Additional Tenant Improvement Allowance. Subject to the terms and conditions set forth in this Section 2.1.1, Tenant shall be entitled, in Tenant's sole discretion, to increase the Tenant Improvement Allowance (the "Additional Allowance") in an amount not to exceed $9,250,000.00 (i.e., an amount equal to an additional Fifty and 00/100 Dollars ($50.00) per rentable square foot of the Initial Premises and Must-Take Space), pursuant to a written notice delivered by Tenant to Landlord on or before the Lease Commencement Date. In the
Additional Tenant Improvement Allowance. In addition to the Tenant Improvement Allowance, Tenant shall have the right, by written notice to Landlord given on or before the Allowance Deadline, to cause Landlord to provide up to $50.00 per rentable square foot of the Premises (i.e., up to $4,405,300.00) (the "Additional TI Allowance") towards the payment of the costs of the Tenant Improvement Allowance Items. In the event Tenant exercises its right to use all or any portion of the Additional TI Allowance, Tenant shall be required to pay Landlord, commencing on the date the Tenant Improvements are completed (the "Additional Payment Commencement Date"), the "Additional TI Allowance Payment," as that term is defined below, in consideration of Landlord provision of the Additional TI Allowance. The "Additional TI Allowance Payment" shall be determined as the missing component of an annuity, which annuity shall have # the amount of the Additional TI Allowance utilized by Tenant as the present value amount, # a number equal to the number of full calendar months then remaining in the Lease Term as the number of payments, # a monthly interest factor equal to eight and one-half percent (8.5%) per annum divided by twelve (12) months per year, and # the Additional TI Allowance Payment as the missing component of the annuity. Following the calculation of the Additional TI Allowance Payment, Landlord and Tenant will enter into a lease amendment to confirm the amount thereof. Any portion of the Tenant Improvement Allowance as to which Tenant has not properly requested disbursement by the Allowance Deadline, shall revert to Landlord and Tenant shall have no further rights with respect thereto. The Additional TI Allowance Payment shall not be subject to annual Base Rent increases.
Additional Tenant Improvement Allowance. In addition to the Tenant Improvement Allowance and the Warm Shell Allowance (as such terms are defined in the Work Letter), Landlord shall, subject to the terms of the Work Letter, make available to Tenant the Additional Tenant Improvement Allowance (as defined in the Work Letter). Commencing on the Rent Commencement Date and continuing thereafter on the first day of each month during the Base Term, Tenant shall pay the amount necessary to fully amortize the portion of the Additional Tenant Improvement Allowance actually funded by Landlord, if any, in equal monthly payments with interest at a rate of 7% per annum over the Base Term, which interest shall begin to accrue on the date that Landlord first disburses such Additional Tenant Improvement Allowance or any portion(s) thereof (“TI Rent”). Any TI Rent remaining unpaid as of the expiration or earlier termination of this Lease shall be paid to Landlord in a lump sum at the expiration or earlier termination of this Lease.
Additional Tenant Improvement Allowance. In addition to the Tenant Improvement Allowance, Tenant shall have the right, by written notice to Landlord given on or before December 31, 2020, to use up to $25.00 per rentable square foot of the Premises (i.e., up to $373,575.00) (the "Additional TI Allowance") towards the payment of the costs of the Tenant Improvement Allowance Items. In the event Tenant exercises its right to use all or any portion of the Additional TI Allowance, Tenant shall be required to pay Landlord, commencing on Rent Commencement Date (the "Additional Payment Commencement Date"), the "Additional TI Allowance Payment," as that term is defined below, in consideration of Landlord provision of the Additional TI Allowance. The "Additional TI Allowance Payment" shall be determined as the missing component of an annuity, which annuity shall have # the amount of the Additional TI Allowance utilized by Tenant as the present value amount, # a number equal to the number of full calendar months then remaining in the Lease Term as the number of payments, # a monthly interest factor equal to seventy-five one-hundredths percent (0.75%), which is equal to nine percent (9%) divided by twelve (12) months per year, and # the Additional TI Allowance Payment as the missing component of the annuity. Following the calculation of the Additional TI Allowance Payment, Landlord and Tenant will enter into a lease amendment to confirm the amount thereof. Any portion of the Tenant Improvement Allowance that is not disbursed or allocated for disbursement by December 31, 2020, shall revert to Landlord and Tenant shall have no further rights with respect thereto.
