Excess Costs. The cost of each item referenced in Section 6(a) above (collectively, the "Work Cost(s)") shall be charged against the Allowance. The parties acknowledge and agree further that it is currently estimated that the total Work Costs (as defined in Section 6(b) below) may exceed the Allowance. At the time the parties approve the final bids for all or substantially all of the work to be performed by subcontractors in accordance with the procedure established in Section 5(d) above, but in any event no later than April 24, 2000, Landlord shall estimate the total Work Costs taking into account the final bids approved as of April 24, 2000. To the extent Landlord reasonably estimates that the total Work Costs will exceed the Allowance (as it may be increased below) (the "Original Estimated Overage"). Tenant agrees to pay the Original Estimated Overage (less any amounts actually expended by Tenant for Work Costs that are chargeable against the Allowance as provided in Section 6(a) above and for which Tenant has not and does not seek reimbursement form the Allowance) to Landlord no later than April 28, 2000. If at any time or from time to time the actual Work Costs exceed the Allowance, Tenant agrees to pay to Landlord such excess including Landlord's two percent (2%) fee associated with the supervision of such excess work within five (5) business days after invoice therefor (less the Original Estimated Overage previously paid by Tenant and less any amounts actually expended by Tenant for Work Costs that are chargeable against the Allowance as provided in Section 6(a) above and for which Tenant has not and does not seek reimbursement from the Allowance). In no event will the Allowance be used to pay for Tenant's TI Systems, or Tenant's other furniture, artifacts, equipment, telephone systems or any other item of personal property which is not affixed to the Premises. Notwithstanding the foregoing, Tenant shall have the right to amortize up to $5.00 per rentable square foot of any excess Work Costs above the Allowance, i.e., up to Four Hundred Fifty-Four Thousand Four Hundred Ninety Dollars ($454,490.00) ("Additional TI Allowance"), over the initial sixty-five (65) months of the Term with interest at ten and one-half percent (10.5%) per annum. Such amount shall be due and payable in equal monthly installments ("Monthly TI Amortized Rent") concurrently with Tenant's payments of Monthly Basic Rent under the Lease.
Appears in 1 contract
Samples: Office Lease (Silicon Image Inc)
Excess Costs. The entire cost of each item referenced performing the Work (including design of the Work and preparation of the Space Plans and Working Drawings, costs of construction labor and materials, electrical usage during construction, additional janitorial services, general tenant signage, and related taxes and insurance costs, all of which costs are herein collectively called the “Total Construction Costs”) in Section 6(a) above excess of the Construction Allowance (collectively, the "Work Cost(s)"hereinafter defined) shall be charged against paid by Tenant (the Allowance“Tenant Improvement Overage”). The parties acknowledge Upon approval of the Working Drawings, Tenant shall promptly execute a work order agreement prepared by Landlord and agree further that it reasonably acceptable to Tenant which identifies such drawings and itemizes the Total Construction Costs, sets forth the Construction Allowance and calculates the Tenant Improvement Overage due from Tenant to Landlord. In addition, if the Tenant Improvement Overage is currently estimated that calculated to be more than fifty thousand dollars ($50,000), Tenant shall pay to the Landlord, upon approval of the Working Drawings, 45% of the total Work Costs Tenant Improvement Overage. Within thirty (as defined in Section 6(b30) below) may exceed the Allowance. At the time the parties approve the final bids for all or substantially all calendar days of Substantial Completion of the work to be performed by subcontractors in accordance with the procedure established in Section 5(d) above, but in any event no later than April 24, 2000, Landlord shall estimate the total Work Costs taking into account the final bids approved as of April 24, 2000. To the extent Landlord reasonably estimates that the total Work Costs will exceed the Allowance (as it may be increased below) (the "Original Estimated Overage"). Tenant agrees to pay the Original Estimated Overage (less any amounts actually expended by Tenant for Work Costs that are chargeable against the Allowance as provided in Section 6(a) above and for which Tenant has not and does not seek reimbursement form the Allowance) to Landlord no later than April 28, 2000. If at any time or from time to time the actual Work Costs exceed the AllowanceWork, Tenant agrees to shall pay to Landlord such excess including Landlord's two percent the remaining balance of the Tenant Improvement Overage (2as adjusted for any approved changes