TI Costs means tenant improvement costs and allowances incurred by First Mortgage Borrower in connection with renewing existing Leases or executing new Leases for space located in the Mortgaged Property.
TI Costs means all Tenant Core and Shell Costs (as defined in the Work Letter) and all costs and expenses of performing the TI Work, including without limitation the hard and soft costs of (i) construction, (ii) the Construction Management Fee (as such term is defined in the Work Letter) and any Project or construction management fees paid by Tenant to an unaffiliated third party (such fees not to exceed three percent (3%) of the TI Allowance), (iii) space planning, design, architect, engineering, data and phone cabling and other related services, (iv) costs and expenses for labor, material, equipment, data and phone cabling and fixtures (including, without limitation, any of the Attached Property (as defined in Section 18.5), (v) building permits and other taxes, fees, charges and levies by governmental and quasi-governmental agencies for permits or for inspections of the Tenant Improvements, and (vi) the Warm Shell Costs. In no event shall the TI Allowance be used for: (w) the purchase of any furniture, personal property or other non-building system equipment, (x) costs resulting from a Tenant Delay, (y) costs resulting from any default by Tenant of its obligations under this Lease, or (z) costs that are recoverable or reasonably recoverable by Tenant from a third party (e.g., insurers, warrantors, or tortfeasors). In the event the estimated total TI Costs (as set forth in the Budget) exceed the TI Allowance, Tenant shall deposit with Landlord such overage (the “TI Allowance Excess”), within five (5) business days of receiving the Budget (the “TI Deposit”). In the event Landlord determines the estimate of the TI Costs set forth in the Budget underestimates the amount of TI Costs so that the TI Deposit will not be sufficient to cover the TI Allowance Excess, then Landlord shall communicate the same to Tenant and, if required by Tenant, the parties shall discuss revisions to the Budget and Tenant may make a TI Tenant Change Order Request to reduce TI Costs, and unless the TI Costs are reduced to be within the Budget and previously paid TI Deposit, Tenant shall promptly pay the additional amount to Landlord, and such additional amount shall be added to the TI Deposit. If the sum of the TI Allowance plus the TI Deposit is not sufficient to cover the TI Costs, Tenant shall reimburse Landlord the difference between (a) the TI Costs and (b) the sum of the TI Allowance and the TI Deposit. However, Landlord shall be solely responsible for any costs related to the Tenant I...
Examples of TI Costs in a sentence
Notwithstanding anything to the contrary set forth in this Section 5(d), Tenant shall be fully and solely liable for TI Costs and the cost of Minor Variations in excess of the TI Allowance.
If Tenant: (i) approves in writing the cost or savings and the estimated extension in the time for completion of Landlord’s Work, if any, and (ii) deposits with Landlord any Excess TI Costs required in connection with such Change, Landlord shall cause the approved Change to be instituted.
If Tenant fails to deposit any Excess TI Costs with Landlord, Landlord shall have all of the rights and remedies set forth in the Lease for nonpayment of Rent (including, but not limited to, the right to interest at the Default Rate and the right to assess a late charge).
The TI Allowance and Excess TI Costs are herein referred to as the “TI Fund.” Funds deposited by Tenant shall be the first disbursed to pay TI Costs.
If upon Substantial Completion of the Tenant Improvements and the payment of all sums due in connection therewith there remains any undisbursed portion of the TI Fund, Tenant shall be entitled to such undisbursed TI Fund solely to the extent of any Excess TI Costs deposit Tenant has actually made with Landlord.
More Definitions of TI Costs
TI Costs means costs and expenses incurred by Borrower for the payment of leasing commissions and expenditures related to repairs, replacements and improvements (including any tenant work allowance) in connection with the leasing of a Property or any portion thereof to a new tenant or the renewal or extension of a Lease to an existing tenant.
TI Costs means the costs of tenant space build-out work and other tenant concessions and inducements payable by Borrower under, or in connection with, Leases.
