Common use of Tenant Improvements Clause in Contracts

Tenant Improvements. Landlord shall cause the Tenant Improvements to be constructed in the Expansion Premises and the Existing Premises in the 11055 Building (collectively, the “Total 11055 Premises”) pursuant to the Work Letter at a cost to Landlord not to exceed (a) One Million Eight Hundred Sixty Thousand Dollars ($1,860,000) (the “TI Allowance”). The TI Allowance may be applied to the costs of (m) construction, (n) project management by Landlord (which fee shall equal three percent (3%) of the cost of the Tenant Improvements, including the TI Allowance), (o) commissioning of mechanical, electrical and plumbing systems by a licensed, qualified commissioning agent hired by Landlord, and review of such party’s commissioning report by a licensed, qualified commissioning agent hired by Tenant, (p) space planning, architect, engineering and other related services performed by third parties unaffiliated with Tenant, (q) building permits and other taxes, fees, charges and levies by Governmental Authorities (as defined below) for permits or for inspections of the Tenant Improvements, and (r) costs and expenses for labor, material, equipment and fixtures. In no event shall the TI Allowance be used for (w) payments to Tenant or any affiliates of Tenant, (x) the purchase of any furniture, personal property or other non-building system equipment, (y) costs resulting from any default by Tenant of its obligations under this Lease or (z) costs that are recoverable by Tenant from a third party (e.g., insurers, warrantors, or tortfeasors). Tenant shall have until the date of Substantial Completion of the initial Tenant Improvements (the “TI Deadline”), to expend the unused portion of the TI Allowance, after which date Landlord’s obligation to fund such costs shall expire. In no event shall any unused TI Allowance entitle Tenant to a credit against Rent payable under this Lease. In Landlord’s reasonable discretion during the thirty (30) day period immediately prior to the Expansion Commencement Date, Landlord may permit Tenant to enter upon the Expansion Premises for the purpose of installing equipment, trade fixtures or the placement of personal property so long as such entry does not interfere with the completion of the Tenant Improvements; provided that Tenant shall furnish to Landlord evidence satisfactory to Landlord that insurance coverages required of Tenant under the Lease are in effect with respect to the Expansion Premises, and such entry shall be subject to all the terms and conditions of the Lease; and provided, further, that if the Expansion Commencement Date is delayed due to such early access, then the Expansion Commencement Date shall be the date that the Expansion Commencement Date would have occurred but for such delay.

Appears in 2 contracts

Samples: Sublease Agreement (Locust Walk Acquisition Corp.), Standard Industrial Net Lease (Trovagene, Inc.)

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Tenant Improvements. Landlord 5.1. Tenant shall cause appropriate improvements consistent with the Permitted Use (the "Tenant Improvements Improvements") to be constructed in the Expansion Premises and the Existing Premises in the 11055 Building (collectively, the “Total 11055 Premises”) pursuant to the Work Letter attached hereto as Exhibit E (the "Work Letter") at a cost to Landlord not to exceed (a) One Six Million Eight Hundred Sixty Thousand Dollars ($1,860,0006,000,000.00) (the "TI Allowance"). The TI Allowance may be applied to the costs of (ma) construction, (nb) project management review by Landlord (which fee shall equal three [***] percent (3[***]%) of the cost of the Tenant Improvements, including the TI Allowance), (oc) commissioning of mechanical, electrical and plumbing systems by a licensed, qualified commissioning agent hired by LandlordTenant, and review of such party’s 's commissioning report by a licensed, qualified commissioning agent hired by TenantLandlord, (pd) space planning, architect, engineering and other related services performed by third parties unaffiliated with Tenant, (qe) building permits and other taxes, fees, charges and levies by Governmental Authorities (as defined below) governmental authorities for permits or for inspections of the Tenant Improvements, and (rf) costs and expenses for labor, material, equipment and fixtures. In no event shall the TI Allowance be used for (wm) the cost of work that is not authorized by the Approved Plans (as defined in the Work Letter) or otherwise approved in writing by Landlord, (n) payments to Tenant or any affiliates of Tenant, (xo) the purchase of any furniture, personal property or other non-building system equipment, (yp) costs resulting from any default by Tenant of its obligations under this Lease or (zq) costs that are recoverable by Tenant from a third party (e.g., insurers, warrantors, or tortfeasors). 5.2. Tenant shall have until December 20, 2031 to request disbursement for the date of Substantial Completion of the initial Tenant Improvements (the “TI Deadline”), to expend the unused portion final installment of the TI Allowance, after which date and may request no more than five (5) disbursements of the TI Allowance, with each disbursement (other than the final disbursement) being no less than [***] Dollars ($[***]). Landlord's obligation to disburse any of the TI Allowance shall be conditional upon Tenant's satisfaction of the conditions precedent to funding of the TI Allowance set forth in Section 6.3 of the Work Letter. In addition, Landlord’s obligation to fund such costs shall expire. In no event shall disburse any unused of the TI Allowance entitle in excess of [***] Dollars ($[***]) shall be conditioned upon the satisfaction of the following: (a) Tenant's delivery to Landlord of a certificate of occupancy for the Premises suitable for the Permitted Use, as applicable; (b) Tenant's delivery to Landlord of a Certificate of Substantial Completion in the form of the American Institute of Architects document G704, executed by the project architect and the general contractor or such other form or certification as may be reasonably acceptable to Landlord; (c) Tenant's satisfaction of the conditions precedent to funding of the TI Allowance set forth in Section 6.3 of the Work Letter; and (d) there shall be no uncured event of default by Tenant to a credit against Rent payable under this Lease. In Landlord’s reasonable discretion during the thirty (30) day period immediately prior to the Expansion Commencement Date, Landlord may permit Tenant to enter upon the Expansion Premises for the purpose of installing equipment, trade fixtures or the placement of personal property so long as such entry does not interfere with the completion of the Tenant Improvements; provided that Tenant shall furnish to Landlord evidence satisfactory to Landlord that insurance coverages required of Tenant under the Lease are in effect with respect to the Expansion Premises, and such entry shall be subject to all the terms and conditions of the Lease; and provided, further, that if the Expansion Commencement Date is delayed due to such early access, then the Expansion Commencement Date shall be the date that the Expansion Commencement Date would have occurred but for such delay.

Appears in 2 contracts

Samples: Lease Agreement (Ascend Wellness Holdings, LLC), Lease Agreement (Ascend Wellness Holdings, LLC)

Tenant Improvements. Landlord 5.1. Tenant shall cause appropriate improvements consistent with the Permitted Use (the "Tenant Improvements Improvements") to be constructed in the Expansion Premises and the Existing Premises in the 11055 Building (collectively, the “Total 11055 Premises”) pursuant to the Work Letter attached hereto as Exhibit G (the "Work Letter") at a cost to Landlord not to exceed (a) One Four Million Eight Hundred Sixty Thousand Dollars ($1,860,0004,000,000.00) (the "TI Allowance"). The TI Allowance may be applied to the costs of (ma) construction, (nb) project management review by Landlord (which fee shall equal three percent be limited to reimbursement for Landlord’s third party costs up to a maximum amount of Forty Thousand Dollars (3%) of the cost of the Tenant Improvements, including the TI Allowance$40,000.00)), (oc) commissioning of mechanical, electrical and plumbing systems by a licensed, qualified commissioning agent hired by LandlordTenant, and review of such party’s 's commissioning report by a licensed, qualified commissioning agent hired by TenantLandlord, (pd) space planning, architect, engineering and other related services performed by third parties unaffiliated with Tenant, (qe) building permits and other taxes, fees, charges and levies by Governmental Authorities (as defined below) for permits or for inspections of the Tenant Improvements, and (rf) costs and expenses for labor, material, equipment and fixtures, including, without limitation, payments for such purposes to Tenant or any affiliates of Tenant, provided such amounts are consistent with competitive market rates charged for the services and materials rendered by unrelated persons or entities of similar skill, competence and experience in an arms-length transaction. In no event shall the TI Allowance be used for (wm) payments to Tenant the cost of work that is not authorized by the Approved Plans (as defined in the Work Letter) or any affiliates of Tenantotherwise approved in writing by Landlord, (xn) the purchase of any furniture, personal property or other non-building system equipment, (yo) costs resulting from any default by Tenant of its obligations under this Lease or (zp) costs that are recoverable by Tenant from a third party (e.g., insurers, warrantors, or tortfeasors). 5.2. Tenant shall have until the date of Substantial Completion of the initial Tenant Improvements December 31, 2017 (the "TI Deadline”), ") to expend request disbursement for the unused portion of the TI Allowance, after which date Landlord’s obligation . Landlord shall not be obligated to fund requests of the TI Allowance made after such costs date, provided that the TI Deadline shall expirebe subject to extension on a day-for-day basis for any delay in the Construction Work caused by force majeure events. Tenant shall notify Landlord in writing upon the occurrence of any force majeure event that delays or is reasonably expected to delay the Construction Work and shall use commercially reasonable efforts to mitigate any such delays to the extent reasonably practicable. To the extent that the total cost of the Tenant Improvements exceeds the TI Allowance (such excess, the "Excess TI Costs"), Tenant shall be solely responsible for any overages. In no event shall any unused TI Allowance entitle Tenant to a credit against Rent payable under this Lease. In Landlord’s reasonable discretion during the thirty (30) day period immediately prior to the Expansion Commencement Date, Landlord may permit Tenant to enter upon the Expansion Premises for the purpose of installing equipment, trade fixtures or the placement of personal property so long as such entry does not interfere with the completion Following Substantial Completion of the Tenant Improvements; provided that , Tenant shall furnish deliver to Landlord evidence satisfactory to Landlord that insurance coverages required (a) a certificate of Tenant under occupancy for the Lease are Premises suitable for the Permitted Use and (b) a Certificate of Substantial Completion in effect with respect to the Expansion Premises, and such entry shall be subject to all the terms and conditions form of the Lease; and providedAmerican Institute of Architects document G704, further, that if executed by the Expansion Commencement Date is delayed due to such early access, then the Expansion Commencement Date shall be the date that the Expansion Commencement Date would have occurred but for such delayproject architect.

