Excess Tenant Improvement Costs as used herein shall mean and refer to the aggregate of (i) all costs related to any and all Change Requests/Change Orders, and (ii) the amount by which the actual Tenant Improvement Costs (exclusive of all costs referred to in item (i) above) (the "Actual TI Costs") exceed the Tenant Improvement Allowance, subject to the remaining provisions of this Section 10. Tenant shall faithfully pay all of the Excess Tenant Improvement Costs to Landlord in the following described manner. A portion of the Excess Tenant Improvement Costs up to a maximum amount of Four Hundred Fifty Five Thousand Six Hundred Twenty and 00/100 Dollars ($455,620.00), based on Five and 00/100 Dollars ($5.00) per rentable square foot for 91,124 square feet of the Premises, shall be amortized over the initial term of the Lease at the rate of thirteen percent (13%) per annum and such amortized amount (together with interest charges thereon) shall paid by Tenant with, and as part of, the Rent for the Premises in accordance with the provisions and requirements of Section 3 of the Lease (the "Amortized Excess TI Costs"). The portion of the Excess Tenant Improvement Costs in excess of the Amortized Excess TI Costs shall be paid by Tenant, in cash, to Landlord within ten (10) days of Landlord's delivery to Tenant of a written demand therefor together with a reconciliation of such costs. No Work shall be commenced until Tenant has fully complied with the preceding provisions of this Section 10. If Tenant fails to remit the sums so demanded by Landlord pursuant to Section 8 above and this Section 10 within the time periods required, Landlord may, at its option, declare Tenant in default under the Lease.
Excess Tenant Improvement Costs as used herein shall mean and refer to the aggregate of the amount by which the actual Tenant Improvement Costs exceed the Tenant Improvement Allowance. Tenant shall promptly pay any and all Excess Tenant Improvement Costs.
Excess Tenant Improvement Costs shall also include the costs related to any and all Change Orders. Tenant agrees, within three (3) days after submission to it of such statement, to execute and deliver to Landlord, in the form then in use by Landlord, an authorization to proceed with the Work. Tenant shall faithfully pay all of the Excess Tenant Improvement Costs to Landlord in cash, concurrently with Tenant's delivery to Landlord of the aforementioned signed written authorization to proceed. No Work shall be commenced until Tenant has fully complied with the preceding provisions of this Section 5. If Tenant fails to remit the sums so demanded by Landlord pursuant to Section 4 above and this Section 5 within the time periods required, Landlord may, at its option, declare Tenant in default under the Lease.
Examples of Excess Tenant Improvement Costs in a sentence
Any costs related to such approved Change Request(s), Change Order and any delays associated therewith, shall be added to the Tenant Improvement Costs and shall be paid for by Tenant as and with any Excess Tenant Improvement Costs as set forth in Section 10 above.
If Landlord so elects to commence construction of the Tenant Improvements or has already commenced construction of the Tenant Improvements when there occurs an Excess Tenant Improvements Cost, then Landlord shall be entitled to suspend or terminate construction of the Tenant Improvements if payment by Tenant to Landlord of the Excess Tenant Improvement Costs has not been received within ten (10) days after delivery by Landlord to Tenant of a statement therefor.
Tenant shall faithfully pay all of the Excess Tenant Improvement Costs to Landlord in the following described manner.
The term "Excess Tenant Improvement Costs" shall also include the costs related to any and all Change Orders.
Any additional costs associated with such requested changes or revisions shall be paid for solely by Tenant, as the Excess Tenant Improvement Costs (defined in Section 10 below), in cash upon written demand therefor by Landlord.
More Definitions of Excess Tenant Improvement Costs
Excess Tenant Improvement Costs as used herein shall mean and refer to the aggregate of (i) all costs related to any and all Change Requests/Change Orders, and (ii) the amount by which the sum of the actual Tenant Improvement Costs (exclusive of all costs referred to in item (i) above) and any Tenant Improvement Allowance amounts spent by Tenant for FF&E (the “Actual TI Costs”) exceed the Tenant Improvement Allowance, subject to the remaining provisions of this Section 10. Tenant shall pay to Landlord the Excess Tenant Improvement Costs within ten (10) days of Landlord’s delivery to Tenant of a written demand therefor together with a reconciliation of such costs. No Work shall be commenced until Tenant has fully complied with the preceding provisions of this Section 10. If Tenant fails to remit the sums so demanded by Landlord pursuant to this Section 10 within the time period required, Landlord may, at its option, declare Tenant in default under the Lease.
