Common use of Budget For Tenant Improvements Clause in Contracts

Budget For Tenant Improvements. Before the commencement of construction of the Tenant Improvements, Landlord shall obtain a detailed breakdown by trade of the costs incurred or that will be incurred in connection with the design and construction of the Tenant Improvements (the “Budget”). The Budget shall be based upon the TI Construction Drawings approved by Tenant and shall include a payment to Landlord of administrative rent (“Administrative Rent”) equal to 2% of the TI Costs for managing, monitoring, and inspecting the construction of the Tenant Improvements and Changes, which sum shall be payable from the TI Fund (as defined in Section 5(e)). Administrative Rent shall include, without limitation, all out-of-pocket costs, expenses and fees incurred by or on behalf of Landlord arising from, out of, or in connection with monitoring the construction of the Tenant Improvements and Changes, and shall be payable out of the TI Fund. If the Budget is greater than the TI Allowance, the TI Costs shall be funded on a pari passu basis as costs are incurred in accordance with Sections 5(e) and 5(f) below.

Budget For Tenant Improvements. Before the commencement of construction of the Tenant Improvements, Landlord shall obtain a detailed breakdown by trade of the costs incurred or that will be incurred in connection with the design and construction of the Tenant Improvements (the “Budget”). The Budget shall be based upon the TI Construction Drawings approved by Tenant and shall include a payment to Landlord of administrative rent (“Administrative Rent”) equal to 2% of the TI Costs Allowance for managing, monitoring, monitoring and inspecting the construction of the Tenant Improvements and Changes, which sum shall be payable from the TI Fund (as defined in Section 5(e)). Administrative Rent shall include, without limitation, all out-of-pocket costs, expenses and fees incurred by or on behalf of Landlord arising from, out of, or in connection with monitoring the construction of the Tenant Improvements and Changes, and shall be payable out of the TI Fund. If the Budget is greater than the TI Allowance, Tenant shall deposit with Landlord the TI Costs shall be funded on a pari passu basis difference, in cash, prior to the commencement of construction of the Tenant Improvements or Changes, for disbursement by Landlord as costs are incurred described in accordance with Sections Section 5(e) and 5(f) below).

Budget For Tenant Improvements. Before the commencement of construction of the Tenant Improvements, Landlord shall obtain a detailed breakdown breakdown, by trade trade, of the costs incurred or that which will be incurred incurred, in connection with the design and construction of the Tenant Improvements Landlord's Work (the “Budget”"BUDGET"). The Budget shall be based upon the TI Construction Drawings approved by Tenant and shall include a payment to Landlord Landlord, of administrative rent (“Administrative Rent”"ADMINISTRATIVE RENT") equal to 25% of the TI Costs (as hereinafter defined) for managing, monitoring, monitoring and inspecting the construction of the Tenant Improvements and ChangesLandlord's Work, which sum shall be payable from the TI Fund (as defined in Section 5(e))Fund. Such Administrative Rent shall include, without limitation, all out-of-pocket costs, expenses and fees incurred by or on behalf of Landlord arising from, out of, or in connection with with, such monitoring of the construction of the Tenant Improvements and ChangesTenant's Improvements, and shall be payable out of the TI Fund. If the Budget is greater than the TI Allowance, Tenant shall deposit with Landlord the TI Costs shall be funded on a pari passu basis difference, in cash, prior to the commencement of construction of the Tenant Improvements, for disbursement by Landlord as costs are incurred described in accordance with Sections 5(e) and 5(f) belowSection 5.4.

Budget For Tenant Improvements. Before the commencement of construction of the Tenant Improvements, Landlord shall obtain a detailed breakdown by trade of the costs incurred or that will be incurred in connection with the design and construction of the Tenant Improvements (the “Budget”). The Budget shall be based upon the TI Construction Drawings approved by Tenant and shall include a payment to Landlord of administrative rent (“Administrative Rent”) equal to 2% of the TI Costs for managing, monitoring, monitoring and inspecting the construction of the Tenant Improvements and Changes, which sum shall be payable from the TI Fund (as defined in Section 5(e5(d)). Administrative Rent shall include, without limitation, all out-of-pocket costs, expenses and fees incurred by or on behalf of Landlord arising from, out of, or in connection with monitoring the construction of the Tenant Improvements and Changes, and shall be payable out of the TI Fund. If the Budget is greater than the TI Allowance, Tenant shall, deposit with Landlord the TI Costs shall be funded on a pari passu basis difference, in cash, prior to the commencement of construction of the Tenant Improvements or Changes, for disbursement by Landlord as costs are incurred described in accordance with Sections 5(e) and 5(f) belowSection 5(d).

