TI Allowance. Landlord shall provide to Tenant a tenant improvement allowance (“TI Allowance”) of $10.00 per rentable square foot of the Premises, or $300,000 in the aggregate. Within 5 business days after receipt of notice of Landlord’s approval of the Budget, Tenant shall notify Landlord how much of the TI Allowance Tenant has elected to receive from Landlord. Such election shall be final and binding on Tenant, and may not thereafter be modified without Landlord’s consent, which may be granted or withheld in Landlord’s sole and absolute subjective discretion. The TI Allowance shall be disbursed in accordance with this Work Letter. Tenant shall have no right to the use or benefit (including any reduction to Base Rent) of any portion of the TI Allowance not required for the construction of (i) the Tenant Improvements described in the TI Construction Drawings approved pursuant to Section 2(d) or (ii) any Changes pursuant to Section 4 except that any unused portion of the TI Allowance may be applied as a tenant improvement allowance for the construction of improvements in Tenant Reception Area on the first floor of the Building or in any additional space Tenant may lease from Landlord in the Building during the Term of this Lease. Notwithstanding anything to the contrary contained herein, Tenant shall have no right to any portion of the TI Allowance that is not disbursed before the last day of the 12th month after the Commencement Date.
Appears in 2 contracts
Samples: Lease Agreement (Adaptive Insights Inc), Lease Agreement (Adaptive Insights Inc)
TI Allowance. Landlord shall provide to Tenant a tenant improvement allowance a I Iowa nee (collectively, “TI Allowance”) as follows:
1. first, Landlord shall provide and disburse a “Tenant Improvement Allowance” in the maximum amount of $10.00 [***] per rentable square foot of in the 8000 VMR Premises, or $300,000 [***] in the aggregate, which is included in the Base Rent set forth in the Lease; and
2. Within 5 business days after receipt of notice of Landlord’s approval then, upon full disbursement of the BudgetTenant Improvement Allowance, Landlord shall provide and disburse an “Additional Tenant Improvement Allowance” in the maximum amount of $[***] per rentable square foot in the 8000 VMR Premises, or $[***] in the aggregate, which shall, to the extent used, result in adjustments to the Base Rent as set forth in the Lease. Before commencing the Tenant Improvements, Tenant shall notify Landlord how much of the TI Additional Tenant Improvement Allowance Tenant has elected to receive from Landlord. Such election shall be final and binding on Tenant, and may not thereafter be modified without Landlord’s consent, which may be granted or withheld in Landlord’s sole and absolute subjective discretion. discretion The TI Allowance shall be disbursed in accordance with this Work Letter. Tenant shall have no right to the use or benefit (including any reduction to Base Rent) of any portion of the TI Allowance not required for the construction of (i) the design and construction of the Tenant Improvements improvements described in the TI Construction Drawings approved pursuant to Section 2(d) or ), (ii) the design and construction of any Changes pursuant to Section 4 except that any unused portion 4, (iii) full assessment of the vapor/moisture of the flooring of the 8000 VMR Premises and, if necessary, the repair of such flooring to Tenant’s satisfaction, and (iv) the reasonable costs of space planning, architectural, engineering, and construction management fees. Regardless of the timing incident to the approval of the TI Allowance may be applied Design Drawings and the TI Construction Drawings as a tenant improvement allowance for the construction of improvements set forth in Sections 2(b) and 2(c) above, respectively, in no event whatsoever shall Tenant Reception Area on the first floor of the Building or in have any additional space Tenant may lease from Landlord in the Building during the Term of this Lease. Notwithstanding anything to the contrary contained herein, Tenant shall have no right to any portion of the TI Allowance that is not disbursed before the last day of the 12th month that is 18 months after the Commencement DateDate of the Lease (“Disbursement Deadline”). If all or any portion of the TI Allowance is not disbursed by the Disbursement Deadline, for purpose of calculating the Base Rent and adjustments thereto under the Lease, Tenant shall be deemed to have been disbursed the entire amount of the TI Allowance by the Disbursement Deadline. As a result, the Base Rent for the 8000 VMR Premises shall be adjusted as though Tenant had been disbursed the entire amount of the TI Allowance by the Disbursement Deadline.
Appears in 2 contracts
Samples: Lease Agreement (NextCure, Inc.), Lease Agreement (NextCure, Inc.)
TI Allowance. Landlord shall provide to Tenant make available for the payment of the TI Costs a tenant improvement allowance (the “TI Allowance”) of $10.00 190.00 per rentable square foot of the Premises, or $300,000 4,321,740.00 in the aggregate. Within 5 business days after of receipt of notice of the Budget from Landlord’s approval of the Budget, Tenant shall notify Landlord in writing how much of the TI Allowance Tenant has elected to receive from Landlord (the “TI Allowance Election”); provided, however that if Tenant does not elect the full amount of the TI Allowance in the TI Allowance Election, Tenant may elect to have additional funds, not to exceed any positive amount remaining after subtraction of the amount elected in the TI Allowance Election from the TI Allowance, to be made available to pay for the Tenant Improvements as part of the TI Allowance (if any, the “Subsequent TI Allowance Election”), upon 10 business days’ prior written notice to Landlord, which prior written notice of any Subsequent TI Allowance Election shall be given, if at all, within 45 days of the date of Tenant’s initial TI Allowance Election. Such election The Subsequent TI Allowance Election and TI Allowance Election (or if no Subsequent TI Allowance Election is made within the time period required, the TI Allowance Election itself) shall be final and binding on Tenant, and may not thereafter be modified without Landlord’s consent, which may be granted or withheld in Landlord’s sole and absolute subjective discretion. The TI Allowance shall be disbursed in accordance with this Work Letter. Tenant shall have no right to the use or benefit (including any reduction to or payment of Base Rent) of any portion of the TI Allowance not required for the construction of (i) the Tenant Improvements described in the TI Construction Drawings approved pursuant to Section 2(d) or (ii) any approved Changes pursuant to Section 4 except that any unused portion of the TI Allowance may be applied as a tenant improvement allowance for the construction of improvements in Tenant Reception Area on the first floor of the Building or in any additional space Tenant may lease from Landlord in the Building during the Term of this Lease. Notwithstanding anything to the contrary contained herein, Tenant shall have no right to any portion of the TI Allowance that is not disbursed before the last day of the 12th month after the Commencement Date4.
Appears in 2 contracts
Samples: Lease Agreement (Sigilon Therapeutics, Inc.), Lease Agreement (Sigilon Therapeutics, Inc.)
TI Allowance. Landlord shall provide to Tenant a tenant improvement allowance (“TI Allowance”) of $10.00 175.00 per rentable square foot of the Premises, or $300,000 2,676,100 in the aggregate. Within 5 business days after receipt of notice of Landlord’s approval of the Budget, Tenant shall notify Landlord how much of the TI Allowance Tenant has elected to receive from Landlord. Such election shall be final and binding on Tenant, and may not thereafter be modified without Landlord’s consent, which may not be granted unreasonably withheld or withheld in Landlord’s sole and absolute subjective discretiondelayed. The TI Allowance shall be disbursed in accordance with this Work Letter. In addition to the TI Allowance, Landlord shall reimburse Tenant up to $0.15 per usable square foot of the Premises for actual costs incurred by Tenant for the preparation by Tenant’s interior design firm of a test fit of the Premises. Tenant shall have no right to the use or benefit (including any reduction to Base Rent) of any portion of the TI Allowance not required for the construction of (i) the Tenant Improvements described in the TI Construction Drawings approved pursuant to Section 2(d) or (ii) any Changes pursuant to Section 4 except 4; provided, however that any unused portion of the TI Allowance not required for the items listed in subsections (i) or (ii) above, may be applied as a tenant improvement allowance used by Tenant for the construction payment of architectural, engineering and other consultant fees incurred by Tenant in connection with the Tenant Improvements and other expenses incurred by Tenant for improvements in Tenant Reception Area on the first floor of the Building or in any additional space Tenant may lease from Landlord which shall remain in the Building during Premises and will be useable by future tenants following the expiration or earlier termination of the Term of this the Lease. Notwithstanding anything to the contrary contained herein, Tenant shall have no right to any portion of the TI Allowance that is not disbursed before the last day of the 12th month that is 12 months after the Commencement Date.
Appears in 2 contracts
Samples: Lease Agreement, Lease Agreement (Ligand Pharmaceuticals Inc)
TI Allowance. Landlord shall provide to Tenant a tenant improvement allowance (“TI Allowance”) of $10.00 per rentable square foot of the Premises, or $300,000 in the aggregate. Within 5 business days after receipt of notice of Landlord’s approval of the Budget, Tenant shall notify Landlord how much of the TI Allowance Tenant has elected to receive from Landlord. Such election shall be final and binding on Tenant, and may not thereafter be modified without Landlord’s consent, which may be granted or withheld in Landlord’s sole and absolute subjective discretion. The First Expansion Space TI Allowance shall be disbursed made available to Tenant by Landlord only to reimburse Tenant for the cost of Tenant’s First Expansion Space Work (as said term is hereinafter defined). The First Expansion Space TI Allowance under this Section 4 shall be payable to Tenant by Landlord within thirty (30) days after request therefor by Tenant and satisfaction of each of the following conditions: (a) the First Expansion Space Rent Commencement. Date shall have occurred and all of Tenant’s First Expansion Space Work shall have been completed and fully paid for by Tenant, (b) lien waivers and proof of payment of all costs related to Tenant’s First Expansion Space Work shall have been provided to Landlord, all in accordance with this Work Letter. form and substance satisfactory to Landlord, (c) Tenant shall have commenced use and occupancy of the First Expansion Space for the Permitted Uses and shall have commenced paying First Expansion Space Basic Rent and other sums and charges hereunder allocable thereto, (d) no right Default of Tenant shall have occurred under the Lease and be continuing, (e) Tenant shall have certified to Landlord that all of Tenant’s First Expansion Space Work has been completed and fully paid for and that there are no disputes or disagreements outstanding with respect thereto, (f) Tenant shall have delivered to Landlord (i) a final set of “as built” plans certified to Landlord as such by Tenant and Tenant’s architect and engineer showing all of the use or benefit Tenant’s First Expansion Space Work and (including ii) all permits related thereto including, without limitation, a final unconditional certificate of occupancy for the First Expansion Space. In no event shall Landlord have any reduction obligation to Base Rent) make payment of any portion of the First Expansion Space TI Allowance with respect to any requests for payment thereof which is not required for the construction of delivered to Landlord within nine (i9) the Tenant Improvements described in the TI Construction Drawings approved pursuant to Section 2(d) or (ii) any Changes pursuant to Section 4 except that any unused portion months of the First Expansion Space Rent Commencement Date, As used herein, the term “Tenant’s First Expansion Space Work” shall mean the performance of the work necessary to initially prepare the First Expansion Space for Tenant’s occupancy and business operations, including, without limitation, the installation of all demising walls, corridors, kitchens, restrooms, sprinklers, HVAC distribution and control systems, doors, outlets, ceilings, carpeting, walls, wiring, thermostats, electrical controls, cabling, plumbing, life and safety equipment and signs, conference rooms, server rooms, supplemental air conditioning, office cubicles, floor coverings, signs, paintings, furniture and fixtures, telecom and interior partitions and including all architectural and engineering plans and costs related thereto as well as other work performed by Tenant to unify the original Premises with the First Expansion Space. As and to the extent that the cost of Tenant’s First Expansion Space Work is less than the First Expansion Space TI Allowance may allocable thereto, Landlord shall be applied as a tenant improvement allowance for entitled to retain the construction of improvements in Tenant Reception Area on the first floor of the Building or in any additional space Tenant may lease from Landlord in the Building during the Term of this Lease. Notwithstanding anything to the contrary contained herein, same and Tenant shall have no right to any portion of the TI Allowance that is not disbursed before the last day of the 12th month after the Commencement Dateclaim thereto.
