Application and Disbursement of the Allowance. 6.1. Tenant shall prepare a budget for all Tenant Work, including the Permanent Improvement Costs and all other costs of the Tenant Work (“Budget”), which Budget shall be subject to the reasonable approval of Landlord. Such Budget shall be supported by a guaranteed maximum price construction contract and such other documentation as Landlord may require to evidence the total costs. To the extent the Budget exceeds the available Allowance (“Excess Cost”), Tenant shall be solely responsible for payment of such Excess Cost. Further, prior to any disbursement of the Allowance by Landlord, Tenant shall pay and disburse its own funds for all that portion of the Permanent Improvement Costs equal to the sum of (a) the Permanent Improvement Costs in excess of the Allowance; plus (b) the amount of “Landlord’s Retention” (defined below). “
Application and Disbursement of the Allowance. 6.1. Landlord acknowledges that Tenant will perform the Tenant Work in phases, and that for each phase, Tenant may apply a portion of the Allowance and a portion of one or more of the Special Allowances until either such Allowance or Special Allowance is exhausted or the time period
Application and Disbursement of the Allowance. 6.1. Tenant shall prepare a budget for all Tenant Work, including the Permanent Improvement Costs and all other costs of the Tenant Work (“Budget”), which Budget shall be subject to the reasonable approval of Landlord. Such Budget shall be supported by a guaranteed maximum cost construction contract and such other documentation as Landlord may reasonably require to evidence the total costs. Portions of the Allowance shall be advanced to Tenant periodically on a monthly basis after commencement of construction of the Tenant Work by Tenant in accordance with the provisions of this Article 6. “
Application and Disbursement of the Allowance. 6.1. Tenant shall prepare a budget for all Tenant Work, including the Permanent Improvement Costs and all other costs of the Tenant Work (“Budget”), which Budget shall be subject to the reasonable approval of Landlord. Such Budget shall be supported by a guaranteed maximum price construction contract and such other documentation as Landlord may require to evidence the total costs. Further, prior to any disbursement of the Allowance by Landlord, Tenant shall pay and disburse its own funds for all that portion of the Permanent Improvement Costs equal to the sum of (i) the Permanent Improvement Costs in excess of the Allowance; plus (ii) the amount of “Landlord’s Retention” (defined below). “
Application and Disbursement of the Allowance. 6.1. Landlord acknowledges that Tenant will perform the Tenant Work as three separate projects, one for 101 Saginaw Space project, the 200 & 220 Penobscot Space project and the Building 2 Space project (each a “Tenant Project” and, collectively, the “Projects”), and that for each Tenant Project, Tenant may apply the applicable portion of the Allowance (as set forth In Section 5.1 of this Workletter) until either such portion of the Allowance is exhausted or the time period during which the Allowance may be used has expired.
Application and Disbursement of the Allowance. 5.1. Tenant shall prepare a budget for all Tenant Alterations, including the Permanent Improvement Costs and all other costs of the Tenant Alterations ("Budget"), which Budget shall be subject to the reasonable approval of Landlord and may be reasonably updated by Tenant from time to time. Such Budget shall be supported by such other documentation as Landlord may require to evidence the total costs. To the extent the Budget exceeds the available Allowance ("Excess Cost"), Tenant shall be solely responsible for payment of such Excess Cost (subject to any remaining Allowance. Further, prior to any disbursement of the Allowance by Landlord, Tenant shall pay and disburse its own funds for all that portion of the Permanent Improvement Costs equal to the sum of (a) the Permanent Improvement Costs in excess of the Allowance; plus (b) the amount of “Landlord’s Retention” (defined below). “
Application and Disbursement of the Allowance. 6.1. Tenant shall pay and disburse its own funds for that portion of the Improvement Costs in excess of the Allowance, plus any amount payable covered by the "Landlord's Retention" (defined below) subject to subsequent disbursement of the Landlord's Retention as provided below. "
Application and Disbursement of the Allowance. 5.1. Tenant shall prepare a budget for all Tenant Work, including the Permanent Improvement Costs and all other costs of the Tenant Work (“Budget”), which Budget shall be subject to the reasonable Retention” (defined below). “
Application and Disbursement of the Allowance. 6.1. Tenant shall prepare a budget for all Tenant Work, including the Permanent Improvement Costs and all other costs of the Tenant Work (“Budget”), which Budget shall be subject to the reasonable approval of Landlord. Such Budget shall be supported by such documentation as Landlord may reasonably require to evidence the total costs. To the extent the Budget exceeds the available Allowance (“Excess Cost”), Tenant shall be solely responsible for payment of such Excess Cost. Further, prior to any disbursement of the Allowance by Landlord, Tenant shall pay and disburse its own funds for all that portion of the Permanent Improvement Costs equal to the sum of (a) the Permanent Improvement Costs in excess of the Allowance; plus (b) the amount of “Landlord’s Retention” (defined below); provided, however, that if Tenant has specified a ten percent (10%) retention in all contracts for the Tenant Work and such retention has been withheld from all applicable invoices, Landlord shall pay the full amount of each requested disbursement of the Allowance so long as such disbursement request otherwise complies with the requirements of this Article 6. “
Application and Disbursement of the Allowance. 6.1. Tenant shall prepare a budget for all Tenant Work, including the Permanent Improvement Costs and all other costs of the Tenant Work (“Budget”), which Budget shall be subject to the reasonable approval of Landlord. Such Budget shall be supported by a guaranteed maximum price construction contract and such other documentation as Landlord may require to evidence the total costs. To the extent the Budget exceeds the available Allowance (“Excess Cost”), Tenant shall be solely responsible for payment of such Excess Cost. Tenant shall be obligated to disburse funds relating to the Excess Cost after Landlord has disbursed, in payment of Permanent Improvement Costs, that portion of the Allowance constituting the entire Allowance, less ten percent (10%) of the Allowance (“Landlord’s Retention”). No disbursement of the Allowance shall be made unless Tenant has provided Landlord with (a) bills and invoices covering all labor and material expended and used, (b) an affidavit from Tenant stating that all of such bills and invoices have either been paid in full by Tenant or are due and owing, and all such costs qualify as Permanent Improvement Costs, (c) contractors affidavit covering all labor and materials expended and used, (d) Tenant, contractors and architectural completion affidavits (as applicable), and (e) valid mechanics’ lien releases and waivers pertaining to any completed portion of the Tenant Work which shall be conditional or unconditional, as applicable, all as provided pursuant to Section 6.2 and 6.4 below. Notwithstanding anything herein to the contrary, no completion, performance or similar bond shall be required for the Tenant Work.