Budget For Tenant Improvements. Before the commencement of construction of the Tenant Improvements, Landlord shall obtain a detailed breakdown by trade of the costs incurred or that will be incurred in connection with the design and construction of the Tenant Improvements (the “Budget”). The Budget shall be based upon the TI Construction Drawings approved by Tenant and shall include a payment to Landlord of administrative rent (“Administrative Rent”) equal to 25% of the TI Costs for managing, monitoring, monitoring and inspecting the construction of the Tenant Improvements and Changes, which sum shall be payable from the TI Fund (as defined in Section 5(e)5(d). Administrative Rent shall include, without limitation, all out-of-pocket costs, expenses and fees incurred by or on behalf of Landlord arising from, out of, or in connection with monitoring the construction of the Tenant Improvements and Changes, and shall be payable out of the TI Fund. If the Budget is greater than the TI Allowance, Tenant shall deposit with Landlord the TI Costs shall be funded on a pari passu basis difference, in cash, prior to the commencement of construction of the Tenant Improvements or Changes, for disbursement by Landlord as costs are incurred described in accordance with Sections 5(e) and 5(f) belowSection 5(d).

Budget For Tenant Improvements. Before the commencement of construction of the Tenant Improvements, Landlord shall obtain a detailed breakdown by trade of the costs incurred or that will be incurred in connection with the design and construction of the Tenant Improvements (the “Budget”). The Budget shall be based upon the TI Construction Drawings approved by Tenant and shall include a payment to Landlord of administrative rent (“Administrative Rent”) equal to 2% $3.00 per rentable square foot of the TI Costs Premises for managing, monitoring, monitoring and inspecting the construction of the Tenant Improvements and Changes, which sum shall be payable from the TI Fund (as defined in Section 5(e)5(d). Administrative Rent shall include, without limitation, all out-of-pocket costs, expenses and fees incurred by or on behalf of Landlord arising from, out of, or in connection with monitoring the construction of the Tenant Improvements and Changes, and shall be payable out of the TI Fund. If the Budget is greater than the TI Allowance, Tenant shall deposit with Landlord the TI Costs shall be funded on a pari passu basis difference, in cash, prior to the commencement of construction of the Tenant Improvements or Changes, for disbursement by Landlord as costs are incurred described in accordance with Sections 5(e) and 5(f) belowSection 5(d).

Budget For Tenant Improvements. Before the commencement of construction of the Tenant Improvements, Landlord shall obtain a detailed breakdown by trade of the costs incurred or that will be incurred in connection with the design and construction of the Tenant Improvements in form and substance agreed upon by the parties (the “Budget”). The Budget shall be based upon the TI Construction Drawings approved by Tenant and shall include a payment to Landlord of administrative rent (“Administrative Rent”) equal to 21% of the TI Costs for managing, monitoring, monitoring and inspecting the construction of the Tenant Improvements and Changes, which sum shall be payable from the TI Fund (as defined in Section 5(e)5(d). Administrative Rent shall include, without limitation, all out-of-pocket costs, expenses and fees incurred by or on behalf of Landlord arising from, out of, or in connection with monitoring the construction of the Tenant Improvements and Changes, and shall be payable out of the TI Fund. If the Budget is greater than the TI Allowance, Tenant shall deposit with Landlord the TI Costs shall be funded on a pari passu basis difference, in cash, prior to the commencement of construction of the Tenant Improvements or Changes, for disbursement by Landlord as costs are incurred described in accordance with Sections 5(e) and 5(f) belowSection 5(d).