Example ContractsClausesExtension of the Tenant Improvements Allowance Disbursement Deadline
Extension of the Tenant Improvements Allowance Disbursement Deadline
Extension of the Tenant Improvements Allowance Disbursement Deadline contract clause examples

Extension of the Tenant Improvements Allowance Disbursement Deadline. Due to various delays in the performance of the Tenant Improvements, as defined in the First Amendment, Landlord and Tenant hereby agree that the deadline for Tenant to request disbursements from the Tenant Improvement Allowance under [Section 2.2 of Exhibit C] of the First Amendment shall be extended until June 30, 2021. For purposes of clarity, Landlord also hereby acknowledges and agrees that Tenant’s delayed occupancy of the Premises and construction timeline does not constitute abandonment under [Section 19.1.3] of the Lease.

Extension of the Tenant Improvements Allowance Disbursement Deadline. Due to various delays in the performance of the Tenant Improvements, as defined in the First Amendment, Landlord and Tenant hereby agree that the deadline for Tenant to request disbursements from the Tenant Improvement Allowance under [Section 2.2 of Exhibit C] of the First Amendment shall be extended until June 30, 2021. For purposes of clarity, Landlord also hereby acknowledges and agrees that Tenant’s delayed occupancy of the Premises and construction timeline does not constitute abandonment under [Section 19.1.3] of the Lease.

Extension of the Tenant Improvements Allowance Disbursement Deadline. Due to various delays in the performance of the Tenant Improvements, as defined in the First Amendment, Landlord and Tenant hereby agree that the deadline for Tenant to request disbursements from the Tenant Improvement Allowance under [Section 2.2 of Exhibit C] of the First Amendment shall be extended until December 30, 2021. For purposes of clarity, Landlord also hereby acknowledges and agrees that Tenant’s delayed occupancy of the Premises and construction timeline does not constitute abandonment under [Section 19.1.3] of the Lease.

Extension of the Tenant Improvements Allowance Disbursement Deadline. Due to various delays in the performance of the Tenant Improvements, as defined in the First Amendment, Landlord and Tenant hereby agree that the deadline for Tenant to request disbursements from the Tenant Improvement Allowance under [Section 2.2 of Exhibit C] of the First Amendment shall be extended until December 31, 2022 (theSecond TIA Extension”). For purposes of clarity, Landlord also hereby acknowledges and agrees that Tenant’s delayed occupancy of the Premises and construction timeline does not constitute abandonment under [Section 19.1.3] of the Lease.

Disbursement of the Tenant Improvements Allowance. Except as otherwise set forth in this Tenant Work Letter, the Tenant Improvements Allowance shall be disbursed by Landlord (each of which disbursements shall be made pursuant to Landlord’s reasonable disbursement process) for costs incurred by Landlord related to the construction of the Tenant Improvements and for the following items and costs (collectively, theTenant Improvements Allowance Items”): # payment of the fees of theArchitect” as that term is defined in Section 3.1 of this Tenant Work Letter in connection with the preparation and review of theConstruction Documents”, as that term is defined in Section 3.1 of this Tenant Work Letter; # payment of the project management fee described above, # the cost of any changes to the Construction Documents or Tenant Improvements required by all applicable building codes (theCode”) enacted after approval of the Construction Documents, # costs payable to the Contractor and any subcontractors, and # other costs incurred in connection with the Tenant Improvements to the extent the same can be paid using the Tenant Improvements Allowance pursuant to the specific provisions of this Tenant Work Letter.

Disbursement of the Tenant Improvements Allowance. Except as otherwise set forth in this Tenant Work Letter, the Tenant Improvements Allowance shall be disbursed by Landlord (each of which disbursements shall be made pursuant to Landlord’s reasonable disbursement process) for costs incurred and paid by Tenant related to the design and construction of the Tenant Improvements and for the following items and costs (collectively, theTenant Improvements Allowance Items”): # payment of the fees of theArchitect” as that term is defined in Section 3.1 of this Tenant Work Letter in connection with the preparation and review of the “Construction Documents,” as that term is defined in Section 3.1 of this Tenant Work Letter; # payment of the Landlord’s Project Oversight Fee, # the cost of any changes to the Construction Documents or Tenant Improvements required by all applicable building codes (theCode”) enacted after approval of the Construction Documents, # costs payable to the Contractor and any subcontractors, and # other costs incurred in connection with the Tenant Improvements to the extent the same can be paid using the Tenant Improvements Allowance pursuant to the specific provisions of this Tenant Work Letter.

