As-Is Condition. (a) Tenant shall take possession of the Expansion Premises in its “AS IS” condition with no work of any kind whatsoever to be performed by Landlord in the Expansion Premises beyond the completion of Landlord’s standard shell delivery, as more particularly described on the attached Exhibit “A” which shall be in compliance with ail applicable: laws, codes, and regulations. Tenant shall be responsible for any desired alterations to the Expansion Premises and such alterations shall be at Tenant’s sole cost and expense. Tenant shall be responsible, at its sole cost and expense, for furnishing the Expansion Premises with furniture, fixtures and equipment necessary or desirable for Tenant to operate its business from the Expansion Premises. At Tenant’s sole cost and expense, Tenant shall provide all work of whatsoever nature which is required for the construction and operation of the Expansion Premises pursuant to Section 8 of the Lease (“Tenant’s Work”). (b) In consideration of Tenant performing Tenant’s Work and provided that Tenant is not in default under the Lease, then Tenant shall be entitled to a tenant improvement allowance for improvement costs actually incurred up to [***] per rentable square foot of Expansion Premises for the Expansion Premises pursuant to the terms of this Paragraph 8 the “Tenant Improvement Allowance”). The Tenant Improvement Allowance shall be paid to Tenant in partial installments for Tenant’s Work actually completed but in no event more frequently than once per month. Such partial installments shall be reduced by a holdback of ten percent (1,0%) of the Partial Installment Request (as. hereinafter defined), which holdback shall not be due and payable until the conditions of the Final Payment Request (as hereinafter defined) are satisfied. (c) To obtain a partial installment, Tenant must submit to Landlord a request in writing (the “Partial: Installment Request”), which written: request shall include: (i) a breakdown of Tenant’s construction costs to date, together with receipted invoices showing payment thereof, and (ii) supporting partial or final lien waivers and releases executed by ▇▇▇▇▇▇’s designer, the general contractor and all subcontractors and suppliers in connection with ▇▇▇▇▇▇’s Work (collectively, the “Partial Installment Documentation”), Upon Landlord’s receipt and approval of the Partial Installment Documentation, Landlord shall pay the applicable portion of the Tenant Improvement Allowance (subject to the holdback set forth above) to Tenant within thirty (30) days, unless Landlord notifies Tenant, in writing, of its rejection (and reason therefore) of any or all of the Partial Installment Request, and if so, upon reasonable satisfaction of the objections, Landlord shall pay any remaining portion of the Partial Installment Request due to Tenant within ten (10) business days. (d) After Tenant’s Work is Substantially Complete (as defined below), Tenant will submit to Landlord a request in writing (the “Final Payment Request”) for the remainder of the Tenant Improvement Allowance (including any holdback), which written request shall include: (i) record “as-built” drawings showing all of the Tenant’s Work as actually constructed to be provided in both written and electronic media format (CADD), (ii) a breakdown of Tenant’s final and total construction costs, together with receipted invoices showing payment thereof, (iii) a certified, written statement from ▇▇▇▇▇▇’s designer that all of the Tenant’s Work has been completed in accordance with the approved Tenant Improvement Plans, (iv) all supporting final ▇▇▇▇ ▇▇▇▇▇▇▇ and releases executed by ▇▇▇▇▇▇’s designer, the general contractor and all subcontractors and suppliers in connection with Tenant’s Work, (v) a copy of the application for a certificate of occupancy, or amended certificate of occupancy required with respect to the Demised Premises, together with all licenses, certificates, permits and other governmental authorizations necessary in connection with Tenant’s Work and operation of Tenant’s business from the Expansion Premises, and (vi) to the extent not previously provided and approved by Landlord, the Tenant Investment Documentation (collectively, the “Final Improvement Documentation”). Upon ▇▇▇▇▇▇▇▇’s receipt of the ▇▇▇▇▇ Improvement Documentation, Landlord, shall pay the applicable portion of the Tenant Improvement Allowance (including any holdback) to Tenant within thirty (30) days, unless Landlord notifies Tenant, in writing, of its rejection (and reason therefor) of any or all of the Final Payment Request, and if so, upon reasonable satisfaction of the objections, Landlord shall pay any remaining portion of the Tenant Improvement Allowance due to Tenant within ten (10) business days. The Tenant’s Work shall be deemed “Substantially Complete” for purposes of this subparagraph (d) when Tenant has received.a certificate of occupancy or temporary certificate of Occupancy from, or is otherwise permitted to open by, the local governmental authorities. In the event that this Lease is terminated prior to Expiration Date of the stated Term of this Amendment due to Tenant’s default, then Tenant shall immediately repay to Landlord an amount equal to the then unamortized portion of the Tenant Improvement Allowance paid to Tenant or otherwise credited towards ▇▇▇▇▇▇’s rent, which amortization shall be on the straight-line basis over the full stated Term of this Lease. (e) Notwithstanding other provisions of this Paragraph 7 to the contrary, Tenant shall not be obligated to make any improvements to the Existing Premises: or Expansion Premises other than those encompassed within Tenant’s Work. Tenant shall be solely responsible for the cost of all improvements that exceed the Tenant Improvement Allowance. If after twelve (12) months after the Expansion Premises Commencement Date Tenant has not utilized all or any portion of the Tenant Improvement Allowance, such remaining balance of the Tenant Improvement Allowance shall be applied as credit towards ▇▇▇▇▇▇’s rent. (f) On the date of this Amendment, Landlord will make available for Tenant with a one-time refurbishment allowance (the “Refurbishment Allowance”) of an amount not to exceed Five and 00/100 Dollars ($5,00) per rentable square foot of space in the Existing Premises. The Refurbishment Allowance may be utilized by Tenant for new floor coverings, wall coverings, painting and such other items as Tenant may desire to “freshen-up” or otherwise improve the Premises in Tenant’s discretion. Landlord shall pay such amounts to Tenant from time to time within thirty (30) days following ▇▇▇▇▇▇’s delivery to Landlord of Tenant’s demand therefor accompanied by reasonable back-up information, including, without limitation, sworn statements and lien waivers. Tenant shall be solely responsible for any amounts in excess of those to be provided by Landlord hereunder for such purposes,
Appears in 2 contracts
Sources: Amended and Restated Lease (Rocket Companies, Inc.), Amended and Restated Lease (Rocket Companies, Inc.)
As-Is Condition. (aa. Tenant acknowledges that all obligations of Landlord to construct tenant improvements for the Premises pursuant to the Lease, including without limitation, pursuant to Paragraph 5(b) Tenant shall take possession of the Expansion Second Amendment, have been met. Tenant hereby agrees to accept the Premises in its “AS ISas-is” condition with existing on the date hereof and, except as provided in subparagraph (b) below, Landlord shall have no work obligation to construct any tenant improvements to the Premises on behalf of any kind whatsoever to be performed by Landlord in Tenant during the Expansion Premises beyond Renewal Term.
b. Notwithstanding the completion of foregoing, using Building standard materials, methods and finishes and at Landlord’s cost, Landlord shall:
(i) repaint and recarpet the existing office area of the Premises or, alternatively, Tenant may elect to have Landlord repaint and recarpet the office area of the Subleased Premises (defined in Paragraph 6 below) in lieu of Landlord providing such improvements for the Premises. Landlord shall provide Building standard shell delivery, as more particularly described on selections from which Tenant may select colors for the attached Exhibit “A” which shall be in compliance with ail applicable: laws, codes, paint and regulationscarpet.
