Over-Allowance Amount shall be the difference between (i) the amount of the Cost Proposal, and (ii) the amount of the Tenant Improvement Allowance (after deducting from the Tenant Improvement Allowance any amounts expended in connection with the preparation of the Construction Drawings, and the cost of all other items incurred prior to the commencement of construction of the Tenant Improvements). Tenant shall pay, immediately upon written notice from Landlord, a percentage of each amount disbursed by Landlord to the Contractor or otherwise disbursed under this Tenant Work Letter, which percentage shall be equal to the amount of the Over-Allowance Amount divided by the amount of the Cost Proposal, and such payment by Tenant shall be a condition to Landlord’s obligation to pay any amounts of the Tenant Improvement Allowance. In the event that, after the Cost Proposal Delivery Date, any revisions, changes, or substitutions shall be made to the Construction Drawings or the Tenant Improvements, any additional costs which arise in connection with such revisions, changes or substitutions or any other additional costs shall be paid by Tenant to Landlord on a prorata basis with Landlord (as reasonably determined by Landlord) consistent with the manner in which the initial Over-Allowance Amount is paid.
Over-Allowance Amount shall equal the difference between the amount of the Final Costs and the amount of the Tenant Improvement Allowance (less any portion thereof already disbursed by Landlord, or in the process of being disbursed by Landlord, on or before the commencement of construction of the Tenant Improvements). Tenant shall pay, immediately upon written notice from Landlord, a percentage of each amount disbursed by Landlord to the Contractor or otherwise disbursed under the Tenant Work Letter, which percentage shall be equal to the amount of the Over-Allowance Amount divided by the amount of the Final Costs, and such payment by Tenant shall be a condition to Landlord's obligation to pay any amounts of the Tenant Improvement Allowance. In the event that, after the Final Costs have been delivered by Tenant to Landlord, the costs relating to the design and construction of the Tenant Improvements shall change, any additional costs necessary to such design and construction in excess of the Final Costs, shall be an addition to the Over-Allowance Amount for purposes of this Section 4.2.1.
Over-Allowance Amount means the dollar amount equal to the difference between the amount of the Final Costs and the amount of the Tenant Improvement Allowance (less any portion thereof already disbursed by Landlord, or in the process of being disbursed by Landlord, on or before the commencement of construction of the Tenant Improvements). Tenant shall be responsible for payment of the Over-Allowance Amount. Tenant shall fund, concurrently with monthly draws to Landlord, the Over-Allowance amount due for such month, pari passu based on the ratio the Over-Allowance Amount bears to the Final Costs, less Final Retention. In the event that the costs relating to the design and construction of the Tenant Improvements shall change, any additional costs necessary to such design and construction in excess of the Final Costs shall be paid by Tenant out of its own funds, but Tenant shall continue to provide Landlord with the documents described in Sections 2.2.2.1 (i), (ii), (iii) and (iv) of this Tenant Work Letter, above, for Landlord's approval, prior to Tenant paying such costs. Notwithstanding anything set forth in this Tenant Work Letter to the contrary, construction of the Tenant Improvements shall not commence until (a) Landlord has approved the Contract, and (b) Tenant has procured and delivered to Landlord a copy of all Permits.
Examples of Over-Allowance Amount in a sentence
The Over-Allowance Amount shall be disbursed by Landlord prior to the disbursement of any then remaining portion of the Tenant Improvement Allowance, and such disbursement shall be pursuant to the same procedure as the Tenant Improvement Allowance.
Any Over-Allowance Amount shall be disbursed by Landlord before the Allowance and pursuant to the same procedure as the Allowance.
The Over-Allowance Amount shall be disbursed by Landlord prior to the disbursement of any of the then remaining portion of the Tenant Improvement Allowance, and such disbursement shall be pursuant to the same procedure as the Tenant Improvement Allowance.
In the event that, after the Cost Proposal Delivery Date, any revisions, changes, or substitutions shall be made to the Construction Drawings or the Tenant Improvements, any additional costs which arise in connection with such revisions, changes or substitutions or any other additional costs shall be paid by Tenant to Landlord immediately upon Landlord's request as an addition to the Over-Allowance Amount.
All Tenant Improvements paid for by the Over-Allowance Amount shall be deemed Landlord’s property under the terms of the Lease.
More Definitions of Over-Allowance Amount
Over-Allowance Amount shall be equal to the difference between the amount of the Final Costs and the amount of the Tenant Improvement Allowance (less any portion thereof already disbursed by Landlord, or in the process of being disbursed by Landlord, on or before the commencement of construction of the Tenant Improvements).
Over-Allowance Amount. Landlord and Tenant shall initially share in the cost of the progress billing for the work based upon the ratio of the Work Allowance to the Over Allowance Amount as determined by the budget agreed to with the Contractor. Tenant shall pay any invoice for an Over Allowance Amount to Landlord, as Additional Rent, within ten (10) business days after Tenant’s receipt thereof.
