Construction Credit Sample Clauses

Construction Credit. The cost of all work (the "Work") necessary to build out all of the 4th Floor Premises (including, but not limited to, all labor, material, permits and working drawings, design costs and Reimbursables) shall, subject to the credit granted herein, be the responsibility of Tenant. The Landlord does hereby grant to the Tenant a credit (the "Construction Credit") equal to Eight Hundred Forty-Two Thousand Seven Hundred Twenty-Five and 56/100 ($842,725.56) Dollars. The Construction Credit shall be paid in installments by Landlord to the Tenant as the Work progresses within thirty (30) days of Tenant's request indicating the dollar amount of the draw Tenant desires; provided that the Tenant, together with such request, presents to Landlord, reasonable documentation evidencing (i) the amounts of payments previously made by Tenant, in relation to the Work, to the general contractor and any subcontractors and materialmen, including, but not limited to, general contractor's statement and partial and final lien waivers, as the case may be, covering all Work (including design costs and Reimbursables) for which Tenant is requesting payment; and (ii) the percentage of the Work completed. Tenant shall be responsible for obtaining and submitting to Landlord all documentation reasonably required by the Landlord in relation to Construction Credit draw requests made by Tenant. Construction Credit draw amounts shall never exceed, in the aggregate, the lesser of: (i) the remaining unpaid amount of the Construction Credit, minus any then unpaid Reimbursables, or (ii) that amount equal to the cost of all Work completed in accordance with the Tenant's Plans and paid for by Tenant, as evidenced by the documentation furnished with such request (including lien waivers). Any unused portion of the Construction Credit shall be credited by the Landlord against Monthly Base Rent next due under the Lease, until exhausted. Notwithstanding anything to the contrary expressed in, or implied by this Fifth Amendment to Agreement of Lease, Tenant, at its sole election, may choose not to build out the 4th Floor Premises for and as office space but instead, may choose to utilize the 4th Floor Premises as office storage space and consequently, the work may consist only of labor, materials, permits, and working drawings necessary to prepare and equip the 4th Floor Premises for such use. Any such change in the Work and/or Tenant's use of the 4th Floor Premises shall in no way affect (i) Tenant's right...