(ii) remove sheet rock covering one side of the overhead door between the Premises and the Subleased Premises. Tenant shall be responsible obligated to replace the sheet rock and restore the closing between the Premises and the Subleased Premises at the expiration of the Renewal Term. Items (i) and (ii) shall be known collectively, herein as “Landlord’s Work.” Tenant hereby acknowledges that the Landlord’s Work shall be performed while Tenant is in occupancy of the Premises, and Landlord’s actions in connection with the Landlord’s Work shall in no way constitute a constructive eviction of Tenant or entitle Tenant to any abatement of rent or subject Landlord to any liability for any desired alterations injury or interference with Tenant’s business; provided, however, Landlord shall use commercially reasonable efforts to minimize unreasonable interference with Tenant’s business in connection with performing Landlord’s Work. Landlord and Tenant shall agree upon a schedule for the Expansion Premises and such alterations performance of Landlord’s Work but Landlord shall not be required to incur any over-time charges in performing Landlord’s Work. Prior to Landlord’s performance of Landlord’s Work, Tenant, at Tenant’s sole cost cost, shall remove Tenant’s personal property, equipment and expense. Tenant shall be responsible, at its sole cost and expense, for furnishing the Expansion Premises with furniture, fixtures and equipment necessary or desirable for Tenant to operate its business furnishings from the Expansion Premises. At Tenant’s sole cost and expense, Tenant shall provide all work of whatsoever nature areas which is required for the construction and operation of the Expansion Premises pursuant to Section 8 of the Lease (“Tenantwill be affected by Landlord’s Work”).
(b) In consideration of Tenant performing Tenant’s Work and provided that Tenant is not in default under the Lease, then Tenant shall be entitled to a tenant improvement allowance for improvement costs actually incurred up to [***] per rentable square foot of Expansion Premises for the Expansion Premises pursuant to the terms of this Paragraph 8 the “Tenant Improvement Allowance”). The Tenant Improvement Allowance shall be paid to Tenant in partial installments for Tenant’s Work actually completed but in no event more frequently than once per month. Such partial installments shall be reduced by a holdback of ten percent (1,0%) of the Partial Installment Request (as. hereinafter defined), which holdback shall not be due and payable until the conditions of the Final Payment Request (as hereinafter defined) are satisfied.
(c) To obtain a partial installment, Tenant must submit to Landlord a request in writing (the “Partial: Installment Request”), which written: request shall include: (i) a breakdown of Tenant’s construction costs to date, together with receipted invoices showing payment thereof, and (ii) supporting partial or final lien waivers and releases executed by ▇▇▇▇▇▇’s designer, the general contractor and all subcontractors and suppliers in connection with ▇▇▇▇▇▇’s Work (collectively, the “Partial Installment Documentation”), Upon Landlord’s receipt and approval of the Partial Installment Documentation, Landlord shall pay the applicable portion of the Tenant Improvement Allowance (subject to the holdback set forth above) to Tenant within thirty (30) days, unless Landlord notifies Tenant, in writing, of its rejection (and reason therefore) of any or all of the Partial Installment Request, and if so, upon reasonable satisfaction of the objections, Landlord shall pay any remaining portion of the Partial Installment Request due to Tenant within ten (10) business days.
(d) After Tenant’s Work is Substantially Complete (as defined below), Tenant will submit to Landlord a request in writing (the “Final Payment Request”) for the remainder of the Tenant Improvement Allowance (including any holdback), which written request shall include: (i) record “as-built” drawings showing all of the Tenant’s Work as actually constructed to be provided in both written and electronic media format (CADD), (ii) a breakdown of Tenant’s final and total construction costs, together with receipted invoices showing payment thereof, (iii) a certified, written statement from ▇▇▇▇▇▇’s designer that all of the Tenant’s Work has been completed in accordance with the approved Tenant Improvement Plans, (iv) all supporting final ▇▇▇▇ ▇▇▇▇▇▇▇ and releases executed by ▇▇▇▇▇▇’s designer, the general contractor and all subcontractors and suppliers in connection with Tenant’s Work, (v) a copy of the application for a certificate of occupancy, or amended certificate of occupancy required with respect to the Demised Premises, together with all licenses, certificates, permits and other governmental authorizations necessary in connection with Tenant’s Work and operation of Tenant’s business from the Expansion Premises, and (vi) to the extent not previously provided and approved by Landlord, the Tenant Investment Documentation (collectively, the “Final Improvement Documentation”). Upon ▇▇▇▇▇▇▇▇’s receipt of the ▇▇▇▇▇ Improvement Documentation, Landlord, shall pay the applicable portion of the Tenant Improvement Allowance (including any holdback) to Tenant within thirty (30) days, unless Landlord notifies Tenant, in writing, of its rejection (and reason therefor) of any or all of the Final Payment Request, and if so, upon reasonable satisfaction of the objections, Landlord shall pay any remaining portion of the Tenant Improvement Allowance due to Tenant within ten (10) business days. The Tenant’s Work shall be deemed “Substantially Complete” for purposes of this subparagraph (d) when Tenant has received.a certificate of occupancy or temporary certificate of Occupancy from, or is otherwise permitted to open by, the local governmental authorities. In the event that this Lease is terminated prior to Expiration Date of the stated Term of this Amendment due to Tenant’s default, then Tenant shall immediately repay to Landlord an amount equal to the then unamortized portion of the Tenant Improvement Allowance paid to Tenant or otherwise credited towards ▇▇▇▇▇▇’s rent, which amortization shall be on the straight-line basis over the full stated Term of this Lease.
(e) Notwithstanding other provisions of this Paragraph 7 to the contrary, Tenant shall not be obligated to make any improvements to the Existing Premises: or Expansion Premises other than those encompassed within Tenant’s Work. Tenant shall be solely responsible for the cost of all improvements that exceed the Tenant Improvement Allowance. If after twelve (12) months after the Expansion Premises Commencement Date Tenant has not utilized all or any portion of the Tenant Improvement Allowance, such remaining balance of the Tenant Improvement Allowance shall be applied as credit towards ▇▇▇▇▇▇’s rent.
(f) On the date of this Amendment, Landlord will make available for Tenant with a one-time refurbishment allowance (the “Refurbishment Allowance”) of an amount not to exceed Five and 00/100 Dollars ($5,00) per rentable square foot of space in the Existing Premises. The Refurbishment Allowance may be utilized by Tenant for new floor coverings, wall coverings, painting and such other items as Tenant may desire to “freshen-up” or otherwise improve the Premises in Tenant’s discretion. Landlord shall pay such amounts to Tenant from time to time within thirty (30) days following ▇▇▇▇▇▇’s delivery to Landlord of Tenant’s demand therefor accompanied by reasonable back-up information, including, without limitation, sworn statements and lien waivers. Tenant shall be solely responsible for any amounts in excess of those to be provided by Landlord hereunder for such purposes,
Appears in 1 contract
As-Is Condition. Tenant hereby accepts the base, shell and core (a) Tenant shall take possession of the Expansion Premises in its “AS IS” condition with no work of any kind whatsoever to be performed by Landlord in the Expansion Premises beyond the completion of Landlord’s standard shell delivery, as more particularly described on the attached Exhibit “A” which shall be in compliance with ail applicable: laws, codes, and regulations. Tenant shall be responsible for any desired alterations to the Expansion Premises and such alterations shall be at Tenant’s sole cost and expense. Tenant shall be responsible, at its sole cost and expense, for furnishing the Expansion Premises with furniture, fixtures and equipment necessary or desirable for Tenant to operate its business from the Expansion Premises. At Tenant’s sole cost and expense, Tenant shall provide all work of whatsoever nature which is required for the construction and operation of the Expansion Premises pursuant to Section 8 of the Lease (“Tenant’s Work”).
(b) In consideration of Tenant performing Tenant’s Work and provided that Tenant is not in default under the Lease, then Tenant shall be entitled to a tenant improvement allowance for improvement costs actually incurred up to [***] per rentable square foot of Expansion Premises for the Expansion Premises pursuant to the terms of this Paragraph 8 the “Tenant Improvement Allowance”). The Tenant Improvement Allowance shall be paid to Tenant in partial installments for Tenant’s Work actually completed but in no event more frequently than once per month. Such partial installments shall be reduced by a holdback of ten percent (1,0%i) of the Partial Installment Request (as. hereinafter defined), which holdback shall not be due and payable until the conditions of the Final Payment Request (as hereinafter defined) are satisfied.
