CONSTRUCTION AND COSTS OF TENANT IMPROVEMENTS. Landlord shall cause a general contractor designated by Landlord (the “Contractor”) to (i) obtain all applicable building permits for construction of the Tenant Improvements (collectively, the “Permits”), and (ii) construct the Tenant Improvements as depicted on the Approved Working Drawings, in compliance with such Permits and all applicable laws in effect at the time of construction, and in good workmanlike manner. Landlord shall pay for the costs of the design, permitting and construction of the Tenant Improvements in an amount up to, but not exceeding, Thirty-Two Dollars ($32.00) per rentable square foot of the Premises (i.e., up to One Million Two Hundred Seventy-Nine Thousand One Hundred Thirty-Six Dollars ($1,279,136.00), based on 39,973 rentable square feet of the Premises) (the “Allowance”). The cost of the design, permitting and construction of the Tenant Improvements shall include Landlord’s construction supervision and management fee in an amount equal to the product of (i) three and a half percent (3.5%) and (ii) the amount equal to the sum of the Allowance and the Over-Allowance Amount (as such term is defined below). Tenant shall pay for all costs of the design, permitting and construction of the Tenant Improvements in excess of the Allowance (“Over-Allowance Amount”), which payments shall be made to Landlord in cash in installments within five (5) days after Xxxxxx’s receipt of an invoice thereof from Landlord (which may be made no more often than monthly) as Landlord incurs such expenses in an amount equal to a fraction of such expenses, the numerator of which is the Over-Allowance Amount and the denominator of which is the sum of the Allowance and the Over-Allowance Amount. If Tenant requests any changes, change orders or modifications to the Approved Working Drawings (which Landlord approves pursuant to Section 1 above) which increase the costs of the design, permitting and construction of the Tenant Improvements, Tenant shall pay such increased cost to Landlord within five (5) days after Xxxxxx’s receipt of an invoice thereof from Landlord and shall be payable in the same manner as any Over-Allowance Amount is paid. In no event shall Landlord be obligated to pay for, nor shall the Tenant Improvement Allowance be used to pay for, the costs of any of Tenant’s furniture, computer systems, telephone systems, equipment or other personal property which may be depicted on the Construction Drawings; the costs of such items shall be paid for by Tenant from Tenant’s own funds. Tenant shall not be entitled to receive in cash or as a credit against any rental or otherwise, any portion of the Allowance not used to pay for the costs of the design, permitting and construction of the Tenant Improvements and/or not used by Landlord or on or before the date which is two hundred seventy (270) days after the Lease Commencement Date.
Appears in 1 contract
CONSTRUCTION AND COSTS OF TENANT IMPROVEMENTS. Landlord shall cause a general contractor designated by Landlord (the “Contractor”) to (i) obtain all applicable building permits for construction of the Tenant Improvements (collectively, the “Permits”), and (ii) construct the Tenant Improvements as depicted on the Approved Working Drawings, in compliance with such Permits and all applicable laws in effect at the time of construction, and in good workmanlike manner. Landlord shall cause Contractor to obtain at least three (3) competitive bids from each major subcontractor. Landlord may elect, at its option, to retain Legacy Partners CDS, Inc. as Contractor. Legacy Partners CDS, Inc. is affiliated with Landlord. Landlord shall pay for the costs cost of the design, permitting design and construction of the Tenant Improvements in an amount up to, but not exceeding, Thirty-Two Five Dollars ($32.005.00) per rentable square foot of the Premises (i.e., up to One Million Two Hundred Fifteen Thousand Seven Hundred Seventy-Nine Thousand One Hundred Thirty-Six Five Dollars ($1,279,136.00115,775), based on 39,973 23,155 rentable square feet of the Premises) Premises (the “Allowance”). Provided the Allowance is not used in its entirety in constructing the Tenant Improvements, up to Forty-Six Thousand Three Hundred Ten Dollars ($46,310) (based upon Two Dollars ($2.00) per rentable square foot of the Premises) of the Allowance may be used by Tenant towards furniture, cubicles, telephone and data wiring and signage costs. The cost of the design, permitting design and construction of the Tenant Improvements shall include Landlord’s construction supervision and management fee in an amount equal to the product of (i) three and a half four percent (3.54%) and (ii) the amount equal to the sum of the Allowance and the Over-Allowance Amount (as such term is defined below).) Notwithstanding the foregoing, no such construction supervision and management fee shall be charged by Landlord if and to the extent Legacy Partners CDS, Inc. is retained as the Contractor hereunder. Tenant shall pay for all