Appears in 2 contracts

Samples: Lease Agreement (Innovative Industrial Properties Inc), Purchase and Sale Agreement (Innovative Industrial Properties Inc)

Tenant Improvements. Landlord a. Tenant shall cause the Tenant Improvements to be constructed certain tenant improvements (including those listed in Sections 7(e), 7(f) and 7(g) below) in the Expansion Additional Premises and the Existing Premises in the 11055 Building (collectively, the Total 11055 PremisesTenant’s Work”) pursuant to the Work Letter at a cost to attached as Exhibit E hereto (the “Work Letter”). Landlord shall provide Tenant with an improvement allowance in an amount not to exceed (a) One Million Eight Nine Hundred Sixty Five Thousand Five Hundred Thirty-Five Dollars ($1,860,000905,535) (based upon Forty-Five Dollars ($45) per rentable square foot) (the “TI Allowance”). The TI Allowance may be applied used to pay for the following costs of related to Tenant’s Work: (mi) construction, (nii) project management oversight by Landlord (which fee shall equal three percent (3%) of the cost of the Tenant Improvements, including the TI Allowance), (o) commissioning of mechanical, electrical and plumbing systems by a licensed, qualified commissioning agent hired by Landlord, and review of such party’s commissioning report by a licensed, qualified commissioning agent hired by Tenant, (piii) space planning, architect, engineering and other related services performed by third parties unaffiliated with Tenant, Tenant and (qiv) building permits and other taxes, fees, charges and levies by Governmental Authorities (as defined below) for permits or for inspections of the Tenant Improvements, and (r) costs and expenses for labor, material, equipment and fixturesTenant’s Work. In no event shall the TI Allowance be used for for: (wv) payments to Tenant or any affiliates of Tenant, (xw) the purchase of any furniture, personal property or other non-building system equipment, (x) the cost of work that is not authorized by the Approved Plans or otherwise approved in writing by Landlord, (y) costs resulting from any default by Tenant of its obligations under this the Amended Lease or (z) costs that are recoverable or reasonably recoverable by Tenant from a third party (e.g., insurers, warrantors, or tortfeasors). If the total cost of Tenant’s Work exceeds Forty-Five Dollars ($45) per rentable square foot of the Additional Premises, then Tenant shall pay the overage as and when due. Tenant shall have until the date of Substantial Completion of the initial Tenant Improvements (the “TI Deadline”)December 31, 2008, to expend the any unused portion of the TI Allowance, after which date Landlord’s obligation to fund such costs shall expire. In no event Tenant shall any unused TI Allowance entitle Tenant deliver to Landlord (Y) a credit against Rent payable under this Lease. In Landlordcertificate of occupancy for the Additional Premises suitable for the permitted use and (Z) a Certificate of Substantial Completion in the form of the American Institute of Architects document G704, executed by the project architect with respect to Tenant’s reasonable discretion during Work in the thirty (30) day period immediately prior Additional Premises. b. Prior to the Expansion Commencement Date, Landlord may permit Tenant to enter entering upon the Expansion Premises for the purpose of installing equipmentAdditional Premises, trade fixtures or the placement of personal property so long as such entry does not interfere with the completion of the Tenant Improvements; provided that Tenant shall furnish to Landlord evidence satisfactory to Landlord that insurance coverages required of Tenant under the provisions of the Amended Lease are in effect with respect to the Expansion Premiseseffect, and such entry shall be subject to all the terms and conditions of the LeaseAmended Lease other than the payment of Minimum Rental. c. Possession of areas of the Additional Premises necessary for utilities, services, safety and operation of Building 1 is reserved to Landlord, subject to Tenant’s right to access same from time to time as necessary for the construction of Tenant’s Work or the operation of Tenant’s business in the Additional Premises. d. In accordance with the terms of the Work Letter, Tenant shall obtain Landlord’s approval of Tenant’s architect, engineer, general contractor and major subcontractors, such approval not to be unreasonably withheld, conditioned or delayed. e. Subject to Section 7(a) and the Work Letter, Tenant shall have the right to convert the laboratory space in the Partially Improved Premises into office space in accordance with the plans referenced in Exhibit D attached hereto; and provided, furtherhowever, that if Landlord shall have the Expansion Commencement Date is delayed due right, upon written notice to Tenant delivered no later than one hundred eighty (180) days prior to the expiration of the Lease, to require Tenant to restore such early access, then the Expansion Commencement Date shall be areas to their condition as laboratory facilities as of the date of this Amendment, ordinary wear and tear excepted. f. Subject to Section 7(a) and the Work Letter, Tenant shall have the right to perform certain upgrades to the ground floor lobby, subject to the consent of Nuvelo and Landlord’s reasonable consent. g. Subject to Section 7(a) and the Work Letter, Tenant shall have the right to (i) change the order of the existing monument signage on the North side of the Real Property so that Tenant’s name appears first, (ii) change or upgrade the Expansion Commencement Date would have occurred but for such delaywhite letter signage on the glass façade at Building 1’s lobby entrance, and (iii) subject to applicable laws and approval by the City of San Xxxxxx, add additional signage on the North façade of Building 1.

Appears in 2 contracts

Samples: Sublease (Natera, Inc.), Sublease (Natera, Inc.)

Tenant Improvements. Landlord 5.1. Tenant shall cause appropriate improvements consistent with the Permitted Use (the "Tenant Improvements Improvements") to be constructed in the Expansion Premises and the Existing Premises in the 11055 Building (collectively, the “Total 11055 Premises”) pursuant to the Work Letter attached hereto as Exhibit E (the "Work Letter") at a cost to Landlord not to exceed (a) One Fifteen Million Eight Hundred Sixty Thousand Dollars ($1,860,00015,000,000.00) (the "TI Allowance"). The TI Allowance may be applied to the costs of (ma) construction, (nb) project management review by Landlord (which fee shall equal three [***] percent (3[***]%) of the cost of the Tenant Improvements, including the TI Allowance), (oc) commissioning of mechanical, electrical and plumbing systems by a licensed, qualified commissioning agent hired by LandlordTenant, and review of such party’s 's commissioning report by a licensed, qualified commissioning agent hired by TenantLandlord, (pd) space planning, architect, engineering and other related services performed by third parties unaffiliated with Tenant, (qe) building permits and other taxes, fees, charges and levies by Governmental Authorities (as defined below) governmental authorities for permits or for inspections of the Tenant Improvements, and (rf) costs and expenses for labor, material, equipment and fixtures. In no event shall the TI Allowance be used for (wm) the cost of work that is not authorized by the Approved Plans (as defined in the Work Letter) or otherwise approved in writing by Landlord, (n) payments to Tenant or any affiliates of Tenant, (xo) the purchase of any furniture, personal property or other non-building system equipment, (yp) costs resulting from any default by Tenant of its obligations under this Lease or (zq) costs that are recoverable by Tenant from a third party (e.g., insurers, warrantors, or tortfeasors). 5.2. Tenant shall have until June 30, 2037 to request disbursement for the date of Substantial Completion of the initial Tenant Improvements (the “TI Deadline”), to expend the unused portion final installment of the TI Allowance, after which date and may request no more than fifteen (15) disbursements of the TI Allowance, with each disbursement (other than the final disbursement) being no less than [***] Dollars ($[***]). Landlord's obligation to disburse any of the TI Allowance shall be conditional upon Tenant's satisfaction of the conditions precedent to funding of the TI Allowance set forth in Section 6.3 of the Work Letter. In addition, Landlord’s obligation to fund such costs shall expire. In no event shall disburse any unused of the TI Allowance entitle Tenant to a credit against Rent payable under this Lease. In Landlord’s reasonable discretion during the thirty in excess of Fourteen Million Five Hundred Thousand Dollars (30$14,500,000.00) day period immediately prior to the Expansion Commencement Date, Landlord may permit Tenant to enter shall be conditioned upon the Expansion Premises satisfaction of the following: (a) Tenant's delivery to Landlord of a certificate of occupancy for the purpose Premises suitable for the Permitted Use, as applicable; (b) Tenant's delivery to Landlord of installing equipment, trade fixtures or a Certificate of Substantial Completion in the placement of personal property so long as such entry does not interfere with the completion form of the Tenant Improvements; provided that Tenant shall furnish American Institute of Architects document G704, executed by the project architect and the general contractor or such other form or certification as may be reasonably acceptable to Landlord evidence satisfactory to Landlord that insurance coverages required of Tenant under the Lease are in effect with respect to the Expansion Premises, and such entry shall be subject to all the terms and conditions of the Lease; and provided, further, that if the Expansion Commencement Date is delayed due to such early access, then the Expansion Commencement Date shall be the date that the Expansion Commencement Date would have occurred but for such delay.Landlord;

Appears in 2 contracts

Samples: Lease Agreement (Ascend Wellness Holdings, LLC), Lease Agreement (Ascend Wellness Holdings, LLC)

Tenant Improvements. 5.1. Landlord shall cause the make available to Tenant Improvements to be constructed in the Expansion Premises and the Existing Premises in the 11055 Building (collectively, the “Total 11055 Premises”) pursuant to the Work Letter at a cost to Landlord an allowance not to exceed (a) Seventy-Two Thousand One Million Eight Hundred Sixty Thousand Twenty Dollars ($1,860,00072,120) (the “TI Allowance”) in order to construct certain improvements within the Premises consistent with the Permitted Use (the “Tenant Improvements”). Any Tenant Improvements shall be designed and constructed by Tenant (at Tenant’s sole cost and expense); provided, however, that any such Tenant Improvements shall be considered Alterations and shall be subject to, and shall be designed and installed in accordance with, all of the terms, conditions and provisions of the Lease (including, without limitation, the prior written approval provisions and all other terms, conditions and provisions of Article 17 of the Lease; provided that, the first two (2) sentences of Section 17.8 of the Lease shall not apply to the Tenant Improvements since Tenant is already obligated to pay a project review fee in accordance with Section 5.1(b) below). The TI Allowance may be applied by Tenant to the costs of (ma) construction, (nb) project management review by Landlord (which fee shall equal three percent (3%) of the cost of the Tenant Improvements, including the TI Allowance), (oc) commissioning of mechanical, electrical and plumbing systems by a licensed, qualified commissioning agent hired by LandlordTenant, and review of such party’s commissioning report by a licensed, qualified commissioning agent hired by TenantLandlord, (pd) space planning, architect, engineering and other related services performed by third parties unaffiliated with Tenant, (qe) building permits and other taxes, fees, charges and levies by Governmental Authorities (as defined below) for permits or for inspections of the Tenant Improvements, and (rf) costs and expenses for labor, material, equipment and fixtures, and (g) furniture, personal property or other non-building system equipment (but in no event may more than Twenty-Four Thousand Forty Dollars ($24,040) of the Allowance be applied to the costs described in this subsection (g)). In no event shall the TI Allowance be used for (v) the cost of work that is not approved in writing by Landlord, (w) payments to Tenant or any affiliates of Tenant, (x) the purchase of any furniture, personal property or other non-building system equipmentequipment in excess of the limitation set forth in subsection (g) above, (y) costs resulting from any default by Tenant of its obligations under this the Lease or (z) costs that are recoverable by Tenant from a third party (e.g., insurers, warrantors, or tortfeasors). Tenant shall have until the date of Substantial Completion of the initial Tenant Improvements (the “TI Deadline”), to expend the unused portion of the TI Allowance, after which date Landlord’s obligation to fund such costs shall expire. In no event shall any unused TI Allowance entitle Tenant to a credit against Rent payable under this Lease. In Landlord’s reasonable discretion during the thirty (30) day period immediately prior to the Expansion Commencement Date, Landlord may permit Tenant to enter upon the Expansion Premises for the purpose of installing equipment, trade fixtures or the placement of personal property so long as such entry does not interfere with the completion of the Tenant Improvements; provided that Tenant shall furnish to Landlord evidence satisfactory to Landlord that insurance coverages required of Tenant under the Lease are in effect with respect to the Expansion Premises, and such entry shall be subject to all the terms and conditions of the Lease; and provided, further, that if the Expansion Commencement Date is delayed due to such early access, then the Expansion Commencement Date shall be the date that the Expansion Commencement Date would have occurred but for such delay.

