Disbursement of Tenant Improvement Allowance. 6.5.1 Each month, during the construction of Original Premises Tenant Improvements and the Fifth Floor Tenant Improvements (collectively referred to herein as the “Tenant Improvements”), Tenant shall furnish Landlord a completed requisition (“Requisition”) for an advance for the Tenant Improvements performed in the prior months, from either the Original Premises Tenant Improvement Allowance or the Fifth Floor Tenant Improvement Allowance, as applicable (in forms issued by the American Institute of Architects such as G702 and G703 or comparable industry standard forms), certified and sworn to by Tenant’s Architect or Tenant’s Engineer (a) to the effect that the value of the labor and materials in place equals the total portion of the either the Original Premises Tenant Improvement Allowance or the Fifth Floor Tenant Improvement Allowance, as applicable, funded to date plus the amount of the advance then being requested, and (b) that the work completed to date has been performed in a good and workmanlike manner, to the satisfaction of Tenant’s Architect and Tenant’s Engineer, in substantial accordance with the Construction Documents and all Applicable Laws. The Requisition and certification shall be accompanied by the following: (i) Contractor’s invoice(s) on AIA Documents G702 and G703 or comparable industry standard forms for work performed and covered by the Requisition for the payment being requested; (ii) Contractor’s certification that such invoice(s) reflects the work that has been performed and covered by the Requisition for the payment being requested; (iii) Contractor’s sworn statement showing all subcontractors with whom the Contractor has entered into subcontracts, the amount of each subcontract, the amount requested for any subcontractor in the application for payment and the amount to be paid to the subcontractor from such progress payment, together with similar sworn statements from all first-tier subcontractors for whom payment is requested in such application for payment; (iv) lien waivers from the Contractor and all subcontractors, sub-subcontractors, and suppliers for whom payment is requested in the application for payment, such lien waiver being subject to payment only; (v) all invoices received from vendors for whom payment is requested in such application for payment; and (vi) such other industry standard information or documentation as the Landlord may reasonably require. With each Requisition, the Contractor also shall provide copies of all subcontractors’ monthly applications for payment to substantiate the Contractor’s application for payment. Notwithstanding anything herein to the contrary, in no event shall lien waivers be required for contractors or suppliers except to the extent the value of the applicable contractor’s or supplier’s work or materials provided exceeds $10,000.00 in the aggregate unless so required by Landlord’s lender.
Appears in 1 contract
Disbursement of Tenant Improvement Allowance. 6.5.1 Each month, during The Tenant Improvement Allowance may only be used for the construction of Original Premises Tenant Improvement Costs. The Tenant Improvements Allowance, less a 10% retainage (which retainage shall be payable as part of the final draw), shall be paid to Tenant or, at Landlord’s option, to the order of the general contractor that performs the Tenant Improvements, in periodic disbursements within 30 days after receipt of the following documentation: (i) an application for payment and sworn statement of contractor substantially in the Fifth Floor form of AIA Document G-702 covering all work for which disbursement is to be made to a date specified therein; (ii) a certification from an AIA architect substantially in the form of the Architect’s Certificate for Payment which is located on AIA Document G702, Application and Certificate of Payment; (iii) Contractor’s, subcontractor’s and material supplier’s conditional waivers of liens which shall cover all Tenant Improvements for which disbursement is being requested and all other statements and forms required for compliance with the mechanics’ lien laws of the state in which the Premises is located, together with all such invoices, contracts, or other supporting data as Landlord or Landlord’s mortgagee may reasonably require; (collectively referred to herein as iv) a cost breakdown for each trade or subcontractor performing the “Tenant Improvements”); (v) plans and specifications for the Tenant Improvements, together with a certificate from an AIA architect that such