(c) To obtain a partial installment, Tenant must submit to Landlord a request in writing (the “Partial: Installment Request”), which written: request shall include: (i) a breakdown of Tenant’s construction costs to date, together with receipted invoices showing payment thereofPremises, and (ii) supporting partial or final lien waivers and releases executed by ▇▇▇▇▇▇’s designer, of the general contractor and all subcontractors and suppliers in connection with ▇▇▇▇▇▇’s Work floor(s) of the Building on which the Premises are located (collectively, the “Partial Installment Documentation”"Base, Shell and Core"), Upon Landlord’s receipt and approval in its current "AS-IS" condition existing as of the Partial Installment Documentation, Landlord shall pay date of the applicable portion Lease and the date of delivery to Tenant. Except for the Tenant Improvement Allowance (subject to the holdback set forth above) to Tenant within thirty (30) days, unless Landlord notifies Tenant, in writing, of its rejection (and reason therefore) of any or all of the Partial Installment Request, and if so, upon reasonable satisfaction of the objectionsbelow, Landlord shall pay any remaining portion of the Partial Installment Request due to Tenant within ten (10) business days.
(d) After Tenant’s Work is Substantially Complete (as defined below), Tenant will submit to Landlord a request in writing (the “Final Payment Request”) for the remainder of the Tenant Improvement Allowance (including any holdback), which written request shall include: (i) record “as-built” drawings showing all of the Tenant’s Work as actually constructed to be provided in both written and electronic media format (CADD), (ii) a breakdown of Tenant’s final and total construction costs, together with receipted invoices showing payment thereof, (iii) a certified, written statement from ▇▇▇▇▇▇’s designer that all of the Tenant’s Work has been completed in accordance with the approved Tenant Improvement Plans, (iv) all supporting final ▇▇▇▇ ▇▇▇▇▇▇▇ and releases executed by ▇▇▇▇▇▇’s designer, the general contractor and all subcontractors and suppliers in connection with Tenant’s Work, (v) a copy of the application for a certificate of occupancy, or amended certificate of occupancy required with respect to the Demised Premises, together with all licenses, certificates, permits and other governmental authorizations necessary in connection with Tenant’s Work and operation of Tenant’s business from the Expansion Premises, and (vi) to the extent not previously provided and approved by Landlord, the Tenant Investment Documentation (collectively, the “Final Improvement Documentation”). Upon ▇▇▇▇▇▇▇▇’s receipt of the ▇▇▇▇▇ Improvement Documentation, Landlord, shall pay the applicable portion of the Tenant Improvement Allowance (including any holdback) to Tenant within thirty (30) days, unless Landlord notifies Tenant, in writing, of its rejection (and reason therefor) of any or all of the Final Payment Request, and if so, upon reasonable satisfaction of the objections, Landlord shall pay any remaining portion of the Tenant Improvement Allowance due to Tenant within ten (10) business days. The Tenant’s Work shall be deemed “Substantially Complete” for purposes of this subparagraph (d) when Tenant has received.a certificate of occupancy or temporary certificate of Occupancy from, or is otherwise permitted to open by, the local governmental authorities. In the event that this Lease is terminated prior to Expiration Date of the stated Term of this Amendment due to Tenant’s default, then Tenant shall immediately repay to Landlord an amount equal to the then unamortized portion of the Tenant Improvement Allowance paid to Tenant or otherwise credited towards ▇▇▇▇▇▇’s rent, which amortization shall be on the straight-line basis over the full stated Term of this Lease.
(e) Notwithstanding other provisions of this Paragraph 7 to the contrary, Tenant shall not be obligated to make or pay for any alterations or improvements to the Existing Premises: , the Building, the Project or Expansion the Real Property. Notwithstanding the foregoing, if it is determined that the Premises other than those encompassed within Tenant’s Work. Tenant shall be solely responsible for the cost of all improvements that exceed the Tenant Improvement Allowance. If after twelve (12) months after the Expansion Premises Commencement Date Tenant has not utilized all or any portion of the Tenant Improvement Allowancebase building systems serving the Premises or the Building structure were not in good working order and condition and in compliance with applicable Laws, such remaining balance rules and regulations as of the Tenant Improvement Allowance shall be applied as credit towards ▇▇▇▇▇▇’s rent.
(f) On the date of this Amendmentdelivery to Tenant (including the "path of travel" to the Premises through the common areas complying with the Americans with Disabilities Act) (a “Non-Compliant Condition”), and such Non-Compliant Condition is not due to Tenant’s particular use (i.e., a use other than general office use) of, or activities or work in, the Premises, Landlord will make available for shall (as Tenant's sole remedy therefor) correct such non-compliance at Landlord’s cost within a commercially reasonable time after Landlord’s receipt of written notice thereof (provided that such notice must be received within nine (9) months following the date of execution and delivery of this Lease). For clarity, to the extent that a Non-Compliant Condition is triggered by the initial Tenant with Improvements constructed hereunder, and the Non-Compliant Condition does not arise out of or result from Tenant’s particular use (i.e., a one-time refurbishment allowance (the “Refurbishment Allowance”use other than general office use) of an amount not to exceed Five and 00/100 Dollars ($5,00) per rentable square foot of space in the Existing Premises. The Refurbishment Allowance may be utilized by Tenant for new floor coverings, wall coverings, painting and such other items as Tenant may desire to “freshen-up” or otherwise improve work within the Premises in Tenant’s discretion. which is inconsistent with typical office use), then Landlord shall pay (as Tenant's sole remedy therefor) correct such amounts to Tenant from non-compliance at Landlord’s cost within a commercially reasonable time to time after Landlord’s receipt of written notice thereof (provided that such notice must be received within thirty nine (309) days months following ▇▇▇▇▇▇’s the date of execution and delivery to Landlord of Tenant’s demand therefor accompanied by reasonable back-up information, including, without limitation, sworn statements and lien waivers. Tenant shall be solely responsible for any amounts in excess of those to be provided by Landlord hereunder for such purposes,this Lease).
Appears in 1 contract
Sources: Office Lease (Mitek Systems Inc)
As-Is Condition. (a) Tenant understands and agrees that the Leased Premises, including, without limitation, the existing improvements therein and the Building Systems servicing the Leased Premises, shall take possession of the Expansion Premises be leased by Tenant in its “AS IS” existing As-Is condition without any improvements, alterations, upgrades or enhancements by Landlord, and that all improvements shall be made by Tenant in accordance with Section 5.02 above and Exhibit D hereto. Landlord shall have no work other obligation of any kind whatsoever or character, express or implied, with respect to be performed the condition of the Leased Premises or the suitability thereof for Tenant’s purposes or with respect to alterations, additions, improvements, upgrades or enhancements to the Leased Premises, the Building Systems, the Building or the Project, and Tenant acknowledges that it has neither received nor relied upon any representation or warranty made by or on behalf of Landlord with respect to such matters. Without limiting the foregoing, Tenant acknowledges that it has not received any representation or warranty regarding the existing improvements in the Leased Premises (including, without limitation, the quantity, quality and nature of any particular improvements located within the Leased Premises irrespective of any statement or designation of Building Standard Improvements set forth herein). By entry hereunder, Tenant accepts the Leased Premises as suitable for Tenant’s intended use and as being in good and sanitary operating order, condition and repair, As-Is and without representation or warranty by Landlord in the Expansion Premises beyond the completion of Landlord’s standard shell delivery, as more particularly described on the attached Exhibit “A” which shall be in compliance with ail applicable: laws, codes, and regulations. Tenant shall be responsible for any desired alterations to the Expansion Premises and such alterations shall condition, use or occupancy which may be at Tenant’s sole cost and expense. Tenant shall be responsible, at its sole cost and expense, for furnishing the Expansion Premises with furniture, fixtures and equipment necessary or desirable for Tenant to operate its business from the Expansion Premises. At Tenant’s sole cost and expense, Tenant shall provide all work of whatsoever nature which is required for the construction and operation of the Expansion Premises pursuant to Section 8 of the Lease (“Tenant’s Work”)made thereof.
(b) In consideration of Tenant performing Tenant’s Work and provided that Tenant is not in default under Notwithstanding the Lease, then Tenant shall be entitled to a tenant improvement allowance for improvement costs actually incurred up to [***] per rentable square foot of Expansion Premises for the Expansion Premises pursuant to the foregoing terms of this Paragraph 8 the “Tenant Improvement Allowance”Section 6.01(a). The Tenant Improvement Allowance shall be paid to Tenant in partial installments for Tenant’s Work actually completed but in no event more frequently than once per month. Such partial installments shall be reduced by a holdback of ten percent (1,0%) of the Partial Installment Request (as. hereinafter defined), which holdback shall not be due and payable until the conditions of the Final Payment Request (as hereinafter defined) are satisfied.
