Interior Improvement Allowance. Landlord shall pay to Tenant an ------------------------------- improvement allowance for use in Construction of the Interior Improvements equal to Three Hundred Twenty-One Thousand Twenty Dollars ($321,020) ("Improvement Allowance"). Landlord shall also pay to Tenant Eighteen Thousand Dollars ($18,000) as the "Supplemental Improvement Allowance." Landlord shall pay the Improvement Allowance and the Supplemental Improvement Allowance to Tenant upon the closing of a refinancing by Landlord of the existing monetary encumbrances on the Land and Building, provided that no mechanics' liens or similar lien for labor or material supplied to the Interior Improvements have been filed or asserted against the Demised Premises. Landlord shall use its best efforts to obtain such refinancing within the three (3) months after the Date of Execution. The unpaid balance of the Improvement Allowance (but not the Supplemental Improvement Allowance) shall be increased by one percent (1%) for each month the payment of the Improvement Allowance is delayed beyond three (3) months after the Date of Execution, prorated for any partial month on the basis of a thirty (30) day month. Notwithstanding the provisions of Article IV, Paragraph 4, if payment of the Improvement Allowance is delayed beyond five (5) months after the Date, of Execution, Tenant may deduct the remaining balance of the Improvement Allowance (but not the Supplemental Improvement Allowance) from the next payments of Rent coming due according to the following schedule: (i) Tenant may deduct all but Ten Thousand Dollars ($10,000) from the first such Base Rent payments and all but the Minimum Additional Rent from the full such Additional Rent payment, (ii) Tenant may deduct all but Five Thousand Dollars ($5,000) from the next such Base Rent payment and all but the Minimum Additional Rent from the next such Additional Rent payment, and (iii) Tenant may deduct all of each remaining Base Rent payment and all but the Minimum Additional Rent from each remaining Additional Rent payment, until Tenant has recovered the Remaining unpaid balance of the Improvement Allowance. Tenant shall be responsible for payment of all Improvement Costs in excess of the Improvement Allowance and Supplemental Improvement Allowance.
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Samples: Recognition and Attornment Agreement (Microsoft Corp)
Interior Improvement Allowance. Landlord shall pay to Tenant an ------------------------------- ------------------------------ improvement allowance for use in Construction construction of the Interior Improvements improvements equal to Three Hundred Nineteen Thousand Twenty Dollars ($319,020), which shall be increased to Three Hundred Twenty-One Thousand Twenty Dollars ($321,020) if Landlord completes the enclosure of certain ground-floor covered walkway space as provided in Article VIII, paragraph 1, ("Improvement Allowance"). Landlord shall also pay to Tenant Eighteen Thousand Dollars ($18,000) as the "Supplemental Improvement Allowance." Landlord shall pay the Improvement Allowance and the Supplemental Improvement Allowance to Tenant upon the closing of a refinancing by Landlord of the existing monetary encumbrances on the Land and Building, provided that no mechanics' liens or similar lien liens for labor or material supplied to the Interior Improvements have been filed or asserted against the Demised Premises. Landlord shall use its best efforts to obtain such refinancing within the three (3) months after the Date of Execution. The unpaid balance of the Improvement Allowance (but not the Supplemental Improvement Allowance) shall be increased by one percent (1%) for each month the that payment of the Improvement Allowance is delayed beyond three (3) months after the Date of Execution, prorated for any partial month on the basis of a thirty (30) day month. Notwithstanding the provisions of Article IV, Paragraph 4, if payment of the Improvement Allowance is delayed beyond five four (54) months after the Date, Date of Execution, Tenant may deduct the remaining balance of the Improvement Allowance (but not the Supplemental Improvement Allowance) from the next payments of Rent coming due according to the following schedule: (i) Tenant may deduct all but Ten Thousand Dollars ($10,000) from the first such Base Rent payments payment and all but the Minimum Additional Rent from the full first such Additional Rent payment, (ii) Tenant may deduct all but Five Thousand Dollars ($5,000) from the next such Base Rent payment and all but the Minimum Additional Rent from the next such Additional Rent payment, and (iii) Tenant may deduct all of each remaining Base Rent payment and all but the Minimum Additional Rent from each remaining Additional Rent payment, until Tenant has recovered the Remaining remaining unpaid balance of the Improvement Allowance. Tenant shall be responsible for payment of all Improvement Costs in excess of the Improvement Allowance and Supplemental Improvement Allowance.
