Construction Contract; Cost Budget. Tenant shall submit the construction contract (the "Contract") to Landlord for its approval, which approval shall not be unreasonably withheld or delayed. Prior to the commencement of the construction of the Tenant Improvements, and after Tenant has accepted all bids for the Tenant Improvements, Tenant shall provide Landlord with a detailed breakdown, by trade, of the final costs to be incurred or which have been incurred, as set forth more particularly in Sections 2.2.1.1 through 2.2.1.8 of this Tenant Work Letter, above, in connection with the design and construction of the Tenant Improvements to be performed by or at the direction of Tenant or the Contractor, which costs form a basis for the amount of the Contract (the "Final Costs"). Prior to the commencement of construction of the Tenant Improvements, Tenant shall supply Landlord with cash in an amount (the "Over-Allowance Amount") equal to the difference between the amount of the Final Costs and the amount of the Tenant Improvement Allowance (less any portion thereof already disbursed by Landlord, or in the process of being disbursed by Landlord, on or before the commencement of construction of the Tenant Improvements). The Over-Allowance Amount shall be disbursed by Landlord prior to the disbursement of any of the then remaining portion of the Tenant Improvement Allowance, and such disbursement shall be pursuant to the same procedure as the Tenant Improvement Allowance. In the event that, after the Final Costs have been delivered by
Appears in 1 contract
Samples: Lease (E Greetings Network)
Construction Contract; Cost Budget. Tenant shall submit Prior to Tenant's execution of the construction contract and general conditions with Contractor (the "Contract"), Tenant shall submit the Contract (including Contractor's proposal and all exhibits and back-up documentation associated with such Contract) to Landlord for its approval, which approval shall not be unreasonably withheld withheld, conditioned or delayed. Prior to the commencement of the construction of the Tenant Improvements, and after Tenant has accepted all bids for the Tenant Improvements, Tenant shall provide Landlord with a detailed breakdown, by trade, of the final anticipated costs to be incurred or which have been incurred, as set forth more particularly in Sections 2.2.1.1 through 2.2.1.8 of this Tenant Work Letter2.2.1.9, above, in connection with the design and construction of the such Tenant Improvements to be performed by or at the direction of Tenant or the Contractor, which costs form a basis for the amount of the Contract Contractor (the "Final Anticipated Costs"). Prior to the commencement of construction of the such Tenant Improvements, Tenant shall supply Landlord with cash in an identify the amount (the "Over-Allowance Amount") equal to the difference between the amount of the Final Anticipated Costs and the amount of the Tenant Improvement Allowance (less any portion thereof already disbursed by Landlord, or in the process of being disbursed by Landlord, on or before the commencement of construction of the Tenant Improvements). The In the event that the Anticipated Costs are greater than the amount of the Tenant Improvement Allowance (the "Anticipated Over-Allowance Amount"), then, Tenant shall pay a percentage EXHIBIT B -4- of each amount requested by the Contractor or otherwise to be disbursed under this Tenant Work Letter, which percentage (the "Percentage") shall be equal to the Anticipated Over-Allowance Amount shall be disbursed divided by Landlord the amount of the Anticipated Costs (after deducting from the Anticipated Costs any amounts expended in connection with the preparation of the Construction Drawings, and the cost of all other Tenant Improvement Allowance Items incurred prior to the disbursement commencement of any of the then remaining portion construction of the Tenant Improvement AllowanceImprovements), and such disbursement payments by Tenant (the "Over- Allowance Payments") shall be pursuant a condition to the same procedure as Landlord's obligation to pay any amounts from the Tenant Improvement AllowanceAllowance (the "Tenant Improvement Allowance Payments"). After Tenant's initial determination of the Anticipated Costs, Tenant shall advise Landlord from time to time as such Anticipated Costs are further refined or determined or the costs relating to the design and construction of the Tenant Improvements otherwise change and the Anticipated Over-Allowance Amount, and the Over-Allowance Payments shall be adjusted such that the Tenant Improvement Allowance Payments by Landlord and the Over-Allowance Payments by Tenant shall accurately reflect the then-current amount of Anticipated Costs. In connection with any Over-Allowance Payments made by Tenant pursuant to this Section 4.2.1, Tenant shall provide Landlord with the event thatdocuments described in Sections 2.2.2.1 (i), after (ii), and (iii) of this Tenant Work Letter, above, for Landlord's approval, prior to Tenant paying such costs. Notwithstanding anything set forth in this Tenant Work Letter to the Final Costs have been contrary, but subject to the last sentence of Section 3.4 above, construction of the Tenant Improvements shall not commence until (a) Landlord has approved the Contract, and (b) Tenant has procured and delivered byto Landlord a copy of all Permits for the applicable Tenant Improvements.
