Common use of Landlord’s Work Clause in Contracts

Landlord’s Work. (a) Landlord shall furnish and install substantially in accordance with the Plans the materials and items described therein ("Landlord's Work"). The Plans, the costs of Tenant's space plan, Landlord's Work, and the installation of cable described in Section 1.01 (b)(4), shall be at Tenant's sole cost and expense, provided that Tenant shall be entitled to a credit against the cost of the Plans, the costs of Tenant's space plan, Landlord's Work, and the installation of cable described in Section 1.01(b)(4), in an amount up to the lesser of (a) $178,500, (i.e., $6.00, multiplied by the area of the Premises) or (b) the actual costs of the Plans and the Landlord's Work (the "Allowance"). (b) If Landlord determines that the cost of the Landlord's Work, will exceed the Allowance, then prior to commencement of the Landlord's Work, Landlord will submit to Tenant a cost estimate for the Landlord's Work ("Cost Estimate") which Tenant shall approve or reject within seven (7) days after receipt thereof. It is understood that the cost of Landlord's Work shall include Landlord's then applicable construction supervision fee which shall not exceed four percent (4%) of the total cost of the Landlord's Work, the cost of Tenant's space plan, the cost of the Plans, and the costs of the installation of the cable described in Section 1.01(b)(4). Tenant's failure to reject the Cost Estimate within said seven (7) day period shall be to be an acceptance thereof. If Tenant rejects the Cost Estimate, Tenant shall, together with such rejection, propose such changes to the Plans as will cause the Cost Estimate to be acceptable. If the accepted Cost exceeds the Allowance, then Tenant shall pay to Landlord the amount of such excess within ten (10) business days after receipt by Tenant of a bill ▇▇▇refor, but in no event later than the Commencement Date.

Appears in 4 contracts

Sources: Office Lease (Pegasus Systems Inc), Office Lease (Pegasus Systems Inc), Office Lease (Pegasus Systems Inc)

Landlord’s Work. (a) Landlord shall furnish and install substantially in accordance with the Plans the materials and items described therein ("Landlord's Work"). The Plans, the costs of Tenant's space plan, Plans and Landlord's Work, and the installation of cable described in Section 1.01 (b)(4), Work shall be at Tenant's sole cost and expense, provided that Tenant shall be entitled to a credit against the cost of the Plans, the costs of Tenant's space plan, Plans and Landlord's Work, and the installation of cable described in Section 1.01(b)(4), Work in an amount up to the lesser of (a) $178,500116,544.00, (i.e., $6.008.00, multiplied by the area of the Premises) or (b) the actual costs of the Plans and the Landlord's Work (the "Allowance"). (b) If Landlord determines that the cost of the Landlord's Work, Work will exceed the Allowance, then prior to commencement of the Landlord's Work, Landlord will submit to Tenant a cost estimate for the Landlord's Work ("Cost Estimate") which Tenant shall approve or reject within seven five (75) days after receipt thereof. It is understood that the cost of Landlord's Work shall include Landlord's then applicable construction supervision fee which shall not exceed four percent (4%) of the total cost of the Landlord's Work, the cost of Tenant's space plan, the cost of the Plans, and the costs of the installation of the cable described in Section 1.01(b)(4)fee. Tenant's failure to reject the Cost Estimate within said seven five (75) day period shall be deemed to be an acceptance thereof. If Tenant rejects the Cost Estimate, Tenant shall, together with such rejection, propose such changes to the Plans as will cause the Cost Estimate to be acceptable. If the accepted Cost Estimate exceeds the Allowance, then Tenant shall pay to Landlord the amount of such excess within ten (10) business days after receipt by Tenant of a bill ▇▇▇refor, but in no event later than the Commencement DateExpansion Date for the Applicable Expansion Space.