to the Work) less retainage of ten (10%) fee associated with of the supervision aggregate amount of such excess work within five (5) business days after invoice therefor (less the Original Estimated Overage previously paid by Tenant and less any amounts actually expended by Tenant for Work Costs that are chargeable against Improvement Overage. Upon the Allowance as provided in Section 6(a) above and for which Tenant has not and does not seek reimbursement from the Allowance). In no event will the Allowance be used to pay for Tenant's TI Systems, or Tenant's other furniture, artifacts, equipment, telephone systems or any other item final completion of personal property which is not affixed to the Premises. Notwithstanding the foregoingall punchlist items, Tenant shall promptly (but in no event more than thirty (30) days after Tenant receives notice of such final completion) pay such retainage to Landlord. In the event of default of payment of the Tenant Improvement Overage, Landlord (in addition to all other remedies) shall have the right to amortize up to $5.00 per rentable square foot same rights as for an Event of any excess Work Costs above the Allowance, i.e., up to Four Hundred Fifty-Four Thousand Four Hundred Ninety Dollars ($454,490.00) ("Additional TI Allowance"), over the initial sixty-five (65) months of the Term with interest at ten and one-half percent (10.5%) per annum. Such amount shall be due and payable in equal monthly installments ("Monthly TI Amortized Rent") concurrently with Tenant's payments of Monthly Basic Rent Default under the Lease.
Appears in 1 contract
Samples: Lease Agreement (Pfsweb Inc)
Excess Costs. The entire cost of each item performing the FMTS Work (excluding the cost of provision of utilities during construction, but including design of the FMTS Work and preparat ion of the FMTS Working Drawings, Landlord's costs in connection with its review and approval of FMTS Working Drawings, costs under the FMTS Construction Contract, costs of additional janitorial services, general tenant signage, related taxes and insurance costs, and the construction management fee referenced in Section 6(a) above (collectivelybelow , all of which costs are herein collectively called the "Work Cost(s)"Tota l FMTS Construction C s .0in excess of the 11/02 SOG (BY)-INS Revised 10/03 629620.v x DALLAS:74008/000l3:1276703v6 FMTS Tenant Improvement Allowance (hereinafter defined) shall be charged against paid by Txxxxx. Upon approval of the FMTS Working Drawings and selection of a contractor, Tenant shall promptly (a) execute a work order agreement prepared by Landlord which identifies the FMTS Working Drawings and itemizes the Total FMTS Construction Costs and sets forth the FMTS Tenant Improvement Allowance, and pay to Landlord the full amount by which the estimated Total FMTS Construction Costs exceeds the FMTS Tenant Improvement Allowance. The parties acknowledge Upon Substantial Completion of the FMTS Work, and agree further that it is currently estimated that before Tenant occupies the total Work First Must-Take Space to conduct business therein, Tenant shall pay to Landlord an amount equal to the actual Total FMTS Construction Costs (as defined in Section 6(badjusted for any approved changes to the Work), less (I ) belowthe amount of the advance payment already made by Tenant, and (2) may exceed the amount of the FMTS Tenant Improvement Allowance. At In the time the parties approve the final bids for all or substantially all event of the work to be performed by subcontractors in accordance with the procedure established in Section 5(d) above, but in any event no later than April 24, 2000default of payment of such costs, Landlord shall estimate the total Work Costs taking into account the final bids approved as of April 24, 2000. To the extent Landlord reasonably estimates that the total Work Costs will exceed the Allowance (as it may be increased belowin addition to all other remedies) (the "Original Estimated Overage"). Tenant agrees to pay the Original Estimated Overage (less any amounts actually expended by Tenant for Work Costs that are chargeable against the Allowance as provided in Section 6(a) above and for which Tenant has not and does not seek reimbursement form the Allowance) to Landlord no later than April 28, 2000. If at any time or from time to time the actual Work Costs exceed the Allowance, Tenant agrees to pay to Landlord such excess including Landlord's two percent (2%) fee associated with the supervision of such excess work within five (5) business days after invoice therefor (less the Original Estimated Overage previously paid by Tenant and less any amounts actually expended by Tenant for Work Costs that are chargeable against the Allowance as provided in Section 6(a) above and for which Tenant has not and does not seek reimbursement from the Allowance). In no event will the Allowance be used to pay for Tenant's TI Systems, or Tenant's other