discretion, including reasonable requirements regarding lien waivers delivered by Tenant. Furthermore, notwithstanding the foregoing, if an Event of Default is continuing at the time Landlord's payment of any portion of the Allowance is due under this Work Letter, then, in addition to any other remedies available to Landlord in this Work Letter or elsewhere in the Lease, Landlord may stop construction (including any pre-construction work) of the Improvements until such Event of Default is cured. If Landlord stops construction due to an Event of Default, then any such delay shall be a Tenant Delay and Tenant shall be responsible for all costs in connection with remobilizing the Contractors and recommencing constructionexcess.
Appears in 1 contract
Sources: Lease (Genomic Health Inc)
Allowance. Landlord Amount; Reimbursable Costs & Payment. Allowance means an amount up to a maximum of Six Hundred Eighty-Five Thousand Six Hundred Fifty-Two and 00/100 Dollars ($685,652.00) to reimburse Tenant for the actual costs of design, engineering, plan review, obtaining all approvals and permits, and construction of Tenant Work in the Premises (including the Construction Monitoring Fee), and shall pay towards be payable as provided below. In no event shall the Allowance be used to reimburse Tenant for Tenant's FF&E (as such term is defined herein). For purposes of this Amendment, "Tenant's FF&E" shall mean Tenant's furniture, furnishings, telephone systems, computer systems, equipment, any other personal property or fixtures, and installation thereof, including without limitation, "Tenant's Personal Property" described on Exhibit "G" to the Existing Lease. The Allowance shall be paid to Tenant within thirty (30) days after the later of final completion of the Tenant Work and Landlord's receipt of (i) a certificate of completion prepared by Tenant's Architect, (ii) final as-built plans and specifications pursuant to this Amendment, (iii) full, final, unconditional lien releases, and (iv) reasonable substantiation of costs incurred by Tenant with respect to the Tenant Work. Tenant must prior to the date that is thirty-six (36) months from the Execution Date of this Amendment submit written application with the items required above for disbursement or reimbursement for any reimbursable costs out of the Allowance, and to the extent of any funds for which application has not been made prior to that date or if and to the extent that the reimbursable costs of the Tenant Improvements, including all pre-construction costs, permit fees, project management, and costs of constructing the Tenant Improvements (collectively, the “Tenant Improvement Costs”), an amount equal to $75.00 per rentable square foot of the Building (as determined by Architect and reasonably approved by Tenant in the Construction Documents in accordance with ANSI/BOMA Z65.3-2018 Gross Area 1 (Leasing Method) (the “BOMA Standard”)) (the “Allowance”), except that the Allowance shall not be used to pay for Tenant’s machinery, equipment and trade fixtures and other personal property (other than as documented in the approved TI Construction Documents), any Excluded Costs or any costs associated with construction management personnel engaged by Tenant in connection with this Lease. For the avoidance of doubt, all Excluded Costs shall be payable solely by Landlord and shall not be included in the calculation of Tenant Improvement Costs for the purpose of determining Tenant’s Contribution. Except as expressly set forth herein, Landlord’s payment of the Allowance or the Tenant Improvement Costs (if such amount is Work are less than the amount of the Allowance), then any balance remaining thereafter shall satisfy in full Landlord’s obligation to pay the Allowance hereunder, be retained by Landlord as its sole property and Landlord shall not be obligated have no obligation or liability to make any payment for any subsequent alterations or improvements Tenant with respect to the Project whether or not the entire Allowance was expended on the initial Tenant Improvements. Notwithstanding the foregoing, in the event the entire Allowance is not expended on the initial Tenant Improvements, any remaining amounts may be used for Tenant’s Work subject to a draw procedure agreed to by Landlord and Tenant in their reasonable discretion, including reasonable requirements regarding lien waivers delivered by Tenant. Furthermore, notwithstanding the foregoing, if an Event of Default is continuing at the time Landlord's payment of any portion of the Allowance is due under this Work Letter, then, in addition to any other remedies available to Landlord in this Work Letter or elsewhere in the Lease, Landlord may stop construction (including any pre-construction work) of the Improvements until such Event of Default is cured. If Landlord stops construction due to an Event of Default, then any such delay shall be a Tenant Delay and Tenant shall be responsible for all costs in connection with remobilizing the Contractors and recommencing constructionexcess.
Appears in 1 contract
Sources: Lease (Exact Sciences Corp)
Allowance. Landlord Commencing on the Effective Date, Tenant shall pay towards the costs of the Tenant Improvements, including all prebe entitled to a one-construction costs, permit fees, project management, and costs of constructing the Tenant Improvements time allowance (collectively, the “Tenant Improvement CostsAllowance”), an ) in the amount equal of up to $75.00 856,625.00 (i.e., $35.00 per rentable square foot of the Building (Premises), as determined by Architect reimbursement for Tenant's actual and reasonably approved reasonable costs incurred for permanent improvements made by Tenant to renovate the Premises, or to purchase and install furniture, fixtures, equipment (including audio-visual equipment) and information technology within the Premises, in accordance with, and subject to, the Construction Documents terms of the Lease. Prior to Landlord making any payment of the Allowance, Tenant shall first deliver to Landlord (a) reasonable supporting documentation evidencing Tenant’s payment of such actual and reasonable costs contemplated by this Section 6, if any, and evidencing that any work for which payment is requested is complete and was performed in accordance with ANSI/BOMA Z65.3-2018 Gross Area 1 the terms of the Lease and applicable laws (Leasing Method) (the “BOMA Standard”)) (the “Allowance”including, without limitation, all permits, licenses, consents and approvals required under applicable laws), except that and (b) unconditional lien releases for any work performed. Notwithstanding anything to the Allowance shall not be used to pay for Tenant’s machinery, equipment and trade fixtures and other personal property (other than as documented in the approved TI Construction Documents), any Excluded Costs or any costs associated with construction management personnel engaged by Tenant in connection with this Lease. For the avoidance of doubt, all Excluded Costs shall be payable solely by Landlord and shall not be included in the calculation of Tenant Improvement Costs for the purpose of determining Tenant’s Contribution. Except as expressly set forth contrary contained herein, Landlord’s payment of the Allowance or the Tenant Improvement Costs (if such amount is less than the Allowance), shall satisfy in full Landlord’s obligation to pay the Allowance hereunder, and Landlord shall not be obligated to make any payment for any subsequent alterations or improvements to the Project whether or not the entire Allowance was expended on the initial Tenant Improvements. Notwithstanding the foregoing, in the event the entire Allowance is not expended on the initial Tenant Improvements, any remaining amounts may be used for Tenant’s Work subject to a draw procedure agreed to by Landlord and Tenant in their reasonable discretion, including reasonable requirements regarding lien waivers delivered by Tenant. Furthermore, notwithstanding the foregoing, if an Event of Default is continuing at the time Landlord's payment of any portion of the Allowance is due under not used by Tenant on or before July 31, 2023, such portion shall be deemed waived with no further obligation by Landlord with respect thereto, subject to the final sentence of this Work LetterSection 6. In no event shall Landlord be obligated to make disbursements pursuant to this Section 6 in a total amount that exceeds the Allowance, then, and in addition no event shall Tenant be entitled to any other remedies available excess, credit, deduction or offset against any amounts payable hereunder by Tenant for any unused portion of the Allowance. Notwithstanding the foregoing, Tenant shall have the right, by written notice to Landlord in this Work Letter or elsewhere in Landlord, to utilize an amount not to exceed $734,250.00 (i.e., $30.00 per rentable square foot of the Lease, Landlord may stop construction (including any pre-construction workPremises) of the Improvements Allowance not disbursed to Tenant to increase the Third Amendment Base Rent Credit, in which case, subject to and in accordance with the terms of Section 3(b) above, such additional Third Amendment Base Rent Credit shall apply to the Base Rent next coming due during the Third Amendment Term until such Event of Default is cured. If Landlord stops construction due used or applied, and any Allowance (subject to an Event of Defaultthe maximum amount set forth in this sentence) not disbursed to Tenant by July 31, then any such delay 2023 shall be a deemed to have been elected by Tenant Delay and Tenant shall be responsible for all costs to increase the Third Amendment Base Rent Credit as set forth in connection with remobilizing the Contractors and recommencing constructionthis sentence.
Appears in 1 contract
Sources: Office Lease (Mannkind Corp)
Allowance. Landlord Amount; Reimbursable Costs & Payment. Allowance means an amount up to a maximum of Four Hundred Seventy-Nine Thousand and 00/100 Dollars ($479,000.00) to reimburse Tenant for the actual costs of design, engineering, plan review, obtaining all approvals and permits, and construction of Tenant Work in the Premises (including the Construction Monitoring Fee), and shall pay towards be payable as provided below. In no event shall the Allowance be used to reimburse Tenant for Tenant's FF&E (as such term is defined herein). For purposes of this Amendment, "Tenant's FF&E" shall mean Tenant's furniture, furnishings, telephone systems, computer systems, equipment, any other personal property or fixtures, and installation thereof, including without limitation, "Tenant's Personal Property" described on Exhibit "G" to the Original Lease. The Allowance shall be paid to Tenant within thirty (30) days after the later of final completion of the Tenant Work and Landlord's receipt of (i) a certificate of completion prepared by Tenant's Architect, (ii) final as-built plans and specifications pursuant to this Amendment, (iii) full, final, unconditional lien releases, and (iv) reasonable substantiation of costs incurred by Tenant with respect to the Tenant Work. Tenant must prior to the date that is thirty-six (36) months from the Execution Date of this Amendment submit written application with the items required above for disbursement or reimbursement for any reimbursable costs out of the Allowance, and to the extent of any funds for which application has not been made prior to that date or if and to the extent that the reimbursable costs of the Tenant Improvements, including all pre-construction costs, permit fees, project management, and costs of constructing the Tenant Improvements (collectively, the “Tenant Improvement Costs”), an amount equal to $75.00 per rentable square foot of the Building (as determined by Architect and reasonably approved by Tenant in the Construction Documents in accordance with ANSI/BOMA Z65.3-2018 Gross Area 1 (Leasing Method) (the “BOMA Standard”)) (the “Allowance”), except that the Allowance shall not be used to pay for Tenant’s machinery, equipment and trade fixtures and other personal property (other than as documented in the approved TI Construction Documents), any Excluded Costs or any costs associated with construction management personnel engaged by Tenant in connection with this Lease. For the avoidance of doubt, all Excluded Costs shall be payable solely by Landlord and shall not be included in the calculation of Tenant Improvement Costs for the purpose of determining Tenant’s Contribution. Except as expressly set forth herein, Landlord’s payment of the Allowance or the Tenant Improvement Costs (if such amount is Work are less than the amount of the Allowance), then any balance remaining thereafter shall satisfy in full Landlord’s obligation to pay the Allowance hereunder, be retained by Landlord as its sole property and Landlord shall not be obligated have no obligation or liability to make any payment for any subsequent alterations or improvements Tenant with respect to the Project whether or not the entire Allowance was expended on the initial Tenant Improvements. Notwithstanding the foregoing, in the event the entire Allowance is not expended on the initial Tenant Improvements, any remaining amounts may be used for Tenant’s Work subject to a draw procedure agreed to by Landlord and Tenant in their reasonable discretion, including reasonable requirements regarding lien waivers delivered by Tenant. Furthermore, notwithstanding the foregoing, if an Event of Default is continuing at the time Landlord's payment of any portion of the Allowance is due under this Work Letter, then, in addition to any other remedies available to Landlord in this Work Letter or elsewhere in the Lease, Landlord may stop construction (including any pre-construction work) of the Improvements until such Event of Default is cured. If Landlord stops construction due to an Event of Default, then any such delay shall be a Tenant Delay and Tenant shall be responsible for all costs in connection with remobilizing the Contractors and recommencing constructionexcess.
Appears in 1 contract
Sources: Lease (Exact Sciences Corp)
Allowance. Landlord shall pay towards the costs of the Tenant Improvements, including all pre-construction costs, permit fees, project management, and costs of constructing the Tenant Improvements (collectively, the “Tenant Improvement Costs”), an amount equal to $75.00 per rentable square foot of the Building (as determined by Architect and reasonably approved by Tenant in the Construction Documents in accordance with ANSI/BOMA Z65.3-2018 Gross Area 1 (Leasing Method) (the “BOMA Standard”)) make a contribution (the “Allowance”), except that ) towards the Allowance shall not be used to pay for cost of Tenant’s machineryWork (including, equipment without limitation, the costs of construction, permits and trade fixtures inspections, design drawings, architectural drawings, mechanical, electrical and plumbing drawings and other personal property (miscellaneous items including cabling, telephone, furnishings and signage) and toward moving costs and any other than as documented in the approved TI Construction Documents)architectural and engineering fees and any other project management fees and fees of other related project consultants, any Excluded Costs or any costs associated with construction management personnel engaged by Tenant all in connection with this Lease. For such Tenant’s Work, in the avoidance amount of doubt$2,499,716.00 (i.e., all Excluded Costs being $38.00 per square foot of rentable area of the Demised Premises), on the terms and conditions hereinafter set forth:
(a) Landlord shall disburse the Allowance proceeds from time to time, upon Tenant’s request for payment from time to time (which first request shall be made no earlier than thirty (30) days following the Turnover Date and which requests shall be made no more than once in any calendar month) and certification that the Tenant’s Work for which payment is requested, has been performed and that the amounts for which payment is requested are due and owing, which disbursement shall be made (i) to Tenant (or, at Landlord’s option, by check payable solely jointly to Tenant and to Tenant’s materialmen and contractors) within thirty (30) days after presentation by Tenant to Landlord of request for payment and shall not be included appropriate and complete owner’s sworn statements, contractor’s affidavits and waivers of lien showing that the work covered thereby has been performed in the calculation of Demised Premises and (ii) to Tenant Improvement Costs for the purpose of determining (or, at Landlord’s option, by check payable jointly to Tenant and to Tenant’s Contribution. Except other suppliers) for such other items which are the basis of such request within thirty (30) days after receiving bills of such suppliers and, to the extent their work is lienable, upon presentation of statements, affidavits and waivers as expressly set forth herein, Landlord’s payment described in (i) above.
