Initial Improvement Allowance Sample Clauses
The Initial Improvement Allowance clause defines the amount of money a landlord will provide to a tenant for making improvements or alterations to a leased property at the start of the lease term. Typically, this allowance is used for construction, renovations, or customization of the space to suit the tenant’s business needs, and may specify eligible expenses, reimbursement procedures, and deadlines for completion. Its core function is to facilitate the tenant’s ability to tailor the premises while clearly allocating financial responsibility for initial fit-out costs.
Initial Improvement Allowance. Tenant shall be entitled to a one-time improvement allowance (the “Improvement Allowance”) in the amount of $25.00 per usable square foot of the Premises for the costs relating to the initial design and construction of the improvements, which are permanently affixed to the Premises (the “Improvements”). In no event shall Landlord be obligated to make disbursements pursuant to this Work Letter in the event that Tenant fails to immediately pay any portion of the “Over-Allowance Amount,” as defined in Section 4.2.1, nor shall Landlord be obligated to pay a total amount which exceeds the Improvement Allowance. Notwithstanding the foregoing or any contrary provision of this Lease, all Improvements shall be deemed Landlord’s property under the terms of this Lease. Any unused portion of the Improvement Allowance remaining as of the Lease Commencement Date, shall remain with Landlord and Tenant shall have no further right thereto.
Initial Improvement Allowance. Notwithstanding any provision to the contrary set forth in the Lease, the amount of the “Improvement Allowance” set forth in Section 13 of the Summary and Section 2.1 of the Tenant Work Letter attached to the Lease as Exhibit “B” (the “Work Letter”) is hereby revised to be the total amount of [***].
Initial Improvement Allowance. In order to offset the cost of the Sublessee Improvements, Sublessor shall pay to Sublessee an “Initial Improvement Allowance”, payable in one (1) cash payment and three (3) credits against Base Rent pursuant to, and in the amounts set forth in, the following schedule: July 1, 2012 $3,200,000.00 (cash payment) July 1, 2013 $3,200,000.00 (credit against Base Rent that would otherwise be due) July 1, 2014 $3,200,000.00 (credit against Base Rent that would otherwise be due) July 1, 2015 $3,200,000.00 (credit against Base Rent that would otherwise be due)
6.8.1.1 The cash portion of the Initial Improvement Allowance shall be applied by Sublessee toward costs of construction of Sublessee Improvements, and Sublessee Improvements constructed using the cash portion of the Initial Improvement Allowance shall be surrendered to Sublessor along with the Premises upon expiration or termination of this Sublease, in the condition required by Section 6.7 above. In the event that Sublessor fails to pay the cash portion of the Initial Improvement Allowance as set forth above, the amount which Sublessor has failed to timely pay shall bear interest at the Default Rate until paid.
6.8.1.2 The portions of the Initial Improvements Allowance payable as credits against Base Rent may be applied by Sublessee towards Base Rent as the same becomes due and payable hereunder from and after the corresponding payment dates set forth in subsection 6.8.1 above.
Initial Improvement Allowance. Provided Reliant is not then in default, beyond applicable notice and cure periods, and has not defaulted, beyond applicable notice and cure periods, in its obligations under the Sub-Sublease (the “Default Conditions”), Mercury will, commencing on the Allowance Date (as defined in this paragraph below), contribute up to Two Hundred Sixty-Five Thousand Five Hundred Ninety and No/100 Dollars ($265,590.00) (i.e., $5.00 per rentable square foot in the Subleased Premises) (the “Allowance”) to be applied
Initial Improvement Allowance. Tenant shall be entitled to a one-time improvement allowance (the "Improvement Allowance") in the amount of Six Million, One Hundred Thirty-Seven Thousand One Hundred and No/100 Dollars ($6,137,100.00) (i.e., $50.00 per rentable square foot of the Premises) for the costs relating to the initial design (including, without limitation, engineering costs), permitting and construction of the improvements, which are permanently affixed to the Premises (the "Improvements").