Appears in 2 contracts

Samples: Lease (Shotspotter, Inc), Lease (Shotspotter, Inc)

Tenant Improvements. Landlord 5.1. Tenant shall cause appropriate improvements consistent with the Permitted Use (the "Tenant Improvements Improvements") to be constructed in the Expansion Premises and the Existing Premises in the 11055 Building (collectively, the “Total 11055 Premises”) pursuant to the Work Letter attached hereto as Exhibit E (the "Work Letter") at a cost to Landlord not to exceed (a) One Twenty Two Million Eight Two Hundred Sixty Fifty Thousand Dollars ($1,860,00022,250,000.00) (the "TI Allowance"). The TI Allowance may be applied to the costs of (ma) construction, (nb) project management review by Landlord (which fee shall equal three [***] percent (3[***]%) of the cost of the Tenant Improvements, including the TI Allowance), (oc) commissioning of mechanical, electrical and plumbing systems by a licensed, qualified commissioning agent hired by LandlordTenant, and review of such party’s 's commissioning report by a licensed, qualified commissioning agent hired by TenantLandlord, (pd) space planning, architect, engineering and other related services performed by third parties unaffiliated with Tenant, (qe) building permits and other taxes, fees, charges and levies by Governmental Authorities (as defined below) governmental authorities for permits or for inspections of the Tenant Improvements, and (rf) costs and expenses for labor, material, equipment and fixtures. In no event shall the TI Allowance be used for (wm) the cost of work that is not authorized by the Approved Plans (as defined in the Work Letter) or otherwise approved in writing by Landlord, (n) payments to Tenant or any affiliates of Tenant, (xo) the purchase of any furniture, personal property or other non-building system equipment, (yp) costs resulting from any default by Tenant of its obligations under this Lease or Lease, (zq) costs that are recoverable by Tenant from a third party (e.g., insurers, warrantors, or tortfeasors), (r) costs that were provided by Tenant and its representatives to Landlord as support for the acquisition and development costs included as the basis for the Purchase Price (as defined in the Purchase Agreement), or (s) costs incurred by or on behalf of Tenant prior to the Commencement Date, including costs relating to the construction of the Tenant Improvements. 5.2. Tenant shall have until April 2, 2038 to request disbursement for the date of Substantial Completion of the initial Tenant Improvements (the “TI Deadline”), to expend the unused portion final installment of the TI Allowance, after which date and may request no more than fifteen (15) disbursements of the TI Allowance, with each disbursement (other than the final disbursement) being no less than [***] Dollars ($[***]). Landlord's obligation to disburse any of the TI Allowance shall be conditional upon Tenant's satisfaction of the conditions precedent to funding of the TI Allowance set forth in Section 6.3 of the Work Letter. In addition, Landlord’s obligation to fund such costs shall expire. In no event shall disburse any unused of the TI Allowance entitle in excess of Twenty-One Million Seven Hundred Fifty Thousand Dollars ($21,750,000.00) shall be conditioned upon the satisfaction of the following: (a) Tenant's delivery to Landlord of a certificate of occupancy for the Premises suitable for the Permitted Use, as applicable; (b) Tenant's delivery to Landlord of a Certificate of Substantial Completion in the form of the American Institute of Architects document G704, executed by the project architect and the general contractor or such other form or certification as may be reasonably acceptable to Landlord; (c) Tenant's satisfaction of the conditions precedent to funding of the TI Allowance set forth in Section 6.3 of the Work Letter; and (d) there shall be no uncured event of default by Tenant to a credit against Rent payable under this Lease. In Landlord’s reasonable discretion during the thirty (30) day period immediately prior to the Expansion Commencement Date, Landlord may permit Tenant to enter upon the Expansion Premises for the purpose of installing equipment, trade fixtures or the placement of personal property so long as such entry does not interfere with the completion of the Tenant Improvements; provided that Tenant shall furnish to Landlord evidence satisfactory to Landlord that insurance coverages required of Tenant under the Lease are in effect with respect to the Expansion Premises, and such entry shall be subject to all the terms and conditions of the Lease; and provided, further, that if the Expansion Commencement Date is delayed due to such early access, then the Expansion Commencement Date shall be the date that the Expansion Commencement Date would have occurred but for such delay.

Appears in 2 contracts

Samples: Lease Agreement (Ascend Wellness Holdings, LLC), Lease Agreement (Ascend Wellness Holdings, LLC)

Tenant Improvements. Landlord 5.1. Tenant shall cause appropriate improvements consistent with the Permitted Use (the "Tenant Improvements Improvements") to be constructed in the Expansion Premises and the Existing Premises in the 11055 Building (collectively, the “Total 11055 Premises”) pursuant to the Work Letter attached hereto as Exhibit E (the "Work Letter") at a cost to Landlord not to exceed (a) One Three Million Eight Hundred Sixty Thousand Dollars ($1,860,0003,000,000.00) (the "TI Allowance"). The TI Allowance may be applied to the costs of (ma) construction, (nb) third-party costs incurred in project management review by Landlord Landlord, which costs shall not exceed Ten Thousand Dollars (which fee shall equal three percent (3%) of the cost of the Tenant Improvements, including the TI Allowance$10,000), (oc) commissioning of mechanical, electrical and plumbing systems by a licensed, qualified commissioning agent hired by LandlordTenant, and review of such party’s 's commissioning report by a licensed, qualified commissioning agent hired by TenantLandlord, (pd) space planning, architect, engineering and other related services performed by third parties unaffiliated with Tenant, (qe) building permits and other taxes, fees, charges and levies by Governmental Authorities (as defined below) governmental authorities for permits or for inspections of the Tenant Improvements, and (rf) costs and expenses for labor, material, equipment and fixtures. In no event shall the TI Allowance be used for (wm) the cost of work that is not authorized by the Approved Plans (as defined in the Work Letter) or otherwise approved in writing by Landlord, (n) payments to Tenant or any affiliates of Tenant, (xo) the purchase of any furniture, personal property or other non-building system equipment, (yp) costs resulting from any default by Tenant of its obligations under this Lease or (zq) costs that are recoverable by Tenant from a third party (e.g., insurers, warrantors, or tortfeasors). 5.2. Tenant shall have until [_____], 2030 to request disbursement for the date of Substantial Completion of the initial Tenant Improvements (the “TI Deadline”), to expend the unused portion final installment of the TI Allowance, after which date and may request no more than six (6) disbursements of the TI Allowance, with each disbursement (other than the final disbursement) being no less than Five Hundred Thousand Dollars ($500,000.00). Landlord’s 's obligation to fund such costs disburse any of the TI Allowance shall expirebe conditional upon Tenant's satisfaction of the conditions precedent to funding of the TI Allowance set forth in Section 6.3 of the Work Letter. In no event shall addition, Landlord's obligation to disburse any unused of the TI Allowance entitle in excess of Two Million Five Hundred Thousand Dollars ($2,500,000.00) shall be conditioned upon the satisfaction of the following: (a) Tenant's delivery to Landlord of a certificate of occupancy for the Premises suitable for the Permitted Use, as applicable; (b) Tenant's delivery to Landlord of a Certificate of Substantial Completion in the form of the American Institute of Architects document G704, executed by the project architect and the general contractor or such other form or certification as may be reasonably acceptable to Landlord; (c) Tenant's satisfaction of the conditions precedent to funding of the TI Allowance set forth in Section 6.3 of the Work Letter; and (d) there shall be no uncured event of default by Tenant to a credit against Rent payable under this Lease. In Landlord’s reasonable discretion during the thirty (30) day period immediately prior to the Expansion Commencement Date, Landlord may permit Tenant to enter upon the Expansion Premises for the purpose of installing equipment, trade fixtures or the placement of personal property so long as such entry does not interfere with the completion of the Tenant Improvements; provided that Tenant shall furnish to Landlord evidence satisfactory to Landlord that insurance coverages required of Tenant under the Lease are in effect with respect to the Expansion Premises, and such entry shall be subject to all the terms and conditions of the Lease; and provided, further, that if the Expansion Commencement Date is delayed due to such early access, then the Expansion Commencement Date shall be the date that the Expansion Commencement Date would have occurred but for such delay.

Appears in 1 contract

Samples: Purchase and Sale Agreement (Innovative Industrial Properties Inc)

Tenant Improvements. Landlord 5.1. Tenant shall cause appropriate improvements consistent with the Permitted Use (the “Tenant Improvements Improvements”) to be constructed in the Expansion Premises and the Existing Premises in the 11055 Building (collectively, the “Total 11055 Premises”) pursuant to the Work Letter attached hereto as Exhibit E (the “Work Letter”) at a cost to Landlord not to exceed (a) One Million Nine Hundred Eighty-Eight Hundred Sixty Thousand Dollars ($1,860,000988,000.00) (the “TI Allowance”). The TI Allowance may be applied to the costs of (ma) construction, (nb) project management review by Landlord (which fee shall equal three one and one-half percent (31.5%) of the cost of the Tenant Improvements, including the TI Allowance), (oc) commissioning of mechanical, electrical and plumbing systems by a licensed, qualified commissioning agent hired by LandlordTenant, and review of such party’s commissioning report by a licensed, qualified commissioning agent hired by TenantLandlord, (pd) space planning, architect, engineering and other related services performed by third parties unaffiliated with Tenant, (qe) building permits and other taxes, fees, charges and levies by Governmental Authorities (as defined below) governmental authorities for permits or for inspections of the Tenant Improvements, and (rf) costs and expenses for labor, material, equipment and fixtures. In no event shall the TI Allowance be used for (wm) the cost of work that is not authorized by the Approved Plans (as defined in the Work Letter) or otherwise approved in writing by Landlord, (n) payments to Tenant or any affiliates of Tenant, (xo) the purchase of any furniture, personal property or other non-building system equipment, (yp) costs resulting from any default by Tenant of its obligations under this Lease or (zq) costs that are recoverable by Tenant from a third party (e.g., insurers, warrantors, or tortfeasors). 5.2. Tenant shall have until November 8, 2030 to request disbursement for the date of Substantial Completion of the initial Tenant Improvements (the “TI Deadline”), to expend the unused portion final installment of the TI Allowance, after which date and may request no more than five (5) disbursements of the TI Allowance, with each disbursement (other than the final disbursement) being no less than Two Hundred Thousand Dollars ($200,000.00). Landlord’s obligation to fund such costs disburse any of the TI Allowance shall expirebe conditional upon Tenant’s satisfaction of the conditions precedent to funding of the TI Allowance set forth in Section 6.3 of the Work Letter. In no event shall addition, Landlord’s obligation to disburse any unused of the TI Allowance entitle in excess of Eight Hundred Thousand Dollars ($800,000.00) shall be conditional upon the satisfaction of the following: (a) Tenant’s delivery to Landlord of a certificate of occupancy for the Premises suitable for the Permitted Use, as applicable; (b) Tenant’s delivery to Landlord of a Certificate of Substantial Completion in the form of the American Institute of Architects document G704, executed by the project architect and the general contractor or such other form or certification as may be reasonably acceptable to Landlord; (c) Tenant’s satisfaction of the conditions precedent to funding of the TI Allowance set forth in Section 6.3 of the Work Letter; and (d) there shall be no uncured event of default by Tenant to a credit against Rent payable under this Lease. In Landlord’s reasonable discretion during the thirty (30) day period immediately prior to the Expansion Commencement Date, Landlord may permit Tenant to enter upon the Expansion Premises for the purpose of installing equipment, trade fixtures or the placement of personal property so long as such entry does not interfere with the completion of the Tenant Improvements; provided that Tenant shall furnish to Landlord evidence satisfactory to Landlord that insurance coverages required of Tenant under the Lease are in effect with respect to the Expansion Premises, and such entry shall be subject to all the terms and conditions of the Lease; and provided, further, that if the Expansion Commencement Date is delayed due to such early access, then the Expansion Commencement Date shall be the date that the Expansion Commencement Date would have occurred but for such delay.