plans and specifications comply in all material respects with all then in effect Applicable Laws affecting the Building, Project and Premises; (vi) copies of all construction contracts for the Tenant Improvements, together with copies of all change orders, if any; and (vii) a request to disburse from Tenant containing an approval by Tenant of the work done and a good faith estimate of the cost to complete the Tenant Improvements. Upon completion of the Tenant Improvements, and prior to final disbursement of the Tenant Improvements Allowance, Tenant shall furnish Landlord a completed requisition with: (“Requisition”1) for an advance for general contractor and architect’s completion affidavits, (2) full and final waivers of lien, (3) bills covering all labor and materials expended and used, (4) as-built plans of the Tenant Improvements, and (5) the certification of Tenant’s contractor and its architect that the Tenant Improvements performed in the prior months, from either the Original Premises Tenant Improvement Allowance or the Fifth Floor Tenant Improvement Allowance, as applicable (in forms issued by the American Institute of Architects such as G702 and G703 or comparable industry standard forms), certified and sworn to by Tenant’s Architect or Tenant’s Engineer (a) to the effect that the value of the labor and materials in place equals the total portion of the either the Original Premises Tenant Improvement Allowance or the Fifth Floor Tenant Improvement Allowance, as applicable, funded to date plus the amount of the advance then being requested, and (b) that the work completed to date has have been performed installed in a good and workmanlike manner, to the satisfaction of Tenant’s Architect and Tenant’s Engineer, manner in substantial accordance with the Construction Documents approved plans, and all in accordance with Applicable Laws. The Requisition and certification In no event shall Landlord be required to disburse the Tenant Improvements Allowance more than one time per month. If the cost of the Tenant Improvements exceed the Tenant Improvement Allowance, Tenant shall be accompanied by entitled to the following: (i) Contractor’s invoice(s) on AIA Documents G702 and G703 or comparable industry standard forms for work performed and covered by Tenant Improvements Allowance in accordance with the Requisition terms hereof, but each individual disbursement of the Tenant Improvements Allowance shall be disbursed in the proportion that the Tenant Improvements Allowance bears to the total cost for the Tenant Improvements, less the 10% retainage for each requested payment being requested; (ii) Contractor’s certification that such invoice(s) reflects the work that has been performed and covered by the Requisition for the payment being requested; (iii) Contractor’s sworn statement showing all subcontractors with whom the Contractor has entered into subcontracts, the amount of each subcontract, the amount requested for any subcontractor in the application for payment and the amount to be paid to the subcontractor from such progress payment, together with similar sworn statements from all first-tier subcontractors for whom payment is requested in such application for payment; (iv) lien waivers from the Contractor and all subcontractors, sub-subcontractors, and suppliers for whom payment is requested in the application for payment, such lien waiver being subject to payment only; (v) all invoices received from vendors for whom payment is requested in such application for payment; and (vi) such other industry standard information or documentation as the Landlord may reasonably require. With each Requisition, the Contractor also shall provide copies of all subcontractors’ monthly applications for payment to substantiate the Contractor’s application for paymentreferenced above. Notwithstanding anything herein to the contrary, in no event Landlord shall lien waivers not be required for contractors or suppliers except obligated to the extent the value disburse any portion of the applicable contractor’s or supplier’s work or materials provided exceeds $10,000.00 in Tenant Improvements Allowance during the aggregate unless so required by continuance of an uncured default under the Lease, and Landlord’s lenderobligation to disburse shall only resume when and if such default is cured. The additional cure period available to Landlord as set forth in Section 19.5.1 of the Lease following a breach of the Lease by Landlord shall not apply with respect to Landlord’s express obligations as set forth in this Work Letter.