(b) Landlord has no obligation to disburse any portion of the Allowance or the if Tenant Improvement Costs is in default under this Lease (provided that if Tenant cures such amount is less than the Allowancedefault within applicable cure periods, then Tenant shall again be entitled to such disbursement), shall satisfy in full Landlord’s obligation to pay the Allowance hereunder, and Landlord shall not be obligated to make any payment for any subsequent alterations or improvements to the Project whether or not the entire Allowance was expended on the initial Tenant Improvements. Notwithstanding the foregoing, in the event the entire Allowance is not expended on the initial Tenant Improvements, any remaining amounts may be used for Tenant’s Work subject to a draw procedure agreed to by Landlord and Tenant in their reasonable discretion, including reasonable requirements regarding lien waivers delivered by Tenant. Furthermore, notwithstanding the foregoing, if an Event of Default is continuing at the time Landlord's payment Disbursement of any portion of the Allowance is due under this Work Letter, then, in addition shall not be deemed a waiver of Tenant’s obligation to any other remedies available to Landlord in this Work Letter or elsewhere in the Lease, Landlord may stop construction (including any pre-construction work) of the Improvements until comply with such Event of Default is curedprovisions. If Landlord stops construction due to an Event of Default, then any such delay shall be a Tenant Delay and Tenant shall be responsible for the appropriateness and completeness of the contractors’ affidavits and waivers of lien and approval of any of such work; Landlord shall have no responsibility for any of the foregoing.
(c) In the event that the cost of Tenant’s Work and such other items for which the Allowance may be applied should for any reason be less than the full amount of the Allowance, Tenant shall be entitled to receive such difference either in cash (within thirty (30) days after notice from Tenant) or as a credit against Fixed Rent for the Demised Premises next coming due under this Lease (with such choice being made at Landlord’s sole election); provided that Tenant shall not be so entitled to any portion of such difference exceeding twenty percent (20%) of the stated amount of the Allowance hereunder. In the event Landlord reasonably determines, at any time, that the cost of Tenant’s Work and such other items for which the Allowance may be applied will be in excess of the amount of the then undisbursed portion of the Allowance, then Tenant shall be solely responsible for payment of such excess, and Tenant, at Landlord’s option, shall pay all such excess amounts before Landlord is obligated to disburse any further portion of the Allowance, and such requirement of Tenant shall be an express condition for Landlord’s obligation to disburse any further portion of the Allowance. For purpose of the foregoing, the estimated cost of Tenant’s Work and other items for which the Allowance may be applied shall be determined by Landlord based on certified cost statements delivered by Tenant to Landlord from time to time, and, in any event, delivered by Tenant to Landlord promptly upon Landlord’s request therefor.
(d) Tenant shall be required to apply at least $1,249,858.00 of the overall Allowance (i.e., being $19.00 per square foot of rentable area of the Demised Premises) toward so-called “hard construction costs” relative to the Tenant’s Work (the “Hard Cost Allocation”), and as a consequence, in no event shall Tenant be entitled to apply more than $1,249,858.00 of the overall Allowance (i.e., being $19.00 per square foot of rentable area of the Demised Premises) (the “Soft Cost Allocation”) towards the cost of telephone and data cabling, moving expenses, signage, furniture, fees of architects, engineers, project managers and other project consultants, and other so-called “soft” costs, as well as towards any credit against Fixed Rent as provided in Section 25.2(c) above (which credit against Fixed Rent shall be subject to such further limitations, in addition to being required to be taken from the Soft Cost Allocation, as set forth in said Section 25.2(c) above). Without limitation of the foregoing, it is hereby confirmed that the direct costs in connection payable to Tenant’s contractor(s) associated with remobilizing the Contractors and recommencing constructionacquisition/installation of affixed fire suppression systems and/or raised flooring within the data center portion of the Demised Premises shall be deemed “hard construction costs” for purposes hereof.
Appears in 1 contract
Allowance. Landlord shall pay towards The Allowance may be used only for the hard costs and Eligible Soft Costs (as hereinafter defined) of construction of the Tenant’s Work pursuant to the approved plans and specifications. “Eligible Soft Costs” shall be deemed to be costs and expenses incurred by Tenant Improvementswhich are directly and primarily related to the Tenant’s Work and which relate solely to the work of any architect, including all pre-space planner, engineer, or similar construction costsprofessional or which are direct payments made to applicable authorities for permitting and license fees: provided, permit feeshowever, project management, and costs of constructing that in no event shall the Tenant Improvements Eligible Soft Costs exceed fifteen percent (collectively, the “Tenant Improvement Costs”), an amount equal to $75.00 per rentable square foot 15%) of the Building (as determined by Architect and reasonably approved by Tenant in the Construction Documents in accordance with ANSI/BOMA Z65.3-2018 Gross Area 1 (Leasing Method) (the “BOMA Standard”)) (the “Allowance”), except that the total Allowance shall not or be used to pay for Tenant’s machinery, equipment and trade fixtures and other personal property (other than as documented in the approved TI Construction Documents), any Excluded Costs or any costs associated with construction management personnel engaged by Tenant services provided in connection with this the negotiation of the Lease. For the avoidance of doubt, all Excluded Eligible Soft Costs shall expressly exclude any financing costs, attorneys’ fees, or other costs and expenses not expressly permitted hereunder. In no event will the Allowance be payable solely by Landlord and shall used to pay for moving or storage expenses or furniture, racking, equipment, cabling, telephone systems or any other item of personal properly which is not intended to be included in permanently affixed to the calculation of Tenant Improvement Costs for the purpose of determining Tenant’s ContributionPremises. Except as expressly set forth herein, Landlord’s payment Payment of the Allowance or shall be made by Landlord to Tenant within thirty (30) days following the Tenant Improvement Costs last to occur of: (if such amount is less than i) completion of the Allowance)Tenant’s Work, shall satisfy in full (ii) Landlord’s receipt of Tenant’s invoice substantiating the costs related thereto, (iii) Landlord’s receipt of final lien waivers from all contractors and subcontractors who performed the Tenant’s Work, and (iv) Landlord’s receipt of a copy of the final permit approved by the applicable governing authority for any work which requires the same. Landlord shall be under no obligation to pay for any of the Tenant’s Work in excess of the Allowance. Further, the Allowance hereunder, and Landlord shall not only be obligated to make any payment for any subsequent alterations or improvements to the Project whether or not the entire Allowance was expended on the initial Tenant Improvements. Notwithstanding the foregoing, in the event the entire Allowance is not expended on the initial Tenant Improvements, any remaining amounts may be used available for Tenant’s Work subject use for work performed and submitted for reimbursement in accordance with the terms of this Exhibit on or before November 30, 2016, after which date Tenant hereby waives any and all rights to a draw procedure agreed to by Landlord and Tenant in their reasonable discretion, including reasonable requirements regarding lien waivers delivered by Tenant. Furthermore, notwithstanding the foregoing, if an Event of Default is continuing at the time Landlord's payment of any unused portion of the Allowance is due under this Work Letter, then, in addition to any other remedies available to Landlord in this Work Letter or elsewhere in the Lease, Landlord may stop construction (including any pre-construction work) of the Improvements until such Event of Default is cured. If Landlord stops construction due to an Event of Default, then any such delay shall be a Tenant Delay and Tenant shall be responsible for all costs in connection with remobilizing the Contractors and recommencing constructionAllowance.
Appears in 1 contract
Allowance. Landlord Amount; Reimbursable Costs & Payment. Allowance means an amount up to a maximum of Two Hundred Thirty-Eight Thousand Eight Hundred and 00/100 Dollars ($238,800.00) to reimburse Tenant for the actual costs of design, engineering, plan review, obtaining all approvals and permits, and construction of Tenant Work in the Premises (including the Construction Monitoring Fee), and shall pay towards be payable as provided below. In no event shall the Allowance be used to reimburse Tenant for Tenant’s FF&E (as such term is defined herein). For purposes of this Amendment, “Tenant’s FF&E” shall mean Tenant’s furniture, furnishings, telephone systems, computer systems, equipment, any other personal property or fixtures, and installation thereof, including without limitation, "Tenant’s Personal Property" described on Exhibit “G” to the Original Lease. The Allowance shall be paid to Tenant within thirty (30) days after the later of final completion of the Tenant Work and Landlord's receipt of (i) a certificate of completion prepared by Tenant’s Architect, (ii) final as-built plans and specifications pursuant to this Amendment, (iii) full, final, unconditional lien releases, and (iv) reasonable substantiation of costs incurred by Tenant with respect to the Tenant Work. Tenant must prior to the date that is thirty-six (36) months from the Execution Date of this Amendment submit written application with the items required above for disbursement or reimbursement for any reimbursable costs out of the Allowance, and to the extent of any funds for which application has not been made prior to that date or if and to the extent that the reimbursable costs of the Tenant Improvements, including all pre-construction costs, permit fees, project management, and costs of constructing the Tenant Improvements (collectively, the “Tenant Improvement Costs”), an amount equal to $75.00 per rentable square foot of the Building (as determined by Architect and reasonably approved by Tenant in the Construction Documents in accordance with ANSI/BOMA Z65.3-2018 Gross Area 1 (Leasing Method) (the “BOMA Standard”)) (the “Allowance”), except that the Allowance shall not be used to pay for Tenant’s machinery, equipment and trade fixtures and other personal property (other than as documented in the approved TI Construction Documents), any Excluded Costs or any costs associated with construction management personnel engaged by Tenant in connection with this Lease. For the avoidance of doubt, all Excluded Costs shall be payable solely by Landlord and shall not be included in the calculation of Tenant Improvement Costs for the purpose of determining Tenant’s Contribution. Except as expressly set forth herein, Landlord’s payment of the Allowance or the Tenant Improvement Costs (if such amount is Work are less than the amount of the Allowance), then any balance remaining thereafter shall satisfy in full Landlord’s obligation to pay the Allowance hereunder, be retained by Landlord as its sole property and Landlord shall not be obligated have no obligation or liability to make any payment for any subsequent alterations or improvements Tenant with respect to the Project whether or not the entire Allowance was expended on the initial Tenant Improvements. Notwithstanding the foregoing, in the event the entire Allowance is not expended on the initial Tenant Improvements, any remaining amounts may be used for Tenant’s Work subject to a draw procedure agreed to by Landlord and Tenant in their reasonable discretion, including reasonable requirements regarding lien waivers delivered by Tenant. Furthermore, notwithstanding the foregoing, if an Event of Default is continuing at the time Landlord's payment of any portion of the Allowance is due under this Work Letter, then, in addition to any other remedies available to Landlord in this Work Letter or elsewhere in the Lease, Landlord may stop construction (including any pre-construction work) of the Improvements until such Event of Default is cured. If Landlord stops construction due to an Event of Default, then any such delay shall be a Tenant Delay and Tenant shall be responsible for all costs in connection with remobilizing the Contractors and recommencing constructionexcess.
Appears in 1 contract
Sources: Lease (Genomic Health Inc)
Allowance. Landlord Amount; Reimbursable Costs & Payment. Allowance means an amount up to a maximum of Four Hundred Seventy-Nine Thousand and 00/100 Dollars ($479,000.00) to reimburse Tenant for the actual costs of design, engineering, plan review, obtaining all approvals and permits, and construction of Tenant Work in the Premises (including the Construction Monitoring Fee), and shall pay towards be payable as provided below. In no event shall the Allowance be used to reimburse Tenant for Tenant’s FF&E (as such term is defined herein). For purposes of this Amendment, “Tenant’s FF&E” shall mean Tenant’s furniture, furnishings, telephone systems, computer systems, equipment, any other personal property or fixtures, and installation thereof, including without limitation, "Tenant’s Personal Property" described on Exhibit “G” to the Original Lease. The Allowance shall be paid to Tenant within thirty (30) days after the later of final completion of the Tenant Work and Landlord's receipt of (i) a certificate of completion prepared by Tenant’s Architect, (ii) final as-built plans and specifications pursuant to this Amendment, (iii) full, final, unconditional lien releases, and (iv) reasonable substantiation of costs incurred by Tenant with respect to the Tenant Work. Tenant must prior to the date that is thirty-six (36) months from the Execution Date of this Amendment submit written application with the items required above for disbursement or reimbursement for any reimbursable costs out of the Allowance, and to the extent of any funds for which application has not been made prior to that date or if and to the extent that the reimbursable costs of the Tenant Improvements, including all pre-construction costs, permit fees, project management, and costs of constructing the Tenant Improvements (collectively, the “Tenant Improvement Costs”), an amount equal to $75.00 per rentable square foot of the Building (as determined by Architect and reasonably approved by Tenant in the Construction Documents in accordance with ANSI/BOMA Z65.3-2018 Gross Area 1 (Leasing Method) (the “BOMA Standard”)) (the “Allowance”), except that the Allowance shall not be used to pay for Tenant’s machinery, equipment and trade fixtures and other personal property (other than as documented in the approved TI Construction Documents), any Excluded Costs or any costs associated with construction management personnel engaged by Tenant in connection with this Lease. For the avoidance of doubt, all Excluded Costs shall be payable solely by Landlord and shall not be included in the calculation of Tenant Improvement Costs for the purpose of determining Tenant’s Contribution. Except as expressly set forth herein, Landlord’s payment of the Allowance or the Tenant Improvement Costs (if such amount is Work are less than the amount of the Allowance), then any balance remaining thereafter shall satisfy in full Landlord’s obligation to pay the Allowance hereunder, be retained by Landlord as its sole property and Landlord shall not be obligated have no obligation or liability to make any payment for any subsequent alterations or improvements Tenant with respect to the Project whether or not the entire Allowance was expended on the initial Tenant Improvements. Notwithstanding the foregoing, in the event the entire Allowance is not expended on the initial Tenant Improvements, any remaining amounts may be used for Tenant’s Work subject to a draw procedure agreed to by Landlord and Tenant in their reasonable discretion, including reasonable requirements regarding lien waivers delivered by Tenant. Furthermore, notwithstanding the foregoing, if an Event of Default is continuing at the time Landlord's payment of any portion of the Allowance is due under this Work Letter, then, in addition to any other remedies available to Landlord in this Work Letter or elsewhere in the Lease, Landlord may stop construction (including any pre-construction work) of the Improvements until such Event of Default is cured. If Landlord stops construction due to an Event of Default, then any such delay shall be a Tenant Delay and Tenant shall be responsible for all costs in connection with remobilizing the Contractors and recommencing constructionexcess.