Tenant Improvement Allowance. Lessee shall be entitled to a one-time tenant improvement allowance in the amount of Two Hundred Thirty-Four Thousand Six Hundred and 00/100 Dollars ($234,600.00) for costs related to the design and construction of tenant improvements in the Premises (the “Tenant Improvement Allowance”) and Lessee shall specify the building address associated with use of the Tenant Improvement Allowance. The Tenant Improvement Allowance must be disbursed in accordance with the terms of this Section 11 no later than the last day of the eighteenth (18th) month following the Extended Term Commencement Date. The construction of all tenant improvements desired by Lessee and constructed with the use of the Tenant Improvement Allowance (“New Tenant Improvements”) shall be performed in accordance with the terms of this Section 11. Lessor shall work with Lessor’s architect and Lessee to develop plans and specifications (“Preliminary Plans”) for the New Tenant Improvements. Within ten (10) days of Lessee’s receipt of the Preliminary Plans for any New Tenant Improvements, Lessee shall provide Lessor with either its consent to the same or reasonably detailed objections thereto. If Lessee provides such objections, Lessor shall revise and re-submit the Preliminary Plans for the New Tenant Improvements and thereafter Lessee shall have five (5) days to consent or provide reasonably detailed objections to the same, and the process shall repeat until Lessee has consented to the Preliminary Plans for the New Tenant Improvements (“Final Plans”). If Lessee shall fail to respond within such five (5) day period, Lessor may send a second written request for approval. Lessee’s failure to respond within five (5) days of such second written request shall be deemed its approval of such Preliminary Plans. Lessor, at Lessee’s sole expense (subject to the Tenant Improvement Allowance), shall cause to be constructed New Tenant Improvements in accordance with the Final Plans. Lessee shall be liable for all fees and costs of the design and construction of any tenant improvements in excess of the Tenant Improvement Allowance (such difference referred to herein as the “Tenant Improvement Shortfall”). Notwithstanding the foregoing, the parties agree that Lessor’s disbursements of the Tenant Improvement Allowance shall be made pari passu with Lessee’s contribution of its own funds towards the costs of constructing the tenant improvements as such costs become due (i.e. in proportion of Tenant Improvement Shortfall payable by Lessee to the Tenant Improvement Allowance). Lessor shall disburse the Tenant Improvement Allowance directly to the applicable design professional, contractor, materialman or other laborer (“Contractor”) in connection with the construction of such tenant improvements upon receipt of paid invoices for work completed, conditional/unconditional lien releases, and other documentation reasonably required by Lessor. For the avoidance of doubt, Lessee may submit to Lessor reimbursement requests from the Tenant Improvement Allowance for work completed prior to the date of this Amendment, provided that # such work was completed by a Contractor approved by Lessor, and # Lessee delivers to Lessor receipt of paid invoices for work completed, conditional/unconditional lien releases, and other documentation reasonably required by Lessor. Lessee shall not be entitled to receive any cash payment or credit against Rent or otherwise for any portion of the Tenant Improvement Allowance which is not used to pay for the construction of the tenant improvements contemplated hereunder.