Excess Tenant Improvement Costs as used herein shall include the aggregate of (i) all costs related to any and all Change Requests/Change Orders requested by Tenant and (ii) all costs related to any of the Tenant Improvements in excess of the Landlord’s Work, subject to the remaining provisions of this Section 8. Tenant shall pay to Landlord the Excess Tenant Improvement Costs within ten (10) days of Landlord’s delivery to Tenant of a written demand therefore together with a reconciliation of such costs. No Work shall be commenced until Tenant has fully complied with the preceding provisions of this Section 8. If Tenant fails to remit the sums so demanded by Landlord pursuant to this Section 8 within the time periods required, and such failure continues after prior notice thereof, Landlord may, at its option, declare Tenant in default under the Lease. Tenant shall not be responsible for or obligated to pay, and Landlord shall be responsible for at its sole cost and expense, any Excess Tenant Improvement Costs unless Tenant approved such cost in advance in writing.
Excess Tenant Improvement Costs as used herein shall mean and refer to the sum equal to the aggregate of the amount by which the actual Tenant Improvement costs exceed the Tenant Improvement Allowance. Tenant shall pay for any and all Excess Tenant Improvement Costs; provided, however, that Tenant may elect to have an amount of up to $36,885.00 of such Excess Tenant Improvements Costs amortized over eighty (80) months of the Lease term at the interest rate of twelve percent (12%) per annum, and the monthly Base Rent otherwise payable by Tenant during the remainder of the Term of the Lease shall be increased by the monthly amount resulting from such amortization.
Excess Tenant Improvement Costs means Tenant Improvements Costs in excess of Landlord's Maximum Contribution and Landlord's Advance (if Tenant elects to take the Landlord's Advance).
Excess Tenant Improvement Costs shall also include the costs related to any and all Change Orders required by Lessee's requesting a change in the Final Plans following Final Approval. Lessee agrees, within five (5) business days after submission to it of such statement, to execute and deliver to Lessor, in the form then in use by Lessor or Lessor's contractor, an authorization to proceed with the Tenant Improvements. No Tenant Improvements shall be commenced until Tenant has fully complied with the preceding provisions of this Section 8. In no event shall Lessee be required to pay any Excess Tenant Improvement Costs in excess of ten percent (10%) of those shown in such statement without the prior written consent of Lessee, unless due to changes requested by Lessee.
Excess Tenant Improvement Costs shall also include the costs related to any and all Change Orders. Tenant agrees, within three (3) days after submission to it of such statement, to execute and deliver to Landlord, in the form then in use by Landlord, an authorization to proceed with the Work, and notice of its election to either amortize the Excess Tenant Improvement Costs over the initial term of the Lease or to pay to Landlord such Excess Tenant Improvement Costs in one of the following described manners:
Excess Tenant Improvement Costs as used herein shall mean and refer to the aggregate of the amount by which the actual Tenant Improvement Costs exceed the Tenant Improvement Allowance. The Excess Tenant Improvement Costs up to a maximum amount of One Hundred Sixty Eight Thousand Three Hundred Forty and 00/100 Dollars ($168,340.00) shall be paid by Landlord in the same manner as the Tenant Improvement Allowance and such portion of the Excess Tenant Improvement Costs will then be amortized over the first five (5) years of the initial term of the Lease at the rate of ten percent (10%) per annum and such amortized amount (including interest charges) shall be paid by Tenant to Landlord with, and as part of, the Base Rent for the Premises in accordance with the provisions and requirements of Section 3 of the Lease (the "Amortized Excess TI Costs"). Within two (2) weeks after the Tenant Improvements have been substantially completed and the actual Tenant Improvement Costs are known, the parties shall execute and deliver a written amendment to the Lease, in the form acceptable to the parties, wherein there shall be specified, inter alia, the amount of the Base Rent payable by Tenant during the first five (5) years of the initial term of the Lease after taking into account the amount of the Amortized Excess TI Costs. Tenant shall promptly pay any and all Excess Tenant Improvement Costs in excess of the principal amount of the Amortized Excess TI Costs.