Appears in 1 contract
Sources: Lease (Genomic Health Inc)
Allowance. 6.1 Landlord shall pay towards reimburse Tenant for Tenant’s Construction Costs incurred in connection with the construction of the Tenant Improvements up to, but not exceeding, the amount of the Tenant Improvement Allowance, less the amount of the Fee, in accordance with the terms of this Section. In no event shall Landlord be obligated to expend more than the Improvement Allowance.
6.2 Landlord shall reimburse Tenant for Tenant’s Construction Costs incurred in designing and constructing the Tenant Improvements, in an amount up to but not exceeding the Tenant Improvement Allowance less the amount of the Fee ; provided, however, that such costs may be paid by Landlord directly to the Architect, the Contractor or any other party if so directed by Tenant. Unless waived by Landlord in writing, no final reimbursement of Tenant’s Construction Costs will be made until the following documents have been received by Landlord:
i. a copy of the final Certificate of Occupancy for the Premises, or such other certificate of occupancy as will permit Tenant to occupy and use the Premises;
ii. an AIA-approved completion certificate executed by Contractor, and an AIA-approved application for payment executed by the Architect, both in form and substance reasonably satisfactory to Landlord, or substitutes for such documents that are reasonably acceptable to Landlord;
iii. an affidavit or certificate executed by the Architect, the Contractor and Tenant that the Tenant Improvements are complete and constructed in accordance with the Construction Documents;
iv. unconditional or conditional (as applicable, see below) contractor’s affidavit from Contractor, in a form reasonably satisfactory to Landlord, satisfying the requirements of the laws of the state in which the Building is located in order to extinguish all lien rights in connection with the design and construction of the Tenant Improvements;
v. unconditional or conditional (as applicable, including see below) lien waivers from the Architect and all pre-construction costssubcontractors, permit fees, project managementmaterialmen, and costs engineers providing goods or services in connection with the design and construction of constructing the Tenant Improvements;
vi. written warranties and maintenance specifications for all components of the Tenant Improvements; and
vii. such other documents as may be reasonably requested by Landlord in order to demonstrate that the Tenant Improvements (collectively, the “Tenant Improvement Costs”), an amount equal to $75.00 per rentable square foot of the Building (as determined by Architect and reasonably approved by Tenant are complete; they have been constructed in accordance with the Construction Documents and all applicable laws; and any liens or potential liens that could be filed against the Building or any interest therein have been extinguished. Landlord shall reimburse Tenant the Tenant Improvement Allowance in accordance with ANSI/BOMA Z65.3-2018 Gross Area 1 installments (Leasing Methodeach disbursement of the Tenant Improvement Allowance shall be hereinafter referred to as an “Allowance Installment”). Tenant may draw against the Tenant Improvement Allowance as improvements are needed. Tenant shall only be entitled to payment by Landlord of an Allowance Installment if and when each and every one of the foregoing conditions (clauses (i) through (vii) being collectively referred to herein as the “BOMA StandardAllowance Conditions”)) are fully satisfied with respect to those Tenant Improvements that Tenant is seeking reimbursement, subject to the following: with respect to clauses (the “Allowance”iv) and (v), except that the Allowance shall not be used to pay for Tenantabove, (a) Tenant must provide a conditional contractor’s machinery, equipment affidavit and trade fixtures and other personal property (other than as documented in the approved TI Construction Documents), any Excluded Costs or any costs associated with construction management personnel engaged by Tenant conditional lien waivers in connection with this Lease. For Tenant’s Construction Costs that are covered by the avoidance of doubt, all Excluded applicable disbursement request; and (b) Tenant must provide an unconditional contractor’s affidavit and unconditional lien waivers in connection with Tenant’s Construction Costs shall be payable solely covered by Landlord and shall not be included in the calculation of Tenant Improvement Costs prior disbursement request (for the purpose of determining Tenant’s Contributionpreviously disbursed Allowance Installment). Except as expressly set forth herein, Landlord’s payment If and when each and every one of the Allowance or Conditions has been fully satisfied, Landlord will disburse to Tenant the requested Allowance Installment within thirty (30) days thereafter. After the Tenant Improvement Costs (if such Allowance has been expended by Landlord, the principal amount is less than of the Tenant Improvement Allowance), shall satisfy in full Landlord’s obligation to pay be amortized evenly over the Allowance hereunderTerm, and Landlord shall not be obligated to make any payment for any subsequent alterations or improvements to the Project whether or not the entire Allowance was expended on the initial Tenant Improvements. Notwithstanding the foregoing, in the event the entire Allowance is not expended on the initial Tenant Improvements, any remaining amounts may be used for Tenant’s Work subject to a draw procedure agreed to by Landlord and Tenant in their reasonable discretion, including reasonable requirements regarding lien waivers delivered by Tenant. Furthermore, notwithstanding the foregoing, if an so long as no uncured Event of Default is continuing at exists under the time Lease that results in Landlord exercising its remedies under Section 14.2 of the Lease, then upon Landlord's ’s receipt of the final payment of Rent due during the initial Lease Term of this Lease, Tenant shall have no liability to Landlord for the repayment of any portion of the Allowance is due Tenant Improvement Allowance. If an Event of Default occurs under this Work Letterthe Lease that results in Landlord exercising its remedies under Section 14.2 of the Lease, then, then in addition to any all of Landlord’s other remedies available under this Lease, Tenant shall also be immediately liable to Landlord in this Work Letter or elsewhere in for the unamortized portion of the Tenant Improvement Allowance existing as of the date that Landlord first exercises its remedies under Section 14.2 of the Lease, Landlord may stop construction (including any pre-construction work) of the Improvements until such Event of Default is cured. If Landlord stops construction due to an Event of Default, then any such delay shall be a Tenant Delay and Tenant shall be responsible for all costs in connection with remobilizing the Contractors and recommencing construction.
Appears in 1 contract
Allowance. Landlord Amount; Reimbursable Costs & Payment. Allowance means an amount up to a maximum of One Million Thirty-Eighty Thousand Ninety-Two and 00/100 Dollars ($1,038,092.00) to reimburse Tenant for the actual costs of design, engineering, plan review, obtaining all approvals and permits, and construction of Tenant Work in the Premises (including the Construction Monitoring Fee), and shall pay towards be payable as provided below. In no event shall the Allowance be used to reimburse Tenant for Tenant’s FF&E (as such term is defined herein). For purposes of this Amendment, “Tenant’s FF&E” shall mean Tenant’s furniture, furnishings, telephone systems, computer systems, equipment, any other personal property or fixtures, and installation thereof, including without limitation, “Tenant’s Personal Property” described on Exhibit “G” to the Original Lease. The Allowance shall be paid to Tenant within thirty (30) days after the later of final completion of the Tenant Work and Landlord's receipt of (i) a certificate of completion prepared by Tenant’s Architect, (ii) final as-built plans and specifications pursuant to this Amendment, (iii) full, final, unconditional lien releases, and (iv) reasonable substantiation of costs incurred by Tenant with respect to the Tenant Work. Tenant must prior to the date that is thirty-six (36) months from the Execution Date of this Amendment submit written application with the items required above for disbursement or reimbursement for any reimbursable costs out of the Allowance, and to the extent of any funds for which application has not been made prior to that date or if and to the extent that the reimbursable costs of the Tenant Improvements, including all pre-construction costs, permit fees, project management, and costs of constructing the Tenant Improvements (collectively, the “Tenant Improvement Costs”), an amount equal to $75.00 per rentable square foot of the Building (as determined by Architect and reasonably approved by Tenant in the Construction Documents in accordance with ANSI/BOMA Z65.3-2018 Gross Area 1 (Leasing Method) (the “BOMA Standard”)) (the “Allowance”), except that the Allowance shall not be used to pay for Tenant’s machinery, equipment and trade fixtures and other personal property (other than as documented in the approved TI Construction Documents), any Excluded Costs or any costs associated with construction management personnel engaged by Tenant in connection with this Lease. For the avoidance of doubt, all Excluded Costs shall be payable solely by Landlord and shall not be included in the calculation of Tenant Improvement Costs for the purpose of determining Tenant’s Contribution. Except as expressly set forth herein, Landlord’s payment of the Allowance or the Tenant Improvement Costs (if such amount is Work are less than the amount of the Allowance), then any balance remaining thereafter shall satisfy in full Landlord’s obligation to pay the Allowance hereunder, be retained by Landlord as its sole property and Landlord shall not be obligated have no obligation or liability to make any payment for any subsequent alterations or improvements Tenant with respect to the Project whether or not the entire Allowance was expended on the initial Tenant Improvements. Notwithstanding the foregoing, in the event the entire Allowance is not expended on the initial Tenant Improvements, any remaining amounts may be used for Tenant’s Work subject to a draw procedure agreed to by Landlord and Tenant in their reasonable discretion, including reasonable requirements regarding lien waivers delivered by Tenant. Furthermore, notwithstanding the foregoing, if an Event of Default is continuing at the time Landlord's payment of any portion of the Allowance is due under this Work Letter, then, in addition to any other remedies available to Landlord in this Work Letter or elsewhere in the Lease, Landlord may stop construction (including any pre-construction work) of the Improvements until such Event of Default is cured. If Landlord stops construction due to an Event of Default, then any such delay shall be a Tenant Delay and Tenant shall be responsible for all costs in connection with remobilizing the Contractors and recommencing constructionexcess.
Appears in 1 contract
Sources: Lease (Genomic Health Inc)
Allowance. Landlord shall pay towards the costs of the provide Tenant Improvements, including all pre-construction costs, permit fees, project management, and costs of constructing the Tenant Improvements (collectively, the “Tenant Improvement Costs”), with an allowance in an amount equal up to, but not to exceed, One Hundred Thousand and No/100 Dollars ($75.00 per rentable square foot of the Building (as determined by Architect and reasonably approved by Tenant in the Construction Documents in accordance with ANSI/BOMA Z65.3-2018 Gross Area 1 (Leasing Method) (the “BOMA Standard”)100,000.00) (the “Allowance”), except that the Allowance shall not ) to be used to pay for Tenant’s machinery, equipment and trade fixtures and other personal property (other than as documented in the approved TI Construction Documents), any Excluded Costs or any toward costs associated with construction management personnel engaged incurred by Tenant in connection with this Lease. For the avoidance of doubt, all Excluded Costs shall be payable solely by Landlord and shall not be included installing additional air conditioning equipment in the calculation Premises (the “Improvements”). Landlord shall pay the documented cost of the Improvements directly to Tenant Improvement Costs for the purpose of determining or, at Tenant’s Contribution. Except as expressly set forth hereinoption, Landlordto Tenant’s payment HVAC contractor, and deduct the amount of the Allowance or the Tenant Improvement Costs (if all such amount is less than payments from the Allowance). Notwithstanding the foregoing, shall satisfy in full Landlord’s obligation to pay the Allowance hereunder, and Landlord shall not be obligated to make any payment for any subsequent alterations or improvements to the Project whether or not the entire Allowance was expended on the initial Tenant Improvements. Notwithstanding the foregoing, in the event the entire Allowance is not expended on the initial Tenant Improvements, any remaining amounts may be used for Tenant’s Work subject to a draw procedure agreed to by Landlord and Tenant in their reasonable discretion, including reasonable requirements regarding lien waivers delivered by Tenant. Furthermore, notwithstanding the foregoing, if an Event of Default is continuing at the time Landlord's payment of pay any portion of the Allowance unless and until Landlord shall have (i) approved all plans and specifications for such Improvements prior to commencement thereof; (ii) approved all contractors engaged by Tenant for the performance of the Improvements prior to commencement thereof; (iii) received certificates of insurance from all such contractors; (iv) received invoices documenting the cost of the Improvements for which payment is due under this Work Letter, then, in addition to requested; and (v) received unconditional lien waivers from all contractors performing labor or providing materials for any other remedies available to Landlord in this Work Letter or elsewhere in portion of the LeaseImprovements. In connection with its review of Tenant’s plans and specifications, Landlord may stop require Tenant to engage Landlord’s roof contractor for any roof penetrations necessary in connection with the Improvements, and the commercially reasonable cost thereof shall be deducted from the Allowance. All costs of construction (including any pre-construction work) of the Improvements until such Event in excess of Default is cured. If Landlord stops construction due to an Event of Default, then any such delay the Allowance shall be a Tenant Delay and payable by Tenant. Tenant shall obtain all necessary permits and governmental approvals necessary for the Improvements at its sole risk and expense and shall cause the Improvements to be responsible constructed in accordance with such permits and approvals and all applicable laws. Landlord shall have no obligation to pay, reimburse or allow Tenant any right of offset to the extent of any unspent portion of the Allowance. The Allowance shall be available to Tenant for all costs in connection with remobilizing a period of ninety (90) days following the Contractors and recommencing constructiondate of this Amendment.
