Cost of Tenant Improvements. Unless specified otherwise herein, Landlord shall bear and pay the cost of the Tenant Improvements (which cost shall include, without limitation, the costs of construction, the cost of permits and permit expediting, the costs of code compliance work, if such work is required as a result of, or is a condition imposed by appropriate governmental authorities for, construction of the Tenant Improvements, and all architectural and engineering services obtained by Landlord in connection with the Tenant Improvements, the Contractor's fees, Landlord's fee for construction administration in an amount which shall not exceed three percent (3%) of hard costs, utilities, and Landlord's Insurance Costs (including, without limitation, course of construction insurance), from the date of this Work Letter until the Lease Commencement Date up to a maximum of $450,000.00 (the "Tenant Improvement Allowance"). The Tenant Improvement Allowance shall be utilized only for building improvements to the Building, and not for signage, furniture costs, any third party consulting or contracting fees, any telecom/cabling costs, or any other purpose. Tenant shall bear and pay the cost of the Tenant Improvements (including but not limited to all of the foregoing fees and costs) in excess of the Tenant Improvement Allowance, if any. The cost of the Tenant Improvements shall exclude the cost of furniture, fixtures and inventory and other items of Tenant's Work (as defined below). Tenant shall have the right to elect to increase the Tenant Improvement Allowance by up to an additional $450,000.00 (the "Additional Allowance"), subject to the following terms and conditions: (i) Tenant shall make such election, if at all, no later than August 15, 1998; (ii) such amount shall be paid to Landlord in equal monthly installments over the seven (7) year Lease Term with interest at 10%, as additional Base Monthly Rent in the manner specified by Article 3 of the Lease; and (iii) the Additional Allowance shall otherwise constitute a part of the Tenant Improvement Allowance and shall be subject to the restrictions and conditions on such Tenant Improvement Allowance provided in this Work Letter. Notwithstanding anything to the contrary contained herein or in the Lease, Landlord shall be responsible at its sole cost and expense for the incremental costs incurred by either Landlord or Tenant for asbestos removal within the interior of the Leased Premises required solely as a result of the construction of the Tenant Improvements. 5.
Appears in 2 contracts
Samples: Lease Agreement (Vantive Corp), Lease Agreement (Vantive Corp)
Cost of Tenant Improvements. Unless specified otherwise herein, Landlord shall bear and pay the cost of the Tenant Improvements (which cost shall include, without limitation, the costs of construction, the cost of permits and permit expediting, the costs of code compliance work, if such work is required as a result of, or is a condition imposed by appropriate governmental authorities for, construction of the Tenant Improvements, and all architectural and engineering services obtained by Landlord in connection with the Tenant Improvements, the Contractor's fees, Landlord's fee for construction administration in an amount which shall not exceed three percent equal to the amount charged by any construction manager retained by Landlord (3%the "Construction Manager") of hard costs, utilities, and Landlord's Insurance Costs (including, without limitation, course of construction insurance), from the date of this Work Letter until the Lease Commencement Date up to a maximum of $450,000.00 6,121,750 (the "Tenant Improvement Allowance"). The Tenant Improvement Allowance shall be utilized only for building improvements to the BuildingBuilding (and Tenant's architect fees), and not for signage, furniture costs, any third party consulting or contracting fees, any telecom/cabling costs, or any other purpose. Tenant shall bear and pay the cost of the Tenant Improvements (including but not limited to all of the foregoing fees and costs) in excess of the Tenant Improvement Allowance, if any. The cost of the Tenant Improvements shall exclude the cost of furniture, fixtures and inventory and other items of Tenant's Work (as defined below). Tenant shall have Notwithstanding the right to elect to increase foregoing, the Tenant Improvement Allowance by up to an additional $450,000.00 shall not be used for (and Tenant shall have no responsibility for) the "Additional Allowance"), subject following costs except to the following terms and conditions: (i) Tenant shall make such election, if at all, no later than August 15, 1998; (ii) such amount shall be paid to Landlord in equal monthly installments over the seven (7) year Lease Term with interest at 10%, as additional Base Monthly Rent in the manner specified by Article 3 extent any of the Lease; and (iii) foregoing are caused by Tenant, are due to Tenant Delays or result from the Additional Allowance shall otherwise constitute a part failure of Tenant to comply with the terms of the Tenant Improvement Allowance and shall be subject to the restrictions and conditions on such Tenant Improvement Allowance provided in Lease or this Work Letter. Notwithstanding anything :
(1) Property Maintenance Costs prior to the contrary contained herein or in Delivery Date; (2) charges for overtime, except to the Lease, Landlord shall be responsible at its sole cost and expense for the incremental extent approved by Tenant; (3) costs to correct construction defects; (4) costs incurred to enforce contracts or cure contractor or subcontractor defaults (including legal fees); or (5) principal or interest on construction loan obtained by either Landlord or Tenant for asbestos removal within the interior of the Leased Premises required solely as a result of the construction of the Tenant Improvements. 5.
Appears in 2 contracts
Samples: Lease Agreement (Juniper Networks Inc), Lease (Juniper Networks Inc)
Cost of Tenant Improvements. Unless specified otherwise hereinSubject to the terms and conditions hereof, Landlord shall bear contribute up to $1,245,365.00 (i.e., $55.00 per rentable square foot of the New Space) toward the costs and expenses for the design and construction of the Tenant Improvements in accordance with the Final Plans (including, Tenant’s Signage, Landlord’s Supervision Fee (as defined below) and code compliance costs, architecture and engineering plans and fees, plan check and permit fees, project management and telecommunications and computer cabling) (the “New Allowance”). Notwithstanding anything contained herein, in addition to the New Allowance, Landlord shall pay the cost of the Space Plan directly to the vendor. Any costs and expenses for the Tenant Improvements in excess of the New Allowance shall be paid by Tenant within thirty (30) days after Landlord written demand for same, together with appropriate back-up. Tenant’s failure to pay for the cost of the Tenant Improvements (which cost in excess of the New Allowance within such 30-day period shall include, without limitation, be a Default by Tenant under the Lease. If the actual costs of constructionthe Tenant Improvements are less than the New Allowance, then Landlord shall retain such savings and Tenant shall have no claim to or interest in same, together with appropriate back-up. Landlord reserves the cost of permits and permit expediting, the costs of code compliance work, if such work is required as right to charge Tenant a result of, or is a condition imposed by appropriate governmental authorities for, construction management fee in connection with Landlord’s performance of the Tenant Improvements, which fee shall be capped at $15,000.00 (and all architectural and engineering services obtained by Landlord in connection with the Tenant Improvements, the Contractor's fees, Landlord's which fee for construction administration in an amount which shall not exceed three percent (3%) of hard costs, utilities, and Landlord's Insurance Costs (including, without limitation, course of construction insurance), may be paid from the date of this Work Letter until the Lease Commencement Date up to a maximum of $450,000.00 New Allowance) (the "Tenant Improvement Allowance"“Landlord’s Supervision Fee”). The Tenant Improvement Allowance shall be utilized only for building improvements to the Building, and not for signage, furniture costs, any third party consulting or contracting fees, any telecom/cabling costsLandlord, or any other purpose. its agents, shall furnish Tenant shall bear and pay with written estimates of the cost of the Tenant Improvements in the Final Plans (including but not limited the “Tenant Improvements Budget”). If Tenant shall fail to approve in writing the Tenant Improvements Budget within seven (7) business days after receipt thereof, the Tenant Improvements Budget shall be deemed approved in all of respects by Tenant; provided, however, with respect to the foregoing fees and costs) in excess first submittal of the Tenant Improvement AllowanceImprovements Budget, if anyTenant shall have an additional five (5) business days (on top of the seven (7) business days) to value engineer the Tenant Improvements to reduce the budget. The Upon the approval (or deemed approval as provided above) of the Tenant Improvements Budget, neither party shall change or modify same without the other party’s prior written approval, not to be unreasonably withheld, conditioned or delayed. If Tenant fails to respond to any requested modification or change of same within seven (7) business days after Landlord’s written notice of same, then such modification or change to the Tenant Improvements Budget shall be deemed approved. If, however, Tenant approves the Tenant Improvements Budget as furnished by Landlord or as otherwise modified and approved by the parties within such 7-business day period (or it is deemed approved as provided above), Tenant shall pay Landlord within thirty (30) days of said Tenant’s approval (or deemed approval, as applicable), the cost of the Tenant Improvements shall exclude that exceed the cost of furniture, fixtures and inventory and other items of Tenant's Work (as defined below). Tenant shall have the right to elect to increase the Tenant Improvement Allowance by up to an additional $450,000.00 (the "Additional New Allowance"), subject to the following terms and conditions: (i) Tenant shall make such election, if at all, no later than August 15, 1998; (ii) such amount shall be paid to Landlord in equal monthly installments over the seven (7) year Lease Term with interest at 10%, as additional Base Monthly Rent in the manner specified by Article 3 of the Lease; and (iii) the Additional Allowance shall otherwise constitute a part of the Tenant Improvement Allowance and shall be subject to the restrictions and conditions on such Tenant Improvement Allowance provided in this Work Letter. Notwithstanding anything to the contrary contained herein or in the Lease, Landlord shall be responsible at its sole cost and expense for the incremental costs incurred by either Landlord or Tenant for asbestos removal within the interior of the Leased Premises required solely as a result of the construction of the Tenant Improvements. 5.
Appears in 1 contract
Samples: Office Lease Agreement (Arcutis Biotherapeutics, Inc.)
Cost of Tenant Improvements. Unless specified otherwise herein, A. Landlord shall bear and pay the cost of the Tenant Improvements (which cost shall include, without limitation, the costs of construction, the cost of permits and permit expediting, the costs of code compliance work, if such work is required as a result ofcomplete, or is a condition imposed by appropriate governmental authorities forcause to be completed, construction of the Tenant Improvements, at the construction cost shown in the Final Cost Estimate (subject to increases for Landlord approved Changes and all architectural as otherwise provided in this Work Letter), in accordance with final Working Drawings and engineering services obtained Specifications approved by both Landlord in connection with and Tenant.
B. Landlord shall pay up to $95,000.00, based on $5.00 per usable square foot of the Tenant Improvements, the Contractor's fees, Premises ("Landlord's fee for construction administration in an amount which shall not exceed three percent (3%) of hard costs, utilities, and Landlord's Insurance Costs (including, without limitation, course of construction insuranceMaximum Contribution"), from the date of this Work Letter until the Lease Commencement Date up to a maximum of $450,000.00 (the "Tenant Improvement Allowance"). The Tenant Improvement Allowance shall be utilized only for building improvements to the Building, and not for signage, furniture costs, any third party consulting or contracting fees, any telecom/cabling costs, or any other purpose. Tenant shall bear and pay the cost of the Tenant Improvements (including but not limited to all of the foregoing fees and costs) in excess of the Tenant Improvement Allowance, if any. The cost of the Tenant Improvements shall exclude the cost of furniture, fixtures and inventory and other items of Tenant's Work final “Completion Cost” (as defined below). Tenant shall have acknowledges that the right to elect to increase Landlord's Maximum Contribution is intended only as the maximum amount Landlord will pay toward approved Tenant Improvement Allowance Improvements, and not by up to an additional $450,000.00 (the "Additional Allowance")way of limitation, any partitions, modular office stations, fixtures, cabling, furniture and equipment requested by Tenant are in no event subject to payment as part of Landlord’s Contribution. In the following terms and conditions: (i) Tenant shall make such election, if at all, no later than August 15, 1998; (ii) such amount shall be paid to Landlord in equal monthly installments over event the seven (7) year Lease Term with interest at 10%, as additional Base Monthly Rent in the manner specified by Article 3 of the Lease; and (iii) the Additional Allowance shall otherwise constitute a part Completion Cost of the Tenant Improvement Allowance Work is less than the Landlord’s Maximum Contribution, Landlord’s actual contribution toward the Completion Cost ("Landlord's Contribution") shall equal such lesser amount, and Tenant shall have no right to receive any credit, refund or allowance of any kind for any unused portion of the Landlord's Maximum Contribution nor shall Tenant be allowed to make revisions to an approved Preliminary Plan, Working Drawings and Specifications or request a Change in an effort to apply any unused portion of Landlord's Maximum Contribution. It is further understood and agreed that the Tenant Improvements shall be subject substantially completed not later than 90 days following the Commencement Date to be eligible for funding by Landlord, and that Landlord shall not be obligated to fund any portion of the restrictions Landlord’s Contribution towards the Tenant Improvements commenced after such date.
C. Tenant shall pay any costs due to inaccurate or incomplete Programming Information and conditions on such the amount, if any, by which aggregate Completion Cost for the Tenant Improvement Allowance provided in this Work Letterexceeds the Landlord’s Maximum Contribution. Notwithstanding anything The amounts to the contrary contained herein or in the Lease, Landlord shall be responsible at its sole cost and expense paid by Tenant for the incremental costs incurred by either Landlord or Tenant for asbestos removal within Improvements pursuant to this Section II.C. are sometimes cumulatively referred to herein as the interior of the Leased Premises required solely as a result of the construction of the Tenant Improvements. 5“Tenant’s Contribution”.
Appears in 1 contract
Cost of Tenant Improvements. Unless specified otherwise herein, (a) Landlord shall bear contribute $30.00 per rentable square foot in the Premises and pay First Expansion Space toward the cost of construction and installation of the Tenant Improvements (the "Tenant Improvements Allowance"). The Tenant Improvements Allowance may be used for all design (including reimbursements to Tenant for advancing the costs of same) construction costs and governmental fees. The balance, if any, of the cost of the Tenant Improvements as constructed (which cost "Additional Cost"), including but not limited to Landlord's Markups, shall include, without limitation, the costs of construction, be paid by Tenant in accordance with this Section 2.5(a). If the cost of permits and permit expediting, the costs of code compliance work, if such work is required as a result of, or is a condition imposed by appropriate governmental authorities fordesign, construction and installation of the Tenant Improvements, including any Tenant approved Changes, exceeds $30.00 per rentable square foot, Landlord may deliver to Tenant, not more than once each calendar month during the construction schedule, a written request for payment ("Progress Invoice") of Tenant's prorata share of the Additional Cost to date. Each such Progress Invoice shall include and all architectural and engineering services obtained be accompanied by Landlord in connection with (i) the Tenant Improvements, the Contractor's fees, Landlord's fee for construction administration in an certified statements setting forth the amount which requested and the percentage of completion of each item of Additional Cost and (ii) copies of conditional and unconditional lien releases from all subcontractors and vendors as of the immediately prior Progress Invoice. Each Progress Invoice shall not exceed three include retention of ten percent (310%) of hard costs, utilities, and Landlord's Insurance Costs (including, without limitation, course of construction insurance), from the date of this Work Letter amount until the Lease Commencement Date up to a maximum of $450,000.00 (the "Tenant Improvement Allowance"). The Tenant Improvement Allowance shall be utilized only for building improvements to the Building, and not for signage, furniture costs, any third party consulting or contracting fees, any telecom/cabling costs, or any other purposeSubstantial Completion. Tenant shall bear and pay the cost of the Tenant Improvements (including but not limited to all of the foregoing fees and costs) in excess of the Tenant Improvement Allowanceamount due, if any. The cost , pursuant to the Progress Invoice to Landlord, within fifteen (15) days after Tenant's receipt of the above items. All costs for Tenant Improvements shall exclude the cost of furniture, fixtures be fully documented to and inventory and other items of verified by Tenant's Work (as defined below). Tenant shall have the right to elect to increase review and approve the Progress Invoice. If the actual cost of the Tenant Improvement Improvements as constructed is less than the Tenant Improvements Allowance by up to an additional $450,000.00 (the "Additional AllowanceSavings"), subject Landlord shall apply the Savings to Base Rent installments in regular order of maturity.
(b) Landlord shall receive a fee of ten and one-half percent (10.5%) of the following terms cost of constructing the Tenant Improvements (i.e. the sum of all selected subcontractors and any self-performed work by Landlord's Contractor) and Changes for general conditions, exclusive of sales or excise taxes ("Landlords Markups"). Landlord's Markups shall be a charge against the Tenant Improvements Allowance. Landlord's Markups shall cover all of the following: (i) project executive, general superintendent, home office expenses, general overhead, office supplies, accounting services, computer charges, telephone expenses, fax office/job site, data processing, secretarial services, mail, express mail, insurance, city licenses, project manager, estimator, project engineer, scheduling, reconstruction services, superintendent, general labor, daily clean up and final clean up, protection of work, petty cash, safety enforcement and safety signage, small tools, first xxx facilities, general field coordination, project field office, tenant vendor coordination, blue printing, job trailer, temporary structures and any other direct or indirect expenses of construction. Except as provided herein, Landlord or Contractor shall not receive any other fee or payment from Tenant in connection with the Landlord's services. Tenant shall make such election, if at all, no later than August 15, 1998; (ii) such amount shall not be paid to Landlord in equal monthly installments over the seven (7) year Lease Term with interest at 10%, as additional Base Monthly Rent in the manner specified by Article 3 of the Lease; and (iii) the Additional Allowance shall otherwise constitute a part of the Tenant Improvement Allowance and shall be subject to the restrictions and conditions on such Tenant Improvement Allowance provided in this Work Letter. Notwithstanding anything to the contrary contained herein or in the Lease, Landlord shall be responsible at its sole cost and expense charged for the incremental costs incurred by either Landlord use of utilities, hoists, parking, security or Tenant for asbestos removal within the interior of the Leased Premises required solely as a result of the other Building services during construction of the Tenant Improvements. 5, installation of Tenant's property or move-in.
Appears in 1 contract
Cost of Tenant Improvements. Unless specified otherwise herein, A. Landlord shall bear complete, or cause to be completed, the Tenant Improvements, at the construction cost not to exceed the approved Final Cost Estimate (subject to the provisions of this Work Letter), in accordance with final Working Drawings and Specifications approved by both Landlord and Tenant. Landlord shall pay towards the final construction costs (“Completion Cost”) as incurred a maximum of $242,600.00 (“Landlord Contribution”), based on $10.00 per usable square foot of the Premises, and Tenant shall be fully responsible for the remainder, if any (“Tenant Contribution”). Subject to the following sentence, if the actual cost of completion of the Tenant Improvements (which cost shall includeis less than the maximum amount provided for the Landlord Contribution, without limitation, the costs of construction, the cost of permits and permit expediting, the costs of code compliance such savings be applied toward additional work, if any, that was part of the Preliminary Plan but that was not included in the Working Drawings and Specification, but if there is no such work is required as a result ofadditional work, the savings shall inure to the benefit of Landlord. Notwithstanding the foregoing, not later than January 31, 2015, or 10 days after receiving the Final Cost Estimate, whichever is later, Tenant may elect, in writing, to utilize a condition imposed by appropriate portion of the Landlord’s Contribution, not to exceed the amount of $121,300.00, based on $5.00 per usable square foot of the Premises, either (i) towards Tenant’s cost of cabling, signage, security and audio/visual systems, furniture, architectural fees, and restoration costs for the Existing Premises and related moving expenses for Tenant’s move to the Premises, or (ii) as credits to reduce the scheduled installments of Basic Rent due and payable under this Lease during the initial Term, such reductions shall be on an equal and straight-line basis.
B. The Completion Cost shall include all direct costs of Landlord in completing the Tenant Improvements, including but not limited to the following: (i) payments made to architects, engineers, contractors, subcontractors and other third party consultants in the performance of the work, (ii) permit fees and other sums paid to governmental authorities foragencies, (iii) costs of all materials incorporated into the work or used in connection with the work (excluding any furniture, fixtures and equipment relating to the Premises), and (iv) keying and signage costs. The Completion Cost shall also include an administrative/supervision fee to be paid to Tenant’s management agent in the amount of 2% of all such direct costs and an administrative/supervision fee to be paid to Landlord in the amount of 1% of all such direct costs.
C. If the Final Cost Estimate is greater than the Landlord Contribution, then prior to start of construction of the Tenant Improvements, and all architectural and engineering services obtained Tenant shall pay to Landlord the amount by which the Final Cost Estimate exceeds the Landlord in connection with the Tenant Improvements, the Contractor's fees, Landlord's fee for construction administration in an amount which shall not exceed three percent (3%) of hard costs, utilities, and Landlord's Insurance Costs (including, without limitation, course of construction insurance), from the date of this Work Letter until the Lease Commencement Date up to a maximum of $450,000.00 Contribution (the "“Tenant Improvement Allowance"Contribution”). The Tenant Improvement Allowance shall be utilized only for building improvements to In addition, if the Building, and not for signage, furniture costs, any third party consulting or contracting fees, any telecom/cabling costs, or any other purpose. Tenant shall bear and pay the cost actual Completion Cost of the Tenant Improvements (including but is greater than the Landlord Contribution because of modifications or extras requested by Tenant and not limited to all reflected on the approved Working Drawings and Specification, or because of the foregoing fees and costs) in excess of the Tenant Improvement AllowanceDelays, if any. The cost of the Tenant Improvements shall exclude the cost of furniture, fixtures and inventory and other items of Tenant's Work (as defined below). then Tenant shall have the right pay to elect to increase the Landlord, within 10 days following submission of an invoice therefor, all such additional costs, including any additional architectural fee. If Tenant Improvement Allowance by up to an additional $450,000.00 (the "Additional Allowance"), subject to the following terms and conditions: (i) Tenant shall make such election, if at all, no later than August 15, 1998; (ii) such amount shall be paid to Landlord in equal monthly installments over the seven (7) year Lease Term with interest at 10%, as additional Base Monthly Rent defaults in the manner specified by Article 3 payment of the Lease; and (iii) the Additional Allowance shall otherwise constitute a part of the Tenant Improvement Allowance and shall be subject to the restrictions and conditions on such Tenant Improvement Allowance provided in any sums due under this Work Letter. Notwithstanding anything to the contrary contained herein or in the Lease, Landlord shall be responsible at its sole cost and expense for (in addition to all other remedies) have the incremental costs incurred by either Landlord or Tenant for asbestos removal within same rights as in the interior case of Tenant’s failure to pay rent under the Leased Premises required solely as a result of the construction of the Tenant Improvements. 5Lease.
Appears in 1 contract
Samples: Lease Agreement (Lantronix Inc)
Cost of Tenant Improvements. Unless specified otherwise hereinProvided that Tenant is not in default under the Lease beyond applicable notice and cure periods, Landlord shall bear contribute a maximum of the lesser of (A) the Budget (as defined below) and pay (B) Two Million Five Hundred Thousand and 00/100 Dollars ($2,500,000.00) (the “Tenant Improvement Allowance”) towards the cost of the Tenant Improvements (which cost shall include, without limitation, the costs of construction, the cost of permits and permit expediting, the costs of code compliance work, if such work is required as a result of, or is a condition imposed by appropriate governmental authorities for, construction of the Tenant Improvements, and all architectural and engineering services obtained by Landlord in connection with the Tenant Improvements, the Contractor's ’s fees, Landlord's ’s fee for construction administration in an amount which shall not exceed three percent (3%) of hard costs, utilities, and equal to the amount charged by Landlord's Insurance Costs (including, without limitation, course of ’s construction insurance), from the date of this Work Letter until the Lease Commencement Date up to a maximum of $450,000.00 manager (the "Tenant Improvement Allowance"“Construction Manager”) and Tenant’s signage). The Tenant Improvement Allowance shall not be utilized only for building improvements to the Building, and not for signage, furniture costs, any third party consulting or contracting fees, any telecom/cabling costs, or any other purposepurpose not specified herein. Landlord’s Contractor shall prepare a construction budget for the Tenant Improvements (the “Budget”). To the extent that the actual cost of the Tenant Improvements is less than the Budget or the Tenant Improvement Allowance, Landlord shall be entitled to the benefit of such savings. Tenant shall not be entitled to any credit against Rent, nor change in Approved Plans to utilize such savings. Tenant shall bear and pay the cost of the Tenant Improvements (including but not limited to all of the foregoing fees and costs) in excess of the Tenant Improvement Allowance, if anyany as determined by the Budget (“Excess Costs”). The As a condition to commencing construction, Landlord shall have the option to require Tenant to pay to Landlord such Excess Costs for application to the cost of the Tenant Improvements Improvements, as they are incurred. In any event, Excess costs shall exclude the cost of furniture, fixtures and inventory and other items of Tenant's Work (as defined below). Tenant shall have the right to elect to increase be applied in pari passu with the Tenant Improvement Allowance by up to an additional $450,000.00 (the "Additional Allowance"), subject to the following terms and conditions: (i) Tenant shall make such election, if at all, no later than August 15, 1998; (ii) such amount shall be paid to Landlord in equal monthly installments over the seven (7) year Lease Term with interest at 10%, as additional Base Monthly Rent in the manner specified by Article 3 of the Lease; and (iii) the Additional Allowance shall otherwise constitute a part of the Tenant Improvement Allowance and shall be subject to the restrictions and conditions on such Tenant Improvement Allowance provided in this Work Letter. Notwithstanding anything to the contrary contained herein or in the Lease, Landlord shall be responsible at its sole cost and expense for the incremental costs incurred by either Landlord or Tenant for asbestos removal within the interior of the Leased Premises required solely as a result of the construction of the Tenant Improvements. 5progress payments.
Appears in 1 contract
Samples: Lease (Design Therapeutics, Inc.)
