Payment of Construction Costs. In the manner provided in this Section 1.2, Landlord shall pay to Tenant a “Construction Allowance” equal to the sum of: (i) Fifty Thousand Dollars, plus (ii) Thirty-Seven and 50/100s Dollars ($37.50) multiplied by the Rentable Area of the Premises (excluding the Storage Space). Tenant shall have the right to exercise any of its remedies at law if Xxxxxxxx fails to disburse the Construction Allowance to Tenant in accordance with the provisions of this Lease. Tenant shall not be entitled to a credit for any unused portion of the Construction Allowance in the form of rent abatement or otherwise. Before commencement of any portion of Tenant’s Work, Tenant shall pay to Landlord or Landlord’s lender an amount reasonably determined by Landlord to be the costs of constructing and purchasing all elements of the Tenant’s Work, minus the amount of the Construction Allowance (the “Tenant Deposit”). If permitted by Xxxxxxxx’s lender, the Tenant’s Deposit shall be deposited in a non-interest bearing account. Monthly during the construction of the Tenant’s Work, Landlord shall disburse to Tenant, or at Landlord’s option directly to Tenant’s contractors or materialmen, a portion of the Construction Allowance and a portion of the Tenant Deposit (in the ratios which the Construction Allowance and the Tenant Deposit bear to each other) to pay 90% of all hard and soft costs of construction incurred during such month in connection with the Tenant’s Work. Landlord obligation to make such disbursement shall be subject to Landlord’s receipt of the following: (i) copies of paid invoices and conditional lien waivers in connection with all such work, (ii) a certification by Xxxxxx’s architect that all such work has been performed in accordance with plans and specifications approved by Landlord, and (iii) such other information that may be reasonably requested by Landlord or Landlord’s lender. Upon substantial completion of Tenant’s Work, Tenant shall submit to Landlord a written notice indicating that Xxxxxx has completed Tenant’s Work, which notice shall be accompanied by all of the following (collectively, “Tenant’s Completion Notice”): (i) copies of paid invoices and unconditional lien waivers from Tenant’s general contractor and all subcontractors and material suppliers, showing that full payment has been received for the construction of all aspects of Tenant’s Work; (ii) certification from Tenant’s architect that to the best of its knowledge all of Tenant’s Work has been compl...
Payment of Construction Costs. Landlord shall pay for the costs to construct the Tenant Improvements based on the Tenant Improvements described as of the date hereof. Any additional costs due to changes in the Tenant Improvements requested by Tenant, or the selection by Tenant of non-standard building materials or colors, or as a result of any Tenant Delay shall be paid by Tenant as provided in section 4 below.
Payment of Construction Costs. Landlord shall pay for the costs to ----------------------------- construct the Tenant Improvements based on the Space Plan in existence as of the date hereof. Any additional costs due to changes in the Tenant Improvements reflected in the Space Plan or in the Construction Plans requested by Tenant or as a result of any Tenant Delay shall be paid by Tenant as provided in section 4 below.
Payment of Construction Costs. Lender shall be under no duty or obligation to anyone to ascertain whether Borrower has used or will use the Loan proceeds for the payment of bills incurred by Borrower in connection with the construction of the Improvements. Payment of all bills for labor and materials in connection with the construction of the Improvements shall be Borrower's responsibility, and Lender's sole obligation shall be to advance the proceeds of the Loan subject to, and in accordance with this Loan Agreement.
Payment of Construction Costs. The Municipality shall pay: (i) fifty percent (50%) of the costs related to Paving performed by the Province, plus applicable taxes; and (ii) one hundred percent (100%) of the costs related to any Additional Work performed by the Province, plus applicable taxes. These payments must be made within sixty (60) days of the Municipality’s receipt of the Province’s applicable invoice(s).
Payment of Construction Costs. Landlord and Tenant shall each bear their own cost for performance of their respective obligations under this Improvement Agreement, except that Tenant shall reimburse Landlord for the amount, if any, by which the TI Cost exceeds the TI Allowance in the following manner: Landlord shall submit receipted bills and/or lien releases evidencing Landlord's payment of TI Costs in such amounts and at such times as bills are submitted to Landlord for the TI Costs by Contractors and Suppliers for Tenant Improvement work in place prior to the date of the bill (x "TI Progress Cost"). On or before the twenty-fifth (25th) day following receipt of the request, Tenant shall pay to Landlord a sum equal to (i) the TI Progress Cost times a fraction, the numerator of which shall be equal to the TI Cost Estimate minus the TI Allowance and the denominator of which shall be equal to the TI Cost Estimate, minus (ii) the sums previously reimbursed by Tenant to Landlord; provided, however that in no event shall Tenant be required to reimburse Landlord (1) for more than 90% of the difference between the TI Cost Estimate and the TI Allowance prior to the Substantial Completion Date, (2) so long as Landlord has failed to use the reimbursements previously paid by Tenant to discharge the obligation of the Landlord to the Contractors and Suppliers, or (3) so long as Landlord is in default of its obligations under this Improvement Agreement in any material respect.