Appears in 1 contract
Sources: Lease Agreement (PharMEDium Healthcare Holdings, Inc.)
Allowance. Landlord shall pay towards make a contribution toward the cost of Tenant's Work (including, without limitation, the costs of the Tenant Improvementsconstruction, including all pre-labor, materials, permits and inspections, design drawings, architectural drawings, mechanical, electrical and plumbing drawings and other miscellaneous items including, without limitation, cabling, telephone and signage and construction costs, permit management fees, project management, ) and costs of constructing the Tenant Improvements toward any other architectural and engineering fees in connection with such Tenant's Work (collectively, the “Tenant Improvement Allowance Permitted Costs”)) in the amount of $1,130,042.34 (i.e., an amount equal to being $75.00 37.17 per rentable square foot of Rentable Area of the Building (as determined by Architect and reasonably approved by Tenant in the Construction Documents in accordance with ANSI/BOMA Z65.3-2018 Gross Area 1 (Leasing Method) (the “BOMA Standard”)Additional Premises) (the “Allowance”). The Allowance shall be disbursed pursuant to the terms and conditions hereinafter set forth:
(a) If any portion of Tenant's Work is to be performed by or otherwise coordinated with Landlord, except as construction manager, then Landlord shall disburse the Allowance for payment of amounts due from time to time in connection with the work. As to any of the Tenant's Work or other items not performed by or otherwise coordinated with Landlord, as construction manager, Landlord shall disburse the Allowance from time to time, within thirty (30) days following Tenant's request for payment therefor and certification that the Allowance Tenant's Work for which payment is requested has been performed and that the amounts for which payment is requested are due and owing, which disbursement shall not be used made (A) to pay Tenant (or, at Tenant's option, by check payable directly to Tenant's materialmen and contractors) within thirty (30) days after presentation by Tenant to Landlord of request for Tenant’s machinerypayment and appropriate and complete contractor's affidavits, equipment owner's sworn statements, architect certifications and trade fixtures and other personal property waivers of lien (other than as documented which waivers of lien may be conditioned on payment of the amount to be disbursed, if such disbursement is being paid directly to the respective contractor) showing that the work covered thereby has been performed in the approved TI Construction Documents)Additional Premises and (B) to Tenant (or, at Tenant's option, by check payable directly to Tenant's designated suppliers or other recipients) for such other items which are the basis of such request within thirty (30) days after Landlord receiving bills of such suppliers or other recipients and, to the extent their work is lienable, upon presentation of affidavits, sworn statements and waivers as described in (A) above. In no event shall Tenant be permitted to make more than one such request for disbursement of the Allowance per calendar month.
(b) In the event that the cost of the Tenant's Work and such other items for which the Allowance may be applied should for any Excluded Costs or reason be greater than said Allowance provided by Landlord hereunder, Tenant shall be responsible for the payment of such excess cost. Tenant shall be solely responsible for timely payment of any costs associated with construction management personnel engaged the Tenant's Work incurred by Tenant in connection with this Leaseand not otherwise consisting of Allowance Permitted Costs. For the avoidance of doubt, all Excluded Costs shall be payable solely by Landlord and shall not be included in the calculation of Tenant Improvement Costs for the purpose of determining Tenant’s Contribution. Except as expressly set forth herein, Landlord’s payment of the Allowance or the Tenant Improvement Costs (if such amount is less than the Allowance), shall satisfy in full Landlord’s obligation to pay the Allowance hereunder, and Landlord shall not be obligated to make any payment for any subsequent alterations or improvements to the Project whether or not the entire Allowance was expended on the initial Tenant Improvements. Notwithstanding the foregoingFurther, in the event that the entire cost of the Tenant's Work and such other items for which the Allowance is not expended on the initial Tenant Improvements, any remaining amounts may be used applied should for Tenant’s Work subject any reason be less than the full amount of the Allowance, Tenant shall not be entitled to a draw procedure agreed any unused portion of the Allowance.
(c) Landlord has no obligation to by disburse any portion of the Allowance so long as Tenant is in monetary default under the Lease (provided that if said monetary default is thereafter cured within applicable notice and cure periods under the Lease, then Landlord and Tenant shall thereafter promptly pay said Allowance in their reasonable discretion, including reasonable requirements regarding lien waivers delivered by Tenantaccordance with this Paragraph 7). Furthermore, notwithstanding the foregoing, if an Event of Default is continuing at the time Landlord's payment Disbursement of any portion of the Allowance is due under this Work Letter, then, in addition shall not be deemed a waiver of Tenant's obligation to comply with such provisions. As to any other remedies available to Landlord in this Work Letter work not performed by or elsewhere in the Leasecoordinated with Landlord, Landlord may stop construction (including any pre-construction work) of the Improvements until such Event of Default is cured. If Landlord stops construction due to an Event of Default, then any such delay shall be a Tenant Delay and Tenant shall be responsible for all costs in connection with remobilizing the Contractors appropriateness and recommencing constructioncompleteness of the contractors' affidavits and waivers of lien and approval of any of such work; Landlord shall have no responsibility for any of the foregoing.
Appears in 1 contract
Allowance. (1) Provided Tenant is not in default under the Lease, Landlord shall pay towards reimburse Tenant for a portion of the costs of the Tenant Improvements, including all pre-construction costs, permit fees, project management, and costs of constructing the Tenant Improvements (collectively, the “Tenant Improvement Costs”), an amount equal to $75.00 per rentable square foot of the Building (as determined by Architect and reasonably approved incurred by Tenant to construct its improvements in the Construction Documents in accordance with ANSI/BOMA Z65.3-2018 Gross Area 1 Premises up to a total of Fifteen and 00/100 Dollars (Leasing Method$15.00) (the “BOMA Standard”)) per RSF (the “Allowance”), except that the Allowance . Reimbursable costs shall not be used include sums owed to pay for Tenant’s machinery, equipment and trade fixtures and other personal property (other than as documented contractor for labor in the approved TI Construction Documents), any Excluded Costs or any costs associated with construction management personnel engaged by Tenant in connection with this Lease. For the avoidance of doubt, all Excluded Costs shall be payable solely by Landlord and shall not be included in the calculation of Tenant Improvement Costs for the purpose of determining installing Tenant’s ContributionWork and the reasonable cost of materials and equipment incorporated into the Premises as part of Tenant’s Work. Except as expressly set forth herein, Landlord’s payment of the The Construction Allowance or the Tenant Improvement Costs (if such amount is less than the Allowance), shall satisfy in full Landlord’s obligation to pay the Allowance hereunder, and Landlord shall not be obligated to make any payment for any subsequent alterations or improvements to the Project whether or not the entire Allowance was expended on the initial Tenant Improvements. Notwithstanding the foregoing, in the event the entire Allowance is not expended on the initial Tenant Improvements, any remaining amounts may also be used for Tenant’s Work subject communications systems and cabling, trade fixtures, furniture and equipment to a draw procedure agreed be installed in the Premises as well as any other costs associated with Tenant’s initial build-out. If the cost of such work is estimated to by Landlord exceed the amount of the Construction Allowance, all additional costs shall be Tenant’s responsibility and Tenant shall provide Landlord adequate security to ensure full and timely payment thereof. Landlord shall have the right to offset any amount due and owing by Tenant under the Lease against the Construction Allowance.
(2) Landlord shall pay the Allowance to or on behalf of Tenant within ten (10) days after all of the following conditions have been satisfied: (a) delivery of full and final lien waivers from the general contractor and all subcontractors and materialmen or the expiration of the period of time during which liens may be filed arising out of the labor and materials provided in connection with Tenant’s Work, provided no liens have actually been filed or threatened; (b) Landlord’s receipt of Tenant’s as built plans showing all improvements actually constructed in the Premises in a format approved by Landlord; (c) Landlord’s receipt of a request for disbursement together with invoices, statements and such other back-up documentation as may be reasonably appropriate to establish and substantiate the costs for which Tenant seeks reimbursement hereunder; and (d) Tenant shall have opened for business in the Premises. If any liens are filed against the Premises or the Project arising out of Tenant’s work and said liens are not removed within fifteen (15) Business Days of Landlord’s demand for their reasonable discretionremoval, Landlord shall be entitled to pay whatever costs Landlord may consider appropriate to remove said liens and to offset said costs, including reasonable requirements regarding lien waivers delivered by Tenantwithout limitation any attorneys fees and costs, against the Allowance. Furthermore, notwithstanding Tenant must spend the foregoing, if an Event of Default is continuing at Allowance and request disbursement within one (1) year after the time Landlord's payment of Effective Date.
(3) If Tenant breaches or defaults under any portion of the Allowance terms and provisions of the Lease during the Term and the Lease is due under this Work Letterterminated or rejected, then, then in addition to any all other remedies available to of Landlord in this Work Letter or elsewhere set forth in the Lease, Landlord may stop construction (including any pre-construction work) recover the unamortized portion of the Improvements until such Event Allowance, plus interest thereon at the rate of Default is curedtwelve percent (12%) per annum. If Landlord stops construction due to an Event The period of Default, then any such delay amortization shall be the Initial Term of the Lease and such amortization shall be made on a Tenant Delay straight-line basis. Landlord and Tenant specifically intend the recovery of Landlord’s Construction Allowance pursuant to the preceding sentence shall not be limited or impaired by Section 502 or other provision of the Bankruptcy Code. The foregoing shall be responsible for all costs deemed to be a financial accommodation of the type referenced in connection with remobilizing the Contractors 11 U.S.C. § 365(c)(2) and recommencing constructiona material and substantial part of this lease transaction.
Appears in 1 contract
Allowance. Landlord agrees to provide Tenant a tenant improvement allowance in the amount of Seven Hundred Ninety-three Thousand Five Hundred Twenty Dollars ($793,520) (the "Allowance") for the construction of the Tenant Improvements. The Allowance shall pay towards be applied by Tenant against the Tenant Improvements Costs incurred in the construction of the Tenant Improvements which have been approved by the Landlord in Tenant's proposed budget pursuant to subparagraph (b) above, and the provisions for disbursement set forth below. In no event shall any portion of the Allowance be used for any purpose other than the approved costs in the budget for the Tenant Improvements Costs. Any and all costs in excess of the Allowance required to complete the construction of the Tenant Improvements in accordance with subparagraph (b) above shall be the sole and exclusive obligation and responsibility of Tenant. On or before the fifth (5th) calendar day of every month, Tenant shall submit to Landlord for its review and approval AIA Form No. G702 and No. G703 invoices (or comparable invoices acceptable to Landlord) for work performed and materials furnished to the Premises in connection with the construction of the Tenant Improvements ("Payment Request"). Each Payment Request shall be accompanied by a certification signed by the Tenant's general contractor and the Tenant's architect showing that the work reflected in such Payment Request was performed in accordance with the approved Working Plans and the terms of all approved construction contracts; and the total costs to construct the Tenant Improvements, including all pre-construction costs, permit fees, project managementchange orders, and the amount expended for such items to date and the estimated costs of constructing to complete the Tenant Improvements Improvements. In addition, each Payment Request shall be accompanied by lien release waivers from all contractors, subcontractors and materialmen to be paid through such Payment Request and, with respect to completed work, final lien release waivers, all in form and content acceptable to Landlord. Within ten (collectively10) business days after Landlord's approval of each such Payment Request, the “Tenant Improvement Costs”), Landlord shall cause to be disbursed to Tenant's general contractor an amount equal to $75.00 per rentable square foot ninety percent (90%) of such approved Payment Request times the ratio which the total Allowance bears to the total construction cost set forth in the certifications by Tenant's general contractor and architects. Landlord shall cause to be disbursed the ten percent (10%) retention amount, up to the limit of the Building (as determined Allowance, upon the issuance of an unqualified Certificate of Occupancy for the Premises and the expiration of the period in which liens may be filed against the Premises by Architect and reasonably approved by Tenant in the Construction Documents in accordance with ANSI/BOMA Z65.3-2018 Gross Area 1 (Leasing Method) (the “BOMA Standard”)) (the “Allowance”)any contractor, except that the Allowance shall not be used to pay for Tenant’s machinery, equipment and trade fixtures and other personal property (other than as documented in the approved TI Construction Documents), any Excluded Costs subcontractor or any costs associated with construction management personnel engaged by Tenant materialmen furnishing goods or services thereto in connection with this Lease. For the avoidance of doubt, all Excluded Costs shall be payable solely by Landlord and shall not be included in the calculation of Tenant Improvement Costs for the purpose of determining Tenant’s Contribution. Except as expressly set forth herein, Landlord’s payment of the Allowance or the Tenant Improvement Costs (if such amount is less than the Allowance), shall satisfy in full Landlord’s obligation to pay the Allowance hereunder, and Landlord shall not be obligated to make any payment for any subsequent alterations or improvements to the Project whether or not the entire Allowance was expended on the initial Tenant Improvements. Notwithstanding the foregoing, in the event the entire Allowance is not expended on the initial Tenant Improvements, any remaining amounts may be used for Tenant’s Work subject to a draw procedure agreed to by Landlord and Tenant in their reasonable discretion, including reasonable requirements regarding lien waivers delivered by Tenant. Furthermore, notwithstanding the foregoing, if an Event of Default is continuing at the time Landlord's payment of any portion of the Allowance is due under this Work Letter, then, in addition to any other remedies available to Landlord in this Work Letter or elsewhere in the Lease, Landlord may stop construction (including any pre-construction work) of the Improvements until such Event of Default is cured. If Landlord stops construction due to an Event of Default, then any such delay shall be a Tenant Delay and Tenant shall be responsible for all costs in connection with remobilizing the Contractors and recommencing construction.