costs of the design, permitting and construction of the Tenant Improvements in excess of the Allowance (“Over-Allowance Amount”), which payments payment shall be made to Landlord in cash in installments within five ten (510) days after XxxxxxTenant’s receipt of an invoice thereof therefor from Landlord (which may be made no more often than monthly) as and, in any event, prior to the date Landlord incurs such expenses causes the Contractor to commence the actions described in an amount equal to a fraction the first sentence of such expenses, this Section 3. In the numerator of which is event that after Tenant pays the Over-Allowance Amount and the denominator of which is the sum of the Allowance and the Over-Allowance Amount. If Tenant requests any changes, change orders or modifications to the Approved Working Drawings (which Landlord approves pursuant to Section 1 above) which increase the costs of the design, permitting and construction of cost to construct the Tenant Improvements, Tenant shall pay such increased cost to Landlord within five (5) days after Xxxxxximmediately upon Landlord’s receipt request therefor, and, in any event, prior to the date Landlord causes the Contractor to commence construction of an invoice thereof from Landlord and shall be payable in the same manner as any Over-Allowance Amount is paidchanges, change orders or Exhibit B, Page 1 Table of Contents modifications. In no event shall Landlord be obligated to pay for, nor shall the Tenant Improvement Allowance be used to pay for, the costs of for any of Tenant’s furniture, computer systems, telephone systems, equipment or other personal property which may be depicted on the Construction Drawings; the costs of such items shall be paid for by Tenant from Tenant’s own funds. Tenant shall not be entitled to receive in cash or as a credit against any rental or otherwise, any portion of the Allowance not used to pay for the costs cost of the design, permitting design and construction of the Tenant Improvements and/or not used by Landlord or on or before the date which is two hundred seventy (270) days after the Lease Commencement DateImprovements.
Appears in 1 contract
Samples: Lease Agreement
CONSTRUCTION AND COSTS OF TENANT IMPROVEMENTS. Landlord shall cause a general contractor designated by Landlord (the “Contractor”) to (i) obtain all applicable building permits for construction of the Tenant Improvements (collectively, the “Permits”), and (ii) construct the Tenant Improvements as depicted on the Approved Working Drawings, in compliance with such Permits and all applicable laws in effect at the time of construction, and in good workmanlike manner. Landlord shall cause Contractor to obtain at least three (3) competitive bids from each major subcontractor. Landlord may elect, at its option, to retain Legacy Partners CDS, Inc. as Contractor. Legacy Partners CDS, Inc. is affiliated with Landlord. Landlord shall pay for the costs cost of the design, permitting design and construction of the Tenant Improvements in an amount up to, but not exceeding, Thirty-Two Five Dollars ($32.005.00) per rentable square foot of the Premises (i.e., up to One Million Two Hundred Fifteen Thousand Seven Hundred Seventy-Nine Thousand One Hundred Thirty-Six Five Dollars ($1,279,136.00115,775), based on 39,973 23,155 rentable square feet of the Premises) Premises (the “Allowance”). Provided the Allowance is not used in its entirety in constructing the Tenant Improvements, up to Forty-Six Thousand Three Hundred Ten Dollars ($46,310) (based upon Two Dollars ($2.00) per rentable square foot of the Premises) of the Allowance may be used by Tenant towards furniture, cubicles, telephone and data wiring and signage costs. The cost of the design, permitting design and construction of the Tenant Improvements shall include Landlord’s construction supervision and management fee in an amount equal to the product of (i) three and a half four percent (3.54%) and (ii) the amount equal to the sum of the Allowance and the Over-Allowance Amount (as such term is defined below).) Notwithstanding the foregoing, no such construction supervision and management fee shall be charged by Landlord if and to the extent Legacy Partners CDS, Inc. is retained as the Contractor hereunder. Tenant shall pay for all costs of the design, permitting and construction of the Tenant Improvements in excess of the Allowance (“Over-Allowance Amount”), which payments payment shall be made to Landlord in cash in installments within five ten (510) days after XxxxxxTenant’s receipt of an invoice thereof therefor from Landlord (which may be made no more often than monthly) as and, in any event, prior to the date Landlord incurs such expenses causes the Contractor to commence the actions described in an amount equal to a fraction the first sentence of such expenses, this Section 3. In the numerator of which is event that after Tenant pays the Over-Allowance Amount and the denominator of which is the sum of the Allowance and the Over-Allowance Amount. If Tenant requests