Appears in 2 contracts

Sources: Office Lease (Pegasus Systems Inc), Office Lease (Pegasus Systems Inc)

Landlord’s Work. As partial consideration for this Lease, Landlord agrees to provide and pay for tenant improvements to the Premises up to the total sum of TWO HUNDRED THOUSAND AND NO/HUNDREDTHS DOLLARS (a$200,000.00) Landlord shall furnish and install substantially in accordance with the Plans the materials and items described therein ("Landlord's Work") pursuant to plans and specifications mutually agreed upon between Landlord and Tenant. In the event Landlord's Work costs in excess of $200,000, but less than $250,000, Landlord agrees to amortize the additional cost as part of the rent over the five (5)-year term of this Lease, together with interest at 10% per annum on the unpaid balance (Landlord would prefer that Tenant pay this excess in cash at the time of construction). The PlansTo the extent Landlord's Work costs in excess of $250,000, Tenant agrees to pay such additional costs in cash prior to the commencement of construction. In the event Landlord's Work costs less than $200,000, the rent shall be reduced pursuant to the following formula: $750,000 + Cost of Landlord's Work x $15,833.33 = new monthly rental ---------------------------------- $950,000 Landlord's Work shall include, but not be limited to, the costs of all labor and materials, architectural, design, permits, fees and costs of construction of Tenant's space planimprovements; provided, however, the following items shall be completed by Landlord, and the cost thereof shall be excluded: demolition, code compliance (e.g., ADA, general fire safety), new entrance in the front of the building, entrance in the rear freight lobby, convert loading dock doors to windows, landscape the atrium and installation of HVAC system to (but not within) the Premises. Landlord and Tenant shall diligently pursue the preparation of all plans and specifications for all improvements to the Premises, whether Landlord's Work or Tenant's Work. All such plans and specifications shall have the approval of both Landlord and Tenant, which approval shall not be unreasonably withheld by either party. Upon execution of this Lease, Tenant, at its expense, shall have provided Landlord's architect with instructions sufficient to enable Landlord's architect to prepare complete plans and specifications for Landlord's Work, . Such plans and the installation of cable described in Section 1.01 (b)(4), shall be at Tenant's sole cost specifications and expense, provided that Tenant shall be entitled to a credit against the cost of the Plans, the costs of Tenant's space plan, Landlord's Work, and the installation of cable described in Section 1.01(b)(4), in an amount up to the lesser of (a) $178,500, (i.e., $6.00, multiplied by the area of the Premises) or (b) the actual costs of the Plans and the Landlord's Work (the "Allowance"). (b) If Landlord determines that the cost of the Landlord's Work, will exceed the Allowance, then prior to commencement of the Landlord's Work, Landlord will submit to Tenant a cost estimate for the Landlord's Work ("Cost Estimate") which Tenant shall approve or reject within seven (7) days after receipt thereof. It is understood that the cost of Landlord's Work shall include Landlord's then applicable construction supervision fee which shall not exceed four percent (4%) of the total cost of the Landlord's Work, the cost of Tenant's space plan, the cost of the Plans, and the costs of the installation of the cable described in Section 1.01(b)(4). Tenant's failure to reject the Cost Estimate within said seven (7) day period shall be to be an acceptance thereof. If Tenant rejects the Cost Estimate, Tenant shall, together with such rejection, propose such changes to the Plans as will cause the Cost Estimate to be acceptable. If the accepted Cost exceeds the Allowance, then Tenant shall pay to Landlord the amount of such excess within ten (10) business days after receipt by Tenant of a bill ▇▇▇refor, but in no event later than the Commencement Date.'s

Appears in 2 contracts

Sources: Lease (Quokka Sports Inc), Lease (Quokka Sports Inc)