Appears in 1 contract
Samples: Office Lease (NeuroPace Inc)
Disbursement of Tenant Improvement Allowance. 6.5.1 Each month, during Following -------------------------------------------- Tenant's completion of the construction of Original Premises Tenant Improvements and the Fifth Floor Tenant Improvements (collectively referred to herein as the “Tenant Improvements”), Tenant and Landlord's receipt of the "Allowance Documentation," as that term is defined below, Landlord shall furnish Landlord a completed requisition (“Requisition”) for an advance for disburse the Tenant Improvements performed in the prior months, from either the Original Premises Tenant Improvement Allowance or to Tenant. For the Fifth Floor purposes of this Tenant Improvement AllowanceWork Letter, as applicable (in forms issued by the American Institute of Architects such as G702 and G703 or comparable industry standard forms), certified and sworn to by Tenant’s Architect or Tenant’s Engineer (a) to the effect that the value of the labor and materials in place equals the total portion of the either the Original Premises Tenant Improvement Allowance or the Fifth Floor Tenant Improvement Allowance, as applicable, funded to date plus the amount of the advance then being requested, and (b) that the work completed to date has been performed in a good and workmanlike manner, to the satisfaction of Tenant’s Architect and Tenant’s Engineer, in substantial accordance with the Construction Documents and all Applicable Laws. The Requisition and certification Documentation shall be accompanied by the following: defined as (i) Contractor’s invoice(s) on AIA Documents G702 invoices from all of "Tenant's Agents," as that term is defined in Section 4.1.2 of this Tenant Work Letter, for labor rendered and G703 or comparable industry standard forms for work performed and covered by materials ------------- delivered to the Requisition for the payment being requestedPremises; (ii) Contractor’s certification that such invoice(sproperly executed mechanics lien releases in compliance with both California Civil Code Section 3262(d)(2) reflects the work that has been performed and covered by the Requisition for the payment being requested; either Section 3262(d)(3) or Section 3262(d)(4), (iii) Contractor’s sworn statement showing all subcontractors with whom a certificate from Architect, in a form reasonably acceptable to Landlord, certifying that the Contractor has entered into subcontracts, construction of the amount of each subcontract, the amount requested for any subcontractor Tenant Improvements in the application for payment Premises has been substantially completed, and the amount to be paid to the subcontractor from such progress payment, together with similar sworn statements from all first-tier subcontractors for whom payment is requested in such application for payment; (iv) lien waivers from all other information reasonably requested by Landlord. Tenant's request for payment shall be deemed Tenant's acceptance and approval of the Contractor work furnished. Thereafter, Landlord shall deliver a check to Tenant for that portion of the Tenant Improvement Allowance spent by Tenant, as evidenced by the Allowance Documentation, provided that Landlord does not dispute any request for payment based on non-compliance of any work with the "Approved Working Drawings," as that term is defined in Section 3.4 below, or due to any substandard work which ----------- adversely affects the mechanical, electrical, plumbing, heating, ventilating and all subcontractorsair conditioning, sublife-subcontractorssafety or other systems of the Building, and suppliers for whom payment is requested the curtain wall of the Building, the structure or exterior appearance of the Building, or any other tenant's use of such other tenant's leased premises in the application Building, or for payment, any other reason. Landlord's payment of such lien waiver being subject to payment only; (v) all invoices received from vendors for whom payment is requested in such application for payment; and (vi) such other industry standard information amounts shall not be deemed Landlord's approval or documentation as the Landlord may reasonably require. With each Requisition, the Contractor also shall provide copies of all subcontractors’ monthly applications for payment to substantiate the Contractor’s application for payment. Notwithstanding anything herein to the contrary, in no event shall lien waivers be required for contractors or suppliers except to the extent the value acceptance of the applicable contractor’s or supplier’s work furnished or materials provided exceeds $10,000.00 supplied as set forth in the aggregate unless so required by Landlord’s lenderTenant's payment request.