Appears in 1 contract

Samples: Lease Agreement (Vireo Health International, Inc.)

Tenant Improvements. Landlord (a) Tenant shall be permitted to perform appropriate improvements to the Premises (the “Tenant Improvements”), consistent with the Permitted Uses and in accordance with the terms of this Section 6 and Exhibit 1 attached hereto. Tenant shall cause the Tenant Improvements to be constructed in the Expansion Premises and the Existing Premises in the 11055 Building (collectively, the “Total 11055 Premises”) pursuant to the Work Letter attached hereto as Exhibit 1 (the “Work Letter”) at a cost to Landlord not to exceed (a) One Million Eight Four Hundred Sixty Twenty Thousand Two Hundred Eighty-Five and 00/100 Dollars ($1,860,000420,285.00) (based upon Fifteen and 00/100 Dollars ($15.00) per square foot of rentable area (the “TI Allowance”). The TI Allowance may be applied to the costs of (mi) construction, (nii) project management review by Landlord (which fee shall equal three percent (3%) of the cost of the Tenant Improvements, including the TI Allowance), (o) commissioning of mechanical, electrical and plumbing systems by a licensed, qualified commissioning agent hired by Landlord, and review of such party’s commissioning report by a licensed, qualified commissioning agent hired by Tenant, (piii) space planning, architect, engineering and other related services performed by third parties unaffiliated with Tenant, (qiv) building permits and other taxes, fees, charges and levies by Governmental Authorities (as defined below) governmental authorities for permits or for inspections of the Tenant Improvements, and (rv) costs and expenses for labor, material, equipment and fixtures, and (vi) subject to the Soft Cost Limit described below, soft costs for data/telecom cabling, signage, furniture, fixtures and equipment (collectively, “Soft Costs”). In no event shall the TI Allowance be used for (wA) the cost of work that is not authorized by the Approved Plans (as defined in the Work Letter) or otherwise approved in writing by Landlord, (B) payments to Tenant or any affiliates of Tenant, (xC) the purchase of any furniture, personal property or other non-building system equipmentequipment (except as otherwise provided above), (yD) costs resulting from any default by Tenant of its obligations under this the Amended Lease or (zE) costs that are recoverable by Tenant from a third party (e.g., insurers, warrantors, or tortfeasors). Notwithstanding anything set forth herein to the contrary, no more than ten percent (10%) of the TI Allowance (the “Soft Cost Limit”) shall be applied to the Soft Costs identified above. (b) Tenant shall have until the date of Substantial Completion of the initial Tenant Improvements December 1, 2014 (the “TI Deadline”), to expend the unused portion of the TI Allowance, after which date Landlord’s obligation to fund such costs shall expire. . (c) In no event shall any unused TI Allowance entitle Tenant to a credit against Rent payable under this the Amended Lease. In Landlord’s reasonable discretion during the thirty Tenant shall deliver to Landlord (30i) day period immediately prior to the Expansion Commencement Date, Landlord may permit Tenant to enter upon the Expansion Premises a certificate of occupancy for the purpose Premises suitable for the Permitted Uses and (ii) a Certificate of installing equipmentSubstantial Completion in the form of the American Institute of Architects document G704, trade fixtures executed by the project architect and the general contractor. The term “Substantially Complete” or “Substantial Completion” means that the placement of personal property so long as such entry does not interfere Tenant Improvements are substantially complete in accordance with the completion of Approved Plans (as defined in the Tenant Improvements; provided that Tenant shall furnish to Landlord evidence satisfactory to Landlord that insurance coverages required of Tenant under the Lease are in effect with respect to the Expansion PremisesWork Letter), and such entry shall be subject to all the terms and conditions of the Lease; and provided, further, that if the Expansion Commencement Date is delayed due to such early access, then the Expansion Commencement Date shall be the date that the Expansion Commencement Date would have occurred but except for such delayminor punch list items.

Appears in 1 contract

Samples: Lease (Metabolix, Inc.)

Tenant Improvements. Landlord a. Lessee shall cause the Tenant Improvements to be constructed tenant improvements in the Expansion Additional Premises and perform capital improvements at the Existing Premises in the 11055 Building Project (collectively, the “Total 11055 PremisesTenant Improvements”) pursuant to the Work Letter at a cost to Landlord Lessor not to exceed (a) Four Hundred Twenty-One Million Eight Hundred Sixty Thousand Dollars ($1,860,000421,000) (the “Base TI Allowance”) plus (b) if properly requested by Lessee pursuant to this Section 20(a), Two Hundred Fifty Thousand Dollars ($250,000) (the “Additional TI Allowance”), for a total of Six Hundred Seventy-One Thousand Dollars ($671,000). The Base TI Allowance, together with Additional TI Allowance (if properly requested by Lessee pursuant to this Section 20(a)), shall be referred to herein as the “TI Allowance.” The TI Allowance may be applied to the costs of (mo) construction, (n) project management by Landlord (which fee shall equal three percent (3%) of the cost of the Tenant Improvements, including the TI Allowance), (o) commissioning of mechanical, electrical and plumbing systems by a licensed, qualified commissioning agent hired by Landlord, and review of such party’s commissioning report by a licensed, qualified commissioning agent hired by Tenant, (p) space planning, architect, engineering and other related services performed by third parties unaffiliated with TenantLessee, (q) building permits and other taxes, fees, charges and levies by Governmental Authorities (as defined below) governmental authorities for permits or for inspections of the Tenant Improvements, and (r) costs and expenses for labor, material, equipment and fixtures. In no event shall the TI Allowance be used for (v) the cost of work that is not authorized by plans approved in advance in writing by Lessor (the “Approved Plans”), which approval shall not be unreasonably withheld by Lessor and shall be given or withheld within ten (10) business days after Lessor’s receipt of the plans from Tenant, (w) payments to Tenant Lessee or any affiliates of TenantLessee, (x) the purchase of any furniture, personal property or other non-building system equipment, (y) costs resulting from any default Default by Tenant Lessee of its obligations under this the Amended Lease or (z) costs that are recoverable by Tenant Lessee from a third party (e.g., insurers, warrantors, or tortfeasors). b. Base Rent shall be increased to include the amount of the Additional TI Allowance disbursed by Lessor in accordance with this Amendment amortized over the Extension Term at a rate of nine percent (9%). Tenant Lessee shall have until the date of Substantial Completion of the initial Tenant Improvements December 31, 2009 (the “TI Deadline”), to expend the unused portion of the TI Allowance, after which date LandlordLessor’s obligation to fund such costs shall expire. In no event The amount by which Base Rent shall be increased shall be determined (and Base Rent shall be increased accordingly) as of the Additional Premises Rent Commencement Date and, if such determination does not reflect use by Lessee of all of the Additional TI Allowance, shall be determined again as of the TI Deadline, with Lessee paying (on the next succeeding day that Base Rent is due under the Amended Lease (the “TI True-Up Date”)) any unused underpayment of the further adjusted Base Rent for the period beginning on the Additional Premises Rent Commencement Date and ending on the TI True-Up Date. c. Xxxxxx shall not be obligated to expend any portion of the Additional TI Allowance entitle Tenant to until Lessor shall have received from Lessee a credit against Rent payable under this Lease. In Landlord’s reasonable discretion during letter in the thirty (30) day period immediately prior to the Expansion Commencement Date, Landlord may permit Tenant to enter upon the Expansion Premises for the purpose form attached as Exhibit B hereto executed by an authorized officer of installing equipment, trade fixtures or the placement of personal property so long as such entry does not interfere with the Lessee. d. Promptly after completion of the Tenant Improvements; provided that Tenant , Lessee shall deliver to Lessor (i) a certificate of occupancy for the Additional Premises suitable for the Agreed Use and (ii) a Certificate of Substantial Completion in the form of the American Institute of Architects document G704, executed by the project architect and the general contractor. e. Lessee shall execute and deliver to Lessor written acknowledgment of the actual Additional Premises Rent Commencement Date within ten (10) days after Lessee takes occupancy of the Additional Premises for the Agreed Use, in the form attached as Exhibit C hereto. Failure to execute and deliver such acknowledgment, however, shall not affect the Additional Premises Rent Commencement Date or Lessor’s or Lessee’s liability hereunder. Failure by Lessee to obtain validation by any medical review board or other similar governmental licensing of the Additional Premises required for the Agreed Use by Lessee shall not serve to extend the Additional Premises Rent Commencement Date. f. Prior to entering upon the Additional Premises, Lessee shall furnish to Landlord Lessor evidence satisfactory to Landlord Lessor that insurance coverages required of Tenant Lessee under the provisions of Section 8 of the Original Lease are in effect with respect to the Expansion Premiseseffect, and such entry shall be subject to all the terms and conditions of the Amended Lease other than the payment of Base Rent or Lessee’s Share of Common Area Operating Expenses. g. Lessee, at its sole cost and expense (except for the Base TI Allowance and, if properly requested by Tenant, the Additional TI Allowance), shall complete the Tenant Improvements in all respects in accordance with the provisions of the Amended Lease; and provided, further, that if the Expansion Commencement Date is delayed due to such early access, then the Expansion Commencement Date . The Tenant Improvements shall be deemed completed at such time as Lessee, at its sole cost and expense (except for the date Base TI Allowance and, if properly requested by Tenant, the Additional TI Allowance) shall furnish to Lessor (i) evidence satisfactory to Lessor that (A) the Expansion Commencement Date would Tenant Improvements have occurred but been completed and paid for such delay.in full (which shall be evidenced by the architect’s certificate of completion and the general contractor’s and each Major Subcontractor’s and Major Supplier’s final waivers and releases of liens), (B) the Tenant Improvements have been accepted by Lessor, (C) any and all liens related to the Tenant Improvements have either been discharged of record (by payment, bond, order

Appears in 1 contract

Samples: Standard Industrial/Commercial Multi Tenant Lease (Ambit Biosciences Corp)

