Improvement Costs. Landlord shall reimburse Tenant for the Improvement Costs (as hereinafter defined) incurred in constructing the Tenant Improvements, up to an amount equal to Three Million Three Hundred Forty-Two Thousand Sixty-Six and 75/100 Dollars ($3,342,066.75) (the “Tenant Allowance”), as follows: (a) Landlord shall pay the Tenant Allowance, less a holdback (the “Holdback”) equal to ten percent (10%), to Tenant upon Tenant’s request (which request shall be made no more than once per any thirty (30) day period), within ten (10) business days after Landlord’s receipt of the following: (i) copies of paid invoices covering all Tenant Improvements for which payment is being requested, together with reasonable evidence that the Tenant Improvements for which payment is being requested have been completed (e.g., a certificate from Tenant’s architect); and (ii) Partial lien waivers for the portion of the Tenant Improvements for which payment is requested from Tenant’s general contractor for all subcontractors and all material suppliers having performed any work at the Leased Premises relating to the construction of the portion of the Tenant Improvements for which payment is requested, provided that lien waivers shall not be required for any subcontractors or material suppliers who provided less than Ten Thousand and No/100 Dollars ($10,000.00) worth of goods or services in connection with the Tenant Improvements. (b) Notwithstanding anything contained in subsection (a) above, Tenant shall not be entitled to any payments from the Tenant Allowance unless and until (i) Tenant has delivered to Landlord a copy of Tenant’s building permit; and (ii) Tenant has received Landlord’s written approval of the CDs. (c) Landlord shall pay the Holdback to Tenant upon substantial completion of the Tenant Improvements. (d) Landlord shall be entitled to a construction management fee in an amount equal to two percent (2%) of the Improvement Costs, but in no event more than One Hundred Thousand and No/100 Dollars ($100,000.00) (the “Fee”). At Landlord’s option, the Fee shall either be (A) applied against the Tenant Allowance, or (B) billed to Tenant (in which case Tenant shall pay the Fee to Landlord within ten (10) days following Landlord’s delivery of an invoice to Tenant). (e) For purposes of this Lease, the term “Improvement Costs” shall mean the cost of the CDs and the cost to construct and install the Tenant Improvements. Tenant shall be responsible for all Improvement Costs in excess of the Tenant Allowance.
Appears in 2 contracts
Samples: Lease (Blue Apron Holdings, Inc.), Lease (Blue Apron Holdings, Inc.)
Improvement Costs. Landlord Lessor shall reimburse Tenant be solely responsible for the cost to construct the Lessor Improvements. The parties acknowledge that, as of the date of execution of the Asset Purchase Agreement, Lessor's very preliminary estimate of the Lessee Improvement Costs Cost (as hereinafter defineddefined below) incurred in constructing the Tenant Improvements, up is approximately One Million One Hundred Thousand Dollars ($1,100,000). Lessor shall be obligated to pay an amount equal to Three Million Three Eight Hundred Forty-Two Thousand Sixty-Six and 75/100 Dollars ($3,342,066.75800,000) for the payment of the Lessee Improvement Costs, subject to the following. If the Lessee Improvement Costs exceed Eight Hundred Thousand Dollars (the “Tenant Allowance”$800,000), as follows:
(a) Landlord Lessee shall pay the Tenant entire amount of such excess as follows: Lessor shall reasonably estimate the amount of such excess prior to commencing construction of the Lessee Improvements and Lessee shall pay to Lessor a proportionate share of each progress payment due to the contractor or architect or for permits which bears the same relationship to the total amount of the progress payment in question as to the amount Lessee is obligated to contribute to the payment of Lessee Improvement Costs bears to the total estimated Lessee Improvement Costs; provided, however, that Lessor, not Lessee, shall be responsible for any costs to construct the Lessee Improvements in excess of one hundred fifteen percent (115%) of the difference between the final cost estimate approved by Lessee under Section 40.1(b) and the Allowance, less a holdback (except to the “Holdback”) equal extent required due to ten percent (10%changes requested by Lessee after the final cost estimate is approved under Section 40.1(b), . Lessee shall pay Lessee's share of any progress payment to Tenant upon Tenant’s request (which request shall be made no more than once per any Lessor within thirty (30) day period), within ten (10) business days after Landlord’s receipt of a statement therefor from Lessor. Supporting invoices will be provided by Lessor upon request. At the following:
