Examples of Tenant Improvement Payments in a sentence
Tenant Improvement Payments shall not exceed estimates of the value of Work completed which shall be prepared by Contractor on a form approved by District and certified by the Architect and District's Project Inspector and any other approved representative of District, and filed before the fifth (5th) day of the month during which payment is subsequently to be made.
If District is not then in Default hereunder, District shall have the option to purchase not less than all of Contractor's interests under this Facilities Lease and terminate this Facilities Lease and Site Lease, and shall pay Contractor for Work satisfactorily performed, as that term is defined in the Project Manual (Exhibit B to this Facilities Lease) and Exhibit A to this Facilities Lease, less any Lease Payments paid and Tenant Improvement Payments paid by District.
As further set forth in Section 12 of the General Conditions, each month while Contractor is providing construction services, District shall pay Contractor a sum equal to ninety percent (90%) of the value of the Work performed through the last day of the prior month, less the aggregate of previous payments (the "Tenant Improvement Payments").
Payment of Tenant Improvement Payments and retention on such payments shall be as set forth in the Contract Documents.
District may withhold from the Tenant Improvement Payments one hundred fifty percent (150%) of the estimated value of disputed amounts pursuant to Section 12.06 of the General Conditions, as determined by District, unless and until such Work is corrected or remedied to District’s reasonable satisfaction.
Final payment of Tenant Improvement Payments to Contractor in accordance with the final estimate is contingent upon Contractor furnishing District with a signed written release of certain claims against District.
If it appears during the course of construction that Contractor is behind schedule and the imposition of liquidated damages is likely, or if liquidated damages begin to accrue prior to the time for final payment of Tenant Improvement Payments, the amount accrued may be withheld from any progress payment for Tenant Improvement Payments or the final Tenant Improvement Payment that would otherwise be due.
Upon an Event of Default referred to in Article 8.1 hereof, it shall be lawful for Contractor to exercise any and all remedies available pursuant to law or granted pursuant to this Facilities Lease; provided, however, there shall be no right under any circumstances to accelerate the Lease Payments or Tenant Improvement Payments or otherwise declare any Lease Payments or Tenant Improvement Payments not then in default to be immediately due and payable.
District may withhold from the Tenant Improvement Payments one hundred fifty percent (150%) of the estimated value of disputed amounts pursuant to Section 12.06 of the General Conditions, as determined by District, unless corrected or remedied to District’s satisfaction.
Failure of District to make any Tenant Improvement Payments (unless properly withheld by District under this Facilities Lease, Site Lease or the provisions found herein) as set forth shall be a Default under the Site Lease.