Tenant Improvements. Landlord Tenant shall cause the work (the “Tenant Improvements Improvements”) described in the work letter attached hereto as Exhibit B (the “Work Letter”) to be constructed in the Expansion Premises and the Existing Premises in the 11055 Building (collectively, the “Total 11055 Premises”) pursuant to the Work Letter at a cost to Landlord not to exceed (a) One Million Eight Six Hundred Sixty Thousand Dollars ($1,860,000600,000) (the “TI Allowance”), in accordance with the terms, conditions and provisions of the Work Letter. The TI Allowance may be applied to the costs of (ma) construction, (nb) project management review by Landlord (which fee shall equal three one and one-half percent (31.5%) of the cost of the Tenant Improvements, including the TI Allowance), (oc) commissioning of mechanical, electrical and plumbing systems by a licensed, qualified commissioning agent hired by LandlordTenant, and review of such party’s commissioning report by a licensed, qualified commissioning agent hired by TenantLandlord, (pd) space planning, architect, engineering and other related services performed by third parties unaffiliated with Tenant, (qe) building permits and other taxes, fees, charges and levies by Governmental Authorities (as defined below) governmental authorities for permits or for inspections of the Tenant Improvements, and (rf) costs and expenses for labor, material, equipment and fixtures. In no event shall the TI Allowance be used for (v) the cost of work that is not authorized by the Approved Plans (as defined in the Work Letter) or otherwise approved in writing by Landlord, (w) payments to Tenant or any affiliates of Tenant, (x) the purchase of any furniture, personal property or other non-building system equipment, (y) costs resulting from any default by Tenant of its obligations under this the Lease or (z) costs that are recoverable by Tenant from a third party (e.g., insurers, warrantors, or tortfeasors). . 9.1 Tenant shall have until the date of Substantial Completion of the initial Tenant Improvements June 30, 2015 (the “TI Deadline”), to expend the unused portion of the TI Allowance, after which date Landlord’s obligation to fund such costs shall expire. In no event shall any unused TI Allowance entitle Tenant to a credit against Rent payable under this the Lease. In Landlord’s reasonable discretion during . 9.2 Tenant shall deliver to Landlord (a) a certificate of occupancy for the thirty Premises suitable for the Permitted Use and (30b) day period immediately prior a Certificate of Substantial Completion in the form of the American Institute of Architects document G704, executed by the project architect and the general contractor. 9.3 Prior to the Expansion Commencement Date, Landlord may permit Tenant to enter entering upon the Expansion Premises for the purpose of installing equipmentAdditional Premises, trade fixtures or the placement of personal property so long as such entry does not interfere with the completion of the Tenant Improvements; provided that Tenant shall furnish to Landlord evidence satisfactory to Landlord that insurance coverages required of Tenant under the provisions of the Lease are in effect with respect to the Expansion Premiseseffect, and such entry shall be subject to all the terms and conditions of the Lease; . 9.4 Landlord and providedTenant shall mutually agree upon the selection of the architect, furtherengineer, general contractor and major subcontractors, and Landlord and Tenant shall each participate in the review of the competitive bid process. Landlord may refuse to use any architects, consultants, contractors, subcontractors or material suppliers that if Landlord reasonably believes could cause labor disharmony. 9.5 Tenant shall pay all utility charges with respect to the Expansion Commencement Date is delayed due to such early accessAdditional Premises, then together with any fees, surcharges and taxes thereon, in accordance with the Expansion Commencement Date shall be terms, conditions and provisions of the date that Lease commencing on the Expansion Commencement Date would have occurred but for such delayExecution Date.

Appears in 1 contract

Samples: Lease (Ardelyx, Inc.)

Tenant Improvements. Landlord Tenant shall cause the work (the “Tenant Improvements Improvements”) described in the Work Letter attached hereto as Exhibit A (the “Work Letter”) to be constructed in that certain portion of the Expansion Premises and the Existing Premises in the 11055 Building consisting of approximately forty-two thousand five hundred twenty-nine (collectively42,529) square feet of Rentable Area (as more particularly described on Exhibit B-1 attached hereto, the “Total 11055 Phase I Premises”) pursuant to the Work Letter at a cost to Landlord not to exceed (a) One Million Eight Nine Hundred Sixty Seventy-Five Thousand Dollars ($1,860,000975,000) (the “TI Allowance”). . 7.1 The TI Allowance may be applied to the costs of (ma) construction, (nb) project management review by Landlord (which fee shall equal three percent (3%) of the cost of the Tenant Improvements, including the TI Allowance), (oc) commissioning of mechanical, electrical and plumbing systems by a licensed, qualified commissioning agent hired by LandlordTenant, and review of such party’s commissioning report by a licensed, qualified commissioning agent hired by TenantLandlord, (pd) space planning, architect, engineering and other related services performed by third parties unaffiliated with Tenant, (qe) building permits and other taxes, fees, charges and levies by Governmental Authorities (as defined below) for permits or for inspections of the Tenant Improvements, and (rf) costs and expenses for labor, material, equipment and fixtures. In no event shall the TI Allowance be used for (u) the cost of any work to space located outside of the Phase I Premises, (v) the cost of work that is not authorized by the Approved Plans (as defined in the Work Letter) or otherwise approved in writing by Landlord, (w) payments to Tenant or any affiliates of Tenant, (x) the purchase of any furniture, personal property or other non-building system equipment, (y) costs resulting arising from any default by Tenant of its obligations under this the Lease or (z) costs that are recoverable by Tenant from a third party (e.g., insurers, warrantors, or tortfeasors). . 7.2 Tenant shall have until the date of Substantial Completion of that is twelve (12) months after the initial Tenant Improvements Seventh Amendment Execution Date (such date, the “TI Deadline”), to expend submit Fund Requests (as defined in the Work Letter) to Landlord for disbursement of the unused portion of the TI Allowance, after which date Landlord’s obligation to fund any such costs for which Tenant has not submitted a Fund Request to Landlord shall expire. In no event shall any unused TI Allowance entitle Tenant to a credit against Rent payable under this the Lease. In Landlord’s reasonable discretion during the thirty (30) day period immediately prior to the Expansion Commencement Date, Landlord may permit Tenant to enter upon the Expansion Premises for the purpose of installing equipment, trade fixtures or the placement of personal property so long as such entry does not interfere with the . 7.3 Following substantial completion of the Tenant Improvements; provided that , Tenant shall furnish deliver to Landlord evidence satisfactory to Landlord that insurance coverages required a Certificate of Tenant under Substantial Completion in the Lease are in effect with respect to the Expansion Premises, and such entry shall be subject to all the terms and conditions form of the Lease; American Institute of Architects document G704, executed by the project architect and provided, further, that if the Expansion Commencement Date is delayed due to such early access, then the Expansion Commencement Date shall be the date that the Expansion Commencement Date would have occurred but for such delaygeneral contractor.

Appears in 1 contract

Samples: Lease (Zosano Pharma Corp)

Tenant Improvements. Landlord 4.1 Tenant shall cause the work (the “Tenant Improvements Improvements”) described in the Work Letter attached hereto as Exhibit A (the “Work Letter”) to be constructed in the Expansion Premises and the Existing Premises in the 11055 Building (collectively, the “Total 11055 Premises”) pursuant to the Work Letter at a cost to Landlord not to exceed (a) One Million Hundred Forty-Four Thousand Seven Hundred Thirty-Eight Hundred Sixty Thousand Dollars ($1,860,000144,738) (based upon Eighteen Dollars ($18) per Rentable Square Foot of Premises (the “TI Allowance”). The TI Allowance may be applied to the costs of (mn) construction, (no) project management review by Landlord (which fee shall equal three percent (3%) of the cost of the Tenant Improvements, including the TI Allowance), (o) commissioning of mechanical, electrical and plumbing systems by a licensed, qualified commissioning agent hired by Landlord, and review of such party’s commissioning report by a licensed, qualified commissioning agent hired by Tenant, (p) space planning, architect, engineering and other related services performed by third parties unaffiliated with Tenant, (q) building permits and other taxes, fees, charges and levies by Governmental Authorities (as defined below) governmental authorities for permits or for inspections of the Tenant Improvements, and (r) costs and expenses for labor, material, equipment and fixtures. In no event shall the TI Allowance be used for (v) the cost of work that is not authorized by the Approved Plans (as defined in the Work Letter) or otherwise approved in writing by Landlord, (w) payments to Tenant or any affiliates of Tenant, (x) the purchase of any furniture, personal property or other non-building system equipment, (y) costs resulting from any default by Tenant of its obligations under this the Amended Lease or (z) costs that are recoverable by Tenant from a third party (e.g., insurers, warrantors, or tortfeasors). . 4.2 Tenant shall have until the date of Substantial Completion of the initial Tenant Improvements (the “TI Deadline”), ) that is the earlier of (a) eight (8) months after the Execution Date and (b) one hundred thirty-five (135) days after Substantial Completion (as defined below) of the Tenant Improvements to expend the unused portion of the TI Allowance, after which date Landlord’s obligation to fund such costs shall expire. In no the event shall any unused Tenant does not use the entire TI Allowance entitle by the TI Deadline, Tenant shall be entitled to a rent credit against Rent payable under this Lease. In Landlord’s reasonable discretion during the thirty (30) day period immediately prior equal to the Expansion Commencement Date, lesser of (a) the unused portion of the TI Allowance and (b) Eight Dollars ($8) per Rentable Square Foot of Premises. Tenant shall deliver to Landlord may permit Tenant to enter upon the Expansion Premises (y) a certificate of occupancy for the purpose Premises suitable for the Permitted Use and (b) a Certificate of installing equipmentSubstantial Completion in the form of the American Institute of Architects document G704, trade fixtures executed by the project architect and the general contractor. The term “Substantially Complete” or “Substantial Completion” means that the placement of personal property so long as such entry does not interfere Tenant Improvements are substantially complete in accordance with the completion of Approved Plans (as defined in the Tenant Improvements; provided that Tenant shall furnish to Landlord evidence satisfactory to Landlord that insurance coverages required of Tenant under the Lease are in effect with respect to the Expansion PremisesWork Letter), and such entry shall be subject to all the terms and conditions of the Lease; and provided, further, that if the Expansion Commencement Date is delayed due to such early access, then the Expansion Commencement Date shall be the date that the Expansion Commencement Date would have occurred but except for such delayminor punch list items.

Appears in 1 contract

Samples: Sublease Agreement (Locust Walk Acquisition Corp.)