time the final accounting is rendered by Lessor, there shall be an adjustment between Lessor and Lessee such that each shall only be required to contribute to the payment of Lessee Improvement Costs in accordance with the obligations set forth herein, which adjustment shall be made within thirty (30) days after Lessor notifies Lessee of the required adjustment. There shall be no rent credit or other refund or credit in the event that any portion of the Allowance is not used by Lessee as permitted hereunder. Lessee's failure to pay such amounts within such period shall be a default hereunder and (a) Lessor may (but without the obligation to do so) cease construction of the Improvements until such amounts are paid and/or advance such funds on Lessee's behalf, and Lessee shall be obligated to reimburse Lessor the amount of funds so advanced on its behalf, and (b) Lessee shall be liable for the payment of a late charge and interest in the same manner as if Lessee had failed to pay Base Rent when due. The term "Lessee Improvement Costs" means all costs incurred by Lessor in performing the Lessee Improvements, including, without limitation: (i) copies of paid invoices covering all Tenant Improvements for which payment is being requested, together with reasonable evidence that the Tenant Improvements for which payment is being requested have been completed (e.g., a certificate from Tenant’s architect)amount due pursuant to the general construction contract entered into by Lessor to construct the Lessee Improvements; and
(ii) Partial lien waivers for the portion cost of the Tenant Improvements for which payment is requested from Tenant’s general contractor for all subcontractors and all material suppliers having performed any work at the Leased Premises relating governmental approvals required as a condition to the construction of the portion of the Tenant Lessee Improvements for which payment is requested, provided that lien waivers shall not be required for any subcontractors or material suppliers who provided less than Ten Thousand and No/100 Dollars ($10,000.00) worth of goods or services in connection with the Tenant issuance of a building permit for the Lessee Improvements.
; (biii) Notwithstanding anything contained in subsection (a) above, Tenant shall not be entitled to any payments from the Tenant Allowance unless and until (i) Tenant has delivered to Landlord a copy of Tenant’s building permitall utility connection or use fees; and (iiiv) Tenant has received Landlord’s written approval fees of architects or cost of payment and performance bonds obtained by Lessor or the CDs.
(c) Landlord shall pay the Holdback general contractor to Tenant upon substantial assure completion of the Tenant Lessee Improvements.
(d) Landlord . To the extent that Lessee Improvement Costs are less than the Allowance, Lessee shall be entitled to a construction management fee in an amount equal to two percent (2%) use the unused portion of the Improvement CostsAllowance to pay for actual, but out of pocket costs it incurs to relocate its employees due to the interim relocations described in Section 40.8 hereof. In no event more than One Hundred Thousand and No/100 Dollars ($100,000.00) (event, however, shall the “Fee”). At Landlord’s option, the Fee shall either Allowance be (A) applied against the Tenant Allowance, used for personal property or (B) billed to Tenant (in which case Tenant shall pay the Fee to Landlord within ten (10) days following Landlord’s delivery of an invoice to Tenant)fixtures.
(e) For purposes of this Lease, the term “Improvement Costs” shall mean the cost of the CDs and the cost to construct and install the Tenant Improvements. Tenant shall be responsible for all Improvement Costs in excess of the Tenant Allowance.
Appears in 1 contract
Samples: Lease (Manufacturers Services LTD)
Improvement Costs. (a) Provided no Default then exists, Landlord shall reimburse Tenant for the Improvement Costs (as hereinafter defined) incurred in constructing the Tenant Improvements, up to an amount equal to Three Million Three Hundred Forty-Two Thousand Sixty-Six and 75/100 Dollars ($3,342,066.75) 1,088,730.00 (the “Tenant Allowance”)) in accordance with the terms of this Section 5. Notwithstanding anything contained herein to the contrary, as follows:
no advance of the Tenant Allowance shall be made by Landlord until Tenant has first paid to the contractor from its own funds (aand provided reasonable evidence thereof to Landlord) the anticipated amount by which the projected total Improvement Costs exceed the amount of the Tenant Allowance. Within forty-five (45) days thereafter, Landlord shall pay to Tenant the Tenant Allowance, Allowance less the Fee and a holdback (the “Holdback”) equal to ten percent (10%), to Tenant upon Tenant’s request ) in multiple disbursements (which request shall be made no but not more than once per in any thirty (30calendar month) day period), within ten (10) business days after Landlord’s following the receipt by Landlord of the followingfollowing items:
(i) copies of paid invoices covering all Tenant Improvements for which payment is being requested, together with reasonable evidence that the Tenant Improvements for which payment is being requested have been completed (e.g., a certificate from Tenant’s architect); and
(ii) Partial lien waivers for the portion of the Tenant Improvements for which payment is requested from Tenant’s general contractor for all subcontractors and all material suppliers having performed any work at the Leased Premises relating to the construction of the portion of the Tenant Improvements for which payment is requested, provided that lien waivers shall not be required for any subcontractors or material suppliers who provided less than Ten Thousand and No/100 Dollars ($10,000.00) worth of goods or services in connection with the Tenant Improvements.