Cost of Tenant Improvements. Unless specified otherwise herein, A. Landlord shall bear complete, or cause to be completed, the Tenant Improvements, at the construction cost shown in the Final Cost Estimate (subject to increases for Landlord approved Changes to be paid by Tenant as set forth in this Work Letter), in accordance with final Working Drawings and pay Specifications approved by both Landlord and Tenant. The Tenant Improvements shall be constructed by Landlord in accordance with all rules, regulations, codes, ordinances, statutes, and laws of any governmental or quasi-governmental authority in effect as of the cost date of the issuance of the applicable building permit(s) therefor, and in a good and xxxxxxx-like manner using material and equipment of new and otherwise of good quality. Landlord shall use commercially reasonable efforts to obtain standard warranties on the HVAC units installed pursuant to this Work Letter and for other elements of the Tenant Improvements (which cost that Tenant is responsible for maintaining under the Lease and shall includeassign to Tenant, without limitation, or otherwise cooperate to make available to Tenant the costs of construction, the cost of permits and permit expediting, the costs of code compliance work, if such work is required as a result benefit of, or is a condition imposed by appropriate governmental authorities forall such warranties.
B. Landlord shall pay up to Three Hundred Ten Thousand Five Hundred Fifteen Dollars ($310,515.00), construction based on $7.50 per rentable square foot of the Tenant Improvements, and all architectural and engineering services obtained by Landlord in connection with the Tenant Improvements, the Contractor's fees, Premises (“Landlord's fee for construction administration in an amount which shall not exceed three percent (3%) of hard costs, utilities, and Landlord's Insurance Costs (including, without limitation, course of construction insurance’s Maximum Contribution”), from the date of this Work Letter until the Lease Commencement Date up to a maximum of $450,000.00 (the "Tenant Improvement Allowance"). The Tenant Improvement Allowance shall be utilized only for building improvements to the Building, and not for signage, furniture costs, any third party consulting or contracting fees, any telecom/cabling costs, or any other purpose. Tenant shall bear and pay the cost of the Tenant Improvements (including but not limited to all of the foregoing fees and costs) in excess of the Tenant Improvement Allowance, if any. The cost of the Tenant Improvements shall exclude the cost of furniture, fixtures and inventory and other items of Tenant's Work final “Completion Cost” (as defined below). Tenant acknowledges that the Landlord’s Maximum Contribution is intended only as the maximum amount Landlord will pay toward approved Tenant Improvements, and not by way of limitation, any partitions, modular office stations, fixtures, cabling, furniture and equipment requested by Tenant are in no event subject to payment as part of Landlord’s Contribution. In the event the Completion Cost for the Tenant Improvements is less than the Landlord’s Maximum Contribution, Landlord’s actual contribution toward the Completion Cost (“Landlord’s Contribution”) shall equal such lesser amount, and Tenant shall have the no right to elect receive any credit, refund or allowance of any kind for any unused portion of the Landlord’s Maximum Contribution nor shall Tenant be allowed to increase make revisions to an approved Preliminary Plan, Working Drawings and Specifications or request a Change in an effort to apply any unused portion of Landlord’s Maximum Contribution.
C. Tenant shall pay the difference between Final Cost Estimate and Landlord’s Maximum Contribution, plus any net increases above the Final Cost Estimate as set forth in approved Change Orders, to the extent such Tenant Delay costs or Change Order costs exceed the Landlord’s Maximum Contribution. The amounts to be paid by Tenant for the Tenant Improvement Allowance by up Improvements pursuant to an additional $450,000.00 this Section II.C are sometimes cumulatively referred to herein as the “Tenant’s Contribution”. Tenant shall pay the Tenant’s Contribution, if any, within thirty (the "Additional Allowance"), subject to the following terms and conditions: 30) days of (i) Tenant shall make such electionthe determination of the Final Cost Estimate, if at all, no later than August 15, 1998; and (ii) such amount shall be paid to Landlord in equal monthly installments over the seven (7) year Lease Term with interest at 10%determination of any increases caused by a Change Order, as additional Base Monthly Rent in the manner specified by Article 3 of the Lease; and (iii) the Additional Allowance shall otherwise constitute a part of the Tenant Improvement Allowance and shall be subject pursuant to the restrictions and conditions on such Tenant Improvement Allowance provided in provisions of this Work Letter. Notwithstanding anything to the contrary contained herein or in the Lease, Landlord shall be responsible at its sole cost and expense for the incremental costs incurred by either Landlord or Tenant for asbestos removal within the interior of the Leased Premises required solely as a result of the construction of the Tenant Improvements. 5.
Appears in 1 contract
Samples: Lease (Senorx Inc)
Cost of Tenant Improvements. Unless specified otherwise herein, A. Landlord shall bear complete, or cause to be completed, the Tenant Improvements, at the construction cost shown in the approved Final Cost Estimate (subject to the provisions of this Work Letter), in accordance with final Working Drawings and Specifications approved by both Landlord and Tenant. Landlord shall pay towards the final construction costs (“Completion Cost”) as incurred a maximum of $2,772,621.00 (“Landlord Contribution”), and Tenant shall be fully responsible for the remainder (“Tenant Contribution”). If the actual cost of completion of the Tenant Improvements is less than the maximum amount provided for the Landlord Contribution or remains after June 30, 2014, such savings shall inure to the benefit of Landlord and Tenant shall not be entitled to any credit or payment or to apply the savings toward additional work. Notwithstanding the foregoing, Landlord shall provide an additional allowance not to exceed $120,000.00 toward the out-of-pocket expenses incurred by Tenant for relocating to the Premises, including furniture moving and data cabling costs (which cost “Moving Allowance”). Tenant shall includebe reimbursed for such expenses by submitting copies of all supporting third-party invoices to Landlord by June 30, without limitation, the 2014. Landlord shall reimburse Tenant in one installment within 30 days following receipt of all such invoices.
B. The Completion Cost shall include all direct costs of constructionLandlord in completing the Tenant Improvements, including but not limited to the cost following: (i) payments made to architects, engineers, contractors, subcontractors and other third party consultants in the performance of permits the work, inclusive of the charges of Landlord’s architect as described above, (ii) consultant, permit fees and permit expeditingother sums paid to governmental agencies, the (iii) costs of code compliance all materials incorporated into the work or used in connection with the work, if such work is required as a result of(iv) keying and signage costs, (v) space planning and design fees, (vi) acquisition and installation of built-in and moveable furniture systems, cabling, acquisition and installation of computer and telephone systems, including HVAC, fire suppression and related equipment, (vii) structural reinforcement and (viii) any other reasonable relocation related fees or is a condition imposed expenses incurred by appropriate governmental authorities for, Tenant. The Completion Cost shall also include an administrative/supervision fee to be paid to Landlord in the amount of 3% of the actual hard costs associated with the Tenant Improvements.
C. Prior to start of construction of the Tenant Improvements, and all architectural and engineering services obtained by Landlord in connection with the Tenant Improvements, the Contractor's fees, Landlord's fee for construction administration in an amount which shall not exceed three percent (3%) of hard costs, utilities, and Landlord's Insurance Costs (including, without limitation, course of construction insurance), from the date of this Work Letter until the Lease Commencement Date up to a maximum of $450,000.00 (the "Tenant Improvement Allowance"). The Tenant Improvement Allowance shall be utilized only for building improvements to the Building, and not for signage, furniture costs, any third party consulting or contracting fees, any telecom/cabling costs, or any other purpose. Tenant shall bear and pay to Landlord 50% of the cost amount of the Tenant Improvements (including but not limited to all of the foregoing fees and costs) in excess of the Tenant Improvement Allowance, if any. The cost of the Tenant Improvements shall exclude the cost of furniture, fixtures and inventory and other items of Tenant's Work (as defined below). Tenant shall have the right to elect to increase the Tenant Improvement Allowance by up to an additional $450,000.00 (the "Additional Allowance"), subject to the following terms and conditions: (i) Tenant shall make such election, if at all, no later than August 15, 1998; (ii) such amount shall be paid to Landlord in equal monthly installments over the seven (7) year Lease Term with interest at 10%, as additional Base Monthly Rent Contribution set forth in the manner specified by Article 3 of approved Final Cost Estimate with the Lease; and (iii) the Additional Allowance shall otherwise constitute a part of the Tenant Improvement Allowance and shall be subject to the restrictions and conditions on such Tenant Improvement Allowance provided in this Work Letter. Notwithstanding anything to the contrary contained herein or in the Lease, Landlord shall be responsible at its sole cost and expense for the incremental costs incurred by either Landlord or Tenant for asbestos removal within the interior of the Leased Premises required solely as a result of the construction remaining 50% being paid upon substantial completion of the Tenant Improvements. 5In addition, if the actual Completion Cost of the Tenant Improvements is greater than the Final Cost Estimate because of modifications or extras requested by Tenant and not reflected on the approved working drawings, or because of Tenant Delays, then subject to any unused portion of the Landlord Contribution, Tenant shall pay to Landlord, within 10 days following submission of an invoice therefor, all such additional costs, including any additional architectural fee. If Tenant defaults in the payment of any sums due under this Work Letter, Landlord shall (in addition to all other remedies) have the same rights as in the case of Tenant’s failure to pay rent under the Lease.
D. Landlord, at Landlord’s sole cost and expense and not as part of the Landlord Contribution or Moving Allowance, shall be responsible for improving the common corridors and restrooms on the 3rd floor at 0000 XxxXxxxxx Xxxxx and the 7th floor at 0000 XxxXxxxxx Xxxxx that are part of the Premises (“Common Corridor Work”) using finishes, materials and color schemes similar to the existing floors of each respective Building. Such Common Corridor Work shall be completed within 60 days of the Commencement Date.
Appears in 1 contract
Samples: Lease (Clean Energy Fuels Corp.)
Cost of Tenant Improvements. Unless specified otherwise herein, Landlord shall bear and pay for the cost of the Tenant Improvements (which cost shall include, without limitation, the costs of construction, the cost of permits and permit expediting, the costs of code compliance work, if such work is required as a result of, or is a condition imposed by appropriate governmental authorities for, construction of the Tenant Improvements, and all architectural and engineering services obtained by Landlord in connection with the Tenant Improvements, the Contractor's fees, Landlord's fee for construction administration in an amount which shall not exceed three percent (3%) equal to 2.5% of construction hard costs, utilities, and Landlord's Insurance Costs (including, without limitation, course of construction insurance), from the date of this Work Letter until the Lease Commencement Date ) up to a maximum of $450,000.00 180,000.00 (the "Tenant Improvement Allowance"). While the Tenant Improvements are being constructed, Tenant may submit to Landlord monthly invoices for the cost of the Tenant Improvements completed in the preceding month together with lien waivers with respect to such work; within thirty (30) days after such submission, Landlord will reimburse Tenant for its costs for Tenant Improvements, less 2.5% in payment of Landlord's construction administration fee, all subject to the $180,000 cap. The Tenant Improvement Allowance shall be utilized only for building improvements to the Building, and not for signage, furniture costs, any third party consulting or contracting fees (except for Tenant's architect's fees), any telecom/cabling costs, or any other purpose. Tenant shall bear and pay the cost of the Tenant Improvements (including but not limited to all of the foregoing fees and costs) in excess of the Tenant Improvement Allowance, if any. The cost of the Tenant Improvements shall exclude the cost of furniture, fixtures and inventory and other items of Tenant's Work (as defined below). Tenant shall have the right to elect to increase the Tenant Improvement Allowance by up to an additional $450,000.00 (the "Additional Allowance"), subject to the following terms and conditions: (i) Tenant shall make such election, if at all, no later than August 15, 1998; (ii) such amount shall be paid to Landlord in equal monthly installments over the seven (7) year Lease Term with interest at 10%, as additional Base Monthly Rent in the manner specified by Article 3 of the Lease; and (iii) the Additional Allowance shall otherwise constitute a part of the Tenant Improvement Allowance and shall be subject to the restrictions and conditions on such Tenant Improvement Allowance provided in this Work Letter. Notwithstanding anything to the contrary contained herein or in the this Lease, Landlord the cost of the Tenant Improvements ("Tenant Improvements Cost") to be provided at Landlord's sole expense shall be responsible at its sole cost not include (and expense for Tenant shall have no responsibility for) the incremental costs incurred by either Landlord or Tenant for asbestos removal within following:
(i) Costs attributable to (A) building shell construction; (B) improvements installed outside the interior demising walls of the Leased Premises required solely as a result unless (1) necessitated by Tenant Improvements made inside the demising walls of the Leased Premises; or (2) requested by Tenant or as shown in the approved working drawings; and (C) improvements installed "off-site" (such as streets, curbs, gutters, traffic lights for parking and street lighting);
(ii) Costs for improvements which are not shown on or described in the approved working drawings unless otherwise approved by Tenant;
(iii) Costs incurred to remove Hazardous Materials from the Leased Premises or the surrounding area unless the presence of such materials was caused by Tenant or its contractors, employees or agents (including, without limitation, Tenant's invitees and visitors), contractors, employees or invitees in violation of Hazardous Materials laws; and
(iv) Landlord's loan fees, mortgage brokerage fees, interest and other costs of financing construction of the Tenant Improvements. 5costs.
Appears in 1 contract
Samples: Lease (Aviron)
Cost of Tenant Improvements. Unless specified otherwise herein, A. Landlord shall bear and pay the cost of complete, or cause to be completed, the Tenant Improvements Improvements, at the construction cost shown in the Final Cost Estimate (which cost shall includesubject to increases for Landlord approved Changes and as otherwise provided in this Work Letter), without limitationin accordance with final Working Drawings and Specifications approved by both Landlord and Tenant, the costs of construction, the cost of permits in a good and permit expediting, the costs of code compliance work, if such work is required as a result of, or is a condition imposed by appropriate governmental authorities for, construction workmanlike manner. The foregoing substantial completion of the Tenant Improvements, and all architectural and engineering services obtained by Landlord in connection with the Tenant Improvementsbut for minor punch list matters, the Contractor's fees, Landlord's fee for construction administration in an amount which shall not exceed three percent (3%) of hard costs, utilities, and Landlord's Insurance Costs (including, without limitation, course of construction insurance), from the date of this Work Letter until the Lease Commencement Date up is referred to a maximum of $450,000.00 (as the "Tenant Improvement Allowance"). The Tenant Improvement Allowance shall be utilized only for building improvements to the Building, and not for signage, furniture costs, any third party consulting or contracting fees, any telecom/cabling costs, or any other purpose. Tenant shall bear and pay the cost of the Tenant Improvements (including but not limited to all of the foregoing fees and costs) in excess SUBSTANTIAL COMPLETION" of the Tenant Improvement AllowanceWork.
B. Landlord shall pay up to One Hundred Fifty-Seven Thousand Three Hundred Dollars ($157,300.00), if any. The cost based on $10.00 per useable square foot of the Tenant Improvements shall exclude Premises ("LANDLORD'S MAXIMUM CONTRIBUTION"), of the cost of furniturefinal "Completion Cost" (as defined below), fixtures and inventory and other items of Tenant's Work but applicable only to "Building Standard Improvements" (as defined below). Tenant acknowledges that the Landlord's Maximum Contribution is intended only as the maximum amount Landlord will pay toward Building Standard Improvements, and not by way of limitation, any partitions, modular office stations, fixtures, cabling, furniture and equipment requested by Tenant are not included in Building Standards and are in --- no event subject to payment as part of Landlord's Contribution. In the event the sum of the cost of the Building Standard Improvements for the Tenant Improvements is less than the Landlord's Maximum Contribution, Landlord's actual contribution toward the Completion Cost ("LANDLORD'S CONTRIBUTION") shall equal such lesser amount, and Tenant shall have the no right to elect receive any credit, refund or allowance of any kind for any unused portion of the Landlord's Maximum Contribution nor shall Tenant be allowed to increase the Tenant Improvement Allowance by up make revisions to an additional $450,000.00 approved Preliminary Plan, Working Drawings and Specifications or request a Change in an effort to apply any unused portion of Landlord's Maximum Contribution. C Tenant shall pay all Completion Costs attributable to Non-Standard Improvements (the "Additional AllowanceNON-STANDARD IMPROVEMENT COSTS"), subject to the following terms and conditionsincluding, but not by way of limitation: (i) Tenant shall make such electioncosts for each variance or upgrade which increases the cost of a Building Standard Improvement, if at all, no later than August 15, 1998; and (ii) such amount the entire cost of any improvements or work which are additions (as opposed to variances or upgrades) to the Standard Improvements (e.g., supplemental or back-up power or HVAC, extra finishes or millwork or partitions). In addition, Tenant shall pay all Completion Costs attributable to any Changes requested by the Tenant, any costs due to inaccurate or incomplete Programming Information and the amount, if any, by which aggregate costs for the Building Standard Improvements exceeds the Maximum Landlord Contribution. The amounts to be paid to Landlord in equal monthly installments over the seven (7) year Lease Term with interest at 10%, as additional Base Monthly Rent in the manner specified by Article 3 of the Lease; and (iii) the Additional Allowance shall otherwise constitute a part of Tenant for the Tenant Improvement Allowance and shall be subject Improvements pursuant to this Section II.C. are sometimes cumulatively referred to herein as the restrictions and conditions on such Tenant Improvement Allowance provided in this Work Letter. Notwithstanding anything to the contrary contained herein or in the Lease, Landlord shall be responsible at its sole cost and expense for the incremental costs incurred by either Landlord or Tenant for asbestos removal within the interior of the Leased Premises required solely as a result of the construction of the Tenant Improvements. 5"TENANT'S CONTRIBUTION".
Appears in 1 contract
Samples: Lease Agreement (Endwave Corp)
Cost of Tenant Improvements. Unless specified otherwise herein, Landlord shall bear and pay the cost of the Tenant Improvements (which cost shall include, without limitation, the costs of construction, the cost of permits and permit expediting, the costs of code compliance work, if such work is required as a result of, or is a condition imposed by appropriate governmental authorities for, construction of the Tenant Improvements, and all architectural and engineering services obtained by Landlord in connection with the Tenant Improvements, the Contractor's fees, Landlord's fee for construction administration in an amount which shall not exceed three percent equal to the amount charged by any construction manager retained by Landlord (3%the "Construction Manager") of hard costs, utilities, and Landlord's Insurance Costs (including, without limitation, course of construction insurance), from the date of this Work Letter until the Lease Commencement Date up to a maximum of $450,000.00 7,215,750 (the "Tenant Improvement Allowance"). The Tenant Improvement Allowance shall be utilized only for building improvements to the BuildingBuilding (and Tenant's architect fees), and not for signage, furniture costs, any third party consulting or contracting fees, any telecom/cabling costs, or any other purpose. Tenant shall bear and pay the cost of the Tenant Improvements (including but not limited to all of the foregoing fees and costs) in excess of the Tenant Improvement Allowance, if any. The cost of the Tenant Improvements shall exclude the cost of furniture, fixtures and inventory and other items of Tenant's Work (as defined below). Tenant shall have Notwithstanding the right to elect to increase foregoing, the Tenant Improvement Allowance by up to an additional $450,000.00 shall not be used for (and Tenant shall have no responsibility for) the "Additional Allowance"), subject following costs except to the following terms and conditions: (i) Tenant shall make such election, if at all, no later than August 15, 1998; (ii) such amount shall be paid to Landlord in equal monthly installments over the seven (7) year Lease Term with interest at 10%, as additional Base Monthly Rent in the manner specified by Article 3 extent any of the Lease; and (iii) foregoing are caused by Tenant, are due to Tenant Delays or result from the Additional Allowance shall otherwise constitute a part failure of Tenant to comply with the terms of the Tenant Improvement Allowance and shall be subject to the restrictions and conditions on such Tenant Improvement Allowance provided in Lease or this Work Letter. Notwithstanding anything to the contrary contained herein or in the Lease, Landlord shall be responsible at its sole cost and expense for the incremental costs incurred by either Landlord or Tenant for asbestos removal within the interior of the Leased Premises required solely as a result of the construction of the Tenant Improvements. 5.:
Appears in 1 contract
Cost of Tenant Improvements. Unless specified otherwise Landlord shall contribute (a) $30.00 per rentable square foot in the West Office Building, (b) $10.00 per rentable square foot in the East Office Building, and (c) $10.00 per rentable square foot in the First Level Office Space (collectively, the "ALLOWANCE") toward the cost of the design (including preparation of space plans and Construction Documents), construction and installation of the Tenant Improvements; provided, however, such Allowance shall be disbursed by Landlord (at $30.00 per rentable square foot in the West Office Building; $10.00 per rentable square foot in the East Office Building; and $10.00 per rentable square foot in the First Level Space ) only for Tenant Improvements which are actually constructed in the Premises, at the time such Tenant Improvements are constructed. Notwithstanding any provision contained herein, Landlord shall bear not be obligated to contribute, whether out of the Allowance, or otherwise, more than $2.00 per rentable square foot in the Premises towards the cost of design (including preparation of space plans and pay Construction Documents) of the Tenant Improvements. The balance, if any, of the cost of the Tenant Improvements (which cost "ADDITIONAL COST"), including, but not limited to, usual markups for overhead, supervision and profit, shall include, without limitation, be paid by Tenant. At least ten (10) Business Days prior to the costs of construction, the cost of permits and permit expediting, the costs of code compliance work, if such work is required as a result of, or is a condition imposed by appropriate governmental authorities for, date CIC starts construction of the Tenant Improvements, and all architectural and engineering services obtained by Tenant shall pay to Landlord twenty-five percent (25%) of the Additional Cost based upon the Final Cost Estimate. Within ten (10) Business Days following receipt of a monthly invoice from CIC, Tenant shall pay to Landlord a proportionate share of each progress payment due to CIC which bears the same relationship to the total amount of the progress payment in connection with question as the Additional Cost (before any Change Order) bears to the total cost of constructing Tenant Improvements. Any Change Orders shall not be included in the determination Tenant's proportionate share of progress payments. Tenant shall pay to Landlord the cost of Change Orders within thirty (30) days following receipt of a monthly invoice from CIC. Tenant shall pay any balance of the actual Additional Cost within thirty (30) days after Substantial Completion of the Tenant Improvements, the Contractor's fees, Landlord's fee for construction administration in an amount which shall not exceed three percent (3%) of hard costs, utilities, and Landlord's Insurance Costs (including, without limitation, course of construction insurance), from the date of this Work Letter until the Lease Commencement Date up to a maximum of $450,000.00 (the "Tenant Improvement Allowance"). The Tenant Improvement Allowance shall be utilized only for building improvements to the Building, and not for signage, furniture costs, any third party consulting or contracting fees, any telecom/cabling costs, or any other purpose. Tenant shall bear and pay the cost of the Tenant Improvements (including but not limited to all of the foregoing fees and costs) in excess of the Tenant Improvement Allowance, if any. The cost of the Tenant Improvements shall exclude the cost of furniture, fixtures and inventory and other items of Tenant's Work (as defined below). Tenant shall have the right to elect to increase the Tenant Improvement Allowance by up to an additional $450,000.00 (the "Additional Allowance"), subject to the following terms and conditions: (i) Tenant shall make such election, if at all, no later than August 15, 1998; (ii) such amount shall be paid to Landlord in equal monthly installments over the seven (7) year Lease Term with interest at 10%, as additional Base Monthly Rent in the manner specified by Article 3 of the Lease; and (iii) the Additional Allowance shall otherwise constitute a part of the Tenant Improvement Allowance and shall be subject to the restrictions and conditions on such Tenant Improvement Allowance provided in this Work Letter. Notwithstanding anything to the contrary contained herein or in this Exhibit B, in no event shall the Leasecosts of Tenant Improvements include, Landlord nor shall be responsible at its sole cost and expense for the incremental costs incurred by either Landlord or Tenant for asbestos removal within the interior any portion of the Leased Premises required solely as a result Allowance be used for: (i) wages, labor and overhead for overtime and premium time (unless approved in advance by Tenant, in Tenant's sole discretion), (ii) costs resulting from any breach of contract by CIC or any of its subcontractors or by the Building Architect or Tenant's Space Planner or any construction defects, (iii) any management fee or general overhead costs charged by Landlord for supervision of the construction of the Tenant Improvements. 5, (iv) bond premiums, (v) costs for which Landlord is reimbursed by others (including insurers and warranters), (vi) any costs related to removal or remediation of Hazardous Materials, (vii) costs resulting from a fire or other casualty, (viii) costs relating to the design and construction in the Building Shell and the correction of any defects in the Building Shell, or (viii) costs resulting from the negligence or willful misconduct of Landlord, or of any of Landlord's agents, employees or contractors or Landlord's breach of the Lease.
Appears in 1 contract
Samples: Lease Agreement (Inktomi Corp)
Cost of Tenant Improvements. Unless specified otherwise herein, A. Landlord shall bear and pay the cost of the Tenant Improvements (which cost shall include, without limitation, the costs of construction, the cost of permits and permit expediting, the costs of code compliance work, if such work is required as a result ofcomplete, or is a condition imposed by appropriate governmental authorities forcause to be completed, construction of the Tenant Improvements, at the construction cost shown in the Final Cost Estimate (subject to increases for Landlord approved Changes and all architectural and engineering services obtained by Landlord as otherwise provided in connection with the Tenant Improvements, the Contractor's fees, Landlord's fee for construction administration in an amount which shall not exceed three percent (3%) of hard costs, utilities, and Landlord's Insurance Costs (including, without limitation, course of construction insurancethis Work Letter), from the date of this Work Letter until the Lease Commencement Date in accordance with final Working Drawings and Specifications approved by both Landlord and Tenant.