furniture, artifacts, equipment, telephone systems or any other item of personal property which is not affixed to the Premises. Notwithstanding the foregoing, Tenant shall have the right to amortize up to $5.00 per rentable square foot same rights as for an Event of any excess Work Costs above the Allowance, i.e., up to Four Hundred Fifty-Four Thousand Four Hundred Ninety Dollars ($454,490.00) ("Additional TI Allowance"), over the initial sixty-five (65) months of the Term with interest at ten and one-half percent (10.5%) per annum. Such amount shall be due and payable in equal monthly installments ("Monthly TI Amortized Rent") concurrently with Tenant's payments of Monthly Basic Rent Default under the Lease. Payments due by Tenant under this Exh ibit B-1 shall constitute rent payable under the Lease and any late payment of amounts due hereunder shall bear interest an d be subject to a charge as set forth in Section 3.2 of the Lease.
Appears in 1 contract
Samples: Lease Agreement (Wageworks, Inc.)
Excess Costs. The entire cost of each item performing the Work (including design of and space planning for the Work and preparation of the Working Drawings and the final “as-built” plan of the Work, costs of construction labor and materials, electrical usage during construction, additional janitorial services, general tenant signage, related taxes and insurance costs, licenses, permits, certifications, surveys (without duplication of costs included in the construction contract) and other approvals required by Law, and the construction supervision fee referenced in Section 6(a11 of this Exhibit, all of which costs are herein collectively called the “Total Construction Costs”) above in excess of the Expansion Construction Allowance (collectively, the "Work Cost(s)"hereinafter defined) shall be charged against paid by Tenant. Upon approval of the Working Drawings and selection of a contractor, Tenant shall promptly (a) execute a work order agreement prepared by Landlord which identifies such drawings and itemizes the Total Construction Costs and sets forth the Expansion Construction Allowance, and (b)pay to Landlord 90% of the amount by which Total Construction Costs exceeds the Expansion Construction Allowance. The parties acknowledge Upon Substantial Completion of the Work and agree further that it is currently estimated that before Tenant occupies the total Work Expansion Premises to conduct business therein, Tenant shall pay to Landlord an amount equal to the Total Construction Costs (as defined in Section 6(badjusted for any approved changes to the Work), less (1) belowthe amount of the advance payment already made by Tenant, and (2) may exceed the amount of the Expansion Construction Allowance. At In the time the parties approve the final bids for all or substantially all event of the work to be performed by subcontractors in accordance with the procedure established in Section 5(d) above, but in any event no later than April 24, 2000, Landlord shall estimate the total Work Costs taking into account the final bids approved as default of April 24, 2000. To the extent Landlord reasonably estimates that the total Work Costs will exceed the Allowance (as it may be increased below) (the "Original Estimated Overage"). Tenant agrees to pay the Original Estimated Overage (less any amounts actually expended by Tenant for Work Costs that are chargeable against the Allowance as provided in Section 6(a) above and for which Tenant has not and does not seek reimbursement form the Allowance) to Landlord no later than April 28, 2000. If at any time or from time to time the actual Work Costs exceed the Allowance, Tenant agrees to pay to Landlord such excess including Landlord's two percent (2%) fee associated with the supervision payment of such excess work within five costs, Landlord (5in addition to all other remedies) business days after invoice therefor (less the Original Estimated Overage previously paid by Tenant and less any amounts actually expended by Tenant for Work Costs that are chargeable against the Allowance as provided in Section 6(a) above and for which Tenant has not and does not seek reimbursement from the Allowance). In no event will the Allowance be used to pay for Tenant's TI Systems, or Tenant's other furniture, artifacts, equipment, telephone systems or any other item of personal property which is not affixed to the Premises. Notwithstanding the foregoing, Tenant shall have the right to amortize up to $5.00 per rentable square foot same rights as for an Event of any excess Work Costs above the Allowance, i.e., up to Four Hundred Fifty-Four Thousand Four Hundred Ninety Dollars ($454,490.00) ("Additional TI Allowance"), over the initial sixty-five (65) months of the Term with interest at ten and one-half percent (10.5%) per annum. Such amount shall be due and payable in equal monthly installments ("Monthly TI Amortized Rent") concurrently with Tenant's payments of Monthly Basic Rent Default under the Lease.