TI Costs. The cost of the Tenant Improvements determined in accordance with EXHIBIT C. Wherever applicable in this Lease, the TI Costs shall be deemed to be amortized on a straight line basis over a ten (10) year period commencing on the Rent Commencement Date.
TI Costs means and include all costs and -------- expenses paid or incurred by Lessor in connection with the design, development and construction of the Tenant Improvements including, without limitation, (i) all design, architectural and engineering fees and costs, (ii) all building permit fees and taxes, governmental agency plan check fees, and other governmental fees and taxes required for the construction and occupancy of the Tenant Improvements, and (iii) all "hard" construction costs for the construction of the Tenant Improvements according to the Final Tenant Improvement Plans and all approved changes thereto, including without limitation, (1) all labor, supervision, and benefit costs therefor; (2) costs of all materials; (3) value of all tools and equipment consumed on the job and rental of all equipment used in the construction; (4) contract price for all construction work undertaken by Lessor's general contractor and subcontractors; (5) the cost of all equipment and fixtures, including the cost of installation; (6) the costs of machinery and equipment rented for the construction of the Tenant Improvements; (7) costs of reasonable transportation and travel expenses incurred in connection with the construction of the Tenant Improvements; (8) cost of minor repairs and replacements and costs of removal of debris; (9) costs of telephone calls, postage and delivery charges and reasonable xxxxx cash expenses at the construction site office applicable to the construction of the Tenant Improvements; (10) costs of construction insurance maintained by Lessor or the general contractor with respect to the Tenant Improvements; (11) sales, use or similar taxes related to the construction of the Tenant Improvements and for which Lessor is liable or responsible; (12) costs of preventing damage or loss in the event of an emergency (provided the emergency is not caused by the negligence of the general contractor); (13) such other costs as reasonably may be incurred by the Lessor in connection with the construction of the Tenant Improvements.
TI Costs means the sum of (i) the cost of the Tenant Improvements other than replacements of, or upgrades made to, the HVAC system, plus (ii) the cost of any capital replacements of, or upgrades made with regard to, the HVAC system to the extent that such cost has not been reimbursed to Tenant pursuant to the HVAC Allowance. For example, if the TI Costs equal $200,000, and Tenant elects to purchase the Property at the beginning of the third year of the Term, then $160,000 would be deducted from the fair market value of the Property to arrive at the purchase price of the Property ($200,000/10 =$20,000 per year x 2 years = $40,000 to be deducted from the TI Costs of $200,000 or $160,000 to be deducted from the purchase price of the Property). If Tenant fails to give the Exercise Notice, it will be deemed that Tenant has waived its right of first offer. If Landlord and Tenant do not enter into the Purchase Agreement covering the Property within such forty-five (45) day period, Tenant's right of first oxxxx xo purchase the Premises shall terminate and Landlord shall have the right to sell the Property to a third party on any terms and conditions it deems acceptable in its sole discretion. The Right of First Offer shall be personal to the named tenant herein and any Transfer of such tenant's interest in the Lease, whether or not consented to by Landlord, shall cause the Right of First Offer to terminate and be of no further effect, except that Tenant shall have the right to Transfer this Right of First Offer to a transferee in connection with a Permitted Transfer. In the event that Tenant does not exercise xxx Xxght of First Offer or fails to do so in a timely manner, such Right of First Offer shall terminate and Landlord shall be free to sell the Property to any third party on any terms or conditions which it deems appropriate in its sole and absolute discretion without further offer or tender to Tenant.
TI Costs means the cost of construction of Tenant's Work incurred after the date hereof, including, without limitation, the following:
TI Costs. Any unused portion of the Tenant Allowance will not be disbursed to Tenant or otherwise made available to Tenant on completion of the work, but shall be retained by Landlord. Any TI Costs in excess of the Tenant Allowance shall be the sole responsibility of Tenant ("Tenant's TI Contribution"), without any right to reimbursement from Landlord for Tenant's TI Contribution.