B. Landlord shall pay up to a maximum of $450,000.00 (the "Tenant Improvement Allowance"). The Tenant Improvement Allowance shall be utilized only for building improvements to the Building2,493,576.00, and not for signage, furniture costs, any third party consulting or contracting fees, any telecom/cabling costs, or any other purpose. Tenant shall bear and pay the cost based on $48.00 per rentable square foot of the Tenant Improvements (including but not limited to all 43 Discovery Premises and $22.00 per rentable square foot of the foregoing fees and costs) in excess 41 Discovery Premises (“Landlord’s Maximum Contribution”), of the Tenant Improvement Allowance, if any. The cost of the Tenant Improvements shall exclude the cost of furniture, fixtures and inventory and other items of Tenant's Work final “Completion Cost” (as defined below). Tenant shall have acknowledges that the right to elect to increase Landlord’s Maximum Contribution is intended only as the maximum amount Landlord will pay toward approved Tenant Improvement Allowance Improvements, and not by up to an additional $450,000.00 (the "Additional Allowance")way of limitation, any partitions, modular office stations, fixtures, cabling, furniture and equipment requested by Tenant are in no event subject to payment as part of Landlord’s Contribution except as provided below. In the following terms and conditions: (i) Tenant shall make such election, if at all, no later than August 15, 1998; (ii) such amount shall be paid to Landlord in equal monthly installments over event the seven (7) year Lease Term with interest at 10%, as additional Base Monthly Rent in the manner specified by Article 3 of the Lease; and (iii) the Additional Allowance shall otherwise constitute a part Completion Cost of the Tenant Improvement Allowance Work is less than the Landlord’s Maximum Contribution, Landlord’s actual contribution toward the Completion Cost (“Landlord’s Contribution”) shall equal such lesser amount, and Tenant shall have no right to receive any credit, refund or allowance of any kind for any unused portion of the Landlord’s Maximum Contribution. Notwithstanding the foregoing, Tenant may utilize a portion of the Landlord’s Contribution, not to exceed the amount of $228,681.00, based on $3.00 per rentable square foot of the Premises (the “Moving Allowance”), towards Tenant’s cost of cabling, furniture, fixtures and equipment, or related moving expenses for Tenant’s move to the 43 Discovery Premises. It is further understood and agreed that the Tenant Improvements shall be subject substantially completed not later than June 30, 2019 to be eligible for funding by Landlord, and that Landlord shall not be obligated to fund any portion of the restrictions Landlord’s Contribution towards the Tenant Improvements commenced after such date.
C. Tenant shall pay any costs due to inaccurate or incomplete Programming Information and conditions on such the amount, if any, by which aggregate Completion Cost for the Tenant Improvement Allowance provided in this Work Letterexceeds the Landlord’s Maximum Contribution. Notwithstanding anything The amounts to the contrary contained herein or in the Lease, Landlord shall be responsible at its sole cost and expense paid by Tenant for the incremental costs incurred by either Landlord or Tenant for asbestos removal within Improvements pursuant to this Section II.C are sometimes cumulatively referred to herein as the interior of the Leased Premises required solely as a result of the construction of the Tenant Improvements. 5“Tenant’s Contribution”.
Appears in 1 contract
Samples: Lease (Wm Technology, Inc.)
Cost of Tenant Improvements. Unless specified otherwise herein, A. Landlord shall bear and pay the cost of the Tenant Improvements (which cost shall include, without limitation, the costs of construction, the cost of permits and permit expediting, the costs of code compliance work, if such work is required as a result ofcomplete, or is a condition imposed by appropriate governmental authorities forcause to be completed, construction of the Tenant Improvements, at the construction cost shown in the approved Final Cost Estimate (subject to the provisions of this Work Letter), in accordance with final Working Drawings and Specifications approved by both Landlord and Tenant. Landlord shall pay towards the final construction costs (“Completion Cost”) as incurred a maximum of One Million Five Hundred Ninety Two Thousand Nine Hundred Twenty Dollars ($1,592,920.00) (“Landlord Contribution”), based on $40.00 per usable square foot of the Premises, and Tenant shall be fully responsible for the remainder (“Tenant Contribution”). Tenant shall be allowed to utilize up to Three Dollars ($3.00) per usable square foot of the Landlord Contribution for either (i) the installation of cabling in the Premises or (ii) a rent credit on the 10th calendar month following the Commencement Date. Tenant understands and agrees that any portion of the Landlord Contribution not utilized by Tenant by March 31, 2013, shall inure to the benefit of Landlord and Tenant shall not be entitled to any credit or payment. Tenant shall have the right to utilize the above described allowances for costs associated with the expansion space and Right of First Offer space set forth in Section 2.4 and 2.5 of this Lease.
B. The Completion Cost shall include all architectural reasonable direct costs of Landlord in completing the Tenant Improvements, including but not limited to the following: (i) payments made to architects, engineers, contractors, subcontractors and engineering services obtained by Landlord other third party consultants in the performance of the work, (ii) permit fees and other sums paid to governmental agencies, (iii) costs of all materials incorporated into the work or used in connection with the Tenant Improvementswork, and (iv) keying and signage costs. The Completion Cost shall also include an administrative/supervision fee to be paid to Landlord in the Contractor's fees, Landlord's fee for construction administration in an amount which shall not exceed of three percent (3%) of hard all such direct costs, utilities, and Landlord's Insurance Costs (including, without limitation, course .
C. Prior to start of construction insurance), from the date of this Work Letter until the Lease Commencement Date up to a maximum of $450,000.00 (the "Tenant Improvement Allowance"). The Tenant Improvement Allowance shall be utilized only for building improvements to the Building, and not for signage, furniture costs, any third party consulting or contracting fees, any telecom/cabling costs, or any other purpose. Tenant shall bear and pay the cost of the Tenant Improvements (including but not limited to all of the foregoing fees and costs) in excess of the Tenant Improvement Allowance, if any. The cost of the Tenant Improvements shall exclude the cost of furniture, fixtures and inventory and other items of Tenant's Work (as defined below). Tenant shall have the right to elect to increase the Tenant Improvement Allowance by up to an additional $450,000.00 (the "Additional Allowance"), subject to the following terms and conditions: (i) Tenant shall make such election, if at all, no later than August 15, 1998; (ii) such amount shall be paid to Landlord in equal monthly installments over the seven (7) year Lease Term with interest at 10%, as additional Base Monthly Rent in the manner specified by Article 3 of the Lease; and (iii) the Additional Allowance shall otherwise constitute a part of the Tenant Improvement Allowance and shall be subject to the restrictions and conditions on such Tenant Improvement Allowance provided in this Work Letter. Notwithstanding anything to the contrary contained herein or in the Lease, Landlord shall be responsible at its sole cost and expense for the incremental costs incurred by either Landlord or Tenant for asbestos removal within the interior of the Leased Premises required solely as a result of the construction of the Tenant Improvements, Tenant shall pay to Landlord the amount of the Tenant Contribution set forth in the approved Final Cost Estimate. 5.In addition, if the actual Completion Cost of the Tenant Improvements is greater than the Final Cost Estimate because of modifications or extras requested by Tenant and not reflected on the approved working
Appears in 1 contract
Cost of Tenant Improvements. (a) Unless specified otherwise herein, Landlord shall bear and pay the cost of the Tenant Improvements (which cost shall include, without limitation, the costs of construction, the cost of permits and permit expediting, the costs of code compliance work, if such work is required as a result of, or is a condition imposed by appropriate governmental authorities for, construction of the Tenant Improvements, and all architectural and engineering services obtained by Landlord in connection with the Tenant Improvements, the Contractor's fees, which shall not exceed * of hard costs for general conditions and * of hard costs plus general conditions for the Contractor's fee, Landlord's fee for construction administration in an amount equal to the amount charged by any construction manager retained by Landlord (the "Construction Manager"), which shall not exceed three percent (3%) * of hard costs, utilities, and Landlord's Insurance Costs (including, without limitation, course of construction insurance), from the date of this Work Letter until the Lease Commencement Date Date) up to a maximum of $450,000.00 * (the "Tenant Improvement Allowance"). The Tenant Improvement Allowance shall be utilized only for building improvements to the Building, and not for signage, furniture costs, any third party consulting or contracting fees (except for Landlord's Architect and engineering fees), any telecom/cabling costs, or any other purpose. Tenant shall bear and pay the cost of the Tenant Improvements (including but not limited to all of the foregoing fees and costs) in excess of the Tenant Improvement Allowance, if any. The cost of the Tenant Improvements shall exclude the cost of furniture, fixtures and inventory and other items of Tenant's Work (as defined below). .
(b) Tenant shall have the right to elect to increase the Tenant Improvement Allowance by up to an additional $450,000.00 * (the "Additional Allowance"), subject to the following terms and conditions: (i) Tenant shall make such election, if at all, no later than August 15, 1998twenty (20) days prior to the commencement of the Improvement Work; (ii) if * or less of the Additional Allowance is used, such amount shall be paid to Landlord in equal monthly installments amortized over the seven initial eighty-four (784) year month Lease Term with interest at 10%, as additional Base Monthly Rent in the manner specified by Article 3 * and if more than * of the LeaseAdditional Allowance is used, the amount of such Additional Allowance above * shall be amortized over the initial eighty-four (84) month Lease Term at *; and (iii) the Additional Allowance shall otherwise constitute a part of the Tenant Improvement Allowance and shall be subject to the restrictions and conditions on such Tenant Improvement Allowance provided in this Work work Letter. Notwithstanding anything to the contrary contained herein or foregoing, in the Leaseevent Tenant specifies that the Tenant Improvements be completed in phases pursuant to Section 4(d) above, Landlord shall be responsible at its sole cost and expense for the incremental costs incurred by either Landlord or Tenant for asbestos removal within the interior of the Leased Premises required solely as a result of the construction entire amount of the Tenant Improvement Allowance or Additional Allowance is not used in the first phase, Tenant may use any remaining unutilized Tenant Improvement Allowance or Additional Allowance for subsequent phases of the Tenant Improvements provided that (i) such unutilized Tenant Improvement Allowance or Additional Allowance must be used within sixty (60) days following Substantial Completion of the Tenant Improvements or Tenant must be contractually obligated to use such unutilized Tenant Improvement Allowance or Additional Allowance within sixty (60) days following Substantial Completion of the Tenant Improvements and the work pursuant to such contract(s) will be completed within 180 days following Substantial Completion of the Tenant Improvements and (ii) Tenant is not then in default under the Lease. Nothing contained herein shall relieve Tenant of its obligation to complete all of the Tenant Improvements as provided in Section 5(a).
(c) As soon as practicable after Tenant's and Landlord's approval of the Working Drawings, Contractor shall provide Tenant and Landlord with an estimate for the cost to complete the Tenant Improvements subject to Contractor obtaining at least two (2) bids for each subcontract (other than the subcontracts for the work to be done pursuant to the Design Build Plans). Contractor shall provide the subcontractor bids to Landlord and Tenant for review, comment and input on selection, which shall be given by Landlord and Tenant within five (5) business days after receipt of such subcontractor bids. Contractor shall prepare an estimate of pricing for the Tenant Improvements, taking into consideration Landlord's and Tenant's comments and the Design Build Plans, and shall submit such pricing to Landlord and Tenant for approval, or disapproval, which shall be given within five (5) business days of receipt of such pricing. 5After such pricing has been approved by Landlord and Tenant, Contractor and Landlord shall enter into a fixed price construction contract for such final price (the "Final Price"). The Final Price shall include the Tenant Improvements to be done pursuant to the Design Build Plans and Working Drawings. In the event the cost to actually complete the Tenant Improvements is more than the Final Price, Tenant shall have no obligation therefor, unless such increase is due to a Change approved by Tenant in writing pursuant to Section 6.
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Cost of Tenant Improvements. Unless specified otherwise herein, A. Landlord shall bear and pay the cost of the Tenant Improvements (which cost shall include, without limitation, the costs of construction, the cost of permits and permit expediting, the costs of code compliance work, if such work is required as a result ofcomplete, or is a condition imposed by appropriate governmental authorities forcause to be completed, construction of the Tenant Improvements, at the construction cost shown in the Final Cost Estimate (subject to increases for Landlord approved Changes and all architectural as otherwise provided in this Work Letter), in accordance with final Working Drawings and engineering services obtained Specifications approved by both Landlord in connection with and Tenant.
B. Landlord shall pay up to $204,384.00, based on $8.00 per usable square foot of the Tenant Improvements, the Contractor's fees, Premises ("Landlord's fee for construction administration in an amount which shall not exceed three percent (3%) of hard costs, utilities, and Landlord's Insurance Costs (including, without limitation, course of construction insuranceMaximum Contribution"), from the date of this Work Letter until the Lease Commencement Date up to a maximum of $450,000.00 (the "Tenant Improvement Allowance"). The Tenant Improvement Allowance shall be utilized only for building improvements to the Building, and not for signage, furniture costs, any third party consulting or contracting fees, any telecom/cabling costs, or any other purpose. Tenant shall bear and pay the cost of the Tenant Improvements (including but not limited to all of the foregoing fees and costs) in excess of the Tenant Improvement Allowance, if any. The cost of the Tenant Improvements shall exclude the cost of furniture, fixtures and inventory and other items of Tenant's Work final “Completion Cost” (as defined below). Tenant shall have acknowledges that the right to elect to increase Landlord's Maximum Contribution is intended only as the maximum amount Landlord will pay toward approved Tenant Improvement Allowance Improvements, and not by up to an additional $450,000.00 (the "Additional Allowance")way of limitation, any partitions, modular office stations, fixtures, cabling, furniture and equipment requested by Tenant are in no event subject to payment as part of Landlord’s Contribution. In the following terms and conditions: (i) Tenant shall make such election, if at all, no later than August 15, 1998; (ii) such amount shall be paid to Landlord in equal monthly installments over event the seven (7) year Lease Term with interest at 10%, as additional Base Monthly Rent in the manner specified by Article 3 of the Lease; and (iii) the Additional Allowance shall otherwise constitute a part Completion Cost of the Tenant Improvement Allowance Work is less than the Landlord’s Maximum Contribution, Landlord’s actual contribution toward the Completion Cost ("Landlord's Contribution") shall equal such lesser amount, and, except as provided hereinbelow, Tenant shall have no right to receive any credit, refund or allowance of any kind for any unused portion of the Landlord's Maximum Contribution nor shall Tenant be allowed to make revisions to an approved Preliminary Plan, Working Drawings and Specifications or request a Change in an effort to apply any unused portion of Landlord's Maximum Contribution. Notwithstanding the foregoing, Tenant may utilize all or any portion of the Landlord’s Contribution towards the costs of the tenant improvements for the 15326 Xxxxx Premises. It is understood and agreed that the Landlord’s Contribution shall be subject used no later than March 31, 2020, and that Landlord shall not be obligated to fund any portion of the restrictions Landlord’s Contribution requested after such date.
C. Tenant shall pay any costs due to inaccurate or incomplete Programming Information and conditions on such the amount, if any, by which aggregate Completion Cost for the Tenant Improvement Allowance provided in this Work Letterexceeds the Landlord’s Maximum Contribution. Notwithstanding anything The amounts to the contrary contained herein or in the Lease, Landlord shall be responsible at its sole cost and expense paid by Tenant for the incremental costs incurred by either Landlord or Tenant for asbestos removal within Improvements pursuant to this Section II.C are sometimes cumulatively referred to herein as the interior of the Leased Premises required solely as a result of the construction of the Tenant Improvements. 5“Tenant’s Contribution”.
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Cost of Tenant Improvements. Unless specified otherwise herein, A. Landlord shall bear complete, or cause to be completed, the Tenant Improvements, at the construction cost shown in the approved Final Cost Estimate (subject to the provisions of this Work Letter), in accordance with final Working Drawings and Specifications approved by both Landlord and Tenant. Landlord shall pay towards the final construction costs ("Completion Cost") as incurred a maximum of Two Hundred Fifty-Five Thousand Seven Dollars ($255,007.00) ("Landlord Contribution"), based on $28.46 per usable square foot of the portion of Suite 900 not within the Vacant Areas, plus $26.58 per usable square foot of the Vacant Areas, and Tenant shall be fully responsible for the remainder ("Tenant's Contribution"). If the actual cost of completion of the Tenant Improvements is less than the maximum amount provided for the Landlord's Contribution, such savings shall inure to the benefit of Landlord and Tenant shall not be entitled to any credit or payment. The foregoing Landlord Contribution is based upon Landlord's ability to amortize the Landlord Contribution over a term of ninety-one (which cost 91) months and eighty-five (85) months (as to the Vacant Areas), respectively. In the event that the Preliminary Plans are not approved by Tenant on or before August 18, 2004, Landlord's Contribution per usable square foot shall include, without limitation, be reduced proportionately based on the number of additional months (including a portion of a month) of delay in Tenant's approval of the Preliminary Plans.
B. The Completion Cost shall include all direct costs of constructionLandlord in completing the Tenant Improvements, including but not limited to the cost following: (i) payments made to architects, engineers, contractors, subcontractors and other third party consultants in the performance of permits the work, (ii) permit fees and permit expeditingother sums paid to governmental agencies, the (iii) costs of code compliance all materials incorporated into the work or used in connection with the work, if and (iv) keying and signage costs. The Completion Cost shall also include an administrative/supervision fee to be paid to Landlord in the amount of five percent (5%) of all such work is required as a result of, or is a condition imposed by appropriate governmental authorities for, direct costs.
C. Prior to start of construction of the Tenant Improvements, and all architectural and engineering services obtained by Landlord in connection with the Tenant Improvements, the Contractor's fees, Landlord's fee for construction administration in an amount which shall not exceed three percent (3%) of hard costs, utilities, and Landlord's Insurance Costs (including, without limitation, course of construction insurance), from the date of this Work Letter until the Lease Commencement Date up to a maximum of $450,000.00 (the "Tenant Improvement Allowance"). The Tenant Improvement Allowance shall be utilized only for building improvements to the Building, and not for signage, furniture costs, any third party consulting or contracting fees, any telecom/cabling costs, or any other purpose. Tenant shall bear and pay to Landlord the cost amount of the Tenant's Contribution set forth in the approved Final Cost Estimate. In addition, if the actual Completion Cost of the Tenant Improvements is greater than the Final Cost Estimate because of modifications or extras not reflected on the approved working drawings, or because of delays, then Tenant shall pay to Landlord, within ten (10) days following submission of an invoice therefor, all such additional costs, including but not limited any additional architectural fee. If Tenant defaults in the payment of any sums due under this Work Letter, Landlord shall (in addition to all other remedies) have the same rights as in the case of Tenant's failure to pay rent under the foregoing fees Lease. WORK LETTER (SUITE 800) DOLLAR ALLOWANCE SECOND GENERATION SPACE The Tenant Improvement work (herein "Tenant Improvements") shall consist of any work required to complete Suite 800 pursuant to plans and costs) in excess specifications approved by both Landlord and Tenant. All of the Tenant Improvement Allowance, if any. The cost of the Tenant Improvements shall exclude the cost of furniture, fixtures and inventory and other items of Tenant's Work (as defined below). Tenant shall have the right to elect to increase the Tenant Improvement Allowance by up to an additional $450,000.00 (the "Additional Allowance"), subject to the following terms and conditions: (i) Tenant shall make such election, if at all, no later than August 15, 1998; (ii) such amount work shall be paid to performed in accordance with the procedures and requirements set forth below by a contractor engaged by Landlord in equal monthly installments over and selected on the seven basis of a competitive bidding process involving at least one (71) year Lease Term with interest at 10%general contractor designated by Landlord and two (2) other general contractors approved by the parties. If the general contractor designated by Landlord submits the lowest qualified bid, as additional Base Monthly Rent in the manner specified by Article 3 of the Lease; and (iii) the Additional Allowance shall otherwise constitute a part of the Tenant Improvement Allowance and such contractor shall be subject utilized to perform the restrictions and conditions on such Tenant Improvement Allowance provided in this Work Letter. Notwithstanding anything to the contrary contained herein or in the Lease, Landlord shall be responsible at its sole cost and expense for the incremental costs incurred by either Landlord or Tenant for asbestos removal within the interior of the Leased Premises required solely as a result of the construction of the Tenant Improvements. 5work.
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Samples: Lease (Sm&A)
Cost of Tenant Improvements. Unless specified otherwise herein, A. Landlord shall bear and pay the cost of the Tenant Improvements (which cost shall include, without limitation, the costs of construction, the cost of permits and permit expediting, the costs of code compliance work, if such work is required as a result ofcomplete, or is a condition imposed by appropriate governmental authorities forcause to be completed, construction of the Tenant Improvements, at the construction cost shown in the Final Cost Estimate (subject to increases for Landlord approved Changes and all architectural as otherwise provided in this Work Letter), in accordance with final Working Drawings and engineering services obtained Specifications approved by both Landlord in connection with and Tenant.
B. Landlord shall pay up to $2,120,365.00, based on $65.00 per usable square foot of the Tenant Improvements, the Contractor's fees, Premises ("Landlord's fee for construction administration in an amount which shall not exceed three percent (3%) of hard costs, utilities, and Landlord's Insurance Costs (including, without limitation, course of construction insuranceMaximum Contribution"), from the date of this Work Letter until the Lease Commencement Date up to a maximum of $450,000.00 (the "Tenant Improvement Allowance"). The Tenant Improvement Allowance shall be utilized only for building improvements to the Building, and not for signage, furniture costs, any third party consulting or contracting fees, any telecom/cabling costs, or any other purpose. Tenant shall bear and pay the cost of the Tenant Improvements (including but not limited to all of the foregoing fees and costs) in excess of the Tenant Improvement Allowance, if any. The cost of the Tenant Improvements shall exclude the cost of furniture, fixtures and inventory and other items of Tenant's Work final “Completion Cost” (as defined below). Tenant shall have acknowledges that the right to elect to increase Landlord's Maximum Contribution is intended only as the maximum amount Landlord will pay toward approved Tenant Improvement Allowance Improvements, and not by up to an additional $450,000.00 (the "Additional Allowance")way of limitation, any partitions, modular office stations, fixtures, cabling, furniture and equipment requested by Tenant are in no event subject to payment as part of Landlord’s Contribution. In the following terms and conditions: (i) Tenant shall make such election, if at all, no later than August 15, 1998; (ii) such amount shall be paid to Landlord in equal monthly installments over event the seven (7) year Lease Term with interest at 10%, as additional Base Monthly Rent in the manner specified by Article 3 of the Lease; and (iii) the Additional Allowance shall otherwise constitute a part Completion Cost of the Tenant Improvement Work is less than the Landlord’s Maximum Contribution, Landlord’s actual contribution toward the Completion Cost ("Landlord's Contribution") shall equal such lesser amount, and, except as provided hereinbelow, Tenant shall have no right to receive any credit, refund or allowance of any kind for any unused portion of the Landlord's Maximum Contribution nor shall Tenant be allowed to make revisions to an approved Preliminary Plan, Working Drawings and Specifications or request a Change in an effort to apply any unused portion of Landlord's Maximum Contribution. Notwithstanding the foregoing, Tenant may utilize a portion of the Landlord’s Contribution, not to exceed the amount of $326,210.00, based on $10.00 per rentable square foot of the Premises (the “Moving Allowance”), towards Tenant’s cost of cabling, furniture, fixtures and equipment and related moving expenses for Tenant’s move to the 15326 Xxxxx Premises. Landlord shall reimburse Tenant for such expenses, up to the amount of the Moving Allowance, within thirty (30) days following receipt from Tenant of invoices or other reasonably detailed evidence of Tenant’s expenditure of such expenses. It is understood and agreed that the Moving Allowance and shall be subject requested no later than March 31, 2020, and that Landlord shall not be obligated to fund any portion of the restrictions Moving Allowance requested after such date.
C. Tenant shall pay any costs due to inaccurate or incomplete Programming Information and conditions on such the amount, if any, by which aggregate Completion Cost for the Tenant Improvement Allowance provided in this Work Letterexceeds the Landlord’s Maximum Contribution. Notwithstanding anything The amounts to the contrary contained herein or in the Lease, Landlord shall be responsible at its sole cost and expense paid by Tenant for the incremental costs incurred by either Landlord or Tenant for asbestos removal within Improvements pursuant to this Section II.C are sometimes cumulatively referred to herein as the interior of the Leased Premises required solely as a result of the construction of the Tenant Improvements. 5“Tenant’s Contribution”.
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Cost of Tenant Improvements. Unless specified otherwise herein, A. Landlord shall bear and pay the cost of the Tenant Improvements (which cost shall include, without limitation, the costs of construction, the cost of permits and permit expediting, the costs of code compliance work, if such work is required as a result ofcomplete, or is a condition imposed by appropriate governmental authorities forcause to be completed, construction of the Tenant Improvements, and all architectural and engineering services obtained by at the construction cost shown in the Final Cost Estimate (subject to increases for Landlord in connection with the Tenant Improvements, the Contractor's fees, Landlord's fee for construction administration in an amount which shall not exceed three percent (3%) of hard costs, utilities, and Landlord's Insurance Costs (including, without limitation, course of construction insuranceapproved Changes), from in accordance with final Working Drawings and Specifications approved by both Landlord and Tenant.
