TENANT INDUCEMENT. Subject to the Required Conditions, the Landlord will pay the Tenant a Leasehold Improvement allowance of SEVEN DOLLARS ($7.00) per square foot of the Rentable Area of the Premises, plus goods and services tax if applicable (the “Allowance”) to be applied towards the cost of construction of the Tenant’s Leasehold Improvements. Ninety percent (90%) of the Allowance will be paid within thirty (30) days after the last to occur of:
(a) the execution of the Lease by all parties;
(b) the commencement of the Term;
(c) satisfactory completion of the construction of the Tenant’s Leasehold Improvements in accordance with terms and conditions provided in this Lease and delivery to the Landlord of such post-construction documentation that the Landlord reasonably requires;
(d) receipt by the Landlord of a statutory declaration from the Tenant documenting (i) that payment has been made in full to all contractors, sub-contractors, suppliers and any other personnel retained to complete construction of the Tenant’s Leasehold Improvements; (ii) that construction of the Tenant’s Leasehold Improvements has been carried out and performed in accordance with all applicable by-laws, rules, regulations and orders of any lawful authority (iii) the last date on which any work was done or materials were provided in connection with the construction of the Leasehold Improvements; and (iv) that all assessments under the Workers’ Compensation Act against the Tenant, its contractors, subcontractors and other persons or business entities who performed work in the Building or the Premises in connection with the Tenant’s work have been paid in full; and
(e) the delivery to the Landlord of an invoice for ninety percent (90%) of the Allowance (plus GST as applicable), such invoice to include the Tenant’s business number(s). The remaining ten percent (10%) of the Allowance will be paid forthwith after the expiry of the applicable statutory lien period, provided no liens have been registered in respect of the Tenant’s Leasehold Improvements and provided that the Tenant has delivered to the Landlord an invoice for the remaining ten percent (10%) of the Allowance (plus GST as applicable), such invoice to include the Tenant’s business number(s). The Tenant will deliver to the Landlord copies of bona fide receipts, paid invoices or other evidence acceptable to the Landlord substantiating the materials and services supplied on account of the Renovation. Provided that the Required Conditions are satis...
TENANT INDUCEMENT. In consideration of the extension of the Agreement, the Landlord shall provide an amount equal to twenty-nine dollars ($29.00) per square foot of rentable area of the Premises, exclusive of H.S.T., (the "Tenant Inducement"). Provided this Agreement has been fully executed, the Tenant Inducement shall be payable in two instalments, with sixty percent (60%) or seventeen dollars and forty cents ($17.40) per square foot of rentable area of the Premises, exclusive of H.S.T., being payable to the Tenant ten (10) business days after the Commencement Date of the Term provided the Tenant has fully complied with all of the following conditions: (a) the Tenant being current on all amounts owing to the Landlord including but not limited to Minimum Rent and Additional Rent (the "Rent"); and (b) the Commencement Date of the Term has passed. The balance of forty percent (40%) or eleven dollars and sixty cents ($11.60) per square foot of rentable area of the Premises, exclusive of H.S.T. shall be payable to the Tenant on March 1, 2024, the first day of the seventh (7th) year of the Term. The balance of the Tenant Inducement of eleven dollars and sixty cents ($11.60) shall be payable to the Tenant provided the Tenant has fully complied with all of the following conditions: (a) the Termination Options have not been exercised; and (b) the Tenant being current on all amounts, including Rent, owing to the Landlord.
TENANT INDUCEMENT. As inducement to Landlord for the Tenant Improvement Allowances and the discounted rental rates early in the Lease, and in lieu of a security deposit, Tenant shall convey to Landlord, upon execution of this Lease, legal rights, title and interest to one Share or Unit of the "A Unit" private placement stock of Tenant being offered for public sale by Tenant in accordance with Tenant's Private Placement Memorandum and Prospectus number #66 (the "Stock") which Stock is being offered for $100,000 per "A Unit". Tenant represents and warrants that it has good title to the Stock, and that conveyance of marketable title to such Stock to Landlord has been duly authorized and approved by Tenant's Board of Directors pursuant to a current resolution of Tenant's Board of Directors.
TENANT INDUCEMENT. In consideration of the Tenant entering into the Lease, the Landlord agrees to pay to the Tenant as an inducement, the sum of Three Hundred and Fifty Thousand Dollars ($350,000.00) plus goods and services tax thereon, said amount to be credited by the Landlord to the cost of the work set out in Schedule "D" hereto. TIME OF ESSENCE
TENANT INDUCEMENT. Provided that Tenant is not in default (and has not committed acts or omissions which would constitute a default with the passage of time or the giving of notice or both), Landlord shall pay to Tenant (or at Landlord's option, credit against rent owed by Tenant) the following amounts as inducements to Tenant:
(a) Seven Dollars and Fifty Cents ($7.50) per square foot of agreed rentable area, plus Two Hundred Fifty Thousand Dollars ($250,000.00), for the Initial Space; (b) Twenty Five Dollars ($25.00) per square foot of agreed rentable area for the Additional Space; (c) Twenty Dollars ($20.00) per square foot of agreed rentable area for any Expansion Space leased pursuant to this Lease (except for any space described in Subsections (e) and (f) below); (d) an amount equal to Two Dollars ($2.00) per square foot of agreed rentable area multiplied by the number of years in the initial Lease term of that Offer Space (up to a maximum of $20.00 per square foot of agreed rentable area) for any Offer Space leased pursuant to this Lease (except for any space described in Subsections (e) and (f) below); (e) for the space currently leased by Andover Controls Corporation on the 2/nd/, 3/rd/ and 4/th/ Floors of Building 300, Thirty One Dollars ($31.00) per square foot of agreed rentable area to the extent that any portion of such space is leased by Tenant as Expansion Space, and Three Dollars and Ten Cents ($3.10) per square foot of agreed rentable area multiplied by the number of years in the initial Lease term of that Offer Space (up to a maximum of Thirty One Dollars ($31.00) per square foot of agreed rentable area) to the extent that any portion of such space is leased by Tenant as Offer Space; and (f) for the space currently leased by Germanium Power Devices Corporation on the 7/th/ Floor of Building 300, Thirty Five Dollars ($35.00) per square foot of agreed rentable area to the extent that any portion of such space is leased by Tenant as Expansion Space, and Three Dollars and Fifty Cents ($3.50) per square foot of agreed rentable area multiplied by the number of years in the initial Lease term of that Offer Space (up to a maximum of Thirty Five Dollars ($35.00) per square foot of agreed rentable area) to the extent that any portion of such space is leased by Tenant as Offer Space. These inducement payments will be payable within thirty (30) days after Tenant pays its first month's rent for that particular space and confirms in writing to Landlord that it unconditio...
