Interior Improvement Allowance. Landlord shall pay to Tenant an ------------------------------ improvement allowance for use in construction of the Interior Improvements equal to Two Hundred Eighty-Two Thousand Eight Hundred Forty Dollars ($282,840) ("Improvement Allowance"). Landlord shall pay the 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 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 nine (9) months after the Date of Execution. The unpaid balance of the Improvement Allowance shall be increased by one percent (1%) for each month that payment of the Improvement Allowance is delayed beyond nine (9) months after 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 twelve (12) months after the Date of Execution, Tenant may deduct the remaining balance of the Improvement Allowance from the 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 payment all but the Minimum Additional Rent from the 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 unpaid balance of the Improvement Allowance. Tenant shall be responsible for payment of all Improvement Costs in excess of the Improvement Allowance.
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Samples: Sublease (Microsoft Corp)
Interior Improvement Allowance. Landlord shall pay to Tenant an ------------------------------ improvement allowance for use in construction of the Interior Improvements equal to Two Hundred EightySeventy-Eight Thousand Two Thousand Eight Hundred Forty Twenty Dollars ($282,840278,220) ("Improvement Allowance"). If and when Landlord delivers possession of Suite 100 to Tenant as provided in Article II, paragraph 2, then the Improvement Allowance shall be increased by Four Thousand Six Hundred Twenty Dollars ($4,620). Landlord shall pay the 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 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 nine (9) months after the Date of Execution. The unpaid balance of the Improvement Allowance shall be increased by one percent (1%) for each month that payment of the Improvement Allowance is delayed beyond nine (9) 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 twelve (12) months after the Date of Execution, Tenant may deduct the Improvement Allowance or any remaining balance of the Improvement Allowance from the net 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 payment and all but the Minimum Additional Rent from the 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 unpaid balance of the Improvement Allowance. Tenant shall be responsible for payment of all Improvement Costs in excess of the Improvement Allowance.
Appears in 1 contract
Samples: Sublease (Microsoft Corp)
Interior Improvement Allowance. Landlord shall pay Pursuant to Tenant Section 2.2.3 of the Master Lease, Lessor agreed to provide to Sublessor the Phase II TI Allowance (as defined in the Master Lease) in an ------------------------------ improvement allowance amount up to $32.00 per square foot for use in the construction of interior improvements for Building II. Sublessor represents to Sublessee that Sublessor has utilized $18.00 per square foot of the Interior 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 Two Hundred Eighty-Two Thousand Eight Hundred Forty Dollars ($282,840) ("Lessor for reimbursement of the Sublease Premises Improvement Allowance"). Landlord shall pay the Improvement Allowance , but Sublessor shall, at no cost to Tenant upon the closing of a refinancing by Landlord of the existing monetary encumbrances on the Land and BuildingSublessor, provided that no mechanics' liens or similar liens for labor or material supplied to the Interior Improvements have been filed or asserted against the Demised Premises. Landlord shall use its best commercially reasonable efforts to obtain such refinancing within nine (9) months after cooperate with Sublessee in obtaining the Date of Execution. The unpaid balance of the Improvement Allowance shall be increased by one percent (1%) for each month that payment of the Improvement Allowance is delayed beyond nine (9) months after 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 twelve (12) months after the Date of Execution, Tenant may deduct the remaining balance of 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 net payments of Rent coming due according Sublease Premises Improvements except to the following schedule: (i) Tenant may deduct all but Ten Thousand Dollars ($10,000) from the first extent such Base Rent payment all but the Minimum Additional Rent from the first such Additional Rent paymentliabilities or other matters arise by reason of any gross negligence or willful misconduct or omission by Sublessor or its agents, (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 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 Two Three Hundred EightyTwenty-Two One Thousand Eight Hundred Forty Twenty Dollars ($282,840321,020) ("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 liens 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 nine the three (93) 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 that the payment of the Improvement Allowance is delayed beyond nine three (93) 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 twelve five (125) 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 net 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 payment payments and all but the Minimum Additional Rent from the first full 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: Sublease (Microsoft Corp)
Interior Improvement Allowance. Landlord shall pay to Tenant an ------------------------------ improvement allowance for use in construction of the Interior Improvements improvements equal to Two Three Hundred Eighty-Two Nineteen Thousand Eight Hundred Forty Twenty Dollars ($282,840319,020), 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 pay the 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 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 nine three (93) months after the Date of Execution. The unpaid balance of the Improvement Allowance shall be increased by one percent (1%) for each month that payment of the Improvement Allowance is delayed beyond nine three (93) 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 twelve four (124) months after the Date of Execution, Tenant may deduct the remaining balance of the Improvement Allowance from the net 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 payment and all but the Minimum Additional Rent from the 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 unpaid balance of the Improvement Allowance. Tenant shall be responsible for payment of all Improvement Costs in excess of the Improvement Allowance.
Appears in 1 contract
Samples: Sublease (Microsoft Corp)