Appears in 1 contract
Samples: Sublease (Salary. Com, Inc.)
TI Allowance. Landlord shall provide to Tenant a tenant improvement an allowance (“TI Allowance”) in the amount of Fifty-Nine Thousand Nine Hundred Eighty Dollars ($10.00 per rentable square foot 59,980) to be applied toward the cost of the Premisesfollowing items in respect of the Additional Tenant Improvements: architectural and engineering fees, space planning, building permits or $300,000 other governmental fees, and the cost of labor, materials, contractors fees and overhead and other charges included in the aggregateconstruction contract for construction of Additional Tenant Improvements. Within 5 business days after receipt of notice of Landlord’s approval of the Budget, Tenant Landlord shall notify Landlord how much of the TI Allowance Tenant has elected not be obligated to receive from Landlord. Such election shall be final and binding on Tenant, and may not thereafter be modified without Landlord’s consent, which may be granted or withheld in Landlord’s sole and absolute subjective discretion. The TI Allowance shall be disbursed in accordance with this Work Letter. Tenant shall have no right to the use or benefit (including any reduction to Base Rent) of disburse any portion of the TI Allowance not required for the construction of until such time as (i) the Expansion Commencement Date has occurred and Tenant Improvements described in has accepted delivery of the TI Construction Drawings approved pursuant Additional Premises, commenced business at the Additional Premises and commenced payment of Rent with respect to Section 2(d) or the Additional Premises; and (ii) any Changes pursuant Tenant has delivered to Section 4 except Landlord and Landlord has approved, in Landlord’s reasonable discretion, all of the following: (A) invoices, paid receipts and/or related evidence reasonably acceptable to Landlord establishing that any unused Tenant has paid an amount equal to that portion of the TI Allowance may be applied as requested by Tenant to third parties in connection with the Additional Tenant Improvements; (B) executed unconditional final mechanics’ lien releases, in statutory form, from Tenant’s contractor and all subcontractors, laborers, materialmen and suppliers providing materials or services in excess of $10,000 and used by Tenant with respect to all work in and to the Additional Premises; (C) a tenant improvement allowance for certificate from Tenant’s architect or space planner, in a form reasonably acceptable to Landlord, certifying that the construction of improvements in the Additional Tenant Reception Area on the first floor Improvements has been substantially completed and meets all applicable building codes; (D) a copy of the Building certificate of occupancy (or in any additional similar governmental authorization) for the Additional Premises; and (E) “as-built” drawings for the Additional Tenant Improvements, signed by either Tenant’s architect, space Tenant may lease from planner or contractor. Thereafter, Landlord shall deliver, within fifteen (15) days following Tenant’s delivery of the materials and information required for disbursement thereof in the Building during preceding sentence, a check payable to Tenant in the Term amount of this Lease. Notwithstanding anything to the contrary contained herein, Tenant shall have no right to any that portion of the TI Allowance that is not disbursed before requested by Tenant and paid to third parties in connection with the last day Additional Tenant Improvements. Landlord’s payment of the 12th month after TI Allowance shall not be deemed Landlord’s approval of the Commencement DateAdditional Tenant Improvements absent Landlord’s prior approval pursuant to Paragraph 6 of this Lease.
Appears in 1 contract
Samples: Lease Agreement (Broadcom Corp)
TI Allowance. (a) Landlord shall provide to Tenant a tenant improvement allowance contribute an amount of $50.00 per usable square foot of the Premises ($5,100,000.00) based on 102,000 usable square feet) (the “TI Allowance”) ), the total amount of $10.00 per rentable square foot which shall be subject to adjustment as set forth in the definition of “Premises” in Paragraph 1 of the PremisesLease, toward the costs incurred for the Tenant Improvements and Change Orders, including, without limitation, painting, carpeting, voice and data cabling, signage, tile, wall covering, light fixtures, plans, permits, insurance and architectural fees (but expressly excluding Tenant’s Property); provided, however, that if all or $300,000 in the aggregate. Within 5 business days after receipt of notice of Landlord’s approval of the Budget, Tenant shall notify Landlord how much of the TI Allowance Tenant has elected to receive from Landlord. Such election shall be final and binding on Tenant, and may not thereafter be modified without Landlord’s consent, which may be granted or withheld in Landlord’s sole and absolute subjective discretion. The TI Allowance shall be disbursed in accordance with this Work Letter. Tenant shall have no right to the use or benefit (including any reduction to Base Rent) of any portion of the TI Allowance is not required for used on or before the construction of (i) the Tenant Improvements described in the TI Construction Drawings approved pursuant to Section 2(d) or (ii) any Changes pursuant to Section 4 except that any unused portion of the TI Allowance may be applied as a tenant improvement allowance for the construction of improvements in Tenant Reception Area on the first floor of the Building or in any additional space Tenant may lease from Landlord in the Building during the Term of this Lease. Notwithstanding anything to the contrary contained herein, Tenant shall have no right to any portion of the TI Allowance date that is not disbursed before the last day of the 12th month one (1) year after the Commencement Date, the TI Allowance or such portion that is not used shall be lost and shall no longer be available to Tenant. In calculating the cost of Tenant Improvements and Change Orders, Landlord shall give Tenant the benefit of any cash, trade and quantity discounts actually received by Landlord.
(b) Except as expressly provided in this Paragraph 3:
(i) Landlord has no obligation to pay for the cost of any Tenant Improvements or Change Orders in excess of the TI Allowance; and
(ii) if the cost of the Tenant Improvements and Change Orders exceeds the TI Allowance, Tenant shall pay such overage to Landlord within ten (10) business days after the receipt of an invoice therefor, accompanied by such detail as may reasonably be requested by Tenant, which invoice may be delivered prior to the commencement of construction.
Appears in 1 contract
Samples: Lease Agreement (Vivint Solar, Inc.)
TI Allowance. Landlord shall provide to Tenant a tenant improvement allowance (“with the TI Allowance”) of $10.00 per rentable square foot of the Premises, or $300,000 in the aggregate. Within 5 business days after receipt of notice of Landlord’s approval of the Budget, Tenant shall notify Landlord how much of the TI Allowance Tenant has elected to receive from Landlord. Such election which shall be final and binding on used by Tenant for construction costs in connection with Tenant’s Work. Notwithstanding the foregoing, and may not thereafter be modified without Landlord’s consent, which may be granted or withheld in Landlord’s sole and absolute subjective discretion. The TI Allowance shall be disbursed in accordance with this Work Letter. Tenant shall have no right up to the use or benefit (including any reduction to Base Rent) of any portion of the TI Allowance not required for the construction of (i) the Tenant Improvements described in the TI Construction Drawings approved pursuant to Section 2(d) or (ii) any Changes pursuant to Section 4 except that any unused portion $182,720.00 of the TI Allowance may be applied to moving expenses incurred by Tenant in connection with moving in to the Premises. The TI Allowance shall be payable as a tenant improvement allowance for the construction of improvements in Tenant Reception Area on the follows:
A. The first floor forty percent (40%) of the Building or in any additional space TI Allowance shall be paid to Tenant may lease within thirty (30) days following the last to occur of: (i) Tenant providing an affidavit from Landlord in the Building during the Term Tenant’s architect certifying that fifty percent (50%) of this Lease. Notwithstanding anything to the contrary contained hereinTenant’s Work has been completed, Tenant shall have no right to any and (ii) Tenant’s request for such portion of the TI Allowance.
B. Another forty percent (40%) of the TI Allowance shall be paid to Tenant within thirty (30) days following the last to occur of: (i) Tenant’s delivery to Landlord of a copy of the certificate of occupancy (or temporary certificate of occupancy) issued in connection with Tenant’s Work, and (ii) Tenant’s request for such portion of the TI Allowance.
C. The final twenty percent (20%) of the TI Allowance shall be paid to Tenant within thirty (30) days following the last to occur of: (i) all phases of Tenant’s Work have been substantially completed in substantial accordance with the plans approved by Landlord and a final certificate of occupancy has been issued; (ii) Tenant has caused to be delivered to Landlord all final invoices from contractors, subcontractors and suppliers evidencing the total cost of Tenant’s Work, together with lien waivers from general contractors; (iii) Tenant has paid for the cost of Tenant’s Work, and has caused to be delivered to Landlord written evidence of such payment; and (iv) Tenant’s request for such portion of the TI Allowance. If Tenant does not submit any or all of its requests for Landlord to distribute the TI Allowance in accordance with the provisions contained in this Section 3.3 on or before the date that is than ninety (90) days following the Rent Commencement Date, any unused amount shall accrue to the sole benefit of Landlord, it being understood that Tenant shall not disbursed before the last day be entitled to any credit, abatement or other concession in connection therewith. Nordblom Development Company shall, as compensation for its review of plans in connection with Tenant’s Work, receive from Tenant a fee equal to one percent (1%) of the 12th month after total cost of Tenant’s Work, which fee may be applied to the Commencement DateTI Allowance.
Appears in 1 contract
TI Allowance. The first sentence of Section 4.2 of the Existing Lease is hereby amended and restated as follows: "Tenant shall cause the work (the "Tenant Improvements") described in the Work Letter attached hereto as Exhibit B (the "Work Letter") to be constructed in the Premises pursuant to the Work Letter at a cost to Landlord shall provide not to Tenant a tenant improvement allowance exceed Three Hundred Twenty-Seven Thousand Five Hundred Seventy-Five Dollars (“$327,575) (the "TI Allowance”) ")." For purposes of $10.00 per rentable square foot clarity, the term "Premises" as used in the immediately preceding amended and restated sentence shall mean the Existing Premises and the Additional Premises collectively, not individually (i.e., the TI Allowance is an aggregate amount that may be applied across the Existing Premises and the Additional Premises collectively, and is not an amount that Tenant is entitled to for each of the Premises, or Existing Premises and the Additional Premises individually). In no event shall Landlord be obligated to disburse a TI Allowance of more than Three Hundred Twenty-Seven Thousand Five Hundred Seventy-Five Dollars ($300,000 327,575) in the aggregate. Within 5 business days after receipt of notice of Landlord’s approval Tenant acknowledges that as of the BudgetFirst Amendment Execution Date, Tenant shall notify Landlord how much of the TI Allowance Tenant has elected to receive from Landlord. Such election shall be final and binding on Tenant, and may not thereafter be modified without Landlord’s consent, which may be granted or withheld in Landlord’s sole and absolute subjective discretion. The TI Allowance shall be disbursed in accordance with this Work Letter. Tenant shall have no right to the use or benefit (including any reduction to Base Rent) of any previously used a portion of the TI Allowance not required for and therefore less than the construction of (i) the Tenant Improvements described in the TI Construction Drawings approved pursuant to Section 2(d) or (ii) any Changes pursuant to Section 4 except that any unused portion of the full TI Allowance may be applied as a tenant improvement allowance remains available for the construction of improvements in Tenant Reception Area on the first floor of the Building or in any additional space Tenant may lease from Landlord in the Building during the Term of this Leaseuse. Notwithstanding anything to the contrary contained hereinin the Lease or the Work Letter, Tenant (a) Landlord shall not have no right any obligation to expend any further portion of the TI Allowance that is not disbursed before until Landlord and Tenant have approved in writing a revised Approved Budget (the last day "Revised Approved Budget") and (b) prior to Landlord's approval of the 12th month Revised Approved Budget, Tenant shall pay all of the costs and expenses incurred in connection with the Tenant Improvements as they become due. From and after the Commencement First, Amendment Execution Date, the term "Approved Budget" and "Approved T1 Budget" as used in the Work Letter shall mean the Revised Approved Budget.