B. Subject to the date provisions of this Work Letter until the Lease Commencement Date Section II.F below, Landlord shall pay up to a maximum of Two Million One Hundred Sixty-Eight Thousand Nine Hundred Fifty-Five Dollars ($450,000.00 (the "Tenant Improvement Allowance"2,168,955.00). The Tenant Improvement Allowance shall be utilized only for building improvements to the Building, and not for signage, furniture costs, any third party consulting or contracting fees, any telecom/cabling costs, or any other purpose. Tenant shall bear and pay the cost based on $22.50 per rentable square foot of the Tenant Improvements Premises (including but not limited to all “Landlord’s Maximum Contribution”), of the foregoing fees and costs) in excess of the Tenant Improvement Allowance, if any. The cost of the Tenant Improvements shall exclude the cost of furniture, fixtures and inventory and other items of Tenant's Work final “Completion Cost” (as defined below). Tenant shall have the right to elect to increase the Tenant Improvement Allowance by up to an additional $450,000.00 (the "Additional Allowance"), subject to the following terms and conditions: (i) Tenant shall make such election, if at all, no later than August 15, 1998; (ii) such amount shall be paid to Landlord in equal monthly installments over the seven (7) year Lease Term with interest at 10%, as additional Base Monthly Rent in the manner specified by Article 3 of the Lease; and (iii) the Additional Allowance shall otherwise constitute a part of the Tenant Improvement Allowance and shall be subject to the restrictions and conditions on such Tenant Improvement Allowance provided in this Work Letter. Notwithstanding anything to the contrary contained herein or in the Lease, Landlord shall be responsible at its sole cost and expense for the incremental costs incurred by either Landlord or Tenant for asbestos removal within the interior of the Leased Premises required solely as a result of the construction of the Tenant Improvements. 5Tenant acknowledges that the Landlord’s Maximum Contribution is intended only as the maximum amount Landlord will pay toward approved Tenant Improvements, and not by way of limitation, any partitions, modular office stations, fixtures, cabling, furniture and equipment requested by Tenant are in no event subject to payment as part of Landlord’s Contribution. In the event the Completion Cost of the Tenant Improvements is less than the Landlord’s Maximum Contribution, Landlord’s actual contribution toward the Completion Cost (“Landlord’s Contribution”) shall equal such lesser amount, and Tenant shall have no right to receive any credit, refund or allowance of any kind for any unused portion of the Landlord’s Maximum Contribution nor shall Tenant be allowed to make revisions to an approved Preliminary Plan, Working Drawings and Specifications or request a Change in an effort to apply any unused portion of Landlord’s Maximum Contribution
C. Tenant shall pay all Completion Costs attributable to any Changes requested by the Tenant, any costs due to inaccurate or incomplete Programming Information and the amount, if any, by which aggregate Completion Cost of the Tenant Improvements exceeds the Maximum Landlord Contribution. The amounts to be paid by Tenant for the Tenant Improvements pursuant to this Section II.C. are sometimes cumulatively referred to herein as the “Tenant’s Contribution”.
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Samples: Lease (Micro Therapeutics Inc)
Cost of Tenant Improvements. Unless specified otherwise herein, Landlord shall bear contribute up to Seven Hundred Twenty-Five Thousand and pay no/100 Dollars ($725,000.00) (the “Allowance”) toward the cost of the design (including preparation of space plans and Construction Documents), construction and installation of the Tenant Improvements (including without limitation, usual markups for overhead, supervision and profit which shall be included in the Final Cost Estimate), but excluding any of the costs related to the Exercise Room as shown on such plans which shall be paid by Tenant. Landlord shall provide an additional Seventy-six Thousand Nine Hundred Twenty-five and 00/100 Dollars ($76,925.00) (the “Additional Contribution”) toward the Tenant Improvements or other hard cost of constructing any other fixture or leasehold improvements made by Tenant to the Premises prior to the Commencement Date; provided, however the amount of the Additional Contribution, if any, shall be amortized over the initial one hundred eighty (180) months of the Term at an interest rate of ten and 00/100 percent (10.0%) per annum and added to the Base Rent due and payable monthly pursuant to this Lease. The balance, if any, of the cost of the Tenant Improvements as set forth in the Final Cost Estimate over and above the Allowance and Additional Contribution (which cost “Additional Cost”) shall include, without limitation, the costs of construction, the cost of permits and permit expediting, the costs of code compliance work, if such work is required as a result of, or is a condition imposed be paid by appropriate governmental authorities for, construction of the Tenant. Tenant Improvements, and all architectural and engineering services obtained by shall pay Landlord in connection with the Tenant Improvements, the Contractor's fees, Landlord's fee for construction administration in an amount which shall not exceed three fifty percent (350%) of hard costs, utilities, and Landlord's Insurance Costs (including, without limitation, course of construction insurance), from the date of this Work Letter until Additional Cost based upon the Lease Commencement Date up to a maximum of $450,000.00 (the "Tenant Improvement Allowance"). The Tenant Improvement Allowance shall be utilized only for building improvements Final Cost Estimate prior to the Building, and not for signage, furniture costs, any third party consulting or contracting fees, any telecom/cabling costs, or any other purpose. Tenant shall bear and pay the cost commencement of the Tenant Improvements (including but not limited to all of the foregoing fees and costs) in excess of the Tenant Improvement Allowance, if any. The cost of the Tenant Improvements shall exclude the cost of furniture, fixtures and inventory and other items of Tenant's Work (as defined below). Tenant shall have the right to elect to increase the Tenant Improvement Allowance by up to an additional $450,000.00 (the "Additional Allowance"), subject to the following terms and conditions: (i) Tenant shall make such election, if at all, no later than August 15, 1998; (ii) such amount shall be paid to Landlord in equal monthly installments over the seven (7) year Lease Term with interest at 10%, as additional Base Monthly Rent in the manner specified by Article 3 of the Lease; and (iii) the Additional Allowance shall otherwise constitute a part of the Tenant Improvement Allowance and shall be subject to the restrictions and conditions on such Tenant Improvement Allowance provided in this Work Letter. Notwithstanding anything to the contrary contained herein or in the Lease, Landlord shall be responsible at its sole cost and expense for the incremental costs incurred by either Landlord or Tenant for asbestos removal within the interior of the Leased Premises required solely as a result of the construction of the Tenant Improvements. 5The balance of the actual Additional Cost shall be paid to Landlord upon Substantial Completion of the Tenant Improvements and full completion of the punch list items, within thirty (30) days after receipt of Landlord’s invoice therefor. Landlord will use reasonable care in preparing the cost estimates, and Tenant shall have no obligation, other than for Changes set forth below and any City required changes, additions or alterations in or to the Final Construction Documents that increases the cost of the Tenant Improvements, to pay any additional costs of the Tenant Improvements over the approved Final Cost Estimate less the Allowance and Additional Contribution. Notwithstanding the foregoing, in the event the full Seven Hundred Twenty-Five Thousand and no/100 Dollars ($725,000.00) of the Allowance is not used by Tenant as provided above, then up to Seventy-Two Thousand Five Hundred and no/100 Dollars ($72,500.00) of the unused balance may be used by Tenant for the Additional Cost and the hard cost of constructing any other fixture or leasehold improvements made by Tenant to the Premises prior to the Commencement Date; provided, however, Tenant must request the right to utilize such portion of the unused balance by written notice delivered to Landlord within ninety (90) days after Landlord achieves Substantial Completion of the Tenant Improvements. Upon Substantial Completion of the Tenant Improvements, the parties shall promptly execute an addendum to this Lease in form prepared by Landlord’s counsel confirming the date of Substantial Completion, the Commencement Date, the Termination Date, the amount of the Additional Contribution, if any, and any increase in the Base Rent based on the amortization of the Additional Contribution, if any.
Appears in 1 contract
Samples: Lease Agreement (Mocon Inc)
Cost of Tenant Improvements. Unless specified otherwise herein, Landlord shall bear and pay the cost of the construction of the Tenant Improvements (which cost shall includeincluding the architectural costs for the preparation of the Tenant Approved Plans and the Final Plans, without limitationContractor’s fee and the Construction Management Fee (as defined below)), limited however to a maximum expenditure by Landlord therefor of Four Hundred Seventy Two Thousand Five Hundred Fifteen Dollars ($472,515.00) (“Landlord’s Allowance”). A portion of Landlord’s Allowance not to exceed One Hundred Fifty Seven Thousand Five Hundred Five Dollars ($157,515.00) may be applied to the reasonable architectural and engineering costs for the design of the Tenant Improvements and to wiring and cabling, Tenant’s security system in the Premises, signage, moving expenses and costs of construction, breaking down and reinstalling the Furniture (as defined in Paragraph 51 below) (“Soft Costs”). No portion of Landlord’s Allowance may (i) be applied to the cost of permits and permit expeditingequipment, trade fixtures, furniture or free rent, (ii) be applied to any portion of the Premises which is then the subject of a sublease, or (iii) be used to prepare any portion of the Premises for a proposed subtenant or assignee. Disbursements of Landlord’s Allowance for payment of Soft Costs pursuant to the foregoing shall be made by Landlord within thirty (30) days following Landlord’s receipt of Tenant’s written request therefor accompanied by written invoices (in form reasonably acceptable to Landlord) evidencing the subject costs. Subject to the expenditure restrictions set forth in the last sentence of Paragraph 4.a. above, Tenant shall pay for all costs of code compliance work, if such work is required as a result of, or is a condition imposed by appropriate governmental authorities for, the construction of the Tenant Improvements in excess of Landlord’s Allowance (the “Excess Cost”). Based on the estimated cost of the construction of the Tenant Improvements, and all architectural and engineering services obtained as shown on the Final Budget (the “Estimated Costs”), the prorata share of the Estimated Costs payable by Landlord and Tenant shall be determined and an appropriate percentage share established for each (a “Share of Costs”). Tenant and Landlord shall fund the cost of the construction (including the applicable portion of the applicable fees) as the same is performed, in connection accordance with their respective Share of Costs for the construction, with Tenant’s payments being made to Landlord within thirty (30) days of Landlord’s written demand. At such time as Landlord’s Allowance has been entirely disbursed, Tenant shall pay the remaining Excess Cost, if any, to Landlord, which payment shall be made, at Landlord’s option, in advance or in course of construction installments. Upon Tenant’s written request, Landlord or Contractor shall provide Tenant with a breakdown of all construction costs to date and of Landlord’s and Tenant’s prior contributions toward such costs. Notwithstanding the foregoing, Landlord shall retain from the amount of Landlord’s Allowance, as compensation to Landlord for review of the Final Plans and for construction inspection, administration and management with regard to the Tenant Improvements, a sum (the Contractor's fees“Construction Management Fee”) equal to (i) five percent (5%) of the first One Hundred Thousand Dollars ($100,000.00) of the hard construction costs for the Tenant Improvements and the costs of the mechanical, Landlord's fee engineering and plumbing drawings for construction administration in an amount which shall not exceed the Tenant Improvements, plus (ii) three percent (3%) of hard costssuch costs in excess of One Hundred Thousand Dollars ($100,000.00). At the time Landlord makes any disbursement of Landlord’s Allowance, utilitiesLandlord shall retain from Landlord’s Allowance, and as a partial payment of the Construction Management Fee, a proportionate amount of the Construction Management Fee based upon Landlord's Insurance Costs (including, without limitation, ’s reasonable estimation of the amount required to be withheld from each disbursement in order to ensure that the entire Construction Management Fee is retained over the course of construction insurance)on a prorata basis. At such time as Landlord’s Allowance has been entirely disbursed, from Tenant shall, within ten (10) business days of written demand, pay to Landlord the date of this Work Letter until the Lease Commencement Date up to a maximum of $450,000.00 (the "Tenant Improvement Allowance"). The Tenant Improvement Allowance shall be utilized only for building improvements to the Building, and not for signage, furniture costs, any third party consulting or contracting fees, any telecom/cabling costs, or any other purpose. Tenant shall bear and pay the cost of the Tenant Improvements (including but not limited to all of the foregoing fees and costs) in excess of the Tenant Improvement Allowanceremainder, if any. The cost , of the Tenant Improvements shall exclude the cost of furniture, fixtures and inventory and other items of Tenant's Work (as defined below). Tenant shall have the right to elect to increase the Tenant Improvement Allowance by up to an additional $450,000.00 (the "Additional Allowance"), subject to the following terms and conditions: (i) Tenant shall make such election, if at all, no later than August 15, 1998; (ii) such amount shall be Construction Management Fee not yet paid to Landlord in equal monthly installments over the seven (7) year Lease Term with interest at 10%, as additional Base Monthly Rent in Landlord. Landlord’s aforementioned written demand shall detail the manner specified by Article 3 in which the Construction Management Fee was calculated and specify which portion of the Lease; Construction Management Fee was previously paid and (iii) the Additional Allowance shall otherwise constitute a part of the Tenant Improvement Allowance and shall be subject to the restrictions and conditions on such Tenant Improvement Allowance provided in this Work Letter. Notwithstanding anything to the contrary contained herein or in the Lease, Landlord shall be responsible at its sole cost and expense for the incremental costs incurred by either Landlord or Tenant for asbestos removal within the interior of the Leased Premises required solely as a result of the construction of the Tenant Improvements. 5portion owed.
Appears in 1 contract
Cost of Tenant Improvements. Unless specified otherwise herein, (a) The Tenant Improvements will be constructed by Landlord on an “open-book” basis and Tenant shall be entitled to receive and review copies of all invoices and contracts with respect to the Tenant Improvements. Landlord shall bear and pay the cost of the Tenant Improvements (which cost as further defined below); provided, however, that, subject to the terms and conditions of this Work Letter, Landlord shall include, without limitation, the costs contribute a maximum of construction, $85 per rentable square foot to the cost of permits and permit expediting, the costs of code compliance work, if such work is required as a result of, or is a condition imposed by appropriate governmental authorities for, construction of the Tenant Improvements, for an aggregate maximum of $10,366,005 (the “Landlord Fund”) and all architectural Tenant shall contribute the Excess (defined below). The Landlord Fund shall be utilized only for building improvements to the Building and engineering services obtained by Landlord any related “soft costs” as set forth in connection with the below description of the “cost of the Tenant Improvements”, including, but not limited to, design fees, consulting fees for audio/visual equipment, costs related to cabling, telephone lines, security, mechanical/electrical engineers’ fees and construction management fees for construction managers retained by Landlord, and not for signage or furniture costs. Therefore, except as otherwise provided herein, Landlord shall pay the aggregate cost of the Tenant Improvements up to an amount not to exceed the Landlord Fund and Tenant shall pay the excess of the aggregate cost of the Tenant Improvements over the Landlord Fund (the “Excess”) plus the cost of all Tenant’s Work (defined in Paragraph 6 below). Tenant shall pay the Excess as provided in Paragraph 4(b), and Tenant shall pay the cost of the Tenant’s Work, if any, directly to the persons or entities performing same. The “cost of the Tenant Improvements” as used in this Work Letter shall include all costs incurred by Landlord to plan, design and perform the Tenant Improvements as specified by the Working Drawings and any approved (or deemed approved) revisions thereof (including any Change), including without limitation, the fees and charges of the Contractor's fees, architects, engineers, all permit and inspection fees and charges, permit expediting charges, Landlord's ’s fee for construction administration in an amount which shall not exceed three equal to one percent (31%) of the total hard costscosts of the Tenant Improvements, utilities, and Landlord's Insurance Costs (including, without limitation, course of construction insurance), electricity costs from the date of this Work Letter until the Lease Commencement Date up Date, and any costs incurred by or charged to a maximum Landlord for (i) substitution of $450,000.00 (the "Tenant Improvement Allowance"). The Tenant Improvement Allowance shall be utilized only for building improvements materials or finishes due to the Building, and not for signage, furniture costs, any third party consulting unavailability of materials or contracting fees, any telecom/cabling costs, or any other purpose. Tenant shall bear and pay finishes specified in the cost applicable Working Drawings that would materially delay completion of the Tenant Improvements (including but not limited to all provided that Landlord shall give Tenant written notice of the foregoing fees and costs) in excess of the Tenant Improvement Allowance, if any. The cost of the Tenant Improvements shall exclude the cost of furniture, fixtures and inventory and other items of Tenant's Work (as defined below). Tenant shall have the right to elect to increase the Tenant Improvement Allowance by up to an additional $450,000.00 (the "Additional Allowance"such substitution), subject to the following terms and conditions: (i) Tenant shall make such election, if at all, no later than August 15, 1998; (ii) such amount shall be paid to Landlord in equal monthly installments over the seven (7) year Lease Term with interest at 10%, as additional Base Monthly Rent in the manner specified by Article 3 necessary modification of any portions of the Lease; Building or its systems to accommodate the Tenant Improvements, and (iiiiv) the Additional Allowance shall otherwise constitute a part of the Tenant Improvement Allowance and shall be subject to the restrictions and conditions extent required on such Tenant Improvement Allowance provided in this Work Letter. Notwithstanding anything to the contrary contained herein or in the Lease, Landlord shall be responsible at its sole cost and expense for the incremental costs incurred by either Landlord or Tenant for asbestos removal within the interior of the Leased Premises required solely as a result account of the construction of the Tenant Improvements, any change or alteration to comply with applicable laws, regulations, codes or ordinances and/or the requirements of any building inspector with jurisdiction over Tenant Improvements. 5Notwithstanding anything to the contrary herein, Landlord shall pay for at its sole cost and expense, and Tenant shall have no responsibility for and the Landlord Fund shall not be used for the following: (a) attorneys' fees incurred in connection with negotiation of construction contracts; (b) interest and other costs of financing construction costs; or (c) penalties and late charges attributable to Landlord’s failure to pay construction costs (except where arising from Tenant’s failure to timely pay the Excess). Notwithstanding the foregoing, Landlord shall have no obligation to pay any cost of the Tenant Improvements during any time that Tenant is in monetary or material non-monetary default for which Landlord has provided Tenant notice thereof, and in such event, Landlord may suspend completion of the Tenant Improvements for so long as such default continues, and any delay in completing the Tenant Improvements arising from such suspension in work shall constitute a Tenant Delay. Upon completion of the Tenant Improvements and payment in full for the same, any remaining portion of the Landlord Fund shall be retained by Landlord and Tenant shall have no rights therein.
(b) If Landlord estimates at any time or from time to time that there will be an Excess, Landlord shall notify Tenant in writing of Landlord’s good faith estimate of the amount thereof, which estimate shall be itemized in reasonable detail. Tenant shall pay Landlord’s good faith estimate of the Excess billed by Landlord within ten (10) business days after it receives Landlord’s xxxx therefor. In the event Tenant fails to timely pay any such good faith estimate of the Excess, Landlord shall be entitled to suspend the performance of Landlord’s Work until such time as such payment is received by Landlord, and any delay in completion of the Tenant Improvements resulting from such suspension shall be deemed a Tenant Delay. At such time as the total cost of the Tenant Improvements is finally determined, Landlord shall notify Tenant of such amount in writing. If Tenant has not paid all of the Excess, such notice shall include Landlord’s xxxx to Tenant for the balance of the Excess not previously paid by Tenant, and if Tenant has paid more than the Excess, such notice shall include Landlord’s statement to Tenant showing the amount of the overpayment of the Excess. Tenant shall pay any such balance of the Excess to Landlord within ten (10) business days after the date when Tenant receives such notice and xxxx from Landlord, and Landlord shall pay any such overpayment of the Excess to Tenant within ten (10) business days after the date when Landlord gives such notice and statement to Tenant. All Landlord’s bills to Tenant for portions of the Excess and Landlord’s notice to Tenant of the finally determined cost of the Tenant Plans and the Landlord’s Work shall itemize the costs in question in reasonable detail.
Appears in 1 contract
Samples: Building B Bridge Space Lease (Palo Alto Networks Inc)
Cost of Tenant Improvements. Unless specified otherwise herein, Landlord shall bear and pay the cost of the Tenant Improvements (which cost shall include, without limitation, the costs of construction, the cost of permits and permit expediting, the costs of code compliance work, if such work is required as a result of, or is a condition imposed by appropriate governmental authorities for, construction of the Tenant Improvements, and all architectural and engineering services obtained by Landlord in connection with the Tenant Improvements, the Contractor's fees, Landlord's fee for construction administration in an amount which shall not exceed three percent (3%up to $2,000 per month) of hard costs, utilities, and Landlord's Insurance any Property Maintenance Costs (including, without limitation, course of construction insurance), from the date of this Work Letter until the Lease Commencement Date Date) up to a maximum of $450,000.00 483,840.00 (the "Tenant Improvement Allowance"). The Tenant Improvement Allowance shall be utilized only for building improvements to the Building, and not for signage, furniture costs, any third party consulting or contracting feesfees (other than third party space planning consultant fees up to $25,000), any telecom/cabling costs, or any other purpose. Tenant shall bear and pay the cost of the Tenant Improvements (including but not limited to all of the foregoing fees and costs) in excess of the Tenant Improvement Allowance, if any. The cost of the Tenant Improvements shall exclude the cost of furniture, fixtures and inventory and other items of Tenant's Work (as defined below). Landlord shall provide to Tenant, at Tenant's request and at Tenant's expense, a complete accounting of all amounts included as Tenant Improvement costs, and Tenant shall have the right to elect to increase audit such account at its sole cost and expense, within 30 days after substantial completion of the Tenant Improvements. In the event the entire Tenant Improvement Allowance by is not applied to Tenant Improvement Costs or Property Maintenance Costs as provided herein, up to an additional $450,000.00 (the "Additional Allowance"), subject to the following terms and conditions: (i) 282,340.00 of such Tenant shall make such election, if at all, no later than August 15, 1998; (ii) such amount Improvement Allowance not applied shall be paid to amortized by Landlord in equal monthly installments over seven (7) years at an interest rate of ten percent (10%) per annum, and the amortizing amount for each month during such seven (7) year Lease Term with interest at 10%period shall be used to reduce, as additional on a monthly basis, the Base Monthly Rent paid by Tenant over the Lease Term. In the event of such reduction in the manner specified by Article 3 of the Lease; Base Monthly Rent, Landlord and (iii) the Additional Allowance shall otherwise constitute a part of the Tenant Improvement Allowance and shall be subject agree to execute an amendment to the restrictions and conditions on such Tenant Improvement Allowance provided in this Work Letter. Notwithstanding anything to Lease setting forth the contrary contained herein or in the Lease, Landlord shall be responsible at its sole cost and expense for the incremental costs incurred by either Landlord or Tenant for asbestos removal within the interior of the Leased Premises required solely as a result of the construction of the Tenant Improvements. 5new Base Monthly Rent.
Appears in 1 contract
Samples: Lease Agreement (Webex Inc)
Cost of Tenant Improvements. Unless specified otherwise herein, A. Landlord shall bear complete, or cause to be completed, the Tenant Improvements, at the construction cost shown in the approved Final Cost Estimate (subject to the provisions of this Work Letter), in accordance with final Working Drawings and Specifications approved by both Landlord and Tenant. Landlord shall pay towards the final construction costs ("Completion Cost") as incurred a maximum of Four Hundred Fifty Six Thousand Six Hundred Ninety-Four Dollars ($456,694.00) ("Landlord's Contribution"), and Tenant shall be fully responsible for the remainder ("Tenant's Contribution"). If the actual cost of completion of the Tenant Improvements (which cost is less than the maximum amount provided for the Landlord's Contribution, such savings shall includeinure to the benefit of Landlord and Tenant shall not be entitled to any credit or payment; provided, without limitationhowever, that any such underage may be applied toward the costs of construction, the cost improvements to the patio area of permits and permit expediting, the costs of code compliance workCommon Area, if such work is required patio area improvements are approved as a result of, or is a condition imposed by appropriate governmental authorities for, construction part of the approved Preliminary Plan.
B. The Completion Cost shall include all direct costs of Landlord in completing the Tenant Improvements, including but not limited to the following: (i) payments made to architects, engineers, contractors, subcontractors and other third party consultants in the performance of the work, (ii) permit fees and other sums paid to governmental agencies, (iii) costs of all architectural and engineering services obtained by Landlord materials incorporated into the work or used in connection with the work, and (iv) keying and signage costs. Tenant Improvements, shall also be responsible for a construction management fee to be paid to Landlord in the Contractor's fees, Landlord's fee for construction administration in an amount which shall not exceed of three percent (3%) of hard costs, utilities, and that portion of the Completion Cost that exceeds the Landlord's Insurance Costs (including, without limitation, course of construction insurance), from the date of this Work Letter until the Lease Commencement Date up to a maximum of $450,000.00 (the "Tenant Improvement Allowance"). The Tenant Improvement Allowance shall be utilized only for building improvements to the Building, and not for signage, furniture costs, any third party consulting or contracting fees, any telecom/cabling costs, or any other purpose. Tenant shall bear and pay the cost of the Tenant Improvements (including but not limited to all of the foregoing fees and costs) in excess of the Tenant Improvement AllowanceContribution, if any. The cost .
C. Prior to start of the Tenant Improvements shall exclude the cost of furniture, fixtures and inventory and other items of Tenant's Work (as defined below). Tenant shall have the right to elect to increase the Tenant Improvement Allowance by up to an additional $450,000.00 (the "Additional Allowance"), subject to the following terms and conditions: (i) Tenant shall make such election, if at all, no later than August 15, 1998; (ii) such amount shall be paid to Landlord in equal monthly installments over the seven (7) year Lease Term with interest at 10%, as additional Base Monthly Rent in the manner specified by Article 3 of the Lease; and (iii) the Additional Allowance shall otherwise constitute a part of the Tenant Improvement Allowance and shall be subject to the restrictions and conditions on such Tenant Improvement Allowance provided in this Work Letter. Notwithstanding anything to the contrary contained herein or in the Lease, Landlord shall be responsible at its sole cost and expense for the incremental costs incurred by either Landlord or Tenant for asbestos removal within the interior of the Leased Premises required solely as a result of the construction of the Tenant Improvements, Tenant shall pay to Landlord in full the amount of the Tenant's Contribution set forth in the Final Cost Estimate. 5If the actual Completion Cost of the Tenant Improvements is less than the Final Cost Estimate, any portion of the Tenant's Contribution paid by Tenant but not expended towards the Completion Cost shall be credited to rent next due under this Lease. If the actual Completion Cost is greater than the Final Cost Estimate because of modifications or extras not reflected on the approved working drawings, or because of Tenant Delays, then Tenant shall pay to Landlord, within ten (10) days following submission of an invoice therefor, all such additional costs, including any additional architectural fee. If Tenant defaults in the payment of any sums due under this Work Letter, Landlord shall (in addition to all other remedies) have the same rights as in the case of Tenant's failure to pay rent under the Lease.