(b) Notwithstanding anything contained in subsection (a) above, Tenant shall not be entitled to any payments from the Tenant Allowance unless and until (i) Tenant has delivered to Landlord a copy of Tenant’s building permit; and ;
(ii) Tenant has received Landlord’s written approval of the CDsCD’s;
(iii) Tenant’s contractor has completed the portion of the Tenant Improvements within the Premises for which reimbursement is sought, as evidenced by a certificate from Tenant’s architect and invoices, receipts and other evidence reasonably required by Landlord to evidence the cost of the Tenant Improvements made as of the date of Tenant’s request for payment; and
(iv) Tenant has delivered to Landlord partial lien waivers for the Tenant Improvements from Tenant’s contractor, all subcontractors and all laborers or material suppliers having performed any work at the Premises relating to the construction of the Tenant Improvements made as of the date of Tenant’s request for payment.
(b) Landlord shall pay the Holdback to Tenant at such time as Tenant’s contractor has:
(i) substantially completed the Tenant Improvements and received a certificate of occupancy from the applicable governing authority;
(ii) delivered to Landlord lien waivers and affidavits from Tenant’s contractor, all subcontractors, and all laborers or materials suppliers having performed any work at the Premises relating to the Tenant Improvements, together with any other evidence reasonably required by Landlord to satisfy Landlord’s title insurer that there are no parties entitled to file a lien against the real property underlying the Property in connection with such work; and
(iii) delivered to Landlord all invoices, receipts and other evidence reasonably required by Landlord to evidence the cost of the Tenant Improvements.
(c) Landlord shall pay the Holdback to Tenant upon substantial completion of at such time as Tenant has completed the Tenant Improvementsincomplete work and remedied the defective work set forth on the punchlist.
(d) Landlord shall be entitled to a construction management fee and the cost incurred by Landlord to review and approve the CD’s in an amount equal not to two percent (2%) of the Improvement Costs, but in no event more than One Hundred Thousand and No/100 Dollars (exceed $100,000.00) 15,000 (the “Fee”). At Landlord’s option, the Fee shall either be (A) applied against the Tenant Allowance, or (B) billed to Tenant (in which case Tenant shall pay the Fee to Landlord within ten thirty (1030) days following Landlord’s delivery of an invoice to Tenant).
(e) For purposes of this Lease, the term “Improvement Costs” shall mean the hard and soft cost of the CDs and the cost to construct and install the Tenant Improvements, including, without limitation, CD’s, demising walls, utilities, relocation expenses, audio visual equipment, security, Supplemental HVAC and Generator. Tenant shall be responsible for all Improvement Costs in excess of the Tenant Allowance.
Appears in 1 contract
Samples: Office Lease (One)
Improvement Costs. Landlord shall reimburse Tenant for the Improvement Costs (as hereinafter defined) incurred in constructing the Tenant Improvements, up to an amount equal to Three Million Three Hundred Forty-Two Thousand Sixty-Six and 75/100 Dollars ($3,342,066.75) 46,389.60 (the “Tenant Allowance”), as follows:
(a) Landlord shall pay fifty percent (50%) of the Tenant Allowance, less a holdback (the “Holdback”) equal to ten percent (10%), to Tenant upon Tenant’s request (which request shall be made no more than once per any thirty (30) day period), within ten (10) business days after Landlord’s receipt of the followingat such time as:
(i) copies Tenant has delivered to Landlord a copy of paid invoices covering all Tenant Improvements for which payment is being requested, together with reasonable evidence that Tenant’s building permit;
(ii) Tenant’s contractor has completed fifty percent (50%) of the Tenant Improvements for which payment is being requested have been completed (e.g.within the Leased Premises, as evidenced by a certificate from Tenant’s architect)architect and invoices, receipts and other evidence reasonably required by Landlord to evidence the cost of the Tenant Improvements made as of the date of Tenant’s request for payment; and
(iiiii) Partial Tenant has delivered to Landlord partial lien waivers for the portion first fifty percent (50%) of the Tenant Improvements for which payment is requested from Tenant’s general contractor for contractor, all subcontractors and all laborers or material suppliers having performed any work at the Leased Premises relating to the construction of the portion first fifty percent (50%) of the Tenant Improvements for which payment is requested, provided that lien waivers shall not be required for any subcontractors or material suppliers who provided less than Ten Thousand and No/100 Dollars ($10,000.00) worth of goods or services in connection with the Tenant Improvements.