Tenant Improvement Allowance. Commencing as of the date upon which Tenant obtains possession of the Expansion Premises (which date may be prior to the Expansion Commencement Date), Tenant shall be entitled to a tenant improvement allowance as follows: # for the Expansion Premises in the amount of $2,435,375.00 (i.e., $125.00 per RSF of the Expansion Premises) (the "Expansion Tenant Improvement Allowance"), for the costs relating to the initial design and construction of Tenant's improvements, which are permanently affixed to the Expansion Premises (the "Expansion Tenant Improvements") or which are "Tenant Improvement Allowance Items," as that term is defined in Section 2.2.1, below, for the Expansion Premises, and # for the Existing Premises in the amount of $838,320.00 (i.e., $20.00 per RSF of the Existing Premises) (the "Existing Tenant Improvement Allowance"), for the costs relating to the initial design and construction of Tenant's improvements, which are permanently affixed to the Existing Premises (the "Existing Tenant Improvements") or which are Tenant Improvement Allowance Items for the Existing Premises (the Expansion Tenant Improvements and the Existing Tenant Improvements shall collectively be the "Tenant Improvements", and the Expansion Tenant Improvement Allowance and the Existing Tenant Improvement Allowance shall collectively be the "Tenant Improvement Allowance"). In no event shall Landlord be obligated to make disbursements pursuant to this Tenant Work Letter or otherwise in connection with Tenant's construction of the Tenant Improvements or any Tenant Improvement Allowance Items, as defined below, in a total amount which exceeds the sum of the Tenant Improvement Allowance. All Tenant Improvements for which the Tenant Improvement Allowance has been made available shall be deemed Landlord's property under the terms of the Lease; provided, however, Landlord may, by written notice to Tenant given concurrently with Landlord's approval of the "Final Working Drawings", as that term is defined in [Section 3.3], below, require Tenant, prior to the end of the Lease Term, or following any earlier termination of the Lease, at Tenant's expense, to remove any Tenant Improvements and to repair any damage to the Premises and Building caused
Tenant Improvement Allowance. Tenant shall be entitled to a one-time tenant improvement allowance ("Tenant Improvement Allowance") in the amount of One Million Six Hundred Thirty-One Thousand Nine Hundred Thirty and No/100 Dollars ($1,631,930.00) for the cost relating to the initial design and the actual cost of constructing certain interior improvements which are permanently affixed to the Premises and approved in advance by Landlord ("Tenant Improvements"). Notwithstanding anything to the contrary contained in this Tenant Work Letter, in no event shall Landlord be obligated to make disbursements pursuant to this Tenant Work Letter in a total amount which exceeds the Tenant Improvement Allowance, and in no event shall Tenant be entitled to any portion of the Tenant Improvement Allowance not requested by Tenant (in accordance with the terms and conditions of this Work Letter) on or prior to the date that is months following the Commencement Date.
Tenant Improvement Allowance. Subject to any restrictions, conditions or limitations expressly set forth in this Tenant Work Letter or in the Lease or as otherwise expressly provided by mutual written agreement of Landlord and Tenant, the cost of construction of the Tenant Improvements shall be paid or reimbursed by Landlord up to a maximum amount as set forth in Section 5 of the Summary to the Lease (the "Tenant Improvement Allowance"), which amount is being made available by Landlord to be applied towards the Cost of Improvements for the construction of the Tenant Improvements in the Premises. Tenant shall be responsible, at its sole cost and expense, for payment of the entire Cost of Improvements of the Tenant Improvements in excess of the Tenant Improvement Allowance, including (but not limited to) any costs or cost increases incurred as a result of delays (unless caused by Landlord), governmental requirements or unanticipated conditions (unless caused by Landlord), and for payment of any and all costs and expenses relating to any alterations, additions, improvements, furniture, furnishings, equipment, fixtures and personal property items which are not eligible for application of Tenant Improvement Allowance funds under the restrictions expressly set forth below in this paragraph, but Tenant shall be entitled to use or apply the entire Tenant Improvement Allowance toward the Cost of Improvements of the Tenant Improvements (subject to any applicable restrictions, conditions, limitations, reductions or charges set forth in the Lease or in this Tenant Work Letter) prior to being required to expend any of Tenant’s own funds for the Tenant Improvements. The funding of the Tenant Improvement Allowance shall be made on a monthly basis or at other convenient intervals mutually approved by Landlord and Tenant and in all other respects shall be based on such commercially reasonable disbursement conditions and procedures as Landlord, Project Manager and Landlord’s lender (if any) may reasonably prescribe. Notwithstanding the foregoing provisions, under no circumstances shall the Tenant Improvement Allowance or any portion thereof be used or useable by Tenant for any moving or relocation expenses of Tenant, or for any Cost of Improvement (or any other cost or expense) associated with any moveable furniture or trade fixtures, personal property or any other item or element which, under the applicable provisions of the Lease, will not become Landlord’s property and remain with the Building upon expiration or termination of the Lease. Notwithstanding anything to the contrary herein, the Tenant Improvements shall not include (and Landlord shall be solely