Disbursement of the Tenant Improvements Allowance. Except as otherwise set forth in this Tenant Work Letter, the Tenant Improvements Allowance shall be disbursed by Landlord (each of which disbursements shall be made pursuant to Landlord’s reasonable disbursement process) for costs incurred by Tenant related to the design and construction of the Tenant Improvements and for the following items and costs (collectively, theTenant Improvements Allowance Items”): # payment of the fees of theArchitect” as that term is defined in Section 3.1 of this Tenant Work Letter in connection with the preparation and review of the “Construction Documents,” as that term is defined in Section 3.1 of this Tenant Work Letter; # payment of the Landlord’s Project Oversight Fee, # the cost of any changes to the Construction Documents or Tenant Improvements required by all applicable building codes (theCode”) enacted after approval of the Construction Documents, # costs payable to the Contractor and any subcontractors, and # other costs incurred in connection with the Tenant Improvements to the extent the same can be paid using the Tenant Improvements Allowance pursuant to the specific provisions of this Tenant Work Letter.

Tenant Improvements Allowance. Tenant shall be entitled to a tenant improvement allowance (theTenant Improvements Allowance”) in the maximum aggregate amount of $1,650,455.00 (i.e., $205.00 per rentable square foot of the entire Premises initially leased hereunder) (theMaximum Allowance Amount”) for the hard costs and customary soft costs incurred by Landlord including, without limitation out-of-pocket architectural and engineering fees and a five (5%) project management fee payable to Landlord or its affiliates and permits, relating to the initial design and construction of Tenant’s improvements which are to be permanently affixed to the Premises in accordance with this Tenant Work Letter (theTenant Improvements”). At least eight-five percent (85%) of the Maximum Allowance Amount must be applied towards the hard costs of the Tenant Improvements. For the avoidance of any doubt, the purchase and installation of data and telecommunications cabling shall not be included in the definition of Tenant Improvements and there shall not be any project management fee payable with respect to costs and expenses related thereto. Landlord agrees to keep Tenant advised as to the progress of the work by providing copies of the Contractor’s applications for payment. The Tenant Improvements are described on the allocation of responsibility attached as Attachment 2 (theBase TI Requirements”), and Landlord and Tenant acknowledge and agree that the Tenant Improvements Allowance shall be utilized subject to and pursuant to this Tenant Work Letter to construct the Tenant Improvements as described in the Base TI Requirements. In no event shall Landlord be obligated to make disbursements pursuant to this Tenant Work Letter in a total amount which exceeds the Maximum Allowance (as it may be increased by the Additional Allowance below). All Tenant Improvements for which the Tenant Improvements Allowance has been made available shall be deemed Landlord’s property under the terms of the Lease.

Tenant Improvements Allowance. So long as Tenant is not in default, Tenant shall be entitled to an one-time tenant improvements allowance (theTenant Improvements Allowance”) in the maximum aggregate amount of: # $898,645.00 for the Expansion Premises (i.e., $55.00 per rentable square foot of the Expansion Premises) (theMaximum Allowance Amount”) for the hard costs and customary soft costs, as noted below, incurred by Tenant including, without limitation out-of-pocket architectural and engineering fees, construction contractor fees, Tenant’s project management fees, and a two percent (2%) project management fee payable to Landlord or its affiliates (“Landlord’s Project Oversight Fee”), and permits, and such other costs arising from or relating to the design and construction of Tenant’s improvements which are to be permanently affixed to the Expansion Premises in accordance with this Work Letter (theTenant Improvements”). Landlord’s Project Oversight Fee shall be equivolent to, but not exceed, a total of 2% of the Tenant Improvement Allowance paid to Tenant. In no event shall Tenant be permitted to use any excess Tenant Improvements Allowance toward the Base Rent or any soft costs that are not directly related to the design and construction within the Expansion Premises. For the avoidance of any doubt, the purchase and installation of data and telecommunications cabling shall not be included in the definition of Tenant Improvements and there shall not be any Landlord’s Project Oversight Fee payable with respect to costs and expenses related thereto. The Tenant agrees to keep the Landlord advised as to the progress of the work by providing copies of the Contractor’s applications for payment. In no event shall Landlord be obligated to make disbursements pursuant to this Tenant Work Letter in a total amount which exceeds the Maximum Allowance Amount and in no event shall Tenant be entitled to any credit for any unused portion of the Tenant Improvements Allowance. All Tenant Improvements for which the Tenant Improvements Allowance has been made available shall be deemed Landlord’s property under the terms of the Lease.

Tenant Improvements Allowance. As of the Effective Date, the term “Tenant Improvements Allowance” under [Section 2.1 of Exhibit C] to the First Amendment shall be redefined to be $909,260.00 for the Expansion Premises (i.e., $55.00 per rentable square foot of the Expansion Premises).

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