Common use of Tl Allowance Clause in Contracts

Tl Allowance. (i) Provided Tenant is not in default under this Lease beyond any applicable cure periods (or if Tenant is then in default, upon Tenant’s cure of any such default) and subject to the provisions of this Paragraph 2.3.1, Landlord will pay Tenant an improvement allowance of up to Two Million Four Hundred Sixty-Four Thousand Two Hundred Eighty and No/100 Dollars ($2,464,280.00) to contribute toward the payment of the actual, out-of-pocket costs incurred by Tenant for any hard and soft costs associated with the Tenant Improvements (collectively, the “Costs”), including space planning, construction drawings, permitting and construction costs to construct such Tenant Improvements to the Premises (the “Tl Allowance”), disbursed in a series of disbursements (the “Interim Disbursements”), not more frequently than once per month, to reimburse Tenant for amounts paid by Tenant for the Costs of the Tenant Improvements; provided, however, that Landlord will not be required to disburse more than ninety-five percent (95%) of the Tl Allowance prior to completion of the Tenant Improvements. Interim Disbursements will be made by Landlord based on receipt by Landlord of a written request to reimburse Costs previously paid and shall be paid by Landlord within thirty (30) days after: (A) Tenant has paid for those sums, costs and expenses due for, or purporting to be due for, that portion of work, labor, services, materials, supplies or equipment furnished or claimed to be furnished to or for, or in connection with, the completed portion of the Tenant Improvements, has obtained conditional lien waivers from all contractors and materialmen with contracts for amounts in excess of Twenty Five Thousand Dollars ($25,000.00) (“Major Contractors”), and has provided Landlord with copies of such paid invoices and lien waivers from all Major Contractors; and (B) Tenant has provided Landlord with copies of invoices and/or receipts evidencing the amount to be reimbursed up to the full amount of the relevant Interim Disbursement.

Appears in 2 contracts

Samples: AbSci Corp, AbSci Corp

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Tl Allowance. (i) Provided Tenant is not in default under this Lease beyond any applicable cure periods (or if Tenant is then in default, upon Tenant’s cure of any such default) and subject to the provisions of this Paragraph 2.3.1, Landlord will pay Tenant an improvement allowance of up to Two Million Four Hundred Sixty-Four Thousand Two Hundred Eighty and No/100 Dollars ($2,464,280.00) to contribute toward shall make available for the payment of the Tl Costs a tenant improvement allowance (the “Tl Allowance”) of $[ *** ] per rentable square foot of the Premises. Within 5 business days of receipt of the Budget from Landlord, Tenant shall notify Landlord in writing how much of the Tl Allowance Tenant has elected to receive from Landlord (the “Tl Allowance Election”); provided, however that if Tenant does not elect the full amount of the Tl Allowance in the Tl Allowance Election, Tenant may elect to have additional funds, not to exceed any positive amount remaining after subtraction of the amount elected in the Tl Allowance Election from the Tl Allowance, to be made available to pay for the Tenant Improvements as part of the Tl Allowance (if any, the “Subsequent Tl Allowance Election”), upon 10 business days’ prior written notice to Landlord, which prior written notice of any Subsequent Tl Allowance Election shall be given, if at all, within 45 days of the date of Tenant’s initial Tl Allowance Election. The Subsequent Tl Allowance Election and Tl Allowance Election (or if no Subsequent Tl Allowance Election is made within the time period required, the Tl 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 Tl Allowance shall be disbursed in accordance with this Work Letter. ***Confidential Treatment Requested*** ***Text Omitted and Filed Separately with the Securities and Exchange Commission Confidential Treatment Requested Under 17 C.F.R. Sections 200.80(b)(4) and 240.24b-2 In addition to the Tl Allowance and the Additional Tl Allowance (as hereinafter defined), Landlord shall reimburse Tenant for up to $[ *** ] per month, beginning as of November 1, 2017, through December 31, 2018, for the actual, reasonable out-of-pocket costs incurred by Tenant for any hard the management and soft costs associated with oversight of the Tenant Improvements (collectively, the “Costs”), including space planning, construction drawings, permitting and construction costs to construct such Tenant Improvements to the Premises by Tenant’s third party project manager (the “Tl PM Allowance”). Landlord shall disburse the PM Allowance to Tenant on a periodic basis, disbursed in a series of disbursements (the “Interim Disbursements”), not but no more frequently than once per month, ) within 30 days after Landlord’s receipt of Tenant’s invoices reflecting such costs along with evidence of payment reasonably acceptable to reimburse Landlord. Tenant for amounts paid by Tenant for shall have no right to the Costs use or benefit (including any reduction to or payment of the Tenant Improvements; provided, however, that Landlord will not be required to disburse more than ninety-five percent (95%Base Rent) of any portion of the Tl Allowance prior to completion not required for the construction of (i) the Tenant Improvements. Interim Disbursements will be made by Landlord based on receipt by Landlord of a written request Improvements described in the Tl Construction Drawings approved pursuant to reimburse Costs previously paid and shall be paid by Landlord within thirty Section 2(d) or (30ii) days after: (A) Tenant has paid for those sums, costs and expenses due for, or purporting any approved Changes pursuant to be due for, that portion of work, labor, services, materials, supplies or equipment furnished or claimed to be furnished to or for, or in connection with, the completed portion of the Tenant Improvements, has obtained conditional lien waivers from all contractors and materialmen with contracts for amounts in excess of Twenty Five Thousand Dollars ($25,000.00) (“Major Contractors”), and has provided Landlord with copies of such paid invoices and lien waivers from all Major Contractors; and (B) Tenant has provided Landlord with copies of invoices and/or receipts evidencing the amount to be reimbursed up to the full amount of the relevant Interim DisbursementSection 4.