Landlord’s Work. (a) Landlord shall furnish and install substantially in accordance with the Plans the materials and items described therein ("Landlord's Work"). The Plans, the costs of Tenant's space plan, Plans and Landlord's Work, and the installation of cable described in Section 1.01 (b)(4), Work shall be at Tenant's sole cost and expense, provided that Tenant shall be entitled to a credit against the cost of the Plans, the costs of Tenant's space plan, Plans and Landlord's Work, and the installation of cable described in Section 1.01(b)(4), Work in an amount up to the lesser of (a) $178,500, 77,945.00 (i.e., $6.0017.00, multiplied by the area of the PremisesExpansion Space) or (b) the actual costs of the Plans and the Landlord's Work (the "Allowance"). If the cost of the Landlord's Work is less than the Allowance, Landlord shall retain such excess and Tenant shall not be entitled to receive such excess. (b) If Landlord determines that the cost of the Landlord's Work, will exceed the Allowance, then prior to commencement of the Landlord's Work, Landlord will submit to Tenant a cost estimate for the Landlord's Work ("Cost Estimate") which Tenant shall approve or reject within seven (7) days after receipt thereof. It is understood that the cost of Landlord's Work shall include Landlord's then applicable construction supervision fee which shall not exceed be either (a) five percent (5%) of the Job Cost (defined below) between $50,000 and $100,000, or (b) four percent (4%) of the total cost of the Landlord's Work, the cost of Tenant's space plan, the cost of the Plans, and the costs of the installation of the cable described in Section 1.01(b)(4)Job Cost that exceeds $100,000. Tenant's failure to reject the Cost Estimate within said seven (7) day period shall be deemed to be an acceptance thereof. If Tenant rejects the Cost Estimate, Tenant shall, together with such rejection, propose such changes to the Plans as will cause the Cost Estimate to be acceptable. If the accepted Cost Estimate exceeds the Allowance, then Tenant shall pay to Landlord the amount of such excess within ten (10) business days after receipt by Tenant of a bill ▇▇▇refor, but in no event later than the Commencement Expansion Date.

Appears in 2 contracts

Sources: Office Lease (Pegasus Systems Inc), Office Lease (Pegasus Systems Inc)

Landlord’s Work. Landlord, through its independent designated contractor, shall install in the Premises those initial improvements specified in the Approved Space Plan and Final Construction Drawings (a) collectively with any subsequent modifications or additions, “Landlord’s Work”). Landlord shall furnish and install substantially in accordance with the Plans the materials and items described therein ("Landlord's Work"). The Plans, the costs of Tenant's space plan, Landlord's Worknot be obligated to provide any improvements, and the installation of cable described in Section 1.01 (b)(4), Premises shall be at Tenant's sole cost and expensedelivered containing no property of any kind, provided that other than Landlord’s Work. Tenant shall be entitled to pay all costs and expenses (including a credit against construction management fee in the cost amount of the Plans, the costs of Tenant's space plan, Landlord's Work, and the installation of cable described in Section 1.01(b)(4), in an amount up to the lesser of (a) $178,500, (i.e., $6.00, multiplied by the area of the Premises) or (b) the actual costs of the Plans and the Landlord's Work (the "Allowance"). (b) If Landlord determines that the cost of the Landlord's Work, will exceed the Allowance, then prior to commencement of the Landlord's Work, Landlord will submit to Tenant a cost estimate for the Landlord's Work ("Cost Estimate") which Tenant shall approve or reject within seven (7) days after receipt thereof. It is understood that the cost of Landlord's Work shall include Landlord's then applicable construction supervision fee which shall not exceed four three percent (43%) of the total cost of the Landlord's Workinitial buildout), and all fees and charges for utilities during the cost initial buildout) incurred in connection with the Leasehold Improvements to the extent such costs and expenses exceed an allowance (the “Initial Allowance”) equal to the product of Tenant's space plan(a) thirty-six and 00/100 dollars ($36.00), multiplied by (b) the number of square feet of rentable area in the Premises. Tenant shall not receive any credit, cash or otherwise, for any unused portion of the Allowance. Notwithstanding the foregoing, in the event that the cost of the Planscompletion of the Landlord’s Work of the Premises exceeds the Initial Allowance, Landlord, at Tenant’s written request, shall contribute an additional allowance (the “Additional Allowance”) equal to the product of (a) ten and 00/100 dollars ($10.00), multiplied by (b) the number of square feet of rentable area in the Premises. The full amount of the Additional Allowance will be amortized over the Lease Term, at an interest rate of nine percent (9%) per annum, and the costs of the installation of the cable described in Section 1.01(b)(4). Tenant's failure to reject the Cost Estimate within said seven (7) day period shall be payable, as Additional Rent, along with Tenant’s monthly installments of Base Rent, in accordance with the provisions of Article IV. The Initial Allowance and Additional Allowance are collectively referred to be an acceptance thereof. If Tenant rejects as the Cost Estimate, Tenant shall, together with such rejection, propose such changes to the Plans as will cause the Cost Estimate to be acceptable. If the accepted Cost exceeds the Allowance, then .” Tenant shall pay fifty percent (50%) of Landlord’s reasonable estimate of those costs and expenses (if any) which exceed the Allowance on or before the later to occur of (i) the earlier to occur of (A) the date the preliminary space plan is prepared and delivered to Tenant, or (B) the date of Tenant’s execution of the Lease, or (ii) the tenth (10th) day after the date Landlord the amount gives Tenant notice of Landlord’s estimate of such excess expenses. Tenant shall pay twenty-five percent (25%)/the remainder of of such estimate within ten (10) business days after Tenant’s receipt by Tenant of a bill notice stating that Landlord’s Work are fifty percent (50%) complete, as reasonably determined by Landlord. Tenant shall pay for all such costs and expenses (minus any estimated payments made as aforesaid) when Landlord’s Work are substantially complete and Tenant receives a ▇▇▇refor▇ therefor. Tenant shall pay such ▇▇▇▇, but in if any, no event later than the earlier of the Lease Commencement DateDate or ten (10) days after Tenant’s receipt thereof. All amounts payable pursuant to this Exhibit by Tenant shall be considered additional rent and are subject to the provisions of the Lease.