Appears in 1 contract
Cost of Tenant Improvements. Unless specified otherwise hereinLandlord shall, in part in --------------------------- recognition of improvements made by Tenant to the Termination Premises, contribute (the "Allowance") up to the sum of (a) $6.00 per rentable square foot in the First Expansion Premises and the Second Expansion Premises toward the cost of the design (including preparation of space plans and Construction Documents), construction and installation of the Tenant Improvements in the First Expansion Premises and the Second Expansion Premises, and (b) up to $2,500.00 toward the cost of any refurbishment in the First Expansion Premises and the Second Expansion Premises combined. Landlord shall bear pay the Allowance in installments, the first of which shall be thirty (30) days following Substantial Completion of Tenant Improvements in the First Expansion Premises (based upon the Allowance times the rentable area in the First Expansion Premises), and pay the second installment shall be thirty (30) days following Substantial Completion of Tenant Improvements in the Second Expansion Premises. As a condition of payment of each installment of the Allowance Tenant shall provide to Landlord executed final lien waivers from the Contractor and each subcontractor and supplier who performed work or supplied materials in connection with the Tenant Improvements. The balance, if any, of the cost of the Tenant Improvements (which cost shall include, without limitation"Additional Cost") in the First Expansion Premises, the costs of constructionSecond Expansion Premises and the Existing Premises, the cost of permits and permit expediting, the costs of code compliance work, if such work is required as a result of, or is a condition imposed by appropriate governmental authorities for, construction of the Tenant Improvements, and all architectural and engineering services obtained by Landlord in connection with the Tenant Improvements, the Contractor's fees, Landlord's fee for construction administration in an amount which shall not exceed three percent (3%) of hard costs, utilities, and Landlord's Insurance Costs (including, without limitation, course of construction insurance), from the date of this Work Letter until the Lease Commencement Date up to a maximum of $450,000.00 (the "Tenant Improvement Allowance"). The Tenant Improvement Allowance shall be utilized only for building improvements to the Building, and not for signage, furniture costs, any third party consulting or contracting fees, any telecom/cabling costs, or any other purpose. Tenant shall bear and pay the cost of the Tenant Improvements (including but not limited to all of the foregoing fees to, usual markups for overhead, supervision and costs) in excess of the Tenant Improvement Allowanceprofit, if any. The cost of the Tenant Improvements shall exclude the cost of furniture, fixtures and inventory and other items of Tenant's Work (as defined below). Tenant shall have the right to elect to increase the Tenant Improvement Allowance by up to an additional $450,000.00 (the "Additional Allowance"), subject to the following terms and conditions: (i) Tenant shall make such election, if at all, no later than August 15, 1998; (ii) such amount shall be paid to Landlord in equal monthly installments over the seven (7) year Lease Term with interest at 10%, as additional Base Monthly Rent in the manner specified by Article 3 of the Lease; and (iii) the Additional Allowance shall otherwise constitute a part of the Tenant Improvement Allowance and shall be subject to the restrictions and conditions on such Tenant Improvement Allowance provided in this Work Letter. Notwithstanding anything to the contrary contained herein or in the Lease, Landlord shall be responsible at its sole cost and expense for the incremental costs incurred by either Landlord or Tenant for asbestos removal within the interior of the Leased Premises required solely as a result of the construction of the Tenant Improvements. 5Contractor.
Appears in 1 contract
Samples: Lease Agreement (Natus Medical Inc)
Cost of Tenant Improvements. Unless specified otherwise herein, A. Landlord shall bear and pay the cost of the Tenant Improvements (which cost shall include, without limitation, the costs of construction, the cost of permits and permit expediting, the costs of code compliance work, if such work is required as a result ofcomplete, or is a condition imposed by appropriate governmental authorities forcause to be completed, construction of the Tenant Improvements, at the construction cost shown in the Final Cost Estimate (subject to increases for Landlord approved Changes and all architectural and engineering services obtained by Landlord as otherwise provided in connection with the Tenant Improvements, the Contractor's fees, Landlord's fee for construction administration in an amount which shall not exceed three percent (3%) of hard costs, utilities, and Landlord's Insurance Costs (including, without limitation, course of construction insurancethis Work Letter), from the date of this Work Letter until the Lease Commencement Date in accordance with final Working Drawings and Specifications approved by both Landlord and Tenant.
B. Landlord shall pay up to a maximum of Five Hundred Sixteen Thousand Ninety-Six Dollars ($450,000.00 (the "Tenant Improvement Allowance"526,096.00). The Tenant Improvement Allowance shall be utilized only for building improvements to the Building, and not for signage, furniture costs, any third party consulting or contracting fees, any telecom/cabling costs, or any other purpose. Tenant shall bear and pay the cost based on $18.00 per rentable square foot of the Tenant Improvements Premises (including but not limited to all “Landlord’s Maximum Contribution”), of the foregoing fees and costs) in excess of the Tenant Improvement Allowancefinal “Completion Cost” (as defined below), if any. The cost of the Tenant Improvements shall exclude the cost of furniture, fixtures and inventory and other items of Tenant's Work but applicable only to “Building Standard Improvements” (as defined below). Tenant acknowledges that the Landlord’s Maximum Contribution is intended only as the maximum amount Landlord will pay toward Building Standard Improvements, and not by way of limitation, any partitions, modular office stations, fixtures, cabling, furniture and equipment requested by Tenant are not included in Building Standards and are in no event subject to payment as part of Landlord’s Contribution. In the event the sum of the cost of the Building Standard Improvements for the Tenant Improvements is less than the Landlord’s Maximum Contribution, Landlord’s actual contribution toward the Completion Cost (“Landlord’s Contribution”) shall equal such lesser amount, and Tenant shall have the no right to elect receive any credit, refund or allowance of any kind for any unused portion of the Landlord’s Maximum Contribution nor shall Tenant be allowed to increase make revisions to an approved Preliminary Plan, Working Drawings and Specifications or request a Change in an effort to apply any unused portion of Landlord’s Maximum Contribution. In addition to the Landlord’s Maximum Contribution, Landlord shall reimburse Tenant’s Architect in the amount of Two Thousand Eight Hundred Sixty-Seven Dollars ($2,867.00) for the cost of one (1) test fit plan for the Tenant Improvement Allowance by up Work, within thirty (30) days following invoicing from Tenant’s Architect. C Tenant shall pay all Completion Costs attributable to an additional $450,000.00 Non-Standard Improvements (the "Additional Allowance"“Non-Standard Improvement Costs”), subject to the following terms and conditionsincluding, but not by way of limitation: (i) Tenant shall make such electioncosts for each variance or upgrade which increases the cost of a Building Standard Improvement, if at all, no later than August 15, 1998; and (ii) such amount the entire cost of any improvements or work which are additions (as opposed to variances or upgrades) to the Standard Improvements (e.g., supplemental or back-up power or HVAC, extra finishes or millwork or partitions). In addition, Tenant shall pay all Completion Costs attributable to any Changes requested by the Tenant, any costs due to inaccurate or incomplete Programming Information and the amount, if any, by which aggregate costs for the Building Standard Improvements exceeds the Maximum Landlord Contribution. The amounts to be paid to Landlord in equal monthly installments over the seven (7) year Lease Term with interest at 10%, as additional Base Monthly Rent in the manner specified by Article 3 of the Lease; and (iii) the Additional Allowance shall otherwise constitute a part of Tenant for the Tenant Improvement Allowance and shall be subject Improvements pursuant to this Section II.C. are sometimes cumulatively referred to herein as the restrictions and conditions on such Tenant Improvement Allowance provided in this Work Letter. Notwithstanding anything to the contrary contained herein or in the Lease, Landlord shall be responsible at its sole cost and expense for the incremental costs incurred by either Landlord or Tenant for asbestos removal within the interior of the Leased Premises required solely as a result of the construction of the Tenant Improvements. 5“Tenant’s Contribution”.
Appears in 1 contract
Samples: Lease (Netlist Inc)
Cost of Tenant Improvements. Unless specified otherwise herein, A. Landlord shall bear complete, or cause to be completed, the Tenant Improvements, at the construction cost shown in the approved Final Cost Estimate (subject to the provisions of this Work Letter), in accordance with final Working Drawings and Specifications approved by both Landlord and Tenant. Landlord shall pay towards the final construction costs ("Completion Cost") as incurred a maximum of Seventy-Eight Thousand Three Hundred Sixty-Four Dollars ($78,364.00) ("Landlord's Contribution"), and Tenant shall be fully responsible for the remainder ("Tenant's Contribution"); provided, however, that Landlord shall, in addition to the Landlord's Contribution, be responsible for the cost of the following items as reflected in the January 14, 2002 cost estimate (the "Landlord Work"), which cost items shall not be included in the Tenant's Contribution: (i) the installation and finishing of the demising walls of the Premises, (ii) the life safety upgrade work, and (iii) the retrofit of the existing ceilings to comport with applicable codes. If the actual cost of completion of the Tenant Improvements is less than the maximum amount provided for the Landlord's Contribution, such savings shall inure to the benefit of Landlord and Tenant shall not be entitled to any credit or payment.
B. The Completion Cost shall include all direct costs of Landlord in completing the Tenant Improvements (which cost shall include, without limitation, the costs exclusive of construction, the cost of permits the Landlord Work as provided above), including but not limited to the following: (i) payments made to architects, engineers, contractors, subcontractors and other third party consultants in the performance of the work, (ii) permit expeditingfees and other sums paid to governmental agencies, the and (iii) costs of code compliance all materials incorporated into the work or used in connection with the work, if such work is required as a result of, or is a condition imposed by appropriate governmental authorities for, . The Completion Cost shall also include an administrative/supervision fee to be paid to Landlord in the amount of five percent (5%) of all hard construction costs.
C. Prior to start of construction of the Tenant Improvements, and all architectural and engineering services obtained by Landlord in connection with the Tenant Improvements, the Contractor's fees, Landlord's fee for construction administration in an amount which shall not exceed three percent (3%) of hard costs, utilities, and Landlord's Insurance Costs (including, without limitation, course of construction insurance), from the date of this Work Letter until the Lease Commencement Date up to a maximum of $450,000.00 (the "Tenant Improvement Allowance"). The Tenant Improvement Allowance shall be utilized only for building improvements to the Building, and not for signage, furniture costs, any third party consulting or contracting fees, any telecom/cabling costs, or any other purpose. Tenant shall bear and pay to Landlord the cost amount of the Tenant's Contribution set forth in the approved Final Cost Estimate. In addition, if the actual Completion Cost of the Tenant Improvements is greater than the Final Cost Estimate because of modifications or extras not reflected on the approved Working Drawings and Specifications which are requested by Tenant, and further provided that the sum of (including but not limited to all of the foregoing fees and costsi) in excess of the Tenant Improvement Allowance, if any. The cost of the Tenant Improvements shall exclude the cost of furnituresuch modifications and extras and (ii) the Final Cost Estimate, fixtures and inventory and exceeds the Landlord's Contribution, then Tenant shall pay to Landlord, within ten (10) days following submission of an invoice therefor, all such additional costs, including any additional architectural fee, so long as the additional cost of any changes had been approved by Tenant. If Tenant defaults in the payment of any sums due under this Work Letter, Landlord shall (in addition to all other items remedies) have the same rights as in the case of Tenant's Work (as defined below). Tenant shall have the right failure to elect to increase the Tenant Improvement Allowance by up to an additional $450,000.00 (the "Additional Allowance"), subject to the following terms and conditions: (i) Tenant shall make such election, if at all, no later than August 15, 1998; (ii) such amount shall be paid to Landlord in equal monthly installments over the seven (7) year Lease Term with interest at 10%, as additional Base Monthly Rent in the manner specified by Article 3 of pay rent under the Lease; and (iii) the Additional Allowance shall otherwise constitute a part of the Tenant Improvement Allowance and shall be subject to the restrictions and conditions on such Tenant Improvement Allowance provided in this Work Letter. Notwithstanding anything to the contrary contained herein or in the Lease, Landlord shall be responsible at its sole cost and expense for the incremental costs incurred by either Landlord or Tenant for asbestos removal within the interior of the Leased Premises required solely as a result of the construction of the Tenant Improvements. 5.
Appears in 1 contract
Cost of Tenant Improvements. Unless specified otherwise herein, Landlord shall bear and pay the cost of the Tenant Improvements (which cost shall include, without limitation, the costs of construction, the cost of permits and permit expediting, the costs of code compliance work, if such work is required as a result of, or is a condition imposed by appropriate governmental authorities for, construction of the Tenant Improvements, and all architectural and engineering services obtained by Landlord in connection with the Tenant Improvements, the Contractor's fees, Landlord's fee for construction administration in an amount which shall not exceed three percent equal to the amount charged by any construction manager retained by Landlord (3%the "Construction Manager") of hard costs, utilities, and Landlord's Insurance Costs (including, without limitation, course of construction insurance), from the date of this Work Letter until the Lease Commencement Date up to a maximum of $450,000.00 50 per rentable square foot (the "Tenant Improvement Allowance"). The Tenant Improvement Allowance shall be utilized only for building improvements to the BuildingBuilding (and Tenant's architect fees), and not for signage, furniture costs, any third party consulting or contracting fees, any telecom/cabling costs, or any other purpose. Tenant shall bear and pay the cost of the Tenant Improvements (including but not limited to all of the foregoing fees and costs) in excess of the Tenant Improvement Allowance, if any. The cost of the Tenant Improvements shall exclude the cost of furniture, fixtures and inventory and other items of Tenant's Work (as defined below). Tenant shall have Notwithstanding the right to elect to increase foregoing, the Tenant Improvement Allowance by up to an additional $450,000.00 shall not be used for (and Tenant shall have no responsibility for) the "Additional Allowance"), subject following costs except to the following terms and conditions: (i) Tenant shall make such election, if at all, no later than August 15, 1998; (ii) such amount shall be paid to Landlord in equal monthly installments over the seven (7) year Lease Term with interest at 10%, as additional Base Monthly Rent in the manner specified by Article 3 extent any of the Lease; and (iii) foregoing are caused by Tenant, are due to Tenant Delays or result from the Additional Allowance shall otherwise constitute a part failure of Tenant to comply with the terms of the Tenant Improvement Allowance and shall be subject to the restrictions and conditions on such Tenant Improvement Allowance provided in Lease or this Work Letter. Notwithstanding anything :
(1) Property Maintenance Costs prior to the contrary contained herein or in Delivery Date; (2) charges for overtime, except to the Lease, Landlord shall be responsible at its sole cost and expense for the incremental extent approved by Tenant; (3) costs to correct construction defects; (4) costs incurred to enforce contracts or cure contractor or subcontractor defaults (including legal fees); or (5) principal or interest on construction loan obtained by either Landlord or Tenant for asbestos removal within the interior of the Leased Premises required solely as a result of the construction of the Tenant Improvements. 5.
Appears in 1 contract
Samples: Lease (Juniper Networks Inc)
Cost of Tenant Improvements. Unless specified otherwise herein, A. Landlord shall bear complete, or cause to be completed, the Tenant Improvements, at the construction cost shown in the Bid Amount (subject to the provisions of this Work Letter), in accordance with final Working Drawings and Specifications approved by both Landlord and Tenant Landlord shall pay towards the “Completion Cost” (as hereinafter defined) as incurred a maximum of Four Hundred Forty-Three Thousand Two Hundred Eighty-Nine Dollars ($443,289.00) (“Landlords Contribution”), based on Sixteen Dollars and Fifty Cents ($16.50) per square foot of the Premises, and Tenant shall be fully responsible for the remainder of the Completion Cost (“Tenant’s Contribution”). Landlord’s Contribution shall only be used for construction and installation of Standards incorporated into the approved Working Drawings and Specifications.
B. The Completion Cost shall mean the following: (i) payments made to architects, engineers and other third party consultants in connection with the preparation of the Preliminary Plan and Working Drawings and Specifications, (ii) permit fees and other sums paid to governmental agencies, and (iii) costs of all labor and materials for construction of the Tenant Improvement work in accordance with the approved Working Drawings and Specifications. The Completion Cost shall also include an administrative! supervision fee to be paid to Landlord or to Landlord’s management agent in the amount of five percent (5%) of all such costs. Landlord, at its sole cost and expense, shall be responsible for and the Completion Cost shall not include (and Tenant shall have no responsibility for and Landlord’s Contribution shall not be used for) the following: (a) costs attributable to the “Building Shell Work” defined below; (b) costs incurred to remove Hazardous Materials from the Premises or the Project; (c) attorneys’ fees incurred in connection with negotiation of construction contracts, and attorneys’ fees, experts’ fees and other costs in connection with disputes with third parties; (d) interest and other costs of financing construction costs; (e) costs incurred as a consequence of delay (unless the delay is a “Tenant Delay” as herein defined), construction defects or default by the Selected Contractor; (1) costs recoverable by Landlord upon account of warranties and insurance; (g) restoration costs in excess of insurance proceeds as a consequence of casualties; (h) penalties and late charges attributable to Landlord’s failure to pay construction costs; and (i) costs for which Landlord is responsible as provided in Section 2.4 of the Lease.
C. Tenant shall pay to Landlord the amount of the Tenant’s Contribution estimated by Landlord (“Landlord’s Final Estimate”) following the final bidding of the Tenant Improvement work and the execution of the construction contract with the Selected Contractor, as follows: (i) fifty percent (50%) of the Tenant’s Contribution prior to the start of construction, and (ii) fifty percent (50%) within ten (10) days following notice from Landlord that the Tenant Improvements work is fifty percent (50%) completed. If the actual Completion Cost of the Tenant Improvements (which cost shall include, without limitation, is greater than the costs Landlord’s Final Estimate because of construction, the cost of permits and permit expediting, the costs of code compliance work, if such work is required as a result ofChanges, or is a condition imposed by appropriate governmental authorities forbecause of Tenant Delays, construction of the then Tenant Improvements, and all architectural and engineering services obtained by Landlord in connection with the Tenant Improvements, the Contractor's fees, Landlord's fee for construction administration in an amount which shall not exceed three percent (3%) of hard costs, utilities, and Landlord's Insurance Costs (including, without limitation, course of construction insurance), from the date of this Work Letter until the Lease Commencement Date up to a maximum of $450,000.00 (the "Tenant Improvement Allowance"). The Tenant Improvement Allowance shall be utilized only responsible for building improvements to the Building, and not for signage, furniture all such additional costs, any third party consulting or contracting fees, any telecom/cabling costs, or any other purpose. Tenant shall bear and pay the cost of the Tenant Improvements (including but not limited to all of the foregoing fees and costs) in excess of the Tenant Improvement Allowance, if any. The cost of the Tenant Improvements shall exclude the cost of furniture, fixtures and inventory and other items of Tenant's Work (as defined below). Tenant shall have the right to elect to increase the Tenant Improvement Allowance by up to an additional $450,000.00 (the "Additional Allowance"), subject to the following terms and conditions: (i) Tenant shall make such election, if at all, no later than August 15, 1998; (ii) such amount shall be paid to Landlord in equal monthly installments over the seven (7) year Lease Term with interest at 10%, as additional Base Monthly Rent in the manner specified by Article 3 of the Lease; and (iii) the Additional Allowance shall otherwise constitute a part of the Tenant Improvement Allowance and shall be subject to the restrictions and conditions on such Tenant Improvement Allowance provided in this Work Letter. Notwithstanding anything to the contrary contained herein or in the Leaseotherwise, Landlord shall be responsible at its sole cost for such additional costs. The balance of any sums not otherwise paid by Tenant shall be due and expense for payable on or before the incremental costs incurred by either Commencement Date of this Lease. If Tenant defaults in the payment of any sums due under this Work Letter, Landlord or Tenant for asbestos removal within shall (in addition to all other remedies) have the interior same rights as in the case of Tenant’s failure to pay rent under the Leased Premises required solely as a result of the construction of the Tenant Improvements. 5Lease.
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Cost of Tenant Improvements. Unless specified otherwise herein, 3.1 Landlord shall bear complete, or cause to be completed, the Tenant Improvements, in accordance with final Working Drawings and pay Specifications approved by both Landlord and Tenant. The Tenant Improvements shall be constructed by Landlord in accordance with all rules, regulations, codes, ordinances, statutes, and laws of any governmental or quasi-governmental authority in effect as of the cost date of the issuance of the applicable building permit(s) therefor, and in a good and workxxx-xxxe manner using material and equipment of new and otherwise of good quality. Landlord shall obtain standard warranties on the elements of the Tenant Improvements (which cost that Tenant is responsible for maintaining under the Lease and shall includeassign to Tenant, without limitation, or otherwise cooperate to make available to Tenant the costs of construction, the cost of permits and permit expediting, the costs of code compliance work, if such work is required as a result benefit of, or is a condition imposed by appropriate governmental authorities forall such warranties.
3.2 Landlord shall pay up to $3,328,435.00, construction based on $55.00 per rentable square foot of the Tenant Improvements, and all architectural and engineering services obtained by Landlord in connection with the Tenant Improvements, the Contractor's fees, 5451 Xxxxx Xxxxxxx Xxxmises ("Landlord's fee for construction administration in an amount which shall not exceed three percent (3%) of hard costs, utilities, and Landlord's Insurance Costs (including, without limitation, course of construction insuranceMaximum Contribution"), from the date of this Work Letter until the Lease Commencement Date up to a maximum of $450,000.00 (the "Tenant Improvement Allowance"). The Tenant Improvement Allowance shall be utilized only for building improvements to the Building, and not for signage, furniture costs, any third party consulting or contracting fees, any telecom/cabling costs, or any other purpose. Tenant shall bear and pay the cost of the Tenant Improvements (including but not limited to all of the foregoing fees and costs) in excess of the Tenant Improvement Allowance, if any. The cost of the Tenant Improvements shall exclude the cost of furniture, fixtures and inventory and other items of Tenant's Work final “Completion Cost” (as defined below). Tenant shall have acknowledges that the right to elect to increase Landlord's Maximum Contribution is intended only as the maximum amount Landlord will pay toward any of the Tenant Improvement Allowance by up Improvements described in the approved Working Drawings and Specifications (as same may be modified pursuant to an additional $450,000.00 (the "Additional Allowance"a Change Order or as otherwise provided in Section 2.2 above), subject to the following terms and conditions: (i) Tenant shall make such electionincluding but not limited to, if at allany specialized pipe installations, no later than August 15, 1998; (ii) such amount shall be paid to Landlord in equal monthly installments over the seven (7) year Lease Term with interest at 10%, as additional Base Monthly Rent but excluding alterations not included in the manner specified by Article 3 Working Drawings or Specifications (as same may be modified pursuant to a Change Order or as otherwise provided in Section 2.2 above). In the event the sum of the Lease; and (iii) cost of the Additional Allowance shall otherwise constitute a part “Completion Cost” of the Tenant Improvement Allowance Work is less than the Landlord’s Maximum Contribution, Landlord’s actual contribution toward the Completion Cost ("Landlord's Contribution") shall equal such lesser amount, and Tenant shall have no right to receive any credit, refund or allowance of any kind for any unused portion of the Landlord's Maximum Contribution nor shall Tenant be subject allowed to make revisions to an approved Working Drawings and Specifications or request a Change in an effort to apply any unused portion of Landlord's Maximum Contribution.
3.3 Tenant shall pay the restrictions and conditions on such Tenant Improvement Allowance provided difference between the Landlord’s Maximum Contribution, as specified in this Work Letter. Notwithstanding anything to Letter and the contrary contained herein or in the Lease, Landlord shall be responsible at its sole cost and expense for the incremental costs incurred by either Landlord or Tenant for asbestos removal within the interior of the Leased Premises required solely as a result of the construction “Completion Cost” of the Tenant ImprovementsImprovement Work (as hereinafter defined). 5The amounts to be paid by Tenant for the Tenant Improvements pursuant to this Section 3.3 are sometimes cumulatively referred to herein as the "Tenant's Contribution".
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Samples: Lease (Arista Networks, Inc.)
Cost of Tenant Improvements. Unless specified otherwise herein, A. Landlord shall bear complete, or cause to be completed, the Tenant Improvements, at the construction cost shown in the approved Final Cost Estimate (subject to the provisions of this Work Letter), in accordance with final Working Drawings and Specifications approved by both Landlord and Tenant. Landlord shall pay towards the final construction costs ("Completion Cost") as incurred a maximum of One Million One Hundred Sixty-Five Thousand Eight Dollars ($1,165,080.00) and Tenant shall be fully responsible for the remainder ("Tenant's Contribution").
B. The Completion Cost shall include all direct costs of Landlord in completing the Tenant Improvements, including but not limited to the following: (i) payments made to architects, engineers, contractors, subcontractors and other third party consultants in the performance of the work, (ii) salaries and fringe benefits of persons, if any, in the direct employ of Landlord performing any part of the construction work, (iii) permit fees and other sums paid to governmental agencies, (iv) costs of all materials incorporated into the work or used in connection with the work, including Tenant's proportionate share of the cost of certain exterior patio furniture, and (v) keying and signage costs. The Completion Cost shall also include an administrative/ supervision fee to be paid to Landlord's management agent for the Tenant Improvements Building in the amount of five percent (which cost shall include, without limitation, the costs 5%) of construction, the cost all such direct costs.