Appears in 1 contract
Samples: Lease Agreement (RetailMeNot, Inc.)
Excess Costs. The entire cost of each item performing the Work (excluding the cost of provision of util ities during construction, but including design of the Work and preparation of the Working Drawings, Landlord's costs in connection with its review and approval of Working Drawings, costs under the Construction Contract, costs of additional jxx xxxxxxx services, general tenant signage, related taxes and insurance costs, and the construction management fee referenced in Section 6(a) above (collectivelybelow, all of which costs are herein collectively called the "Work Cost(s)Total Construction Costs") in excess of the Tenant Improvement Allowance (hereinafter defined) shall be charged against paid by Tenant. Upon approval of the Working Drawings and selection of a contractor, Tenant shall promptly (a) execute a work order agreement prepared by Landlord which identifies the Working Drawings and itemizes the Total Construction Costs and sets forth the Tenant Improvement Allowance, and pay to Landlord the full amount by wh ich the estimated Total Construction Costs exceeds the Tenant Improvement Allowance. The parties acknowledge Upon Substantial Completion of the Work, and agree further that it is currently estimated that before Tenant occupies the total Work Initial Premises to conduct business therein, Tenant shall pay to Landlord an amount equal to the actual Total Construction Costs (as defined in Section 6(badjusted for any approved changes to the Work), less (I ) belowthe amount of th e advance payment already made by Tenant, and (2) may exceed the amount of the Tenant Improvement Allowance. At In the time the parties approve the final bids for all or substantially all event of the work to be performed by subcontractors in accordance with the procedure established in Section 5(d) above, but in any event no later than April 24, 2000default of payment of such costs, Landlord shall estimate the total Work Costs taking into account the final bids approved as of April 24, 2000. To the extent Landlord reasonably estimates that the total Work Costs will exceed the Allowance (as it may be increased belowin addition to all other remedies) (the "Original Estimated Overage"). Tenant agrees to pay the Original Estimated Overage (less any amounts actually expended by Tenant for Work Costs that are chargeable against the Allowance as provided in Section 6(a) above and for which Tenant has not and does not seek reimbursement form the Allowance) to Landlord no later than April 28, 2000. If at any time or from time to time the actual Work Costs exceed the Allowance, Tenant agrees to pay to Landlord such excess including Landlord's two percent (2%) fee associated with the supervision of such excess work within five (5) business days after invoice therefor (less the Original Estimated Overage previously paid by Tenant and less any amounts actually expended by Tenant for Work Costs that are chargeable against the Allowance as provided in Section 6(a) above and for which Tenant has not and does not seek reimbursement from the Allowance). In no event will the Allowance be used to pay for Tenant's TI Systems, or Tenant's other furniture, artifacts, equipment, telephone systems or any other item of personal property which is not affixed to the Premises. Notwithstanding the foregoing, Tenant shall have the right to amortize up to $5.00 per rentable square foot same rights as for an Event of any excess Work Costs above the Allowance, i.e., up to Four Hundred Fifty-Four Thousand Four Hundred Ninety Dollars ($454,490.00) ("Additional TI Allowance"), over the initial sixty-five (65) months of the Term with interest at ten and one-half percent (10.5%) per annum. Such amount shall be due and payable in equal monthly installments ("Monthly TI Amortized Rent") concurrently with Tenant's payments of Monthly Basic Rent Default under the Lease. Payments due by Tenant under this Exhibit B shall constitute rent payable under the Lease and any late payment of amounts due hereunder shall bear interest and be subjec t to a charge as set forth in Secti on 3.2 of the Lease.