(b) Notwithstanding anything contained in subsection (a) above, Tenant Landlord shall not be entitled to any payments from pay the remainder of the Tenant Allowance unless to Tenant at such time as (and until the Holdback thirty (30) days thereafter):
(i) Tenant’s contractor has completed one hundred percent (100%) of the Tenant Improvements within the Leased Premises, as evidenced by a certificate from Tenant’s architect and invoices, receipts and other evidence reasonably required by Landlord to evidence the cost of the Tenant Improvements; and
(ii) Tenant has delivered to Landlord a copy of final lien waivers and affidavits from Tenant’s building permit; contractor, all subcontractors, and (ii) all laborers or materials suppliers having performed any work at the Leased Premises relating to the Tenant has received Improvements, together with any other evidence reasonably required by Landlord to satisfy Landlord’s written approval of title insurer that there are no parties entitled to file a lien against the CDsreal property underlying the Leased Premises in connection with such work.
(c) Landlord shall pay the Holdback to Tenant upon substantial completion of the Tenant Improvements.
(d) Landlord shall be entitled to a construction management fee in an amount equal to two percent (2%) of the Improvement Costs, but in no event more than One Hundred Thousand and No/100 Dollars ($100,000.00) (the “Fee”). At Landlord’s option, the Fee shall either be (A) applied against the Tenant Allowance, or (B) billed to Tenant (in which case Tenant shall pay the Fee to Landlord within ten (10) days following Landlord’s delivery of an invoice to Tenant).
(e) For purposes of this Lease, the term “Improvement Costs” shall mean the cost of the CDs CD’s and the cost to construct and install the Tenant Improvements, including, without limitation, design, space planning, permitting, and construction costs in connection therewith. Tenant shall be responsible for all Improvement Costs in excess of the Tenant Allowance. Tenant may use up to $13,644.00 of the Tenant Allowance for furniture, fixtures, and equipment provided that it expends such monies and requests reimbursement not later than February 22, 2016.
Appears in 1 contract
Improvement Costs. Landlord shall reimburse Tenant for the Improvement Costs (as hereinafter defined) incurred in constructing the Tenant Improvements, up to an amount equal to Three Million Three Hundred Forty-Two Thousand Sixty-Six Thirteen and 75/100 No/100 Dollars ($3,342,066.7513.00) per rentable square foot of the Leased Premises (the “Tenant Allowance”) (By way of example, the Tenant Allowance would equal Two Million Four Hundred Thirty-Seven Thousand Five Hundred and No/100 Dollars ($2,437,500.00), if the final Rentable Area of the Leased Premises is 187,500 square feet), as follows:
(a) Landlord shall pay the Tenant Allowance, less a holdback (the “"Holdback”") equal to ten percent (10%), to Tenant upon at such time as Tenant’s request (which request shall be made no more than once per any thirty (30) day period), within ten (10) business days after Landlord’s receipt of the followingcontractor has:
(i) copies of paid invoices covering all Tenant Improvements for which payment is being requested, together with reasonable evidence that substantially completed the Tenant Improvements for which payment is being requested have been completed (e.g., and received a certificate of occupancy from Tenant’s architect); andthe applicable governing authority;
(ii) Partial delivered to Landlord lien waivers for the portion of the Tenant Improvements for which payment is requested and affidavits from Tenant’s general contractor for 's contractor, all subcontractors subcontractors, and all material laborers or materials suppliers having performed any work at the Leased Premises relating to the construction of the portion of the Tenant Improvements for which payment is requestedImprovements, provided together with any other evidence reasonably required by Landlord to satisfy Landlord's title insurer that there are no parties entitled to file a lien waivers shall not be required for any subcontractors or material suppliers who provided less than Ten Thousand and No/100 Dollars ($10,000.00) worth of goods or services against Property in connection with such work; and
(iii) delivered to Landlord all invoices, receipts and other evidence reasonably required by Landlord to evidence the cost of the Tenant Improvements.