C. Prior to start of permits and permit expediting, the costs of code compliance work, if such work is required as a result of, or is a condition imposed by appropriate governmental authorities for, construction of the Tenant Improvements, and all architectural and engineering services obtained by Tenant shall pay to Landlord in connection with full the Tenant Improvements, amount of the ContractorTenant's fees, Landlord's fee for construction administration Contribution set forth in an amount which shall not exceed three percent (3%) of hard costs, utilities, and Landlord's Insurance Costs (including, without limitation, course of construction insurance), from the date of this Work Letter until approved Final Cost Estimate. If the Lease Commencement Date up to a maximum of $450,000.00 (the "Tenant Improvement Allowance"). The Tenant Improvement Allowance shall be utilized only for building improvements to the Building, and not for signage, furniture costs, any third party consulting or contracting fees, any telecom/cabling costs, or any other purpose. Tenant shall bear and pay the cost actual Completion Cost of the Tenant Improvements is greater than the Final Cost Estimate because of modifications or extras not reflected on the approved working drawings, or because of delays caused by Tenant, then Tenant shall be responsible for all such additional costs, including any additional architectural fee. The balance of any sums not otherwise paid by Tenant shall be due and payable on or before the Commencement Date of this Lease. If Tenant defaults in the payment of any sums due under this Work Letter, Landlord shall (including but not limited in addition to all of other remedies) have the foregoing fees and costs) same rights as in excess of the Tenant Improvement Allowance, if any. The cost of the Tenant Improvements shall exclude the cost of furniture, fixtures and inventory and other items case of Tenant's Work (as defined below). Tenant shall have the right failure to elect to increase the Tenant Improvement Allowance by up to an additional $450,000.00 (the "Additional Allowance"), subject to the following terms and conditions: (i) Tenant shall make such election, if at all, no later than August 15, 1998; (ii) such amount shall be paid to Landlord in equal monthly installments over the seven (7) year Lease Term with interest at 10%, as additional Base Monthly Rent in the manner specified by Article 3 of pay rent under the Lease; and (iii) the Additional Allowance shall otherwise constitute a part of the Tenant Improvement Allowance and shall be subject to the restrictions and conditions on such Tenant Improvement Allowance provided in this Work Letter. Notwithstanding anything to the contrary contained herein or in the Lease, Landlord shall be responsible at its sole cost and expense for the incremental costs incurred by either Landlord or Tenant for asbestos removal within the interior of the Leased Premises required solely as a result of the construction of the Tenant Improvements. 5.
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Cost of Tenant Improvements. Unless specified otherwise herein, Landlord shall bear contribute a one-time tenant improvement allowance (the “Tenant Improvement Allowance”) in the amount up to $10.00 per rentable square foot of the Premises (i.e., the amount not to exceed $70,110.00) toward the cost of the design (including preparation of space plans and Construction Documents), construction and installation of the Tenant Improvements. Landlord shall only be obligated to make disbursements from the Tenant Improvement Allowance to the extent costs are incurred by Tenant for the Tenant Improvements. The Tenant Improvement Allowance shall be paid to Tenant within ten (10) business days of the date that Tenant has provided to Landlord an invoice(s) from Tenant’s contractor in an amount at least equal to the Tenant Improvement Allowance, and lien waiver(s) in connection therewith. In the event that Landlord has failed to pay to Tenant, when due, any portion of the Tenant Improvement Allowance, Tenant shall provide to Landlord written notice thereof. If Landlord’s failure to pay continues for fifteen (15) business days following such first written notice, Tenant may offset the amount of the Tenant Improvement Allowance due to Tenant from Rent due to Landlord. Such offset shall end when Tenant has offset the full amount of the Tenant Improvement Allowance owed to Tenant. The balance, if any, of the cost of the Tenant Improvements (which cost shall include“Additional Cost”), without limitation, the costs of construction, the cost of permits and permit expediting, the costs of code compliance work, if such work is required as a result of, or is a condition imposed by appropriate governmental authorities for, construction of the Tenant Improvements, and all architectural and engineering services obtained by Landlord in connection with the Tenant Improvements, the Contractor's fees, Landlord's fee for construction administration in an amount which shall not exceed three percent (3%) of hard costs, utilities, and Landlord's Insurance Costs (including, without limitation, course of construction insurance), from the date of this Work Letter until the Lease Commencement Date up to a maximum of $450,000.00 (the "Tenant Improvement Allowance"). The Tenant Improvement Allowance shall be utilized only for building improvements to the Building, and not for signage, furniture costs, any third party consulting or contracting fees, any telecom/cabling costs, or any other purpose. Tenant shall bear and pay the cost of the Tenant Improvements (including but not limited to, usual markups for overhead, supervision and profit, shall be paid by Tenant, with all payments made by Tenant directly to all of the foregoing fees Tenant’s Representatives, and costs) in excess such payment by Tenant shall be a condition to Landlord’s obligation to pay any amounts of the Tenant Improvement Allowance, if any. The cost of the Tenant Improvements shall exclude the cost of furniture, fixtures and inventory and other items of Tenant's Work (as defined below). Tenant shall have the right to elect to increase the Tenant Improvement Allowance by up to an additional $450,000.00 (the "Additional Allowance"), subject to the following terms and conditions: (i) Tenant shall make such election, if at all, no later than August 15, 1998; (ii) such amount shall be paid to Landlord in equal monthly installments over the seven (7) year Lease Term with interest at 10%, as additional Base Monthly Rent in the manner specified by Article 3 of the Lease; and (iii) the Additional Allowance shall otherwise constitute a part of the Tenant Improvement Allowance and shall be subject to the restrictions and conditions on such Tenant Improvement Allowance provided in this Work Letter. Notwithstanding anything to the contrary contained herein or in the Lease, Landlord shall be responsible at its sole cost and expense for the incremental costs incurred by either Landlord or Tenant for asbestos removal within the interior of the Leased Premises required solely as a result of the construction of the Tenant Improvements. 5.
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Cost of Tenant Improvements. Unless specified otherwise herein, A. Landlord shall bear complete, or cause to be completed, the Tenant Improvements, at the construction cost shown in the Bid Amount (subject to the provisions of this Work Letter), in accordance with final Working Drawings and Specifications approved by both Landlord and Tenant Landlord shall pay towards the cost "Completion Cost" (as hereinafter defined) as incurred a maximum of Four Hundred Forty-Three Thousand Two Hundred Eighty-Nine Dollars ($443,289.00) ("Landlords Contribution"), based on Sixteen Dollars and Fifty Cents ($16.50) per square foot of the Premises, and Tenant Improvements shall be fully responsible for the remainder of the Completion Cost (which cost "Tenant's Contribution"). Landlord's Contribution shall includeonly be used for construction and installation of Standards incorporated into the approved Working Drawings and Specifications.
B. The Completion Cost shall mean the following: (i) payments made to architects, without limitationengineers and other third party consultants in connection with the preparation of the Preliminary Plan and Working Drawings and Specifications, the (ii) permit fees and other sums paid to governmental agencies, and (iii) costs of construction, the cost of permits all labor and permit expediting, the costs of code compliance work, if such work is required as a result of, or is a condition imposed by appropriate governmental authorities for, materials for construction of the Tenant Improvements, and all architectural and engineering services obtained by Landlord Improvement work in connection accordance with the Tenant Improvements, the Contractor's fees, Landlord's fee for construction administration in an amount which shall not exceed three percent (3%) of hard costs, utilities, approved Working Drawings and Landlord's Insurance Costs (including, without limitation, course of construction insurance), from the date of this Work Letter until the Lease Commencement Date up to a maximum of $450,000.00 (the "Tenant Improvement Allowance")Specifications. The Tenant Improvement Allowance Completion Cost shall be utilized only for building improvements also include an administrative! supervision fee to the Building, and not for signage, furniture costs, any third party consulting or contracting fees, any telecom/cabling costs, or any other purpose. Tenant shall bear and pay the cost of the Tenant Improvements (including but not limited to all of the foregoing fees and costs) in excess of the Tenant Improvement Allowance, if any. The cost of the Tenant Improvements shall exclude the cost of furniture, fixtures and inventory and other items of Tenant's Work (as defined below). Tenant shall have the right to elect to increase the Tenant Improvement Allowance by up to an additional $450,000.00 (the "Additional Allowance"), subject to the following terms and conditions: (i) Tenant shall make such election, if at all, no later than August 15, 1998; (ii) such amount shall be paid to Landlord in equal monthly installments over the seven (7) year Lease Term with interest at 10%, as additional Base Monthly Rent or to Landlord's management agent in the manner specified by Article 3 amount of the Lease; and five percent (iii5%) the Additional Allowance shall otherwise constitute a part of the Tenant Improvement Allowance and shall be subject to the restrictions and conditions on all such Tenant Improvement Allowance provided in this Work Letter. Notwithstanding anything to the contrary contained herein or in the Leasecosts.. Landlord, Landlord shall be responsible at its sole cost and expense expense, shall be responsible for and the incremental Completion Cost shall not include (and Tenant shall have no responsibility for and Landlord's Contribution shall not be used for) the following: (a) costs attributable to the "Building Shell Work" defined below; (b) costs incurred by either Landlord to remove Hazardous Materials from the Premises or Tenant for asbestos removal within the interior Project; (c) attorneys' fees incurred in connection with negotiation of the Leased Premises required solely construction contracts, and attorneys' fees, experts' fees and other costs in connection with disputes with third parties; (d) interest and other costs of financing construction costs; (e) costs incurred as a result consequence of delay (unless the delay is a "Tenant Delay" as herein defined), construction defects or default by the Selected Contractor;
(1) costs recoverable by Landlord upon account of the Tenant Improvements. 5.warranties and insurance; (g) restoration costs in excess of insurance proceeds as a consequence of casualties; (h) penalties and late charges attributable to Landlord's failure to pay construction costs; and (i) costs for which Landlord is responsible as provided in Section 2.4
Appears in 1 contract
Samples: Industrial Lease (Alsius Corp)
Cost of Tenant Improvements. Unless specified otherwise hereinA. Landlord shall complete, or cause to be completed, the Tenant Improvements, at the construction cost shown in the approved Final Cost Estimate (subject to the provisions of this Work Letter), in accordance with final Working Drawings and Specifications approved by both Landlord and Tenant. Following the full and complete execution and delivery of this Lease, Landlord shall bear pay towards the final construction costs (“Completion Cost”) as incurred a maximum of $624,640.00 (“Landlord Contribution”), based on $40.00 per usable square foot of the Premises (based on 15,616 usable square feet), and pay Tenant shall be fully responsible for the cost remainder (“Tenant Contribution”). Tenant understands and agrees that any portion of the Landlord Contribution not requested by Tenant in accordance with this Exhibit X by June 30, 2020, shall inure to the benefit of Landlord and Tenant shall not be entitled to any credit or payment. Notwithstanding the foregoing, Tenant may utilize a portion of the Landlord Contribution not to exceed $78,080.00 toward the out-of-pocket expenses incurred by Tenant for the purchase, refurbishment and/or relocation of furniture for the Premises, and cabling and exterior signage costs (“Moving Allowance”). Tenant shall be reimbursed for such expenses by submitting copies of all supporting third-party invoices to Landlord by June 30, 2020. Landlord shall reimburse Tenant in one installment within 30 days following receipt of all such invoices. In addition to the Landlord Contribution, Landlord shall make available to Tenant an amount not to exceed $156,160.00 (“Additional Contribution”), based on $10.00 per usable square foot of the Premises, for the Tenant Improvements (hereunder to be utilized by Tenant in connection with the initial Tenant Improvement work, which cost amount shall includebe amortized over the remaining months of the initial Lease Term at 7% per annum and repaid in monthly installments with the Basic Rent. Upon determination of the amount of the Additional Contribution, without limitationif any, Landlord shall memorialize same, together with the monthly repayment schedule, in writing and Tenant shall promptly acknowledge same.
B. The Completion Cost shall include all direct costs of constructionLandlord in completing the Tenant Improvements, including but not limited to the cost following: (i) payments made to architects, engineers, contractors, subcontractors and other third party consultants in the performance of permits the work, (ii) permit fees and permit expeditingother sums paid to governmental agencies, the (iii) costs of code compliance workall materials incorporated into the work or used in connection with the work (excluding any furniture, if fixtures and equipment relating to the Premises), and (iv) keying and signage costs. The Completion Cost shall also include an administrative/supervision fee to be paid to Landlord in the amount of 3% of all such work is required as a result ofdirect costs, or is a condition imposed by appropriate governmental authorities for, but in no event shall such fee exceed 3% of the total amount of the Landlord Contribution.
C. Prior to start of construction of the Tenant Improvements, and all architectural and engineering services obtained by Tenant shall pay to Landlord in connection with the amount of the Tenant ImprovementsContribution set forth in the approved Final Cost Estimate. In addition, if the Contractor's fees, Landlord's fee for construction administration in an amount which shall not exceed three percent (3%) of hard costs, utilities, and Landlord's Insurance Costs (including, without limitation, course of construction insurance), from the date of this Work Letter until the Lease Commencement Date up to a maximum of $450,000.00 (the "Tenant Improvement Allowance"). The Tenant Improvement Allowance shall be utilized only for building improvements to the Building, and not for signage, furniture costs, any third party consulting or contracting fees, any telecom/cabling costs, or any other purpose. Tenant shall bear and pay the cost actual Completion Cost of the Tenant Improvements (including but is greater than the Final Cost Estimate because of modifications or extras requested by Tenant and not limited to all reflected on the approved working drawings, or because of delays caused by Tenant, then notwithstanding any unused portion of the foregoing fees and costs) in excess of the Tenant Improvement AllowanceLandlord Contribution, if any. The cost of the Tenant Improvements shall exclude the cost of furniture, fixtures and inventory and other items of Tenant's Work (as defined below). Tenant shall have the right pay to elect to increase the Landlord, within 10 days following submission of an invoice therefor, all such additional costs, including any additional architectural fee. If Tenant Improvement Allowance by up to an additional $450,000.00 (the "Additional Allowance"), subject to the following terms and conditions: (i) Tenant shall make such election, if at all, no later than August 15, 1998; (ii) such amount shall be paid to Landlord in equal monthly installments over the seven (7) year Lease Term with interest at 10%, as additional Base Monthly Rent defaults in the manner specified by Article 3 payment of the Lease; and (iii) the Additional Allowance shall otherwise constitute a part of the Tenant Improvement Allowance and shall be subject to the restrictions and conditions on such Tenant Improvement Allowance provided in any sums due under this Work Letter. Notwithstanding anything to the contrary contained herein or in the Lease, Landlord shall be responsible at its sole cost and expense for (in addition to all other remedies) have the incremental costs incurred by either Landlord or Tenant for asbestos removal within same rights as in the interior case of Tenant’s failure to pay rent under the Leased Premises required solely as a result of the construction of the Tenant Improvements. 5Lease.
Appears in 1 contract
Samples: Lease Agreement (Evolus, Inc.)
Cost of Tenant Improvements. Unless specified otherwise herein, A. Landlord shall bear and pay the cost up to $4,811,624.00, based on $58.25 per rentable square foot of the Tenant Improvements Premises (which cost shall include"Landlord's Maximum Contribution"), without limitation, the costs of construction, the cost of permits and permit expediting, the costs of code compliance work, if such work is required as a result of, or is a condition imposed by appropriate governmental authorities for, construction of the Tenant Improvements, and all architectural and engineering services obtained by Landlord in connection with the Tenant Improvements, the Contractor's fees, Landlord's fee for construction administration in an amount which shall not exceed three percent (3%) of hard costs, utilities, and Landlord's Insurance Costs (including, without limitation, course of construction insurance), from the date of this Work Letter until the Lease Commencement Date up to a maximum of $450,000.00 (the "Tenant Improvement Allowance"). The Tenant Improvement Allowance shall be utilized only for building improvements to the Building, and not for signage, furniture costs, any third party consulting or contracting fees, any telecom/cabling costs, or any other purpose. Tenant shall bear and pay the cost of the Tenant Improvements (including but not limited to all of the foregoing fees and costs) in excess of the Tenant Improvement Allowance, if any. The cost of the Tenant Improvements shall exclude the cost of furniture, fixtures and inventory and other items of Tenant's Work final “Completion Cost” (as defined below). Tenant acknowledges that the Landlord's Maximum Contribution is intended only as the maximum amount Landlord will pay toward Building Standard Improvements and Approved Non-Standard Improvements, and not by way of limitation, any partitions, modular office stations, fixtures, cabling, furniture and equipment requested by Tenant are not included in Building Standards and are in no event subject to payment as part of Landlord’s Maximum Contribution. In the event the sum of the cost of the Building Standard Improvements for the Tenant Improvements Work is less than the Maximum Landlord’s Contribution, Tenant shall have the no right to elect receive any credit, refund or allowance of any kind for any unused portion of the Landlord’s Maximum Contribution (nor shall Tenant be allowed to increase the Tenant Improvement Allowance by up to an additional $450,000.00 (the "Additional Allowance"), subject make revisions to the following terms approved Preliminary Plan, Working Drawings and conditions: (i) Tenant shall make such electionSpecifications or request a Change in an effort to apply any unused portion of Landlord’s Maximum Contribution). Notwithstanding the foregoing, if at all, no not later than August 15, 1998; (ii) such amount shall be paid to Landlord in equal monthly installments over the seven (7) year Lease Term with interest at 10%, as additional Base Monthly Rent in the manner specified by Article 3 of the Lease; and (iii) the Additional Allowance shall otherwise constitute a part commencement of the Tenant Improvement Allowance and shall be subject Work, Tenant may elect in writing to delay commencement on a portion of the Tenant Improvements (“Tenant’s Election to Delay Construction”) for one (1) full floor (the “4th Floor Tenant Improvements”) for up to 30 months following the Commencement Date of this Lease. Subject to the restrictions and conditions on such foregoing election to delay construction of the 4th Floor Tenant Improvement Allowance provided in this Work Letter. Notwithstanding anything to the contrary contained herein or in the LeaseImprovements, Landlord shall be responsible at its sole cost and expense hold back a portion of the Landlord’s Maximum Contribution in the amount of $1,603,875.00 (the “Hold Back”). Landlord shall fund the Hold Back for the incremental costs incurred 4th Floor Tenant Improvements in accordance with the provisions of this Section II. It is further understood and agreed that completion of the 4th Floor Tenant Improvements is not a condition of, nor extend or otherwise affect, the Commencement Date of this Lease.
B. Tenant shall pay all Completion Costs which exceeds the Maximum Landlord Contribution. The amounts to be paid by either Landlord or Tenant for asbestos removal within the interior of the Leased Premises required solely as a result of the construction of the Tenant Improvements. 5Improvements pursuant to this Section II.B. are sometimes cumulatively referred to herein as the “Tenant’s Contribution”.
Appears in 1 contract
Samples: Lease Agreement (Cepheid)
Cost of Tenant Improvements. Unless specified otherwise hereinA. Tenant shall complete, or cause to be completed, the Tenant Improvements, at the construction cost shown in the approved Final Cost Estimate (subject to the provisions of this Work Letter), in accordance with final Working Drawings and Specifications approved by both Landlord and Tenant. Landlord shall bear pay towards the final construction costs ("Completion Cost") as incurred a maximum of One Million One Hundred Eighty-Nine Thousand Nine Hundred Seventy Dollars ($1,189,970.00) ("Landlord's Contribution"), based on $10.00 per rentable square foot of the Premises plus $200,000.00, and Tenant shall be fully responsible for the remainder ("Tenant's Contribution"). If the actual cost of completion of the Tenant Improvements is less than the maximum amount provided for the Landlord's Contribution, such savings shall inure to the benefit of Landlord and Tenant shall not be entitled to any credit or payment. It is further understood that Landlord's obligation to fund the Landlord's Contribution shall only apply to such Tenant Improvement work that is completed not later than the twelfth (12th) month of the Term. Any portion of the Landlord's Contribution not utilized by such date shall be considered forfeited by Tenant.
B. The Completion Cost shall include all direct costs of Tenant in completing the Tenant Improvements, including but not limited to the following: (i) payments made to architects, engineers, contractors, subcontractors and other third party consultants relating to the performance of the work, (ii) permit fees and other sums paid to governmental agencies, (iii) costs of all materials incorporated into the work or used in connection with the work, and (iv) keying and signage costs. The Completion Cost shall also include an administrative/supervision fee to be paid to Landlord in the amount of four percent (4%) of the Landlord's Contribution.
C. Tenant shall pay, over the course of construction, to Tenant's contractor the cost of construction of the Tenant Improvements set forth in the Final Cost Estimate. Landlord shall pay to Tenant, within ten (10) days following (a) submission of an invoice therefor, and (b) certified copies of lien waivers from all contractors and subcontractors receiving payment pursuant to such invoice, ninety percent (90%) of Landlord's pro-rata portion of such invoice, which shall be ninety percent (90%) of the amount of such invoice times Landlord's Contribution divided by the Final Cost Estimate. Landlord shall pay the cost ten percent (10%) of all such invoices retained by Landlord during the course of construction upon (x) completion of the Tenant Improvements (which cost y) receipt of a certification from Tenant's contractor that such completion has occurred and (z) receipt by Landlord of certified copies of such lien releases from the contractor and subcontractors as Landlord may reasonably require. If the actual Completion Cost is greater than the Final Cost Estimate because of modifications or extras not reflected on the approved working drawings, or because of Tenant Delays, then Tenant shall includebe solely responsible for such excess cost. Notwithstanding any contrary provision of the foregoing, without limitationLandlord may withhold from Landlord's Contribution a sum equal to Three Hundred Ninety Five Thousand Nine Hundred Eighty-Eight Dollars ($395,988.00), based on $4.00 per rentable square foot of the costs of construction, the cost of permits and permit expediting, the costs of code compliance workPremises, if such the initial Tenant Improvement work is required as a result ofdoes not include painting, carpeting and tile or is a condition imposed by appropriate governmental authorities forother flooring, construction of in conformance with the Tenant Improvements, and all architectural and engineering services obtained Standards or otherwise approved by Landlord in connection with the Tenant Improvements, the Contractor's fees, Landlord's fee for construction administration in an amount which shall not exceed three percent (3%) of hard costs, utilities, and Landlord's Insurance Costs (including, without limitation, course of construction insurance), from the date of this Work Letter until the Lease Commencement Date up to a maximum of $450,000.00 (the "Tenant Improvement Allowance"). The Tenant Improvement Allowance shall be utilized only for building improvements except as to the Building, and not for signage, furniture costs, any third party consulting or contracting fees, any telecom/cabling costs, or any other purpose. Tenant shall bear and pay the cost of the Tenant Improvements (including but not limited to all of the foregoing fees and costs) in excess of the Tenant Improvement Allowance, if any. The cost of the Tenant Improvements shall exclude the cost of furniture, fixtures and inventory and other items of Tenant's Work (as defined belowwarehouse area). Tenant shall have the right to elect to increase the Tenant Improvement Allowance by up to an additional $450,000.00 (the "Additional Allowance"), subject to the following terms and conditions: (i) Tenant shall make such election, if at all, no later than August 15, 1998; (ii) such amount shall be paid to Landlord in equal monthly installments over the seven (7) year Lease Term with interest at 10%, as additional Base Monthly Rent in the manner specified by Article 3 of the Lease; and (iii) the Additional Allowance shall otherwise constitute a part of the Tenant Improvement Allowance and shall be subject to the restrictions and conditions on such Tenant Improvement Allowance provided in this Work Letter. Notwithstanding anything to the contrary contained herein or in the Lease, Landlord shall be responsible at its sole cost and expense for the incremental costs incurred by either Landlord or Tenant for asbestos removal within the interior of the Leased Premises required solely as a result of the construction of the Tenant Improvements. 5.
Appears in 1 contract
Samples: Industrial Lease (Omm Inc)
Cost of Tenant Improvements. Unless specified otherwise hereinLandlord and Tenant hereby agree that --------------------------- Landlord shall, at Landlord's expense (except as provided in this Section 2) cause a contractor designated by Landlord shall bear and pay (the cost "CONTRACTOR") to (i) obtain all applicable building permits for construction of the Tenant Improvements and Landlord's Work, and (which cost shall includeii) construct the Tenant Improvements EXHIBIT B -1- and Landlord's Work as depicted on the Approved Working Drawings, in compliance with such building permits and all applicable laws in effect at the time of construction, including, without limitation, the Americans with Disabilities Act and Title 24, and in good workmanlike manner; provided, however, in the event that (A) the Approved Working Drawings differ with respect to the quality and quantity of those tenant improvements depicted on the Final Space Plan, and/or (B) Tenant shall request any changes or substitutions to any of the Construction Drawings, and such differences, changes and/or substitutions result in increased costs of construction, the cost of permits and permit expediting, the costs of code compliance work, if such work is required as a result of, or is a condition imposed by appropriate governmental authorities for, construction of the Tenant ImprovementsImprovements in excess of the costs of those tenant improvements depicted on the Final Space Plan, and all architectural and engineering services obtained by Landlord in connection with the then Tenant Improvements, the Contractor's fees, Landlord's fee for construction administration in an amount shall pay such excess costs (which shall not exceed three include a Landlord supervision fee of four percent (34%) of hard such costs, utilities, and ) to Landlord in cash within ten (10) days after Landlord's Insurance Costs request therefor. In addition, to the extent any materials for the Tenant Improvements are other than Building standards (including, without limitation, course of construction insuranceunless specifically designated in the Final Space Plan), from Tenant shall pay for the date cost of this Work Letter until the Lease Commencement Date up to such non-Building standard materials (including a maximum of $450,000.00 four percent (the "Tenant Improvement Allowance"4%) Landlord supervision fee for such costs). The Tenant Improvement Allowance Landlord shall be utilized only pay for building improvements to the Building, and not for signage, furniture costs, any third party consulting or contracting fees, any telecom/cabling costs, or any other purpose. Tenant shall bear and pay the cost of the Landlord's Work described in Section 1.2 above, and there shall be no supervision fee charged to Tenant Improvements (including but not limited to all of for any such work. Notwithstanding the foregoing fees and costs) to the contrary, in excess of no event shall Landlord be obligated to pay for Tenant's Data Center Work, the Tenant Improvement Allowance, if any. The cost of the Tenant Improvements shall exclude the cost of furniture, fixtures and inventory and other items connection/extension of Tenant's Work (as defined below). Tenant shall have fiber optics from the right to elect to increase the Tenant Improvement Allowance by up to an additional $450,000.00 (the "Additional Allowance"), subject point of entry to the following terms and conditions: (i) Premises or any of Tenant's furniture, computer systems, telephone systems, equipment or other personal property which may be depicted on the Construction Drawings or otherwise required or desired by Tenant shall make for the Premises; such election, if at all, no later than August 15, 1998; (ii) such amount items shall be paid to Landlord in equal monthly installments over the seven (7) year Lease Term with interest for by Tenant, at 10%, as additional Base Monthly Rent in the manner specified by Article 3 of the Lease; and (iii) the Additional Allowance shall otherwise constitute a part of the Tenant Improvement Allowance and shall be subject to the restrictions and conditions on such Tenant Improvement Allowance provided in this Work Letter. Notwithstanding anything to the contrary contained herein or in the Lease, Landlord shall be responsible at its Tenant's sole cost and expense expense. Such costs to be paid for by Tenant shall include a four percent (4%) Landlord supervision fee but only with respect to the incremental costs incurred by either Landlord or Tenant for asbestos removal within the interior of the Leased Premises required solely as a result of the design and construction of the Tenant Improvements. 5improvements required for Tenant's Data Center Work, excluding, however (x) the "hard" cost of acquisition of the Supplemental HVAC Units and (y) the costs of any of Tenant's furniture, computer systems, telephone systems, equipment or other personal property.
