Common use of Leasehold Improvements Allowance Clause in Contracts

Leasehold Improvements Allowance. (a) In consideration of Lessee’s exercise of its Second Option, upon execution of this Second Amendment, Lessor shall provide Lessee a leasehold improvements allowance (the “Leasehold Improvements Allowance”) in the amount of Fifteen Million Nine Hundred Sixty-Five Thousand Eight Hundred Sixty-Five Dollars ($15,965,865) ($45.00 per rentable square foot) to be used for the costs of relocating from other facilities to the Premises on or after June 24, 2009, constructing Lessee’s desired improvements and alterations within the Premises after the Effective Date (“Leasehold Improvements”), consulting and permit fees and other costs incurred by Lessee in connection with the Leasehold Improvements on or after June 24, 2009 (collectively, the “Leasehold Improvement Costs”). The Leasehold Improvements Allowance shall be made available to Lessee immediately following the execution of this Amendment and shall be disbursed in accordance with this Paragraph 15. The Leasehold Improvement Allowance shall be net of any costs and expenses incurred by Lessor either on its own behalf or on behalf of Lessee in connection with any alterations or renovations required by this Second Amendment, provided that Lessee shall reimburse Lessor for the actual third party out-of-pocket costs and expenses reasonably incurred by Lessor with respect to any consultants retained by Lessor in connection with Lessee’s performance of the Leasehold Improvements. Without limiting the generality of the foregoing, Lessee shall not be obligated to reimburse Lessor for Lessor’s administrative, management or supervision costs in connection with Lessee’s installation of the Leasehold Improvements, nor shall any such administrative, management or supervision costs be deducted from the Leasehold Improvements Allowance.

Appears in 3 contracts

Samples: Lease (Levi Strauss & Co), Lease (Levi Strauss & Co), Lease (Levi Strauss & Co)

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Leasehold Improvements Allowance. Landlord will construct and install the improvements described on Exhibit "F" to the Lease (a"Landlord Improvements") In consideration on the first (1/st/), second (2/nd/) and third (3/rd/) floors of Lessee’s exercise the Leased Premises at no cost or charge to Tenant, subject to the provisions of its Second Option, upon execution Section 3.03(a) and Section 3.03(b) of this Second AmendmentLease Agreement. Tenant currently occupies the fourth (4th) floor pursuant to the Newpark Sublease and no Landlord Improvements are required therein, Lessor shall except to the extent such Landlord Improvements were not provided as specifically required under the Newpark Sublease. In addition, subject to the provisions of Exhibit "G" ("Workletter"), Landlord will provide Lessee a leasehold improvements allowance (the “Leasehold Improvements Allowance”) in the amount of Fifteen Million Nine Hundred Sixty-Five Thousand Eight Hundred Sixty-Five Dollars (Allowance to Tenant equal to $15,965,865) ($45.00 28.00 per rentable square footfoot of the first (1/st/), second (2/nd/) to be used and third (3/rd/) floors of the Leased Premises as an allowance for the costs of relocating from Tenant's Leasehold Improvements over and above the Landlord Improvements, which will include fees of design professionals, labor and materials costs, permit fees, signage, cabling and other facilities telecommunication costs, moving expenses and related costs, which may be applied to any improvements desired by Tenant within the Initial Leased Premises or Additional Premises. In the event Tenant does not use the entire Leasehold Improvements Allowance, Tenant shall have the right to apply such unused portion to the first Base Rental payments due hereunder. If Tenant exercises either the Additional Premises Option or the Fifth Floor Expansion Option, Landlord will provide a Leasehold Improvements Allowance equal to $28.00 per rentable square foot for the fifth (5/th/) floor, provided, however, if such exercise occurs after December 31, 2002, the fifth (5/th/) floor Tenant Improvements Allowance will be prorated to equal the result obtained from the following calculation: $724,920 x A = Prorated full fifth floor Tenant Improvements Allowance - B where A = the number of days between the date the term commences for either the Additional Premises or Expansion Space with respect to the fifth floor and March 31, 2011; and B = the number of days between December 31, 2002 and March 31, 2011. The foregoing formula provides a full fifth (5th) floor prorated Tenant Improvements Allowance. In the event Tenant exercises the Additional Premises Option or the Fifth Floor Expansion Option as to less than all of the space in the fifth (5th) floor, the prorated Tenant Improvements will be further prorated to reflect the total number of rentable square feet taken by Tenant thereunder. No Leasehold Improvement Allowance will be given for space on or after June 24, 2009, constructing Lessee’s desired improvements and alterations within the fourth (4/th/) floor of the Leased Premises after the Effective Date (“Leasehold Improvements”), consulting and permit fees and other costs incurred by Lessee in connection with but the Leasehold Improvements on or Allowance may be utilized for any improvements made by Tenant to the fourth (4/th/) floor, provided such improvements are made within ten (10) months after June 24the Commencement Date. In the event Tenant exercises the Sixth Floor Expansion Option, 2009 (collectively, the “Leasehold Improvement Costs”). The Landlord will provide a Leasehold Improvements Allowance shall be made available equal to Lessee immediately following $5.00 per rentable square foot on the execution of this Amendment and shall be disbursed in accordance with this Paragraph 15. The Leasehold Improvement Allowance shall be net of any costs and expenses incurred by Lessor either on its own behalf or on behalf of Lessee in connection with any alterations or renovations required by this Second Amendmentsixth (6/th/) floor ($129,450), provided that Lessee shall reimburse Lessor provided, however, if the lease term for the actual third party out-of-pocket costs and expenses reasonably incurred by Lessor with respect Sixth Floor Expansion Space commences after March 31, 2006, the sixth floor Tenant Improvements Allowance will be prorated to any consultants retained by Lessor in connection with Lessee’s performance of equal the Leasehold Improvements. Without limiting the generality of the foregoing, Lessee shall not be obligated to reimburse Lessor for Lessor’s administrative, management or supervision costs in connection with Lessee’s installation of the Leasehold Improvements, nor shall any such administrative, management or supervision costs be deducted result obtained from the Leasehold following calculation: $129,450 x A = Prorated sixth floor Tenant Improvements AllowanceAllowance - B where A = the number of days between the date the lease term commences for the Sixth Floor Expansion Space and March 31, 2011; and; B = the number of days between March 31, 2006 and March 31, 2011.

Appears in 1 contract

Samples: Lease Agreement (Wells Real Estate Investment Trust Inc)

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