PREMISES CONSTRUCTION ESCROW Sample Clauses

PREMISES CONSTRUCTION ESCROW. Landlord shall, prior to the commencement of construction of the Premises Improvements, establish an escrow ("Construction Escrow") with itself or a title company satisfactory to Landlord ("Escrow Agent"). Landlord shall deposit in the Construction Escrow as and when required amounts ("Landlord Deposits") which in the aggregate do not exceed the Improvements Allowance. If the Construction Cost is greater than the Maximum Improvements Allowance, then Tenant shall deposit in the Construction Escrow within seven (7) business days after the establishment of the Construction Escrow an amount ("Tenant Deposit") equal to the difference between (i) the Construction Cost and (ii) the Maximum Improvements Allowance. All amounts of the Construction Cost shall be paid by the Escrow Agent. All amounts payable to the Escrow Agent with respect to the creation, maintenance and disbursement of the Construction Escrow shall be the sole responsibility of Tenant.