Common use of 7th Floor TI Allowance Clause in Contracts

7th Floor TI Allowance. Tenant may periodically (but no more frequently than monthly) submit written requests for disbursements of the 7th Floor TI Allowance. Each request for funding (a “Fund Request”) shall include the following: (i) the total amount of the 7th Floor TI Allowance requested, (ii) a summary of the 7th Floor Tenant Improvements performed using AIA standard form Application for Payment (G 702) executed by the general contractor and by the architect or other reasonable form, (iii) invoices from the general contractor, the architect, and any subcontractors, material suppliers and other parties requesting payment with respect to the amount of the 7th Floor TI Allowance then being requested, (iv) unconditional lien releases from the general contractor and each subcontractor and material supplier with respect to previous payments made by either Landlord or Tenant for the 7th Floor Tenant Improvements in a form reasonably acceptable to Landlord and complying with Applicable Laws and (v) conditional lien releases from the general contractor and each subcontractor and material supplier with respect to the 7th Floor Tenant Improvements performed that correspond to the Fund Request, each in a form reasonably acceptable to Landlord and complying with Applicable Laws; provided, however, for purposes of clauses (iv) and (v) above, with respect to subcontractors and material suppliers providing less than $50,000 in the aggregate of labor, materials or services, Tenant shall not be required to provide lien releases so long as the total amount of the unpaid labor, services and materials for all subcontractors for which no lien releases have been obtained, is less than $50,000 in the aggregate. Within thirty (30) days following receipt by Landlord of a Fund Request and the accompanying materials required by this Section, Landlord shall pay to (as elected by Tenant) the applicable contractors, subcontractors and material suppliers or Tenant the amount of 7th Floor Tenant Improvement costs set forth in such Fund Request; provided, however, that Landlord shall not be obligated to make any payments under this Section until the budget for the 7th Floor Tenant Improvements is approved in accordance with Section 6.2, and any Fund Request under this Section shall be subject to the payment limits set forth in Section 6.2 above and Section 8 of the Lease Amendment.

7th Floor TI Allowance. Following the Amendment Execution Date, Landlord shall make available to Tenant a tenant improvement allowance (the “7th Floor TI Allowance”) in the amount of Two Million Four Hundred Seventy Two Thousand Nine Hundred Eighty and 15/100 Dollars ($2,472,980.15) (based upon One Hundred Thirty and 15/100 Dollars ($130.15) per square foot of Rentable Area of the 7th Floor Premises) in order to fund tenant improvements (the “7th Floor Tenant Improvements”) to the 7th Floor Premises consistent with the 7th Floor Permitted Use. Tenant shall cause the 7th Floor Tenant Improvements to be constructed in the 7th Floor Premises pursuant to the work letter attached hereto as Exhibit B (the “7th Floor Work Letter”) at a cost to Landlord not to exceed the 7th Floor TI Allowance (as the same may periodically be adjusted pursuant to the 7th Floor TI Allowance Reallocation Right [defined below]), subject to Landlord’s obligations under Section 2.3(a) of the 7th Floor Work Letter regarding costs incurred with respect to any Change (but no more frequently than monthlyas defined in the 7th Floor Work Letter) submit written requests for disbursements requested by Landlord. The 7th Floor TI Allowance may be applied to the costs of (m) construction, (n) project review by Landlord (which fee, as set forth in Section 17.10 of the Existing Lease, shall equal two percent (2%) of the cost of the 7th Floor Tenant Improvements, including the 7th Floor TI Allowance. Each request , but shall not exceed Forty Thousand and No/100 Dollars ($40,000.00)), (o) commissioning of mechanical, electrical and plumbing systems by a licensed, qualified commissioning agent hired by Tenant, and review of such party’s commissioning report by a licensed, qualified commissioning agent hired by Landlord, (p) space planning, architect, engineering and other related services performed by third parties unaffiliated with Tenant, (q) building permits and other taxes, fees, charges and levies by Governmental Authorities for funding permits or for inspections of the 7th Floor Tenant Improvements, and (a “Fund Request”r) shall include the following: costs and expenses for labor, material, equipment and fixtures, provided that no more than five percent (i5%) the total amount of the 7th Floor TI Allowance requested, (ii) a summary may be applied towards the cost of the purchase and installation of cabling and telecom improvements within the 7th Floor Tenant Improvements performed using AIA standard form Application for Payment (G 702) executed by the general contractor and by the architect or other reasonable form, (iii) invoices from the general contractor, the architect, and any subcontractors, material suppliers and other parties requesting payment with respect to the amount of Premises. In no event shall the 7th Floor TI Allowance then being requested, be used for (ivv) unconditional lien releases from the general contractor and each subcontractor and material supplier with respect to previous payments made cost of work that is not authorized by either Landlord or Tenant for the Approved Plans (as defined in the 7th Floor Work Letter) or otherwise approved in writing by Landlord (which approval shall not be unreasonably withheld, conditioned or delayed), (w) payments to Tenant Improvements or any affiliates of Tenant, (x) except as otherwise provided in this Section, the purchase of any furniture, personal property or other non-building system equipment, (y) costs resulting from any default by Tenant of its obligations under the Lease or (z) costs that are recoverable by Tenant from a form reasonably acceptable third party (e.g., insurers, warrantors, or tortfeasors). Notwithstanding anything to the contrary in this Amendment, Landlord and complying with Applicable Laws and (v) conditional lien releases from the general contractor and each subcontractor and material supplier with respect shall not charge Tenant any plan or construction review, oversight, supervision, management or other similar fee in relation to the 7th Floor Tenant Improvements performed that correspond other than the amount set forth in clause (n) above. In addition to the Fund Request, each in a form reasonably acceptable to Landlord and complying with Applicable Laws; provided, however, for purposes of clauses (iv) and (v) above, with respect to subcontractors and material suppliers providing less than $50,000 in the aggregate of labor, materials or services, Tenant shall not be required to provide lien releases so long as the total amount of the unpaid labor, services and materials for all subcontractors for which no lien releases have been obtained, is less than $50,000 in the aggregate. Within thirty (30) days following receipt by Landlord of a Fund Request and the accompanying materials required by this Section7th Floor TI Allowance, Landlord shall pay contribute up to Two Thousand Eight Hundred Fifty and 15/100 Dollars (as elected by Tenant$2,850.15) (based upon 15/100 Dollars ($0.15) per square foot of Rentable Area of the applicable contractors, subcontractors and material suppliers or Tenant the amount of 7th Floor Tenant Improvement costs set forth in such Fund Request; provided, however, that Landlord shall not be obligated Premises) to make any payments under this Section until pay the budget cost of developing a test fit plan for the 7th Floor Tenant Improvements is approved Premises (the “7th Floor Test Fit Allowance”), which shall be disbursed by Landlord directly to Tenant’s architect in accordance with Section 6.2, and any Fund Request under this Section shall be subject to the payment limits set forth in Section 6.2 above and Section 8 of the Lease Amendment7th Floor Work Letter.