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;
Leasing commissions associated with this Lease, including the commissions payable to the Brokers;
Tenant Improvement Allowance. The Work Letter shall be modified as follows: Landlord shall provide Tenant with an allowance in an amount equal to $8,422,350.00 (based on $75.00 per 112,298 rentable square feet) (the "Allowance") to be applied towards the hard and soft cost of designing, permitting, managing and constructing Tenant Improvements (as that term is defined in the Work Letter). The Allowance shall be paid as follows:
Disbursement of Tenant Improvement Allowance. Landlord shall disburse the Tenant Improvement Allowance on a progress payment basis during the construction of the Tenant Improvements, as set forth in this Section 6.5.
The following items, to the extent not purchased with the Tenant Improvement Allowance or Additional Improvement Allowance, shall be deemed "Tenant's Property":
Improvement Allowance..................................................................................... Exhibit B
project management, and costs of constructing the Improvements (collectively, the “ Improvement Costs”), an amount equal to $90.00 per square foot of the Building (as determined by Architect in the Construction Documents in accordance with the method set forth in Section 4.1(e) below) (the “ Improvement Allowance”), except that the Improvement Allowance shall be used to pay only those Improvement Costs that are considered under generally accepted accounting principles to be capital expenditures related to real property (but not to personal property or trade fixtures), which costs may include permit fees, design fees, project management, and costs of constructing the Improvements. Additionally, and in no way limiting the foregoing restrictions on the use of the Improvement Allowance, shall pay directly the costs of any architects, engineers and other design professionals that directly engages. Except as expressly set forth herein, ’s payment of the Improvement Allowance or the Improvement Costs (if such amount is less than the Improvement Allowance), shall satisfy in full ’s obligation to pay the Improvement Allowance hereunder, and shall not be obligated to make any payment for any subsequent alterations or improvements to the Premises whether or not the entire Improvement Allowance was expended on the initial Improvements.
# Improvement Allowance and Costs Generally.
Reconciliation of Improvement Allowance. The parties acknowledge that the final Improvement Allowance may be more or less than the estimated Improvement Allowance depending on whether the final rentable square footage of the Premises is more or less than the estimated rentable square footage. Upon Substantial Completion of the Improvements and final determination of the rentable square footage of the Premises, any shortfall due to as a result of adjustments to the Improvement Allowance shall be paid to with the next payment of Base Rent, and any refund due to as a result of adjustments shall be deducted by from ’s next payment of Base Rent. Disbursements of the Improvement Allowance shall be made pari passu with disbursements of the ’s Contribution Deposit from the TI Account provided that such disbursements of the Improvement Allowance are otherwise permissible pursuant to this Work Letter.
FF&E. [[Organization B:Organization]] may apply up to fifteen percent (15%) of the [[Organization B:Organization]] Improvement Allowance for the purchase and installation of FF&E.
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