(c) To obtain a partial installment, Tenant must submit to Landlord a request in writing (the “Partial: Installment Request”), which written: request shall include: (i) a breakdown of Tenant’s construction costs to date, together with receipted invoices showing payment thereof, and (ii) supporting partial or final lien waivers and releases executed by ▇▇▇▇▇▇’s designer, the general contractor and all subcontractors and suppliers in connection with ▇▇▇▇▇▇’s Work (collectively, the “Partial Installment Documentation”), Upon Landlord’s receipt and approval of the Partial Installment Documentation, Landlord shall pay deliver the applicable portion of the Tenant Improvement Allowance (subject to the holdback set forth above) to Tenant within thirty (30) days, unless Landlord notifies Tenant, in writing, of its rejection (and reason therefore) of any or all of the Partial Installment Request, and if so, upon reasonable satisfaction of the objections, Landlord shall pay any remaining portion of the Partial Installment Request due to Tenant within ten (10) business days.
(d) After Tenant’s Work is Substantially Complete (as defined below), Tenant will submit to Landlord a request in writing (the “Final Payment Request”) for the remainder of the Tenant Improvement Allowance (including any holdback), which written request shall include: (i) record “as-built” drawings showing all of the Tenant’s Work as actually constructed to be provided in both written and electronic media format (CADD), (ii) a breakdown of Tenant’s final and total construction costs, together with receipted invoices showing payment thereof, (iii) a certified, written statement from ▇▇▇▇▇▇’s designer that all of the Tenant’s Work has been completed in accordance Leased Premises with the approved Tenant Improvement Plans, (iv) all supporting final ▇▇▇▇ ▇▇▇▇▇▇▇ and releases executed by ▇▇▇▇▇▇’s designer, the general contractor roof in good condition and all subcontractors Building Systems in good working condition and suppliers in connection with Tenant’s Work, (v) a copy of the application for a certificate of occupancy, or amended certificate of occupancy required with respect to the Demised Premises, together with all licenses, certificates, permits and other governmental authorizations necessary in connection with Tenant’s Work and operation of Tenant’s business from the Expansion Premises, and (vi) to the extent not previously provided and approved by Landlord, the Tenant Investment Documentation (collectively, the “Final Improvement Documentation”). Upon ▇▇▇▇▇▇▇▇’s receipt of the ▇▇▇▇▇ Improvement Documentation, Landlord, shall pay the applicable portion of the Tenant Improvement Allowance (including any holdback) to Tenant within thirty (30) days, unless Landlord notifies Tenant, in writing, of its rejection (and reason therefor) of any or all of the Final Payment Request, and if so, upon reasonable satisfaction of the objections, Landlord shall pay any remaining portion of the Tenant Improvement Allowance due to Tenant within ten (10) business days. The Tenant’s Work shall be deemed “Substantially Complete” for purposes of this subparagraph (d) when Tenant has received.a certificate of occupancy or temporary certificate of Occupancy from, or is otherwise permitted to open by, the local governmental authorities. In the event that this Lease is terminated prior to Expiration Date of the stated Term of this Amendment due to Tenant’s default, then Tenant shall immediately repay to Landlord an amount equal to the then unamortized portion of the Tenant Improvement Allowance paid to Tenant or otherwise credited towards ▇▇▇▇▇▇’s rent, which amortization shall be on the straight-line basis over the full stated Term of this Lease.
(e) Notwithstanding other provisions of this Paragraph 7 to the contrary, Tenant shall not be obligated to make any improvements to the Existing Premises: or Expansion Premises other than those encompassed within Tenant’s Workrepair. Tenant shall be solely responsible for the cost give notice to Landlord of all improvements that exceed the Tenant Improvement Allowance. If after twelve (12) months after the Expansion Premises Commencement Date Tenant has not utilized all or any portion of the Tenant Improvement Allowance, such remaining balance of the Tenant Improvement Allowance shall be applied as credit towards ▇▇▇▇▇▇’s rent.
(f) On the date of this Amendment, Landlord will make available for Tenant with a one-time refurbishment allowance (the “Refurbishment Allowance”) of an amount not to exceed Five and 00/100 Dollars ($5,00) per rentable square foot of space in the Existing Premises. The Refurbishment Allowance may be utilized by Tenant for new floor coverings, wall coverings, painting and such other items as Tenant may desire to “freshen-up” or otherwise improve the Premises in Tenant’s discretion. Landlord shall pay such amounts to Tenant from time to time repairs reasonably required thereto within thirty (30) days following ▇▇▇▇▇▇’s delivery of the Delivery Date, in which event Landlord shall make such repairs as may be required at no cost to Tenant (through Building Operating Cost or otherwise). In the event Tenant fails to deliver a written claim to Landlord of Tenant’s demand therefor accompanied by reasonable back-up informationon or before such thirtieth (30th) day, including, without limitation, sworn statements and lien waivers. Tenant then Landlord shall be solely responsible for any amounts in excess of those conclusively deemed to be provided by Landlord hereunder for such purposes,have satisfied its obligations under this Section 6.01.
Appears in 1 contract
Sources: Office Building Lease (Fox Hollow Technologies Inc)
As-Is Condition. (a) Tenant shall take possession Landlord has previously constructed, and, subject to Landlord's obligation under Section 1.1.1 of the Expansion Premises in its “AS IS” condition with no work of any kind whatsoever to be performed by Landlord in the Expansion Premises beyond the completion of Landlord’s standard shell delivery, as more particularly described on the attached Exhibit “A” which shall be in compliance with ail applicable: laws, codes, and regulations. Tenant shall be responsible for any desired alterations to the Expansion Premises and such alterations shall be at Tenant’s sole cost and expense. Tenant shall be responsible, at its sole cost and expense, for furnishing the Expansion Premises with furniture, fixtures and equipment necessary or desirable for Tenant to operate its business from the Expansion Premises. At Tenant’s sole cost and expense, Tenant shall provide all work of whatsoever nature which is required for the construction and operation of the Expansion Premises pursuant to Section 8 of the Lease (“Tenant’s Work”).
(b) In consideration of Tenant performing Tenant’s Work and provided that Tenant is not in default under the Lease, then Tenant shall be entitled to a tenant improvement allowance for improvement costs actually incurred up to [***] per rentable square foot of Expansion Premises for hereby accepts the Expansion Premises pursuant to the terms of this Paragraph 8 the “Tenant Improvement Allowance”). The Tenant Improvement Allowance shall be paid to Tenant in partial installments for Tenant’s Work actually completed but in no event more frequently than once per month. Such partial installments shall be reduced by a holdback of ten percent base, shell and core (1,0%i) of the Partial Installment Request (as. hereinafter defined), which holdback shall not be due and payable until the conditions of the Final Payment Request (as hereinafter defined) are satisfied.
(c) To obtain a partial installment, Tenant must submit to Landlord a request in writing (the “Partial: Installment Request”), which written: request shall include: (i) a breakdown of Tenant’s construction costs to date, together with receipted invoices showing payment thereof, Premises and (ii) supporting partial or final lien waivers and releases executed by ▇▇▇▇▇▇’s designer, of the general contractor and all subcontractors and suppliers in connection with ▇▇▇▇▇▇’s Work floor(s) of the Building on which the Premises are located (collectively, the “Partial Installment Documentation”"Base, Shell and Core"), Upon Landlord’s receipt and approval in its current "AS-IS" condition existing as of the Partial Installment Documentation, Landlord shall pay date of the applicable portion of Lease and Lease Commencement Date. Except for the Tenant Improvement Allowance (subject to the holdback set forth above) to Tenant within thirty (30) days, unless Landlord notifies Tenant, in writing, of its rejection (and reason therefore) of any or all of the Partial Installment Request, and if so, upon reasonable satisfaction of the objectionsbelow, Landlord shall pay any remaining portion of the Partial Installment Request due to Tenant within ten (10) business days.