Appears in 1 contract
Samples: Office Lease (Extreme Networks Inc)
Disbursement of Tenant Improvement Allowance. 6.5.1 Each month, during the construction of Original Premises Tenant Improvements and the Fifth Floor Tenant Improvements (collectively referred With respect to herein as the “Tenant Improvements”), Tenant shall furnish Landlord a completed requisition (“Requisition”) for an advance for the Tenant Improvements performed in the prior months, from either the Original Premises Tenant Improvement Allowance or Items, the Fifth Floor Tenant Improvement Allowance, as applicable (in forms issued by the American Institute of Architects such as G702 and G703 or comparable industry standard forms), certified and sworn to by Tenant’s Architect or Tenant’s Engineer (a) to the effect that the value of the labor and materials in place equals the total portion of the either the Original Premises Tenant Improvement Allowance or the Fifth Floor Tenant Improvement Allowance, as applicable, funded to date plus the amount of the advance then being requested, and (b) that the work completed to date has been performed shall be paid by Landlord in a good and workmanlike manner, to the satisfaction of monthly installments after Tenant’s Architect and Tenant’s Engineersubmission of payment requests, in substantial accordance with the Construction Documents and all Applicable Laws. The Requisition and certification each of which shall be accompanied by include the following: (i) Contractorinvoices for the Tenant Improvements, with sufficient back-up xxxxxxxx from contractors, subcontractors, suppliers and providers of services to give Landlord a financial accounting regarding each invoice to be reimbursed by Landlord, (ii) a certificate signed by Tenant’s invoice(sArchitect and an authorized officer of Tenant certifying that the Tenant Improvement Work represented by the aforesaid invoices has been satisfactorily constructed substantially in accordance with Tenant’s Plans, (iii) on AIA Documents G702 and G703 or comparable industry standard forms lien waivers by all of Tenant’s Agents (as that term is defined in Section 3.1.2 below) for all such work performed and covered by the Requisition for the payment being requested; (ii) Contractor’s certification that such invoice(s) reflects the work that has been performed invoices and covered by the Requisition for the payment being requested; (iii) Contractor’s sworn statement showing all subcontractors with whom the Contractor has entered into subcontracts, the amount of each subcontract, the amount requested for any subcontractor in the application for payment and the amount to be paid to the subcontractor from such progress payment, together with similar sworn statements from all first-tier subcontractors for whom payment is requested in such application for payment; (iv) with the last payment request for Tenant Improvements (as opposed to payment requests with respect to Occupancy Expenses) a general waiver of lien waivers from the Contractor contractor, subcontractors and all materialmen regarding the Tenant Improvements. At Tenant’s election, such payments shall be made to Tenant or directly to the applicable contractors, subcontractors, sub-subcontractorssuppliers, and suppliers materialmen or providers of services. Landlord shall pay to Tenant the specified amounts for whom each payment is requested request not to exceed, in the application for payment, such lien waiver being subject to payment only; (v) all invoices received from vendors for whom payment is requested in such application for payment; and (vi) such other industry standard information or documentation as the Landlord may reasonably require. With each Requisitionaggregate, the Contractor also shall provide copies Tenant Improvement Allowance, within thirty (30) days after receipt of all subcontractors’ monthly applications for payment to substantiate the Contractor’s application for payment. Notwithstanding anything herein to the contrary, in no event shall lien waivers be required for contractors or suppliers except to the extent the value of the applicable contractor’s or supplier’s work or materials provided exceeds $10,000.00 in the aggregate unless so required by information and documentation specified above. Landlord and Landlord’s lender, Manufacturers and Traders Trust Company shall have the right to inspect the Premises, accompanied by Tenant’s representative and subject to the general contractor’s reasonable work and access rules, to confirm the completion of the work covered by such invoices. With respect to Occupancy Expenses, the Tenant Improvement Allowance shall be paid by Landlord within thirty (30) days after receipt of Tenant’s request for reimbursement for Occupancy Expenses accompanied by invoices from the suppliers and service providers.