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Tenant Improvements. Landlord 5.1. Tenant shall cause appropriate improvements consistent with the Permitted Use (the "Tenant Improvements Improvements") to be constructed in the Expansion Premises and the Existing Premises in the 11055 Building (collectively, the “Total 11055 Premises”) pursuant to the Work Letter attached hereto as Exhibit E (the "Work Letter") at a cost to Landlord not to exceed (a) One Three Million Eight Hundred Sixty Thousand Dollars ($1,860,0003,000,000.00) (the "TI Allowance"). The TI Allowance may be applied to the costs of (ma) construction, (nb) third-party costs incurred in project management review by Landlord Landlord, which costs shall not exceed Ten Thousand Dollars (which fee shall equal three percent (3%) of the cost of the Tenant Improvements, including the TI Allowance$10,000), (oc) commissioning of mechanical, electrical and plumbing systems by a licensed, qualified commissioning agent hired by LandlordTenant, and review of such party’s 's commissioning report by a licensed, qualified commissioning agent hired by TenantLandlord, (pd) space planning, architect, engineering and other related services performed by third parties unaffiliated with Tenant, (qe) building permits and other taxes, fees, charges and levies by Governmental Authorities (as defined below) governmental authorities for permits or for inspections of the Tenant Improvements, and (rf) costs and expenses for labor, material, equipment and fixtures. In no event shall the TI Allowance be used for (wm) the cost of work that is not authorized by the Approved Plans (as defined in the Work Letter) or otherwise approved in writing by Landlord, (n) payments to Tenant or any affiliates of Tenant, (xo) the purchase of any furniture, personal property or other non-building system equipment, (yp) costs resulting from any default by Tenant of its obligations under this Lease or (zq) costs that are recoverable by Tenant from a third party (e.g., insurers, warrantors, or tortfeasors). 5.2. Tenant shall have until December 15, 2030 to request disbursement for the date of Substantial Completion of the initial Tenant Improvements (the “TI Deadline”), to expend the unused portion final installment of the TI Allowance, after which date and may request no more than six (6) disbursements of the TI Allowance, with each disbursement (other than the final disbursement) being no less than Five Hundred Thousand Dollars ($500,000.00). Landlord’s 's obligation to fund such costs disburse any of the TI Allowance shall expirebe conditional upon Tenant's satisfaction of the conditions precedent to funding of the TI Allowance set forth in Section 6.3 of the Work Letter. In no event shall addition, Landlord's obligation to disburse any unused of the TI Allowance entitle in excess of Two Million Five Hundred Thousand Dollars ($2,500,000.00) shall be conditioned upon the satisfaction of the following: (a) Tenant's delivery to Landlord of a certificate of occupancy for the Premises suitable for the Permitted Use, as applicable; (b) Tenant's delivery to Landlord of a Certificate of Substantial Completion in the form of the American Institute of Architects document G704, executed by the project architect and the general contractor or such other form or certification as may be reasonably acceptable to Landlord; (c) Tenant's satisfaction of the conditions precedent to funding of the TI Allowance set forth in Section 6.3 of the Work Letter; and (d) there shall be no uncured event of default by Tenant to a credit against Rent payable under this Lease. In Landlord’s reasonable discretion during the thirty (30) day period immediately prior to the Expansion Commencement Date, Landlord may permit Tenant to enter upon the Expansion Premises for the purpose of installing equipment, trade fixtures or the placement of personal property so long as such entry does not interfere with the completion of the Tenant Improvements; provided that Tenant shall furnish to Landlord evidence satisfactory to Landlord that insurance coverages required of Tenant under the Lease are in effect with respect to the Expansion Premises, and such entry shall be subject to all the terms and conditions of the Lease; and provided, further, that if the Expansion Commencement Date is delayed due to such early access, then the Expansion Commencement Date shall be the date that the Expansion Commencement Date would have occurred but for such delay.

Appears in 1 contract

Samples: Lease Agreement (Innovative Industrial Properties Inc)

Tenant Improvements. Landlord shall cause the work (the “Tenant Improvements Improvements”) described in the Work Letter attached hereto as Exhibit A (the “Work Letter”) to be constructed in the Expansion Premises and the Existing Premises in the 11055 Building (collectively, the “Total 11055 Premises”) pursuant to the Work Letter at a cost to Landlord not to exceed (a) One Million Eight Six Hundred Sixty Seven Thousand Four Hundred Twenty Dollars ($1,860,000607,420) (the “TI Allowance”). . 7.1 The TI Allowance may be applied to the costs of (ma) construction, (nb) project management by Landlord (which fee shall equal three one point five percent (31.5%) of the cost of the Tenant Improvements, including the TI Allowance), (oc) commissioning of mechanical, electrical and plumbing systems by a licensed, qualified commissioning agent hired by Landlord, and review of such party’s commissioning report by a licensed, qualified commissioning agent hired by Tenant, (pd) space planning, architect, engineering and other related services performed by third parties unaffiliated with Tenant, (qe) building permits and other taxes, fees, charges and levies by Governmental Authorities (as defined below) for permits or for inspections of the Tenant Improvements, and (rf) costs and expenses for labor, material, equipment and fixtures. In no event shall the TI Allowance be used for (w) payments to Tenant or any affiliates of Tenant, (x) the purchase of any furniture, personal property or other non-building system equipment, (y) costs resulting arising from any default by Tenant of its obligations under this the Lease or (z) costs that are recoverable by Tenant from a third party (e.g., insurers, warrantors, or tortfeasors). . 7.2 Tenant shall have until the date of Substantial Completion of that is eighteen (18) months after the initial Tenant Improvements First Amendment Execution Date (such date, the “TI Deadline”), to expend the unused portion of the TI Allowance, after which date Landlord’s obligation to fund any such costs shall expire. In no event shall any unused TI Allowance entitle Tenant to a credit against Rent payable under this the Lease. In Landlord. 7.3 Tenant acknowledges that Landlord shall be constructing the Tenant Improvements in the Premises during Tenant’s reasonable discretion during occupancy of the thirty (30) day period immediately prior to the Expansion Commencement Date, Landlord may permit Tenant to enter upon the Expansion Premises for the purpose of installing equipmentPermitted Use. Tenant shall permit Landlord to enter the Premises at all times (including during business hours) to construct the Tenant Improvements, trade fixtures or and Tenant shall otherwise reasonably cooperate with Landlord throughout the placement of personal property construction process to enable Landlord to complete the Tenant Improvements in a timely and efficient manner. In constructing the Tenant Improvements, Landlord shall reasonably cooperate with Tenant so long as such entry does not interfere with the completion to cause as little interference to Tenant as is reasonably possible; provided, however, that in no event shall Landlord’s construction of the Tenant Improvements; provided that Tenant shall furnish Improvements in the Premises (a) cause Rent to Landlord evidence satisfactory to Landlord that insurance coverages required of Tenant xxxxx under the Lease are in effect with respect Lease, (b) give rise to the Expansion Premisesany claim by Tenant for damages or (c) constitute a forcible or unlawful entry, and such entry shall be subject to all the terms and conditions a detainer or an eviction of the Lease; and provided, further, that if the Expansion Commencement Date is delayed due to such early access, then the Expansion Commencement Date shall be the date that the Expansion Commencement Date would have occurred but for such delayTenant.

Appears in 1 contract

Samples: Lease (Halozyme Therapeutics Inc)

Tenant Improvements. Landlord shall cause Tenant hereby agrees that the Tenant Improvements to shall be constructed in the Expansion Premises and the Existing Premises in the 11055 Building completed by a general contractor (collectively, the Total 11055 PremisesGeneral Contractor”) pursuant approved by Landlord, which approval shall not be unreasonably withheld, conditioned, or delayed. Tenant hereby agrees to the Work Letter at a cost indemnify and hold Landlord harmless from and against any loss, cost, damage, liability or expense (including without limitation reasonable attorneys' fees and court costs) incurred by Landlord with respect to all of Tenant's obligations set forth in this Section 3. Tenant hereby guarantees to Landlord not to exceed (a) One Million Eight Hundred Sixty Thousand Dollars ($1,860,000) (that the “TI Allowance”). The TI Allowance may Tenant Improvements shall be applied to completed in a lien-free manner and in strict accordance with the costs Working Drawings and all applicable laws, permits and governmental approvals and with all required inspections during the course of (m) construction, (n) project management it being acknowledged by Landlord (which fee shall equal three percent (3%) and Tenant that the provisions of the cost Lease regarding the filing mechanics' liens against the Building by or through Tenant shall control with respect to mechanics' liens filed against the Project or Premises as a result of the Tenant Improvements). Landlord shall be entitled to a fee, including the TI Allowancenot to exceed Five Thousand and No/100 Dollars ($5,000.00), (o) commissioning of mechanicalto reimburse Landlord for its reasonable, electrical and plumbing systems by a licensed, qualified commissioning agent hired by third party out-of-pocket costs incurred in connection with Landlord, and ’s review of such partythe Working Drawings. Such fee shall be paid to Landlord by Tenant within thirty (30) days following Tenant’s commissioning report by a licensedreceipt of each of Landlord’s invoices therefor, qualified commissioning agent hired by or, at Tenant’s election, (p) space planning, architect, engineering and other related services performed by third parties unaffiliated with Tenant, (q) building permits and other taxes, fees, charges and levies by Governmental Authorities deducted from the Allowance (as defined below) for permits or for inspections of the Tenant Improvements, and (r) costs and expenses for labor, material, equipment and fixtures. In no event shall the TI Allowance be used for (w) payments to Tenant or any affiliates of Tenant, (x) the purchase of any furniture, personal property or other non-building system equipment, (y) costs resulting from any default by Tenant of its obligations under this Lease or (z) costs that are recoverable by Tenant from a third party (e.g., insurers, warrantors, or tortfeasors). Tenant shall have until the date of Substantial Completion of the initial Tenant Improvements (the “TI Deadline”), to expend the unused portion of the TI Allowance, after which date Landlord’s obligation to fund such costs shall expire. In no event shall any unused TI Allowance entitle Tenant to a credit against Rent payable under this Lease. In Landlord’s reasonable discretion during the thirty (30) day period immediately prior to the Expansion Commencement Date, Landlord may permit Tenant to enter upon the Expansion Premises for the purpose of installing equipment, trade fixtures or the placement of personal property so long as such entry does not interfere with the completion of the Tenant Improvements; provided that Tenant shall furnish to Landlord evidence satisfactory to Landlord that insurance coverages required of Tenant under the Lease are in effect with respect to the Expansion Premises, and such entry shall be subject to all the terms and conditions of the Lease; and provided, further, that if the Expansion Commencement Date is delayed due to such early access, then the Expansion Commencement Date shall be the date that the Expansion Commencement Date would have occurred but for such delay.

Appears in 1 contract

Samples: Lease (Bloom Energy Corp)

Tenant Improvements. Landlord 4.1. Tenant shall cause the work (the “Tenant Improvements Improvements”) described in the Work Letter attached hereto as Exhibit A (the “Work Letter”) to be constructed in the Expansion Premises and the Existing Premises in the 11055 Building (collectively, the “Total 11055 Premises”) pursuant to the Work Letter at a cost to Landlord not to exceed (a) One Million Hundred Forty-Four Thousand Seven Hundred Thirty-Eight Hundred Sixty Thousand Dollars ($1,860,000144,738) (based upon Eighteen Dollars ($18) per Rentable Square Foot of Premises (the “TI Allowance”). The TI Allowance may be applied to the costs of (mn) construction, (no) project management review by Landlord (which fee shall equal three percent (3%) of the cost of the Tenant Improvements, including the TI Allowance), (o) commissioning of mechanical, electrical and plumbing systems by a licensed, qualified commissioning agent hired by Landlord, and review of such party’s commissioning report by a licensed, qualified commissioning agent hired by Tenant, (p) space planning, architect, engineering and other related services performed by third parties unaffiliated with Tenant, (q) building permits and other taxes, fees, charges and levies by Governmental Authorities (as defined below) governmental authorities for permits or for inspections of the Tenant Improvements, and (r) costs and expenses for labor, material, equipment and fixtures. In no event shall the TI Allowance be used for (v) the cost of work that is not authorized by the Approved Plans (as defined in the Work Letter) or otherwise approved in writing by Landlord, (w) payments to Tenant or any affiliates of Tenant, (x) the purchase of any furniture, personal property or other non-building system equipment, (y) costs resulting from any default by Tenant of its obligations under this the Amended Lease or (z) costs that are recoverable by Tenant from a third party (e.g., insurers, warrantors, or tortfeasors). 4.2. Tenant shall have until the date of Substantial Completion of the initial Tenant Improvements (the “TI Deadline”), ) that is the earlier of (a) eight (8) months after the Execution Date and (b) one hundred thirty-five (135) days after Substantial Completion (as defined below) of the Tenant Improvements to expend the unused portion of the TI Allowance, after which date Landlord’s obligation to fund such costs shall expire. In no the event shall any unused Tenant does not use the entire TI Allowance entitle by the TI Deadline, Tenant shall be entitled to a rent credit against Rent payable under this Lease. In Landlord’s reasonable discretion during the thirty (30) day period immediately prior equal to the Expansion Commencement Date, lesser of (a) the unused portion of the TI Allowance and (b) Eight Dollars ($8) per Rentable Square Foot of Premises. Tenant shall deliver to Landlord may permit Tenant to enter upon the Expansion Premises (y) a certificate of occupancy for the purpose Premises suitable for the Permitted Use and (b) a Certificate of installing equipmentSubstantial Completion in the form of the American Institute of Architects document G704, trade fixtures executed by the project architect and the general contractor. The term “Substantially Complete” or “Substantial Completion” means that the placement of personal property so long as such entry does not interfere Tenant Improvements are substantially complete in accordance with the completion of Approved Plans (as defined in the Tenant Improvements; provided that Tenant shall furnish to Landlord evidence satisfactory to Landlord that insurance coverages required of Tenant under the Lease are in effect with respect to the Expansion PremisesWork Letter), and such entry shall be subject to all the terms and conditions of the Lease; and provided, further, that if the Expansion Commencement Date is delayed due to such early access, then the Expansion Commencement Date shall be the date that the Expansion Commencement Date would have occurred but except for such delayminor punch list items.