(b) Notwithstanding anything contained in subsection (a) above, Tenant shall not be entitled to any payments from the Tenant Allowance unless and until (i) Tenant has delivered to Landlord a copy of Tenant’s building permit; and (ii) Tenant has received Landlord’s written approval of the CDs.
(c) Landlord shall pay the Holdback to Tenant upon substantial completion of at such time as Tenant has completed the Tenant Improvementsincomplete work and remedied the defective work set forth on the punchlist.
(dc) Landlord shall be entitled to a construction management fee in an amount equal to two percent (2%) of the Improvement Costs, but in no event more than One Hundred Thousand one hundred thirty thousand and No/100 00/100 Dollars ($100,000.00130,000.00) (subject to increase if oversight of construction and closeout related to the Tenant Improvements continues beyond May 1, 2022) (the “"Fee”"), which, at Landlord’s election, may be paid to a consultant hired by Landlord. At Landlord’s 's option, the Fee shall either be (A) applied against the Tenant Allowance, or (B) billed to Tenant (in which case Tenant shall pay the Fee to Landlord within ten (10) days following Landlord’s 's delivery of an invoice to Tenant).
(ed) For purposes of this Lease, the term “"Improvement Costs” " shall mean the cost of the CDs CD's and the cost all tenant buildout, including, without limitation, materials, labor, design and engineering fees, demising walls and utilities related to construct and install the Tenant Improvements. Tenant shall be responsible for all Improvement Costs in excess of the Tenant Allowance.
Appears in 1 contract
Improvement Costs. Landlord shall reimburse Tenant for the Improvement Costs (as hereinafter defined) incurred in constructing the Tenant Improvements, up to an amount equal to Three Million Three Hundred Forty-Two Thousand Sixty-Six and 75/100 Dollars ($3,342,066.75) 212,835.00 (the “Tenant Allowance”), as follows:
(a) Landlord shall pay fifty percent (50%) of the Tenant Allowance, less a holdback (the “Holdback”) equal to ten percent (10%), to Tenant upon Tenant’s request (which request shall be made no more than once per any thirty (30) day period), within ten (10) business days after Landlord’s receipt of the followingat such time as:
(i) copies of paid invoices covering all Tenant Improvements for which payment is being requested, together with reasonable evidence that the Tenant Improvements for which payment is being requested have been completed (e.g., a certificate from Tenant’s architect); and
(ii) Partial lien waivers for the portion of the Tenant Improvements for which payment is requested from Tenant’s general contractor for all subcontractors and all material suppliers having performed any work at the Leased Premises relating to the construction of the portion of the Tenant Improvements for which payment is requested, provided that lien waivers shall not be required for any subcontractors or material suppliers who provided less than Ten Thousand and No/100 Dollars ($10,000.00) worth of goods or services in connection with the Tenant Improvements.
(b) Notwithstanding anything contained in subsection (a) above, Tenant shall not be entitled to any payments from the Tenant Allowance unless and until (i) Tenant has delivered to Landlord a copy of Tenant’s building permit; and ;
(ii) Tenant has received Landlord’s written approval of the CDsCD’s (or Landlord’s approval of the CD’s has been deemed given);
(iii) Tenant’s contractor has completed fifty percent (50%) of the Tenant Improvements within the Leased Premises, as evidenced by a certificate from Tenant’s architect and invoices, receipts and other evidence reasonably required by Landlord to evidence the cost of the Tenant Improvements made as of the date of Tenant’s request for payment; and
(iv) Tenant has delivered to Landlord partial lien waivers for the first fifty percent (50%) of the Tenant Improvements from Tenant’s contractor relating to the construction of the first fifty percent (50%) of the Tenant Improvements.
(b) Landlord shall pay the remainder of the Tenant Allowance (less the Holdback and the Fee, as hereinafter defined) to Tenant at such time as Tenant’s contractor has:
(i) substantially completed the Tenant Improvements and received a certificate of occupancy from the applicable governing authority;
(ii) delivered to Landlord lien waivers and affidavits from Tenant’s contractor, together with any other evidence reasonably required by Landlord to satisfy Landlord’s title insurer that there are no parties entitled to file a lien against the real property underlying the Park in connection with such work; and
(iii) delivered to Landlord all invoices, receipts and other evidence reasonably required by Landlord to evidence the cost of the Tenant Improvements.