Appears in 1 contract

Sources: Office Lease Agreement (Synchronoss Technologies Inc)

Landlord’s Work. (aLandlord shall, with diligence and dispatch, at its --------------- sole cost and expense, demolish the existing tenant installation as necessary, install the electric submeters referred to in Section 5(c), construct such demising walls as are necessary to separate the Leased Premises from the remainder of the Building based upon plans prepared by Tenant's architect and approved by Landlord pursuant to the terms and provisions of Section 9(a) hereof, and, to the extent required as a result of such division, adjust the Building's fire alarm system and damper. In addition, Landlord shall furnish and install substantially in accordance deliver the Leased Premises to Tenant with the Plans following work completed: (i) primary HVAC distribution system up to and including the materials main HVAC duct serving the Leased Premises; (ii) electrical services of 8 ▇▇▇▇▇ per rentable square foot, (iii) the sprinkler system which is currently installed in the Leased Premises, including the existing branch distribution, and items described therein (iv) uninterruptable power service/emergency power service ("UPS/EPS") capability of 175 KVA. Tenant shall be responsible for the connection of the UPS/EPS system to Tenant's equipment. Landlord's Work"). The Plans, the costs current estimate of Tenant's space planprorated annual cost for use of the UPS/EPS system is Eight Thousand Dollars ($8,000.00); however, this shall not be intended nor construed as a representation as to future costs for operation of this system. Tenant acknowledges that the Leased Premises have been fully built out with a modern computer installation, including substantial Building and tenant enhancements and alterations, and, subject only to the foregoing provisions concerning Landlord's Work, Tenant agrees to accept the Leased Premises in the current "as is" condition. Tenant agrees to reimburse Landlord upon request for any out-of-pocket third-party costs reasonably incurred by Landlord in reviewing Tenant's plans. Landlord and Tenant hereby agree that (i) if at any time after the installation commencement of cable described in Section 1.01 the Term, any Governmental Authority shall contend or declare that the Common Areas do not comply with the Americans with Disabilities Act (b)(4the "Act"), Landlord shall be promptly perform such work as is necessary to cause the Common Areas to comply with the Act, at Landlord's sole cost and expense to the extent the Common Areas do not comply in all material respects with the Act as of the date hereof, and (ii) if at any time after the commencement of the Term, any Governmental Authority shall contend or declare that the Leased Premises do not comply with the Act, Tenant shall promptly perform such work as is necessary to cause the Leased Premises to comply with the Act, at Tenant's sole cost and expense. It is expressly understood and agreed that once Landlord's Work is completed. Landlord shall deliver possession of the Leased Premises so that Tenant's sole obligation is to obtain a building permit, provided that if necessary, for Tenant's Initial Work to the Leased Premises. Landlord shall provide Tenant with the use of two (2) 40 ton Liebert Air Handler Units (the "Liebert Units") with dehumidification for Tenant's data center on an "as-is" basis", which shall be entitled in working condition at the time of turnover to a credit against Tenant. Landlord expressly disclaims all warranties and representations express or implied, as to such Units or the cost condition thereof, including warranties of merchantability and fitness for use. Tenant to be responsible for any costs associated with relocation of the PlansUnits, as well as the operation, replacement and maintenance of these Units. Landlord shall be responsible for the costs of Tenant's space plan, Landlord's Work, and the installation of cable described in Section 1.01(b)(4), in an amount up repiping chilled water connections to the lesser of (a) $178,500Liebert Units. Said Units shall, (i.e.however, $6.00, multiplied by remain the area of the Premises) or (b) the actual costs of the Plans and the Landlord's Work (the "Allowance"). (b) If Landlord determines that the cost of the Landlord's Work, will exceed the Allowance, then prior to commencement of the Landlord's Work, Landlord will submit to Tenant a cost estimate for the Landlord's Work ("Cost Estimate") which Tenant shall approve or reject within seven (7) days after receipt thereof. It is understood that the cost property of Landlord's Work shall include Landlord's then applicable construction supervision fee which shall not exceed four percent (4%) of the total cost of the Landlord's Work, the cost of Tenant's space plan, the cost of the Plans, and the costs of the installation of the cable described in Section 1.01(b)(4). Tenant's failure to reject the Cost Estimate within said seven (7) day period shall be to be an acceptance thereof. If Tenant rejects the Cost Estimate, Tenant shall, together with such rejection, propose such changes to the Plans as will cause the Cost Estimate to be acceptable. If the accepted Cost exceeds the Allowance, then Tenant shall pay to Landlord the amount of such excess within ten (10) business days after receipt by Tenant of a bill ▇▇▇refor, but in no event later than the Commencement Date.