Appears in 1 contract

Samples: Standard Industrial Net Lease (Trovagene, Inc.)

Tenant Improvements. Landlord a. Tenant shall cause the Tenant Improvements to be constructed certain tenant improvements (including those listed in Sections 7(e), 7(f) and 7(g) below) in the Expansion Additional Premises and the Existing Premises in the 11055 Building (collectively, the Total 11055 PremisesTenant’s Work”) pursuant to the Work Letter at a cost to attached as Exhibit E hereto (the “Work Letter”). Landlord shall provide Tenant with an improvement allowance in an amount not to exceed (a) One Million Eight Nine Hundred Sixty Five Thousand Five Hundred Thirty-Five Dollars ($1,860,000905,535) (based upon Forty-Five Dollars ($45) per rentable square foot) (the “TI Allowance”). The TI Allowance may be applied used to pay for the following costs of related to Tenant’s Work: (mi) construction, (nii) project management oversight by Landlord (which fee shall equal three percent (3%) of the cost of the Tenant Improvements, including the TI Allowance), (o) commissioning of mechanical, electrical and plumbing systems by a licensed, qualified commissioning agent hired by Landlord, and review of such party’s commissioning report by a licensed, qualified commissioning agent hired by Tenant, (piii) space planning, architect, engineering and other related services performed by third parties unaffiliated with Tenant, Tenant and (qiv) building permits and other taxes, fees, charges and levies by Governmental Authorities (as defined below) for permits or for inspections of the Tenant Improvements, and (r) costs and expenses for labor, material, equipment and fixturesTenant’s Work. In no event shall the TI Allowance be used for for: (wv) payments to Tenant or any affiliates of Tenant, (xw) the purchase of any furniture, personal property or other non-building system equipment, (x) the cost of work that is not authorized by the Approved Plans or otherwise approved in writing by Landlord, (y) costs resulting from any default by Tenant of its obligations under this the Amended Lease or (z) costs that are recoverable or reasonably recoverable by Tenant from a third party (e.g., insurers, warrantors, or tortfeasors). If the total cost of Tenant’s Work exceeds Forty-Five Dollars ($45) per rentable square foot of the Additional Premises, then Tenant shall pay the overage as and when due. Tenant shall have until the date of Substantial Completion of the initial Tenant Improvements (the “TI Deadline”)December 31, 2008, to expend the any unused portion of the TI Allowance, after which date Landlord’s obligation to fund such costs shall expire. In no event Tenant shall any unused TI Allowance entitle Tenant deliver to Landlord (Y) a credit against Rent payable under this Lease. In Landlordcertificate of occupancy for the Additional Premises suitable for the permitted use and (Z) a Certificate of Substantial Completion in the form of the American Institute of Architects document G704, executed by the project architect with respect to Tenant’s reasonable discretion during Work in the thirty (30) day period immediately prior Additional Premises. b. Prior to the Expansion Commencement Date, Landlord may permit Tenant to enter entering upon the Expansion Premises for the purpose of installing equipmentAdditional Premises, trade fixtures or the placement of personal property so long as such entry does not interfere with the completion of the Tenant Improvements; provided that Tenant shall furnish to Landlord evidence satisfactory to Landlord that insurance coverages required of Tenant under the provisions of the Amended Lease are in effect with respect to the Expansion Premiseseffect, and such entry shall be subject to all the terms and conditions of the LeaseAmended Lease other than the payment of Minimum Rental. c. Possession of areas of the Additional Premises necessary for utilities, services, safety and operation of Building 1 is reserved to Landlord, subject to Tenant’s right to access same from time to time as necessary for the construction of Tenant’s Work or the operation of Tenant’s business in the Additional Premises. d. In accordance with the terms of the Work Letter, Tenant shall obtain Landlord’s approval of Tenant’s architect, engineer, general contractor and major subcontractors, such approval not to be unreasonably withheld, conditioned or delayed. e. Subject to Section 7(a) and the Work Letter, Tenant shall have the right to convert the laboratory space in the Partially Improved Premises into office space in accordance with the plans referenced in Exhibit D attached hereto; and provided, furtherhowever, that if Landlord shall have the Expansion Commencement Date is delayed due right, upon written notice to Tenant delivered no later than one hundred eighty (180) days prior to the expiration of the Lease, to require Tenant to restore such early access, then the Expansion Commencement Date shall be areas to their condition as laboratory facilities as of the date of this Amendment, ordinary wear and tear excepted. f. Subject to Section 7(a) and the Work Letter, Tenant shall have the right to perform certain upgrades to the ground floor lobby, subject to the consent of Nuvelo and Landlord’s reasonable consent. g. Subject to Section 7(a) and the Work Letter, Tenant shall have the right to (i) change the order of the existing monument signage on the North side of the Real Property so that Tenant’s name appears first, (ii) change or upgrade the Expansion Commencement Date would have occurred but for such delaywhite letter signage on the glass facade at Building 1’s lobby entrance, and (iii) subject to applicable laws and approval by the City of San Xxxxxx, add additional signage on the North facade of Building 1.

Appears in 1 contract

Samples: Built to Suit Lease (Nektar Therapeutics)

Tenant Improvements. Landlord 5.1. Tenant shall cause appropriate improvements consistent with the Permitted Use (the "Tenant Improvements Improvements") to be constructed in the Expansion Premises and the Existing Premises in the 11055 Building (collectively, the “Total 11055 Premises”) pursuant to the Work Letter attached hereto as Exhibit E (the "Work Letter") at a cost to Landlord not to exceed (a) One Two Million Eight Two Hundred Sixty Thousand Dollars ($1,860,0002,200,000.00) (the "TI Allowance"). The TI Allowance may be applied to the costs of (ma) construction, (n) project management by Landlord (which fee shall equal three percent (3%) of the cost of the Tenant Improvements, including the TI Allowance), (ob) commissioning of mechanical, electrical and plumbing systems by a licensed, qualified commissioning agent hired by LandlordTenant, and review of such party’s 's commissioning report by a licensed, qualified commissioning agent hired by TenantLandlord, (pc) space planning, architect, engineering and other related services performed by third parties unaffiliated with Tenant, (qd) building permits and other taxes, fees, charges and levies by Governmental Authorities (as defined below) governmental authorities for permits or for inspections of the Tenant Improvements, and (re) costs and expenses for labor, material, equipment and fixtures. In no event shall the TI Allowance be used for (wm) the cost of work that is not authorized by the Approved Plans (as defined in the Work Letter) or otherwise approved in writing by Landlord, (n) payments to Tenant or any affiliates of Tenant, (xo) the purchase of any furniture, personal property or other non-building system equipment, (yp) costs resulting from any default by Tenant of its obligations under this Lease or (zq) costs that are recoverable by Tenant from a third party (e.g., insurers, warrantors, or tortfeasors). 5.2. Tenant shall have until August 2, 2031 to request disbursement for the date of Substantial Completion of the initial Tenant Improvements (the “TI Deadline”), to expend the unused portion final installment of the TI Allowance, after which date and may request no more than eight (8) disbursements of the TI Allowance, with each disbursement (other than the final disbursement) being no less than Three Hundred Seventy Five Thousand Dollars ($375,000.00). Landlord’s 's obligation to fund such costs disburse any of the TI Allowance shall expirebe conditional upon Tenant's satisfaction of the conditions precedent to funding of the TI Allowance set forth in Section 6.3 of the Work Letter. In no event shall addition, Landlord's obligation to disburse any unused of the TI Allowance entitle in excess of One Million Nine Hundred Thousand Dollars ($1,900,000.00) shall be conditioned upon the satisfaction of the following: (a) Tenant's delivery to Landlord of a certificate of occupancy for the Premises suitable for the Permitted Use, as applicable; (b) Tenant's delivery to Landlord of a Certificate of Substantial Completion in the form of the American Institute of Architects document G704, executed by the project architect and the general contractor or such other form or certification as may be reasonably acceptable to Landlord; (c) Tenant's satisfaction of the conditions precedent to funding of the TI Allowance set forth in Section 6.3 of the Work Letter; and (d) there shall be no uncured event of default by Tenant to a credit against Rent payable under this Lease. In Landlord’s reasonable discretion during the thirty (30) day period immediately prior to the Expansion Commencement Date, Landlord may permit Tenant to enter upon the Expansion Premises for the purpose of installing equipment, trade fixtures or the placement of personal property so long as such entry does not interfere with the completion of the Tenant Improvements; provided that Tenant shall furnish to Landlord evidence satisfactory to Landlord that insurance coverages required of Tenant under the Lease are in effect with respect to the Expansion Premises, and such entry shall be subject to all the terms and conditions of the Lease; and provided, further, that if the Expansion Commencement Date is delayed due to such early access, then the Expansion Commencement Date shall be the date that the Expansion Commencement Date would have occurred but for such delay.