Appears in 1 contract
Samples: Recognition and Attornment Agreement (Microsoft Corp)
Interior Improvement Allowance. Landlord shall pay to Tenant an ------------------------------- ------------------------------ improvement allowance for use in Construction construction of the Interior Improvements equal to Three Two Hundred TwentyEighty-One Two Thousand Twenty Eight Hundred Forty Dollars ($321,020282,840) ("Improvement Allowance"). Landlord shall also pay to Tenant Eighteen Thousand Dollars ($18,000) as the "Supplemental Improvement Allowance." Landlord shall pay the Improvement Allowance and the Supplemental Improvement Allowance to Tenant upon the closing of a refinancing by Landlord of the existing monetary encumbrances on the Land and Building, provided that no mechanics' liens or similar lien liens for labor or material supplied to the Interior Improvements have been filed or asserted against the Demised Premises. Landlord shall use its best efforts to obtain such refinancing within the three nine (39) months after the Date of Execution. The unpaid balance of the Improvement Allowance (but not the Supplemental Improvement Allowance) shall be increased by one percent (1%) for each month the that payment of the Improvement Allowance is delayed beyond three nine (39) months after the Date of Execution, prorated for any partial month on the basis of a thirty (30) day month. Notwithstanding the provisions of Article IV, Paragraph 4, if payment of the Improvement Allowance is delayed beyond five twelve (512) months after the Date, Date of Execution, Tenant may deduct the remaining balance of the Improvement Allowance (but not the Supplemental Improvement Allowance) from the next net payments of Rent coming due according to the following schedule: (i) Tenant may deduct all but Ten Thousand Dollars ($10,000) from the first such Base Rent payments and payment all but the Minimum Additional Rent from the full first such Additional Rent payment, (ii) Tenant ii)Tenant may deduct all but Five Thousand Dollars ($5,000) from the next such Base Rent payment and all but the Minimum Additional Rent from the next such Additional Rent payment, and (iii) Tenant may deduct all of each remaining Base Rent payment and all but the Minimum Additional Rent from each remaining Additional Rent payment, until Tenant has recovered the Remaining remaining unpaid balance of the Improvement Allowance. Tenant shall be responsible for payment of all Improvement Costs in excess of the Improvement Allowance and Supplemental Improvement Allowance.
Appears in 1 contract
Samples: Recognition and Attornment Agreement (Microsoft Corp)
Interior Improvement Allowance. Landlord shall pay Pursuant to Tenant an ------------------------------- improvement allowance for use in Construction Section 2.2.3 of the Interior Master Lease, Lessor agreed to provide to Sublessor the Phase II TI Allowance (as defined in the Master Lease) in an amount up to $32.00 per square foot for the construction of interior improvements for Building II. Sublessor represents to Sublessee that Sublessor has utilized $18.00 per square foot of the Phase II TI Allowance. Sublessor hereby assigns to Sublessee all of Sublessor’s right, title and interest in and to the unused portion of the Phase II TI Allowance, which unused portion is an amount up to $14.00 per square foot (the “Nextest Allowance”) and shall be applied toward the costs incurred by Sublessee in the construction of interior and/or exterior improvements to the Sublease Premises (the “Sublease Premises Improvements”). Lessor has consented to such assignment and has agreed to pay directly to Sublessee the Nextest Allowance pursuant to Paragraph 8 of the Consent. Sublessee hereby acknowledges and agrees that Sublessor shall have no direct or indirect responsibility for any of the Sublease Premises Improvements, and Sublessee shall work directly with Lessor on such Sublease Premises Improvements equal and look solely to Three Hundred Twenty-One Thousand Twenty Dollars ($321,020) ("Lessor for reimbursement of the Sublease Premises Improvement Allowance"). Landlord shall also pay , but Sublessor shall, at no cost to Tenant Eighteen Thousand Dollars ($18,000) as Sublessor, use commercially reasonable efforts to cooperate with Sublessee in obtaining the "Supplemental Improvement Allowance." Landlord shall pay the Sublease Premises Improvement Allowance from Lessor. Sublessee hereby releases and discharges all Sublessor Parties from any and all liability or loss, damage or injury suffered or incurred by Sublessee or third parties in any way arising out of or in connection with the Supplemental Improvement Allowance to Tenant upon the closing of a refinancing by Landlord of the existing monetary encumbrances on the Land and Building, provided