any changes, change orders or modifications to the Approved Working Drawings (which Landlord approves pursuant to Section 1 above) which increase the costs of the design, permitting and construction of cost to construct the Tenant Improvements, Tenant shall pay such increased cost to Landlord within five (5) days after Xxxxxximmediately upon Landlord’s receipt request therefor, and, in any event, prior to the date Landlord causes the Contractor to commence construction of an invoice thereof from Landlord and shall be payable in the same manner as any Over-Allowance Amount is paidchanges, change orders or Table of Contents modifications. In no event shall Landlord be obligated to pay for, nor shall the Tenant Improvement Allowance be used to pay for, the costs of for any of Tenant’s furniture, computer systems, telephone systems, equipment or other personal property which may be depicted on the Construction Drawings; the costs of such items shall be paid for by Tenant from Tenant’s own funds. Tenant shall not be entitled to receive in cash or as a credit against any rental or otherwise, any portion of the Allowance not used to pay for the costs cost of the design, permitting design and construction of the Tenant Improvements and/or not used by Landlord or on or before the date which is two hundred seventy (270) days after the Lease Commencement DateImprovements.
Appears in 1 contract
CONSTRUCTION AND COSTS OF TENANT IMPROVEMENTS. Landlord shall cause a general contractor designated by Landlord (the “"Contractor”") to (i) obtain all applicable building permits for construction of the Tenant Improvements (collectively, the “"Permits”"), and (ii) construct the Tenant Improvements as depicted on the Approved Working Drawings, in compliance with such Permits and all applicable laws in effect at the time of construction, and in good workmanlike manner. Landlord shall pay for the costs of the design, permitting and construction of the Tenant Improvements in an amount up to, but not exceeding, Thirty-Two Twenty Dollars ($32.0020.00) per rentable square foot of the Premises (i.e., up to One Million Two Hundred Seventy-Nine Six Thousand One Three Hundred Thirty-Six Dollars ($1,279,136.00106,300.00), based on 39,973 5,315 rentable square feet of the Premises) (the “"Allowance”"). The cost of the design, permitting and construction of the Tenant Improvements shall include Landlord’s 's construction supervision and management fee in an amount equal to the product of (i) three and a half four percent (3.54%) and (ii) the amount equal to the sum of the Allowance and the Over-Allowance Amount (as such term is defined below). Tenant shall pay for all costs of the design, permitting and construction of the Tenant Improvements in excess of the Allowance (“Over-Allowance "Over‑Allowance Amount”"), which payments payment shall be made to Landlord in cash in installments within five as follows: (5i) days after Xxxxxx’s receipt fifty percent (50%) of an invoice thereof from Landlord (which may be made no more often than monthly) as Landlord incurs such expenses in an amount equal to a fraction of such expenses, the numerator of which is the Over-Allowance Amount within ten (10) business days after Tenant's receipt of invoice therefor from Landlord and, in any event, prior to the date Landlord causes the Contractor to commence the actions described in the first sentence of this Section 3, and the denominator (ii) fifty percent (50%) within ten (10) business days after Tenant's receipt of which is the sum invoice therefor from Landlord upon fifty percent (50%) completion of the Allowance and Tenant Improvements. If after Tenant pays the Over-Allowance Amount. If Amount Tenant requests any changes, change orders or modifications to the Approved Working Drawings (which Landlord approves pursuant to Section 1 2 above) which increase the costs of the design, permitting and construction of the Tenant Improvements, Tenant shall pay such increased cost to Landlord within five (5) business days after Xxxxxx’s receipt Landlord's request therefor, and, in any event, prior to the date Landlord causes the Contractor to commence construction of an invoice thereof from Landlord and shall be payable in the same manner as any Over-Allowance Amount is paidchanges, change orders or modifications. In no event shall Landlord be obligated to pay for, nor shall the Tenant Improvement Allowance be used to pay for, the costs of any of Tenant’s 's furniture, computer systems, telephone systems, equipment or other personal property which may be depicted on the Construction Drawings; the costs of such items shall be paid for by Tenant from Tenant’s 's own funds. Tenant shall not be entitled to receive in cash or as a credit against any rental or otherwise, any portion of the Allowance not used to pay for the costs of the design, permitting and construction of the Tenant Improvements and/or not used by Landlord or on or before the date which is two hundred seventy (270) days after the Lease Commencement DateImprovements.