Appears in 1 contract
Samples: Lease (Codex DNA, Inc.)
TI Allowance. Landlord shall provide to Tenant a tenant improvement allowance (the “TI Allowance”) of $10.00 34.00 per rentable square foot of the First Expansion Premises (and if Tenant leases the ROFO Premises pursuant to Section 13 of the First Amendment, the ROFO Premises, or $300,000 ) which is included in the aggregate. Within 5 business days after receipt of notice of Landlord’s approval Base Rent set forth in Section 5(b) of the Budget, Tenant shall notify Landlord how much of the TI Allowance Tenant has elected to receive from Landlord. Such election shall be final and binding on Tenant, and may not thereafter be modified without Landlord’s consent, which may be granted or withheld in Landlord’s sole and absolute subjective discretionFirst Amendment. The TI Allowance shall be disbursed in accordance with this First Expansion Premises Work Letter. Landlord shall, upon receipt of reasonably satisfactory invoices, reimburse Tenant for the payment made by Tenant for an initial test fit and one revision, not to exceed $0.15 per rentable square foot of the First Expansion Premises (and if Tenant leases the ROFO Premises pursuant to Section 13 of the First Amendment, the ROFO Premises). Tenant shall have no right to the use or benefit (including any reduction to or payment of Base Rent) of any portion of the TI Allowance not required for the construction of (i) the Tenant Improvements described in the TI Construction Drawings approved pursuant to Section 2(d) or (ii) any Changes pursuant to Section 4 except that 4. Notwithstanding the foregoing, Tenant shall have the right to use any unused portion of the TI Allowance may be applied as for Alterations of a tenant improvement allowance for the construction of improvements fixed and permanent nature reasonably acceptable to Landlord in Tenant Reception Area on the first floor any portion of the Building Premises (or in any additional space other premises leased by Tenant may lease from Landlord in at the Building during the Term of this LeaseBuilding). Notwithstanding anything to the contrary contained herein, Tenant shall have no right to any portion of the TI Allowance that is not disbursed before the last day of the 12th month after the Commencement DateDecember 31, 2021.
Appears in 1 contract
TI Allowance. Landlord shall agrees to provide to Tenant a tenant improvement allowance the TI Allowance as described in Section 1 of this Lease for third party, out-of-pocket costs incurred by Tenant in designing and constructing, and moving to, the Initial Leasehold Improvements; provided, however, that (“TI Allowance”i) of no more than $10.00 6.00 per rentable square foot of the Premises, or $300,000 Net Rentable Area contained in the aggregate. Within 5 business days after receipt of notice of Landlord’s approval of the Budget, Tenant shall notify Landlord how much of the TI Allowance Tenant has elected to receive from Landlord. Such election shall be final and binding on Tenant, and may not thereafter be modified without Landlord’s consent, which may be granted or withheld in Landlord’s sole and absolute subjective discretion. The TI Allowance shall be disbursed in accordance with this Work Letter. Tenant shall have no right to the use or benefit (including any reduction to Base Rent) of any portion of the TI Allowance not required for the construction of (i) the Tenant Improvements described in the TI Construction Drawings approved pursuant to Section 2(d) or (ii) any Changes pursuant to Section 4 except that any unused portion Premises of the TI Allowance may be applied as a tenant improvement allowance for towards soft costs (i.e., space planning/interior architecture, the construction preparation of improvements in Tenant Reception working drawings, including mechanical, electrical and plumbing drawings, code compliance review, third party project management services, and other consultants fees associated with preparation of working drawings) and engineering (“Design Costs”) and towards Tenant’s technology expenses (i.e., voice and data cabling and/or security) (“Technology Expenses”)and (ii) no more than $2.00 per square foot of Net Rentable Area on the first floor of the Building or in any additional space Tenant may lease from Landlord contained in the Building during the Term of this Lease. Notwithstanding anything to the contrary contained herein, Tenant shall have no right to any portion Premises of the TI Allowance that is not disbursed before may be applied towards Tenant’s moving expenses (“Moving Expenses”). The TI Allowance must be spent by Tenant by the last day of the 12th sixth month after following the Commencement Date. During this sixth-month period, any remaining amounts of the TI Allowance not previously advanced to Tenant will be applied to Basic Rental due during such months under this Lease. The portions of the TI Allowance not applied to Design Costs, Moving Expenses or Technology Expenses shall be funded in installments (no more frequently than once per month on the fifth day of each month) following Landlord’s receipt of Tenant’s written draw request (which draw request in respect of each month shall be submitted on or before the fifth day of the preceding month), accompanied by the following: (a) unconditional progress lien waivers from the General Contractor and all contractors whose work is the subject of such draw request, (b) reasonable supporting detail in AIA G702 format, with copies of such back-up materials which Tenant receives from the Tenant’s Contractor, (c) a copy of the certificate of Tenant’s construction manager or Architect certifying to Tenant that Tenant’s Work has been completed to the extent represented by the draw request; and (d) evidence of payment made by Tenant to such third parties. The portions of the TI Allowance applied to Design Costs, Moving Expenses and Technology Expenses shall be funded in installments as costs are incurred by Tenant no more frequently than monthly upon submission to Landlord of invoices evidencing the incurrence of such costs. If the total costs of Tenant’s Work, Design Costs, Moving Expenses and Technology Expenses exceed the TI Allowance, the excess shall be at Tenant’s sole cost and expense, and shall be funded on a pro rata basis, monthly, as construction progresses with each advance by Landlord. Landlord’s pro rata share shall be equal to the percentage obtained by dividing the TI Allowance by the total costs of Tenant’s Work, Design Costs and estimated Moving Expenses and Technology Expenses, which estimate may change from time to time. Tenant’s pro rata share shall equal 100% minus Landlord’s pro rata share. If Landlord fails to timely fund installments of the TI Allowance, as set forth above, Tenant shall deliver a Conspicuous Notice to Landlord notifying Landlord of such failure. If Landlord fails to fund such installments of the TI Allowance within ten days of Landlord’s receipt of the Conspicuous Notice, then, without limiting any other remedy available to Tenant under this Lease on account of such default, in lieu of its receipt of such installments, Tenant may, at its election, offset the amount of such installments, plus interest at the prime rate on the unpaid balance of the TI Allowance, against its next accruing payment(s) of Basic Rental hereunder until the full amount of the TI Allowance, together with all interest thereon, has been recouped by Tenant.
Appears in 1 contract
Samples: Office Lease (Plains Capital Corp)
TI Allowance. (A) Landlord shall provide Tenant with an amount equal to Tenant a tenant improvement allowance (“TI Allowance”) of $10.00 per rentable square foot of the Premises, or $300,000 in the aggregate. Within 5 business days after receipt of notice of Landlord’s approval of the Budget, Tenant shall notify Landlord how much of the TI Allowance Tenant has elected to receive from Landlord. Such election shall be final and binding on used for the construction of Tenant, and may not thereafter be modified without Landlord’s consent, which may be granted or withheld in Landlord’s sole and absolute subjective discretionWork. The TI Allowance shall be disbursed used by Tenant for hard and soft construction costs in accordance connection with this Work LetterTenant’s Work, including architectural, engineering and construction management costs. Tenant Landlord shall have no right to disburse the use or benefit TI Allowance in three (including any reduction to Base Rent3) installments, as follows:
(i) Upon completion of fifty percent (50%) of any portion the Tenant’s Work, Landlord shall disburse the first (1st) installment of the TI Allowance not required for (the construction of “First Installment”) in an amount up to forty percent (i40%) the Tenant Improvements described in the TI Construction Drawings approved pursuant to Section 2(d) or (ii) any Changes pursuant to Section 4 except that any unused portion of the TI Allowance may be applied as a tenant improvement allowance evidenced by paid invoices from Tenant’s general contractor and other direct contractors and subcontractors (“Paid Invoices”) providing servicers or supplying materials for the construction Tenant’s Work. Upon completion of improvements in Tenant Reception Area on the first floor one hundred percent (100%) of the Building Tenant’s Work, Landlord shall disburse the second (2nd) installment of the TI Allowance (the “Second Installment”) in an amount up to fifty percent (50%) of the TI Allowance evidenced by Paid Invoices, but in no event shall the sum of the First Installment and the Second Installment be greater than $1,244,250.00. The First Installment and the Second Installment shall be payable within thirty (30) days after Landlord’s receipt of all of the following documentation to Landlord’s reasonable satisfaction:
a. a conditional lien waiver for the current requisition from Tenant’s general contractor, subcontractors and suppliers performing work or in providing materials to date (waiving any additional space Tenant may lease and all liens and rights of liens of any type through the date of the request for the applicable installment of the TI Allowance),
b. a requisition for payment from Landlord Tenant’s architect in the Building during form of AIA Document G702 for all work for which disbursement is being requisitioned,
c. the Term submission by Tenant of this Lease. Notwithstanding anything a written statement from Tenant’s architect or engineer stating (a) whether there has been any change in the Total Costs (and if so, what the updated Total Costs are), and (b) that the Tenant’s Work for which payment is being requisitioned has been completed in accordance with the approved Tenant’s Plans,
d. copies of paid invoices from Tenant’s general contractor, major subcontractors and supplies evidencing such hard construction costs of the Tenant’s Work for which disbursement is being requisitioned; and, as applicable, copies of paid invoices from Tenant’s architects/engineers/project managers, and any other party providing services or supplying materials, evidencing the soft costs for which disbursement is being requested, and any other information or documentation reasonably requested by Landlord, and
e. with respect to the contrary contained hereinSecond Installment, Tenant unconditional lien waivers for past payments from Tenant’s general contractor and all subcontractors and suppliers,
(ii) Landlord shall have no right disburse the third (3rd) and final installment of the TI Allowance in an amount equal to the remaining ten percent (10%) of the TI Allowance within thirty (30) days after Landlord’s receipt of all of the following documentation, to Landlord’s reasonable satisfaction:
a. An unconditional final waiver of lien from Tenant’s general contractor and from all subcontractors and suppliers,
b. one (1) set of “as-built” plans for the Tenant’s Work in CAD File and PDF format,
c. copies of paid invoices from Tenant’s general contractor, major subcontractors and suppliers evidencing such costs of the Tenant’s Work for which disbursement is being requisitioned; and, as applicable, copies of paid invoices from Tenant’s architects/engineers/project managers, and any other party providing services or supplying materials, evidencing the costs for which disbursement is being requested, and a copy of the final (as opposed to temporary) certificate of occupancy for the Premises issued by the Town of Burlington and any other information or documentation reasonably requested by Landlord. Any portion of the TI Allowance that is not disbursed used or claimed on or before July 31, 2017 shall accrue to Landlord. If the last day final actual cost of the 12th Tenant’s Work shall be in excess of the TI Allowance, then the entire amount of such excess cost shall be paid solely by Tenant and Landlord shall be under no obligation to pay any such excess. If any disbursement of the TI Allowance is not timely paid by Landlord (and provided Tenant has delivered to Landlord all documentation required and satisfied all the conditions under this Section 3.4 and Landlord has not notified Tenant that Landlord reasonably disputes the accuracy or completeness of the applicable funding request), then provided Tenant is not in default under this Lease, Tenant may deliver a second notice (an “Offset Notice”) to Landlord, which notice shall specify the funding request that has not been timely paid and state conspicuously in bold type and in all capital letters at the top of the first page of such notice and on the envelope containing such notice “THIS IS A TIME SENSITIVE OFFSET NOTICE AND LANDLORD SHALL BE DEEMED TO ACCEPT SUCH OFFSET IF IT FAILS TO RESPOND TO THIS SECOND REQUEST FOR DISBURSEMENT WITHIN FIVE (5) BUSINESS DAYS AFTER RECEIPT” and if Tenant shall deliver such second notice to Landlord as aforesaid and Landlord fails to disburse the amount of the TI Allowance expressly referenced in the Offset Notice, subject to Landlord’s right to dispute such funding request as herein provided, within such five (5) business day period, then Tenant shall have the right to have such unpaid amount of the TI Allowance credited against the next installment(s) of Fixed Rent thereafter due under this Lease provided, however, notwithstanding any provision herein to the contrary, in no event shall the aggregate amount of all offsets permitted hereunder in any month after ever exceed twenty percent (20%) of any monthly installment of Fixed Rent. Within the Commencement Datethirty (30) day period following receipt of a funding request or within the additional 5-Business Day period described above. Landlord may dispute in good faith the funding request by written notice to Tenant setting forth the basis upon which Landlord disputes the accuracy or completeness of any funding request. If Landlord disputes the accuracy or completeness of any funding request, Landlord and Tenant shall reasonably cooperate with each other to resolve such dispute as expeditiously as possible, but Landlord will have no obligation to disburse any disputed amount of such funding request and Tenant will not have any right to credit or offset the disputed amount of the funding request against the Fixed Rent until the dispute has been resolved.