Appears in 1 contract
Samples: Office Lease (8x8 Inc /De/)
Construction Contract; Cost Budget. Tenant shall submit engage the Contractor under a commercially reasonable and customary construction contract contract, reasonably approved by Landlord (collectively, the "“Contract") to Landlord for its approval, which approval shall not be unreasonably withheld or delayed”). Prior to the commencement of the construction of the Tenant ImprovementsImprovements (or a phase thereof, as the case may be), and after Tenant has accepted all bids for the Tenant ImprovementsImprovements (or a phase thereof, as the case may be), Tenant shall provide Landlord with a detailed breakdown, by trade, of the final good faith estimated costs to be incurred or which have been incurred, as set forth more particularly in Sections 2.2.1.1 through 2.2.1.8 of this Tenant Work Letter2.2.1.10, above, in connection with the design and construction of the applicable phase of the Tenant Improvements to be performed by or at the direction of Tenant or the Contractor, which costs form a basis for the amount estimated total costs of the Contract (work of the "Final Costs"). Prior to the commencement of construction applicable phase of the Tenant Improvements, Tenant shall supply Landlord with cash in an amount Improvement project (the "Over-Allowance Amount") equal to the “Estimated Budget”). The difference between the amount of the Final Costs Estimated Budget and the amount of the Tenant Improvement Allowance (less any portion thereof already disbursed by Landlord, or in the process of being disbursed by Landlord, on or before the commencement of construction of the Tenant Improvements)) is referred to herein as the “Over-Allowance Amount”. The In the event that an Over-Allowance Amount exists in connection with any particular construction project involving the construction of the Improvements, then Tenant shall pay a percentage of each amount requested by Contractor or otherwise disbursed under this Work Letter, which percentage shall be disbursed equal to the Over-Allowance Amount divided by Landlord the amount of the Estimated Budget (after deducting from the Estimated Budget any amounts expended in connection with the preparation of the Construction Drawings, and the cost of other Tenant Improvement Allowance Items incurred prior to the disbursement commencement of any of the then remaining portion construction of the Tenant Improvement Allowance, Improvements) and such disbursement payments by Tenant (the “Over-Allowance Payments”) shall be pursuant a condition to the same procedure as Landlord’s obligation to pay any amounts from the Tenant Improvement Allowance. In the event that, after the Final Costs have Estimated Budget has been delivered byby Tenant to Landlord, the costs relating to the design and construction of the Tenant Improvements shall change, any additional costs necessary to such design and construction in excess of the Estimated Budget, shall be in accordance with the terms of the immediately preceding sentence and the amounts to be disbursed by Landlord pursuant to the terms of this Work Letter thereafter shall be accordingly adjusted so that Landlord’s disbursements in the aggregate pursuant to the terms of this Work Letter and Tenant’s Over-Allowance Payments are each proportionate to the adjusted Estimated Budget. All Tenant Improvements paid for by the Over-Allowance Amount shall be deemed Landlord’s property under the terms of the Lease.
Appears in 1 contract
Construction Contract; Cost Budget. Tenant shall submit Prior to Xxxxxx's execution of the construction contract and general conditions with Contractor (the "Contract") ), Tenant shall submit the Contract to Landlord for its approval, which approval shall not be unreasonably withheld or delayed. Prior to the commencement of the construction of the Tenant Improvements, and after Tenant Xxxxxx has accepted all bids for the Tenant Improvements, Tenant shall provide Landlord with a detailed breakdown, by trade, of the final costs to be incurred or which have been incurred, as set forth more particularly in Sections 2.2.1.1 through 2.2.1.8 of this Tenant Work Letter, above, in connection with the design and construction of the Tenant Improvements to be performed by or at the direction of Tenant or the Contractor, which costs form a basis for the amount of the Contract (the "Final Costs"). Prior to the commencement of construction of the Tenant Improvements, Tenant shall supply Landlord with cash in an amount (the "Over-Allowance Amount") equal to the difference between the amount of the Final Costs and exceed the amount sum of (i) the Tenant Improvement Allowance, plus (ii) any Additional Allowance (less any portion thereof already disbursed elected to be received by Landlord, or in the process of being disbursed by Landlord, on or before the commencement of construction of the Tenant Improvementspursuant to Section 2.1.2 above). The Over-Allowance Amount shall be disbursed by Landlord prior to the disbursement of any of the then remaining portion of the Tenant Improvement AllowanceAllowances, and such disbursement shall be pursuant to the same procedure as the Tenant Improvement AllowanceAllowances. In the event that, after the Final Costs have been delivered byby Tenant to Landlord, the costs relating to the design and construction of the Tenant Improvements shall change, any additional costs necessary to such design and construction in excess of the Final Costs, shall be paid by Tenant to Landlord immediately as an addition to the Over- Allowance Amount or at Landlord's option, Tenant shall make payments for such additional costs out of its own funds, but Tenant shall continue to provide Landlord with the documents described in Sections 2.2.2.1 (i), (ii), (iii) and (iv) of this Tenant Work Letter, above, for Landlord's approval, prior to Tenant paying such costs.
Appears in 1 contract
Samples: Multi (Aehr Test Systems)