responsible for and the Tenant Improvement Allowance shall not be used for) the following: # costs incurred due to the presence of any Hazardous Materials in the Premises, if any; # costs to bring the Project into compliance with Applicable Laws to the extent required in order to allow Tenant to obtain a certificate of occupancy or its legal equivalent, for the Premises for the Permitted Use assuming a normal and customary office occupancy density; # construction costs in excess of the contract amount stated in the contract with the General Contractor, as approved by Tenant (not to be unreasonably withheld), except for increases set forth in change orders approved by Tenant; # wages, labor and overhead for overtime and premium time unless approved by Tenant (which approval shall not be unreasonably withheld, conditioned or delayed); # attorneys' fees incurred in connection with negotiation
Considering that Landlord will proceed with the replacement of the roof of the Building during the Summer of 2022, Tenant shall also assess the condition of its own equipment on the roof and proceed with the replacement of the same. In order to induce the Tenant to do so, and provided that the Tenant is not in default, the Landlord agrees to reimburse the Tenant, as a tenant improvement allowance up to One Hundred Thousand Dollars ($100,000.00) (the “Tenant Improvement Allowance”) for the actual costs of the replacement of the Tenant’s Equipment on the roof of the Building Leasehold Improvements paid by the Tenant. The Tenant Improvement Allowance shall be paid together with any applicable sales tax or value added tax payable by the Landlord in connection with the Tenant Improvement Allowance (such as goods and services tax, and Quebec sales tax), if properly invoiced by the Tenant. The Tenant Improvement Allowance is for the purpose of offsetting all or part of the Tenant’s expenditure for initial Leasehold Improvements the replacement of the Tenant’s Equipment on the roof of the Building. It is a condition precedent to the Landlord's obligation to pay the Tenant that a claim for the Tenant Improvement Allowance be made to, and the required deliveries received by, the Landlord before the expiry of the first (1st) year of the Extended Term.
Tenant Improvement Allowance. Subject to any restrictions, conditions or limitations expressly set forth in this Tenant Work Letter or in the Lease or as otherwise expressly provided by mutual written agreement of Landlord and Tenant, the cost of construction of the Tenant Improvements shall be paid or reimbursed by Landlord up to a maximum amount as set forth in Section 5 of the Summary to the Lease (the "Tenant Improvement Allowance"), which amount is being made available by Landlord to be applied towards the Cost of Improvements for the construction of the Tenant Improvements in the Premises. Tenant shall be responsible, at its sole cost and expense, for payment of the entire Cost of Improvements of the Tenant Improvements in excess of the Tenant Improvement Allowance, including (but not limited to) any costs or cost increases incurred as a result of delays (unless caused by Landlord), governmental requirements or unanticipated conditions (unless caused by Landlord), and for payment of any and all costs and expenses relating to any alterations, additions, improvements, furniture, furnishings, equipment, fixtures and personal property items which are not eligible for application of Tenant Improvement Allowance funds under the restrictions expressly set forth below in this paragraph, but Tenant shall be entitled to use or apply the entire Tenant Improvement Allowance toward the Cost of Improvements of the Tenant Improvements (subject to any applicable restrictions, conditions, limitations, reductions or charges set forth in the Lease or in this Tenant Work Letter) prior to being required to expend any of Tenant’s own funds for the Tenant Improvements. The funding of the Tenant Improvement Allowance shall be made on a monthly basis or at other convenient intervals mutually approved by Landlord and Tenant and in all other respects shall be based on such commercially reasonable disbursement conditions and procedures as Landlord, Project Manager and Landlord’s lender (if any) may reasonably prescribe. Notwithstanding the foregoing provisions, under no circumstances shall the Tenant Improvement Allowance or any portion thereof be used or useable by Tenant for any moving or relocation expenses of Tenant, or for any Cost of Improvement (or any other cost or expense) associated with any moveable furniture or trade fixtures, personal property or any other item or element which, under the applicable provisions of the Lease, will not become Landlord’s property and remain with the Building upon expiration or termination of the Lease, and except as otherwise expressly provided in this Tenant Work Letter or expressly approved by Landlord in writing, any portion of the Tenant Improvement Allowance which has not been claimed or drawn by Tenant prior to the later to occur of # the date that is 18 months after the Lease Commencement Date, and # the date of receipt of the Substantial Completion Certificate, shall expire and shall no longer be available to Tenant thereafter. Notwithstanding anything to the contrary herein, the Tenant Improvements shall not include (and Landlord shall be solely responsible for and the Tenant Improvement Allowance shall not be used for) the following: # costs incurred due to the presence of any Hazardous Materials in the Premises, if any; # costs to bring the Project into compliance with Applicable Laws to the extent required in order to allow Tenant to obtain a certificate of occupancy or its [[Organization A:Organization]] equivalent, for the Premises for the Permitted Use assuming a normal and customary office occupancy density;
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