Appears in 1 contract
TI Allowance. (a) Landlord shall provide to Tenant a tenant improvement allowance contribute an amount of $52.00 per usable square foot of the Premises ($1,893,372.00 based on 36,411 usable square feet) (the “TI Allowance”) ), the total amount of $10.00 per rentable square foot which shall be subject to adjustment as set forth in the definition of “Premises” in Paragraph 1 of the PremisesLease, or $300,000 toward the costs incurred for the Tenant Improvements and Change Orders, including, without limitation, painting, carpeting, tile, wall covering, light fixtures, plans, permits, insurance, architectural and engineering fees, signage, data cabling and card access systems (but expressly excluding Tenant’s Property not expressly set forth in the aggregate. Within 5 business days after receipt of notice of Landlord’s approval of the Budgetforegoing list); provided, Tenant shall notify Landlord how much of the TI Allowance Tenant has elected to receive from Landlord. Such election shall be final and binding on Tenanthowever, and may not thereafter be modified without Landlord’s consent, which may be granted that if all or withheld in Landlord’s sole and absolute subjective discretion. The TI Allowance shall be disbursed in accordance with this Work Letter. Tenant shall have no right to the use or benefit (including any reduction to Base Rent) of any portion of the TI Allowance is not required for used on or before the construction of (i) the Tenant Improvements described in the TI Construction Drawings approved pursuant to Section 2(d) or (ii) any Changes pursuant to Section 4 except that any unused portion of the TI Allowance may be applied as a tenant improvement allowance for the construction of improvements in Tenant Reception Area on the first floor of the Building or in any additional space Tenant may lease from Landlord in the Building during the Term of this Lease. Notwithstanding anything to the contrary contained herein, Tenant shall have no right to any portion of the TI Allowance date that is not disbursed before the last day of the 12th month one (1) year after the Commencement Date, the TI Allowance or such portion that is not used shall be lost and shall no longer be available to Tenant. In calculating the cost of Tenant Improvements and Change Orders, Landlord shall give Tenant the benefit of any cash, trade and quantity discounts actually received by Landlord.
(b) Except as expressly provided in this Paragraph 3:
(i) Landlord has no obligation to pay for the cost of any Tenant Improvements or Change Orders in excess of the TI Allowance; and
(ii) if the cost of the Tenant Improvements and Change Orders exceeds the TI Allowance, Tenant shall pay such overage to Landlord within ten (10) business days after the receipt of an invoice therefor, accompanied by such detail as may reasonably be requested by Tenant, which invoice may be delivered prior to the commencement of construction.
Appears in 1 contract
Samples: Lease (Purple Innovation, Inc.)
TI Allowance. Landlord shall provide to Tenant a tenant improvement allowance (the “TI Allowance”) of $10.00 180.00 per rentable square foot of the PremisesPremises (which, or based on 44,084 rentable square feet initially demised under the Lease, equates to $300,000 7,935,120.00 in the aggregate). Within 5 10 business days after of receipt of notice of the Budget from Landlord’s approval of the Budget, Tenant shall notify Landlord how much of the TI Allowance Tenant has elected to receive from Landlord. Such election shall be final and binding on Tenant, and may not thereafter be modified without Landlord’s consent, which may be granted or withheld in Landlord’s sole and absolute subjective discretion. The TI Allowance shall be disbursed in accordance with this Work Letter. Tenant shall have no right to the use or benefit (including any reduction to or payment of Base Rent) of any portion of the TI Allowance not required for the construction of TI Costs (i) the Tenant Improvements described in the “Unrequired TI Construction Drawings approved pursuant to Section 2(d) or (ii) any Changes pursuant to Section 4 Allowance”), except that Tenant shall be entitled to receive any unused portion of the Unrequired TI Allowance may be applied as a tenant improvement allowance for the construction of improvements in with respect to any space leased to Tenant Reception Area on the first floor of the Building or in any additional space Tenant may lease from directly by Landlord in the Building during (pursuant to this Lease or otherwise), for Alterations thereto provided that (i) such Alterations are completed no later than twenty-four (24) months after the Term Commencement Date, (ii) the disbursement of such Unrequired TI Allowance shall be subject to Landlord’s reasonable requirements consistent with the Lease and this Lease. Notwithstanding anything to the contrary contained herein, Tenant Work Letter and (iii) a written request for such disbursement satisfying all such requirements shall have been received by Landlord no right to any portion of the TI Allowance that is not disbursed before the last day of the 12th month later than twenty-four (24) months after the Commencement Date.
Appears in 1 contract
TI Allowance. Landlord shall provide to Tenant a tenant improvement allowance may periodically (“but no more frequently than monthly) submit written requests for disbursements of the TI Allowance. Each request for funding (a “Fund Request”) of $10.00 per rentable square foot shall include the following: (i) the total amount of the PremisesTI Allowance requested, (ii) a summary of the Tenant Improvements performed using AIA standard form Application for Payment (G 702) executed by the general contractor and by the architect or other reasonable form, (iii) invoices from the general contractor, the architect, and any subcontractors, material suppliers and other parties requesting payment with respect to the amount of the TI Allowance then being requested, (iv) unconditional lien releases from the general contractor and each subcontractor and material supplier with respect to previous payments made by either Landlord or Tenant for the Tenant Improvements in a form reasonably acceptable to Landlord and complying with Applicable Laws and (v) conditional lien releases from the general contractor and each subcontractor and material supplier with respect to the Tenant Improvements performed that correspond to the Fund Request, each in a form reasonably acceptable to Landlord and complying with Applicable Laws; provided, however, for purposes of clauses (iv) and (v) above, with respect to subcontractors and material suppliers providing less than $300,000 50,000 in the aggregate of labor, materials or services, Tenant shall not be required to provide lien releases so long as the total amount of the unpaid labor, services and materials for all subcontractors for which no lien releases have been obtained, is less than $50,000 in the aggregate. Within 5 business thirty (30) days after following receipt by Landlord of notice a Fund Request and the accompanying materials required by this Section, Landlord shall pay to (as elected by Tenant) the applicable contractors, subcontractors and material suppliers or Tenant the amount of Landlord’s approval of Tenant Improvement costs set forth in such Fund Request; provided, however, that Landlord shall not be obligated to make any payments under this Section until the Budget, budget for the Tenant shall notify Landlord how much of the TI Allowance Tenant has elected to receive from Landlord. Such election shall be final and binding on Tenant, and may not thereafter be modified without Landlord’s consent, which may be granted or withheld in Landlord’s sole and absolute subjective discretion. The TI Allowance shall be disbursed Improvements is approved in accordance with Section 6.2, and any Fund Request under this Work Letter. Tenant Section shall have no right be subject to the use or benefit (including any reduction to Base Rent) of any portion payment limits set forth in Section 6.2 above and Article 4 of the TI Allowance not required for the construction of (i) the Tenant Improvements described in the TI Construction Drawings approved pursuant to Section 2(d) or (ii) any Changes pursuant to Section 4 except that any unused portion of the TI Allowance may be applied as a tenant improvement allowance for the construction of improvements in Tenant Reception Area on the first floor of the Building or in any additional space Tenant may lease from Landlord in the Building during the Term of this Lease. Notwithstanding anything to the contrary contained herein, Tenant shall have no right to any portion of the TI Allowance that is not disbursed before the last day of the 12th month after the Commencement Date.
Appears in 1 contract
Samples: Lease (NanoString Technologies Inc)
TI Allowance. Pursuant to the terms and conditions contained in this Lease, Landlord shall provide an allowance equal to Tenant a tenant improvement allowance Thirty Five and 00/100 Dollars ($35.00) per Rentable Square Foot of the Premises (the “TI Allowance”) for the purposes set forth below. The TI Allowance may be used for permit and construction drawings, fees and permits, construction costs, Washington State Sales Tax, and other applicable taxes and other costs related to the construction of $10.00 per rentable square foot of the Tenant Improvements (as defined in Section 12 herein) to the Premises, or $300,000 in for other work requested by Xxxxxx and approved by Landlord. For the aggregateavoidance of doubt, the Tenant Improvements shall not include Tenant’s fixtures, furnishings and equipment. Within 5 business days after receipt of notice of Tenant shall install its own security system within the Premises, subject to Landlord’s approval of the Budget, Tenant shall notify Landlord how much of the TI Allowance Tenant has elected to receive from Landlord. Such election shall be final and binding on Tenant, and may not thereafter be modified without Landlord’s consent, which may be granted or withheld in Landlord’s sole and absolute subjective discretionreasonable approval. The TI Allowance shall be disbursed in accordance with this Work Letter. Tenant shall have no right provided and applied pursuant to the use or benefit (including any reduction to Base Rent) terms and conditions of any the Exhibit B Work Agreement. No portion of the TI Allowance not required for the construction of (i) shall be applied to Basic Rent until all costs, fees and expenses associated with the Tenant Improvements described have been paid in full. Landlord shall be entitled to a construction management fee (“Construction Management Fee”) equal to three percent (3%) of the Tenant Improvements work, if any, being overseen by Xxxxxxxx and said fee shall be paid out of the TI Allowance. Landlord’s Construction Drawings approved pursuant Management Fee shall be net of any third party costs, fees or expenses incurred by Landlord in relation to Section 2(d) the design, approval, permitting, procurement and construction of the Tenant Improvements which costs, fees and expenses shall be paid out of the TI Allowance. The final cost of the Tenant Improvements, Construction Management Fee, and all other costs, fees or (ii) any Changes pursuant to Section 4 except that any unused expenses incurred in connection with the Tenant Improvements shall not exceed the TI Allowance. If the final cost of the Tenant Improvements is less than the sum of the TI Allowance or if such TI Allowance is not used in its entirety by December 31, 2024, then Landlord shall notify Tenant of the credit amount in writing, and Tenant may use the remaining portion of the TI Allowance may be applied as a tenant improvement allowance for the construction of improvements in Tenant Reception Area on the first floor of the Building or in any additional space Tenant may lease from Landlord in the Building during the Term of this LeaseBasic Rent credit as set forth herein. Notwithstanding anything to the contrary contained hereincontrary, Tenant shall have no right not be entitled to any portion of the TI Allowance that is not disbursed before if an Event of Default occurs prior to the last day disbursement of the 12th month after TI Allowance and remains uncured, and in such case, Tenant shall pay Landlord all amounts due in connection with the Commencement DateTenant Improvements upon demand.