Appears in 1 contract
Samples: Lease Agreement (Wageworks, Inc.)
Excess Costs. The entire cost of each item performing the Work (including design of the Work and preparation of the Working Drawings, costs of construction labor and materials, electrical usage during construction, additional janitorial services, general tenant signage, related taxes and insurance costs, and the construction supervision fee referenced in Section 6(a11 of this Exhibit, all of which costs are herein collectively called the “Total Construction Costs”) above in excess of the Construction Allowance (collectivelyhereinafter defined), together with the "Work Cost(s)") amount of the Tenant’s Optional Allowance if Tenant elects to use such allowance, shall be charged against paid by Tenant. Upon approval of the Working Drawings and selection of a contractor, Tenant shall promptly (a) execute a work order agreement prepared by Landlord which identifies such drawings and itemizes the Total Construction Costs and sets forth the Construction Allowance. The parties acknowledge , and agree further that it is currently estimated that (b) pay to Landlord 50% of the total amount by which Total Construction Costs exceed the sum of the Construction Allowance and the amount of Tenant’s Optional Allowance if Tenant has elected a disbursement of such amount pursuant to Section 10 of this Exhibit B. Upon Substantial Completion of the Work and before Tenant occupies the Premises to conduct business therein, Tenant shall pay to Landlord an amount equal to the Total Construction Costs (as defined in Section 6(badjusted for any approved changes to the Work), less (I) below) may exceed the Allowance. At the time the parties approve the final bids for all or substantially all amount of the work to be performed advance payment already made by subcontractors in accordance with Tenant, (2) the procedure established in Section 5(d) above, but in any event no later than April 24, 2000, Landlord shall estimate amount of the total Work Costs taking into account the final bids approved as of April 24, 2000. To the extent Landlord reasonably estimates that the total Work Costs will exceed the Construction Allowance (as it may be increased below) (plus the "Original Estimated Overage"). Tenant agrees to pay the Original Estimated Overage (less any amounts actually expended by Tenant for Work Costs that are chargeable against the amount of Tenant’s Optional Allowance as provided in Section 6(a) above and for which if Tenant has not elected a disbursement of such amount pursuant to Section 10 of this Exhibit B), and does not seek reimbursement form (3) the Allowance) to cost reasonably estimated by Landlord no later than April 28, 2000for completing all punchlist items. If at any time or from time to time Upon completion of the actual Work Costs exceed the Allowancepunchlist items, Tenant agrees to shall pay to Landlord such excess including Landlord's two percent (2%) fee associated with the supervision cost incurred in completing the same. In the event of default of payment of such excess work within five costs, Landlord (5in addition to all other remedies) business days after invoice therefor (less the Original Estimated Overage previously paid by Tenant and less any amounts actually expended by Tenant for Work Costs that are chargeable against the Allowance as provided in Section 6(a) above and for which Tenant has not and does not seek reimbursement from the Allowance). In no event will the Allowance be used to pay for Tenant's TI Systems, or Tenant's other furniture, artifacts, equipment, telephone systems or any other item of personal property which is not affixed to the Premises. Notwithstanding the foregoing, Tenant shall have the right to amortize up to $5.00 per rentable square foot same rights as for an Event of any excess Work Costs above the Allowance, i.e., up to Four Hundred Fifty-Four Thousand Four Hundred Ninety Dollars ($454,490.00) ("Additional TI Allowance"), over the initial sixty-five (65) months of the Term with interest at ten and one-half percent (10.5%) per annum. Such amount shall be due and payable in equal monthly installments ("Monthly TI Amortized Rent") concurrently with Tenant's payments of Monthly Basic Rent Default under the Lease.