that no mechanics' liens or similar lien for labor or material supplied Sublease Premises Improvements except to the Interior Improvements have been filed extent such liabilities or asserted against the Demised Premises. Landlord shall use other matters arise by reason of any gross negligence or willful misconduct or omission by Sublessor or its best efforts to obtain such refinancing within the three (3) months after the Date of Execution. The unpaid balance of the Improvement Allowance (but not the Supplemental Improvement Allowance) shall be increased by one percent (1%) for each month the payment of the Improvement Allowance is delayed beyond three (3) months after the Date of Executionagents, prorated for any partial month on the basis of a thirty (30) day month. Notwithstanding the provisions of Article IV, Paragraph 4, if payment of the Improvement Allowance is delayed beyond five (5) months after the Date, of Execution, Tenant may deduct the remaining balance of the Improvement Allowance (but not the Supplemental Improvement Allowance) from the next payments of Rent coming due according to the following schedule: (i) Tenant may deduct all but Ten Thousand Dollars ($10,000) from the first such Base Rent payments and all but the Minimum Additional Rent from the full such Additional Rent payment, (ii) Tenant may deduct all but Five Thousand Dollars ($5,000) from the next such Base Rent payment and all but the Minimum Additional Rent from the next such Additional Rent payment, and (iii) Tenant may deduct all of each remaining Base Rent payment and all but the Minimum Additional Rent from each remaining Additional Rent payment, until Tenant has recovered the Remaining unpaid balance of the Improvement Allowance. Tenant shall be responsible for payment of all Improvement Costs in excess of the Improvement Allowance and Supplemental Improvement Allowanceemployees or contractors.
Appears in 1 contract
Interior Improvement Allowance. Landlord shall pay to Tenant an ------------------------------- ------------------------------ improvement allowance for use in Construction construction of the Interior Improvements equal to Three Two Hundred TwentySeventy-One Eight Thousand Two Hundred Twenty Dollars ($321,020278,220) ("Improvement Allowance"). If and when Landlord shall also pay delivers possession of Suite 100 to Tenant Eighteen as provided in Article II, paragraph 2, then the Improvement Allowance shall be increased by Four Thousand Six Hundred Twenty Dollars ($18,000) as the "Supplemental Improvement Allowance." 4,620). Landlord shall pay the Improvement Allowance and the Supplemental Improvement Allowance to Tenant upon the closing of a refinancing by Landlord of the existing monetary encumbrances first deed of trust on the Land and Building, provided that no mechanics' liens or similar lien liens for labor or material supplied to the Interior Improvements have been filed or asserted against the Demised PremisesPremises (unless releases of such liens are obtained upon payment of the Improvement Allowance). Landlord shall use its best efforts to obtain such refinancing within the three nine (39) months after the Date of Execution. The unpaid balance of the Improvement Allowance (but not the Supplemental Improvement Allowance) shall be increased by one percent (1%) for each month the that payment of the Improvement Allowance is delayed beyond three nine (39) months after the Date of Execution, prorated for any partial month on the basis of a thirty (30) day month. Notwithstanding Notwithstanding, the provisions of Article IV, Paragraph 4, if payment of the Improvement Allowance is delayed beyond five twelve (512) months after the Date, Date of Execution, Tenant may deduct the Improvement Allowance or any remaining balance of the Improvement Allowance (but not the Supplemental Improvement Allowance) from the next payments of Rent coming due according to the following schedule: (i) Tenant may deduct all but Ten Thousand Dollars ($10,000) from the first such Base Rent payments payment and all but the Minimum Additional Rent from the full first such Additional Rent payment, (ii) Tenant may deduct all but Five Thousand Dollars ($5,000) from the next such Base Rent payment and all but the Minimum Additional Rent from the next such Additional Rent payment, and (iii) Tenant may deduct all of each remaining Base Rent payment and all but the Minimum Additional Rent from each remaining Additional Rent payment, until Tenant has recovered the Remaining remaining unpaid balance of the Improvement Allowance. Tenant shall be responsible for payment of all Improvement Costs in excess of the Improvement Allowance and Supplemental Improvement Allowance.
Appears in 1 contract
Samples: Recognition and Attornment Agreement (Microsoft Corp)