Appears in 1 contract
Samples: Lease Agreement
TI Allowance. Landlord shall provide to Tenant a tenant improvement allowance (“collectively, the "TI Allowance”") as follows:
1. a "Tenant Improvement Allowance" in the maximum amount of $10.00 21.49 per rentable square foot of in the Third Expansion Premises, or $300,000 which is included in the aggregateBase Rent set forth in the Lease; and
2. Within 5 business days after receipt an "Additional Tenant Improvement Allowance" in the maximum amount of notice of Landlord’s approval of $15.00 per rentable square foot in the BudgetThird Expansion Premises, which shall, to the extent used, result in TI Rent. Commencing on the Third Expansion Premises Commencement Date, in addition to Base Rent, Tenant shall notify Landlord how much pay, on the first day of each month, the amount necessary to fully amortize the portion of the Additional Tenant Improvement Allowance actually funded by Landlord, if any, in equal monthly payments with interest at a rate of 9% per annum over the remaining balance of the Base Term (“TI Rent”). If any portion of the Additional Tenant Improvement Allowance is funded after the Third Expansion Premises Commencement Date, the monthly amount of TI Rent payable by Tenant has elected to receive from Landlord. Such election shall be final adjusted in order to fully amortize such amounts funded after the Third Expansion Premises Commencement Date in equal monthly payments at a rate of 9% per annum over the then-remaining balance of the Base Term. Any unamortized portion of the Additional Tenant Improvement Allowance shall be paid by Tenant to Landlord with interest in a balloon payment upon the expiration or earlier termination of the Base Term. Notwithstanding the foregoing, rather than having Tenant pay the Additional Tenant Improvement Allowance actually disbursed as TI Rent as provided above, Tenant may elect by delivery of written notice to Landlord prior to the commencement of construction of the Tenant Improvements to structure the payment by Tenant of the Additional Tenant Improvement Allowance as debt which would be subject to and binding on Tenant, governed by a promissory note in form and may not thereafter be modified without Landlord’s consent, which may be granted or withheld substance acceptable to Landlord in Landlord’s its sole and absolute subjective discretiondiscretion (“Note”) which Note would provide, among other things, for the amount of the Additional Tenant Improvement Allowance actually funded by Landlord to be fully amortized and paid by Tenant to Landlord in equal monthly payments with interest at a rate of 9% per annum over the remaining balance of the Base Term with a balloon payment of the remaining principal and interest due upon the expiration or earlier termination of the Base Term. Any failure by Tenant to pay any amounts due under the Note shall constitute a Default under the Lease. The TI Allowance shall be disbursed in accordance with this Work Letter. Tenant shall have no right to the use or benefit (including any reduction to Base Rent) of any portion of the TI Allowance not required for the construction of (i) the Tenant Improvements described in the TI Construction Drawings approved pursuant to Section 2(d) or (ii) any Changes pursuant to Section 4 except that any unused portion of the TI Allowance may be applied as a tenant improvement allowance for the construction of improvements in Tenant Reception Area on the first floor of the Building or in any additional space Tenant may lease from Landlord in the Building during the Term of this Lease4. Notwithstanding anything to the contrary contained herein, Tenant shall have no right to any portion of the TI Tenant Improvement Allowance that is not disbursed before the last day December 1, 2018, or any portion of the 12th month after the Commencement DateAdditional Tenant Improvement Allowance that is not disbursed before June 30, 2016.
Appears in 1 contract
Samples: Lease Agreement (Prothena Corp PLC)
TI Allowance. Upon submission by Tenant to Landlord shall provide to Tenant of (i) a tenant improvement allowance statement (a “TI AllowanceFund Request”) of $10.00 per rentable square foot setting forth the total amount of the PremisesTI Allowance requested, (ii) a summary of the Tenant Improvements performed using AIA standard form Application for Payment (G 702) executed by the general contractor and by the architect, (iii) invoices from the general contractor, the architect, and any subcontractors, material suppliers and other parties requesting payment with respect to the amount of the TI Allowance then being requested, (iv) unconditional lien releases from (A) the general contractor, and (B) each subcontractor and material supplier performing work or providing materials or supplies, the total cost of which is $300,000 50,000 or more, in each case with respect to previous payments made by either Landlord or Tenant for the aggregate. Within 5 business Tenant Improvements in a form acceptable to Landlord and complying with Applicable Laws; and (v) conditional lien releases from the general contractor and each subcontractor and material supplier with respect to the Tenant Improvements performed that correspond to the Fund Request, each in a form complying with Applicable Laws, then Landlord shall, within thirty (30) days after following receipt by Landlord of notice of a Fund Request and the accompanying materials required by this Section, pay to (as elected by Landlord) the applicable contractors, subcontractors and material suppliers or Tenant (for reimbursement for payments made by Tenant to such contractors, subcontractors or material suppliers either prior to Landlord’s approval of the Budget, Tenant shall notify Landlord how much Approved TI Budget or as a result of the TI Allowance Tenant has elected Tenant’s decision to receive from Landlord. Such election shall be final and binding on Tenant, and may not thereafter be modified without Landlord’s consent, which may be granted or withheld in Landlord’s sole and absolute subjective discretion. The TI Allowance shall be disbursed in accordance with this Work Letter. Tenant shall have no right to the use or benefit (including any reduction to Base Rent) of any portion of the TI Allowance not required pay for the construction of (i) the Tenant Improvements described in the TI Construction Drawings approved pursuant to Section 2(d) or (ii) any Changes pursuant to Section 4 except that any unused portion of the TI Allowance may be applied as a tenant improvement allowance for the construction of improvements in Tenant Reception Area on the first floor of the Building or in any additional space Tenant may lease itself and later seek reimbursement from Landlord in the Building during form of one lump sum payment in accordance with the Term Lease and this Work Letter), the amount of Tenant Improvement costs set forth in such Fund Request or Landlord’s pari passu share thereof if Excess TI Costs exist based on the Approved Budget; provided, however, that Landlord shall not be obligated to make any payments under this Section until the budget for the Tenant Improvements is approved in accordance with Section 6.2 and any Fund Request under this Section shall be subject to the payment limits set forth in Section 6.2 above and Article 4 of the Lease. Notwithstanding anything in this Section to the contrary contained hereincontrary, Tenant shall have not submit a Fund Request more often than every thirty (30) days. Any additional Fund Requests submitted by Tenant shall be void and of no right to any portion of the TI Allowance that is not disbursed before the last day of the 12th month after the Commencement Dateforce or effect.
Appears in 1 contract
TI Allowance. Landlord shall provide to Tenant a tenant improvement construction allowance not to exceed [***] (the “TI Allowance”) to be applied toward the Total TI Costs, as adjusted for any changes to the TI Work. No advance of $10.00 per rentable square foot the TI Allowance shall be made by Landlord until Tenant has first paid to the contractor from its own funds (and provided reasonable evidence thereof to Landlord) the anticipated amount by which the projected Total TI Costs exceed the amount of the TI Allowance. Thereafter, Landlord shall pay to Tenant the TI Allowance *** Information has been omitted pursuant to a request for confidential treatment which has been filed separately with the Securities and Exchange Commission. Lease Agreement (Triple Net) – 0000 Xxxxxxxxxx Xxxxxx, Xxxxxxxx, Xxxxxxxxxx in multiple disbursements (but not more than once in any calendar month) following the receipt by Landlord of the following items: (i) a request for payment; (ii) final or partial lien waivers, as the case may be, from all persons performing work or supplying or fabricating materials for the TI Work, fully executed, acknowledged and in recordable form; and (iii) the architect’s certification that the TI Work for which reimbursement has been requested has been finally completed, including (with respect to the last application for payment only) any punch-list items, on the appropriate AIA form or another form approved by Landlord, and, with respect to the disbursement of the last ten percent (10%) of the TI Allowance, (1) the permanent certificate of occupancy issued for the Premises (or substantial equivalent applicable to final completion of the TI Work, as reasonably acceptable to Landlord), (2) Tenant’s occupancy of the Premises, or $300,000 in (3) delivery of any completed architectural “as-built” plan for the aggregate. Within 5 business days after receipt of notice of TI Work as constructed (as set forth above) to Landlord’s approval construction representative (set forth below), and (4) an estoppel certificate confirming such factual matters as Landlord or Landlord’s Mortgagee may reasonably request, provided that such certificate is provided within ten (10) days of Tenant’s presentation of the Budgetrequest for payment (collectively, Tenant a “Completed Application for Payment”). Landlord shall notify Landlord how much pay the amount requested, up to the amount of the TI Allowance Allowance, in the applicable Completed Application for Payment to Tenant has elected to receive from within thirty (30) days following Tenant’s submission of the Completed Application for Payment. If, however, the Completed Application for Payment is incomplete or incorrect, Landlord. Such election ’s payment of such request shall be final and binding on Tenant, and may not thereafter be modified without deferred until thirty (30) days following Landlord’s consent, which may be granted or withheld in Landlord’s sole receipt of the complete and absolute subjective discretioncorrect Completed Application for Payment. The TI Allowance shall must be disbursed in accordance with this used (that is, the TI Work Letter. Tenant shall have no right to the use or benefit (including any reduction to Base Rent) of any portion of must be fully complete and the TI Allowance not required for the construction of disbursed) within eighteen (i18) the Tenant Improvements described in the TI Construction Drawings approved pursuant to Section 2(d) or (ii) any Changes pursuant to Section 4 except that any unused portion of the TI Allowance may be applied as a tenant improvement allowance for the construction of improvements in Tenant Reception Area on the first floor of the Building or in any additional space Tenant may lease from Landlord in the Building during the Term of this Lease. Notwithstanding anything to the contrary contained herein, Tenant shall have no right to any portion of the TI Allowance that is not disbursed before the last day of the 12th month after months following the Commencement DateDate or it shall be deemed forfeited with no further obligation by Landlord with respect thereto.
Appears in 1 contract
Samples: Lease Agreement (Solyndra, Inc.)
TI Allowance. (a) In addition to Landlord’s performance of the Initial Improvement Work, Tenant shall be entitled to receive from Landlord shall provide to Tenant a tenant one (1) time improvement allowance in the amount of up to, but not exceeding, $1,098,981.00 (the “TI Allowance”), to help reimburse Tenant for the costs actually incurred and paid for by Tenant (collectively, the “TI Costs”) during the period from the date of $10.00 per rentable square foot this Lease through the eighteen (18) month anniversary of the PremisesCommencement Date (the “TI Period”) for certain tenant improvement work that Tenant desires to be performed at the Premises (collectively, or $300,000 the “TI Work”). The TI Work shall be undertaken by Tenant in accordance with, and subject to, the aggregate. Within 5 business days after receipt applicable provisions of notice of Landlord’s approval Article 7 below, and shall be completed prior to the expiration of the Budget, Tenant TI Period. In no event shall notify Landlord how much be obligated to make disbursements pursuant to this Section 2.05 in a total amount which exceeds the TI Allowance.