(c) Landlord shall pay the Holdback to Tenant upon substantial completion of at such time as Tenant has completed the Tenant Improvementsincomplete work and remedied the defective work set forth on the punchlist.
(d) Landlord shall be entitled to a construction management fee in an amount equal to two three percent (23%) of the Improvement Costs, but in no event more than One Hundred Thousand and No/100 Dollars ($100,000.00) Tenant Allowance (the “Fee”). At Landlord’s option, the Fee shall either be (A) applied against the Tenant Allowance, or (B) billed to Tenant (in which case Tenant shall pay the Fee to Landlord within ten (10) days following Landlord’s delivery of an invoice to Tenant).
(e) For purposes of this Lease, the term “Improvement Costs” shall mean the cost of the CDs CD’s and the cost to construct any other design related costs and install the Tenant Improvementsall tenant buildout, including, without limitation, demising walls and utilities. Tenant shall be responsible for all Improvement Costs in excess of the Tenant Allowance.
Appears in 1 contract
Improvement Costs. Landlord shall reimburse Tenant for the Improvement Costs (as hereinafter defined) incurred in constructing the Tenant Improvements, up to an amount equal to Three Million Three Hundred Forty-Two Thousand Sixty-Six and 75/100 Dollars ($3,342,066.75) (the “Tenant Allowance”), as follows:
(a) Landlord shall pay fifty percent (50%) of the Tenant applicable available Allowance, less a holdback (the “"Holdback”") equal to ten percent (10%), to Tenant upon Tenant’s request (which request shall be made no more than once per any thirty (30) day period), within ten (10) business days after Landlord’s receipt of the following:
at such time as: (i) copies Tenant has delivered to Landlord a copy of paid invoices covering all Tenant's building permit; (ii) Tenant has received Landlord's written approval of the CDs; (iii) Tenant's general contractor has completed fifty percent (50%) of the applicable Tenant Improvements for which payment is being requestedwithin the Leased Premises, together with reasonable evidence that the Tenant Improvements for which payment is being requested have been completed (e.g., as evidenced by a certificate from Tenant’s architect)'s architect and paid invoices, receipts and other evidence reasonably required by Landlord to evidence the cost of the Tenant Improvements made as of the date of Tenant's request for payment; and
and (iiiv) Partial Tenant has delivered to Landlord partial lien waivers for the portion first fifty percent (50%) of the applicable Tenant Improvements for which payment is requested from Tenant’s 's general contractor for all subcontractors and all material suppliers having performed any work at the Leased Premises relating to the construction of the portion first fifty percent (50%) of the Tenant Improvements for which payment is requested, provided that lien waivers shall not be required for any subcontractors or material suppliers who provided less than Ten Thousand and No/100 Dollars ($10,000.00) worth of goods or services in connection with the applicable Tenant Improvements.
(b) Notwithstanding anything contained in Landlord shall pay the remainder of the Allowance (less the Holdback and the Fee, as hereinafter defined, and any other expenses due to Landlord under subsection (ad) above, below) to Tenant shall not be entitled to any payments from the Tenant Allowance unless and until at such time as Tenant's general contractor has: (i) substantially completed the applicable Tenant has Improvements and delivered a Certificate of Substantial Completion issued by Tenant's project architect on the appropriate AIA form (or in any other form as reasonably required by Landlord or as required in connection with any Mortgage), certifying to Landlord and any other parties as required in connection with any Mortgage, that the applicable Tenant Improvements have been completed in accordance with the CDs and Permits and all applicable Laws; (ii) delivered to Landlord lien waivers and affidavits from Tenant's general contractor for all subcontractors and all materials suppliers having performed any work at the Leased Premises relating to the applicable Tenant Improvements, together with any other evidence reasonably required by Landlord to satisfy Landlord's title insurer that there are no parties entitled to file a copy of Tenant’s building permitlien against the real property underlying the Park in connection with such work; and (iiiii) Tenant has received Landlord’s written approval delivered to Landlord all paid invoices, receipts and other evidence reasonably required by Landlord to evidence the cost of the CDsapplicable Tenant Improvements.
(c) Landlord shall pay the Holdback to Tenant upon substantial completion of at such time as Tenant has completed the Tenant Improvementsincomplete work and remedied the defective work set forth on the punchlist.