Appears in 1 contract
Sources: Lease (Seagate Software Inc)
Allowance. Landlord shall pay towards agrees to contribute the costs Allowance toward the cost of design and construction of the Tenant ImprovementsInitial Alterations. The Allowance may only be used for the cost of preparing design and construction documents and mechanical and electrical plans for the Initial Alterations and for demolition and costs in connection with the Initial Alterations including, including all pre-construction without limitation, cabling and conduiting, the payment of plan check, permit and license fees, consultants fees, signage, testing and inspection costs, permit after-hours HVAC usage, Title 24 fees, project managementand contractors’ fees and general conditions and as otherwise provided in Section G below. The Allowance shall be paid to Tenant or, and costs of constructing at Landlord’s option, to the Tenant Improvements (collectively, the “Tenant Improvement Costs”), an amount equal to $75.00 per rentable square foot order of the Building general contractor that performs the Initial Alterations, in periodic disbursements within thirty (30) days after receipt of the following documentation: (i) an application for payment and sworn statement of contractor substantially in the form of AIA Document G-702 covering all work for which disbursement is to be made to a date specified therein; (ii) a certification from an AIA architect substantially in the form of the Architect’s Certificate for Payment which is located on AIA Document G702, Application and Certificate of Payment; (iii) Contractor’s, subcontractor’s and material supplier’s waivers of liens which shall cover all Initial Alterations for which disbursement is being requested and all other statements and forms required for compliance with the mechanics’ lien laws of the state in which the Premises is located, together with all such invoices, contracts, or other supporting data as determined by Architect and Landlord or Landlord’s Mortgagee may reasonably require; (iv) a request to disburse from Tenant in a form reasonably approved by Landlord containing an approval by Tenant of the work done (vis-à-vis Landlord) and showing the schedule, by trade, of percentage of completion of the Initial Alterations in the Construction Documents Premises, detailing the portion of the work completed and the portion not completed; and (v) all other information reasonably requested by Landlord. Upon completion of the Initial Alterations, and prior to final disbursement of the Allowance, Tenant shall furnish Landlord with: (1) general contractor and architect’s completion affidavits, (2) full and final waivers of lien, (3) receipted bills covering all labor and materials expended and used, (4) record set plans of the Initial Alterations marked with all changes from approved drafts, and (5) the certification of Tenant and its architect that the Initial Alterations have been installed in a good and workmanlike manner in accordance with ANSI/BOMA Z65.3-2018 Gross Area 1 (Leasing Method) (the “BOMA Standard”)) (Approved Working Drawings, and in accordance with applicable laws, codes and ordinances. In no event shall Landlord be required to disburse the “Allowance more than one time per month. If the Initial Alterations exceed the Allowance”), except Tenant shall be entitled to the Allowance in accordance with the terms hereof, but each individual disbursement of the Allowance shall be disbursed in the proportion that the Allowance shall not be used bears to pay for Tenant’s machinery, equipment and trade fixtures and other personal property (other than as documented in the approved TI Construction Documents), any Excluded Costs or any costs associated with construction management personnel engaged by Tenant in connection with this Lease. For the avoidance of doubt, all Excluded Costs shall be payable solely by Landlord and shall not be included in the calculation of Tenant Improvement Costs total cost for the purpose of determining Tenant’s ContributionInitial Alterations. Except as expressly set forth hereinNotwithstanding anything herein to the contrary, Landlord’s payment of the Allowance or the Tenant Improvement Costs (if such amount is less than the Allowance), shall satisfy in full Landlord’s obligation to pay the Allowance hereunder, and Landlord shall not be obligated to make any payment for any subsequent alterations or improvements to the Project whether or not the entire Allowance was expended on the initial Tenant Improvements. Notwithstanding the foregoing, in the event the entire Allowance is not expended on the initial Tenant Improvements, any remaining amounts may be used for Tenant’s Work subject to a draw procedure agreed to by Landlord and Tenant in their reasonable discretion, including reasonable requirements regarding lien waivers delivered by Tenant. Furthermore, notwithstanding the foregoing, if an Event of Default is continuing at the time Landlord's payment of disburse any portion of the Allowance during the continuance of an uncured Monetary Default under the Lease, and Landlord’s obligation to disburse shall only resume when and if such default is due under cured. Notwithstanding any provision to the contrary contained in this Work Letter, then, in addition the event that any of the Allowance required to any other remedies available to be paid by Landlord in accordance with the terms of this Work Letter or elsewhere in are not paid when due (provided that all applicable conditions for the Leasepayment of any such amounts set forth herein have been fully satisfied, including, but not limited to, the expiration of any time period set forth herein for Landlord may stop construction to pay any such amounts), Tenant shall have the right, following thirty (including any pre-construction work30) days written notice to Landlord, to offset such amounts, together with interest at the Interest Rate from the date such payments were due, against the next payments of the Improvements Base Rent, on a monthly basis, until such Event amounts are fully exhausted; provided, however, that Landlord shall have the right, in good faith, to notify Tenant in writing within thirty (30) days following Landlord’s receipt of Default is cured. If Tenant’s notice that the amounts described in Tenant’s notice have been previously paid by Landlord, and upon Landlord stops construction due providing evidence thereof to an Event of DefaultTenant, then any such delay shall be a Tenant Delay and Tenant shall not be responsible for all costs in connection with remobilizing the Contractors and recommencing constructionentitled to offset such amount against monthly Base Rent.
Appears in 1 contract
Allowance. Subject to the terms and conditions of this Section, Landlord shall pay towards the costs provide Tenant with an allowance of the Tenant Improvements, including all pre-construction costs, permit fees, project management, and costs of constructing the Tenant Improvements up to One Million Dollars (collectively, the “Tenant Improvement Costs”), an amount equal to $75.00 per rentable square foot of the Building (as determined by Architect and reasonably approved by Tenant in the Construction Documents in accordance with ANSI/BOMA Z65.3-2018 Gross Area 1 (Leasing Method) (the “BOMA Standard”)1,000,000.00) (the “Allowance”), except that the . The Allowance shall not be used to pay for Tenant’s machinery, equipment and trade fixtures and other personal property (other than as documented in the approved TI Construction Documents), any Excluded Costs or any costs associated with construction management personnel engaged by Tenant in connection with this Lease. For the avoidance of doubt, all Excluded Costs shall be payable solely by Landlord and shall not be included in the calculation of Tenant Improvement Costs for the purpose of determining Tenant’s Contribution. Except as expressly set forth herein, Landlord’s payment of the Allowance or the Tenant Improvement Costs (if such amount is less than the Allowance), shall satisfy in full Landlord’s obligation to pay the Allowance hereunder, and Landlord shall not be obligated to make any payment for any subsequent alterations or improvements to the Project whether or not the entire Allowance was expended on the initial Tenant Improvements. Notwithstanding the foregoing, in the event the entire Allowance is not expended on the initial Tenant Improvements, any remaining amounts may be used for Tenant’s Work, which may include, but not be limited to, hard and soft costs associated with Tenant’s Work subject to a draw procedure agreed to by Landlord build the Building, and Tenant in their reasonable discretionmay include furniture, including reasonable requirements regarding lien waivers delivered by Tenant. Furthermorefixtures, notwithstanding the foregoing, if an Event of Default is continuing at the time Landlord's payment of any portion of the Allowance is due under this Work Letter, then, in addition to any other remedies available to Landlord in this Work Letter or elsewhere equipment in the Lease, Landlord may stop construction (including any pre-construction work) of the Improvements until such Event of Default is curedPremises. If Landlord stops construction due to an Event of Default, then any such delay shall be a Tenant Delay and Tenant shall be responsible for all costs of Tenant’s Work in connection with remobilizing excess of the Contractors Allowance. Subject to the terms and recommencing constructionconditions of this Section, and so long as there is no default ongoing beyond any notice and/or cure period, partial payments of the Allowance provided by Landlord shall be made to Tenant within thirty (30) days of Tenant submitting to Landlord evidence of each payment made to Tenant’s general contractor with: (i) a commercially reasonable breakdown of the Tenant’s Work included in the payment and (ii) a Form W-9, Request for Taxpayer Identification Number and Certification, executed by Tenant. The first twenty seven percent (27%) of the Allowance owed to Tenant shall be withheld by Landlord until completion of the building improvements on the Property, and Landlord’s obligation to disburse the first twenty seven percent (27%) of the Allowance is expressly conditioned upon receipt of the following “Allowance Deliverables”: (i) Tenant has furnished to Landlord a copy of a commercially reasonably detailed final cost breakdown for Tenant’s Work and Landlord has inspected the Premises to confirm that ▇▇▇▇▇▇’s Work has been completed in a good and workmanlike manner according to the Tenant’s Approved Plans; (ii) Tenant has furnished to Landlord commercially reasonable final affidavits and final lien releases from ▇▇▇▇▇▇’s general contractor, if any, all subcontractors and all material suppliers for all labor and materials performed or supplied as part of Tenant’s Work (whether or not the Allowance is applicable thereto); and (iii) a copy of the certificate of occupancy from the governmental authority having jurisdiction has been delivered to Landlord.
Appears in 1 contract
Sources: Absolute Net Ground Lease Agreement (Zoned Properties, Inc.)
Allowance. Landlord and Tenant agree that Landlord shall pay towards provide Tenant with an allowance of Four Hundred Forty Thousand and 00/100 Dollars ($440,000.00) (the “Tenant Improvement Allowance”) for the Tenant Work and any other work and improvements that Tenant may in its discretion elect to make to the Premises (collectively the “Tenant Improvements”). The Tenant Improvement Allowance may be used for the Tenant Improvements and any costs relating to the design, construction, acquisition and installation of the Tenant Improvements to be installed in the Leased Premises, including without limitation, architectural and engineering fees, licenses, permits and the costs of any and all plans and specifications and/or construction of the Tenant Improvements. With respect to all Tenant Improvements, if such Tenant Improvements consist of any structural improvement, then (i) Tenant’s choice of architects/space planner and contractor, if any, with respect to such Tenant Improvements, shall be subject to Landlord’s prior written approval, with approval not to be unreasonably withheld, conditioned or delayed, (ii) prior to commencement of construction of the Tenant Improvements, including all pre-construction costsTenant shall provide Landlord with plans and specifications for Landlord’s approval, permit feeswhich approval shall not be unreasonably withheld, project managementconditioned or delayed, (iii) such Tenant Improvements shall be constructed in accordance with such plans and specifications approved by Landlord, and costs (iv) Tenant or Tenant’s contractor shall carry “Builder’s All Risk” insurance in commercially reasonable amounts covering the construction Tenant Improvements. All Tenant Improvements shall be performed and completed in compliance with all applicable laws, codes, regulations and ordinances, free of constructing liens and without any claims for unpaid bills or materials, labor or supplies. Tenant’s contractor or contractors for the Tenant Improvements (collectivelyshall be licensed and carry Worker’s Compensation insurance covering all of their respective employees, the “Tenant Improvement Costs”)and shall also carry commercial general liability insurance, an amount equal to $75.00 per rentable square foot of the Building (as determined by Architect and including property damage, all with commercially reasonable limits in form reasonably approved by Landlord. Tenant’s contractor or contractors shall submit to Landlord, a Certificate of Insurance, naming Landlord as an additional insured. Tenant shall furnish to Landlord, to the extent applicable, executed construction permits, evidence reasonably satisfactory to Landlord of final inspection of the Tenant Improvements by all governmental agencies having jurisdiction over the Premises and such invoices, certifications, affidavits, lien releases and other documentation as Landlord may reasonably request, to be assured, to Landlord’s reasonable satisfaction, that the Tenant Improvements have been completed in the Construction Documents compliance with all laws and, if applicable, in accordance with ANSI/BOMA Z65.3-2018 Gross Area 1 (Leasing Method) (the “BOMA Standard”)) (the “Allowance”), except that the Allowance shall not be used to pay for Tenant’s machinery, equipment plans and trade fixtures and other personal property (other than as documented in the specifications approved TI Construction Documents), any Excluded Costs or any costs associated with construction management personnel engaged by Tenant in connection with this Lease. For the avoidance of doubt, all Excluded Costs shall be payable solely by Landlord and have been paid for by Tenant. Landlord shall not have the option to either pay such expenses directly or to have Tenant be included in the calculation of responsible for paying such expenses. Tenant Improvement Costs will be responsible for the purpose of determining Tenant’s Contribution. Except as expressly set forth herein, Landlord’s payment paying all costs of the Allowance or Tenant Improvements in excess of the Tenant Improvement Costs (if such amount Allowance. If the Tenant Improvement allowance is not fully used by the first anniversary of the Delivery Date or the cost of the Tenant Improvements is less than the Tenant Improvement Allowance), such money shall satisfy in full Landlord’s obligation to pay remain the Allowance hereunder, sole property of Landlord and Landlord shall be forfeited and no longer offered. Tenant shall not be obligated given any such surplus in cash or allowed to make use such surplus in any manner. Landlord shall pay to Tenant (or if determined by Landlord directly to Tenant’s general contractor), the Tenant Improvement Allowance in multiple disbursements (but not more than once in any calendar month), following the receipt by Landlord of the following items:
(a) An application for payment substantially in the form of AIA Document G-702, covering all work for any subsequent alterations or improvements which disbursement is to be made to a date specified therein, and
(b) The architect’s certification that the work for which payment has been requested has been completed, including with respect to the Project whether last application for payment only, any punch- list items, on appropriate AIA form or not another form reasonably approved by Landlord (collectively a “Completed Application for Payment”). Landlord shall pay such amount requested in the entire Allowance was expended on applicable Completed Application for Payment to Tenant (or, if determined otherwise by Landlord, directly to Tenant’s general contractor) within thirty (30) days following Tenant’s submission of the initial Tenant ImprovementsCompleted Application for Payment. Notwithstanding anything to the foregoingcontrary contained herein, in the event the entire Allowance is not expended on the initial Tenant Improvementsaccordance with Section 2, any remaining amounts may be used for Tenant’s Work subject to a draw procedure agreed to by Landlord and Tenant in their reasonable discretion, including reasonable requirements regarding lien waivers delivered by Tenant. Furthermore, notwithstanding the foregoing, if an Event of Default is continuing at the time Landlord's payment of any portion of the Allowance is due under this Work Letter, then, in addition to any other remedies available to Landlord in this Work Letter or elsewhere in the Lease, Landlord may stop construction (including any pre-construction work) of the Improvements until such Event of Default is cured. If Landlord stops construction due to an Event of Default, then any such delay shall be a Tenant Delay and Tenant shall be responsible for all costs not permit any mechanic’s, materialman’s or other lien against the Premises in connection with remobilizing the Contractors and recommencing constructionany labor, materials or services furnished or claimed to have been furnished by or on behalf of Tenant.