(b) Landlord shall disburse the portion of the TI Allowance to be used to reimburse Tenant for the TI Costs within thirty (30) days after Landlord has elected received all of the following (collectively, the “TI Work Draw Documents”): (i) a written request for payment in a minimum amount of $25,000.00 from Tenant certifying that the applicable TI Work has been completed; (ii) factually correct invoices for labor and materials rendered in connection with and evidencing the applicable TI Work and the TI Costs and Tenant’s payment thereof; (iii) copies of any permits as required by any relevant governmental authority applicable to receive any TI Work performed; and (iv) final, unconditional executed mechanic’s lien waivers on commercially reasonable forms from Landlordall contractors, subcontractors and other persons or entities performing the applicable TI Work. Such election shall be final and binding on TenantNotwithstanding the foregoing to the contrary, and may not thereafter be modified without Landlord’s consent, which may be granted or withheld in Landlord’s sole and absolute subjective discretion. The TI Allowance shall be disbursed in accordance with this Work Letter. Tenant Landlord shall have no right obligation to the use or benefit (including any reduction to Base Rent) of disburse any portion of the TI Allowance not required with respect to any TI Work that is performed or TI Costs which are incurred or paid for after the construction expiration of (i) the Tenant Improvements described in the TI Construction Drawings approved pursuant to Section 2(dPeriod. All TI Work Draw Documents must be submitted by Tenant, if at all, within thirty (30) or (ii) any Changes pursuant to Section 4 except that any days following the expiration of the TI Period. Any such unused portion amounts of the TI Allowance may be applied as a tenant improvement allowance for the construction of improvements in Tenant Reception Area on the first floor of the Building or in any additional space Tenant may lease from end of the TI Period billing deadline shall revert to Landlord in the Building during the Term of this Lease. Notwithstanding anything to the contrary contained herein, and Tenant shall have no right to any portion of the TI Allowance that is not disbursed before the last day of the 12th month after the Commencement Datefurther rights with respect thereto.
Appears in 1 contract
Samples: Industrial Building Lease (Real Good Food Company, Inc.)
TI Allowance. (A) Landlord shall provide Tenant with an amount equal to Tenant a tenant improvement allowance (“TI Allowance”) of $10.00 per rentable square foot of the Premises, or $300,000 in the aggregate. Within 5 business days after receipt of notice of Landlord’s approval of the Budget, Tenant shall notify Landlord how much of the TI Allowance Tenant has elected to receive from Landlord. Such election shall be final and binding on used for the construction of Tenant, and may not thereafter be modified without Landlord’s consent, which may be granted or withheld in Landlord’s sole and absolute subjective discretionWork. The TI Allowance shall be disbursed used by Tenant for hard and soft construction costs in accordance connection with this Work LetterTenant’s Work, including architectural, engineering and construction management costs. Tenant Landlord shall have no right to disburse the use or benefit TI Allowance in three (including any reduction to Base Rent3) installments, as follows:
(i) Upon completion of fifty percent (50%) of any portion the Tenant’s Work, Landlord shall disburse the first (1st) installment of the TI Allowance not required for (the construction of “First Installment”) in an amount up to forty percent (i40%) the Tenant Improvements described in the TI Construction Drawings approved pursuant to Section 2(d) or (ii) any Changes pursuant to Section 4 except that any unused portion of the TI Allowance may be applied as a tenant improvement allowance evidenced by paid invoices from Tenant’s general contractor and other direct contractors and subcontractors (“Paid Invoices”) providing servicers or supplying materials for the construction Tenant’s Work. Upon completion of improvements in Tenant Reception Area on the first floor one hundred percent (100%) of the Building Tenant’s Work, Landlord shall disburse the second (2nd) installment of the TI Allowance (the “Second Installment”) in an amount up to fifty percent (50%) of the TI Allowance evidenced by Paid Invoices, but in no event shall the sum of the First Installment and the Second Installment be greater than $1,244,250.00. The First Installment and the Second Installment shall be payable within thirty (30) days after Xxxxxxxx’s receipt of all of the following documentation to Landlord’s reasonable satisfaction:
a. a conditional lien waiver for the current requisition from Xxxxxx’s general contractor, subcontractors and suppliers performing work or in providing materials to date (waiving any additional space Tenant may lease and all liens and rights of liens of any type through the date of the request for the applicable installment of the TI Allowance),
b. a requisition for payment from Landlord Xxxxxx’s architect in the Building during form of AIA Document G702 for all work for which disbursement is being requisitioned,
c. the Term submission by Xxxxxx of this Lease. Notwithstanding anything a written statement from Xxxxxx’s architect or engineer stating (a) whether there has been any change in the Total Costs (and if so, what the updated Total Costs are), and (b) that the Tenant’s Work for which payment is being requisitioned has been completed in accordance with the approved Tenant’s Plans,
d. copies of paid invoices from Tenant’s general contractor, major subcontractors and supplies evidencing such hard construction costs of the Tenant’s Work for which disbursement is being requisitioned; and, as applicable, copies of paid invoices from Tenant’s architects/engineers/project managers, and any other party providing services or supplying materials, evidencing the soft costs for which disbursement is being requested, and any other information or documentation reasonably requested by Landlord, and
e. with respect to the contrary contained hereinSecond Installment, Tenant unconditional lien waivers for past payments from Xxxxxx’s general contractor and all subcontractors and suppliers,
(ii) Landlord shall have no right disburse the third (3rd) and final installment of the TI Allowance in an amount equal to the remaining ten percent (10%) of the TI Allowance within thirty (30) days after Xxxxxxxx’s receipt of all of the following documentation, to Xxxxxxxx’s reasonable satisfaction:
a. An unconditional final waiver of lien from Xxxxxx’s general contractor and from all subcontractors and suppliers,
b. one (1) set of “as-built” plans for the Tenant’s Work in CAD File and PDF format,
c. copies of paid invoices from Tenant’s general contractor, major subcontractors and suppliers evidencing such costs of the Tenant’s Work for which disbursement is being requisitioned; and, as applicable, copies of paid invoices from Tenant’s architects/engineers/project managers, and any other party providing services or supplying materials, evidencing the costs for which disbursement is being requested, and a copy of the final (as opposed to temporary) certificate of occupancy for the Premises issued by the Town of Burlington and any other information or documentation reasonably requested by Landlord. Any portion of the TI Allowance that is not disbursed used or claimed on or before July 31, 2017 shall accrue to Landlord. If the last day final actual cost of the 12th Tenant’s Work shall be in excess of the TI Allowance, then the entire amount of such excess cost shall be paid solely by Tenant and Landlord shall be under no obligation to pay any such excess. If any disbursement of the TI Allowance is not timely paid by Landlord (and provided Tenant has delivered to Landlord all documentation required and satisfied all the conditions under this Section 3.4 and Landlord has not notified Tenant that Landlord reasonably disputes the accuracy or completeness of the applicable funding request), then provided Tenant is not in default under this Lease, Tenant may deliver a second notice (an “Offset Notice”) to Landlord, which notice shall specify the funding request that has not been timely paid and state conspicuously in bold type and in all capital letters at the top of the first page of such notice and on the envelope containing such notice “THIS IS A TIME SENSITIVE OFFSET NOTICE AND LANDLORD SHALL BE DEEMED TO ACCEPT SUCH OFFSET IF IT FAILS TO RESPOND TO THIS SECOND REQUEST FOR DISBURSEMENT WITHIN FIVE (5) BUSINESS DAYS AFTER RECEIPT” and if Tenant shall deliver such second notice to Landlord as aforesaid and Landlord fails to disburse the amount of the TI Allowance expressly referenced in the Offset Notice, subject to Landlord’s right to dispute such funding request as herein provided, within such five (5) business day period, then Tenant shall have the right to have such unpaid amount of the TI Allowance credited against the next installment(s) of Fixed Rent thereafter due under this Lease provided, however, notwithstanding any provision herein to the contrary, in no event shall the aggregate amount of all offsets permitted hereunder in any month after ever exceed twenty percent (20%) of any monthly installment of Fixed Rent. Within the Commencement Datethirty (30) day period following receipt of a funding request or within the additional 5-Business Day period described above. Landlord may dispute in good faith the funding request by written notice to Tenant setting forth the basis upon which Landlord disputes the accuracy or completeness of any funding request. If Landlord disputes the accuracy or completeness of any funding request, Landlord and Tenant shall reasonably cooperate with each other to resolve such dispute as expeditiously as possible, but Landlord will have no obligation to disburse any disputed amount of such funding request and Tenant will not have any right to credit or offset the disputed amount of the funding request against the Fixed Rent until the dispute has been resolved.
Appears in 1 contract
Samples: Office Lease (Desktop Metal, Inc.)
TI Allowance. Landlord shall provide to Tenant a tenant improvement allowance (“collectively, the "TI Allowance”") as follows:
1. a "Tenant Improvement Allowance" in the maximum amount of $17.50 per rentable square foot in the Second Expansion Premises, which is included in the Base Rent set forth in the Lease; and
2. an "Additional Tenant Improvement Allowance" in the maximum amount of $10.00 per rentable square foot in the Second Expansion Premises, which shall, to the extent used, result in Second Expansion Premises TI Rent as set forth in Section 4(c) of the Premises, or $300,000 in the aggregate. Within 5 business days after receipt of notice of Landlord’s approval of the Budget, Tenant shall notify Landlord how much of the TI Allowance Tenant has elected to receive from Landlord. Such election shall be final and binding on Tenant, and may not thereafter be modified without Landlord’s consent, which may be granted or withheld in Landlord’s sole and absolute subjective discretionFourth Amendment. The TI Allowance shall be disbursed in accordance with this Second Expansion Premises Work Letter. Tenant shall have no right to the use or benefit (including any reduction except as provided below with respect to Base Rentthe Tenant Improvement Allowance) of any portion of the TI Allowance not required for the construction of (i) the Tenant Improvements described in the TI Construction Drawings approved pursuant to Section 2(d) or (ii) any Changes pursuant to Section 4 except that any unused portion of the TI Allowance may be applied 4. Except as a tenant improvement allowance for the construction of improvements in Tenant Reception Area on the first floor of the Building or in any additional space Tenant may lease from Landlord provided in the Building during the Term of this Lease. Notwithstanding anything to the contrary contained hereinimmediately following sentence, Tenant shall have no right to any portion of the TI Allowance that is not disbursed before the last day of the 12th month that is 12 months after the Second Expansion Premises Commencement Date (“Allowance Expiration Date”). A portion of the Tenant Improvement Allowance remaining unused as of the Allowance Expiration Date, up to $7.50 per rentable square foot of the Second Expansion Premises, shall be applied to Base Rent coming due following the Allowance Expiration Date pursuant to a schedule reasonably acceptable to Landlord and Tenant until such unused portion of the Tenant Improvement Allowance (up to $7.50 per rentable square foot of the Second Expansion Premises) has been exhausted.