Payment of Construction Costs. Landlord's construction allowance for the Tenant Improvements for the Additional space shall be $339,210.00 too (super square foot of the Additional Space) ("Landlord's Additional Construction Allowance) Tenant Improvements for the Additional Space (which Tenant Improvements shag rot Include the Landlord's Warts (Landlord's wont shall be a worst for the building that is not Tenant improvements, whether such Tenant Improvements are to ft Original Pa the Additional Space], but shall include ft architectural fees and acts of Calpo/Horn/Macaulay/Doug xxx xxx Pxxxxxx). Xx xs Intended that the monthly Base Rent shad rat be increased ( the Increase in t construction costs Is simply bemuse construction coats for the Tenant Improvements for the Additional Space were higher than expected, and f monthly Base Rent shag not be decreased if there is a decease in the construction costs aft* because construction costs for the Tenant Improvements for the Additional Space were lower titan expected. In the event the actual construction costs of the Tenant Improvements for the Additional Spew exceeds or is less than Landlord's Additional Construction Allowance solely due to Tenant changes h ft Tenant Improvement for the Additional Space, Landlord shall pay such actual construction cuts; provided, however, that there shall be an adjustment in the occurrence of the Additional Space Base Rent increase Date (either to lengthen or shortest the time period before which the Increased Base Rent for the Additional Space becomes effective and payable) as follows:
(i) If the actual Construction Costs for the Tenant Improvements for the Additional Space are greater titan Landlord's Additional Construction Allowance due solely to Tenant's changes, then the amount of such excess shag be paid try Tenant to Landlord in the form of a shortening of the time period before which the Additional Space Base Rent Increase Date oars. For example, If such excess Is $30,000.00, then the Additional Space Base Rent Increase Date shag occur sooner by four (4) months (and the $627.20 remainder shall be paid by Tenant to Landlord as additional Base Rent for the Additional Space in the month preceding the Additional Space Base Rent Increase Dot:).
(ii) Alternatively, if the actual Construction Costs fix the Tenant Improvements for the Additional Space ass less than Landlord's Additional Construction Allowance due solely to Tenant's changes, then the shortfall shall be recaptured by Tenant in tile form of a l...
Payment of Construction Costs. (a) Except as provided in subsection (b) below and in Section 3.03, amounts in the Construction Fund shall be disbursed for Construction Costs. Disbursements from the Construction Fund shall be made by the Trust Administrator upon receipt of a sequentially numbered requisition, a form of which is attached as Exhibit B, requesting disbursement executed by a District Representative and by the Government as the Certificate Owner. Each such requisition shall:
(i) set forth the amounts to be disbursed for payment or reimbursement of previous payments of Construction Costs and the person or persons to whom said amounts are to be disbursed;
(ii) state that the amounts to be disbursed constitute Construction Costs, that said amounts are required to be disbursed pursuant to a contract entered into therefor by or on behalf of the Authority or the District, or were necessarily and reasonably incurred, and that said amounts are not being paid in advance of the time, if any, fixed for payment;
(iii) state that no amount set forth in the requisition was included in any requisition requesting disbursement previously filed with the Trust Administrator pursuant to this Section 3.02;
(iv) state that there has been compliance with Section 11.07 hereof relating to the use of the Construction Fund;
(v) state that insofar as such requisition relates to payment for work, materials, equipment or supplies, such work was actually performed, or such materials, equipment or supplies were actually installed in furtherance of the construction of the Project or delivered to the appropriate site for such purpose, or delivered for storage or fabrication at a place approved by the District; and
(vi) if such requisition relates to payment to a contractor, state that no liens have been imposed on the Project as a result of said construction except liens that have not yet ripened or that would attach by operation of law.
(b) The Trust Administrator shall be responsible for the safekeeping and investment (in accordance with Section 8.02 hereof) of the moneys held in the Construction Fund and the payment
Payment of Construction Costs. Each Member with an Ownership Interest may, within six (6) months of the receipt of the Feasibility Report together with an estimate of Construction Costs, give the Manager notice committing to contribute its Proportionate Share of Construction Costs to the Company. If after six (6) months from the delivery of the Feasibility Report, a Member has either provided the Manager with notice that it will not contribute Construction Costs to the Company, or has not provided any notice at all (hereinafter referred to as the “Departing Participant”), the other Member (the “Remaining Participant”) shall be entitled to commence construction and development, in which case it shall be obligated to purchase, and the Departing Participant shall be obligated to sell, the Departing Participant’s Ownership Interest, for fair market value, as determined by the procedure set forth in Section 15.3.
Payment of Construction Costs. Tenant shall pay for the Construction Costs for the Tenant Improvements, except as provided in the next sentence. Landlord shall only be responsible to Tenant for payment of the Construction Costs for the Tenant Improvements up to the lesser of the (a) actual Construction Costs for the Tenant Improvements, and (b) amount of the Landlord’s Fifth Floor East Wing Premises Allowance (the lesser of (a) and (b) shall be referred to herein as “Landlord’s Maximum Construction Cost Obligation”). If the aggregate Construction Costs for the Tenant Improvements are greater than Landlord’s Maximum Construction Cost Obligation, then Tenant shall be solely responsible for such additional costs above Landlord’s Maximum Construction Cost Obligation.