Appears in 1 contract
Excess Costs. The entire cost of each item perform ing the SMTS Work (exclud ing t11e cost of provision of utilities during construction, but including design of the SMTS Work and preparation of the SMTS Working Drawings, Land lord's costs in connection with its review and approval of SMTS Working Drawings, costs under the SMTS Constrntract, costs of 11/02 SOG (BY)-INS Revised 10/03 629620.v x DALLAS:74008/000l3:1276703v6 additional jxx xxxxxxx services, general tenant signage, related taxes and insurance costs, and the construction management fee referenced in Section 6(a) above (collectivelybelow, al l of which costs are herein collectively called the "Work Cost(s)Total SMTS Construction Costs") in excess of the SMTS Tenant Improvement Allowance (hereinafter defined) shall be charged against paid by Tenant. Upon approval of the SMTS Working Drawings and selection of a contractor, Tenant shall promptl y (a) execute a work order agreement prepared by Landlord which identifies the SMTS Working Drawings and itemizes the Total SMTS Construction Costs and sets forth the SMTS Tenant Improvement Allowance, and pay to Landlord the full amount by which the estimated Total SMTS Construction Costs exceeds the SMTS Tenant Improvement Allowance. The parties acknowledge Upon Substantial Completion of the SMTS Work, and agree further that it is currently estimated that before Tenant occupies the total Work Second Must-Take Space to conduct business therein , Tenant shall pay to Landlord an amount equal to the actual Total SMTS Construction Costs (as defined in Section 6(badjusted for any approved changes to the Work), less ( I ) belowthe amount of the advance payment already made by Tenant, and (2) may exceed the amount of th e SMTS Tenant Improvement Allowance. At In the time the parties approve the final bids for all or substantially all event of the work to be performed by subcontractors in accordance with the procedure established in Section 5(d) above, but in any event no later than April 24, 2000default of paymen t of such costs, Landlord shall estimate the total Work Costs taking into account the final bids approved as of April 24, 2000. To the extent Landlord reasonably estimates that the total Work Costs will exceed the Allowance (as it may be increased belowin addition to all other remedies) (the "Original Estimated Overage"). Tenant agrees to pay the Original Estimated Overage (less any amounts actually expended by Tenant for Work Costs that are chargeable against the Allowance as provided in Section 6(a) above and for which Tenant has not and does not seek reimbursement form the Allowance) to Landlord no later than April 28, 2000. If at any time or from time to time the actual Work Costs exceed the Allowance, Tenant agrees to pay to Landlord such excess including Landlord's two percent (2%) fee associated with the supervision of such excess work within five (5) business days after invoice therefor (less the Original Estimated Overage previously paid by Tenant and less any amounts actually expended by Tenant for Work Costs that are chargeable against the Allowance as provided in Section 6(a) above and for which Tenant has not and does not seek reimbursement from the Allowance). In no event will the Allowance be used to pay for Tenant's TI Systems, or Tenant's other furniture, artifacts, equipment, telephone systems or any other item of personal property which is not affixed to the Premises. Notwithstanding the foregoing, Tenant shall have the right to amortize up to $5.00 per rentable square foot same rights as for an Event of any excess Work Costs above the Allowance, i.e., up to Four Hundred Fifty-Four Thousand Four Hundred Ninety Dollars ($454,490.00) ("Additional TI Allowance"), over the initial sixty-five (65) months of the Term with interest at ten and one-half percent (10.5%) per annum. Such amount shall be due and payable in equal monthly installments ("Monthly TI Amortized Rent") concurrently with Tenant's payments of Monthly Basic Rent Default under the Lease. Payments due by Tenant under this Exhibit B-2 shall constitute rent payable under the Lease and any late payment of amounts due hereunder shall bear interest and be subject to a charge as set forth in Section 3.2 of the Lease.
