Common use of Procedure for Disbursement of the Tenant Improvement Allowance Clause in Contracts

Procedure for Disbursement of the Tenant Improvement Allowance. Upon Substantial Completion of the Tenant Improvements and payment of full by Tenant of all such Tenant Improvements, Tenant shall have the right to deliver to Landlord such invoices marked paid and other evidence as Landlord shall reasonably require of the cost of the design of the Tenant Improvements and the cost of the Tenant Improvements already constructed and Landlord shall pay within forty-five (45) days of such an amount up to the TI Allowance; provided, however, that no invoices or other evidence shall not be submitted by Tenant to Landlord until all of the following, have occurred: (i) Landlord has reasonably and timely determined that all of the Tenant Improvements have been Substantially Completed in accordance with the Construction Documents, based upon certifications satisfactory to Landlord delivered by Tenant and Tenant’s architect; (ii) Tenant shall have complied with the requirements set forth in Section 3.7 above; (iii) Tenant shall have submitted to Landlord a cost breakdown of Tenant’s final and total construction costs incurred in connection with the Tenant Improvements, together with receipted invoices showing evidence of full payment therefor; (iv) Tenant shall have completed Landlord’s punchlist items; and (v) the Lease shall be in full force and effect.

Procedure for Disbursement of the Tenant Improvement Allowance. Upon Substantial Completion On or before the twenty-fifth (25th) day of each calendar month during the construction of the Tenant Improvements and payment of full by Tenant of all such Tenant Improvements, but in no event more frequently than once every thirty (30) days, Tenant shall have the right to deliver to Landlord such invoices marked paid and other evidence as Landlord shall reasonably require of the cost of the design of the Tenant Improvements and the cost of the Tenant Improvements already constructed and Landlord shall pay within forty-five (45) days of confirmation of such an amount up the amount invoiced by Tenant's architect or Tenant's general contractor (subject to a retexxxxx of 10%), but in xx xxxnt shall the TI aggregate of all of Landlord's payments exceed the amount of the Tenant Improvement Allowance; provided, however, that no such invoices or and other evidence shall not be submitted by Tenant to Landlord until all of the following, if appropriate, have occurred: (i) Landlord has reasonably and timely determined that all of the Tenant Improvements constructed to date have been Substantially Completed satisfactorily completed in accordance with the Construction Documents, based upon certifications satisfactory to Landlord delivered by Tenant and Tenant’s 's architect; and (ii) Tenant has delivered to Landxxxx xnvoicxx xxx unconditional partial lien releases from the general contractor and each subcontractor. Following substantial completion of the Tenant Improvements and prior to Landlord's final disbursement of the Tenant Improvement Allowance (which shall have complied include a retention of ten percent (10%) of the Tenant Improvement Allowance), Tenant shall comply with the requirements set forth in Section 3.7 3.8 above; , together with the following: (iiia) Tenant shall have submitted to Landlord a cost breakdown of Tenant’s 's final and total construction costs incurred in connection with the Tenant Improvements, together with receipted invoices showing evidence of full payment therefor; (ivb) Tenant shall have completed Landlord’s 's punchlist items, which list shall be provided by Landlord to Tenant in accordance with Section 5 below; and (vc) the Lease shall be in full force and effecteffect and there shall exist no event of default under the Lease or this Work Letter, and no condition, event or act which, with the passage of time or the giving of notice, or both, would constitute an event of default under the Lease or this Work Letter.

Procedure for Disbursement of the Tenant Improvement Allowance. Upon Substantial Completion On or before the twenty-fifth (25th) day of each calendar month during the construction of the Tenant Improvements and payment of full by Tenant of all such Tenant Improvements, but in no event more frequently than once every thirty (30) days, Tenant shall have the right to deliver to Landlord such invoices marked paid and other evidence as Landlord shall reasonably require of the cost of the design of the Tenant Improvements and the cost of the Tenant Improvements already constructed and Landlord shall pay within forty-five (45) days of confirmation of such an amount up to the TI AllowanceLandlord's Share of each amount invoiced by Tenant's architect or Tenant's general contractor; provided, however, that no such invoices or and other evidence shall not be submitted by Tenant to Landlord until all of the following, if appropriate, have occurred: (i) Landlord has reasonably and timely determined that all of the Tenant Improvements constructed to date have been Substantially Completed satisfactorily completed in accordance accord-ance with the Construction Documents, based upon certifications satisfactory to Landlord delivered by Tenant and Tenant’s 's architect; and (ii) Tenant has delivered to Land-lord unconditional partial lien releases from the general contractor and each subcontractor. Following substantial completion of the Tenant Improvements and prior to Landlord's final disbursement of the Tenant Improvement Allowance (which shall have complied include a retention of ten percent (10%) of the Tenant Improvement Allowance), Tenant shall comply with the requirements set forth in Section 3.7 3.8 above; , together with the following: (iiia) Tenant shall have submitted to Landlord a cost breakdown of Tenant’s 's final and total construction costs incurred in connection with the Tenant Improvements, together with receipted invoices showing evidence of full payment therefor; (ivb) Tenant shall have completed Landlord’s 's punchlist items, which list shall be provided by Landlord to Tenant in accordance with Section 5 below; and (vc) the Lease shall be in full force and effecteffect and there shall exist no event of default under the Lease or this Addendum, and no condition, event or act which, with the passage of time or the giving of notice, or both, would constitute an event of default under the Lease or this Addendum. Notwithstanding any provision hereof to the contrary, the Tenant Improvement Allowance is available only to reimburse Tenant to the extent of qualified applications, if any, for reimbursement which meet all the requirements of this Addendum and which are submitted by Tenant to Landlord within one year after the date of the Lease, and Landlord has no obligation to pay or fund any balance of the Tenant Improvement Allowance in excess of the total of qualified applications, if any, submitted by such date and such remaining amount shall be retained by Landlord as its property free of any claim by Tenant to such amount.