Appears in 2 contracts

Samples: Lease Agreement (Rubius Therapeutics, Inc.), Lease Agreement (Rubius Therapeutics, Inc.)

Tl Allowance. (i) Provided Tenant is not in default under this Lease beyond any applicable cure periods (or if Tenant is then in default, upon Tenant’s cure of any such default) and subject to the provisions of this Paragraph 2.3.1, Landlord will pay Tenant an improvement allowance of up to Two Million Four Hundred Sixty-Four Thousand Two Hundred Eighty and No/100 Dollars ($2,464,280.00) to contribute toward shall make available for the payment of the actual, out-of-pocket costs incurred by Tenant for any hard and soft costs associated with the Tenant Improvements (collectively, the “Costs”), including space planning, construction drawings, permitting and construction costs to construct such Tenant Improvements to the Premises Tl Costs a tenant improvement allowance (the “Tl Allowance”), disbursed in a series ) of disbursements (the “Interim Disbursements”), not more frequently than once $190.00 per month, to reimburse Tenant for amounts paid by Tenant for the Costs rentable square foot of the Premises, or $4,060,680.00 in the aggregate. Within 5 business days of receipt of the Budget from Landlord, Tenant Improvements; provided, however, that shall notify Landlord will not be required to disburse more than ninety-five percent (95%) in writing how much of the Tl Allowance prior to completion of the Tenant Improvements. Interim Disbursements will be made by Landlord based on receipt by Landlord of a written request to reimburse Costs previously paid and shall be paid by Landlord within thirty (30) days after: (A) Tenant has paid for those sums, costs and expenses due for, or purporting elected to be due for, that portion of work, labor, services, materials, supplies or equipment furnished or claimed to be furnished to or for, or in connection with, receive from Landlord (the completed portion of the Tenant Improvements, has obtained conditional lien waivers from all contractors and materialmen with contracts for amounts in excess of Twenty Five Thousand Dollars ($25,000.00) (Major ContractorsTl Allowance Election”); provided, and has provided Landlord with copies of such paid invoices and lien waivers from all Major Contractors; and (B) however that if Tenant has provided Landlord with copies of invoices and/or receipts evidencing the amount to be reimbursed up to does not elect the full amount of the relevant Interim DisbursementTl Allowance in the Tl Allowance Election, Tenant may elect to have additional funds, not to exceed any positive amount remaining after subtraction of the amount elected in the Tl Allowance Election from the Tl Allowance, to be made available to pay for the Tenant Improvements as part of the Tl Allowance (if any, the “Subsequent Tl Allowance Election’’), upon 10 business days’ prior written notice to Landlord, which prior written notice of any Subsequent Tl Allowance Election shall be given, if at all, within 45 days of the date of Tenant’s initial Tl Allowance Election. The Subsequent Tl Allowance Election and Tl Allowance Election (or if no Subsequent Tl Allowance Election is made within the time period required, the Tl 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 Tl 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 Tl Allowance not required for the construction of (i) the Tenant Improvements described in the Tl Construction Drawings approved pursuant to Section 2(d) or (ii) any approved Changes pursuant to Section 4.

Appears in 2 contracts

Samples: Lease Agreement (Sigilon Therapeutics, Inc.), Lease Agreement (Sigilon Therapeutics, Inc.)