(d) After Tenant’s Work is Substantially Complete (as defined below), Tenant will submit to Landlord a request in writing (the “Final Payment Request”) for the remainder of the Tenant Improvement Allowance (including any holdback), which written request shall include: (i) record “as-built” drawings showing all of the Tenant’s Work as actually constructed to be provided in both written and electronic media format (CADD), (ii) a breakdown of Tenant’s final and total construction costs, together with receipted invoices showing payment thereof, (iii) a certified, written statement from ▇▇▇▇▇▇’s designer that all of the Tenant’s Work has been completed in accordance with the approved Tenant Improvement Plans, (iv) all supporting final ▇▇▇▇ ▇▇▇▇▇▇▇ and releases executed by ▇▇▇▇▇▇’s designer, the general contractor and all subcontractors and suppliers in connection with Tenant’s Work, (v) a copy of the application for a certificate of occupancy, or amended certificate of occupancy required with respect to the Demised Premises, together with all licenses, certificates, permits and other governmental authorizations necessary in connection with Tenant’s Work and operation of Tenant’s business from the Expansion Premises, and (vi) to the extent not previously provided and approved by Landlord, the Tenant Investment Documentation (collectively, the “Final Improvement Documentation”). Upon ▇▇▇▇▇▇▇▇’s receipt of the ▇▇▇▇▇ Improvement Documentation, Landlord, shall pay the applicable portion of the Tenant Improvement Allowance (including any holdback) to Tenant within thirty (30) days, unless Landlord notifies Tenant, in writing, of its rejection (and reason therefor) of any or all of the Final Payment Request, and if so, upon reasonable satisfaction of the objections, Landlord shall pay any remaining portion of the Tenant Improvement Allowance due to Tenant within ten (10) business days. The Tenant’s Work shall be deemed “Substantially Complete” for purposes of this subparagraph (d) when Tenant has received.a certificate of occupancy or temporary certificate of Occupancy from, or is otherwise permitted to open by, the local governmental authorities. In the event that this Lease is terminated prior to Expiration Date of the stated Term of this Amendment due to Tenant’s default, then Tenant shall immediately repay to Landlord an amount equal to the then unamortized portion of the Tenant Improvement Allowance paid to Tenant or otherwise credited towards ▇▇▇▇▇▇’s rent, which amortization shall be on the straight-line basis over the full stated Term of this Lease.
(e) Notwithstanding other provisions of this Paragraph 7 to the contrary, Tenant shall not be obligated to make or pay for any alterations or improvements to the Existing Premises: , the Building or Expansion the Complex. Upon execution of this Lease, Landlord shall provide Tenant (or its Architect, as defined below) with Landlord's most recently prepared wet-stamped path of travel drawings for the Building. Notwithstanding anything to the contrary contained herein, in the event that, during construction of the initial Tenant Improvements pursuant to this Exhibit B, Hazardous Materials are discovered in the Premises other than those encompassed within Tenant’s Work. Tenant or the Common Areas of the Building that require remediation and/or abatement, then Landlord shall be solely responsible responsible, at Landlord's sole cost, for any such remediation/abatement to the cost extent required by applicable governmental agencies. In the event that any Hazardous Material remediation by Landlord as required pursuant to the immediately preceding sentence causes an actual delay in Tenant's completion of all improvements that exceed the Tenant Improvement Allowance. If after twelve (12) months after the Expansion Premises Commencement Date Tenant has not utilized all or any portion construction of the Tenant Improvement AllowanceImprovements, such remaining balance then Tenant shall receive a credit against Base Rent next coming due an amount equal to one (1) day of Base Rent at the rate payable at the commencement of the Lease Term for each day that Tenant Improvement Allowance is actually delayed in occupying the Premises solely as a result of Landlord's Hazardous Materials remediation/abatement work. In addition to the foregoing, in the event that the Tenant Improvements trigger the need for code compliance work (including ADA and Title 24 or other Applicable Laws) at the Building, but outside of the Premises, including in the Common Areas, including the path of travel to the Premises, or any restrooms on Tenant's floors, then Landlord shall be applied as perform such code compliance work at Landlord's sole cost and expense in accordance with Applicable Laws. In the event that Landlord's failure to complete any of the foregoing code compliance work causes the City of San Francisco ("City") to not allow Tenant to occupy the Premises, then Tenant shall receive a credit towards ▇▇▇▇▇▇’s rent.
(f) On the date of this Amendment, Landlord will make available for Tenant with a one-time refurbishment allowance (the “Refurbishment Allowance”) of against Base Rent next coming due in an amount not equal to exceed Five and 00/100 Dollars one ($5,001) per rentable square foot day of space in Base Rent at the Existing Premises. The Refurbishment Allowance may be utilized by rate payable at the commencement of the Lease Term for each day that Tenant for new floor coverings, wall coverings, painting and such other items as Tenant may desire to “freshen-up” or otherwise improve is actually prevented from occupying the Premises in Tenant’s discretion. Landlord shall pay such amounts by the City solely as a result of Landlord's failure to Tenant from time to time within thirty (30) days following ▇▇▇▇▇▇’s delivery to Landlord complete any of Tenant’s demand therefor accompanied by reasonable back-up information, including, without limitation, sworn statements and lien waivers. Tenant shall be solely responsible for any amounts in excess of those to be provided by Landlord hereunder for such purposes,the foregoing code compliance work.
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As-Is Condition. (a) Tenant shall take possession of Subtenant accepts the Expansion Subleased Premises in its “AS IS” condition with current, "as-is" condition. Sublandlord shall have no work obligation to furnish or supply any work, services, furniture, fixtures, equipment, or decorations, except Sublandlord shall deliver the Subleased Premises in broom clean condition. On or before the Sublease Expiration Date or earlier termination or expiration of any kind whatsoever to be performed by Landlord in this Sublease, Subtenant shall restore the Expansion Subleased Premises beyond the completion of Landlord’s standard shell delivery, as more particularly described on the attached Exhibit “A” which shall be in compliance with ail applicable: laws, codes, and regulations. Tenant shall be responsible for any desired alterations to the Expansion Premises and such alterations shall be at Tenant’s sole cost and expense. Tenant shall be responsible, at its sole cost and expense, for furnishing the Expansion Premises with furniture, fixtures and equipment necessary or desirable for Tenant to operate its business from the Expansion Premises. At Tenant’s sole cost and expense, Tenant shall provide all work of whatsoever nature which is required for the construction and operation condition existing as of the Expansion Premises pursuant Sublease Commencement Date, ordinary wear and tear excepted. The obligations of Subtenant hereunder shall survive the expiration or earlier termination of this Sublease. NOTWITHSTANDING THE FOREGOING, SUBLANDLORD AGREES THAT SUBTENANT SHALL HAVE THE USE OF THE EXISTING FURNITURE CURRENTLY IN PLACE AT NO EXTRA CHARGE. A LIST OF THE FURNITURE INVENTORY SHALL BE ATTACTHED TO THE LEASE AND LABELED EXHIBIT C. ALL FURNITURE SHALL REMAIN THE OWNERSHIP OF SUBLANDLORD AND WILL BE RETURNED EXCEPTING NORMAL WEAR AND TEAR AT THE EXPIRATION OF THE SUBLEASE. Subtenant assumes all risks of using the existing furniture. Sublandlord makes no warranties whatsoever about the furniture or its integrity, safety, or fitness for use. Subtenant may store the furniture if Subtenant does not wish to Section 8 of use it so long as Subtenant returns the Lease (“Tenant’s Work”).
(b) In consideration of Tenant performing Tenant’s Work and provided that Tenant is not in default under the Lease, then Tenant shall be entitled to a tenant improvement allowance for improvement costs actually incurred up to [***] per rentable square foot of Expansion Premises for the Expansion Premises pursuant furniture from storage to the terms Subleased Premises in reasonably the same condition before the end of this Paragraph 8 the “Tenant Improvement Allowance”). The Tenant Improvement Allowance shall be paid to Tenant in partial installments for Tenant’s Work actually completed but in no event more frequently than once per month. Such partial installments shall be reduced by a holdback of ten percent (1,0%) of the Partial Installment Request (as. hereinafter defined), which holdback shall not be due and payable until the conditions of the Final Payment Request (as hereinafter defined) are satisfiedSublease.
