Improvement Advance Sample Clauses
Improvement Advance. In addition to the Carpet Allowance, Landlord shall install (i) three (3) private offices, and (ii) a sink countertop and lower cabinets as shown on the Space Plan attached hereto as Schedule 1 (the “Additional Improvements”). In connection with the Additional Improvements, ▇▇▇▇▇▇▇▇ agrees to advance the cost of such Additional Improvements, which (together with a construction supervisory fee of 3%) is estimated to be approximately Seventeen Thousand Six Hundred Thirteen and No/100 Dollars ($17,613.00) (the “Improvement Advance”). The Improvement Advance, together with interest thereon at the rate of six percent (6%) per annum, shall be repaid by Tenant to Landlord in monthly installments (“Tenant Improvement Rent”) together with Tenant’s installment of Base Rent, on the first day of each month during the Term. The Tenant Improvement Rent shall not be subject to annual increases. Tenant may prepay the entire balance of the Improvement Advance without penalty at any time during the Term of the Lease. If the actual cost of the Additional Improvements does not exceed the Improvement Advance, the unused portion of the Improvement Advance shall not be paid or refunded to Tenant or be available to Tenant as a credit against any obligations of Tenant under the Lease. Upon determination of the Tenant Improvement Rent payable pursuant to this Paragraph, the parties shall promptly execute an amendment to this Lease stating the rent so determined. Tenant acknowledges that the Additional Improvements may not be completed by September 1, 2020, and Tenant may elect to take occupancy of the Premises and to have the Commencement Date occur notwithstanding that the Additional Improvements are not completed. To the extent Tenant does take occupancy of the Premises prior to completion of the Additional Improvements, Tenant acknowledges that Landlord’s actions in connection with such Additional Improvements shall in no way constitute a constructive eviction of Tenant or entitle Tenant to any abatement of rent. Landlord shall have no responsibility or for any reason be liable to Tenant for any direct or indirect injury to or interference with ▇▇▇▇▇▇’s business arising from the construction of the Additional Improvements, nor shall Tenant be entitled to any compensation or damages from Landlord for any inconvenience or annoyance occasioned by such construction or Landlord’s actions in connection with such construction. Notwithstanding the foregoing, Landlord shall use commercia...
Improvement Advance. Notwithstanding the foregoing provisions, if the cost of the Tenant Improvements shall exceed Landlord's Contribution, upon Tenant's request Landlord shall advance to Tenant the Excess Cost, up to a total advance of $400,600.00 (which is $10.00 per rentable square foot of the Premises). The amount of the total Excess Cost advanced by Landlord (the "Improvement Advance") shall be repaid by Tenant, together with interest on amounts thereof from time to time unpaid at the rate of eleven percent (11%) per annum, in equal monthly installments of principal and interest, as additional rent hereunder, payable with the monthly Basic Rent. Such installments shall be in such amount as will fully amortize the amount of the Improvement Advance, together with such interest, over the initial Term. Upon the determination of the amount of the Improvement Advance, Landlord and Tenant shall promptly execute a written memorandum of the amount of such installments. Notwithstanding anything in the foregoing to the contrary, in the event this Lease is terminated prior to the originally scheduled Expiration Date by reason of an Event of Default, the then-outstanding balance of Improvement Advance, together