Appears in 1 contract

Sources: Lease Agreement (Knight Trimark Group Inc)

Landlord’s Work. (a) Landlord shall furnish and install substantially in accordance with perform the Plans the materials and items work described therein on Exhibit D hereto ("Landlord's Work"). The Plans, the costs of Tenant's space plan, ) on a "turn-key" basis at Landlord's Work, and the installation of cable described in Section 1.01 (b)(4), shall be at Tenant's sole cost and expense. Landlord's Work shall be designed and constructed by architects and contractors selected by Landlord. Notwithstanding the foregoing, provided that if Tenant does not exercise its Extension Right (as defined in Section 38 hereof), Tenant shall be entitled to a credit against reimburse Landlord for the unamortized cost of the Plans, the costs of Tenant's space plan, Landlord's Work, and the installation of cable described in Section 1.01(b)(4), Work in an amount up equal to the lesser of (a) $178,500, (i.e., $6.00, multiplied by the area 3.50 per rentable square foot of the Premises) or (b) the actual costs of the Plans and the Landlord's Work , but in no event less than $26,166.00 (the "AllowanceTermination Fee"). (b) If Landlord determines that the cost . Payment of such Termination Fee in full shall be a condition of surrender of the Premises pursuant to Section 27 hereof. In consideration of Landlord's Work, will exceed the Allowance, then prior agreement to commencement of the Landlord's Work, Landlord will submit to Tenant a cost estimate for the Landlord's Work ("Cost Estimate") which Tenant shall approve or reject within seven (7) days after receipt thereof. It is understood that bear the cost of Landlord's Work as specified above, Tenant shall include deliver to Landlord, prior to Landlord's then applicable construction supervision fee which shall not exceed four percent (4%) commencement of the total cost of the Landlord's Work, a warrant (the cost "TI Warrant") in the form attached to this Lease as Exhibit E, entitling the holder thereof to purchase 62,500 preferred shares of Tenant at a price of $.80 per share. (b) Tenant shall have the right, exercisable by written notice to Landlord, to request reimbursement from Landlord for all amounts due and payable (the "Remaining Obligation") to Oscient Pharmaceuticals Corporation ("Oscient"), the sublandlord under the Sublease by and between Oscient and Tenant for certain premises at ▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇▇▇▇▇ (the "Sublease"), as a result of Tenant's space plan, the cost termination of the Plans, and the costs of the installation of the cable described in Section 1.01(b)(4)Sublease. Tenant's failure to reject the Cost Estimate within said seven (7) day period Such Remaining Obligation shall be to be in an acceptance thereof. If amount as reasonably determined by Tenant rejects the Cost Estimateor as finally determined by a court of competent jurisdiction, Tenant shall, together with such rejection, propose such changes to the Plans as will cause the Cost Estimate to be acceptable. If the accepted Cost exceeds the Allowance, then Tenant but shall pay to Landlord in no event exceed the amount of base rent payments due and payable under the Sublease from the Commencement Date of this Lease through November 15, 2006. Such reimbursement shall be limited to the amount owed for base rent under the Sublease. In no event shall Landlord be responsible for any legal fees or costs of suit incurred by Tenant as a result of any action Oscient may take as a result of such excess early termination or of any default or claimed default of Tenant under the Sublease. In consideration of Landlord's agreement to reimburse such amounts, if Tenant elects to be reimbursed for the Remaining Obligation by Landlord as aforesaid, Tenant shall execute and deliver to Landlord, with Tenant's notice requesting reimbursement of the Remaining Obligation, a warrant (the "RO Warrant") in the form attached to this Lease as Exhibit F, entitling the holder thereof to purchase the RO Calculable Number of shares of Series B Preferred Stock of Tenant at a price of $.80 per share, subject to adjustment as provided in such form of warrant. Landlord shall reimburse the Remaining Obligation to Tenant within ten (10) business 30 days after Landlord's receipt of Tenant's notice and the RO Warrant as aforesaid. The "RO Calculable Number" equals the amount of the Remaining Obligation paid by Tenant Landlord under this Section 8(b) divided by $.80, as the same maybe adjusted for stock splits, stock dividends, recapitalizations and the like applicable to the Series B Preferred Stock. Landlord's obligations under this Section 8(b) shall survive the expiration or earlier termination of a bill ▇▇▇refor, but in no event later than the Commencement Datethis Lease.

Appears in 1 contract

Sources: Lease Agreement (Sirtris Pharmaceuticals, Inc.)

