Common use of Tenant Improvements Allowance Clause in Contracts

Tenant Improvements Allowance. Tenant shall have the right, after January 1, 2010, to request in writing that Landlord fund various leasehold improvements within the Leased Premises and/or improvements to the Leased Premises that Tenant leases from Landlord's affiliate, Duke Construction Limited Partnership, located at 0000 Xxxx Xxxxxxxxx Xxxxxxx, Xxxxxxxxxxx, Xxxxx Xxxxxxxx, 00000 (the “Tenant Improvements”) which improvements must be completed and funded prior to December 31, 2011, and shall be subject to Landlord's review and approval. If Tenant fails to exercise such right as aforesaid, Tenant shall be deemed to have waived its rights pursuant to this Section 17.08. Tenant shall be responsible for the cost to construct and install the Tenant Improvements only to the extent that the cost statement, taking into account any increases or decreases resulting from any change orders, exceeds Four Hundred Sixty-Four Thousand Five Hundred Fifty-Nine and No/100 Dollars ($464,559.00) (the “TI Allowance”). In the event that Xxxxxxxx is selected as general contractor, if the cost to construct and install the Tenant Improvements will exceed the TI Allowance, Tenant shall deliver fifty percent (50%) of such excess to Landlord within ten (10) business days following Xxxxxxxx’s written demand therefore. Following substantial completion of the Tenant Improvements, Tenant shall pay to Landlord the remaining difference between the cost statement (taking into account any increases or decreases resulting from any change orders) and the TI Allowance within ten (10) business days of Landlord's request therefor. Tenant's failure to deliver the payments required in this paragraph shall entitle Landlord to stop the construction and installation of the Tenant Improvements until such payment is received, and any resulting delay shall constitute a tenant delay hereunder. In addition, all delinquent payments shall accrue interest at 15% per annum. In the event that Xxxxxx does not utilize the entire TI Allowance prior to December 31, 2011, the remaining portion of the TI Allowance, if any, shall be retained and belong to Landlord. Tenant agrees that, at Tenant's option, the construction and installation of the Tenant Improvements to the Leased Premises shall be performed by a subsidiary or affiliate of Landlord that such subsidiary or affiliate shall receive an eight percent (8%) fee based upon an open book approach with its general condition amounts competitive with other general contracting firms in the Raleigh/Durham area. All subtrades shall be bid to 3 firms for the purpose of determining the most competitive pricing for the construction of Tenant Improvements. In the event that Tenant does not utilize Landlord, or a subsidiary or affiliate of Landlord for construction of the Tenant Improvements, Landlord shall receive an oversight fee equal to three and one-half percent (3.5%) of the cost of the Tenant Improvements and Landlord shall provide Tenant and Xxxxxx's contractor with Landlord's reasonable requirements for such work in the Leased Premises and the payment of the TI Allowance to Tenant, in Landlord's sole discretion.

Tenant Improvements Allowance. Tenant shall have the right, after January 1, 2010, to request in writing that Landlord fund various leasehold improvements within the Leased Premises and/or improvements to the Leased Premises that Tenant leases from Landlord's affiliate, Duke Construction Realty Limited Partnership, located at 0000 Xxxx Xxxxxxxxx Xxxxxxx, Xxxxxxxxxxx, Xxxxx Xxxxxxxx, 00000 (the “Tenant Improvements”) which improvements must be completed and funded prior to December 31, 2011, and shall be subject to Landlord's review and approval. If Tenant fails to exercise such right as aforesaid, Tenant shall be deemed to have waived its rights pursuant to this Section 17.08. Tenant shall be responsible for the cost to construct and install the Tenant Improvements only to the extent that the cost statement, taking into account any increases or decreases resulting from any change orders, exceeds Four Hundred SixtyEighty-Four Two Thousand Five Two Hundred FiftyForty-Nine One and No/100 Dollars ($464,559.00482,241.00) (the “TI Allowance”). In the event that Xxxxxxxx Landlord is selected as general contractor, if the cost to construct and install the Tenant Improvements will exceed the TI Allowance, Tenant shall deliver fifty percent (50%) of such excess to Landlord within ten (10) business days following XxxxxxxxLandlord’s written demand therefore. Following substantial completion of the Tenant Improvements, Tenant shall pay to Landlord the remaining difference between the cost statement (taking into account any increases or decreases resulting from any change orders) and the TI Allowance within