Appears in 1 contract
Samples: Lease (Neustar Inc)
Disbursement of Tenant Improvement Allowance. 6.5.1 Each monthThe Tenant Improvement Allowance shall be paid upon completion of the Tenant Improvements on the basis set forth below; provided, under no circumstances shall Landlord pay any portion of the Tenant Improvement Allowance prior to January 1, 2009. Tenant shall submit to Landlord, from time-to-time during the construction of Original Premises the Tenant Improvements and upon completion of the Fifth Floor Tenant Improvements (collectively referred to herein as the “Tenant Improvements, a written request for disbursement of all or a portion of the Tenant Improvement Allowance (“Request”). The Request shall include a copy of all bills and invoices (“Bills and Invoices”) which Tenant has or is required to pay and a certification from Tenant’s construction representative and the Selected Contractor (as defined in Paragraph 4.1, Tenant shall furnish below) that the amount set forth in the Request has been paid or is due and owing, together with a copy of appropriate (as determined by Landlord in its reasonable discretion) conditional and final lien releases and waivers, as applicable for a project in progress or a completed requisition project, as appropriate, and all other information reasonably requested by Landlord. Upon Landlord’s (“Requisition”a) for an advance for receipt of such Bills and Invoices, information, and lien releases and waivers, (b) Landlord’s determination that no person or entity has, or will have any right to file a mechanic’s, materialmen’s or design professional’s lien against the Premises, (c) determination that Substantial Completion (as defined in Paragraph 4.4, below) of the Tenant Improvements performed has occurred, and (d) determination that no substandard work exists which adversely affects the Building systems or the structural or exterior appearance of the Building or any other tenant’s use of its leased premises in the prior monthsBuilding, from either Landlord shall issue a check equal to the Original Premises sum of the Bills and Invoices but not to exceed the remaining amount of the Tenant Improvement Allowance. Landlord shall have the option to issue all checks issued in connection with work that has not yet been paid as payable jointly to Tenant and the Selected Contractor and/or any subcontractors. Notwithstanding the foregoing, under no circumstances shall Landlord pay any Tenant Improvement Allowance or for Tenant Improvements when Substantial Completion of same occurs after December 31, 2010, and Tenant acknowledges and agrees that it shall be solely responsible for one hundred percent (100%) of all Tenant Improvement Costs incurred for such Tenant Improvements notwithstanding the Fifth Floor possibility that there exists any unused amount of the Tenant Improvement Allowance. Notwithstanding the foregoing, Tenant may commence and/or complete the Tenant Improvements to the Premises prior to January 1, 2009; provided, however, that Landlord shall reimburse Tenant for such costs incurred in accordance with this Section 3.4 of the Sixth Amendment, up to the amount of the Tenant Improvement Allowance, as applicable (in forms issued by the American Institute of Architects such as G702 and G703 or comparable industry standard forms)but not before January 1, certified and sworn to by Tenant’s Architect or Tenant’s Engineer (a) to the effect that the value of the labor and materials in place equals the total portion of the either the Original Premises Tenant Improvement Allowance or the Fifth Floor Tenant Improvement Allowance, as applicable, funded to date plus the amount of the advance then being requested, and (b) that the work completed to date has been performed in a good and workmanlike manner, to the satisfaction of Tenant’s Architect and Tenant’s Engineer, in substantial accordance with the Construction Documents and all Applicable Laws. The Requisition and certification shall be accompanied by the following: (i) Contractor’s invoice(s) on AIA Documents G702 and G703 or comparable industry standard forms for work performed and covered by the Requisition for the payment being requested; (ii) Contractor’s certification that such invoice(s) reflects the work that has been performed and covered by the Requisition for the payment being requested; (iii) Contractor’s sworn statement showing all subcontractors with whom the Contractor has entered into subcontracts, the amount of each subcontract, the amount requested for any subcontractor in the application for payment and the amount to be paid to the subcontractor from such progress payment, together with similar sworn statements from all first-tier subcontractors for whom payment is requested in such application for payment; (iv) lien waivers from the Contractor and all subcontractors, sub-subcontractors, and suppliers for whom payment is requested in the application for payment, such lien waiver being subject to payment only; (v) all invoices received from vendors for whom payment is requested in such application for payment; and (vi) such other industry standard information or documentation as the Landlord may reasonably require. With each Requisition, the Contractor also shall provide copies of all subcontractors’ monthly applications for payment to substantiate the Contractor’s application for payment. Notwithstanding anything herein to the contrary, in no event shall lien waivers be required for contractors or suppliers except to the extent the value of the applicable contractor’s or supplier’s work or materials provided exceeds $10,000.00 in the aggregate unless so required by Landlord’s lender2009.