Appears in 1 contract
Sources: Lease (One)
Allowance. Landlord (a) Lessee's Work shall pay towards the costs of the Tenant Improvementsbe done at Lessee's expense, including all pre-construction costs, building permit fees, project managementother fees, architectural and costs engineering expenses and other expenses relating to Lessee's Work. However, Lessor shall allow Lessee the following allowances:
(1) a finish-out allowance of constructing the Tenant Improvements (collectively, the “Tenant Improvement Costs”), an amount equal to $75.00 24.00 per rentable square foot of the Building Premises (the "Construction Allowance");
(2) an allowance of $2.00 per rentable square foot of the Premises for space planning and preparation of construction drawing (the "Design Allowance") to be applied toward payment of actual out of pocket costs incurred by Lessee in connection with the design and completion of Lessee's Work; and
(3) an allowance of $1.00 per rentable square foot of the Premises for moving during construction (the "Moving Allowance"); (the Construction Allowance, Design Allowance and Moving Allowance are hereinafter sometimes collectively referred to as determined by Architect and reasonably the "Allowance"). Lessee shall be permitted to draw from any of the categories of Allowances to pay for Lessee's work, including, but not limited to payment of fees due Charter Associates, Lessee's construction management firm, or such other construction manager approved by Tenant in the Construction Documents in accordance with ANSI/BOMA Z65.3-2018 Gross Area 1 (Leasing Method) (the “BOMA Standard”)) (the “Allowance”)Lessor. In addition to Lessee's Work, except that Lessee may draw upon the Allowance to pay the costs for installing signage and/or elevator key-card access systems, all as described elsewhere in this Amendment. Lessor acknowledges that Lessee's Work may be performed in stages, with certain areas of the Premises being constructed and then, subsequently, other areas. Accordingly, Lessee may draw upon the Allowance from time to time, provided however, Lessor shall not be used required to pay advance or approve any request for Tenant’s machineryan advance of, equipment and trade fixtures and other personal property (other than as documented in the approved TI Construction Documents), any Excluded Costs or any costs associated with construction management personnel engaged by Tenant in connection with this Lease. For the avoidance of doubt, all Excluded Costs shall be payable solely by Landlord and shall not be included in the calculation of Tenant Improvement Costs for the purpose of determining Tenant’s Contribution. Except as expressly set forth herein, Landlord’s payment of the Allowance or the Tenant Improvement Costs (if such amount is less than the Allowance), shall satisfy in full Landlord’s obligation to pay the Allowance hereunder, and Landlord shall not be obligated to make any payment for any subsequent alterations or improvements to the Project whether or not the entire Allowance was expended on the initial Tenant Improvements. Notwithstanding the foregoing, in the event the entire Allowance is not expended on the initial Tenant Improvements, any remaining amounts may be used for Tenant’s Work subject to a draw procedure agreed to by Landlord and Tenant in their reasonable discretion, including reasonable requirements regarding lien waivers delivered by Tenant. Furthermore, notwithstanding the foregoing, if an Event of Default is continuing at the time Landlord's payment of any portion of the Allowance with respect to any invoice or request for disbursement submitted by Lessee to Lessor after April 30, 2005. The proceeds of the Allowance shall be used solely for payment of eligible costs incurred in constructing the permanent leasehold improvements described in the Plans approved by Lessor or such other costs allowed in the preceding paragraph. Lessee understands that if the cost of Lessee's Work, including without limitation any changes in Lessee's Work, exceeds the Allowance, then Lessee shall be solely responsible for all such costs in excess of the Allowance. As the Lessee's Contractor constructs Lessee's Work and is due entitled to payment (each such payment, a "Contractor Payment") under the Construction Contract attributable to the Lessee's Work only, Lessee shall notify Lessor as to the date on which Lessee's Contractor and architect have scheduled the periodic draw walk (which shall be no more often than monthly) and Lessor shall be entitled to participate in the periodic draw walk. Within thirty (30) days after the date on which Lessee's Contractor and Lessor have agreed upon the amount of any periodic draw requests as certified by Lessee's architect, Lessor shall be obligated to reimburse Lessee for such Contractor Payment (to the extent certified by Lessee's architect) paid by Lessee to Lessee's Contractor until the balance of the Allowance has been fully utilized. All payments of the Allowance shall be made to Lessee within thirty (30) days after Lessor's receipt of an invoice from Lessee requesting reimbursement of such costs and expenses, which invoice shall include the architects' certification and documentation reasonably acceptable to Lessor to confirm payment of such costs and expenses, together with a copy of the draw request and all supporting information and partial lien wavers and releases from Lessee, Lessee's Contractor and subcontractors. Lessee's Construction Contract shall be subject to a 10% retainage by Lessee. Lessor shall not be required to reimburse Lessee for the required retainage until thirty (30) days after Lessor's receipt of: proof that all bills in connection with Lessee's Work or such stage have been paid in full and all persons or entities with the right to file a lien in connection therewith have finally waived and released their lien rights in connection therewith in a manner satisfactory to Lessor; a copy of Lessee's certificate of occupancy; an original Affidavit of Total Release and Bills Paid in form acceptable to Lessor signed by Lessee and by the general contractor, indicating that all subcontractors and suppliers have been paid, and accompanied by copies of the invoices referred to therein; and a copy of "as-built" plans of finish-out for such stage.
(b) Notwithstanding anything to the contrary, Lessee may use the Allowance for cabling and wiring the Premises.
(c) Lessor and Lessee agree that the Allowance shall be deposited in escrow with a mutually acceptable third party ("Escrow Agent") to be held by Escrow Agent and dispersed in accordance with the terms hereof. Lessor, Lessee and Escrow Agent shall enter into a written agreement reflecting the terms and conditions hereof.
(d) Whenever Lessor's or Lessee's approval or consent is required under this Work LetterLetter Agreement, thenit shall not be unreasonably withheld, delayed or conditioned. SUB CONTRACTOR & CONSTRUCTION REQUIREMENTS SABRE REALTY MANAGEMENT, INC. ACE CASH EXPRESS at Greenway Tower December , 2000 o CORE CONCRETE WORK MUST BE DONE BEFORE 8 a.m. o TACK STRIP AND/OR AFTER 5 p.m. o DRILLING & HAMMERING o SPRINKLERS (FIRE) MUST HAVE ONE (I) DAY ADVANCE o HVAC NOTICE o PLUMBING
(1) DAY ADVANCE NOTICE AND TO CONSTRUCTION SPACE BEFORE 8 a.m. AND/OR AFTER 5 p.m. ACCESS INTO ADJACENT SPACE MUST BE COORDINATED WITH CONSTRUCTION OFFICE. SECURITY WILL BE PROVIDED DURING THE TIME WORK TAKES PLACE AT THE CONTRACTORS EXPENSE. o USE SERVICE (FREIGHT) ELEVATOR ONLY o USE REST ROOM ON CONSTRUCTION FLOOR ONLY o COVER HALL (ATRIUM) FLOORS WHILE MOVING MATERIALS o UNCOVER SMOKE DETECTOR AT THE END OF EACH DAY o VACUUM HALL (ATRIUM) FLOORS AT THE END OF EACH DAY o COVER SMOKE DETECTORS AT THE END OF EACH DAY o PROVIDE A LIST OF SUBCONTRACTORS WITH TELEPHONE NUMBERS AND CONTACT PERSONS) SUBCONTRACTOR/CONSTRUCTION REQUIREMENTS DRYWALL o PROTECT WALL, FLOORS, DOORS WHEN STOCKING JOB o CLEAN AND BROOM SWEEP JOB AFTER 1 SIDE (PHASE OR TOTAL) o CLEAN AND BROOM SWEEP JOB AFTER 2 SIDE (TOTAL) o PROVIDE PROPER MANPOWER TO COMPLETE JOB REQUIREMENTS, OR AS DIRECTED BY JOB SUPER o JAMB SIDE OF DOOR FRAMES TO GO PAST HEADER ON ANY FRAME THAT DOES NOT GO TO A TOP TRACK o JOB COMMUNICATION o DOOR STOPS, DOOR HARDWARE, CLOSERS, PR.21 - INSTALL WITH JOB/PUNCH OUT o UNDER CUT DOORS AT TIME DOOR IS HUNG o DEMO TRASH TO BE REMOVED PRIOR TO WALL FRAME WORK o CLEAN TRASH AT THE END OF DAY. (i.e.: cups in addition to any other remedies available to Landlord windows, cans, paint cans, etc.) o CONTRACTOR WILL REWORK CEILING GRID FOR LAY IN LIGHTS PRIOR TO CARPET INSTALLATION. o CLEAN AND BROOM SWEEP JOB AFTER CEILING BOARD INSTALLATION o GENERAL CLEAN UP MAY REQUIRE REMOVAL OF APPLIANCE BOXES o CONTRACTOR WILL TOUCH UP (PAINT) ALL SCRATCHES IN DOOR FRAMES, WINDOW FRAMES, AND BREAK METAL.
o A SIGNED AND NOTARIZED CONDITIONAL LIEN WAIVER MUST ACCOMPANY EVERY INVOICE PRESENTED TO US FOR PAYMENT. IF THE INVOICE AND CONDITIONAL LIEN WAIVER IN THE AMOUNT OF THE INVOICE ARE NOT IN OUR OFFICE BY THE 20TH OF THE MONTH, IT WILL NOT BE PROCESSED FOR PAYMENT UNTIL THE FOLLOWING MONTH. IT IS THE VENDORS RESPONSIBILITY TO MAKE SURE ALL NECESSARY PAPER WORK HAS BEEN SENT IN. o INSURANCE CERTIFICATES MUST BE UP TO DATE. SUBCONTRACTOR/CONSTRUCTION REQUIREMENTS PANTING o CLEAN TRASH AT THE END OF DAY. (i.e.: cups in this Work Letter or elsewhere windows, papers, cans, paint cans, etc.) o WHEN BIDDING NEW JOB, AND OLD PAINT, CAULK, OVERSPRAY, BAD JOINTS WILL BE FIXED, CLEANED, OR REPAIRED AS PART OF THE NEW JOB. o JOB BID PRICE INCLUDES ALL LABOR TO COMPLETE JOB: HOURS, DAYS AS REQUIRED. o JOB REQUIRES ALL DOOR FRAMES, DOORS, PR.l, PR.21, AND WINDOW FRAMES TO BE CLEANED AND CAULKED AS REQUIRED (NEW OR EXISTING WORK) o SCRAPE AND BROOM SWEEP DRYWALL MUD AND PAINT FROM FLOORS.
o A SIGNED AND NOTARIZED CONDITIONAL LIEN WAIVER MUST ACCOMPANY EVERY INVOICE PRESENTED TO US FOR PAYMENT. IF THE INVOICE AND CONDITIONAL LIEN WAIVER IN THE AMOUNT OF THE INVOICE ARE NOT IN OUR OFFICE BY THE 20TH OF THE MONTH, IT WILL NOT BE PROCESSED FOR PAYMENT UNTIL THE FOLLOWING MONTH. IT IS THE VENDORS RESPONSIBILITY TO MAKE SURE ALL NECESSARY PAPER WORK HAS BEEN SENT IN. o INSURANCE CERTIFICATES MUST BE UP TO DATE. SUBCONTRACTOR/CONSTRUCTION REQUIREMENTS PLUMBING o CLEAN TRASH AT THE END OF EACH DAY. (i.e.: cups in the Leasewindows, Landlord may stop construction cans, etc.) o NO DRILLING OR CORE WORK PERFORMED AFTER 8 a.m. OR BEFORE 5 p.m. UNLESS APPROVED BY JOB SUPER. o CONTRACTOR TO INSPECT ANY APPLIANCES OR PLUMBING FIXTURES FOR PROPER OPERATION AT THE TIME OF INSTALLATION. CONTRACTOR TO START ANY APPLIANCES THAT HE HOOKS UP AND INSTALLS. o REMOVE ANY FIXTURE OR APPLIANCE BOXES AT THE TIME OF INSTALLATION.
o A SIGNED AND NOTARIZED CONDITIONAL LIEN WAIVER MUST ACCOMPANY EVERY INVOICE PRESENTED TO US FOR PAYMENT. IF THE INVOICE AND CONDITIONAL LIEN WAIVER IN THE AMOUNT OF THE INVOICE ARE NOT IN OUR OFFICE BY THE 20TH OF THE MONTH, IT WILL NOT BE PROCESSED FOR PAYMENT UNTIL THE FOLLOWING MONTH. IT IS THE VENDORS RESPONSIBILITY TO MAKE SURE ALL NECESSARY PAPER WORK HAS BEEN SENT IN. o INSURANCE CERTIFICATES MUST BE UP TO DATE. SUBCONTRACTOR/CONSTRUCTION REQUIREMENTS ELECTRICAL o COMPLETE ALL ROUGH IN AT NEW WALLS AND EXISTING WALLS AT TIME OF ROUGH IN INSPECTION (including any pre-construction workDUPLEX, DATA, PHONE, SWITCH) of the Improvements until such Event of Default is curedo REMOVE ALL ELECTRICAL MATERIALS UPON COMPLETION OF ROUGH IN. If Landlord stops construction due to an Event of Defaulto REMOVE ALL ELECTRICAL MATERIALS UPON COMPLETION OF CEILING WORK, then any such delay shall be a Tenant Delay and Tenant shall be responsible for all costs PLUG AND SWITCH. o IMMEDIATELY FOLLOWING COMPLETION OF PAINTING, ELECTRICAL CONTRACTOR WILL FINISH PLUG AND SWITCH OF TOTAL JOB PRIOR TO CARPET INSTALLATION. o ALL EXISTING DUPLEX, PHONE, DATA, OUTLETS WILL RECEIVE A BLANK COVER PLATE UNLESS INSTRUCTED OTHERWISE. o ELECTRICAL CONTRACTOR TO PLACE "LAY IN" LIGHTS ABOVE GRID WORK PRIOR TO SPRINKLER WORK. o CLEAN TRASH AT THE END OF EACH DAY. (i.e. cups in connection with remobilizing the Contractors and recommencing constructionwindows, cans, papers, etc.)