ten (10) business days of Landlord's request therefor. Tenant's failure to deliver the payments required in this paragraph shall entitle Landlord to stop the construction and installation of the Tenant Improvements until such payment is received, and any resulting delay shall constitute a tenant delay hereunder. In addition, all delinquent payments shall accrue interest at 15% per annum. In the event that Xxxxxx Tenant does not utilize the entire TI Allowance prior to December 31, 2011, the remaining portion of the TI Allowance, if any, shall be retained and belong to Landlord. Tenant agrees that, at Tenant's option, the construction and installation of the Tenant Improvements to the Leased Premises shall be performed by a subsidiary or affiliate of Landlord that such subsidiary or affiliate shall receive an eight percent (8%) fee based upon an open book approach with its general condition amounts competitive with other general contracting firms in the Raleigh/Durham area. All subtrades shall be bid to 3 firms for the purpose of determining the most competitive pricing for the construction of Tenant Improvements. In the event that Tenant does not utilize Landlord, or a subsidiary or affiliate of Landlord for construction of the Tenant Improvements, Landlord shall receive an oversight fee equal to three and one-half percent (3.5%) of the cost of the Tenant Improvements and Landlord shall provide Tenant and XxxxxxTenant's contractor with Landlord's reasonable requirements for such work in the Leased Premises and the payment of the TI Allowance to Tenant, in Landlord's sole discretion.

Tenant Improvements Allowance. Tenant shall have the right, after January 1, 2010, to request in writing that Landlord fund various leasehold improvements within the Leased Premises and/or improvements to the Leased Premises that Tenant leases from Landlord's affiliate, Duke Construction Realty Limited Partnership, located at 0000 Xxxx Xxxxxxxxx Xxxxxxx, Xxxxxxxxxxx, Xxxxx Xxxxxxxx, 00000 (the “"Tenant Improvements”") which improvements must be completed and funded prior to December 31, 2011, and shall be subject to Landlord's review and approval. If Tenant fails to exercise such right as aforesaid, Tenant shall be deemed to have waived its rights pursuant to this Section 17.08. Tenant shall be responsible for the cost to construct and install the Tenant Improvements only to the extent that the cost statement, taking into account any increases or decreases resulting from any change orders, exceeds Four Hundred SixtyEighty-Four Two Thousand Five Two Hundred FiftyForty-Nine One and No/100 Dollars ($464,559.00482,241.00) (the “"TI Allowance”"). In the event that Xxxxxxxx Landlord is selected as general contractor, if the cost to construct and install the Tenant Improvements will exceed the TI Allowance, Tenant shall deliver fifty percent (50%) of such excess to Landlord within ten (10) business days following Xxxxxxxx’s Landlord's written demand therefore. Following substantial completion of the Tenant Improvements, Tenant shall pay to Landlord the remaining difference between the cost statement (taking into account any increases or decreases resulting from any change orders) and the TI Allowance within ten (10) business days of Landlord's request therefor. Tenant's failure to deliver the payments required in this paragraph shall entitle Landlord to stop the construction and installation of the Tenant Improvements until such payment is received, and any resulting delay shall constitute a tenant delay hereunder. In addition, all delinquent payments shall accrue interest at 15% per annum. In the event that Xxxxxx Tenant does not utilize the entire TI Allowance prior to December 31, 2011, the remaining portion of the TI Allowance, if any, shall be retained and belong to Landlord. Tenant agrees that, at Tenant's option, the construction and installation of the Tenant Improvements to the Leased Premises shall be performed by a subsidiary or affiliate of Landlord that such subsidiary or affiliate shall receive an eight percent (8%) fee based upon an open book approach with its general condition amounts competitive with other general contracting firms in the Raleigh/Durham area. All subtrades shall be bid to 3 firms for the purpose of determining the most competitive pricing for the construction of Tenant Improvements. In the event that Tenant does not utilize Landlord, or a subsidiary or affiliate of Landlord for construction of the Tenant Improvements, Landlord shall receive an oversight fee equal to three and one-half percent (3.5%) of the cost of the Tenant Improvements and Landlord shall provide Tenant and XxxxxxTenant's contractor with Landlord's reasonable requirements for such work in the Leased Premises and the payment of the TI Allowance to Tenant, in Landlord's sole discretion.

