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 Landlord and Tenant and shall include a payment to Landlord of administrative rent ("Administrative Rent") equal to 3% of the total hard and soft costs of the Tenant Improvements and Changes for 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(d)). In addition, Administrative Rent also shall include, without limitation, all reasonable and actual 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 difference, in cash, prior to the commencement of construction of the Tenant Improvements or Changes, for disbursement by Landlord as described in Section 5(d). Any and all costs to inspect, monitor, supervise, remediate, contain or encapsulate any Hazardous Materials as part of Landlord’s Work shall be paid at Landlord’s sole cost and expense.

Budget For Tenant Improvements. Before the commencement of construction of the Tenant Improvements, Landlord Tenant shall obtain a detailed breakdown breakdown, by trade trade, of the costs incurred or that will be incurred incurred, in connection with the design and construction of the The Tenant Improvements (the "“Budget"”), and deliver a copy of the Budget to Landlord for Landlord’s approval, which shall not be unreasonably withheld or delayed. The Budget shall be based upon the TI Construction Drawings approved by Landlord and Tenant and shall include a payment to Landlord of administrative rent ("“Administrative Rent"”) equal to 32% of the total hard and soft costs of the Tenant Improvements and Changes TI Costs (as hereinafter defined) for monitoring and inspecting the construction of the Tenant Improvements and ChangesImprovements, which sum shall be payable from the TI Fund (as defined in Section 5(d))Fund. In addition, Such Administrative Rent also shall include, without limitation, all reasonable and actual 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 ChangesImprovements, and shall be payable out of the TI Fund. If the Budget is greater than the TI Allowance, Tenant shall deposit with Landlord the difference, in cash, prior to the commencement of construction of the Tenant Improvements or ChangesImprovements, for disbursement by Landlord as described in Section 5(d). Any and all costs to inspect, monitor, supervise, remediate, contain or encapsulate any Hazardous Materials as part of Landlord’s Work shall be paid at Landlord’s sole cost and expense.

Budget For Tenant Improvements. Before the commencement of construction of the Tenant Improvements, Landlord and Tenant shall obtain a mutually approve the 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 bids submitted based upon the TI Construction Preliminary Drawings approved by Landlord and Tenant and shall include a payment to Landlord of administrative rent ("“Administrative Rent"”) equal to 3% of the total hard and soft costs TI Costs (exclusive of the Tenant Improvements and Changes cost of the Funded Equipment) for 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(d)). In addition, Administrative Rent also shall include, without limitation, be inclusive of all reasonable and actual 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 difference, in cash, prior to the commencement of construction of the Tenant Improvements or Changes(and prior to any subsequent Change that increases the cost of the Tenant Improvements), for disbursement by Landlord as described in Section 5(d). Any and all costs to inspect, monitor, supervise, remediate, contain or encapsulate any Hazardous Materials as part of Landlord’s Work shall be paid at Landlord’s sole cost and expense.

Budget For Tenant Improvements. Before the commencement of construction of the Tenant Improvements, Landlord Tenant shall obtain a detailed breakdown breakdown, by trade trade, of the costs incurred or that will be incurred incurred, in connection with the design and construction of the Tenant Improvements (the "“Budget"”). , and deliver a copy of the Budget to Landlord for Landlord’s approval, which shall not be unreasonably withheld or delayed, The Budget shall be based upon the TI Construction Drawings approved by Landlord and Tenant and shall include a payment to Landlord of administrative rent ("“Administrative Rent"”) equal to 32% of the total hard and soft costs of the Tenant Improvements and Changes TI Costs (as hereinafter defined) for monitoring and inspecting the construction of the Tenant Improvements and ChangesImprovements, which sum shall be payable from the TI Fund (as defined in Section 5(d))Fund. In addition, Such Administrative Rent also shall includeInclude, without limitation, all reasonable and actual 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 Changesimprovements, and shall be payable out of the TI Fund. If the Budget is greater than the TI Allowance, Tenant shall deposit with Landlord the difference, in cash, prior to the commencement of construction of the Tenant Improvements or ChangesImprovements, for disbursement by Landlord as described in Section 5(d). Any and all costs to inspect, monitor, supervise, remediate, contain or encapsulate any Hazardous Materials as part of Landlord’s Work shall be paid at Landlord’s sole cost and expense.