Appears in 1 contract
Samples: Office Lease (Homestore Com Inc)
Cost of Tenant Improvements. Unless specified otherwise herein, A. Landlord shall bear complete, or cause to be completed, the Tenant Improvements, at the construction cost shown in the approved Final Cost Estimate (subject to the provisions of this Work Letter), in accordance with final Working Drawings and Specifications approved by both Landlord and Tenant. Landlord shall pay towards the cost final construction costs (“Completion Cost”) as incurred a maximum of $51,380.00 (“Landlord Contribution”), based on $35.00 per usable square foot of the Premises, and Tenant Improvements shall be fully responsible for the remainder (which cost “Tenant Contribution”). Tenant understands and agrees that any portion of the Landlord Contribution not requested by Tenant in accordance with this Exhibit X by December 31, 2014, shall includeinure to the benefit of Landlord and Tenant shall not be entitled to any credit or payment; provided, without limitationhowever, that Tenant may, upon written request delivered to Landlord not later than December 31, 2014, apply a portion of the unused Landlord Contribution not to exceed $25,690.00 to the next then due Basic Rent. Landlord shall promptly memorialize any such reduction in the Basic Rent on a form provided by Landlord. In addition, Tenant may utilize a portion of the unused Landlord Contribution not to exceed $14,680.00 toward the out-of-pocket expenses incurred by Tenant for (1) relocating to the Premises, including moving costs (not to exceed $7,340.00 in the aggregate) (“Moving Costs”) and (2) for the purchase, refurbishment or relocation of furniture, fixtures and equipment for the Premises (not to exceed $7,340.00 in the aggregate) (“FF&E Costs”). Tenant shall be reimbursed for Moving Costs and/or FF&E Costs by submitting copies of all supporting third-party invoices to Landlord by August 1, 2014. Landlord shall reimburse Tenant in one installment for Moving Costs and one installment for FF&E Costs within 30 days following receipt of all such respective invoices.
B. The Completion Cost shall include all direct costs of constructionLandlord in completing the Tenant Improvements, including but not limited to the cost following: (i) payments made to architects, engineers, contractors, subcontractors and other third party consultants in the performance of permits the work, (ii) permit fees and permit expeditingother sums paid to governmental agencies, the (iii) costs of code compliance workall materials incorporated into the work or used in connection with the work (excluding any furniture, if fixtures and equipment relating to the Premises), and (iv) keying and signage costs. The Completion Cost shall also include an administrative/supervision fee to be paid to Landlord in the amount of 3% of all such work is required as direct costs, cosmetic alterations not requiring a result of, or is a condition imposed by appropriate governmental authorities for, permit excluded.
C. Prior to start of construction of the Tenant Improvements, and all architectural and engineering services obtained by Tenant shall pay to Landlord in connection with the amount of the Tenant ImprovementsContribution set forth in the approved Final Cost Estimate. In addition, if the Contractor's fees, Landlord's fee for construction administration in an amount which shall not exceed three percent (3%) of hard costs, utilities, and Landlord's Insurance Costs (including, without limitation, course of construction insurance), from the date of this Work Letter until the Lease Commencement Date up to a maximum of $450,000.00 (the "Tenant Improvement Allowance"). The Tenant Improvement Allowance shall be utilized only for building improvements to the Building, and not for signage, furniture costs, any third party consulting or contracting fees, any telecom/cabling costs, or any other purpose. Tenant shall bear and pay the cost actual Completion Cost of the Tenant Improvements (including but is greater than the Final Cost Estimate because of modifications or extras requested by Tenant and not limited to all reflected on the approved working drawings, or because of delays caused by Tenant, then notwithstanding any unused portion of the foregoing fees and costs) in excess of the Tenant Improvement AllowanceLandlord Contribution, if any. The cost of the Tenant Improvements shall exclude the cost of furniture, fixtures and inventory and other items of Tenant's Work (as defined below). Tenant shall have the right pay to elect to increase the Landlord, within 10 days following submission of an invoice therefor, all such additional costs, including any additional architectural fee. If Tenant Improvement Allowance by up to an additional $450,000.00 (the "Additional Allowance"), subject to the following terms and conditions: (i) Tenant shall make such election, if at all, no later than August 15, 1998; (ii) such amount shall be paid to Landlord in equal monthly installments over the seven (7) year Lease Term with interest at 10%, as additional Base Monthly Rent defaults in the manner specified by Article 3 payment of the Lease; and (iii) the Additional Allowance shall otherwise constitute a part of the Tenant Improvement Allowance and shall be subject to the restrictions and conditions on such Tenant Improvement Allowance provided in any sums due under this Work Letter. Notwithstanding anything to the contrary contained herein or in the Lease, Landlord shall be responsible at its sole cost and expense for (in addition to all other remedies) have the incremental costs incurred by either Landlord or Tenant for asbestos removal within same rights as in the interior case of Tenant’s failure to pay rent under the Leased Premises required solely as a result of the construction of the Tenant Improvements. 5Lease.
Appears in 1 contract
Cost of Tenant Improvements. Unless specified otherwise herein, A. Landlord shall bear and pay the cost of the Tenant Improvements (which cost shall include, without limitation, the costs of construction, the cost of permits and permit expediting, the costs of code compliance work, if such work is required as a result ofcomplete, or is a condition imposed by appropriate governmental authorities forcause to be completed, construction of the Tenant Improvements, at the construction cost shown in the Final Cost Estimate (subject to increases for Landlord approved Changes and all architectural and engineering services obtained by Landlord as otherwise provided in connection with the Tenant Improvements, the Contractor's fees, Landlord's fee for construction administration in an amount which shall not exceed three percent (3%) of hard costs, utilities, and Landlord's Insurance Costs (including, without limitation, course of construction insurancethis Work Letter), from the date of this Work Letter until the Lease Commencement Date in accordance with final Working Drawings and Specifications approved by both Landlord and Tenant.
B. Landlord shall pay up to a maximum of One Hundred Forty Four Thousand Six Hundred Thirty Dollars ($450,000.00 (the "Tenant Improvement Allowance"144,630.00). The Tenant Improvement Allowance shall be utilized only for building improvements to the Building, and not for signage, furniture costs, any third party consulting or contracting fees, any telecom/cabling costs, or any other purpose. Tenant shall bear and pay the cost based on $7.50 per usable square foot of the Tenant Improvements Premises (including but not limited to all “Landlord’s Maximum Contribution”), of the foregoing fees and costs) in excess of the Tenant Improvement Allowancefinal “Completion Cost” (as defined below), if any. The cost of the Tenant Improvements shall exclude the cost of furniture, fixtures and inventory and other items of Tenant's Work but applicable only to “Building Standard Improvements” (as defined below). Tenant acknowledges that the Landlord’s Maximum Contribution is intended only as the maximum amount Landlord will pay toward Building Standard Improvements, and not by way of limitation, any partitions, modular office stations, fixtures, cabling, furniture and equipment requested by Tenant are not included in Building Standards and are in no event subject to payment as part of Landlord’s Contribution; provided, however, that Landlord acknowledges that the items described on Schedule 2 attached to this Work Letter are both included in the approved Preliminary Plan and/or in the approved Preliminary Cost Estimate and are subject to being paid for from the Landlord’s Maximum Contribution. In the event the sum of the cost of the Building Standard Improvements for the Tenant Improvements is less than the Landlord’s Maximum Contribution, Landlord’s actual contribution toward the Completion Cost (“Landlord’s Contribution”) shall equal such lesser amount, and Tenant shall have the no right to elect receive any credit, refund or allowance of any kind for any unused portion of the Landlord’s Maximum Contribution nor shall Tenant be allowed to increase the Tenant Improvement Allowance by up make revisions to an additional $450,000.00 approved Preliminary Plan, Working Drawings and Specifications or request a Change in an effort to apply any unused portion of Landlord’s Maximum Contribution.
C. Subject to the provisions for payment of the items shown on Schedule 2 from the Landlord’s Maximum Contribution contained in Section II.B above, Tenant shall pay all Completion Costs attributable to Non-Standard Improvements requested by Tenant (the "Additional Allowance"“Non-Standard Improvement Costs”), subject to the following terms and conditionsincluding, but not by way of limitation: (i) Tenant shall make such electioncosts for each variance or upgrade which increases the cost of a Building Standard Improvement, if at all, no later than August 15, 1998; and (ii) such amount the entire cost of any improvements or work which are additions (as opposed to variances or upgrades) to the Standard Improvements (e.g., supplemental or back-up power or HVAC, extra finishes or millwork or partitions). In addition, Tenant shall pay all Completion Costs attributable to any Changes requested by the Tenant, any costs due to inaccurate or incomplete Programming Information and the amount, if any, by which aggregate costs for the Building Standard Improvements exceeds the Maximum Landlord Contribution. The amounts to be paid to Landlord in equal monthly installments over the seven (7) year Lease Term with interest at 10%, as additional Base Monthly Rent in the manner specified by Article 3 of the Lease; and (iii) the Additional Allowance shall otherwise constitute a part of Tenant for the Tenant Improvement Allowance and shall be subject Improvements pursuant to this Section II.C. are sometimes cumulatively referred to herein as the restrictions and conditions on such Tenant Improvement Allowance provided in this Work Letter. Notwithstanding anything to the contrary contained herein or in the Lease, Landlord shall be responsible at its sole cost and expense for the incremental costs incurred by either Landlord or Tenant for asbestos removal within the interior of the Leased Premises required solely as a result of the construction of the Tenant Improvements. 5“Tenant’s Contribution”.
Appears in 1 contract
Samples: Lease (Sonics, Inc.)
Cost of Tenant Improvements. Unless specified otherwise herein, A. Landlord shall bear complete, or cause to be completed, the Tenant Improvements, at the construction cost shown in the approved Final Cost Estimate (subject to the provisions of this Work Letter), in accordance with final Working Drawings and Specifications approved by both Landlord and Tenant. Landlord shall pay towards the final construction costs ("Completion Cost") as incurred a maximum of One Hundred Ninety Thousand Eight Hundred Forty-Two Dollars ($190,842.00) ("Landlord Contribution"), based on $10.46 per usable square foot of Suite 800, and Tenant shall be fully responsible for the remainder ("Tenant's Contribution"), provided, however, that Tenant may elect, by written notice to Landlord, to apply not more than Forty Thousand Dollars ($40,000.00) of the Landlord's Contribution to the cost of the Tenant Improvement Work to be performed in Suite 900 pursuant to the foregoing Exhibit X. If the actual cost of completion of the Tenant Improvements (which cost is less than the maximum amount provided for the Landlord's Contribution, such savings shall includeinure to the benefit of Landlord and Tenant shall not be entitled to any credit or payment. Tenant shall notify Landlord in when it desires to have Landlord perform the foregoing work and shall allow Landlord sufficient access to Suite 800 therefor; provided, without limitationhowever, that if the Tenant Improvements are not completed by June 30, 2006, for any reason other than a delay caused by Landlord, then Landlord shall have no further responsibility to perform any such work.
B. The Completion Cost shall include all direct costs of constructionLandlord in completing the Tenant Improvements, including but not limited to the cost following: (i) payments made to architects, engineers, contractors, subcontractors and other third party consultants in the performance of permits the work, (ii) permit fees and permit expeditingother sums paid to governmental agencies, the (iii) costs of code compliance all materials incorporated into the work or used in connection with the work, if and (iv) keying and signage costs. The Completion Cost shall also include an administrative/supervision fee to be paid to Landlord in the amount of five percent (5%) of all such work is required as a result of, or is a condition imposed by appropriate governmental authorities for, direct costs.
C. Prior to start of construction of the Tenant Improvements, and all architectural and engineering services obtained by Landlord in connection with the Tenant Improvements, the Contractor's fees, Landlord's fee for construction administration in an amount which shall not exceed three percent (3%) of hard costs, utilities, and Landlord's Insurance Costs (including, without limitation, course of construction insurance), from the date of this Work Letter until the Lease Commencement Date up to a maximum of $450,000.00 (the "Tenant Improvement Allowance"). The Tenant Improvement Allowance shall be utilized only for building improvements to the Building, and not for signage, furniture costs, any third party consulting or contracting fees, any telecom/cabling costs, or any other purpose. Tenant shall bear and pay to Landlord the cost amount of the Tenant's Contribution set forth in the approved Final Cost Estimate. In addition, if the actual Completion Cost of the Tenant Improvements is greater than the Final Cost Estimate because of modifications or extras not reflected on the approved working drawings, or because of delays, then Tenant shall pay to Landlord, within ten (10) days following submission of an invoice therefor, all such additional costs, including but not limited any additional architectural fee. If Tenant defaults in the payment of any sums due under this Work Letter, Landlord shall (in addition to all of other remedies) have the foregoing fees and costs) same rights as in excess of the Tenant Improvement Allowance, if any. The cost of the Tenant Improvements shall exclude the cost of furniture, fixtures and inventory and other items case of Tenant's Work (as defined below). Tenant shall have the right failure to elect to increase the Tenant Improvement Allowance by up to an additional $450,000.00 (the "Additional Allowance"), subject to the following terms and conditions: (i) Tenant shall make such election, if at all, no later than August 15, 1998; (ii) such amount shall be paid to Landlord in equal monthly installments over the seven (7) year Lease Term with interest at 10%, as additional Base Monthly Rent in the manner specified by Article 3 of pay rent under the Lease; and (iii) the Additional Allowance shall otherwise constitute a part of the Tenant Improvement Allowance and shall be subject to the restrictions and conditions on such Tenant Improvement Allowance provided in this Work Letter. Notwithstanding anything to the contrary contained herein or in the Lease, Landlord shall be responsible at its sole cost and expense for the incremental costs incurred by either Landlord or Tenant for asbestos removal within the interior of the Leased Premises required solely as a result of the construction of the Tenant Improvements. 5.
Appears in 1 contract
Samples: Lease (Sm&A)
Cost of Tenant Improvements. Unless specified otherwise herein, A. Landlord shall bear complete, or cause to be completed, the Tenant Improvements, at the construction cost shown in the Final Cost Estimate (subject to the provisions of this Work Letter), in accordance with final Working Drawings and Specifications approved by both Landlord and Tenant. Landlord shall pay towards the final construction costs (“Completion Cost”) as incurred a maximum of $3,045,000.00 (“Landlord Contribution”), based on $50.00 per rentable square foot of the Premises, and Tenant shall be fully responsible for the remainder (“Tenant Contribution”). Notwithstanding the foregoing, Tenant may utilize a portion of the Landlord Contribution not to exceed $304,500.00 toward the out-of-pocket expenses incurred by Tenant for relocating to the Premises, including furniture moving, data cabling costs and consulting costs (“Moving Allowance”). Tenant shall be reimbursed for such expenses by submitting copies of all supporting third-party invoices to Landlord within 120 days after the Expansion Effective Date. Landlord shall reimburse Tenant in one installment within 30 days following receipt of all such invoices. If the actual cost of completion of the Tenant Improvements is less than the maximum amount provided for the Landlord Contribution or remains after December 31, 2014, such savings shall inure to the benefit of Landlord and Tenant shall not be entitled to any credit or payment or to apply the savings toward additional work. In addition to the Landlord Contribution, Landlord shall make available to Tenant an amount not to exceed $1,218,000.00 (“Additional Expansion Space Contribution”) for the Tenant Improvements hereunder to be utilized by Tenant not later than December 31, 2014 in connection with the initial Tenant Improvement work, which cost amount shall includebe amortized over the 84 month Lease Term at 8% per annum and repaid in monthly installments with the Basic Rent. Upon determination of the amount of the Additional Expansion Contribution, without limitationif any, Landlord shall memorialize same, together with the monthly repayment schedule, in writing and Tenant shall promptly acknowledge same.
B. The Completion Cost shall include all direct costs of construction, the cost of permits and permit expediting, the costs of code compliance work, if such work is required as a result of, or is a condition imposed by appropriate governmental authorities for, construction of Landlord in completing the Tenant Improvements, and all architectural and engineering services obtained by Landlord in connection with the Tenant Improvements, the Contractor's fees, Landlord's fee for construction administration in an amount which shall not exceed three percent (3%) of hard costs, utilities, and Landlord's Insurance Costs (including, without limitation, course of construction insurance), from the date of this Work Letter until the Lease Commencement Date up to a maximum of $450,000.00 (the "Tenant Improvement Allowance"). The Tenant Improvement Allowance shall be utilized only for building improvements to the Building, and not for signage, furniture costs, any third party consulting or contracting fees, any telecom/cabling costs, or any other purpose. Tenant shall bear and pay the cost of the Tenant Improvements (including but not limited to all of the foregoing fees and costs) in excess of the Tenant Improvement Allowance, if any. The cost of the Tenant Improvements shall exclude the cost of furniture, fixtures and inventory and other items of Tenant's Work (as defined below). Tenant shall have the right to elect to increase the Tenant Improvement Allowance by up to an additional $450,000.00 (the "Additional Allowance"), subject to the following terms and conditionsfollowing: (i) Tenant shall make such electionpayments made to architects, if at allengineers, no later than August 15contractors, 1998; subcontractors and other third party consultants in the performance of the work, (ii) such amount permit fees and other sums paid to governmental agencies, (iii) costs of all materials incorporated into the work or used in connection with the work (excluding any furniture, trade fixtures and personal property equipment relating to the Premises), and (iv) interior keying and signage costs. The Completion Cost shall also include an administrative/supervision fee to be paid to Landlord in equal monthly installments over the seven amount of 3% of the Landlord Contribution (7) year Lease Term with interest at 10%, as additional Base Monthly Rent which shall not include any Additional Expansion Space Contribution or any portion of the Landlord Contribution used for Moving Allowance).
C. Tenant shall pay to Landlord the amount of the Tenant Contribution set forth in the manner specified approved Final Cost Estimate as follows: (i) 33% by Article 3 June 1, 2014, (ii) 33% upon 50% of the Lease; completion of the Tenant Improvements and (iii) the Additional Allowance shall otherwise constitute a part of the Tenant Improvement Allowance and shall be subject to the restrictions and conditions on such Tenant Improvement Allowance provided in this Work Letter. Notwithstanding anything to the contrary contained herein or in the Lease, Landlord shall be responsible at its sole cost and expense for the incremental costs incurred by either Landlord or Tenant for asbestos removal within the interior of the Leased Premises required solely as a result of the construction remaining balance upon substantial completion of the Tenant Improvements. 5All payments shall be made to Landlord within 30 days upon receipt of invoices. In addition, if the actual Completion Cost of the Tenant Improvements is greater than the Final Cost Estimate because of modifications or extras requested by Tenant and not reflected on the approved working drawings, or because of Tenant Delays, then to the extent it is in excess of any unused portion of the Landlord Contribution, Tenant shall pay to Landlord, within 30 days following submission of an invoice therefor, all such additional costs, including any additional architectural fee. If Tenant defaults in the payment of any sums due under this Work Letter, Landlord shall (in addition to all other remedies) have the same rights as in the case of Tenant’s failure to pay rent under the Lease.
Appears in 1 contract
Samples: Lease Agreement (ServiceNow, Inc.)
Cost of Tenant Improvements. Unless specified otherwise herein, (a) Landlord shall bear contribute $39.00 per square foot of Rentable Area in the Premises toward the cost of construction and pay installation of the Tenant Improvements (the "Tenant Improvements Allowance"). The Tenant Improvements Allowance may be used for all design, engineering and construction costs, and other fees and expenses reasonably related thereto, including telecommunications, consulting and project management fees, governmental fees. The balance, if any, of the cost of the Tenant Improvements as constructed (which cost "Additional Cost"), including but not limited to Landlord's Markups, shall include, without limitation, the costs of construction, be paid by Tenant in accordance with this Section 2.5(a). If the cost of permits and permit expediting, the costs of code compliance work, if such work is required as a result of, or is a condition imposed by appropriate governmental authorities fordesign, construction and installation of the Tenant Improvements, including any Tenant approved Changes, exceeds $39.00 per rentable square foot, Landlord may deliver to Tenant, not more than once each calendar month during the construction schedule, a written request for payment ("Progress Invoice") of Tenant's prorata share of the Additional Cost to date. Each such Progress Invoice shall include and all architectural and engineering services obtained be accompanied by Landlord in connection with (i) the Tenant Improvements, the Contractor's fees, Landlord's fee for construction administration in an certified statements setting forth the amount which requested and the percentage of completion of each item of Additional Cost and (ii) copies of conditional and unconditional lien releases from all subcontractors and vendors as of the immediately prior Progress Invoice. Each Progress Invoice shall not exceed three include retention of ten percent (310%) of hard costs, utilities, and Landlord's Insurance Costs (including, without limitation, course of construction insurance), from the date of this Work Letter amount until the Lease Commencement Date up to a maximum of $450,000.00 (the "Tenant Improvement Allowance"). The Tenant Improvement Allowance shall be utilized only for building improvements to the Building, and not for signage, furniture costs, any third party consulting or contracting fees, any telecom/cabling costs, or any other purposeSubstantial Completion. Tenant shall bear and pay the cost of the Tenant Improvements (including but not limited to all of the foregoing fees and costs) in excess of the Tenant Improvement Allowanceamount due, if any. The cost , pursuant to the Progress Invoice to Landlord, within fifteen (15) days after Tenant's receipt of the above items. All costs for Tenant Improvements shall exclude the cost of furniture, fixtures be fully documented to and inventory and other items of verified by Tenant's Work (as defined below). Tenant shall have the right to elect to increase review and approve the Progress Invoice. If the actual cost of the Tenant Improvement Improvements as constructed is less than the Tenant Improvements Allowance by up to an additional $450,000.00 (the "Additional AllowanceSavings"), subject Landlord shall apply the Savings to the following terms and conditions: Base Rent installments in regular order of maturity.
(ib) Tenant Landlord shall make such election, if at all, no later than August 15, 1998; (ii) such amount shall be paid to Landlord in equal monthly installments over the receive a fee of seven percent (7%) year Lease Term with interest at 10%, as additional Base Monthly Rent in the manner specified by Article 3 of the Lease; and (iii) the Additional Allowance shall otherwise constitute a part cost of constructing the Tenant Improvement Allowance Improvements as Landlord's fee for overhead and shall be subject to the restrictions and conditions on such Tenant Improvement Allowance provided in this Work Letter. Notwithstanding anything to the contrary contained herein or in the Lease, Landlord shall be responsible at its sole cost and expense for the incremental costs incurred by either Landlord or Tenant for asbestos removal within the interior of the Leased Premises required solely as a result of the construction of the Tenant Improvements. 5profit.
Appears in 1 contract
Cost of Tenant Improvements. Unless specified otherwise herein, A. Landlord shall bear complete, or cause to be completed, the Tenant Improvements, at the construction cost shown in the approved Final Cost Estimate (subject to the provisions of this Work Letter), in accordance with final Working Drawings and Specifications approved by both Landlord and Tenant. Landlord shall pay towards the final construction costs (“Completion Cost”) as incurred a maximum of Five Hundred Ninety-Two Thousand Five Hundred Forty-One Dollars ($592,541.00), (“Landlord’s Contribution”), based on $25.00 per usable square foot of the Technology Drive Premises, and Tenant shall be fully responsible for the remainder (“Tenant’s Contribution”). If the actual cost of completion of the Tenant Improvements is less than the maximum amount provided for the Landlord’s Contribution, such savings shall inure to the benefit of Landlord and Tenant shall not be entitled to any credit or payment.
B. The Completion Cost shall include all direct costs of Landlord in completing the Tenant Improvements, including but not limited to the following: (i) payments made to architects, engineers, contractors, subcontractors and other third party consultants in the performance of the work, (ii) permit fees and other sums paid to governmental agencies, (iii) costs of all materials incorporated into the work or used in connection with the work, and (iv) keying and signage costs. It is further understood and agreed that Landlord’s construction manager shall be entitled to a supervision/administrative fee equal to five percent (5%) of the cost of the Tenant Improvements (which cost shall include, without limitation, the costs of construction, the cost of permits and permit expediting, the costs of code compliance work, if such work is required as a result of, or is a condition imposed by appropriate governmental authorities for, which fee shall be paid from the Landlord’s Contribution.