Tenant Improvements Allowance. Tenant shall have the right, after January 1, 2010, to request in writing that Landlord fund various leasehold improvements within the Leased Premises and/or improvements to the Leased Premises that Tenant leases from Landlord's affiliate, Duke Construction Limited Partnership, located at 0000 Xxxx Xxxxxxxxx Xxxxxxx, Xxxxxxxxxxx, Xxxxx Xxxxxxxx, 00000 (the “"Tenant Improvements”") which improvements must be completed and funded prior to December 31, 2011, and shall be subject to Landlord's review and approval. If Tenant fails to exercise such right as aforesaid, Tenant shall be deemed to have waived its rights pursuant to this Section 17.08. Tenant shall be responsible for the cost to construct and install the Tenant Improvements only to the extent that the cost statement, taking into account any increases or decreases resulting from any change orders, exceeds Four Hundred Sixty-Four Thousand Five Hundred Fifty-Nine and No/100 Dollars ($464,559.00) (the “"TI Allowance”"). In the event that Xxxxxxxx Landlord is selected as general contractor, if the cost to construct and install the Tenant Improvements will exceed the TI Allowance, Tenant shall deliver fifty percent (50%) of such excess to Landlord within ten (10) business days following Xxxxxxxx’s Landlord's written demand therefore. Following substantial completion of the Tenant Improvements, Tenant shall pay to Landlord the remaining difference between the cost statement (taking into account any increases or decreases resulting from any change orders) and the TI Allowance within ten (10) business days of Landlord's request therefor. Tenant's failure to deliver the payments required in this paragraph shall entitle Landlord to stop the construction and installation of the Tenant Improvements until such payment is received, and any resulting delay shall constitute a tenant delay hereunder. In addition, all delinquent payments shall accrue interest at 15% per annum. In the event that Xxxxxx Tenant does not utilize the entire TI Allowance prior to December 31, 2011, the remaining portion of the TI Allowance, if any, shall be retained and belong to Landlord. Tenant agrees that, at Tenant's option, the construction and installation of the Tenant Improvements to the Leased Premises shall be performed by a subsidiary or affiliate of Landlord that such subsidiary or affiliate shall receive an eight percent (8%) fee based upon an open book approach with its general condition amounts competitive with other general contracting firms in the Raleigh/Durham area. All subtrades shall be bid to 3 firms for the purpose of determining the most competitive pricing for the construction of Tenant Improvements. In the event that Tenant does not utilize Landlord, or a subsidiary or affiliate of Landlord for construction of the Tenant Improvements, Landlord shall receive an oversight fee equal to three and one-half percent (3.5%) of the cost of the Tenant Improvements and Landlord shall provide Tenant and XxxxxxTenant's contractor with Landlord's reasonable requirements for such work in the Leased Premises and the payment of the TI Allowance to Tenant, in Landlord's sole discretion.

Tenant Improvements Allowance. If Tenant elects to make substantial "above standard" build out improvements at its expense, it will not have to pay again during the option term. If the parties hereto fail to agree as to the Fair Market Rental by the date within thirty (30) days after Tenant's notice, such question shall be submitted upon the request of either party to a board of brokers, two in number, one named by Landlord and one named by Tenant, each of whom shall be a qualified member with more than seven years experience of the Greater Boston Real Estate Board, or any successor of such Board, or if such organization or successor shall no longer be in existence, a recognized association or institute of brokers. Each broker shall be appointed within 10 days of the request for determination of Fair Market Rental, and each broker so appointed shall be instructed to determine independently the Fair Market Rental in accordance with the definition of such term contained herein and within 20 days after the making of such request. If two brokers shall have the right, after January 1, 2010, to request in writing that Landlord fund various leasehold improvements been appointed and shall have made their determinations within the Leased Premises and/or improvements to the Leased Premises that Tenant leases from Landlord's affiliate, Duke Construction Limited Partnership, located at 0000 Xxxx Xxxxxxxxx Xxxxxxx, Xxxxxxxxxxx, Xxxxx Xxxxxxxx, 00000 (the “Tenant Improvements”) which improvements must be completed respective requisite periods set forth above and funded prior to December 31, 2011, and shall be subject to Landlord's review and approval. If Tenant fails to exercise such right as aforesaid, Tenant shall be deemed to have waived its rights pursuant to this Section 17.08. Tenant shall be responsible for the cost to construct and install the Tenant Improvements only to the extent that the cost statement, taking