Interior Improvement Costs. The term "Interior Improvement Costs" shall mean the following: (i) the total amount due pursuant to the general construction contract entered into by Landlord to construct the Interior Improvements; (ii) the cost of all governmental approvals required as a condition to the construction of the Interior Improvements (including all construction taxes imposed by the City of San Xxxx) in connection with the issuance of a building permit for the Interior Improvements; (iii) all utility connection or use fees; (iv) fees of Architect or engineers for services rendered in connection with the design and construction of the Interior Improvements; and (v) the cost of payment and performance bonds obtained by Landlord or Prime Contractor to assure completion of the Interior Improvement. Notwithstanding the foregoing, in no event shall Interior Improvement Costs include, and Landlord shall be solely responsible to pay: (1) costs for which Landlord actually recovers from a third party (e.g., insurers, warrantors, tortfeasors), (2) cost for any work not shown on the Final Interior Improvement Plans as the same may be modified by Change Orders approved in writing by Tenant, or (3) construction management fees on that portion of the Interior Improvement Costs paid out of any portion of the Total Tenant Improvement Allowance. However, Landlord may charge a construction management fee, not to exceed 3%, on any Tenant contribution to the payment of Interior Improvement Costs. The parties acknowledge that the City of San Xxxx imposes certain taxes as a condition to the issuance of building permits in certain circumstances, including the "Building and Structure Construction Tax" imposed by Chapter 4.46 of the City of San Xxxx Municipal Code (the "BSC Tax") and the "Commercial-Residential-Mobile Home Park Building Tax" imposed by Chapter 4.47 of the City of San Xxxx Municipal Code (the "CRM Tax"). The parties further acknowledge that the rate for these two taxes is higher for a structure designed or intended to be used for "industrial purposes". However, the parties acknowledge and agree that (i) an additional BSC Tax will be due upon the issuance of a building permit for all Interior Improvements if the City of San Xxxx determines that the Interior Improvements are intended for "industrial purposes" or (ii) a BSC Tax and a CRM Tax based on the value of the Interior Improvements, plus an additional BSC Tax and a CRM Tax based on the value of the shell, will be due if the City of...
Interior Improvement Costs means the following: (i) the total amount due pursuant to the general construction contract entered into by Landlord to construct the Interior Improvements; (ii) the cost of all governmental approvals required as a condition to the construction of the Interior Improvements (including all construction taxes imposed by the City of Sunnyvale) in connection with the issuance of a building permit for the Interior Improvements; (iii) all utility connection or use fees; (iv) fees of architects or engineers for services rendered in connection with the design and construction of the Interior Improvements; and (v) the cost of payment and performance bonds obtained by Landlord or Prime Contractor to assure completion of the Interior Improvement.
Interior Improvement Costs means the following: (i) the total amount due pursuant to the construction contract entered into by Tenant pursuant to subparagraph 2B hereof to construct the Interior Improvements; (ii) the cost of all governmental approvals, permits and fees required as a condition to the construction of the Interior Improvements; (iii) all utility connection or use fees; (iv) fees of architects, designers, or engineers for services rendered in connection with the design and construction of the Interior Improvements; (v) Tenant's moving and relocation costs incurred in connection with the consolidation of its employees at the Premises over the twelve (12) months prior to the date hereof ("Tenant's Relocation Costs") and (vi) the cost of payment and performance bonds obtained to assure completion of the Interior Improvements. There shall be excluded from Interior Improvement Costs the following, to the extent not included in the construction contract with the Prime Contractor referred to in subparagraph 2B hereof: (i) any fee for Landlord's review of Tenant's plans for the Interior Improvements; (ii) temporary electricity used during the construction period in connection with the construction of the Interior Improvements; and (iii) any fees charged by Tenant or its agents or employees for supervising/reviewing the construction of the Interior Improvements (excluding overhead and profits of prime contractor).
