Tenant Improvements Allowance. Tenant shall be entitled to a tenant improvement allowance (the “Tenant Improvements Allowance”) in the maximum aggregate amount of $1,220,720.00 (in a total amount equivolent to $70.58 per rentable square foot of the entire Premises initially leased hereunder) and adjusted based on the actual square footage) (the “Maximum Allowance Amount”) for the hard costs and customary soft costs, as noted below, incurred by Tenant, including, without limitation, architectural and engineering fees, construction contractor fees, Tenant’s project management fees, a 2% fee payable to Landlord or its affiliates for oversight and administrative costs related to the Tenant Improvements (“Landlord’s Project Oversight Fee”), permits, and such other costs arising from or relating to the design and construction of Tenant’s improvements which are to be permanently affixed to the Premises in accordance with this Work Letter (the “Tenant Improvements”). Landlord’s Project Oversight Fee shall be equivolent to, but not exceed, a total of 2% of the Tenant Improvement Allowance paid to Tenant. For the avoidance of any doubt, the purchase and installation of data and telecommunications cabling shall not be included in the definition of Tenant Improvements and there shall not be any Landlord’s Project Oversight Fee payable with respect to costs and expenses related thereto. Tenant agrees to keep the Landlord advised as to the progress of the work by providing copies of the Contractor’s applications for payment. In no event shall Landlord be obligated to make disbursements pursuant to this Tenant Work Letter in a total amount which exceeds the Maximum Allowance Amount. All Tenant Improvements for which the Tenant Improvements Allowance has been used to pay shall be deemed Landlord’s property under the terms of the Lease.
Tenant Improvements Allowance. (a) Tenant shall construct certain improvements to the Premises (collectively, the “Tenant Improvements”) pursuant to the terms of this Section 29. Promptly following execution of this Lease, Tenant shall submit in writing to Landlord the construction plans and specifications (the “Plans and Specs”) for the Tenant Improvements. Landlord shall respond to Tenant in writing within ten (10) business days after receipt of the Plans and Specs either approving or rejecting such Plans and Specs; provided, however, Landlord’s approval shall not be unreasonably withheld, conditioned or delayed. In the event Landlord rejects the Plans and Specs, Landlord shall include the reasons for such rejection in its written response to Tenant. Tenant shall then have ten (10) business days to revise the Plans and Specs and resubmit such Plans and Specs to Landlord. This process shall continue until Landlord approves the Plans and Specs. Tenant shall construct the Tenant Improvements in accordance with the Plans and Specs using a contractor or contractors reasonably approved in writing by Landlord before the commencement of construction. Tenant may not change the Plans and Specs without first obtaining Landlord’s consent, not to be unreasonably withheld, conditioned or delayed for non-structural changes.
(b) Landlord shall pay for the Tenant Improvements up to a maximum amount of $35,000.00 (the “Allowance”). In the event the actual cost of the Tenant Improvements exceeds the Allowance, such overage shall be borne exclusively by Tenant. Landlord makes no representation or warranty whatsoever as to the total cost of the Tenant Improvements and Tenant acknowledges that the cost of the Tenant Improvements may exceed the Allowance. Any portion of the Allowance not used by Tenant by July 1, 2017 shall be retained by Landlord.
(c) All Tenant Improvements shall be deemed Alterations (for purposes of this Lease), and shall be performed by licensed contractors or subcontractors selected by Tenant and approved by Landlord (such approval not to be unreasonably withheld, conditioned or delayed), in a good and workmanlike manner and shall comply at the time of completion with all Laws. Landlord shall pay the Allowance to Tenant in progress payments provided that the following conditions have been satisfied: (i) Tenant observes and complies with all applicable provisions of this Lease, including, without limitation, Section 12 with respect to Alterations and this Section 29, (ii) as of the pay...
Tenant Improvements Allowance. The improvements in the Premises shall be constructed in accordance with the terms of the Tenant Work Letter attached hereto as Exhibit D up to a cost of $70.58 per rentable square foot.