(c) To obtain a partial installment, Tenant must submit to Landlord a request in writing (the “Partial: Installment Request”), which written: request shall include: (i) a breakdown of Tenant’s construction costs to date, together with receipted invoices showing payment thereof, and (ii) supporting partial or final lien waivers and releases executed by ▇▇▇▇▇▇’s designer, the general contractor and all subcontractors and suppliers in connection with ▇▇▇▇▇▇’s Work (collectively, the “Partial Installment Documentation”), Upon Landlord’s receipt and approval of the Partial Installment Documentation, Landlord shall pay the applicable portion of the Tenant Improvement Allowance (subject to the holdback set forth above) to Tenant within thirty (30) days, unless Landlord notifies Tenant, in writing, of its rejection (and reason therefore) of any or all of the Partial Installment Request, and if so, upon reasonable satisfaction of the objections, Landlord shall pay any remaining portion of the Partial Installment Request due to Tenant within ten (10) business days.
(d) After Tenant’s Work is Substantially Complete (as defined below), Tenant will submit to Landlord a request in writing (the “Final Payment Request”) for the remainder of the Tenant Improvement Allowance (including any holdback), which written request shall include: (i) record “as-built” drawings showing all of the Tenant’s Work as actually constructed to be provided in both written and electronic media format (CADD), (ii) a breakdown of Tenant’s final and total construction costs, together with receipted invoices showing payment thereof, (iii) a certified, written statement from ▇▇▇▇▇▇’s designer that all of the Tenant’s Work has been completed in accordance with the approved Tenant Improvement Plans, (iv) all supporting final ▇▇▇▇ ▇▇▇▇▇▇▇ and releases executed by ▇▇▇▇▇▇’s designer, the general contractor and all subcontractors and suppliers in connection with Tenant’s Work, (v) a copy of the application for a certificate of occupancy, or amended certificate of occupancy required with respect to the Demised Premises, together with all licenses, certificates, permits and other governmental authorizations necessary in connection with Tenant’s Work and operation of Tenant’s business from the Expansion Premises, and (vi) to the extent not previously provided and approved by Landlord, the Tenant Investment Documentation (collectively, the “Final Improvement Documentation”). Upon ▇▇▇▇▇▇▇▇’s receipt of the ▇▇▇▇▇ Improvement Documentation, Landlord, shall pay the applicable portion of the Tenant Improvement Allowance (including any holdback) to Tenant within thirty (30) days, unless Landlord notifies Tenant, in writing, of its rejection (and reason therefor) of any or all of the Final Payment Request, and if so, upon reasonable satisfaction of the objections, Landlord shall pay any remaining portion of the Tenant Improvement Allowance due to Tenant within ten (10) business days. The Tenant’s Work shall be deemed “Substantially Complete” for purposes of this subparagraph (d) when Tenant has received.a certificate of occupancy or temporary certificate of Occupancy from, or is otherwise permitted to open by, the local governmental authorities. In the event that this Lease is terminated prior to Expiration Date of the stated Term of this Amendment due to Tenant’s default, then Tenant shall immediately repay to Landlord an amount equal to the then unamortized portion of the Tenant Improvement Allowance paid to Tenant or otherwise credited towards ▇▇▇▇▇▇’s rent, which amortization shall be on the straight-line basis over the full stated Term of this Lease.
(e) Notwithstanding other provisions of this Paragraph 7 to the contrary, Tenant shall not be obligated to make any improvements to the Existing Premises: or Expansion Premises other than those encompassed within Tenant’s Work. Tenant shall be solely responsible for the cost of all improvements that exceed the Tenant Improvement Allowance. If after twelve (12) months after the Expansion Premises Commencement Date Tenant has not utilized all or any portion of the Tenant Improvement Allowance, such remaining balance of the Tenant Improvement Allowance shall be applied as credit towards ▇▇▇▇▇▇’s rent.
(f) On the date of this Amendment, Landlord will make available for Tenant with a one-time refurbishment allowance (the “Refurbishment Allowance”) of an amount not to exceed Five and 00/100 Dollars ($5,00) per rentable square foot of space in the Existing Premises. The Refurbishment Allowance may be utilized by Tenant for new floor coverings, wall coverings, painting and such other items as Tenant may desire to “freshen-up” or otherwise improve the Premises in Tenant’s discretion. Landlord shall pay such amounts to Tenant from time to time within thirty (30) days following ▇▇▇▇▇▇’s delivery to Landlord of Tenant’s demand therefor accompanied by reasonable back-up information, including, without limitation, sworn statements and lien waivers. Tenant shall be solely responsible for any amounts in excess of those to be provided by Landlord hereunder for such purposes,
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As-Is Condition. (a) Tenant shall take possession of Subtenant accepts the Expansion Subleased Premises in its current, “AS ISas-is” condition. Sublandlord shall have no obligation to furnish or supply any work, services, furniture, fixtures, equipment, or decorations, except for those items separately agreed upon and included in a ▇▇▇▇ of Sale executed concurrently herewith. Sublandlord does not make any representations or warranties with respect to the (i) condition with no work of any kind whatsoever the Subleased Premises, or the fixtures or equipment therein, including, without limitation, the telephone and data cabling, the compressed air distribution, electrical, mechanical, plumbing, alarm, and heating, air conditioning and ventilation systems, if any; provided, however, that Sublandlord shall deliver the Subleased Premises to be performed by Landlord Subtenant in a broom clean condition and (ii) whether the Expansion Subleased Premises beyond the completion of Landlord’s standard shell delivery, as more particularly described on the attached Exhibit “A” which shall be is in compliance with ail applicable: any laws, codesregulations, rules, ordinances, or any other requirements having the effect of law (including, without limitation, compliance with any safety requirements and regulationsthe Americans with Disabilities Act). Tenant Subtenant acknowledges and agrees that Sublandlord shall not be responsible required to make any alterations, improvements, installations, or repairs, to prepare the Subleased Premises for any desired alterations to the Expansion Premises and such alterations Subtenant’s occupancy. Subtenant shall be at Tenant’s sole cost and expense. Tenant shall be responsibleobtain, at its sole cost and expense, for furnishing any licenses or permits required in connection with the Expansion Premises with furniture, fixtures and equipment necessary or desirable for Tenant to operate operation of its business from in the Expansion Subleased Premises. At TenantSubtenant shall, at Subtenant’s sole cost and expense, Tenant shall provide clean and maintain, and make all work of whatsoever nature which is required for the construction repairs and operation of the Expansion Premises pursuant to Section 8 of the Lease (“Tenant’s Work”).
(b) In consideration of Tenant performing Tenant’s Work and provided that Tenant is not in default under the Lease, then Tenant shall be entitled to a tenant improvement allowance for improvement costs actually incurred up to [***] per rentable square foot of Expansion Premises for the Expansion Premises pursuant replacements to the terms of this Paragraph 8 Subleased Premises, the “Tenant Improvement Allowance”). The Tenant Improvement Allowance shall be paid to Tenant in partial installments for Tenant’s Work actually completed but in no event more frequently than once per month. Such partial installments shall be reduced by a holdback of ten percent (1,0%) of the Partial Installment Request (as. hereinafter defined), which holdback shall not be due and payable until the conditions of the Final Payment Request (as hereinafter defined) are satisfied.
(c) To obtain a partial installment, Tenant must submit to Landlord a request in writing (the “Partial: Installment Request”), which written: request shall include: (i) a breakdown of Tenant’s construction costs to date, together with receipted invoices showing payment thereoffixtures, and (ii) supporting partial or final lien waivers appurtenances therein, including the heating, ventilation and releases executed by ▇▇▇▇▇▇’s designerair conditioning system serving the Subleased Premises, the general contractor and all subcontractors and suppliers in connection with ▇▇▇▇▇▇’s Work (collectively, the “Partial Installment Documentation”), Upon Landlord’s receipt and approval of the Partial Installment Documentation, Landlord shall pay the applicable portion of the Tenant Improvement Allowance (subject to the holdback set forth above) to Tenant within thirty (30) days, unless Landlord notifies Tenant, in writing, of its rejection (and reason therefore) of any or all of the Partial Installment Requestas, and if sowhen, upon reasonable satisfaction of needed to preserve the objectionsSubleased Premises in good working order and condition, Landlord shall pay any remaining portion of the Partial Installment Request due to Tenant within ten (10) business days.