Appears in 1 contract
Samples: Lease Agreement (Fluidigm Corp)
TI Allowance. Landlord shall provide to Tenant a tenant improvement allowance (the “TI Allowance”) of $10.00 180.00 per rentable square foot of the PremisesBasement Space (which, or based on 4,006 rentable square feet of Basement Space demised under the Lease, equates to $300,000 721,080.00 in the aggregate). Within 5 10 business days after of receipt of notice of the Budget from Landlord’s approval of the Budget, Tenant shall notify Landlord how much of the TI Allowance Tenant has elected to receive from Landlord. Such election shall be final and binding on Tenant, and may not thereafter be modified without Landlord’s consent, which may be granted or withheld in Landlord’s sole and absolute subjective discretion. The TI Allowance shall be disbursed in accordance with this Work Letter. Tenant shall have no right to the use or benefit (including any reduction to or payment of Base Rent) of any portion of the TI Allowance not required for the construction of TI Costs (i) the Tenant Improvements described in the “Unrequired TI Construction Drawings approved pursuant to Section 2(d) or (ii) any Changes pursuant to Section 4 Allowance”), except that Tenant shall be entitled to receive any unused portion of the Unrequired TI Allowance may be applied as a tenant improvement allowance for the construction of improvements in with respect to any space leased to Tenant Reception Area on the first floor of the Building or in any additional space Tenant may lease from directly by Landlord in the Building during (pursuant to this Lease or otherwise), for Alterations thereto provided that (i) such Alterations are completed no later than twenty-four (24) months after the Term Commencement Date, (ii) the disbursement of such Unrequired TI Allowance shall be subject to Landlord’s reasonable requirements consistent with the Lease and this Lease. Notwithstanding anything to the contrary contained herein, Tenant Work Letter and (iii) a written request for such disbursement satisfying all such requirements shall have been received by Landlord no right to any portion of the TI Allowance that is not disbursed before the last day of the 12th month later than twenty-four (24) months after the Commencement Date.
Appears in 1 contract
TI Allowance. Landlord shall provide shall, subject to the terms of the Work Letter, make available to Tenant a tenant improvement allowance the Tenant Improvement Allowance (“TI Allowance”) of $10.00 per rentable square foot of the Premises, or $300,000 as defined in the aggregateWork Letter). Within 5 business days after receipt Commencing on the Commencement Date, and continuing thereafter on the first day of notice of Landlord’s approval of each month during the BudgetBase Term, Tenant shall notify Landlord how much of pay the TI Allowance Tenant has elected amount necessary to receive from Landlord. Such election shall be final and binding on Tenant, and may not thereafter be modified without Landlord’s consent, which may be granted or withheld in Landlord’s sole and absolute subjective discretion. The TI Allowance shall be disbursed in accordance with this Work Letter. Tenant shall have no right to fully amortize the use or benefit (including any reduction to Base Rent) of any portion of the TI Tenant Improvement Allowance not required for actually funded by Landlord, if any, in equal monthly payments with interest at a rate of 8% per annum over the construction of (iBase Term, which interest shall begin to accrue on the date that Landlord first disburses such Tenant Improvement Allowance or any portion(s) thereof. Tenant acknowledges that because the Tenant Improvements described in the TI Construction Drawings approved pursuant to Section 2(d) or (ii) any Changes pursuant to Section 4 except that any unused portion of the TI Improvement Allowance may be applied as a tenant improvement allowance for disbursed to Tenant in multiple disbursements following the construction of improvements in Commencement Date, the Additional Rent payable by Tenant Reception Area on the first floor of the Building or in any additional space Tenant pursuant to this Section 4(b) may lease from Landlord in the Building during the Term of this Leasebe adjusted following each such disbursement. Notwithstanding anything to the contrary contained herein, Tenant shall have no right to may, at Tenant’s sole election, accelerate or pre-pay all or any portion of the TI outstanding and unamortized portion of the Tenant Improvement Allowance that is not disbursed before was actually funded by Landlord in full at any time without penalty, in which event the last day amortizing payments shall be appropriately adjusted. Any of the 12th month Tenant Improvement Allowance and applicable interest remaining unpaid as of the expiration or earlier termination of this Lease shall be paid to Landlord in a lump sum at the expiration or earlier termination of this Lease. The Tenant Improvement Allowance shall be available for use by Tenant until the date that is twelve (12) months after the Commencement Date. Any portion of the Additional Tenant Improvement Allowance which has not been properly requested by Tenant from Landlord on or before the date that is twelve (12) months after the Commencement Date, shall be forfeited and shall not be available for use by Tenant.
Appears in 1 contract
TI Allowance. Landlord shall provide to Tenant a tenant improvement allowance (the “TI Allowance”) of $10.00 179.00 per rentable square foot of the Premises, or $300,000 8,301,304.00 in the aggregate. Within 5 business days after receipt of notice of Landlord’s approval of the Budget, Tenant shall notify Landlord how much of the TI Allowance Tenant has elected to receive from Landlord. Such election shall be final and binding on Tenant, and may not thereafter be modified without Landlord’s consent, which may be granted or withheld in Landlord’s sole and absolute subjective discretion. The TI Allowance shall be disbursed in accordance with this Work Letter. A portion of the TI Allowance, up to $45.00 per rentable square foot of the Premises, or $2,086,920 in the aggregate (“Base Building Allowance”), shall be used only for TI Costs attributable to the Base Building Work. The balance of the TI Allowance in the amount of $134.00 per rentable square foot of the Premises, or $6,214,384 in the aggregate (“Premises Allowance”) shall be used only for TI Costs attributable to the Tenant Improvements. In no event shall less than $120 per rentable square foot of the Premises Allowance be used for TI Costs attributable to the Tenant Improvements. In addition to the TI Allowance, Landlord shall reimburse Tenant up to $0.10 per usable square foot of the Premises for actual costs incurred by Tenant for the preparation by Tenant’s consultants of a fit-plan and preliminary design work for the Tenant Improvements. Tenant shall have no right to the use or benefit (including any reduction to or payment of Base Rent) of any portion of the TI Allowance not required for the construction of (i) the Base Building Work, (ii) the Tenant Improvements described in the TI Construction Drawings approved pursuant to Section 2(d) or (iiiii) any Changes pursuant to Section 4 except that any unused portion 4. Notwithstanding the foregoing, if following the completion and payment in full of the Tenant Improvements it is determined that the TI Allowance may be applied as a tenant improvement allowance Costs for the construction Tenant Improvements were less than the Premises Allowance, initial Base Rent shall be reduced by applying a 7.5% interest rate and amortizing the amount of improvements in Tenant Reception Area on the unused Premises Allowance over a 7 year period (for example, if $100,000 of the Premises Allowance remains unused following the completion of the Landlord’s Work and the payment of all TI Costs, the annual Base Rent for the first floor year of the Building or in any additional space Tenant may lease from Landlord in the Building during the Base Term of this Lease. Notwithstanding anything to the contrary contained herein, Tenant shall have no right to any portion would be reduced by $0.40 per rentable square foot of the TI Allowance that is not disbursed before the last day Premises from $48.00 per rentable square foot of the 12th month after Premises per annum to $47.60 per rentable square foot of the Commencement DatePremises per annum).
Appears in 1 contract
TI Allowance. The TI Allowance may be applied to the costs of (a) construction, (b) project review by Landlord (which fee shall provide to Tenant a tenant improvement allowance equal one-half of one percent (“TI Allowance”0.5%) of $10.00 per rentable square foot of the Premises, or $300,000 in the aggregate. Within 5 business days after receipt of notice of Landlord’s approval of the Budget, Tenant shall notify Landlord how much of the TI Allowance Tenant has elected to receive from Landlord. Such election shall be final Allowance), (c) commissioning of mechanical, electrical and binding on plumbing systems by a licensed, qualified commissioning agent hired by Tenant, and may not thereafter be modified without reasonably approved by Landlord’s consent, which may be granted or withheld in Landlord’s sole (d) space planning, architect, engineering and absolute subjective discretion. The TI Allowance shall be disbursed in accordance other related services performed by third parties unaffiliated with this Work Letter. Tenant shall have no right and up to the use or benefit three and one-half percent (including any reduction to Base Rent3.5%) of any portion of the TI Allowance not required for the construction of (i) the Tenant Improvements described in the TI Construction Drawings approved pursuant to Section 2(d) or (ii) any Changes pursuant to Section 4 except that any unused portion of the TI Allowance may be applied as a tenant improvement allowance used for the construction cost of improvements a third party project management consultant retained by Tenant, (e) 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 (f) 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 consistent with the Approved Plans (as defined in the Work Letter) or otherwise approved in writing by Landlord, (w) payments to Tenant Reception Area or any affiliates of Tenant, (x) the purchase of any furniture, personal property or other non-building system equipment (provided, however, that Tenant shall be permitted to apply up to One Million Two Hundred Forty-Five Thousand One Hundred Twenty and 00/100 Dollars ($1,245,120) of the TI Allowance toward Tenant’s cost to move into the Premises, to fabricate and install Tenant’s Signage, and to purchase furniture, fixtures and equipment, telecommunications and data cabling, security and audio visual systems to be used in the Premises), (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 will be permitted to reuse any of the existing fifteen (15) fume hoods currently being stored on the first ground floor of the Building Building; provided that such fume hoods are accepted by Tenant in their “as is” condition and Landlord makes no representation or warranty as to the condition of such fume hoods or their fitness for Tenant’s intended use. Tenant will repair and maintain the fume hoods which Tenant elects to use throughout the Term in accordance with industry standard repair and maintenance standards, provided that Tenant will have the right to either replace or remove any additional space fume hoods that Tenant may lease from Landlord in has elected to use which reach the Building end of their serviceable life during the Term of this the Lease. Notwithstanding anything to the contrary contained herein, Tenant shall have no right to any portion of the TI Allowance that is not disbursed before the last day of the 12th month after the Commencement Date.
Appears in 1 contract
TI Allowance. In accordance with the terms and conditions of this Second Amendment, Landlord shall provide make available to Tenant (i) a tenant improvement allowance [***] (the “Base TI Allowance”) plus (ii) if properly requested by Tenant pursuant to this Section 6.a, an additional tenant allowance [***] the “Additional TI Allowance”), [***] for use for any purpose elected by Xxxxxx, in Tenant’s sole discretion, which may include, among others, improvements to the Premises (the “Tenant Improvements”) as described in the Work Letter attached to this Amendment as Exhibit C (the “Work Letter”) and as otherwise provided in this Section 6.a. The Base TI Allowance, together with Additional TI Allowance (if properly requested by Tenant pursuant to this Section 6.a), shall be referred to herein as the “TI Allowance.” Landlord shall disburse the Base TI Allowance to Tenant [***] by wire transfer of $10.00 per rentable square foot immediately available funds to an account specified by Xxxxxx. If Tenant desires all or any portion of the PremisesAdditional TI Allowance, or $300,000 then Tenant shall deliver to Landlord a written request for such Additional TI Allowance, in the aggregate. Within 5 business days after receipt form attached to this Amendment as Exhibit D, executed by an authorized officer of notice of Landlord’s approval Tenant (an “Additional TI Allowance Request”), and, provided that no monetary or material non-monetary Default has occurred and is then continuing, Landlord shall disburse the requested amount of the Budget, Additional TI Allowance b wire transfer of immediate) available funds [***]. Tenant shall notify Landlord how much may make multiple draws against the Additional TI Allowance until such time as the entire Additional TI Allowance has been disbursed or the occurrence of the TI Deadline (as defined below), whichever occurs first. Tenant may use the Base TI Allowance (and Additional TI Allowance, if properly requested by Tenant has elected pursuant to receive from Landlord. Such election shall be final and binding on this Section 6.a) in Tenant, and may not thereafter be modified without Landlord’s consent, which may be granted or withheld in Landlord’s sole discretion for, among other things, financing hard and absolute subjective discretionsoft costs of the Tenant Improvements, purchasing furniture, fixtures and equipment for Tenant’s use at the Premises or defraying the cost of moving expenses and costs incurred by Tenant for any other 4813-5202-3331.13 9 lease obligations, or for any other purpose desired by Tenant. The Landlord shall not be obligated to disburse any portion of the Additional TI Allowance shall be disbursed in accordance with this Work Letter. Tenant unless and until Landlord shall have received from Tenant an Additional TI Allowance Request. In no right to the use or benefit (including any reduction to Base Rent) of event shall any portion of the TI Allowance not required for the construction of (i) the properly requested by Tenant Improvements described in the TI Construction Drawings approved pursuant to this Section 2(d) or (ii) any Changes pursuant 6.a entitle Tenant to Section 4 except that any unused portion of the TI Allowance may be applied as a tenant improvement allowance for the construction of improvements in Tenant Reception Area on the first floor of the Building or in any additional space Tenant may lease from Landlord in the Building during the Term of credit against Rent payable under this Lease. Notwithstanding anything to the contrary contained herein, Tenant shall have no right to any portion of the TI Allowance that is not disbursed before the last day of the 12th month after the Commencement Date.