Appears in 1 contract

Samples: Lease Agreement (Innovative Industrial Properties Inc)

Tenant Improvements. 5.1. Landlord shall cause the make available to Tenant, if properly requested by Tenant Improvements to be constructed in the Expansion Premises and the Existing Premises in the 11055 Building (collectively, the “Total 11055 Premises”) pursuant to the Work Letter at a cost Section 5.3 hereof, an allowance up to Landlord not to exceed (a) One Million Eight Two Hundred Sixty Sixty-Five Thousand Dollars ($1,860,000265,000) (the “TI First Amendment Allowance”) for improvements to the Premises consistent with the Permitted Use (the “First Amendment Improvements”). Tenant shall be responsible for performing and completing any First Amendment Improvements. The TI First Amendment Allowance may be applied to the costs of (ma) construction, (nb) project management by Landlord (which fee shall equal three percent (3%) Landlord’s reasonable third party review of the cost of the Tenant First Amendment Improvements, including the TI Allowance), (oc) commissioning of mechanical, electrical and plumbing systems by a licensed, qualified commissioning agent hired by LandlordTenant (provided that, if the First Amendment Improvements include any work to HVAC, mechanical, electrical or plumbing related equipment or building controls, then Tenant shall commission such equipment and perform any necessary integration of such equipment into the building management system), and review of such party’s commissioning report by a licensed, qualified commissioning agent hired by TenantLandlord, (pd) space planning, architect, engineering and other related services performed by third parties unaffiliated with Tenant, (qe) building permits and other taxes, fees, charges and levies by Governmental Authorities (as defined below) for permits or for inspections of the Tenant First Amendment Improvements, and (rf) costs and expenses for labor, materialmaterials, equipment and fixtures. In no event shall the TI Allowance be used for , and (w) payments to Tenant or any affiliates of Tenant, (xg) the purchase of any furniture, personal property or other non-building system equipmentequipment to be used in connection with Tenant’s use of the Premises for the Permitted Use. In no event shall the First Amendment Allowance be used for (w) the cost of work that is not approved in writing by Landlord, (x) payments to Tenant or any affiliates of Tenant, (y) costs resulting from any default by Tenant of its obligations under this the Lease or (z) costs that are recoverable by Tenant from a third party (e.g., insurers, warrantors, or tortfeasors). 5.2. Tenant shall have until the date of Substantial Completion of the initial Tenant Improvements January 1, 2018 (the “TI Allowance Deadline”), to expend the unused portion of the TI First Amendment Allowance, after which date Landlord’s obligation to fund such costs shall expire. Base Rent shall be increased to include the amount of the First Amendment Allowance disbursed by Landlord in accordance with this Lease amortized over the initial Term at a rate of eight percent (8%) annually. The amount by which Base Rent shall be increased shall be determined (and Base Rent shall be increased accordingly) as of the First Extension Term Commencement Date and, if such determination does not reflect use by Tenant of all of the First Amendment Allowance, shall be determined again as of the Allowance Deadline, with Tenant paying (on the next succeeding day that Base Rent is due under the Lease (the “First Amendment Allowance True-Up Date”)) any underpayment of the further adjusted Base Rent for the period beginning on the First Extension Term Commencement Date and ending on the First Amendment Allowance True-Up Date. 5.3. Landlord shall not be obligated to expend any portion of the First Amendment Allowance until Landlord shall have received from Tenant a letter in the form attached as Exhibit A hereto executed by an authorized officer of Tenant. In no event shall any unused TI First Amendment Allowance entitle Tenant to a credit against Rent payable under this the Lease. 5.4. In Landlord may refuse to allow any architects, consultants, contractors, subcontractors or material suppliers to work on the First Amendment Improvements if Landlord reasonably believes any would cause labor disharmony or may not have sufficient experience, in Landlord’s reasonable discretion during opinion, to perform work in an occupied Class “A” laboratory research building and in tenant-occupied lab areas. 5.5. The First Amendment Improvements shall be considered Alterations and shall be subject to Article 17 of the thirty Existing Lease; provided that, notwithstanding anything to the contrary in the Lease to the contrary, in the event of any conflict between Article 17 of the Existing Lease and this Article 5, the terms in this Article 5 shall control. Notwithstanding the foregoing or any other provision of the Existing Lease to the contrary, to the extent Tenant purchases any personal property with the First Amendment Allowance (30subject to the limitation in Section 5.1(g)). Tenant shall have the right (but not the obligation) day period immediately to remove and retain all or any portion of such personal property (subject to the limitation in Section 5.1(g)) prior to the Expansion Commencement Date, Landlord may permit Tenant to enter upon the Expansion Premises for the purpose of installing equipment, trade fixtures expiration or the placement of personal property so long as such entry does not interfere with the completion earlier termination of the Tenant ImprovementsLease; provided that that, Tenant shall furnish to Landlord evidence satisfactory to Landlord that insurance coverages required comply with all obligations of Tenant under the Lease with respect to such removal, including the obligations set forth in Section 17.7 of the Original Lease. 5.6. Landlord shall not be obligated to reimburse Tenant for costs or expenses relating to the First Amendment Improvements that exceed the amount of the First Amendment Allowance. Landlord shall not unreasonably withhold, condition or delay its approval of any budget for First Amendment Improvements that is proposed by Tenant. 5.7. Upon submission by Tenant to Landlord from time to time, but not more than once per month, of (a) a statement (a “Fund Request”) setting forth the total amount of the First Amendment Allowance requested at such time, (b) a summary of the First Amendment Improvements performed (to the extent such First Amendment Improvements performed are in effect to be paid for out of such Fund Request) using AIA standard form Application for Payment (G 702) executed by the general contractor and by the architect (to the extent applicable), (c) invoices from the general contractor, the architect, and any subcontractors, material suppliers and other parties requesting payment with respect to the Expansion Premisesamount of the First Amendment Allowance then being requested, and (d) except with respect to the final Fund Request, conditional lien releases from the general contractor and each subcontractor and material supplier with respect to the First Amendment Improvements performed that correspond to the Fund Request each in a form reasonably acceptable to Landlord and complying with Applicable Laws, then Landlord shall, within thirty (30) days following receipt by Landlord of a Fund Request and the accompanying materials required by this Section, pay to (i) as elected by Landlord, the applicable contractors, subcontractors and material suppliers or to Tenant for payment to the same or (ii) Tenant (for reimbursement for payments made by Tenant to such entry contractors, subcontractors or material suppliers as a result of Tenant’s decision to pay for the First Amendment Improvements itself and later seek reimbursement from Landlord in the form of one or more Fund Requests in accordance with this Amendment), the amount of the First Amendment Improvement costs set forth in such Fund Request; provided, however, that and any Fund Request under this Section shall be subject to all the terms payment limits set forth in this Article 5. 5.8. In addition to the other requirements of this Article 5. Tenant shall, concurrently with the submission of each Fund Request for the First Amendment Improvements, provide Landlord with an estimate of (a) the percentage of design and conditions other soft cost work that has been completed, (b) design and other soft costs spent through the end of the Lease; previous month, both from commencement of the First Amendment Improvements and providedsolely for the previous month, further(c) the percentage of construction and other hard cost work that has been completed, that if (d) construction and other hard costs spent through the Expansion Commencement Date is delayed due to such early accessend of the previous month, then both from commencement of the Expansion Commencement Date shall be First Amendment Improvements and solely for the previous month, and (e) the anticipated or actual, as applicable, date that of substantial completion of the Expansion Commencement Date would have occurred but for such delayFirst Amendment Improvements.

Appears in 1 contract

Samples: Lease Amendment (Alnylam Pharmaceuticals, Inc.)

Tenant Improvements. Landlord Tenant shall cause the Tenant Improvements to be constructed in the Expansion Premises and the Existing Premises in the 11055 Building (collectively, the “Total 11055 Premises”) pursuant to the Work Letter attached hereto as Exhibit 3 (the “Work Letter”) at a cost to Landlord not to exceed (a) One Four Million Eight Four Hundred Sixty Twenty Six Thousand Five Hundred and 00/100 Dollars ($1,860,0004,426,500.00) (based upon One Hundred Thirteen and 50/100 Dollars ($113.50) per square foot of rentable area (the “TI Allowance”). The TI Allowance may be applied to the costs of (m) construction, (n) project management by Landlord (which fee shall equal three percent (3%) of the cost of the Tenant Improvements, including the TI Allowance)intentionally omitted, (o) commissioning of mechanical, electrical and plumbing systems by a licensed, qualified commissioning agent hired by LandlordXxxxxx, and review excluding any commissioning of such party’s commissioning report by a licensed, qualified commissioning agent hired by Tenantbase Building HVAC equipment, (p) space planning, architect, engineering and other related services performed by third parties unaffiliated with Tenant, (q) building permits and other taxes, fees, charges and levies by Governmental Authorities (as defined below) for permits or for inspections of the Tenant Improvements, and (rq) costs and expenses for labor, material, equipment and fixtures. In no event shall the TI Allowance be used for (v) the cost of work that is not authorized by the Approved Plans (as defined in the Work Letter) or otherwise approved in writing by Landlord, (w) payments to Tenant or any affiliates of Tenant, (x) the purchase of any furniture, personal property or other non-building system equipment, (y) costs resulting arising from any default by Tenant of its obligations under this Lease or (z) costs that are recoverable by Tenant from a third party (e.g., insurers, warrantors, or tortfeasors). In addition, Landlord shall provide an allowance to Tenant to be used solely for architectural and engineering costs related to the preparation of an initial test fit plan for the Tenant Improvements in an amount not to exceed Three Thousand Nine Hundred and 00/100 Dollars ($3,900.00) (based upon Ten Cents ($0.10) per square foot of rentable area) (the “Test Fit Plan Allowance”). Notwithstanding the foregoing, Landlord hereby acknowledges and agrees that any costs incurred by Landlord with respect to project review by Landlord (including without limitation, Xxxxxxxx’s actual out of pocket costs incurred by Landlord in reviewing and managing the Tenant Improvements) shall be at Landlord’s sole cost and expense and no portion of the TI Allowance shall be used therefor. For purposes of clarity, nothing in this Section 3.2 shall limit the costs and expenses incurred by Landlord for which Landlord is entitled to reimbursement by Tenant for Alterations that are not the Tenant Improvements in accordance with Article 11 of this Lease. Tenant shall have until the date of Substantial Completion of that is twelve (12) months after the initial Tenant Improvements Rent Commencement Date (the “TI Deadline”), to expend submit Fund Requests (as defined in the Work Letter) to Landlord for disbursement of the unused portion of the TI Allowance and Test Fit Plan Allowance, after which date Landlord’s obligation to fund any such costs for which Tenant has not submitted a Fund Request to Landlord shall expire. In no event shall any unused TI Allowance entitle Tenant to a credit against Rent payable under this Lease. In Landlord’s reasonable discretion during the thirty (30) day period immediately prior to the Expansion Commencement Date, Landlord may permit Tenant to enter upon the Expansion Premises for the purpose of installing equipment, trade fixtures or the placement of personal property so long as such entry does not interfere with the Upon completion of the Tenant Improvements; provided that , and prior to any occupancy of the Premises by Xxxxxx, Tenant shall furnish deliver to Landlord evidence satisfactory to Landlord that insurance coverages required (a) a certificate of Tenant under occupancy (or its substantial equivalent) for the Lease are Premises suitable for the Permitted Use and (b) a Certificate of Substantial Completion in effect with respect to the Expansion Premises, and such entry shall be subject to all the terms and conditions form of the Lease; American Institute of Architects document G704, executed by the project architect and provided, further, that if the Expansion Commencement Date is delayed due to such early access, then the Expansion Commencement Date shall be the date that the Expansion Commencement Date would have occurred but for such delaygeneral contractor.

Appears in 1 contract

Samples: Lease Agreement (Intellia Therapeutics, Inc.)

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