Tenant Improvements Allowance. If the lender for the ----------------------------- Construction Financing (as defined in the Build to Suit Agreement) is willing to increase the amount of such Construction Financing to cover all or any portion of the Tenant Improvement Costs, then Landlord shall provide an allowance for the Tenant Improvement Costs in an amount equal to that portion of the Construction Financing budgeted for payment of such costs (the "Tenant ------ Improvements Allowance"); provided, however, that in no event shall the Tenant ---------------------- Improvements Allowance exceed Thirty Dollars ($30.00) per square foot of Rentable Area to be situated in the Building.
Tenant Improvements Allowance. As of the Effective Date, the term “Tenant Improvements Allowance” under Section 2.1 of Exhibit C to the First Amendment shall be redefined to be $909,260.00 for the Expansion Premises (i.e., $55.00 per rentable square foot of the Expansion Premises).
Tenant Improvements Allowance. Landlord shall provide an allowance for the planning and construction of the Tenant Improvements in the amount specified in the Basic Lease Information ("TENANT IMPROVEMENTS ALLOWANCE"). The Tenant Improvements Allowance shall be the maximum contribution by Landlord for the Tenant Improvements Cost. Should the actual cost of planning and constructing those Tenant Improvements depicted on the Final Plans and Specifications be less than the Tenant Improvements Allowance, the Tenant Improvements Allowance shall be reduced to an amount equal to said actual cost.
Tenant Improvements Allowance. Landlord shall provide Tenant an allowance for the payment of Tenant Improvements Costs (the “Tenant Improvements Allowance”) equal to $135.00 per square foot multiplied by the Leasable Square Footage of the Premises ($2,169,450.00). All Tenant Improvements Costs in excess of the Tenant Improvements Allowance shall be paid for by Tenant. If Tenant requests within seven days after the date of this Lease, the Tenant Improvements Allowance shall be increased by up to $15.00 per square foot multiplied by the Leasable Square Footage of the Premises (up to $241,050.00); provided, however, that the aggregate amount of any such increase in the Tenant Improvements Allowance (the “Excess Tenant Improvements Allowance”) shall be repaid by Tenant to Landlord by increasing the monthly installments of Base Rent by an amount which would fully amortize the Excess Tenant Improvements Allowance, with interest at the rate of twelve and one-half percent (12.5%) per annum (including capitalized interest on the Excess Tenant Improvements Allowance from disbursement until commencement of amortization), in equal consecutive monthly installments of principal and interest over the Initial Term, commencing with the Rent Commencement Date.
Tenant Improvements Allowance. The Expansion Space shall be delivered to Tenant in “As Is” condition and Tenant shall be solely responsible for furnishing its own improvements for the Expansion Space in accordance with the terms and conditions of the Work Letter attached hereto as “Exhibit “B” at Tenant’s sole cost, subject to Landlord’s obligation to provide an allowance of $27.00 per usable square foot as more particularly set forth in Exhibit B. HVAC and electricity monitoring equipment shall be installed by Tenant’s Contractor (Xxxxxxxx Construction) at Tenant’s cost. Tenant shall use its best efforts to complete its improvements and obtain a temporary or final certificate of occupancy as soon as reasonably possible.
Tenant Improvements Allowance. Landlord shall provide Tenant an allowance ----------------------------- for the Tenant Improvements Costs (the "Tenant Improvements Allowance"), in ----------------------------- an amount equal to the lesser of (i) $17.00 multiplied by the Leasable Square Footage of the Office Space or (ii) the actual amount of the Tenant Improvements Costs. In the event that the Tenant Improvements Allowance exceeds $12.00 multiplied by the Leasable Square Footage of the Office Space, then the Base Rent for the Office Space shall be increased so as to amortize such excess over the Initial Term with interest at the rate of 10% per annum. All Tenant Improvements Costs in excess of the Tenant Improvements Allowance shall be paid by Tenant as part of Tenant's Contribution.
Tenant Improvements Allowance. There is no tenant improvement allowance being provided by Landlord as a result of this Amendment. Landlord understands that Tenant desires to make improvements to combine the two suites. Tenant must comply with the terms of the Lease in obtaining Landlord’s reasonable consent prior to commencement of any work.