Examples of Interior Improvement Costs in a sentence
If a change order requested by Tenant results in an increase in the cost of constructing the Interior Improvements, Tenant shall pay the amount of such increase caused by the change order requested by Tenant at the time the change order is approved by both Landlord and Tenant if and to the extent such change order causes the Interior Improvement Costs to exceed Landlord's required contribution thereto described in subparagraph 5A.
If the total Interior Improvement Costs exceeds the Interior Improvement Allowance, Tenant shall pay one hundred percent (100%) of each progress payment due to the contractor constructing the Interior Improvements, and submit to Landlord a request for reimbursement which bears the same relationship to the total amount of the progress payment in question as the amount Landlord is obligated to pay for the cost of constructing the Interior Improvements.
If a change order requested or approved by Tenant results in an increase in the cost of constructing the Interior Improvements, (including Landlord's construction management fee of four percent (4%) of the hard costs of construction), Tenant shall pay the amount of such increase caused by the change order at the time the change order is approved by both Landlord and Tenant if and to the extent such change order causes the Interior Improvement Costs to increase.
When the Interior Improvements are Substantially Completed, Landlord shall submit to Tenant a final and detailed written accounting of all Interior Improvement Costs paid by Landlord, which shall be true and correct, to the best of Landlord's knowledge.
Any amounts paid to Landlord by Tenant pursuant to this paragraph shall be held by Landlord only for disbursement to the contractor in payment of any such excess Interior Improvement Costs.
More Definitions of Interior Improvement Costs
Interior Improvement Costs. The term "Interior Improvement Costs" shall mean the lesser of (a) the Interior Improvement Cost Estimate, or (b) the sum of the following: (i) payments to third party contractors, subcontractors and materialman for the construction of
Interior Improvement Costs shall not include any of the following: (i) Real Property Taxes and assessments accruing prior to the Commencement Date except for real property taxes as defined in Paragraph 12; (ii) interest on funds borrowed or imputed interest on funds reserved by Landlord to fund the construction; (iii) any administrative or development fee paid to Landlord or any affiliate.
Interior Improvement Costs means the sum of the following: (1) payments to the General Contractor and its subcontractors for labor and materials furnished pursuant to any construction contract for construction of the Interior Improvements, which is entered into by Landlord and approved by Tenant in accordance with this Agreement; (2) reasonable fees paid by Landlord to architects, engineers and other construction professionals (other than employees of Landlord) for services required in connection with the design and construction of the Interior Improvements; (3) reasonable fees paid by Tenant to architects, engineers, space planners, designers, inspectors and other construction professionals (other than fees and costs paid by Tenant to Sigmatech Facilities and Xxxxxx Associates); (4) utility connection charges incurred by Tenant (subject to clause (xiii) below); (5) permit and license fees paid by Tenant for use and occupancy permits required for Tenant to occupy the Premises; (6) the amounts paid to governmental authorities or agencies for inspections and issuance of building permits and approvals for the Interior Improvements (but not that portion of such amounts applicable to, or based on the value of, the Building Shell); and (7) such other reasonable costs as Tenant incurs which relate directly to the design, construction and development of the Interior Improvements (excluding the cost of any security systems, office furniture systems and moving expenses) and which have been specified by Tenant to Landlord as Interior Improvement Costs by written notice(s) given by Tenant to Landlord from time to time. In no event shall Interior Improvement Costs include nor shall Landlord apply any of the Interior Improvement Allowance toward (i) charges and expenses for changes to the Building Plans which have not been approved by Tenant; (ii) wages, labor and overhead for overtime and premium time; (iii) additional costs and expenses incurred by Landlord on account of any contractor's or subcontractor's default or construction defects; (iv) principal, interest and fees for construction and permanent financing; (v) offsite management or other general overhead costs incurred by Landlord; (vi) bond premiums; (vii) costs for which Landlord has a right of reimbursement from others (including, without limitation, insurers and warrantors); (viii) the cost of bringing the Building and the Premises into compliance with applicable building codes, environmental laws, and other statutes, laws, rules and...
