In addition to the Allowance, Tenant may elect, by giving Landlord written notice thereof at any time prior to the Commencement Date, to receive from Landlord an additional improvement allowance amount of up to $498,690.00 ($10.00 per square foot of rentable area of the Demised Premises) (the “Additional Allowance”) to be added to the Allowance and used for the purposes the Allowance is used. The Additional Allowance will be funded and paid by Landlord to Tenant in accordance with the procedures, terms and conditions for funding/payment/expiration of the Allowance set forth in Section # above. In the event Tenant elects to use such Additional Allowance, the monthly amount calculated to fully amortize the total amount of the Additional Allowance so used by Tenant, on a so-called straight-line basis, over a term commencing on the Rent Commencement Date and ending on the scheduled expiration of the Term using an annual rate of interest of eight percent (8%) shall be added to Tenant’s Monthly Installment of Fixed Rent commencing on the Rent Commencement Date and continuing throughout the Term. The amount of Additional Allowance so used, if any, and the additional monthly payment therefor shall be included in the Commencement Date Agreement described in Section # above. Further, if Tenant does not elect, by written notice thereof to Landlord on or before the Commencement Date, Tenant may not use any portion of the Additional Allowance.
Additional Allowance. Tenant shall, by written notice given to Landlord no later than the Cost Proposal Delivery Date (as defined below), have the one-time right to increase the amount of the Tenant Improvements Allowance by an amount not to exceed $161,020.00 (i.e., $20.00 per rentable square foot of the Premises) (the “Additional Allowance”). The Additional Allowance, if elected by Tenant, shall be added to the Tenant Improvements Allowance and utilized on the terms and conditions set forth herein with respect to the Tenant Improvements Allowance (and the Maximum Allowance Amount shall be deemed to have been increased accordingly). If Tenant gives the Allowance Increase Notice, Tenant shall repay the Additional Allowance to Landlord in equal monthly installments determined by amortizing the Additional Allowance over the remainder of the initial term of the Lease, together with interest at eight percent (8%) per annum (such monthly payments, the “Supplemental Rent”), on the first calendar day of each month commencing on the Rent Commencement Date and continuing thereafter during the remainder of the initial term of the Lease with Tenant’s regular payments of Base Rent (and the parties shall enter into an amendment to the Lease to confirm the same promptly following the giving of the Additional Allowance Notice).
Date, Tenant shall be entitled, pursuant to a written notice delivered to Landlord, to a one-time increase (the "Additional Improvement Allowance") of the Improvement Allowance in an amount not to exceed $2,399,925.00 (i.e., $25.00 per rentable square foot of the Premises), for the costs relating to the initial design and construction of the Improvements. In the event Tenant exercises its right to use all or any portion of the Additional Improvement Allowance, the monthly Base Rent for the Premises shall be increased by an amount equal to the "Additional Monthly Base Rent," as that term is defined below, in order to repay the Additional Improvement Allowance to Landlord. The "Additional Monthly Base Rent" shall be determined as the missing component of an annuity, which annuity shall have (i) the amount of the Additional Improvement Allowance which Tenant elects to utilize as the present value amount, (ii) the number of months of the Lease Term as the number of payments, (iii) 0.67%, which is equal to 8% divided by twelve (12) months per year, as the monthly interest factor and (iv) the Additional Monthly Base Rent as the missing component of the annuity. In the event Tenant elects to utilize all or a portion of the Additional Improvement Allowance, then (a) all references in this Work Letter to the "Improvement Allowance", shall be deemed to include the Additional Improvement Allowance which Tenant elects to utilize, (b) the parties shall promptly execute an amendment (to this Lease setting forth the new amount of the Base Rent and Improvement Allowance computed in accordance with this Section 3.3, (c) Tenant shall deposit with Landlord, concurrently with Tenant's execution and delivery of the amendment to Landlord, cash in an amount equal to the Additional Monthly Base Rent, which amount shall be held as part of the Security Deposit, and the amendment shall contain the new amount of the Security Deposit, and (d) the additional amount of monthly Base Rent owing in accordance with this Section 3.3 for the first full month of the Lease Term shall be paid by Tenant to Landlord at the time of Tenant's execution of the amendment.