Appears in 1 contract
Samples: Lease Agreement (Macrogenics Inc)
TI Allowance. Landlord shall provide to Tenant a tenant improvement allowance (“TI Allowance”) of $10.00 per rentable square foot of the Premises, or $300,000 5,208,850 in the aggregate. Within 5 business days after receipt of notice of Landlord’s approval of the Budget, Tenant shall notify Landlord how much of the TI Allowance Tenant has elected to receive from Landlord. Such election shall be final and binding on Tenant, and may not thereafter be modified without Landlord’s consent, which may be granted or withheld in Landlord’s sole and absolute subjective discretion. The TI Allowance shall be disbursed in accordance with this Work Letter. The TI Allowance shall be disbursed in accordance with this Work Letter. Except as otherwise expressly provided in this Section 5, Tenant shall have no right to the use or benefit (including any reduction to Base Rent) of any portion of the TI Allowance not required for the construction of (i) the Seventh Amendment Tenant Improvements described in the TI Construction Drawings approved pursuant to Section 2(d) or other Alterations in the Premises approved by Landlord (“Seventh Amendment Alterations”), or (ii) any Changes pursuant to Section 4 except that any unused portion of the TI Allowance may be applied as a tenant improvement allowance for the construction of improvements in Tenant Reception Area on the first floor of the Building or in any additional space Tenant may lease from Landlord in the Building during the Term of this Lease4. Notwithstanding anything to the contrary contained herein, Tenant shall have no right to any portion of the TI Allowance that is not disbursed before the last day date that is 21 months after the Sixth Expansion Premises Commencement Date. Notwithstanding anything to the contrary contained herein, any unused portion of the 12th month after TI Allowance may be used by Tenant for either the Commencement DateStaircase Improvements, the Base Building Improvements or the Restroom Improvements. In addition to the TI Allowance, Landlord shall provide to Tenant an allowance for the costs incurred by Tenant, of $800,000 (the “Restroom Allowance”) for the renovation of the restrooms located in the Fourth Floor Sixth Expansion Premises and the Third Floor Sixth Expansion Premises (the “Restroom Improvements). Tenant shall be responsible for the cost of the Restroom Improvements in excess of the Restroom Allowance. Notwithstanding anything to the contrary contained herein, any unused portion of the Restroom Allowance may be used by Tenant for either the Staircase Improvements, the Base Building Improvements or the Seventh Amendment Tenant Improvements. Landlord shall also provide Tenant with an allowance, in the amount of $150,000 (the “Staircase Allowance”), for costs incurred by Tenant for the installation of a staircase interconnecting the Fourth Floor Sixth Expansion Premises and the Third Floor Sixth Expansion Premises (“Staircase Improvements”), which Staircase Allowance shall, to the extent used, result in Additional Rent as set forth in Section 9 of the Seventh Amendment. Tenant shall be responsible for the cost of the Staircase Improvements in excess of the Staircase Allowance. Notwithstanding anything to the contrary contained herein, any unused portion of the Staircase Allowance may be used by Tenant for either the Restroom Improvements, the Base Building Improvements or the Seventh Amendment Tenant Improvements. Landlord shall also provide Tenant with an allowance, in the amount of $4,250,000 (the “Base Building Allowance”), for costs incurred by Tenant to be comprised of (i) $1,000,000 for the construction of certain improvements to the Base Building affecting the Existing Premises in accordance with the plans approved by Landlord, which approval shall not be unreasonably withheld, conditioned or delayed, including, without limitation, improvements to the boilers, controls and HVAC distribution affecting the Existing Premises, (ii) $750,000 for costs incurred for the HVAC system to be installed in the Third Floor Sixth Expansion Premises, (iii) $750,000 for costs incurred for the HVAC system to be installed in the Fourth Floor Sixth Expansion Premises, and (iv) $1,750,000 for costs incurred in connection with the purchase and installation of skylights to be installed in the Fourth Floor Sixth Expansion Premises as shown on the roof plan attached hereto as Schedule 2, the approximately size and location of which has been agreed upon y Landlord and Tenant (collectively, “Base Building Improvements”). Landlord shall reasonably assist Tenant, at no cost to Landlord, in obtaining any permits required for the Base Building Improvements. Tenant shall be responsible for the cost of the Base Building Improvements in excess of the Base Building Allowance. Any unused portion of the Base Building Allowance may be used by Tenant for either the Restroom Improvements, the Staircase Improvements or the Seventh Amendment Tenant Improvements.
Appears in 1 contract
TI Allowance. Landlord shall provide to Tenant a tenant with an improvement allowance of four hundred thousand ($400,000.00) dollars for Tenant’s actual third-party costs incurred for the design and construction of Tenant’s Work, expressly excluding furniture, fixtures and trade equipment, and moving costs (the “TI Allowance”) of $10.00 per rentable square foot of ). Any expenses related to the Premises, or $300,000 Tenant’s Work in the aggregate. Within 5 business days after receipt of notice of Landlord’s approval of the Budget, Tenant shall notify Landlord how much excess of the TI Allowance shall be the sole and exclusive obligation of Tenant. Installments of the TI Allowance, which shall in no event exceed in the aggregate the amount of the TI Allowance, shall be paid to Tenant or, at Tenant’s option directly to Tenant’s contractors, with respect to costs incurred by Tenant for which Xxxxxx has elected submitted a requisition to receive from Landlord consisting of: (A) in the case of costs incurred under architectural, engineering, and other professional services contracts (collectively “Professional Services Contracts”), invoices; and (B) in the case of construction costs, (i) copies of all necessary governmental permits, (ii) an application for payment and sworn statement of a contractor performing general contracting work in the Premises covering all work for which disbursement is to be made to a date specified therein which is part of the construction contract, (iii) a complete set of “As-Built” plans for the Tenant Work, and (iv) any other information or documentation reasonably requested by Landlord. Such election shall be final and binding on Tenant, and may not thereafter be modified without Landlord’s consent, which may be granted or withheld in Landlord’s sole and absolute subjective discretion. The Installments of the TI Allowance shall be disbursed paid within ten (10) business days of Tenant’s submission of a requisition in accordance with this Work Letterthe form above. Upon completion of Tenant’s initial improvements, Tenant shall have no right submit to the use Landlord final lien waivers from all contractors, subcontractors, and materialmen, a Certificate of Occupancy, any other information or benefit (including any reduction documentation reasonably requested by Landlord to Base Rent) evidence lien-free completion of any portion Xxxxxx’s Work and payment of all of the TI Allowance not required for the construction of (i) the Tenant Improvements described in the TI Construction Drawings approved pursuant to Section 2(d) or (ii) any Changes pursuant to Section 4 except that any costs and expenses thereof. Any unused portion of the TI Allowance may shall be applied as a tenant improvement allowance for the construction of improvements in Tenant Reception Area on the first floor of the Building or in any additional space Tenant may lease from Landlord in the Building during the Term of this Lease. Notwithstanding anything to the contrary contained herein, Tenant shall have no right to any portion of the TI Allowance that is not disbursed before the last day of the 12th month after the Commencement Dateretained by Landlord.
Appears in 1 contract
Samples: Lease Agreement
TI Allowance. Landlord shall provide make available to Tenant a tenant improvement allowance not to exceed Seven Thousand Two Hundred Twenty-Four and 69/100 Dollars ($7,224.69) (the “TI Allowance”) of $10.00 per rentable square foot of to perform the Premises, or $300,000 work described on Exhibit B (the “New Tenant Improvements”). Tenant shall cause the New Tenant Improvements to be constructed in the aggregate. Within 5 business days after receipt of notice of Landlord’s approval of Premises pursuant to the Budget, Tenant shall notify Work Letter attached hereto as Exhibit B (the “Work Letter”) at a cost to Landlord how much of not to exceed the TI Allowance Tenant has elected to receive from Landlord. Such election shall be final and binding on Tenant, and may not thereafter be modified without Landlord’s consent, which may be granted or withheld in Landlord’s sole and absolute subjective discretion. Allowance.
(a) The TI Allowance shall may be disbursed in accordance with this Work Letter. Tenant shall have no right applied to the use or benefit (including any reduction to Base Rent) of any portion of the TI Allowance not required for the construction costs of (i) the Tenant Improvements described in the TI Construction Drawings approved pursuant to Section 2(d) or construction, (ii) space planning, architect, engineering and other related services performed by third parties unaffiliated with Tenant, (iii) building permits and other taxes, fees, charges and levies by Governmental Authorities (as defined below) for permits or for inspections of the New Tenant Improvements, and (iv) costs and expenses for labor, material, equipment and fixtures. In no event shall the TI Allowance be used for (x) 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, (xi) payments to Tenant or any Changes pursuant affiliates of Tenant, (xii) the purchase of any furniture, personal property or other non-building system equipment, (xiii) costs resulting from any default by Tenant of its obligations under the Lease or (xiv) costs that are recoverable by Tenant from a third party (e.g., insurers, warrantors, or tortfeasors).
(b) Tenant shall have until the date that is twelve (12) months after the Execution Date (the “TI Deadline”), to submit a Fund Request (as defined in Section 4 except that any 6.3 of the Work Letter) for 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 may be applied as entitle Tenant to a tenant improvement allowance for the construction of improvements in Tenant Reception Area on the first floor of the Building or in any additional space Tenant may lease from Landlord in the Building during the Term of credit against Rent payable under this Lease. Notwithstanding anything to the contrary contained herein, Tenant shall have no right deliver to any portion Landlord (a) if required by the scope of worked included as part of the TI Allowance that is not disbursed before New Tenant Improvements, a certificate of occupancy for the last day Premises suitable for the Permitted Use and (b) a Certificate of Substantial Completion in the form of the 12th month after American Institute of Architects document 0704, executed by the Commencement Dateproject architect and the general contractor. The term “Substantially Complete” or “Substantial Completion” means that the New Tenant Improvements are substantially complete in accordance with the Approved Plans (as defined in the Work Letter), except for minor punch list items.
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Samples: Lease (Organovo Holdings, Inc.)