Appears in 1 contract
Samples: Lease Agreement (Wageworks, Inc.)
Excess Costs. The entire cost of each item performing the Tenant Improvements (including design of and space planning for the Tenant Improvements and preparation of the Working Drawings and any changes thereto and the final “as-built” plan of the Tenant Improvements, costs of construction labor and materials, electrical usage during construction, additional janitorial services, general tenant signage, related taxes and insurance costs, licenses, permits, certifications, surveys and other approvals required by Governmental Requirements, and the construction supervision fee referenced in Section 6(a10 of this Exhibit, all of which costs are herein collectively called the “Total Construction Costs”) above in excess of the Tenant Improvements Allowance (collectively, the "Work Cost(s)"hereinafter defined) shall be charged against paid by Tenant. Upon approval of the Working Drawings and selection of the construction manager and the subcontractors for the major trades, Tenant shall promptly (a) execute a work order agreement prepared by Landlord which identifies such drawings and itemizes the Total Construction Costs and sets forth the Tenant Improvements Allowance, and (b) pay to Landlord 100% of the amount by which Total Construction Costs exceed the Tenant Improvements Allowance. The parties acknowledge Upon Substantial Completion of the Tenant Improvements and agree further that it is currently estimated that before Tenant occupies the total Work Premises to conduct business therein, Tenant shall pay to Landlord an amount equal to the Total Construction Costs (as defined in Section 6(badjusted for any approved changes to the Tenant Improvements), less (1) belowthe amount of the advance payment already made by Tenant, and (2) may exceed the amount of the Construction Allowance. At In the time the parties approve the final bids for all or substantially all event of the work to be performed by subcontractors in accordance with the procedure established in Section 5(d) above, but in any event no later than April 24, 2000, Landlord shall estimate the total Work Costs taking into account the final bids approved as default of April 24, 2000. To the extent Landlord reasonably estimates that the total Work Costs will exceed the Allowance (as it may be increased below) (the "Original Estimated Overage"). Tenant agrees to pay the Original Estimated Overage (less any amounts actually expended by Tenant for Work Costs that are chargeable against the Allowance as provided in Section 6(a) above and for which Tenant has not and does not seek reimbursement form the Allowance) to Landlord no later than April 28, 2000. If at any time or from time to time the actual Work Costs exceed the Allowance, Tenant agrees to pay to Landlord such excess including Landlord's two percent (2%) fee associated with the supervision payment of such excess work within five costs, Landlord (5in addition to all other remedies) business days after invoice therefor (less the Original Estimated Overage previously paid by Tenant and less any amounts actually expended by Tenant for Work Costs that are chargeable against the Allowance as provided in Section 6(a) above and for which Tenant has not and does not seek reimbursement from the Allowance). In no event will the Allowance be used to pay for Tenant's TI Systems, or Tenant's other furniture, artifacts, equipment, telephone systems or any other item of personal property which is not affixed to the Premises. Notwithstanding the foregoing, Tenant shall have the right to amortize up to $5.00 per rentable square foot same rights as for an Event of any excess Work Costs above the Allowance, i.e., up to Four Hundred Fifty-Four Thousand Four Hundred Ninety Dollars ($454,490.00) ("Additional TI Allowance"), over the initial sixty-five (65) months of the Term with interest at ten and one-half percent (10.5%) per annum. Such amount shall be due and payable in equal monthly installments ("Monthly TI Amortized Rent") concurrently with Tenant's payments of Monthly Basic Rent Default under the this Lease.
Appears in 1 contract