Second Additional TI Allowance Clause Samples
Second Additional TI Allowance. Landlord shall continue to provide to Tenant (and to Sublessee pursuant to and in accordance with the terms and conditions of the Consent and the Amended and Restated Work Letter), the Additional Tenant Improvement Allowance in the amount of $17,382,000.00 (for clarity such allowance is hereby renamed the “Second Additional Tenant Improvement Allowance” and all references in the Lease, the Consent and the Amended and Restated Work Letter shall be revised accordingly). As of the date hereof, the Second Additional Tenant Improvement Allowance remains undisbursed and available for use. All terms and conditions in the Lease, in the Consent and in the Amended and Restated Work Letter pertaining to the use and disbursement of the Second Additional Tenant Improvement Allowance and to the computation and charging of TI Rent upon the disbursement of funds constituting such allowance shall remain in effect and unchanged by this Amendment. The parties acknowledge that the interest rate which shall be used in computing the TI Rent for disbursements of the Second Additional Tenant Improvement Allowance shall be eight percent (8%) per annum. The defined term “TI Allowance” as used in the Lease, the Consent and the Amended and Restated Work Letter is hereby amended to add and include the First Additional Tenant Improvement Allowance and the Second Additional Tenant Improvement Allowance.
Second Additional TI Allowance. In addition to the Tenant Improvement Allowance, Tenant shall have the right, by written notice to Landlord given on or before the Lease Commencement Date, to use up to $20.00 per RSF of the Premises (i.e., up to $647,400.00) (the “Second Additional TI Allowance”) towards the payment of the costs of the Tenant Improvement Allowance Items. In the event Tenant exercises its right to use all or any portion of the Second Additional TI Allowance, Tenant shall be required to pay Landlord, commencing on the date the Tenant Improvements are completed (the “Additional Payment Commencement Date”), the “Second Additional TI Allowance Payment,” as that term is defined below, in consideration of Landlord provision of the Second Additional TI Allowance. The “Second Additional TI Allowance Payment” shall be determined as the missing component of an annuity, which annuity shall have (i) the amount of the Second Additional TI Allowance utilized by Tenant as the present value amount, (ii) a number equal to the number of full calendar months then remaining in the Lease Term as the number of payments, (iii) a monthly interest factor equal to ninety-two one-hundredths percent (0.92%), which is equal to eleven percent (11%) divided by twelve (12) months per year, and (iv) the Second Additional TI Allowance Payment as the missing component of the annuity. Following the calculation of the Second Additional TI Allowance Payment, Landlord and Tenant will enter into a lease amendment in the form of Exhibit G attached hereto, to confirm the amount thereof.