Interior Improvement Costs means all actual, out-of-pocket amounts paid or incurred in connection with the design, construction and/or installation of the Interior Improvements incurred by SELLER, including (a) amounts payable to the Contractor for general conditions, job site supervision, cleanup, trash and janitorial services and the Contractor's Fee, (b) the actual "hard costs" of construction of the Interior Improvements (i.e. described in the Construction Contract as "Costs of the Work"); (c) the costs of all required permits, fees, inspections and other charges payable to any government authority in connection with the Interior Improvements; (d) the costs for initial utility improvements and/or connection fees; (e) all space planning, interior decorating, architectural and engineering services required to prepare and obtain required approvals for the Interior Improvement Plans and (f) loan fees, costs and interest attributable to expenditures for Interior Improvement Costs.
Interior Improvement Costs means the following: (i) the total amount due pursuant to the general construction contract entered into by Landlord to construct the Interior Improvements, including the cost of construction associated with compliance with ADA or other governmental requirements necessitated by such Interior Improvements; (ii) the cost of all governmental approvals required as a condition to the construction of the Interior Improvements (including all construction taxes imposed by the City of Sunnyvale) in connection with the issuance of a building permit for the Interior Improvements; (iii) all utility connection or use fees; (iv) fees of architects or engineers for services rendered in connection with the design and construction of the Interior Improvements; (v) the cost of payment and performance bonds obtained by Landlord or Prime Contractor to assure completion of the Interior Improvement, and (vi) a construction management fee of three percent (3%) of the amount due under section (i) of this paragraph; provided however, that such fee shall only be applicable to the portion of such amount that exceeds Landlord's required contribution under Paragraph 2 of the First Addendum to Lease and that such fee, together with the management fee payable pursuant to the 892 Lease (as defined in the Addendum), in the aggregate [text missing from original] shall in no event exceed $37,500.00.
Interior Improvement Costs. The term "Interior Improvement Costs" shall mean the following: (i) the total amount due pursuant to the construction contract entered into by Tenant pursuant to subparagraph 2B hereof to construct the Interior Improvements; (ii) the cost of all governmental approvals, permits and fees required as a condition to the construction of the Interior Improvements; (iii) all utility connection or use fees; (iv) fees of architects, designers, or engineers for services rendered in connection with the design and construction of the Interior Improvements; (v) the cost of payment and performance bonds obtained to assure completion of the Interior Improvements; and (vi) relocation and moving expenses incurred by Tenant in connection with Tenant's move to the Premises. There shall be excluded from Interior Improvement Costs the following, to the extent not included in the construction contract with the Prime Contractor referred to in subparagraph 2B hereof: (i) any fee for Landlord's review of Tenant's plans for the Interior Improvements; (ii) temporary electricity used during the construction period in connection with the construction of the Interior Improvements; and (iii) any fees charged by Tenant or its agents or employees for supervising/reviewing the construction of the Interior Improvements (excluding overhead and profits of prime contractor).
Interior Improvement Costs means the following: (i) the total amount due pursuant to the construction contract entered into by Tenant pursuant to subparagraph 2B hereof to construct the Interior Improvements; (ii) the cost of all governmental approvals, permits and fees required as a condition to the construction of the Interior Improvements; (iii) all utility connection or use fees; (iv) fees of architects, designers, or engineers for services rendered in connection with the design and construction of the Interior Improvements; (v) the cost of payment and performance bonds obtained to assure completion of the Interior Improvements; and (vi) relocation and moving expenses incurred by Tenant in connection with Tenant's move to the Premises. There shall be excluded from Interior Improvement Costs the following, to the extent not included in the construction contract with the Prime Contractor referred to in subparagraph 2B hereof: (i) any fee for Landlord's review of Tenant's plans for the Interior Improvements; (ii) temporary electricity used during the construction period in connection with the construction of the Interior Improvements; and (iii) any fees charged by Tenant or its agents or employees for supervising/reviewing the construction of the Interior Improvements (excluding overhead and profits of prime contractor).