Appears in 1 contract
Disbursement of Tenant Improvement Allowance. 6.5.1 Each month, during the construction of Original Premises Tenant Improvements and the Fifth Floor Tenant Improvements (collectively referred to herein as the “Tenant Improvements”), Tenant shall furnish Landlord a completed requisition (“Requisition”) for an advance for the Tenant Improvements performed in the prior months, from either the Original Premises The Tenant Improvement Allowance shall be paid upon completion of the Leasehold Improvements on the basis set forth below. Tenant shall submit to Landlord, from time-to-time during construction of the Leasehold Improvements (but not more than once per month) and upon completion of the Leasehold Improvements, a written request for disbursement of all or a portion of the Fifth Floor Tenant Improvement AllowanceAllowance (“Request”). The Request shall include a copy of all bills and invoices (“Bills and Invoices”) which Tenant has or is required to pay in connection with the amount then being requested for reimbursement and a certification from Tenant’s construction representative and the Selected Contractor (as defined below) that the amount set forth in the Request has been paid or is due and owing, together with a copy of all conditional and final lien releases and waivers, as applicable (for a project in forms issued progress or a completed project, and if a completed project, a temporary certificate of occupancy, and all other information reasonably requested by the American Institute of Architects such as G702 and G703 or comparable industry standard forms), certified and sworn to by Tenant’s Architect or Tenant’s Engineer (a) Landlord relating to the effect that the value amount then being reimbursed. Disbursement of the labor and materials in place equals the total portion of the either the Original Premises Tenant Improvement Allowance or the Fifth Floor Tenant Improvement Allowance, as applicable, funded to date plus the amount of the advance then being requested, and (b) that the work completed to date has been performed in a good and workmanlike manner, to the satisfaction of Tenant’s Architect and Tenant’s Engineer, in substantial accordance with the Construction Documents and all Applicable Laws. The Requisition and certification shall be accompanied by conditioned upon the following: (ia) ContractorLandlord’s invoice(sreceipt of such Bills and Invoices, information, and lien releases and waivers, (b) on AIA Documents G702 and G703 or comparable industry standard forms for work performed and covered by upon completion of the Requisition for the payment being requested; (ii) Contractor’s certification that such invoice(s) reflects the work that has been performed and covered by the Requisition for the payment being requested; (iii) Contractor’s sworn statement showing all subcontractors with whom the Contractor has entered into subcontractsTenant Improvements, the determination that the Tenant Improvements are Substantially Complete, and (c) the determination that no substandard work exists which adversely affects the Building systems or the structural or exterior appearance of the Building or any other tenant’s use of its leased premises in the Building. Provided Tenant delivers such Bills and Invoices, information, and lien releases and waivers to Landlord on or before the 15th day of a calendar month and otherwise satisfies the conditions set forth in clauses (a) through (c), above, Landlord shall issue a check equal to the sum of the Bills and Invoices but not to exceed the remaining amount of each subcontract, the amount requested for any subcontractor in Tenant Improvement Allowance on or before the application for payment and the amount to be paid to the subcontractor from such progress payment, together with similar sworn statements from all first-tier subcontractors for whom payment is requested in such application for payment; (iv) lien waivers from the Contractor and all subcontractors, sub-subcontractors, and suppliers for whom payment is requested in the application for payment, such lien waiver being subject to payment only; (v) all invoices received from vendors for whom payment is requested in such application for payment; and (vi) such other industry standard information or documentation as the Landlord may reasonably require. With each Requisition, the Contractor also shall provide copies of all subcontractors’ monthly applications for payment to substantiate the Contractor’s application for payment. Notwithstanding anything herein to the contrary, in no event shall lien waivers be required for contractors or suppliers except to the extent the value 15th day of the applicable contractor’s or supplier’s work or materials provided exceeds $10,000.00 immediately following calendar month. Landlord shall have the option to issue all checks issued in the aggregate unless so required by Landlord’s lenderconnection with this Work Letter Agreement as payable to Tenant.
Appears in 1 contract
Samples: Lease Agreement (First California Financial Group, Inc.)