Appears in 1 contract
Samples: Lease (Kura Oncology, Inc.)
CONSTRUCTION AND COSTS OF TENANT IMPROVEMENTS. Landlord shall enter into a construction contract for the performance of the Tenant Improvements with the general contractor that it engages to perform the tenant improvements on floors 11-17 of the Building (the "Contractor") on terms substantially consistent with the terms of Landlord's contract with the Contractor for the other tenant improvements, including the same contractor's fee and, subject to market fluctuations, unit pricing; the general conditions shall be billed proportionately based on the work performed by the Contractor on other floors of the Building. Landlord shall use commercially reasonable efforts to obtain at least three (3) bids from each trade (other than mechanical, electrical, plumbing and fire/life safety) and shall select the lowest qualified bidder unless otherwise approved by Tenant. Prior to entering into such contract, Landlord shall deliver to Tenant a copy of the Contractor's bid for the Tenant Improvements, and all work with respect to such contract shall be on an open book basis. Landlord shall cause a general contractor designated by Landlord (the “Contractor”) Contractor to (i) obtain all applicable building permits for construction of the Tenant Improvements (collectively, the “"Permits”"), and (ii) construct the Tenant Improvements as depicted on the Approved Working Drawings, in compliance with such Permits and all applicable laws in effect at the time of construction, and in good workmanlike manner. Landlord shall pay for the costs of the design, permitting and construction of the Tenant Improvements in an amount up to, but not exceeding, ThirtyOne Hundred Seventy-Two Six and 00/100 Dollars ($32.00176.00) per rentable square foot of the Premises (i.e., up to One Eleven Million Nine Hundred Twenty-Three Thousand Two Hundred Seventy-Nine Thousand One Hundred ThirtyNinety-Six and 00/100 Dollars ($1,279,136.0011,923.296.00), based on 39,973 67,746 rentable square feet of the Premises) (the “"Allowance”"). The cost of the design, permitting and construction of the Tenant Improvements shall include Landlord’s 's construction supervision and management fee in an amount equal to the sum of (A) the product of (i) three and a half four percent (3.54%) and (ii) the amount equal to the sum of the Allowance and the Additional Allowance (if applicable) used by Tenant, and (B) the product of (i) three percent (3%) and (ii) the amount equal to the Over-Allowance Amount (as such term is defined below)) in excess of the portion of the Additional Allowance Tenant elects to use. In any event, such construction supervision and management fee shall be deducted by Landlord from the Allowance and, if applicable, the Additional Allowance. Tenant shall pay for all costs of the design, permitting and construction of the Tenant Improvements in excess of the Allowance (“Over-Allowance Amount”"Over‑Allowance Amount‑"), which payments shall be made to Landlord in cash in installments within five thirty (530) days after Xxxxxx’s Tenant's receipt of an invoice thereof from Landlord (which may be made no more often than monthly) as Landlord incurs such expenses in an amount equal to a fraction of such expenses, the numerator of which is the Over-Allowance Amount (less the amount of the Additional Allowance Tenant elects to use) and the denominator of which is the sum of the Allowance and the Over-Allowance Amount. If Tenant requests any changes, change orders or modifications to the Approved Working Drawings (which Landlord approves pursuant to Section 1 above) which increase the costs of the design, permitting and construction of the Tenant Improvements, Tenant shall pay such increased cost to Landlord within five thirty (530) days after Xxxxxx’s receipt Landlord's request therefor, and, in any event, prior to the date Landlord causes the Contractor to commence construction of an invoice thereof from Landlord and shall be payable in the same manner