Landlord’s Share definition
Landlord’s Share means the lesser of (i) 100%, or (ii) the percentage obtained by dividing the Allowance by the estimated sum of all Allowance Items, as determined based on the Tenant Improvement Contracts.
Landlord’s Share means the percentage that the amount of the Construction Allowance bears to the Estimated Total Construction Costs, less five percent (5%) of each statement to be retained by Landlord pending final completion of the Work pursuant to its construction contract with Landlord’s general contractor, and (ii) “Tenant’s Share” shall mean all costs of such statement in excess of Landlord’s Share of such statement. If there is any unapplied portion of the Construction Allowance remaining after completion of the Work (including any punchlist items), Tenant may apply such unused balance of the Construction Allowance toward (i) Tenant’s Design Costs, (ii) Tenant’s AV and IT Costs and (iii) any other costs incurred by Tenant for furniture, fixtures and equipment, and moving expenses (the costs in this clause (iii) are referred to collectively as the, “Move-In Expenses”, and collectively with the Tenant’s Design Costs and the Tenant’s AV and IT Costs, the “Tenant’s Costs”), provided that Tenant may not apply more than ten percent (10%) of the Construction Allowance (i.e., $336,237.00) (the “Cap”) toward the Move-In Expenses, in accordance with the following procedure: Tenant shall submit to Landlord a one-time requisition for reimbursement setting forth the actual Tenant’s Costs for which reimbursement is sought (the “Requisition”). Such Requisition for payment shall contain such invoices or other evidence of the costs incurred by Tenant as Landlord may reasonably request, together with evidence satisfactory to Landlord that the same have been paid (including lien waivers, if applicable). Landlord shall reimburse Tenant from any remaining balance of the Construction Allowance an amount equal to ▇▇▇▇▇▇’s Costs (subject to the Cap with respect to the Move In Expenses) properly set forth in the Requisition. For clarity, the Cap shall apply only to the Move-In Expenses and shall not apply to Tenant’s Design Costs or Tenant’s AV and IT Costs. The Construction Allowance must be used within twelve (12) months following the Commencement Date or shall be deemed forfeited with no further obligation by Landlord with respect thereto. In addition, notwithstanding anything to the contrary contained herein, Landlord shall not be obligated to disburse or apply any portion of the Construction Allowance during the continuance of an uncured default under the Lease, as amended hereby, and Landlord’s obligation to disburse shall resume only when and if such default is cured.
Landlord’s Share. As defined in Section 8.3(e).
Examples of Landlord’s Share in a sentence
Subject to the terms hereof, within 30 days after receiving such materials, Landlord shall deliver a check to Tenant, payable to Tenant, in the amount of the lesser of (a) Landlord’s Share (defined below) of the amount requested by Tenant pursuant to the preceding sentence, less a 10% retention (the aggregate amount of such retentions shall be referred to in this Extension Work Letter as the “Final Retention”), or (b) the amount of any remaining portion of the Allowance (not including the Final Retention).
More Definitions of Landlord’s Share
Landlord’s Share shall be the proportion that the Tenant Improvement Allowance bears to the estimated total cost of the Tenant Improvements as reflected in the current Budget. For example, if the estimated total cost of the Tenant Improvements in the current Budget is Twenty-Four Million Seven Hundred Thirty-One Thousand Three Hundred Seventy-Five Dollars ($24,731,375) (calculated at the rate of $125.00 per rentable square foot), Landlord’s Share of a draw request would be fifty-six percent (56%), less the five percent (5%) retention. If the estimated total cost of the Tenant Improvements changes during the course of construction due to changes in the scope of the work, increased costs of materials, delays, or any other reason, Landlord’s Share shall be appropriately adjusted to reflect the estimated total cost of the Tenant Improvement at the time of each draw request. Landlord’s payment of such amounts shall not be deemed Landlord’s approval or acceptance of the work furnished or materials supplied as set forth in Tenant’s payment request. Tenant shall provide in the construction contracts with Tenant’s Contractor and Tenant’s Agents that Landlord and Tenant may withhold from each amount otherwise due Tenant’s Contractor or Tenant’s Agents a five percent (5%) retention (the aggregate amount of such retentions to be known as the “Final Retention”) until final completion of the Tenant Improvement Work, and that each Application for Payment shall reflect such five percent (5%) retention.