Disbursement of Tenant Improvement Allowance. 6.5.1 Each month, during Disbursement of the construction of Original Premises Tenant Improvements and the Fifth Floor Tenant Improvements (collectively referred to herein as the “Tenant Improvements”), Tenant shall furnish Landlord a completed requisition (“Requisition”) for an advance for the Tenant Improvements performed in the prior months, from either the Original Premises Tenant Improvement Allowance or shall be subject to compliance by Tenant and the Fifth Floor Tenant Improvement AllowanceTenant’s Contractor with the applicable provisions for disbursement of funds by Landlord as set forth herein. Not more often than monthly, as applicable (in Tenant’s Contractor shall present to Landlord standard AIA pay request forms issued by the American Institute of Architects such as G702 G701, G702, and G703 or comparable industry standard forms), for payment certified and sworn to by Tenant’s Architect or and approved by Tenant’s Engineer , together with applicable invoices and unconditional lien waivers (aor, from subcontractors only, waivers conditioned only on payment) to respecting all work covered by the effect that the value pay request. Within thirty (30) days from receipt of the labor pay request and materials in place equals all required documentation, Landlord from the total portion of the either the Original Premises Tenant Improvement Allowance will disburse to Tenant, Tenant’s Contractor (or the Fifth Floor Tenant Improvement Allowanceother appropriate vendor(s) indicated in such pay request), as applicable, funded to date plus the amount of the advance then being requested, and (b) that the work completed to date has been performed in a good and workmanlike manner, to the satisfaction of Tenant’s Architect and Tenant’s Engineer, in substantial accordance with the Construction Documents and all Applicable Laws. The Requisition and certification shall be accompanied approved by the following: (i) Contractor’s invoice(s) on AIA Documents G702 and G703 or comparable industry standard forms Landlord for work performed in place in the Premises or materials stored in the Premises and covered by the Requisition pay request form, less a 10% hold back for retainage, and less any amounts to be reimbursed to Landlord from or charged against the payment being requested; Tenant Improvement Allowance (iiincluding the construction management fee pursuant to Section 4 of this Work Letter) Contractor’s certification pursuant to express provisions of this Lease, which amounts may be paid directly to Landlord from the Tenant Improvement Allowance either upon completion of the Tenant Improvements or from time to time during construction, provided that such invoice(s) reflects the work that has been performed and covered by the Requisition for the payment being requested; (iii) Contractor’s sworn statement showing all subcontractors with whom the Contractor has entered into subcontracts, Landlord shall give Tenant notice of the amount of each subcontractsuch disbursement. Landlord itself or through an agent shall have the right, but not the amount requested for any subcontractor in the application for payment and the amount obligation, to be paid to the subcontractor from such progress payment, together with similar sworn statements from verify all first-tier subcontractors for whom payment is requested in such application for payment; (iv) lien waivers from the Contractor and all subcontractors, sub-subcontractors, and suppliers for whom payment is requested in the application for payment, such lien waiver being subject to payment only; (v) all invoices received from vendors for whom payment is requested in such application for payment; and (vi) such other industry standard information or documentation as the Landlord may reasonably require. With each Requisition, the Contractor also shall provide copies of all subcontractors’ monthly applications requests for payment to substantiate assure Landlord that all work requested has been completed in substantial compliance with the Contractorapproved Plans and Specifications and that no greater proportion of the Tenant Improvement Allowance is being disbursed than represents the proportionate portion of the Tenant Improvements that have been completed in substantial compliance with the approved Plans and Specifications. As provided in Section 5 hereof, Tenant shall be responsible for payment of any deficiencies if the cost of completion of the Tenant Improvements exceeds the Tenant Improvement Allowance. Upon submittal of the second to last pay application, Landlord shall reduce the retainage to five percent (5%). Upon completion of all Tenant Improvements and evidence of compliance with the approved Plans and Specifications and all of the other construction documents (including a certificate of occupancy by the City of Denver and a certificate made by Tenant’s application for payment. Notwithstanding anything herein Architect to Landlord certifying Substantial Completion of the contraryTenant Improvements in accordance with the requirements of this Lease), in no event shall and subject to proof submitted by Tenant and Tenant’s Contractor that all payments respecting the Tenant Improvements have been completed and all unconditional lien waivers be required for contractors or suppliers except to the extent the value provided, and upon receipt of the applicable contractorfinal as-built plans of the Tenant Improvements, Landlord shall release to Tenant’s or supplier’s work or materials provided exceeds $10,000.00 in Contractor any retainage, not to exceed the aggregate unless so required by Landlord’s lenderthen undisbursed amount of the Tenant Improvement Allowance.
Appears in 1 contract
Samples: Non Disturbance and Attornment Agreement (Health Grades Inc)