as any Over-Allowance Amount is paidchanges, change orders or modifications. In no event shall Landlord be obligated to pay for, nor shall the Tenant Improvement Allowance be used to pay for, the costs of any of Tenant’s 's furniture, computer systems, telephone systems, equipment or other personal property which may be depicted on the Construction Drawings; the costs of such items shall be paid for by Tenant from Tenant’s 's own funds. Tenant shall not be entitled to receive in cash or as a credit against any rental or otherwise, any portion of the Allowance not used to pay for the costs of the design, permitting and construction of the Tenant Improvements and/or Improvements. Notwithstanding the foregoing, the Over-Allowance Amount shall not include (and Landlord shall be solely responsible for and the Allowance shall not be used for) the following: (a) costs incurred due to the presence of Hazardous Materials in the Premises or the surrounding area; (b) attorneys' fees incurred in connection with negotiation of construction contracts, and attorneys' fees and other costs in connection with disputes with third parties; (c) interest and other costs of financing construction costs; (d) costs incurred as a consequence of delay (other than Tenant Delays), construction defects or default by a contractor; (e) restoration costs as a consequence of casualties; (f) penalties and late charges attributable to Landlord failure to pay construction costs; (g) costs to bring the Project into compliance with applicable laws; (h) overtime and premium time unless approved by Tenant; (i) management, supervision fees or overhead costs incurred by Landlord or on or before except the date which is two hundred seventy fee described above; and (270j) days construction costs in excess of the approved bid from the Contractor, except for increases set forth in approved change orders. 879352.05/SD374622-00001/3-28-19/MLT/bp EXHIBIT B-3- GENESIS SSF - TWO TOWER PLACE[Fluidigm Corporation] Any amount of the Allowance and the Additional Allowance unused by Landlord after the expiration of the first (1st) annual anniversary of the Lease Commencement DateDate shall be retained by Landlord. Notwithstanding anything above to the contrary, in the event there exists an Over-Allowance Amount, Tenant shall have the option, exercisable upon written notice to Landlord prior to the date Tenant is obligated to pay such Over-Allowance Amount, to receive an allowance (the "Additional Allowance") in the amount not to exceed Twenty-Five Dollars ($25.00) per rentable square foot of the Premises, (i.e., up to One Million Six Hundred Ninety-Three Thousand Six Hundred Fifty and 00/100 Dollars ($1,693,650.00) based on 67,746 rentable square feet in the Premises). In the event Tenant exercises such option and as consideration for Landlord providing such Additional Allowance to Tenant, the Base Rent payable by Tenant throughout the entire one hundred twenty-three (123) month initial Lease Term ("Amortization Period") shall be increased by an amount sufficient to fully amortize such Additional Allowance throughout said one hundred twenty-three (123) month period based upon monthly payments of principal and interest, with interest imputed on the outstanding principal balance at the rate of nine percent (9%) per annum (the "Amortization Rent"). By way of illustration, if Tenant utilizes the entire Additional Allowance then the initial Base Rent payable by Tenant under this Lease shall be increased by Twenty-One Thousand One Hundred Thirty-One Dollars and 70/100 ($21,131.70) per month (and such amount shall be subject to the three and one-half percent (3.5%) annual increases set forth in Section 8 of the Summary). In such event, Section 8 of the Summary shall be revised to reflect such increased Base Rent for all time periods under this Lease. Such revised Base Rent schedule shall be memorialized in an amendment to this Lease to be executed by Landlord and Tenant.
Appears in 1 contract
Samples: Lease (Fluidigm Corp)