Appears in 1 contract
Allowance. Landlord Tenant shall pay towards the costs of the Tenant Improvements, including all prebe entitled to a one-construction costs, permit fees, project management, and costs of constructing the Tenant Improvements (collectively, the “Tenant Improvement Costs”), an amount equal to $75.00 per rentable square foot of the Building (as determined by Architect and reasonably approved by Tenant in the Construction Documents in accordance with ANSI/BOMA Z65.3-2018 Gross Area 1 (Leasing Method) (the “BOMA Standard”)) time tenant improvement allowance (the “Allowance”), except that ) in the amount of $25,000.00 to be applied toward the Allowance shall not be used to pay for Tenant’s machinery, equipment and trade fixtures and other personal property Items (other than as documented defined in the approved TI Construction DocumentsSection 1.2 below), any Excluded Costs or any costs associated with construction management personnel engaged by Tenant in connection with this Lease. For the avoidance of doubt, all Excluded Costs shall be payable solely by Landlord and shall not be included in the calculation of Tenant Improvement Costs for the purpose of determining Tenant’s Contribution. Except as expressly set forth herein, Landlord’s payment of the Allowance or the Tenant Improvement Costs (if such amount is less than the Allowance), shall satisfy in full Landlord’s obligation to pay the Allowance hereunder, and Landlord shall not be obligated to make any payment for any subsequent alterations or improvements to the Project whether or not the entire Allowance was expended on the initial Tenant Improvements. Notwithstanding the foregoing, in the event the entire Allowance is not expended on the initial Tenant Improvements, any remaining amounts may be used for Tenant’s Work subject to a draw procedure agreed to by Landlord and Tenant in their reasonable discretion, including reasonable requirements regarding lien waivers delivered by Tenant. Furthermore, notwithstanding the foregoing, if an Event of Default is continuing at the time Landlord's payment of any portion of the Allowance is due under this Work Letter, then, in addition to any other remedies available to Landlord in this Work Letter or elsewhere in the Lease, Landlord may stop construction (including any pre-construction work) of the Improvements until such Event of Default is cured. If Landlord stops construction due to an Event of Default, then any such delay shall be a Tenant Delay and Tenant shall be responsible for all costs associated with the Tenant Improvement Work, including the costs of the Allowance Items, to the extent such costs exceed the lesser of (a) the Allowance, or (b) the aggregate amount that Landlord is required to disburse for such purpose pursuant to this Work Letter. If any portion of the Allowance remains after the Allowance Items have been fully paid for, Landlord, upon Tenant’s request, shall disburse such portion of the Allowance (the “Excess Allowance”) to Tenant, to be applied (as specified in connection Tenant’s request), toward (i) the reasonable costs of furniture or typical office equipment purchased by Tenant for use in the Premises during the Term (“FF&E Costs”), which furniture and/or equipment shall be Tenant’s Property under the Lease, within 30 days after receiving paid invoices from Tenant with remobilizing respect to such FF&E Costs, (ii) the Contractors cost of moving Tenant’s furniture, equipment and/or other personal property into the Premises (“Moving Costs”), within 30 days after receiving paid invoices from Tenant with respect to such Moving Costs, (iii) the cost of installing data or telecommunications cabling in the Premises (“Cabling Costs”), within 30 days after receiving paid invoices from Tenant with respect to such Cabling Costs, (iv) the installment(s) of Base Rent next due and recommencing constructionpayable under the Lease, as amended, or (v) provided Landlord is then the landlord under the New Lease, towards any “Allowance Items”, “FF&E Costs”, “Moving Costs” or “Cabling Costs” under the New Lease (as defined in Section 7.1 of the Agreement), to the extent defined in and provided for in the New Lease. Notwithstanding the foregoing, if Tenant fails to use the entire Allowance (including any Excess Allowance) by October 31, 2010, the unused amount shall revert to Landlord and Tenant shall have no further rights with respect thereto. Notwithstanding any provision in this Work Letter or the New Lease to the contrary, in no event shall Landlord’s collective allowance payment/application obligations pursuant to this Work Letter and the “Work Letter” attached to the New Lease, if any, exceed $100,000.00.
Appears in 1 contract
Sources: Lease Agreement (GigOptix, Inc.)
Allowance. Landlord shall pay towards The Allowance may be used only for the hard costs and Eligible Soft Costs (as hereinafter defined) of construction of the Tenant’s Work pursuant to the approved plans and specifications. “Eligible Soft Costs” shall be deemed to be costs and expenses incurred by Tenant Improvementswhich are directly and primarily related to the Tenant’s Work and which relate solely to the work of any architect, including all pre-space planner, engineer, or similar construction costsprofessional or which are direct payments made to applicable authorities for permitting and license fees; provided, permit feeshowever, project management, and costs of constructing that in no event shall the Tenant Improvements Eligible Soft Costs exceed fifteen percent (collectively, the “Tenant Improvement Costs”), an amount equal to $75.00 per rentable square foot 15%) of the Building (as determined by Architect and reasonably approved by Tenant in the Construction Documents in accordance with ANSI/BOMA Z65.3-2018 Gross Area 1 (Leasing Method) (the “BOMA Standard”)) (the “Allowance”), except that the total Allowance shall not or be used to pay for Tenant’s machinery, equipment and trade fixtures and other personal property (other than as documented in the approved TI Construction Documents), any Excluded Costs or any costs associated with construction management personnel engaged by Tenant services provided in connection with this the negotiation of the Lease. For the avoidance of doubt, all Excluded Eligible Soft Costs shall expressly exclude any financing, attorney, or other costs and expenses not expressly permitted hereunder. In no event will the Allowance be payable solely by Landlord and shall used to pay for moving or storage expenses or furniture, racking, equipment, cabling, telephone systems or any other item of personal property which is not intended to be included in permanently affixed to the calculation of Tenant Improvement Costs for the purpose of determining Tenant’s ContributionPremises. Except as expressly set forth herein, Landlord’s payment Payment of the Allowance or shall be made by Landlord to Tenant within thirty (30) days following the Tenant Improvement Costs last to occur of: (if such amount is less than i) completion of the Allowance)Tenant’s Work, shall satisfy in full (ii) Landlord’s receipt of Tenant’s invoice substantiating the costs related thereto, (iii) Landlord’s receipt of final lien waivers from all contractors and subcontractors who performed the Tenant’s Work, and (iv) Landlord’s receipt of a copy of the final closed-out permit approved by the applicable governing authority for any work which requires the same. Landlord shall be under no obligation to pay for any of the Tenant’s Work in excess of the Allowance. Further, the Allowance hereunder, and Landlord shall not only be obligated to make any payment for any subsequent alterations or improvements to the Project whether or not the entire Allowance was expended on the initial Tenant Improvements. Notwithstanding the foregoing, in the event the entire Allowance is not expended on the initial Tenant Improvements, any remaining amounts may be used available for Tenant’s Work subject use for work performed and submitted for reimbursement in accordance with the terms of this exhibit from the Extension Term Commencement Date through December 31, 2016, at which time Tenant hereby waives any and all rights to a draw procedure agreed any unused portion of the Allowance; provided, however, that Landlord agrees to by Landlord and Tenant in their reasonable discretionpermit Tenant, including reasonable requirements regarding lien waivers delivered by upon Tenant. Furthermore’s written request, notwithstanding the foregoing, if an Event of Default is continuing at the time Landlord's payment of to commence any portion of the Allowance is due under this Tenant’s Work Letter, then, in addition related solely to any other remedies available the HVAC system servicing the existing server area located within the Premises prior to Landlord in this Work Letter or elsewhere in the Lease, Landlord may stop construction (including any pre-construction work) of the Improvements until such Event of Default is cured. If Landlord stops construction due to an Event of Default, then any such delay shall be a Tenant Delay and Tenant shall be responsible for all costs in connection with remobilizing the Contractors and recommencing constructionExtension Term Commencement Date.
Appears in 1 contract
Sources: Lease (Intrusion Inc)
Allowance. Landlord Amount; Reimbursable Costs & Payment. Allowance means an amount up to a maximum of Four Hundred Seventy-One Thousand Eight Hundred Sixty and 00/100 Dollars ($471,860.00) to reimburse Tenant for the actual costs of design, engineering, plan review, obtaining all approvals and permits, and construction of Tenant Work in the Premises (including the Construction Monitoring Fee), and shall pay towards be payable as provided below. In no event shall the Allowance be used to reimburse Tenant for Tenant’s FF&E (as such term is defined herein). For purposes of this Amendment, “Tenant’s FF&E” shall mean Tenant’s furniture, furnishings, telephone systems, computer systems, equipment, any other personal property or fixtures, and installation thereof, including without limitation, "Tenant’s Personal Property" described on Exhibit “G” to the Original Lease. The Allowance shall be paid to Tenant within thirty (30) days after the later of final completion of the Tenant Work and Landlord's receipt of (i) a certificate of completion prepared by Tenant’s Architect, (ii) final as-built plans and specifications pursuant to this Amendment, (iii) full, final, unconditional lien releases, and (iv) reasonable substantiation of costs incurred by Tenant with respect to the Tenant Work. Tenant must prior to the date that is thirty-six (36) months from the Execution Date of this Amendment submit written application with the items required above for disbursement or reimbursement for any reimbursable costs out of the Allowance, and to the extent of any funds for which application has not been made prior to that date or if and to the extent that the reimbursable costs of the Tenant Improvements, including all pre-construction costs, permit fees, project management, and costs of constructing the Tenant Improvements (collectively, the “Tenant Improvement Costs”), an amount equal to $75.00 per rentable square foot of the Building (as determined by Architect and reasonably approved by Tenant in the Construction Documents in accordance with ANSI/BOMA Z65.3-2018 Gross Area 1 (Leasing Method) (the “BOMA Standard”)) (the “Allowance”), except that the Allowance shall not be used to pay for Tenant’s machinery, equipment and trade fixtures and other personal property (other than as documented in the approved TI Construction Documents), any Excluded Costs or any costs associated with construction management personnel engaged by Tenant in connection with this Lease. For the avoidance of doubt, all Excluded Costs shall be payable solely by Landlord and shall not be included in the calculation of Tenant Improvement Costs for the purpose of determining Tenant’s Contribution. Except as expressly set forth herein, Landlord’s payment of the Allowance or the Tenant Improvement Costs (if such amount is Work are less than the amount of the Allowance), then any balance remaining thereafter shall satisfy in full Landlord’s obligation to pay the Allowance hereunder, be retained by Landlord as its sole property and Landlord shall not be obligated have no obligation or liability to make any payment for any subsequent alterations or improvements Tenant with respect to the Project whether or not the entire Allowance was expended on the initial Tenant Improvements. Notwithstanding the foregoing, in the event the entire Allowance is not expended on the initial Tenant Improvements, any remaining amounts may be used for Tenant’s Work subject to a draw procedure agreed to by Landlord and Tenant in their reasonable discretion, including reasonable requirements regarding lien waivers delivered by Tenant. Furthermore, notwithstanding the foregoing, if an Event of Default is continuing at the time Landlord's payment of any portion of the Allowance is due under this Work Letter, then, in addition to any other remedies available to Landlord in this Work Letter or elsewhere in the Lease, Landlord may stop construction (including any pre-construction work) of the Improvements until such Event of Default is cured. If Landlord stops construction due to an Event of Default, then any such delay shall be a Tenant Delay and Tenant shall be responsible for all costs in connection with remobilizing the Contractors and recommencing constructionexcess.