into account any increases or decreases resulting from any change orders, exceeds Four Hundred Sixty-Four Thousand Five Hundred Fifty-Nine and No/100 Dollars ($464,559.00) (the “TI Allowance”). In the event that Xxxxxxxx is selected as general contractor, if the cost to construct and install the Tenant Improvements will exceed the TI Allowance, Tenant shall deliver fifty percent (50%) of such excess to Landlord within ten (10) business days following Xxxxxxxx’s written demand therefore. Following substantial completion of the Tenant Improvements, Tenant shall pay to Landlord the remaining difference between the cost statement (taking into account any increases or decreases resulting from any change orders) and the TI Allowance within amounts so determined shall not exceed ten percent (10) business days of Landlord's request therefor. Tenant's failure to deliver the payments required in this paragraph shall entitle Landlord to stop the construction and installation of the Tenant Improvements until such payment is received, and any resulting delay shall constitute a tenant delay hereunder. In addition, all delinquent payments shall accrue interest at 15% per annum. In the event that Xxxxxx does not utilize the entire TI Allowance prior to December 31, 2011, the remaining portion of the TI Allowance, if any, shall be retained and belong to Landlord. Tenant agrees that, at Tenant's option, the construction and installation of the Tenant Improvements to the Leased Premises shall be performed by a subsidiary or affiliate of Landlord that such subsidiary or affiliate shall receive an eight percent (8%) fee based upon an open book approach with its general condition amounts competitive with other general contracting firms in the Raleigh/Durham area. All subtrades shall be bid to 3 firms for the purpose of determining the most competitive pricing for the construction of Tenant Improvements. In the event that Tenant does not utilize Landlord, or a subsidiary or affiliate of Landlord for construction of the Tenant Improvements, Landlord shall receive an oversight fee equal to three and one-half percent (3.5%) of the lesser of such amounts, then the Fair Market Rental shall be an amount equal to the arithmetic average of the amounts so determined. If the difference between the amounts so determined shall exceed ten percent (10%) of the lesser of such amounts, then such two brokers shall have 10 days to appoint a third broker, similarly qualified, but if such brokers fail to do so, then either party may request the American Arbitration Association or any successor organization thereto to appoint a broker within 10 days of such request, and both parties shall be bound by any appointment so made within such 10-day period. If no such broker shall have been appointed within such 10 days or within 40 days of the original request for a determination of Fair Market Rental, whichever is earlier, either Landlord or Tenant may apply to any court having jurisdiction to have such appointment made by such court. Any broker appointed by the original brokers, by the American Arbitration Association or by such court shall be instructed to determine the Fair Market Rental in accordance with the definition of such term contained herein and within 10 days after his appointment. If the third determination of Fair Market Rental shall exceed the higher of the first two determinations, the Fair Market Rental shall be the higher of the first two determinations; if the third determination shall be less than the lower of such determinations, the Fair Market Rental shall be the lower of the first two determinations. In all other cases, the Fair Market Rental shall be equal to the third determination. All such determinations of Fair Market Rental shall be final and binding upon Landlord and Tenant. These provisions for determination of Fair Market Rental shall be specifically enforceable to the extent such remedy is available under applicable law, and any determination hereunder shall be final and binding upon the parties except as otherwise provided by applicable law. Landlord and Tenant shall each bear the cost of the brokers appointed by them hereunder; the costs of the third broker and his determination of Fair Market Rental shall be borne equally by Landlord and Tenant. Until the Fair Market Rental is determined, Tenant Improvements shall continue to pay the Annual Fixed Rent as set forth in Section 1.1, on account. Upon determination of the Fair Market Rental, rental under this Lease shall be adjusted retroactively to the first day of the extension period and any additional rental thereupon owed by Tenant shall be due and payable 10 days after demand therefor on Tenant by Landlord. Promptly after the Annual Fixed Rent Rate is determined for the Extension Option term, Landlord and Tenant shall provide Tenant and Xxxxxx's contractor with Landlord's reasonable requirements for such work in enter into an Amendment of this Lease confirming the Leased Premises extension of the Term and the payment of the TI Allowance to Tenant, in Landlord's sole discretionnew Annual Fixed Rent Rate.