Qualified Leasehold Improvements definition
Examples of Qualified Leasehold Improvements in a sentence
In the event that the architect's estimate of the actual cost of the proposed Qualified Leasehold Improvements is $875,000 or less, then this contingency shall be deemed to be removed, and this Lease shall be in full force and effect, specifically including the provisions of paragraph 4 which identify the Landlord's obligation for the payment or reimbursement of expenses for Qualified Leasehold Improvements.
The Landlord agrees to pay, or reimburse at the option of Tenant, any amounts paid or incurred by Tenant for Qualified Leasehold Improvements (as defined herein) up to a maximum reimbursement of Five Hundred Thousand Dollars ($500,000).
To assist Tenant in determining the estimated cost of Qualified Leasehold Improvements, Landlord agrees to provide, and pay for, a structural analysis of the Building by Ehle▇▇/▇▇▇a▇, ▇▇c., which analysis shall be completed and made available to the Tenant on or before October 1, 1988.
This Lease shall be contingent upon the determination by the parties that the estimated cost of the Qualified Leasehold Improvements to the Building as defined in paragraph 4, do not exceed Eight Hundred Seventy-Five Thousand Dollars ($875,000).
If Qualified Leasehold Improvements exceed $575,000, the Landlord shall pay, or reimburse, Tenant for fifty percent (50%) of the amount by which the Qualified Leasehold Improvements exceed $575,000.
Qualified Leasehold Improvements in excess of Five Hundred Thousand ($500,000) and up to Five Hundred Seventy-Five Thousand Dollars ($575,000) shall be paid solely by Tenant.
Requests for payment of, or reimbursement for, Qualified Leasehold Improvements shall be made not more frequently than twice during each calendar month.
Tenant shall, at its expense, cause Tenant's architect to prepare schematic drawings of all proposed leasehold improvements to the Building, and to advise the parties, on or before November 8, 1988, of the architect's best estimate of the actual cost of the proposed leasehold improvements which constitute Qualified Leasehold Improvements.
Any expenditures by Landlord for asbestos removal in excess of $50,000 shall not affect or reduce the amounts available under this paragraph for Qualified Leasehold Improvements.