C. Prior to start of construction of the Tenant Improvements, and all architectural and engineering services obtained by Tenant shall pay to Landlord in connection with full the Tenant Improvements, amount of the Contractor's fees, Landlord's fee for construction administration Tenant’s Contribution set forth in an amount which shall not exceed three percent (3%) of hard costs, utilities, and Landlord's Insurance Costs (including, without limitation, course of construction insurance), from the date of this Work Letter until Final Cost Estimate. If the Lease Commencement Date up to a maximum of $450,000.00 (the "Tenant Improvement Allowance"). The Tenant Improvement Allowance shall be utilized only for building improvements to the Building, and not for signage, furniture costs, any third party consulting or contracting fees, any telecom/cabling costs, or any other purpose. Tenant shall bear and pay the cost actual Completion Cost of the Tenant Improvements (including is less than the Final Cost Estimate, any portion of the Tenant’s Contribution paid by Tenant but not limited expended towards the Completion Cost shall be credited to all rent next due under this Lease. If the actual Completion Cost is greater than the Final Cost Estimate because of modifications or extras not reflected on the foregoing fees and costs) in excess approved working drawings, or because of the Tenant Improvement AllowanceDelays, if any. The cost of the Tenant Improvements shall exclude the cost of furniture, fixtures and inventory and other items of Tenant's Work (as defined below). then Tenant shall have the right pay to elect to increase the Landlord, within ten (10) days following submission of an invoice therefor, all such additional costs, including any additional architectural fee. If Tenant Improvement Allowance by up to an additional $450,000.00 (the "Additional Allowance"), subject to the following terms and conditions: (i) Tenant shall make such election, if at all, no later than August 15, 1998; (ii) such amount shall be paid to Landlord in equal monthly installments over the seven (7) year Lease Term with interest at 10%, as additional Base Monthly Rent defaults in the manner specified by Article 3 payment of the Lease; and (iii) the Additional Allowance shall otherwise constitute a part of the Tenant Improvement Allowance and shall be subject to the restrictions and conditions on such Tenant Improvement Allowance provided in any sums due under this Work Letter. Notwithstanding anything to the contrary contained herein or in the Lease, Landlord shall be responsible at its sole cost and expense for (in addition to all other remedies) have the incremental costs incurred by either Landlord or Tenant for asbestos removal within same rights as in the interior case of Tenant’s failure to pay rent under the Leased Premises required solely as a result of the construction of the Tenant Improvements. 5Lease.
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Samples: Lease (Standard Pacific Corp /De/)
Cost of Tenant Improvements. Unless specified otherwise herein, A. Landlord shall bear and pay the cost of the Tenant Improvements (which cost shall include, without limitation, the costs of construction, the cost of permits and permit expediting, the costs of code compliance work, if such work is required as a result ofcomplete, or is a condition imposed by appropriate governmental authorities forcause to be completed, construction of the Tenant Improvements, and all architectural and engineering services obtained by Landlord at the construction cost shown in connection with the Tenant Improvements, Bid Amount (subject to the Contractor's fees, Landlord's fee for construction administration in an amount which shall not exceed three percent (3%) of hard costs, utilities, and Landlord's Insurance Costs (including, without limitation, course of construction insurance), from the date provisions of this Work Letter until Letter), in accordance with final Working Drawings and Specifications approved by both Landlord and Tenant. Landlord shall pay towards the Lease Commencement Date up to "Completion Cost" (as hereinafter defined) as incurred a maximum of One Million Ninety Thousand Dollars ($450,000.00 1,090,000.00) ("Landlord's Contribution"), based on $7.408 per square foot of the "Premises, provided that in the event that Standards (or Non-Standards approved by Landlord) incorporated into the Tenant Improvement Allowancework shall increase the Completion Cost, such increase (not to exceed Two Hundred Thousand Dollars [$200,000.00] in the aggregate) shall be amortized at an interest factor of twelve percent (12%) per annum over the initial forty-eight (48) months of the Term, Tenant's Basic Rent shall be so increased by said amortized amount for the initial forty-eight (48) months of the Term (and Landlord and Tenant shall execute a memorandum prepared by Landlord and reasonably acceptable to Tenant confirming said increase in the Basic Rent), and the Landlord's Contribution shall be deemed to include any such increase. Tenant shall be fully responsible for the remainder of the Completion Cost ("Tenant's Contribution"). The Tenant Improvement Allowance Landlord's Contribution shall only be utilized only used for building improvements to construction and installation of Standards incorporated into the Buildingapproved Working Drawings and Specifications, and not for signage, furniture costs, any third party consulting or contracting fees, any telecom/cabling costs, or any other purpose. Tenant shall bear and pay the cost of the Tenant Improvements except that: (including but not limited to all of the foregoing fees and costsi) in excess of the Tenant Improvement Allowance, if any. The cost of the Tenant Improvements shall exclude the cost of furniture, fixtures and inventory and other items of Tenant's Work (as defined below). Tenant shall have the right to elect apply up to, but not exceeding, Ninety Thousand Dollars ($90,000.00) of the Landlord's Contribution towards the cost of overtime payments to increase the Selected Contractor and for the costs of Changes for any Non-Standards Improvements approved by Landlord and incorporated in the Tenant Improvement Allowance by up to an additional $450,000.00 (work. In the "Additional Allowance")event the Completion Cost is less than the Landlord's Contribution, subject Tenant may apply such difference towards the cost of any alterations to the Premises, conforming to Landlord's Standards and approved by Landlord pursuant to Section 7.3, which alterations shall be constructed by Tenant within six (6) months following terms and conditionsthe Commencement Date.
B. The Completion Cost shall mean the following: (i) Tenant shall make such electionpayments made to architects, if at allengineers and other third party consultants in connection with the preparation of the Preliminary Plan and Working Drawings and Specifications, no later than August 15, 1998; (ii) such amount shall be permit fees and other sums paid to Landlord in equal monthly installments over the seven (7) year Lease Term with interest at 10%, as additional Base Monthly Rent in the manner specified by Article 3 of the Lease; and (iii) the Additional Allowance shall otherwise constitute a part of the Tenant Improvement Allowance and shall be subject to the restrictions and conditions on such Tenant Improvement Allowance provided in this Work Letter. Notwithstanding anything to the contrary contained herein or in the Lease, Landlord shall be responsible at its sole cost and expense for the incremental costs incurred by either Landlord or Tenant for asbestos removal within the interior of the Leased Premises required solely as a result of the construction of the Tenant Improvements. 5.to
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Cost of Tenant Improvements. Unless specified otherwise herein, A. Landlord shall bear complete, or cause to be completed, the Tenant Improvements, at the construction cost shown in the approved Final Cost Estimate (subject to the provisions of this Work Letter), in accordance with final Working Drawings and Specifications approved by both Landlord and Tenant. Landlord shall pay towards the final construction costs ("Completion Cost") as incurred a maximum of Two Hundred Thirty Four Thousand Nine Hundred Twenty-Two Dollars ($234,922.00) ("Landlord's Contribution"), based on $3.88 per rentable square foot of the Premises, and Tenant shall be fully responsible for the remainder ("Tenant's Contribution"). If the actual cost of completion of the Tenant Improvements (which cost shall include, without limitation, is less than the costs of construction, maximum amount provided for the cost of permits and permit expediting, the costs of code compliance work, if such work is required as a result of, or is a condition imposed by appropriate governmental authorities for, construction of the Tenant Improvements, and all architectural and engineering services obtained by Landlord in connection with the Tenant Improvements, the Contractor's fees, Landlord's fee for construction administration in an amount which Contribution, such savings shall inure to the benefit of Landlord and Tenant shall not exceed three percent (3%) of hard costs, utilities, and Landlord's Insurance Costs (including, without limitation, course of construction insurance), from the date of this Work Letter until the Lease Commencement Date up be entitled to a maximum of $450,000.00 (the "Tenant Improvement Allowance"). The Tenant Improvement Allowance shall be utilized only for building improvements to the Building, and not for signage, furniture costs, any third party consulting credit or contracting fees, any telecom/cabling costs, or any other purpose. Tenant shall bear and pay the cost of the Tenant Improvements (including but not limited to all of the foregoing fees and costs) in excess of the Tenant Improvement Allowance, if any. The cost of the Tenant Improvements shall exclude the cost of furniture, fixtures and inventory and other items of Tenant's Work (as defined below). Tenant shall have the right to elect to increase the Tenant Improvement Allowance by up to an additional $450,000.00 (the "Additional Allowance"), subject to the following terms and conditions: (i) Tenant shall make such election, if at all, no later than August 15, 1998; (ii) such amount shall be paid to Landlord in equal monthly installments over the seven (7) year Lease Term with interest at 10%, as additional Base Monthly Rent in the manner specified by Article 3 of the Lease; and (iii) the Additional Allowance shall otherwise constitute a part of the Tenant Improvement Allowance and shall be subject to the restrictions and conditions on such Tenant Improvement Allowance provided in this Work Letterpayment. Notwithstanding anything to the contrary contained herein or in this Work Letter and/or in the Lease, Landlord shall not be responsible at its sole cost and expense for the incremental costs incurred by either Landlord or Tenant for asbestos removal within the interior obligated to fund any portion of the Leased Premises required solely Landlord's Contribution prior to July 1, 2000, and Landlord's obligation to fund the Landlord's Contribution shall cease as a result to any portion of the Tenant Improvements if Working Drawings and Specifications are not approved and contracts are not let by Landlord for such portion of the Tenant Improvements prior to June 15, 2001.
B. The Completion Cost shall include all direct costs of Landlord in completing the Tenant Improvements, including but not limited to the following: (i) the TI Contractor's Bid Amount, (ii) payments made to architects, engineers, contractors, subcontractors and other third party consultants in the performance of the work, (iii) permit fees and other sums paid to governmental agencies, (iv) costs of all materials incorporated into the work or used in connection with the work, and (v) keying and signage costs. The Completion Cost shall also include an administrative/supervision fee to be paid to the Landlord in the amount of five percent (5%) of all such direct costs.
C. Prior to start of construction of the Tenant Improvements, Tenant shall pay to Landlord in full the amount of the Tenant's Contribution set forth in the Final Cost Estimate. 5.If the actual Completion Cost of the Tenant Improvements is less than the Final Cost Estimate, any portion of the Tenant's
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Cost of Tenant Improvements. Unless specified otherwise herein, A. Landlord shall bear and pay the cost of the Tenant Improvements (which cost shall include, without limitation, the costs of construction, the cost of permits and permit expediting, the costs of code compliance work, if such work is required as a result ofcomplete, or is a condition imposed by appropriate governmental authorities forcause to be completed, construction of the Tenant Improvements, at the construction cost shown in the Final Cost Estimate (subject to increases for Landlord approved Changes and all architectural and engineering services obtained by Landlord as otherwise provided in connection with the Tenant Improvements, the Contractor's fees, Landlord's fee for construction administration in an amount which shall not exceed three percent (3%) of hard costs, utilities, and Landlord's Insurance Costs (including, without limitation, course of construction insurancethis Work Letter), from the date of this Work Letter until the Lease Commencement Date in accordance with final Working Drawings and Specifications approved by both Landlord and Tenant.
B. Landlord shall pay up to a maximum of $450,000.00 (the "Tenant Improvement Allowance"). The Tenant Improvement Allowance shall be utilized only for building improvements to the Building766,440.00, and not for signage, furniture costs, any third party consulting or contracting fees, any telecom/cabling costs, or any other purpose. Tenant shall bear and pay the cost based on $30.00 per usable square foot of the Tenant Improvements Premises (including but not limited to all “Landlord’s Maximum Contribution”), of the foregoing fees and costs) in excess of the Tenant Improvement Allowance, if any. The cost of the Tenant Improvements shall exclude the cost of furniture, fixtures and inventory and other items of Tenant's Work final “Completion Cost” (as defined below). Tenant shall have acknowledges that the right to elect to increase Landlord’s Maximum Contribution is intended only as the maximum amount Landlord will pay toward approved Tenant Improvement Allowance Improvements, and not by up to an additional $450,000.00 (the "Additional Allowance")way of limitation, any partitions, modular office stations, fixtures, cabling, furniture and equipment requested by Tenant are in no event subject to payment as part of Landlord’s Contribution. In the following terms and conditions: (i) Tenant shall make such election, if at all, no later than August 15, 1998; (ii) such amount shall be paid to Landlord in equal monthly installments over event the seven (7) year Lease Term with interest at 10%, as additional Base Monthly Rent in the manner specified by Article 3 of the Lease; and (iii) the Additional Allowance shall otherwise constitute a part Completion Cost of the Tenant Improvement Work Is less than the Landlord’s Maximum Contribution, Landlord’s actual contribution toward the Completion Cost (“Landlord’s Contribution”) shall equal such lesser amount, and, except as provided hereinbelow, Tenant shall have no right to receive any credit, refund or allowance of any kind for any unused portion of the Landlord’s Maximum Contribution nor shall Tenant be allowed to make revisions to an approved Preliminary Plan, Working Drawings and Specifications or request a Change In an effort to apply any unused portion of Landlord’s Maximum Contribution. Notwithstanding the foregoing, Tenant may utilize a portion of the Landlord’s Contribution, not to exceed the amount of $127,740.00, based on $5.00 per rentable square foot of the Premises (the “Moving Allowance”), towards (i) Tenant’s cost of cabling, furniture, fixtures and equipment and related moving expenses for Tenant’s move to the Premises. Landlord shall reimburse Tenant for such expenses, up to the amount of the Moving Allowance, within thirty (30) days following receipt from Tenant of invoices or other reasonably detailed evidence of Tenant’s expenditure of such expenses. It is understood and agreed that the Moving Allowance and shall be subject requested no later than June 30, 2018, and that Landlord shall not be obligated to fund any portion of the restrictions Moving Allowance requested after such date.
C. Tenant shall pay any costs due to inaccurate or incomplete Programming Information and conditions on such the amount, if any, by which aggregate Completion Cost for the Tenant Improvement Allowance provided in this Work Letterexceeds the Landlord’s Maximum Contribution. Notwithstanding anything The amounts to the contrary contained herein or in the Lease, Landlord shall be responsible at its sole cost and expense paid by Tenant for the incremental costs incurred by either Landlord or Tenant for asbestos removal within Improvements pursuant to this Section II.C are sometimes cumulatively referred to herein as the interior of the Leased Premises required solely as a result of the construction of the Tenant Improvements. 5“Tenant’s Contribution”.
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Cost of Tenant Improvements. Unless specified otherwise herein, A. Landlord shall bear complete, or cause to be completed, the Tenant Improvements, at the construction cost shown in the approved Final Cost Estimate (subject to the provisions of this Work Letter), in accordance with final Working Drawings and Specifications approved by both Landlord and Tenant. Landlord shall pay towards the final construction costs ("Completion Cost") as incurred a maximum of Four Hundred Thirty Four Thousand Nine Hundred Ninety-Six Dollars ($434,996.00)) ("Landlord's Contribution"), based on $8.50 per square foot of the Premises, and Tenant shall be fully responsible for the remainder ("Tenant's Contribution"). Up to, but not exceeding, One Dollar ($1.00) per rentable square foot of the Landlord's Contribution may be applied towards the cost of "Non-Standard Improvements" approved by Landlord pursuant to Article I.C above and incorporated into the approved Working Drawings and Specifications. If the actual cost of completion of the Tenant Improvements (which cost is less than the maximum amount provided for the Landlord's Contribution, such savings shall include, without limitation, inure to the benefit of Landlord and Tenant shall not be entitled to any credit or payment.
B. The Completion Cost shall include all direct costs of constructionLandlord in completing the Tenant Improvements, including but not limited to the cost following: (i) the Bid Amount, (ii) payments made to architects, engineers, contractors, subcontractors and other third party consultants in the performance of permits the work, (iii) permit fees and permit expeditingother sums paid to governmental agencies, the (iv) costs of code compliance all materials incorporated into the work or used in connection with the work, if and (v) keying and signage costs. The Completion Cost shall also include an administrative/ supervision fee to be paid to Landlord in the amount of five percent (5%) of all such work is required as a result of, or is a condition imposed by appropriate governmental authorities for, direct costs.
C. Prior to start of construction of the Tenant Improvements, and all architectural and engineering services obtained by Tenant shall pay to Landlord in connection with full the Tenant Improvements, amount of the ContractorTenant's fees, Landlord's fee for construction administration Contribution set forth in an amount which shall not exceed three percent (3%) of hard costs, utilities, and Landlord's Insurance Costs (including, without limitation, course of construction insurance), from the date of this Work Letter until Final Cost Estimate. If the Lease Commencement Date up to a maximum of $450,000.00 (the "Tenant Improvement Allowance"). The Tenant Improvement Allowance shall be utilized only for building improvements to the Building, and not for signage, furniture costs, any third party consulting or contracting fees, any telecom/cabling costs, or any other purpose. Tenant shall bear and pay the cost actual Completion Cost of the Tenant Improvements (including is less than the Final Cost Estimate, any portion of the Tenant's Contribution paid by Tenant but not limited expended towards the Completion Cost shall be credited to rent next due under this Lease. If the actual Completion Cost is greater than the Final Cost Estimate because of modifications or extras not reflected on the approved working drawings, then Tenant shall pay to Landlord, within ten (10) days following submission of an invoice therefore, all such additional costs, including any additional architectural fee. If Tenant defaults in the payment of any sums due under this Work Letter, Landlord shall (in addition to all of other remedies) have the foregoing fees and costs) same rights as in excess of the Tenant Improvement Allowance, if any. The cost of the Tenant Improvements shall exclude the cost of furniture, fixtures and inventory and other items case of Tenant's Work (as defined below). Tenant shall have the right failure to elect to increase the Tenant Improvement Allowance by up to an additional $450,000.00 (the "Additional Allowance"), subject to the following terms and conditions: (i) Tenant shall make such election, if at all, no later than August 15, 1998; (ii) such amount shall be paid to Landlord in equal monthly installments over the seven (7) year Lease Term with interest at 10%, as additional Base Monthly Rent in the manner specified by Article 3 of pay rent under the Lease; and (iii) .
D. Landlord's obligation to fund the Additional Allowance Landlord's Contribution shall otherwise constitute a part of the Tenant Improvement Allowance and shall be subject only apply to the restrictions and conditions on such Tenant Improvement Allowance provided in this Work Letterwork for which contracts are let not later than January 15, 2001. Notwithstanding anything to Any portion of the contrary contained herein or in the Lease, Landlord Landlord's Contribution not utilized by such date shall be responsible at its sole cost and expense for the incremental costs incurred considered forfeited by either Landlord or Tenant for asbestos removal within the interior of the Leased Premises required solely as a result of the construction of the Tenant Improvements. 5Tenant.
Appears in 1 contract
Samples: Lease (Lantronix Inc)
Cost of Tenant Improvements. Unless specified otherwise hereinProvided that Tenant is not in default under the Lease beyond applicable notice and cure periods, Landlord shall bear and pay contribute a maximum of One Hundred Seventy One Thousand Three Hundred 00/100 Dollars ($171,300.00) (the “Tenant Improvement Allowance”) towards the cost of the Tenant Improvements (which cost shall include, without limitation, the costs of construction, the cost of permits and permit expediting, the costs of code compliance work, if such work is required as a result of, or is a condition imposed by appropriate governmental authorities for, construction of the Tenant Improvements, and all architectural and engineering services obtained by Landlord in connection with the Tenant Improvements, the Contractor's ’s fees, Landlord's ’s fee for construction administration in an amount which shall not exceed three percent (3%) of hard costs, utilities, equal to the amount charged by Landlord’s construction manager and Landlord's Insurance Costs (including, without limitation, course of construction insurance), from the date of this Work Letter until the Lease Commencement Date up to a maximum of $450,000.00 (the "Tenant Improvement Allowance"Tenant’s signage). The Tenant Improvement Allowance shall not be utilized only for building improvements to the Building, and not for signage, furniture costs, any third party consulting or contracting fees, any telecom/cabling costs, or any other purposepurpose not specified herein. To the extent that the actual cost of the Tenant Improvements is less than the Tenant Improvement Allowance, Landlord shall be entitled to the benefit of such savings. Tenant shall not be entitled to any credit against Rent, nor change in Approved Plans to utilize such savings. Tenant shall bear and pay the cost of the Tenant Improvements (including but not limited to all of the foregoing fees and costs) in excess of the Tenant Improvement Allowance, if anyany (“Excess Costs”). The As a condition to commencing construction, Landlord shall have the option to require Tenant to pay to Landlord such Excess Costs for application to the cost of the Tenant Improvements shall exclude the cost of furnitureImprovements, fixtures and inventory and other items of Tenant's Work (as defined below)they are incurred. Tenant shall have the right to elect to increase the Tenant Improvement Allowance by up to an additional $450,000.00 (the "Additional Allowance")In any event, subject to the following terms and conditions: (i) Tenant shall make such election, if at all, no later than August 15, 1998; (ii) such amount Excess costs shall be paid to Landlord applied in equal monthly installments over the seven (7) year Lease Term pari passu with interest at 10%, as additional Base Monthly Rent in the manner specified by Article 3 of the Lease; and (iii) the Additional Allowance shall otherwise constitute a part any then remaining portion of the Tenant Improvement Allowance and shall be subject to the restrictions and conditions on such Tenant Improvement Allowance provided in this Work Letter. Notwithstanding anything to the contrary contained herein or in the Lease, Landlord shall be responsible at its sole cost and expense for the incremental costs incurred by either Landlord or Tenant for asbestos removal within the interior of the Leased Premises required solely as a result of the construction of the Tenant Improvements. 5Allowance.
Appears in 1 contract
Samples: Lease (Design Therapeutics, Inc.)
Cost of Tenant Improvements. Unless specified otherwise herein, A. Landlord shall bear complete, or cause to be completed, the Tenant Improvements, at the construction cost shown in the approved Final Cost Estimate (subject to the provisions of this Work Letter), in accordance with final Working Drawings and Specifications approved by both Landlord and Tenant. Landlord shall pay towards the final construction costs ("Completion Cost") as incurred a maximum of Four Hundred Thirty Four Thousand Nine Hundred Ninety-Six Dollars ($434,996.00)) ("Landlord's Contribution"), based on $8.50 per square foot of the Premises, and Tenant shall be fully responsible for the remainder ("Tenant's Contribution"). Up to, but not exceeding, One Dollar ($1.00) per rentable square foot of the Landlord's Contribution may be applied towards the cost of "Non-Standard Improvements" approved by Landlord pursuant to Article 1.C above and incorporated into the approved Working Drawings and Specifications. If the actual cost of completion of the Tenant Improvements (which cost is less than the maximum amount provided for the Landlord's Contribution, such savings shall include, without limitation, inure to the benefit of Landlord and Tenant shall not be entitled to any credit or payment.
B. The Completion Cost shall include all direct costs of constructionLandlord in completing the Tenant Improvements, including but not limited to the cost following: (i) the Bid Amount, (ii) payments made to architects, engineers, contractors, subcontractors and other third party consultants in the performance of permits the work, (iii) permit fees and permit expeditingother sums paid to governmental agencies, the (iv) costs of code compliance all materials incorporated into the work or used in connection with the work, if and (v) keying and signage costs. The Completion Cost shall also include an administrative/supervision fee to be paid to Landlord in the amount of five percent (5%) of all such work is required as a result of, or is a condition imposed by appropriate governmental authorities for, direct costs.
C. Prior to start of construction of the Tenant Improvements, and all architectural and engineering services obtained by Tenant shall pay to Landlord in connection with full the Tenant Improvements, amount of the ContractorTenant's fees, Landlord's fee for construction administration Contribution set forth in an amount which shall not exceed three percent (3%) of hard costs, utilities, and Landlord's Insurance Costs (including, without limitation, course of construction insurance), from the date of this Work Letter until Final Cost Estimate. If the Lease Commencement Date up to a maximum of $450,000.00 (the "Tenant Improvement Allowance"). The Tenant Improvement Allowance shall be utilized only for building improvements to the Building, and not for signage, furniture costs, any third party consulting or contracting fees, any telecom/cabling costs, or any other purpose. Tenant shall bear and pay the cost actual Completion Cost of the Tenant Improvements (including is less than the Final Cost Estimate, any portion of the Tenant's Contribution paid by Tenant but not limited expended towards the Completion Cost shall be credited to rent next due under this Lease. If the actual Completion Cost is greater than the Final Cost Estimate because of modifications or extras not reflected on the approved working drawings, then Tenant shall pay to Landlord, within ten (10) days following submission of an invoice therefor, all such additional costs, including any additional architectural fee. If Tenant defaults in the payment of any sums due under this Work Letter, Landlord shall (in addition to all of other remedies) have the foregoing fees and costs) rights as in excess of the Tenant Improvement Allowance, if any. The cost of the Tenant Improvements shall exclude the cost of furniture, fixtures and inventory and other items case of Tenant's Work (as defined below). Tenant shall have the right failure to elect to increase the Tenant Improvement Allowance by up to an additional $450,000.00 (the "Additional Allowance"), subject to the following terms and conditions: (i) Tenant shall make such election, if at all, no later than August 15, 1998; (ii) such amount shall be paid to Landlord in equal monthly installments over the seven (7) year Lease Term with interest at 10%, as additional Base Monthly Rent in the manner specified by Article 3 of pay rent under the Lease; and (iii) .
D. Landlord's obligation to fund the Additional Allowance Landlord's Contribution shall otherwise constitute a part of the Tenant Improvement Allowance and shall be subject to the restrictions and conditions on only apply such Tenant Improvement Allowance provided in this Work Letterwork for which contracts are let not later than January 15, 2001. Notwithstanding anything to Any portion of the contrary contained herein or in the Lease, Landlord Landlord's Contribution not utilized by such date shall be responsible at its sole cost and expense for the incremental costs incurred considered forfeited by either Landlord or Tenant for asbestos removal within the interior of the Leased Premises required solely as a result of the construction of the Tenant Improvements. 5Tenant.
Appears in 1 contract
Samples: Lease (Lantronix)