(d) After Tenant’s Work is Substantially Complete (as defined below), Tenant will submit to Landlord a request in writing (the “Final Payment Request”) for the remainder of the Tenant Improvement Allowance (including any holdback), which written request shall include: (i) record “as-built” drawings showing all of the Tenant’s Work as actually constructed to be provided in both written and electronic media format (CADD), (ii) a breakdown of Tenant’s final and total construction costs, together with receipted invoices showing payment thereof, (iii) a certified, written statement from ▇▇▇▇▇▇’s designer that all of the Tenant’s Work has been completed in accordance with the approved Tenant Improvement Plans, (iv) all supporting final ▇▇▇▇ ▇▇▇▇▇▇▇ and releases executed by ▇▇▇▇▇▇’s designer, the general contractor and all subcontractors and suppliers in connection with Tenant’s Work, (v) a copy terms of the application Primary Lease and in compliance with all laws and other requirements having the force of law, arising from the use and/or occupancy of the Subleased Premises, except for a certificate any cleaning, maintenance, repairs and replacement provided in the Primary Lease to be made by Landlord. On or before the Sublease Expiration Date or earlier termination or expiration of occupancythis Sublease, or amended certificate of occupancy required with respect Subtenant shall restore the Subleased Premises to the Demised Premises, together with all licenses, certificates, permits and other governmental authorizations necessary in connection with Tenant’s Work and operation of Tenant’s business from the Expansion Premises, and (vi) to the extent not previously provided and approved by Landlord, the Tenant Investment Documentation (collectively, the “Final Improvement Documentation”). Upon ▇▇▇▇▇▇▇▇’s receipt condition existing as of the ▇▇▇▇▇ Improvement DocumentationSublease Commencement Date, Landlord, shall pay the applicable portion of the Tenant Improvement Allowance (including any holdback) to Tenant within thirty (30) days, unless Landlord notifies Tenant, in writing, of its rejection (ordinary wear and reason therefor) of any or all of the Final Payment Request, and if so, upon reasonable satisfaction of the objections, Landlord shall pay any remaining portion of the Tenant Improvement Allowance due to Tenant within ten (10) business daystear excepted. The Tenant’s Work obligations of Subtenant hereunder shall be deemed “Substantially Complete” for purposes survive the expiration or earlier termination of this subparagraph (d) when Tenant has received.a certificate of occupancy or temporary certificate of Occupancy from, or is otherwise permitted to open by, the local governmental authorities. In the event that this Lease is terminated prior to Expiration Date of the stated Term of this Amendment due to Tenant’s default, then Tenant shall immediately repay to Landlord an amount equal to the then unamortized portion of the Tenant Improvement Allowance paid to Tenant or otherwise credited towards ▇▇▇▇▇▇’s rent, which amortization shall be on the straight-line basis over the full stated Term of this LeaseSublease.
(e) Notwithstanding other provisions of this Paragraph 7 to the contrary, Tenant shall not be obligated to make any improvements to the Existing Premises: or Expansion Premises other than those encompassed within Tenant’s Work. Tenant shall be solely responsible for the cost of all improvements that exceed the Tenant Improvement Allowance. If after twelve (12) months after the Expansion Premises Commencement Date Tenant has not utilized all or any portion of the Tenant Improvement Allowance, such remaining balance of the Tenant Improvement Allowance shall be applied as credit towards ▇▇▇▇▇▇’s rent.
(f) On the date of this Amendment, Landlord will make available for Tenant with a one-time refurbishment allowance (the “Refurbishment Allowance”) of an amount not to exceed Five and 00/100 Dollars ($5,00) per rentable square foot of space in the Existing Premises. The Refurbishment Allowance may be utilized by Tenant for new floor coverings, wall coverings, painting and such other items as Tenant may desire to “freshen-up” or otherwise improve the Premises in Tenant’s discretion. Landlord shall pay such amounts to Tenant from time to time within thirty (30) days following ▇▇▇▇▇▇’s delivery to Landlord of Tenant’s demand therefor accompanied by reasonable back-up information, including, without limitation, sworn statements and lien waivers. Tenant shall be solely responsible for any amounts in excess of those to be provided by Landlord hereunder for such purposes,
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As-Is Condition. Tenant acknowledges that Tenant has been and is in occupancy of the Existing Premises. Tenant is fully aware of the condition of the Existing Premises, and therefore, Tenant shall continue to accept the Remaining Premises in its presently existing, “as is” condition, and Landlord shall not be obligated to provide or pay for any improvements or alterations to the Remaining Premises, except as expressly set forth in the Tenant Work Letter attached hereto as Exhibit B (the "Tenant Work Letter") or this Section 5. Notwithstanding the foregoing, Landlord shall perform any work necessary such that the plumbing (not including plumbing for lab processing), electrical systems, fire sprinkler system, lighting, and all other building systems serving the Remaining Premises are in good operating condition and repair, provided that the need to repair or replace was not caused by the misuse, misconduct, damage, destruction, omissions, failure to maintain pursuant to the Lease, and/or negligence of Tenant, its subtenants and/or assignees, if any, or any company which is acquired, sold or merged with Tenant (collectively, "Tenant Damage"), or by any unreasonable modifications, alterations or improvements constructed by or on behalf of Tenant. To the extent repairs which Landlord is required to make pursuant to this Section 6 are necessitated in part by Tenant Damage, then Tenant shall reimburse Landlord for an equitable proportion of the reasonable costs of such repair. For purposes of Section 1938 of the California Civil Code, Landlord hereby discloses to Tenant, and Tenant hereby acknowledges that the Common Areas, the Existing Premises, the Remaining Premises and the Give-Back Space have not undergone inspection by a Certified Access Specialist (CASp). As required by Section 1938(e) of the California Civil Code, Landlord hereby states as follows: "A Certified Access Specialist (CASp) can inspect the subject premises and determine whether the subject premises comply with all of the applicable construction-related accessibility standards under state law. Although state law does not require a CASp inspection of the subject premises, the commercial property owner or lessor may not prohibit the lessee or tenant from obtaining a CASp inspection of the subject premises for the occupancy or potential occupancy of the lessee or tenant, if requested by the lessee or tenant. The parties shall mutually agree on the arrangements for the time and manner of the CASp inspection, the payment of the fee for the CASp inspection, and the cost of making any repairs necessary to correct violations of construction- related accessibility standards within the premises." In furtherance of the foregoing, Landlord and Tenant hereby agree as follows: (a) Tenant shall take possession of the Expansion Premises in its “AS IS” condition with no work of any kind whatsoever to be performed CASp inspection requested by Landlord in the Expansion Premises beyond the completion of Landlord’s standard shell delivery, as more particularly described on the attached Exhibit “A” which shall be in compliance with ail applicable: laws, codes, and regulations. Tenant shall be responsible for any desired alterations to the Expansion Premises and such alterations shall be conducted, at Tenant’s sole cost and expense. Tenant shall be responsible, at its 's sole cost and expense, by a CASp reasonably approved in advance by Landlord; and (b) pursuant to Article 24 of the Original Lease, Tenant, at its cost, is responsible for furnishing making any repairs within the Expansion Premises with furnitureto correct violations of construction-related accessibility standards created by Tenant and discovered as part of the CASp inspection; and, fixtures and equipment necessary if anything done by or desirable for Tenant in its use or occupancy of the Premises shall require repairs to operate its business from the Expansion Building (outside the Premises. At ) to correct violations of construction-related accessibility standards created by Tenant’s , then Tenant shall, at Landlord's option, either perform such repairs at Tenant's sole cost and expenseexpense or reimburse Landlord upon demand, Tenant shall provide all work of whatsoever nature which is required for the construction and operation of the Expansion Premises pursuant to Section 8 of the Lease (“Tenant’s Work”).