(d) Landlord shall be entitled to a construction management fee in an amount equal to two percent (2%) of the Improvement Costs, but in no event more than One Hundred Thousand and No/100 Dollars ($100,000.00) (the “Fee”). At Landlord’s option, the Fee shall either be (A) applied against the Tenant Allowance, or (B) billed to Tenant (in which case Tenant shall pay the Fee to Landlord within ten (10) days following Landlord’s delivery of an invoice to Tenant).
(e) For purposes of this Lease, the term “Improvement Costs” shall mean the cost of the CDs and the cost to construct and install the Tenant Improvements. Tenant shall be responsible for all Improvement Costs in excess of the Tenant Allowance.
Appears in 1 contract
Samples: Office Lease (eHealth, Inc.)
Improvement Costs. Landlord shall reimburse Tenant for the Improvement Costs (as hereinafter defined) incurred in constructing the Tenant Improvements, up to an amount equal to Three One Million Three One Hundred Forty-Two Thousand Sixty-Six Thousand One Hundred Thirty-Six and 75/100 No/100 Dollars ($3,342,066.751,166,136.00) (the “"Tenant Allowance”"), as follows:
(a) Landlord shall pay fifty percent (50%) of the Tenant Allowance, less a holdback (the “"Holdback”") equal to ten percent (10%), to Tenant upon Tenant’s request (which request shall be made no more than once per any thirty (30) day period), within ten (10) business days after Landlord’s receipt of the followingat such time as:
(i) copies Tenant has delivered to Landlord a copy of paid invoices covering all Tenant's building permit;
(ii) Tenant Improvements for which payment is being requested, together with reasonable evidence that has received Landlord's written approval of the CD's;
(iii) Tenant's general contractor has completed fifty percent (50%) of the Tenant Improvements for which payment is being requested have been completed (e.g.within the Leased Premises, as evidenced by a certificate from Tenant’s architect)'s architect and invoices, receipts and other evidence reasonably required by Landlord to evidence the cost of the Tenant Improvements made as of the date of Tenant's request for payment; and
(iiiv) Partial Tenant has delivered to Landlord partial lien waivers for the portion first fifty percent (50%) of the Tenant Improvements for which payment is requested from Tenant’s 's general contractor for all subcontractors and all material suppliers having performed any work at the Leased Premises relating to the construction of the portion first fifty percent (50%) of the Tenant Improvements for which payment is requested, provided that lien waivers shall not be required for any subcontractors or material suppliers who provided less than Ten Thousand and No/100 Dollars ($10,000.00) worth of goods or services in connection with the Tenant Improvements.
(b) Notwithstanding anything contained in subsection (a) above, Tenant Landlord shall not be entitled to any payments from pay the remainder of the Tenant Allowance unless and until (less the Holdback) to Tenant at such time as Tenant's general contractor has:
(i) Substantially Completed the Tenant has Improvements;
(ii) delivered to Landlord lien waivers and affidavits from Tenant's general contractor for all subcontractors and all materials suppliers having performed any work at the Leased Premises relating to the Tenant Improvements, together with any other evidence reasonably required by Landlord to satisfy Landlord's title insurer that there are no parties entitled to file a copy of Tenant’s building permitlien against the real property underlying the Park in connection with such work; and
(iii) delivered to Landlord all invoices, receipts and (ii) Tenant has received Landlord’s written approval other evidence reasonably required by Landlord to evidence the cost of the CDsTenant Improvements.
(c) Landlord shall pay the Holdback to Tenant upon substantial completion of at such time as Tenant has completed the Tenant Improvementsincomplete work and remedied the defective work set forth on the punchlist.
(d) Landlord shall be entitled to a not charge any construction management or other fee in an amount equal to two percent (2%) of connection with the Improvement CostsTenant Improvements, including, but in no event more than One Hundred Thousand and No/100 Dollars ($100,000.00) (the “Fee”). At Landlord’s optionnot limited to, the Fee shall either be (A) applied against the Tenant Allowancereview or inspection of same, review of plans or (B) billed to Tenant (in which case Tenant shall pay the Fee to Landlord within ten (10) days following Landlord’s delivery of an invoice to Tenant)specifications or otherwise.
(e) For purposes of this Lease, the term “"Improvement Costs” " shall mean the cost of the CDs CD's and the cost to construct all tenant buildout, including, without limitation, demising walls and install the Tenant Improvementsutilities. Tenant shall be responsible for all Improvement Costs in excess of the Tenant Allowance.
Appears in 1 contract