TENANT INDUCEMENT. As an inducement to the Tenant to enter into this Lease, the Landlord shall pay to the Tenant an amount equal to $14.00 per square foot of the Gross Rentable Area of the Premises, which amount shall be payable by the Landlord no later than 3 Business Days following the date the date upon which the Landlord, acting reasonably, determines that all of the following have occurred
(a) the Tenant is not in default under this Lease;
(b) the Tenant has provided evidence satisfactory to the Landlord that the Tenant has completed all of the Tenant's Work in accordance with Schedule "E" to this Lease and that all material and labour with respect to the Tenant's Work has been paid for in full and that all rights to liens which could arise in respect of the Tenant's Work have expired without any such liens having been registered against the title to the Lands; and
(c) the Commencement Date has occurred and the Tenant has occupied the Premises and opened for business. The Tenant agrees that, if the Tenant defaults in the performance of its material obligations under this Lease throughout the Term, the Landlord shall be entitled to a rebate of an amount equal to the product obtained by multiplying such inducement by a fraction the denominator of which is the total number of months in the Term and the numerator of which is the number of months in the Term following such default.
TENANT INDUCEMENT. As an inducement to the Tenant to enter into this Lease, the Landlord shall pay to the Tenant an amount equal to the product obtained by multiplying the sum of $30.00 by the Rentable Area of the Leased Premises expressed in square feet, plus Sales Taxes (the “Inducement”). It is understood and agreed that the Landlord shall pay the Inducement amount applicable for the Rentable Area of the Initial Premises based upon the Commencement Date and completion of the Tenant’s Work for the Initial Premises and shall pay the Inducement amount applicable to the Rentable Area of the Additional Premises based upon the Commencement Date and completion of the Tenant’s Work for the Additional Premises. The Inducement shall not be due and payable by the Landlord until after delivery to the Landlord of the following: (i) execution and delivery of the Lease; (ii) delivery to the Landlord of the Letter of Credit; and (iii) delivery to the Landlord of an insurance certificate evidencing fulfillment of the Tenant’s insurance requirements pursuant to the terms of this Lease. The Inducement shall not be due and payable by the Landlord until after the occurrence or completion of all of the following:
TENANT INDUCEMENT. Tenant acknowledges (i) that the Expansion Space is currently subject to a long-term lease between Landlord and Insignia Systems, Inc. (“Insignia”), (ii) that Insignia has agreed to an early termination of its lease on July 31, 2008 in exchange for a cash payment of $400,000.00 (the “Termination Fee”), and (iii) that Landlord would not consent to the early termination of Insignia’s lease but for Tenant’s agreement to lease the Expansion Premises for the Extension Term as set forth in this Amendment. As an inducement to Tenant to lease the Expansion Premises for the entire Extension Term, Landlord agrees to pay the Termination Fee directly to Insignia. If no uncured Event of Default by Tenant occurs prior to the expiration of the Term (including the Extension Term), then Tenant shall have no obligation to reimburse Landlord for the Termination Fee. However, if at any time during the Term (including the Extension Term) an Event of Default by Tenant occurs, and if said default is not cured as provided in the Lease, then Tenant shall pay to Landlord as Additional Rent, in addition to all other amounts owed under the Lease, the Termination Fee. During the Extension Term, the Termination Fee shall be reduced as set forth in the following schedule: 10/1/2009 $57,140.00 $342,860.00 10/1/2010 $57,140.00 $285,720.00 10/1/2011 $57,140.00 $228,580.00 10/1/2012 $57,140.00 $171,440.00 10/1/2013 $57,140.00 $114,300.00 10/1/2014 $57,140.00 $57,160.00 Notwithstanding the foregoing, in the event of an uncured default by Tenant (regardless of whether Tenant cures the default), no further reduction of the Termination Fee shall occur after any such default.
TENANT INDUCEMENT. As an inducement for Tenant to enter into this Lease, provided that the Commencement Date shall have occurred and Tenant shall have commenced paying rent hereunder, Landlord shall pay to Tenant on the Commencement Date a one-time payment equal to the sum of One Hundred Thousand Dollars ($100,000.00) (the “Tenant Inducement Payment”). Notwithstanding the foregoing, in the event that Tenant shall default in the performance of any its obligations hereunder during the first lease year and such default shall result in the termination of the Lease pursuant to Section 15 hereof, the Tenant Inducement Payment shall be recoverable by Landlord and, in such event, the same shall become immediately due and payable to Landlord as additional rent hereunder.
TENANT INDUCEMENT