Tl Allowance. (i) Provided Tenant is not in default under this Lease beyond any applicable cure periods (or if Tenant is then in default, upon Tenant’s cure of any such default) and subject to the provisions of this Paragraph 2.3.1, Landlord will pay Tenant an improvement allowance of up to Two Million Four Hundred Sixty-Four Thousand Two Hundred Eighty and No/100 Dollars ($2,464,280.00) to contribute toward shall make available for the payment of the actual, out-of-pocket costs incurred by Tenant for any hard and soft costs associated with the Tenant Improvements (collectively, the “Costs”), including space planning, construction drawings, permitting and construction costs to construct such Tenant Improvements to the Premises Tl Costs a tenant improvement allowance (the “Tl Allowance”), disbursed in a series ) of disbursements (the “Interim Disbursements”), not more frequently than once $[ *** ] per month, to reimburse Tenant for amounts paid by Tenant for the Costs rentable square foot of the Premises. Within 5 business days of receipt of the Budget from Landlord, Tenant Improvements; provided, however, that shall notify Landlord will not be required to disburse more than ninety-five percent (95%) in writing how much of the Tl Allowance prior to completion of the Tenant Improvements. Interim Disbursements will be made by Landlord based on receipt by Landlord of a written request to reimburse Costs previously paid and shall be paid by Landlord within thirty (30) days after: (A) Tenant has paid for those sums, costs and expenses due for, or purporting elected to be due for, that portion of work, labor, services, materials, supplies or equipment furnished or claimed to be furnished to or for, or in connection with, receive from Landlord (the completed portion of the Tenant Improvements, has obtained conditional lien waivers from all contractors and materialmen with contracts for amounts in excess of Twenty Five Thousand Dollars ($25,000.00) (Major ContractorsTl Allowance Election”); provided, and has provided Landlord with copies of such paid invoices and lien waivers from all Major Contractors; and (B) however that if Tenant has provided Landlord with copies of invoices and/or receipts evidencing the amount to be reimbursed up to does not elect the full amount of the relevant Interim Disbursement.Tl Allowance in the Tl Allowance Election, Tenant may elect to have additional funds, not to exceed any positive amount remaining after subtraction of the amount elected in the Tl Allowance Election from the Tl Allowance, to be made available to pay for the Tenant Improvements as part of the Tl Allowance (if any, the “Subsequent Tl Allowance Election”), upon 10 business days’ prior written notice to Landlord, which prior written notice of any Subsequent Tl Allowance Election shall be given, if at all, within 45 days of the date of Tenant’s initial Tl Allowance Election. The Subsequent Tl Allowance Election and Tl Allowance Election (or if no Subsequent Tl Allowance Election is made within the time period required, the Tl 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 Tl Allowance shall be disbursed in accordance with this Work Letter. ***Confidential Treatment Requested*** ***Text Omitted and Filed Separately with the Securities and Exchange Commission Confidential Treatment Requested Under

Appears in 1 contract

Samples: Lease Agreement

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Tl Allowance. (i) Provided Tenant is not in default under this Lease beyond any applicable cure periods (or if Tenant is then in default, upon Tenant’s cure of any such default) and subject to the provisions of this Paragraph 2.3.1, Landlord will pay Tenant an improvement allowance of up to Two Million Four Hundred Sixty-Four Thousand Two Hundred Eighty and No/100 Dollars ($2,464,280.00) to contribute toward shall make available for the payment of the actual, out-of-pocket costs incurred by Tenant for any hard and soft costs associated with the Tenant Improvements (collectively, the “Costs”), including space planning, construction drawings, permitting and construction costs to construct such Tenant Improvements to the Premises Tl Costs a tenant improvement allowance (the “Tl Allowance”), disbursed in a series ) of disbursements (the “Interim Disbursements”), not more frequently than once $200.00 per month, to reimburse Tenant for amounts paid by Tenant for the Costs rentable square foot of the Premises. Within 5 business days of receipt of the Budget from Landlord, Tenant Improvements; provided, however, that shall notify Landlord will not be required to disburse more than ninety-five percent (95%) in writing how much of the Tl Allowance prior to completion of the Tenant Improvements. Interim Disbursements will be made by Landlord based on receipt by Landlord of a written request to reimburse Costs previously paid and shall be paid by Landlord within thirty (30) days after: (A) Tenant has paid for those sums, costs and expenses due for, or purporting elected to be due for, that portion of work, labor, services, materials, supplies or equipment furnished or claimed to be furnished to or for, or in connection with, receive from Landlord (the completed portion of the Tenant Improvements, has obtained conditional lien waivers from all contractors and materialmen with contracts for amounts in excess of Twenty Five Thousand Dollars ($25,000.00) (Major ContractorsTl Allowance Election”); provided, and has provided Landlord with copies of such paid invoices and lien waivers from all Major Contractors; and (B) however that if Tenant has provided Landlord with copies of invoices and/or receipts evidencing the amount to be reimbursed up to does not elect the full amount of the relevant Interim DisbursementTl Allowance in the Tl Allowance Election, Tenant may elect to have additional funds, not to exceed any positive amount remaining after subtraction of the amount elected in the Tl Allowance Election from the Tl Allowance, to be made available to pay for the Tenant Improvements as part of the Tl Allowance (if any, the “Subsequent Tl Allowance Election”), upon 10 business days’ prior written notice to Landlord, which prior written notice of any Subsequent Tl Allowance Election shall be given, if at all, within 45 days of the date of Tenant’s initial Tl Allowance Election. The Subsequent Tl Allowance Election and Tl Allowance Election (or if no Subsequent Tl Allowance Election is made within the time period required, the Tl 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 Tl 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 Tl Allowance not required for the construction of (i) the Tenant Improvements described in the Tl Construction Drawings approved pursuant to Section 2(d) or (ii) any approved Changes pursuant to Section 4.

Appears in 1 contract

Samples: Lease Agreement (Relay Therapeutics, Inc.)

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