Appears in 1 contract
Sources: Lease (Genomic Health Inc)
Allowance. Landlord shall pay towards the costs of the Tenant Improvements, including all pre-construction costs, permit fees, project management, and costs of constructing the Tenant Improvements (collectively, the “Tenant Improvement Costs”), an amount up to, but not exceeding, Three Hundred Forty-One Thousand Fifty Dollars ($341,050.00) (equal to Twenty-Five Dollars ($75.00 25.00) per rentable square foot of the Building (as determined by Architect and reasonably approved by Tenant in the Construction Documents in accordance with ANSI/BOMA Z65.3-2018 Gross Area 1 (Leasing MethodPremises) (the “BOMA Standard”)) (the “Allowance”) for the purchase and installation of furniture, fixtures and equipment (including IT, AV and security equipment) or for upgrading the Existing FF&E for the Premises (“Additional FF&E”) and for Tenant’s Monument Signage and to help Tenant pay for ▇▇▇▇▇▇’s costs described in notes to the Final Space Plan set forth therein. In addition, the Allowance may also be utilized by Tenant for any Landlord -approved Alterations to the Premises which ▇▇▇▇▇▇ performs pursuant to and subject to Article 8 of this Lease (“Alterations Costs”) (collectively, the “Allowance Costs”), except that . Tenant will have use of the Additional FF&E at no cost throughout the Lease Term. Any Additional FF&E purchased with the Allowance shall not be used Landlord’s property as of the expiration or earlier termination of the Lease. Landlord shall disburse the Allowance to Tenant to pay for the Alterations Costs actually incurred by Tenant within thirty (30) days after ▇▇▇▇▇▇▇▇ has received Tenant’s machinerywritten request for disbursement, equipment and trade fixtures and other personal property (other than as documented in together with copies of paid invoices from third parties evidencing the approved TI Construction Documents), any Excluded amount of such Allowance Costs or any costs associated with construction management personnel engaged by Tenant in connection with this Lease. For the avoidance of doubt, all Excluded Costs shall to be payable solely paid by Landlord and to Tenant. Tenant shall not be included in entitled to any credit for any unused amount of the calculation of Tenant Improvement Costs for the purpose of determining Tenant’s ContributionAllowance. Except as expressly set forth herein, Landlord’s payment Any unused amount of the Allowance or not requested by the Tenant Improvement Costs date that is twelve (if such amount is less than 12) months after the Allowance), Rent Commencement Date shall satisfy in full Landlord’s obligation to pay the Allowance hereunder, and Landlord shall not be obligated to make any payment for any subsequent alterations or improvements to the Project whether or not the entire Allowance was expended on the initial Tenant Improvements. Notwithstanding the foregoing, in the event the entire Allowance is not expended on the initial Tenant Improvements, any remaining amounts may be used for Tenant’s Work subject to a draw procedure agreed to by Landlord and Tenant in their reasonable discretion, including reasonable requirements regarding lien waivers delivered deemed forfeited by Tenant. Furthermore, notwithstanding the foregoing, if an Event of Default is continuing at the time Landlord's payment of any portion of the Allowance is due under this Work Letter, then, in addition to any other remedies available to Landlord in this Work Letter or elsewhere in the Lease, Landlord may stop construction (including any pre-construction work) of the Improvements until such Event of Default is cured. If Landlord stops construction due to an Event of Default, then any such delay shall be a Tenant Delay and Tenant shall be responsible for all costs in connection with remobilizing the Contractors and recommencing construction.
Appears in 1 contract
Sources: Lease (MBX Biosciences, Inc.)
Allowance. Landlord Tenant shall pay towards be entitled to a one-time tenant improvement allowance (the costs "Allowance") in the amount of $8,000,000.00 to be applied toward the Allowance Items (defined in Section 1.2 below). Tenant shall be entitled to utilize the Allowance from and after the date of full execution and delivery of the Tenant Improvements, including all pre-construction costs, permit fees, project management, and costs of constructing the Tenant Improvements (collectively, the “Tenant Improvement Costs”), an amount equal to $75.00 per rentable square foot of the Building (as determined by Architect and reasonably approved by Tenant in the Construction Documents in accordance with ANSI/BOMA Z65.3-2018 Gross Area 1 (Leasing Method) (the “BOMA Standard”)) (the “Allowance”), except that the Allowance shall not be used to pay for Tenant’s machinery, equipment and trade fixtures and other personal property (other than as documented in the approved TI Construction Documents), any Excluded Costs or any costs associated with construction management personnel engaged by Tenant in connection with this LeaseAgreement. For the avoidance of doubt, all Excluded Costs shall be payable solely by Landlord and shall not be included in the calculation of Tenant Improvement Costs for the purpose of determining Tenant’s Contribution. Except as expressly set forth herein, Landlord’s payment of the Allowance or the Tenant Improvement Costs (if such amount is less than the Allowance), shall satisfy in full Landlord’s obligation to pay the Allowance hereunder, and Landlord shall not be obligated to make any payment for any subsequent alterations or improvements to the Project whether or not the entire Allowance was expended on the initial Tenant Improvements. Notwithstanding the foregoing, in the event the entire Allowance is not expended on the initial Tenant Improvements, any remaining amounts may be used for Tenant’s Work subject to a draw procedure agreed to by Landlord and Tenant in their reasonable discretion, including reasonable requirements regarding lien waivers delivered by Tenant. Furthermore, notwithstanding the foregoing, if an Event of Default is continuing at the time Landlord's payment of any portion of the Allowance is due under this Work Letter, then, in addition to any other remedies available to Landlord in this Work Letter or elsewhere in the Lease, Landlord may stop construction (including any pre-construction work) of the Improvements until such Event of Default is cured. If Landlord stops construction due to an Event of Default, then any such delay shall be a Tenant Delay and Tenant shall be responsible for all costs associated with the Tenant Improvement Work, including the costs of the Allowance Items, to the extent such costs exceed the lesser of (a) the Allowance, or (b) the aggregate amount that Landlord is required to disburse for such purpose pursuant to this Work Letter. Notwithstanding any contrary provision of this Agreement, in connection the event that Tenant fails to use the entire Allowance by May 31, 2028 (the "Allowance Deadline"), as such date may be extended due to any Landlord Delays or Force Majeure Delays, the unused amount shall revert to Landlord and Tenant shall have no further rights with remobilizing respect thereto. As used herein, the Contractors term "Landlord Delays" means (i) the failure of Landlord to timely approve or disapprove any matter requiring Landlord's approval relating to this Work Letter; or (ii) unreasonable (when judged in accordance with industry custom and recommencing constructionpractice) interference by Landlord with the substantial completion of the Tenant Improvement Work and which objectively precludes or delays the construction of the Tenant Improvement Work beyond the Allowance Deadline. As used herein, the term "Force Majeure Delays" means strikes, lock-outs, labor troubles, inability to procure materials, failure of power, governmental moratorium or other governmental action or inaction (including failure, refusal or delay in issuing permits, approvals or authorizations), injunction or court order, riots, insurrection, war, fire, earthquake, flood or other natural disaster or other reason of a like nature not the fault of Tenant in performing the Tenant Improvement Work. In the event of a Landlord Delay or Force Majeure Delay, then the Allowance Deadline shall be extended for a period equivalent to the period of such delay so long as Tenant delivers written notice to Landlord describing the Landlord Delay or Force Majeure Delay, as applicable, within ten (10) business days after the occurrence of the event.
Appears in 1 contract
Sources: Office Lease (Nutanix, Inc.)
Allowance. Landlord shall pay towards the costs of the make available to Tenant Improvements, including all pre-construction costs, permit fees, project management, and costs of constructing the Tenant Improvements (collectively, the “Tenant Improvement Costs”), an amount equal to $75.00 per rentable square foot of the Building (as determined by Architect and reasonably approved by Tenant in the Construction Documents in accordance with ANSI/BOMA Z65.3-2018 Gross Area 1 (Leasing Method) (the “BOMA Standard”)) allowance (the “Allowance”) of up to One Hundred Twenty-Five Thousand and 00/100 Dollars ($125,000.00), except which shall be applied to the costs and expenses incurred by Tenant in performing any approved tenant improvements or renovations to the Premises (such improvements being referred to as the “Renovation Improvements”T Tenant shall be responsible for completion of the Renovation Improvements and for obtaining all permits and other approvals required in connection with such Renovation Improvements. All Renovation Improvements shall: (i) consist of materials and finishes that are equal to or higher in quality and class than the Allowance shall not materials and finishes currently existing in the Premises; (ii) be used to pay for performed in accordance with working drawings, plans and specifications prepared by Tenant, at Tenant’s machinerysole expense subject to offset by the Allowance, equipment and trade fixtures previously approved in writing by Landlord in accordance with the terms of subsection b. below; and other personal property (other than as documented in iii) be considered alterations to the approved TI Construction Documents)Premises subject to the applicable provisions of the Lease, any Excluded Costs or any including but not limited to Section 4.2 of the Initial Lease. The costs associated with that are eligible to be reimbursed to Tenant for the Renovation Improvements shall include (a) all architectural fees and costs, construction management personnel engaged fees and costs, engineering fees and costs and any other fees, costs and expenses of any kind incurred or payable by Tenant in connection with this Lease. For the avoidance of doubt, all Excluded Costs shall be payable solely by Landlord and shall not be included in the calculation of Tenant Improvement Costs for the purpose of determining Tenant’s Contribution. Except as expressly set forth herein, Landlord’s payment performance of the Allowance Renovation Improvements; (b) all fees and charges imposed by any governmental entity or the Tenant Improvement Costs (if such amount is less than the Allowance), shall satisfy in full Landlord’s obligation to pay the Allowance hereunder, and Landlord shall not be obligated to make any payment for any subsequent alterations or improvements to the Project whether or not the entire Allowance was expended on the initial Tenant Improvements. Notwithstanding the foregoing, in the event the entire Allowance is not expended on the initial Tenant Improvements, any remaining amounts may be used for Tenant’s Work subject to a draw procedure agreed to by Landlord and Tenant in their reasonable discretion, including reasonable requirements regarding lien waivers delivered by Tenant. Furthermore, notwithstanding the foregoing, if an Event of Default is continuing at the time Landlord's payment of any portion of the Allowance is due under this Work Letter, then, in addition to any other remedies available to Landlord in this Work Letter or elsewhere in the Lease, Landlord may stop construction (including any pre-construction work) of the Improvements until such Event of Default is cured. If Landlord stops construction due to an Event of Default, then any such delay shall be a Tenant Delay and Tenant shall be responsible for all costs authority in connection with remobilizing the Contractors Renovation Improvements; (c) sales and recommencing constructionuse taxes; (d) insurance fees associated with the construction of the Renovation Improvements; (e) testing and inspecting costs; and (f) the costs and charges for materials and labor, contractor's profit and contractor's general overhead incurred by Tenant in having the Renovation Improvements completed. Notwithstanding anything to the contrary contained herein, it is agreed that costs of the following Renovation Improvements are eligible for reimbursement to the Tenant from the Allowance: (i) the Demising Wall, (ii) all electrical work required to demise the space and (iii) relocation of the battery charging station associated with demising the space. In addition, and notwithstanding anything to the contrary contained herein, Landlord acknowledges and agrees that Tenant has commenced certain of the Renovation Improvements prior to the Amendment Effective Date and that the costs associated with such Renovation Improvements shall be eligible for reimbursement to the Tenant from the Allowance.
Appears in 1 contract
Sources: Lease Agreement (Pricesmart Inc)
Allowance. Landlord Amount; Reimbursable Costs & Payment. Allowance means an amount up to a maximum of One Million Fifty-Three Thousand Eight Hundred and 00/100 Dollars ($1,053,800.00) to reimburse Tenant for the actual costs of design, engineering, plan review, obtaining all approvals and permits, and construction of Tenant Work in the Premises (including the Construction Monitoring Fee), and shall pay towards be payable as provided below. In no event shall the Allowance be used to reimburse Tenant for Tenant's FF&E (as such term is defined herein). For purposes of this Amendment, "Tenant's FF&E” shall mean Tenant's furniture, furnishings, telephone systems, computer systems, equipment, any other personal property or fixtures, and installation thereof, including without limitation, "Tenant's Personal Property" described on Exhibit "G" to the Original Lease. The Allowance shall be paid to Tenant within thirty (30) days after the later of final completion of the Tenant Work and Landlord's receipt of (i) a certificate of completion prepared by Tenant's Architect, (ii) final as-built plans and specifications pursuant to this Amendment, (iii) full, final, unconditional lien releases, and (iv) reasonable substantiation of costs incurred by Tenant with respect to the Tenant Work. Tenant must prior to the date that is thirty-six (36) months from the Execution Date of this Amendment submit written application with the items required above for disbursement or reimbursement for any reimbursable costs out of the Allowance, and to the extent of any funds for which application has not been made prior to that date or if and to the extent that the reimbursable costs of the Tenant Improvements, including all pre-construction costs, permit fees, project management, and costs of constructing the Tenant Improvements (collectively, the “Tenant Improvement Costs”), an amount equal to $75.00 per rentable square foot of the Building (as determined by Architect and reasonably approved by Tenant in the Construction Documents in accordance with ANSI/BOMA Z65.3-2018 Gross Area 1 (Leasing Method) (the “BOMA Standard”)) (the “Allowance”), except that the Allowance shall not be used to pay for Tenant’s machinery, equipment and trade fixtures and other personal property (other than as documented in the approved TI Construction Documents), any Excluded Costs or any costs associated with construction management personnel engaged by Tenant in connection with this Lease. For the avoidance of doubt, all Excluded Costs shall be payable solely by Landlord and shall not be included in the calculation of Tenant Improvement Costs for the purpose of determining Tenant’s Contribution. Except as expressly set forth herein, Landlord’s payment of the Allowance or the Tenant Improvement Costs (if such amount is Work are less than the amount of the Allowance), then any balance remaining thereafter shall satisfy in full Landlord’s obligation to pay the Allowance hereunder, be retained by Landlord as its sole property and Landlord shall not be obligated have no obligation or liability to make any payment for any subsequent alterations or improvements Tenant with respect to the Project whether or not the entire Allowance was expended on the initial Tenant Improvements. Notwithstanding the foregoing, in the event the entire Allowance is not expended on the initial Tenant Improvements, any remaining amounts may be used for Tenant’s Work subject to a draw procedure agreed to by Landlord and Tenant in their reasonable discretion, including reasonable requirements regarding lien waivers delivered by Tenant. Furthermore, notwithstanding the foregoing, if an Event of Default is continuing at the time Landlord's payment of any portion of the Allowance is due under this Work Letter, then, in addition to any other remedies available to Landlord in this Work Letter or elsewhere in the Lease, Landlord may stop construction (including any pre-construction work) of the Improvements until such Event of Default is cured. If Landlord stops construction due to an Event of Default, then any such delay shall be a Tenant Delay and Tenant shall be responsible for all costs in connection with remobilizing the Contractors and recommencing constructionexcess.
Appears in 1 contract
Sources: Lease (Exact Sciences Corp)