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.
TI Allowance. Landlord shall provide to Tenant a tenant improvement allowance (the “TI Allowance”) in the maximum amount of $235.00 per rentable square foot in the Premises, which is included in the Base Rent set forth in the Lease.
an “Additional Tenant Improvement Allowance” in the maximum amount of $60.00 per rentable square foot in the Premises, which shall, to the extent used, result in TI Rent as set forth in [Section 4(b)] of the Lease.
an “Additional Tenant Improvement Allowance” in the maximum amount of $50.00 per rentable square foot in the Premises, which shall, to the extent used, result in TI Rent as set forth in [Section 4(b)] of the Lease.
Additional TI Allowance. In addition to the Tenant Improvement Allowance (as 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 first day immediately following the expiration of the Abatement Period 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 8% 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.
Tenant Improvement Allowance. Tenant shall be entitled to a one-time tenant improvement allowance in the amount of up to, but not exceeding One Hundred Dollars ($100.00) per rentable square foot of the Expansion Premises (the “Expansion Premises Allowance”) and Thirty Dollars ($30.00) per rentable square foot of the Existing Premises (together with the Expansion Premises Allowance, the “Tenant Improvement Allowance”). The Tenant Improvement Allowance shall be used for the costs relating to the design, permitting and construction of Tenant’s improvements which are permanently affixed to the Premises (the “Tenant Improvements”); provided, however, that Landlord shall have no obligation to disburse all or any portion of the Tenant Improvement Allowance to Tenant unless Tenant makes a request for disbursement pursuant to the terms and conditions of Section 2.2 below prior to April 30, 2020. The Expansion Premises Allowance shall only be used for the costs relating to the Tenant Improvements in the Expansion Premises. The Existing Premises Allowance may be used for the costs relating to the Tenant Improvements in the Existing Premises and/or the Expansion Premises, in Tenant’s sole discretion. In no event shall Landlord be obligated to make disbursements pursuant to this Work Letter in a total amount which exceeds the Tenant Improvement Allowance. Tenant shall not be entitled to receive any cash payment or credit against Rent or otherwise for any unused portion of the Tenant Improvement Allowance which is not used to pay for the Tenant Improvement Allowance Items (as such term is defined below).
Tenant Improvement Allowance. Landlord shall, as set forth below, contribute up to Eighty-Six Thousand, Four Hundred Ninety Dollars ($86,490.00) (i.e., $5.00 per rentable square foot of the Premises) (“Tenant’s Improvement Allowance”) towards the cost of the initial leasehold improvements to be installed by Tenant in the Premises (“Tenant’s Work”). Tenant’s Work shall be performed in accordance with Articles 12 and 13 hereof. If Tenant’s Improvement Allowance will not be sufficient to complete Tenant’s Work, Tenant shall pay the excess costs, prior to Landlord’s disbursing Tenant’s Improvement Allowance to Tenant.
$1,227,980.00 (i.e., approximately $20.00 per rentable square foot of the Existing Premises only) for the costs relating to the initial design and construction of Tenant's improvements which are permanently affixed to the Existing Premises only (the “Tenant Improvements”). The Tenant Improvement Allowance will be disbursed in accordance with [Section 2.2.2] of the Tenant Work Letter attached as Exhibit B to the Second Amendment. The Tenant Improvements shall be constructed in accordance with the terms and conditions of Article 8 of the Original Lease. In no event shall Landlord be obligated to disburse any portion of the Tenant Improvement Allowance subsequent to December 31, 2022 (the “Outside TI Date”), nor shall Landlord be obligated to disburse any amount in excess of the Tenant Improvement Allowance in connection with the construction of the Tenant Improvements. No portion of the Tenant Improvement Allowance, if any, remaining after the Outside TI Date shall be available for use by Tenant.