Over-Allowance Amount means the difference between (i) the Final Costs for the Premises, and (ii) the amount of the Tenant Improvement Allowance. Tenant shall be required to pay the Over-Allowance Amount on a pro rata basis throughout the course of construction of the Tenant Improvements. By way of example only, and not as a limitation upon the foregoing, if the total cost of the Tenant Improvement Allowance Items equals Thirty and 60/100 Dollars ($30.60) per rentable square foot of the Premises, the Over-Allowance Amount shall be Five and 10/100 Dollars ($5.10) per rentable square foot (i.e., the Final Costs less the Twenty-Five and 50/100 Dollars ($25.50) per rentable square foot Tenant Improvement EXHIBIT C - Page 11 TISHMAN WARNER CENTER VENTURE, LLC [20th Century Industries; 6303 Owensmouth] Allowance), and Tenant shall pay one-fifth (1/5ths) of the amount of each invoice net of retention. In the event that after the Final Costs are determined, and if such Final Costs exceed the amount of the Tenant Improvement Allowance allocated to such space as described above, any revisions, changes or substitutions shall be made to the Construction Drawings or the Tenant Improvements pursuant to the provisions of this Tenant Work Letter, any additional costs (net of retention) reasonably attributable to such revisions, changes or substitutions shall be paid by Tenant.
Over-Allowance Amount means the difference between (i) the Final Costs for the Premises, and (ii) the amount of the Tenant Improvement Allowance. Tenant shall be required to pay the Over-Allowance Amount on a pro rata basis throughout the course of construction of the Tenant Improvements. By way of example only, and not as a limitation upon the foregoing, if the total cost of the Tenant Improvement Allowance Items equals Fifty Dollars ($50.00) per rentable square foot of the Premises, the Over-Allowance Amount shall be Fifteen Dollars ($15.00) per rentable square foot (i.e., the Final Costs less the Thirty-Five Dollar ($35.00) per rentable square foot Tenant Improvement Allowance), and Tenant shall pay fifteen fiftieths (15/50ths) of the amount of each invoice net of retention. In the event that after the Final Costs are determined, and if such Final Costs exceed the amount of the Tenant Improvement Allowance allocated to such space as described above, any revisions, changes or substitutions shall be made to the Construction Drawings or the Tenant Improvements pursuant to the provisions of this Tenant Work Letter, any additional costs net of retention reasonably attributable to such revisions, changes or substitutions shall be paid by Tenant.
Over-Allowance Amount. With respect to each disbursement of Landlord’s pro rata portion of the Tenant Improvement Allowance required to be made by Landlord pursuant to Section 2.2.2.1 above, Tenant shall pay directly to the Contractor, no later than the date Landlord is required to disburse or pay such Landlord’s pro rata portion of the Tenant Improvement Allowance, Tenant’s pro rata share of such Over-Allowance Amount applicable to such disbursement as determined pursuant to Section 2.2.2.1 above. In the event that, after the Final Costs have been delivered by Landlord to Tenant, the costs relating to the design and construction of the Tenant Improvements shall change, such changes shall be incorporated into the last approved Final Costs Statement and Landlord’s and Tenant’s pro rata share of such additional costs shall be adjusted to take into account such changes.
Over-Allowance Amount means the amount equal to the difference between (i) the amount of the approved Cost Proposal and (ii) the amount of the Tenant Improvement Allowance, or Allowances if Tenant has elected to cause Landlord to provide the Additional Allowance, (less any portion thereof already disbursed by Landlord, or in the process of being disbursed by Landlord). The Over-Allowance Amount shall be deposited with Landlord by Tenant within five (5) business days following Landlord's notice that the Allowances have been fully disbursed, and thereafter the Over-Allowance Amount shall be disbursed by Landlord pursuant to the same procedure as the Tenant Improvement Allowance. If, after the Allowances have been fully disbursed, any revisions, changes, or substitutions shall be made to the Approved Working Drawings or the Tenant Improvements at the request of Tenant, any additional costs which arise in connection with such revisions, changes or substitutions shall be added to the Cost Proposal and shall be paid by Tenant to Landlord within five (5) business days after Landlord's request therefor to the extent such additional costs increase any existing Over-Allowance Amount or result in an Over-Allowance Amount. Upon Tenant's request from time to time, Landlord shall promptly provide Tenant with copies of all cost statements and back-up materials provided by Contractor. Following completion of the Tenant Improvements, Landlord shall deliver to Tenant a final cost statement which shall indicate the final costs of the Tenant Improvement Allowance Items, with all appropriate back-up information requested by Tenant, and if such cost statement indicates that Tenant has underpaid or overpaid the Over-Allowance Amount, then within ten (10) business days after Tenant's receipt of such statement, Tenant shall deliver to Landlord the amount of such underpayment or Landlord shall return to Tenant the amount of such overpayment, as the case may be.
Over-Allowance Amount shall be equal to the difference between the amount of the Final Costs and the amount of the Improvement Allowance (less any portion thereof already disbursed by Landlord, or in the process of being disbursed by Landlord, on or before the commencement of construction of the Improvements). In the event that, after the Final Costs have been delivered by Tenant to Landlord, the costs relating to the design and construction of the Improvements shall change, any additional costs necessary to such design and construction in excess of the Final Costs, shall be paid by Tenant to Landlord immediately as an addition to the Over-Allowance Amount or at Landlord’s option, Tenant shall make payments for such additional costs out of its own funds, but Tenant shall continue to provide Landlord with the documents described in Sections 2.2.2.1(i), (ii), (iii) and (iv) of this Work Letter Agreement, above, for Landlord’s approval, prior to Tenant paying such costs.