Landlord’s Share means a percentage obtained by dividing the amount of the Tenant Improvement Allowance by the aggregate amount of the Tenant Improvement Allowance Items. By way of example only, if the Tenant Improvement Allowance were One Million Dollars ($1,000,000) and the aggregate amount of the Tenant Improvement Allowance Items was Two Million Dollars ($2,000,000), then Landlord’s Share would be fifty percent (50%). At no time shall the disbursed amount of the Tenant Improvement Allowance exceed the Tenant Improvement Allowance per square foot times the square foot of Rentable Area of the Premises being made ready for the next Commencement Date pursuant to the Lease and this Work Letter.
Landlord’s Share means and refers to a fraction (expressed as a percentage), the numerator of which is the original amount of the Improvement Allowance and the denominator of which is the total amount of the Approved Budget (taking into account any increases in the Approved Budget, including increases as a result of change orders requested by Tenant and approved by Landlord in accordance with the terms of the Work Letter). Conditioned upon and provided that the Conditions Precedent (as defined below) are satisfied for each reimbursement request, and satisfied for each request no later than the date which is two (2) years after the Term Commencement Date (the “Required Completion Date”), Landlord shall pay to Tenant within thirty (30) days of satisfaction of the Conditions Precedent Landlord’s Share of the Itemized Costs The “Conditions Precedent” are: (a) Tenant is not in default under this Lease beyond any applicable notice and cure period provided in this Lease, and Tenant is in full compliance with all requirements under this Section 3.3 concerning Tenant’s Initial Work, (b) Tenant has complied with all of the terms and conditions of the Work Letter that are conditions precedent that required to be satisfied prior to the disbursement of any portion of the Improvement Allowance, and (c) Tenant has provided Landlord an itemized accounting of Tenant’s costs for such Tenant’s Initial Work for which it seeks reimbursement (“Itemized Costs”), of which not more than twenty-five (25%) percent shall be laboratory case work and soft costs, as more particularly set forth in the Work Letter.
Landlord’s Share means a fraction where (a) the numerator is the Total Improvement Allowance ultimately funded by Landlord under the Construction Agreement for the design and construction of the Shell Improvements and Interior Improvements for the Complex and (b) the denominator is the sum of such Total Improvement Allowance so funded and Tenant's Excess Costs (as defined and used in Paragraph 19(A)(b) above) for the design and construction of the Shell Improvements and Interior Improvements (net of the Excluded Items) for the Complex, and (ii) "Tenant's Share" shall mean a fraction where (a) the numerator is Tenant's Excess Costs (as defined and used in Paragraph 19(A)(b) above) for the design and construction of the Shell Improvements and Interior Improvements (net of the Excluded Items) for the Complex and (b) the denominator is the sum of the Total Improvement Allowance so funded and Tenant's Excess Costs for the design and construction of the Shell Improvements and Interior Improvements (net of the Excluded Items) for the Complex. By way of example of the foregoing, assume that: (i) the total estimated cost of repairing the damage to the Improvements is $21,000,000, of which $1,000,000 relates to the estimated cost of repairing the damage to the Excluded Items; (ii) the insurance deductible is $5,000,000; (iii) the Net Insurance Proceeds are $12,000,000; (iv) the Total Improvement Allowance funded by Landlord for the Complex was $35,000,000; and (v) the Tenant's Excess Costs for the design and construction of the Shell Improvements and Interior Improvements (net of the Excluded Items) was $17,500,000; then:
Landlord’s Share means the rentable area of the portion of the Premises recaptured by Landlord at any given time, divided by the total Rentable Area of the Premises as it exists on the Commencement Date. Promptly after request from Landlord, Tenant shall enter into any amendment to this Lease or other documentation reasonably requested by Landlord in connection with any such termination of this Lease as to a portion of the Premises (which may include, without limitation, provisions regarding the modifications set forth in this Paragraph 9(d)).
Landlord’s Share means the portion of the cost of any such work or replacement, amortized over the useful life of such items, allocable to the period between the date the Term of this Lease is scheduled to expire and the date that represents the end of the useful life of such items determined by Landlord in accordance with generally accepted accounting principles. Landlord shall reasonably determine the amortization of such costs in accordance with generally accepted accounting principles and the calculation of Tenant's Share and Landlord's Share. If any item of repair or replacement is necessary due to casualty or condemnation, Landlord shall not be obligated to make repairs or restoration in excess of the proceeds of insurance or eminent domain award recovered net of Landlord's reasonable costs of collection. To the extent Landlord has any repair obligations under Section 5.18, the performance of any such work shall take priority over any Tenant Work in Landlord's reasonable judgment.
Landlord’s Share shall be a fraction, the numerator of which is the Improvements Allowance and the denominator of which is the Total Cost including the Tenant