Improvement Allowance And Additional Allowance. Tenant shall be entitled to a one-time improvement allowance (the "Improvement Allowance") in the amount set forth in Section 13 of the Summary for the costs relating to the initial design and construction of the improvements (the "Improvements"). Notwithstanding anything above to the contrary, in the event there exists an Over-Allowance Amount (as defined in [Section 4.2.1] below), Tenant shall have the option, exercisable upon written notice to Landlord prior to the date Tenant is obligated to pay such Over-Allowance Amount, to receive an allowance (the "Additional Allowance") in the amount not to exceed Thirty-Five Dollars ($35.00) per rentable square foot of the Premises. In the event Tenant exercises such option and as consideration for Landlord providing such Additional Allowance to Tenant, the Base Rent payable by Tenant throughout the entire one hundred forty-four (144) month initial Lease Term ("Amortization Period") shall be increased by an amount sufficient to fully amortize such Additional Allowance throughout said one hundred forty-four (144) month period based upon monthly payments of principal and interest, with interest imputed on the outstanding principal balance at the rate of eight percent (8%) per annum (the "Amortization Rent"). In such event, Section 4 of the Summary shall be revised to reflect such increased Base Rent for all time periods under this Lease. Such revised Base Rent schedule shall be memorialized in an amendment to this Lease to be executed by Landlord and Tenant. In the event the Lease shall terminate as a result of a default by Tenant under the terms of the Lease or this Work Letter, Tenant acknowledges and agrees that the unamortized balance of the Additional Allowance which has not been paid by Tenant to Landlord as of the termination date pursuant to the foregoing provisions of this Section 2.1, shall become immediately due and payable as unpaid
Allowance. Commencing on the Effective Date, Tenant shall be entitled to a one-time allowance (the “Allowance”) in the amount of up to $856,625.00 (i.e., $35.00 per rentable square foot of the Premises), as reimbursement for Tenant's actual and reasonable costs incurred for permanent improvements made by Tenant to renovate the Premises, or to purchase and install furniture, fixtures, equipment (including audio-visual equipment) and information technology within the Premises, in accordance with, and subject to, the terms of the Lease. Prior to Landlord making any payment of the Allowance, Tenant shall first deliver to Landlord # reasonable supporting documentation evidencing Tenant’s payment of such actual and reasonable costs contemplated by this Section 6, if any, and evidencing that any work for which payment is requested is complete and was performed in accordance with the terms of the Lease and applicable laws (including, without limitation, all permits, licenses, consents and approvals required under applicable laws), and # unconditional lien releases for any work performed. Notwithstanding anything to the contrary contained herein, if any portion of the Allowance is not used by Tenant on or before July 31, 2023, such portion shall be deemed waived with no further obligation by Landlord with respect thereto, subject to the final sentence of this Section 6. In no event shall Landlord be obligated to make disbursements pursuant to this Section 6 in a total amount that exceeds the Allowance, and in no event shall Tenant be entitled to any excess, credit, deduction or offset against any amounts payable hereunder by Tenant for any unused portion of the Allowance. Notwithstanding the foregoing, Tenant shall have the right, by written notice to Landlord, to utilize an amount not to exceed $734,250.00 (i.e., $30.00 per rentable square foot of the Premises) of the Allowance not disbursed to Tenant to increase the Third Amendment Base Rent Credit, in which case, subject to and in accordance with the terms of Section 3(b) above, such additional Third Amendment Base Rent Credit shall apply to the Base Rent next coming due during the Third Amendment Term until used or applied, and any Allowance (subject to the maximum amount set forth in this sentence) not disbursed to Tenant by July 31, 2023 shall be deemed to have been elected by Tenant to increase the Third Amendment Base Rent Credit as set forth in this sentence.