Landlord’s Work. (a) Landlord shall furnish and install substantially in accordance provide Tenant with the Plans the materials and items described therein ("Landlord's Work"). The Plans, the costs of Tenant's space plan, Landlord's Work, and the installation of cable described in Section 1.01 (b)(4), shall be at Tenant's sole cost and expense, provided that Tenant shall be entitled to a credit against the cost turnkey construction of the Plans, Premises by performing the costs of Tenant's space plan, Landlord's Work, and work shown on the installation of cable described in Section 1.01(b)(4), in an amount up to the lesser of (a) $178,500, (i.e., $6.00, multiplied by the area of the Premises) or (b) the actual costs of the Plans and the Landlord's Work plan attached hereto as Exhibit C (the "Allowance")“Landlord Work Plan”; and such work being referred to herein as the “Landlord’s Work”. (b) If Landlord shall enter into a direct contract (“Construction Contract”) for Landlord’s Work with a general contractor selected by Landlord (the “General Contractor”). The General Contractor shall obtain all approvals and permits required by applicable Legal Requirements (as defined in Section 11.7 hereof) to perform the Landlord’s Work. Landlord shall be responsible for performing the Landlord’s Work; provided, however, (i) in no event shall Landlord be obligated to perform any work or alterations which are not shown on the Landlord Work Plan; and (ii) in no event shall Landlord be obligated to expend an amount in excess of the Landlord’s Contribution on account of the Landlord’s Work. Landlord’s Contribution shall be applied toward all of the costs and expenses incurred by Landlord arising out of and in connection with performing the Landlord’s Work, including, without limitation, architectural and engineering fees, construction costs, permit fees, overhead and profit of the general contractor, costs and expenses for the purchase and installation of improvements and a construction management fee payable to Landlord in the amount of three percent (3%) of all costs incurred for Landlord’s Work up to the amount of the Landlord’s Contribution; it being agreed that Tenant shall not be required to pay any construction management fee attributable to Tenant’s Contribution. If, from time to time, Landlord determines in its good faith reasonable discretion that the cost of performing the Landlord's Work, ’s Work will exceed the Allowance, then prior to commencement amount of the Landlord's Work’s Contribution, Landlord will submit to shall notify Tenant a cost estimate for (the Landlord's Work ("Cost Estimate") which Tenant shall approve or reject within seven (7) days after receipt thereof. It is understood that the cost of Landlord's Work shall include Landlord's then applicable construction supervision fee which shall not exceed four percent (4%Overrun Notice”) of the total estimated amount of such cost of overruns (the Landlord's Work, the cost of Tenant's space plan, the cost of the Plans, and the costs of the installation of the cable described in Section 1.01(b)(4“Cost Overruns”). Tenant's failure to reject Within five (5) business days after Landlord sends the Cost Estimate Overrun Notice, Tenant shall notify Landlord whether Tenant accepts or rejects the Cost Overruns; provided, that if (i) Tenant fails to respond to Landlord within said seven such five (75) business day period period, then Tenant shall be deemed to have approved the Cost Overruns and Landlord shall be an acceptance thereof. If permitted to perform Landlord’s Work with respect thereto or (ii) if Tenant rejects the Cost EstimateOverruns, then Landlord and Tenant shall, together with will reasonably cooperate to determine the same within three (3) business days and any day after such rejection, propose such changes three (3) business day period to the Plans as will cause the Cost Estimate do so shall be deemed to be acceptablea Tenant Delay. If the accepted Cost exceeds the Allowance, then Tenant shall pay to Landlord the amount of such excess Landlord, within ten (10) business days after receipt by Landlord incurs such costs and provides reasonable evidence to Tenant of the same, as Additional Rent, a bill ▇▇▇refor, but in no event later than sum equal to the amount of such excess of the costs and expenses of performing Landlord’s Work over the amount of the Landlord’s Contribution (the “Tenant’s Contribution”). Notwithstanding the occurrence of the Commencement Date, Tenant shall not be permitted to commence occupancy of the Premises unless and until Tenant delivers the Tenant’s Contribution. Tenant shall have the right to appoint a construction representative (“Tenant’s Representative”), at Tenant’s sole cost and expense, to interface with Landlord and its construction team during Landlord’s Work. Landlord shall keep Tenant’s Representative reasonably updated as to the progress of Landlord’s Work and the costs associated therewith (i.e., progress towards the maximum amount of Landlord’s Contribution). (c) If any part of Landlord’s Work is delayed from being Substantially Completed as a result of or arising out of a Tenant Delay (as defined below), then Landlord’s Work shall be deemed to have been Substantially Completed on the date that such work would have been Substantially Completed but for such Tenant Delay. Without limiting the foregoing, if the Landlord’s Work is deemed Substantially Completed as aforesaid, but the Landlord’s Work is not in fact Substantially Completed, then Tenant shall not (except with Landlord’s prior written consent) be entitled to take possession of the Premises for any purpose until the Landlord’s Work is in fact Substantially Completed. As used herein, “Tenant Delay” shall mean any delay in the performance of the work required by Landlord pursuant to Section 7.1 of this Lease that actually delays Landlord’s Work by one (1) day or more and/or the issuance of a building permit or certificate of occupancy arising out of or resulting from the following: (i) any delay and/or default on the part of Tenant or its agents (including Tenant’s Representative), engineers, architects, or contractors, or (ii) any interference with the performance of the work required hereunder by Landlord by Tenant or any of its agents (including Tenant’s Representative), engineers, architects, or contractors, or (iii) any other action or inaction by Tenant or any of Tenant’s agents (including Tenant’s Representative), engineers, architects, or contractors.

Appears in 1 contract

Sources: Lease Agreement (Motus GI Holdings, Inc.)