Construction. [[Organization B:Organization]] has the right, subject to [[Organization A:Organization]] approval, which approval shall not be unreasonably withheld, conditioned or delayed, to retain its own contractor (the “Outside Contractor”), designers and engineers to perform the [[Organization B:Organization]] Improvements. Once commenced, [[Organization B:Organization]] shall complete the [[Organization B:Organization]] Improvements in material compliance with the [[Organization B:Organization]] Working Drawings. [[Organization A:Organization]] and [[Organization B:Organization]] have agreed that the costs of such [[Organization B:Organization]] Improvements shall be paid by [[Organization B:Organization]], although [[Organization A:Organization]] shall provide [[Organization B:Organization]] an allowance of up to 32.81 per rentable square foot of office spaced leased to be utilized toward the cost of the [[Organization B:Organization]] Improvements (hereafter called the “T. I. Allowance”). The T. I. Allowance shall be used only for the payment of costs relating to the construction of the [[Organization B:Organization]] Improvements (including the cost of preparing the [[Organization B:Organization]] Working Drawings and a construction management fee payable to [[Organization A:Organization]]’s construction manager in the total amount of three percent (3%) of the total cost of the [[Organization B:Organization]] Improvements), which costs [[Organization A:Organization]] shall pay directly out of the T. I. Allowance, for the credit of [[Organization B:Organization]], and in no event shall any part of the T. I. Allowance be paid to or payable to [[Organization B:Organization]], except for the portion that is allocable to the purchase by [[Organization B:Organization]] of FF&E. Any costs of the [[Organization B:Organization]] Improvements which exceed the T. I. Allowance shall be the financial responsibility of [[Organization B:Organization]]. Any improvements to the Premises, other than as shown on the [[Organization B:Organization]] Working Drawings, and the furnishing of the Premises, shall be made by [[Organization B:Organization]] at the sole cost and expense of [[Organization B:Organization]], subject to all other provisions of this Lease Agreement, including compliance with all applicable governmental laws, ordinances and regulationsTenant may apply 10% of the T.I. Allowance for the purchase and installation of FF&E. The T.I. Allowance shall be paid monthly in arrears during completion of the [[Organization B:Organization]] Improvements in accordance with usual and customary construction disbursement procedures.
Construction. [[Organization B:Organization]] has the right, subject to [[Organization A:Organization]] approval, which approval shall not be unreasonably withheld, conditioned or delayed, to retain its own contractor (the “Outside Contractor”), designers and engineers to perform the [[Organization B:Organization]] Improvements. Once commenced, [[Organization B:Organization]] shall complete the [[Organization B:Organization]] Improvements in material compliance with the [[Organization B:Organization]] Working Drawings. [[Organization A:Organization]] and [[Organization B:Organization]] have agreed that the costs of such [[Organization B:Organization]] Improvements shall be paid by [[Organization B:Organization]], although [[Organization A:Organization]] shall provide [[Organization B:Organization]] an allowance not to exceed $356,343.75 or $26.25 per rentable square foot of the Expansion Space to be utilized toward the cost of the [[Organization B:Organization]] Improvements for the Expansion Space only (hereafter called the “T. I. Allowance”). The T. I. Allowance shall be used only for the payment of costs relating to the construction of the [[Organization B:Organization]] Improvements (including the cost of preparing the [[Organization B:Organization]] Working Drawings and a construction management fee payable to [[Organization A:Organization]]’s construction manager in the total amount of three percent (3%) of the total cost of the [[Organization B:Organization]] Improvements), which costs [[Organization A:Organization]] shall pay directly out of the T. I. Allowance, for the credit of [[Organization B:Organization]], and in no event shall any part of the T. I. Allowance be paid to or payable to [[Organization B:Organization]], except for the portion that is allocable to the purchase by [[Organization B:Organization]] of FF&E. Any costs of the [[Organization B:Organization]] Improvements which exceed the T. I. Allowance shall be the financial responsibility of [[Organization B:Organization]]. Any improvements to the Premises, other than as shown on the [[Organization B:Organization]] Working Drawings, and the furnishing of the Premises, shall be made by [[Organization B:Organization]] at the sole cost and expense of [[Organization B:Organization]], subject to all other provisions of this First Addendum and the Lease, including compliance with all applicable governmental laws, ordinances and regulations. [[Organization B:Organization]] may apply 10% of the T.I. Allowance for the purchase and installation of FF&E. The T.I. Allowance shall be paid monthly in arrears during completion of the [[Organization B:Organization]] Improvements in accordance with usual and customary construction disbursement procedures. [[Organization A:Organization]] shall be responsible for all demising costs (including, without limitation, construction of demising walls (except for finishing of the demising walls, such finishing shall mean painting, wall paper or covering, etc.) and relocation of utilities and mechanicals) associated with demising the Expansion Space.
AllDrafts is a cloud-based editor designed specifically for contracts. With automatic formatting, a massive clause library, smart redaction, and insanely easy templates, it’s a welcome change from Word.
And AllDrafts generates clean Word and PDF files from any draft.