rent which has been earned as of such termination date. In addition, in no event shall the Amortization Rent be abated for any reason whatsoever. In no event shall Landlord be obligated to pay a total amount which exceeds the Improvement Allowance or Additional Allowance (if applicable). Any unused portion of the Improvement Allowance remaining as of the date which is twelve (12) months after the Lease Commencement Date shall remain with Landlord and Tenant shall have no further right thereto (the "Allowance Deadline"). Notwithstanding anything above to the contrary, an amount not to exceed $2,000,000.00 of the aggregate amount of the Improvement Allowance and the Additional Allowance may be utilized by Tenant for the cost of design, construction fees, consultant fees, Lines and other soft costs directly related to the design and construction of the Improvements (the "Soft Cost Cap"); provided, however, in no event shall such amount be utilized as a Rent credit. Landlord shall also provide Tenant with a test fit allowance equal to $0.15 per rentable square foot of the Premises payable by Landlord to Tenant in the manner described in [Section 2.2.2] below.
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.
Tenant Improvement Allowance. Tenant shall be entitled to a one‑time tenant improvement allowance (the “Tenant Improvement Allowance”) in the amount of up to, but not exceeding Two Hundred Thirty Dollars ($230.00) per rentable square foot of the Premises (i.e., up to Five Million, Four Hundred Fifty Thousand, Eighty Dollars ($5,450,080.00), for the costs relating to the initial design and construction of Tenant’s improvements which are permanently affixed to the Premises, including without limitation, power distribution (the “Tenant Improvements”); provided, however, Landlord shall have no obligation to disburse all or any portion of the Tenant Improvement Allowance to Tenant unless Tenant makes one or more requests for disbursement pursuant to the terms and conditions of Section 2.2 below prior to the second anniversary of the Delivery Date. In addition, Tenant shall, by written notice given to Landlord (the “Allowance Increase Notice”) given no later than thirty (30) days after the Final Costs are determined in accordance with Section 4.2.1 below, have the one-time right to increase the amount of the Tenant Improvement Allowance by an amount not to exceed Five Hundred Ninety-Two Thousand, Four Hundred Dollars ($592,400.00) (i.e., $25.00 per rentable square foot of the Premises) (the “Additional Allowance”). The Additional Allowance, if and to the extent elected by Tenant, shall be added to the Tenant Improvement Allowance and used on the terms and conditions set forth herein with respect to the Tenant Improvement Allowance (and the
Additional Tenant Improvement Allowance; Increased Base Rent. Tenant shall be entitled, pursuant to a written notice delivered to Landlord by email by not later than December 20, 2017, time being of the essence, to a one-time improvement allowance (the "Additional Tenant Improvement Allowance") in an amount not to exceed Four Hundred Thousand Dollars ($400,000.00) for additional tenant improvements selected by Tenant and approved by Landlord, each of which shall be constructed by Landlord within the Premises. If Tenant exercises its right to use all or any portion of the Additional Tenant Improvement Allowance, then the monthly Base Rent for the Premises shall be increased during each month of the Lease Term by an amount equal to the Additional Monthly Base Rent (defined below), to repay such Additional Tenant Improvement Allowance to Landlord. The "Additional Monthly Base Rent" shall be calculated as follows: the Additional Tenant Improvement Allowance actually expended by Landlord shall be amortized over the Lease Term using an 8.5% annual interest rate. For example, if the Additional Tenant Improvement Allowance is $200,000, then the Base Rent shall be increased by $3,555.68 per month for each month of the Lease Term, commencing on the Lease Commencement Date, as shown by the calculations on Schedule “2” attached hereto. The rent abatement provisions in the Lease shall not apply to the Additional Monthly Base Rent.
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
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