Tenant Improvement Payments definition
Examples of Tenant Improvement Payments in a sentence
All prior certifications, upon which partial Tenant Improvement Payments may have been made, being merely estimates, shall be subject to correction in the final certificate.
Notwithstanding the foregoing, Contractor shall be entitled to Tenant Improvement Payments only for work satisfactorily performed and accepted.
No partial taking shall limit District’s obligation to pay any Tenant Improvement Payments earned and otherwise owed under this Facilities Lease.
The timing and processing of approvals of requested Construction Contingency and District Contingency payments shall be the same as the timing of the approval of Contractor's application for normal Tenant Improvement Payments.
District shall be responsible only to pay Contractor the actual value of the work performed from the Date of Commencement or from the date of the last Tenant Improvement Payment, whichever is later, plus the five percent (5%) retention from prior Tenant Improvement Payments, plus any earned but unpaid Lease Payments from prior Tenant Improvement Payments, less any deductions authorized by the Contract Documents.
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, less any Lease Payments paid and Tenant Improvement Payments previously paid by District.
Unless one of these conditions apply, in no event shall the cumulative total of the Tenant Improvement Payments, along with the balance of the Construction Contingency, District Contingency, Lease Payments and anticipated retention, ever exceed the GMP.
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.