TI Allowance. Subject to the terms and conditions of this Work Letter and the Lease, Landlord shall provide to Tenant a tenant improvement allowance ("TI Allowance") of $65.00 per rentable square foot of the Premises, or $8,412,560.00 in the aggregate. Notwithstanding anything to the contrary contained in this Work Letter or the Lease, Landlord shall have no obligation to disburse any portion of the TI Allowance prior to January 1, 2019.
In order to defray all or a portion of Tenant’s costs (collectively, “Tenant’s Costs”) related to # the construction of the Tenant Improvements, and # any Increases, Landlord will make the Improvement Allowance available, subject to and in accordance with this [Section 6.2]. If the total amount payable to the TI Contractor pursuant to the TI Construction Contract exceeds the Improvement Allowance, Tenant shall first make Contractor Payments from its own funds in the amount of any such excess before Landlord is obligated to disburse the Improvement Allowance as provided herein. If the total amount payable to the TI Contractor pursuant to the TI Construction Contract is less than the Improvement Allowance, then the amount of the TI Allowance which is in excess of the amount payable to the TI Contractor, not to exceed the product of $15.00 multiplied by the Building Square Footage, may be applied by Tenant to pay design costs for the Tenant Improvements, moving expenses, project or construction management fees in connection with the construction of the Tenant Improvements, costs of data and telecommunications wiring, security costs, signage costs, and the costs of furniture including free standing workstations, fixtures and equipment to the extent such costs relate to the Tenant Improvements and/or Tenant’s occupancy of the Premises. Any amounts shall be disbursed by Landlord to Tenant within thirty (30) days following receipt of invoices evidencing such costs and lien waivers, but in no event prior to the TI Completion Date.
Pursuant to the terms hereof, Landlord shall pay to Tenant an amount not to exceed Two Million Two Hundred Fifty Thousand Four Hundred Eighty-Seven and 50/100 Dollars ($2,250,487.50) (the “Tenant Improvement Allowance”), calculated at the rate of Twelve and 50/100 Dollars ($12.50) per rentable square foot of the Premises, which shall be applied towards the cost of Tenant’s improvements to the Premises (the “Tenant Improvements”). The use of the term “Premises” in this Section 2.6 shall refer to the Current Premises, as expanded to include the Expansion Space, notwithstanding that the Expansion Space Commencement Date may not yet have occurred. The Tenant Improvement Allowance shall be payable solely on account of labor directly related to Tenant Improvements and materials delivered to the Premises in connection with the Tenant Improvements; provided, however, a portion of the Tenant Improvement Allowance of up to but not more than $450,097.50 (i.e., $2.50 per rentable square foot of the Premises) may be applied against architectural and engineering fees, construction management fees, telephone wiring and computer cabling costs, other telephone and data costs, costs of furniture, fixtures and equipment and other so-called “soft costs” incurred by Tenant in connection with the Tenant Improvements. Excepting only the alterations depicted on Exhibit B attached hereto (the “Approved Tenant Improvements”), the Tenant Improvement Allowance shall not be applied towards the costs of exterior alterations, alterations outside of the Premises, alterations (excepting only cosmetic alterations) to the current configuration of the demising walls that separate the Fourth Expansion Premises from the remainder of the Premises, or alterations to the common areas of the Property unless, in each case, Tenant has obtained Landlord’s prior consent, which consent shall not be unreasonably withheld or delayed. Following the effectiveness of this Amendment pursuant to Section 6.3 hereof, Landlord shall disburse the Tenant Improvement Allowance funds to Tenant for the costs and expenses of Tenant Improvements incurred by Tenant pursuant to Section 2.6 hereof if no Event of Default (which has not been cured after the giving of any required notice and expiration of any applicable period of grace) then exists; provided however, upon the occurrence of an Event of Default the obligation of Landlord to fund the Tenant Improvement Allowance shall be suspended and tolled during the pendency of such Event of Default, and if, as and when said Event of Default is cured by Tenant in accordance with the terms and conditions of the Lease, then said suspension shall cease and said obligation shall resume, in accordance with and subject to all of the terms and conditions of this Section 2.6.
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