(b) In consideration of Tenant performing Tenant’s Work and provided that Tenant is not in default under the Leaseas Additional Rent, then Tenant shall be entitled to a tenant improvement allowance for improvement costs actually incurred up to [***] per rentable square foot of Expansion Premises for the Expansion Premises pursuant to the terms of this Paragraph 8 the “Tenant Improvement Allowance”). The Tenant Improvement Allowance shall be paid to Tenant in partial installments for Tenant’s Work actually completed but in no event more frequently than once per month. Such partial installments shall be reduced by a holdback of ten percent (1,0%) of the Partial Installment Request (as. hereinafter defined), which holdback shall not be due and payable until the conditions of the Final Payment Request (as hereinafter defined) are satisfied.
(c) To obtain a partial installment, Tenant must submit to Landlord a request in writing (the “Partial: Installment Request”), which written: request shall include: (i) a breakdown of Tenant’s construction costs to date, together with receipted invoices showing payment thereof, and (ii) supporting partial or final lien waivers and releases executed by ▇▇▇▇▇▇’s designer, the general contractor and all subcontractors and suppliers in connection with ▇▇▇▇▇▇’s Work (collectively, the “Partial Installment Documentation”), Upon Landlord’s receipt and approval of the Partial Installment Documentation, Landlord shall pay the applicable portion of the Tenant Improvement Allowance (subject to the holdback set forth above) to Tenant within thirty (30) days, unless Landlord notifies Tenant, in writing, of its rejection (and reason therefore) of any or all of the Partial Installment Request, and if so, upon reasonable satisfaction of the objections, Landlord shall pay any remaining portion of the Partial Installment Request due to Tenant within ten (10) business days.
(d) After Tenant’s Work is Substantially Complete (as defined below), Tenant will submit to Landlord a request in writing (the “Final Payment Request”) for the remainder of the Tenant Improvement Allowance (including any holdback), which written request shall include: (i) record “as-built” drawings showing all of the Tenant’s Work as actually constructed to be provided in both written and electronic media format (CADD), (ii) a breakdown of Tenant’s final and total construction costs, together with receipted invoices showing payment thereof, (iii) a certified, written statement from ▇▇▇▇▇▇’s designer that all of the Tenant’s Work has been completed in accordance with the approved Tenant Improvement Plans, (iv) all supporting final ▇▇▇▇ ▇▇▇▇▇▇▇ and releases executed by ▇▇▇▇▇▇’s designer, the general contractor and all subcontractors and suppliers in connection with Tenant’s Work, (v) a copy of the application for a certificate of occupancy, or amended certificate of occupancy required with respect to the Demised Premises, together with all licenses, certificates, permits and other governmental authorizations necessary in connection with Tenant’s Work and operation of Tenant’s business from the Expansion Premises, and (vi) to the extent not previously provided and approved by Landlord, the Tenant Investment Documentation (collectively, the “Final Improvement Documentation”). Upon ▇▇▇▇▇▇▇▇’s receipt of the ▇▇▇▇▇ Improvement Documentation, Landlord, shall pay the applicable portion of the Tenant Improvement Allowance (including any holdback) to Tenant within thirty (30) days, unless Landlord notifies Tenant, in writing, of its rejection (and reason therefor) of any or all of the Final Payment Request, and if so, upon reasonable satisfaction of the objections, Landlord shall pay any remaining portion of the Tenant Improvement Allowance due to Tenant within ten (10) business days. The Tenant’s Work shall be deemed “Substantially Complete” for purposes of this subparagraph (d) when Tenant has received.a certificate of occupancy or temporary certificate of Occupancy from, or is otherwise permitted to open by, the local governmental authorities. In the event that this Lease is terminated prior to Expiration Date of the stated Term of this Amendment due to Tenant’s default, then Tenant shall immediately repay to Landlord an amount equal to the then unamortized portion of the Tenant Improvement Allowance paid to Tenant or otherwise credited towards ▇▇▇▇▇▇’s rent, which amortization shall be on the straight-line basis over the full stated Term of this Lease.
(e) Notwithstanding other provisions of this Paragraph 7 to the contrary, Tenant shall not be obligated to make any improvements to the Existing Premises: or Expansion Premises other than those encompassed within Tenant’s Work. Tenant shall be solely responsible for the cost of all improvements that exceed the Tenant Improvement Allowance. If after twelve (12) months after the Expansion Premises Commencement Date Tenant has not utilized all or any portion of the Tenant Improvement Allowance, such remaining balance of the Tenant Improvement Allowance shall be applied as credit towards ▇▇▇▇▇▇’s rent.
(f) On the date of this Amendment, Landlord will make available for Tenant with a one-time refurbishment allowance (the “Refurbishment Allowance”) of an amount not to exceed Five and 00/100 Dollars ($5,00) per rentable square foot of space in the Existing Premises. The Refurbishment Allowance may be utilized by Tenant for new floor coverings, wall coverings, painting and such other items as Tenant may desire to “freshen-up” or otherwise improve the Premises in Tenant’s discretion. Landlord shall pay such amounts to Tenant from time to time within thirty (30) days following ▇▇▇▇▇▇’s delivery to Landlord of Tenant’s demand therefor accompanied by reasonable back-up information, including, without limitation, sworn statements and lien waivers. Tenant shall be solely responsible for any amounts in excess of those to be provided by Landlord hereunder for performing such purposes,repairs.
Appears in 1 contract
Sources: Lease (TerraVia Holdings, Inc.)
As-Is Condition. Sublessee accepts the Premises in its condition as it exists on the date hereof, in a broom swept condition, and Sublessor makes no representation or warranty concerning the condition of the Premises. Except as expressly set forth herein, Sublessor shall have no obligation whatsoever to make any repairs or improvements to the Premises or the building in which the Premises are a part, or to provide Sublessee with any improvement allowance; provided, however, that Sublessor shall (a) Tenant shall take possession construct all doors and walls necessary to separately demise the Premises from all other portions of the Expansion Premises in its “AS IS” condition with no work Building ("Landlord's Work"), the cost of any kind whatsoever to be performed by Landlord in which the Expansion Premises beyond the completion of Landlord’s standard shell delivery, as more particularly described on the attached Exhibit “A” which parties shall be in compliance with ail applicable: laws, codesshare equally, and regulations. Tenant shall be responsible for any desired alterations to the Expansion Premises and such alterations shall be at Tenant’s sole cost and expense. Tenant shall be responsible, at its sole cost and expense, for furnishing the Expansion Premises with furniture, fixtures and equipment necessary or desirable for Tenant to operate its business from the Expansion Premises. At Tenant’s sole cost and expense, Tenant shall provide all work of whatsoever nature which is required for the construction and operation of the Expansion Premises pursuant to Section 8 of the Lease (“Tenant’s Work”).
(b) In consideration cause to be repaired or installed all the work set forth on EXHIBIT "A-2". (The location of Tenant performing Tenant’s said door or wall is identified on the drawing attached hereto as EXHIBIT "A-1.") Within ten (10) days after the Commencement Date, Sublessor shall submit to Sublessee an estimate for the total cost of completing Landlord's Work and provided that Tenant is (the "Estimate"). Within ten (10) days after its receipt of the Estimate, Sublessee shall provide Sublessor with written notice indicating whether Sublessee elects to complete Landlord's Work; provided, however, for the purposes of this Sublease, Sublessee's failure to deliver such notice with the ten (10) day period shall be deemed an election not in default under to complete Landlord's Work. If Sublessee elects not to complete Landlord's Work within the Leaseten (10) day period, Sublessor shall complete the same. Further, if Sublessee elects to complete Landlord's Work, then Tenant Sublessee shall be entitled to a tenant improvement allowance for improvement deduct fifty percent (50%) of Sublessee's out-of-pocket costs actually incurred up to [***] per rentable square foot of Expansion Premises for complete the Expansion Premises pursuant to Landlord's Work from Sublessee's Rent obligations; provided, however, the terms of this Paragraph 8 the “Tenant Improvement Allowance”). The Tenant Improvement Allowance maximum deduction from Sublessee's Rent obligations shall be paid to Tenant in partial installments for Tenant’s Work actually completed but in no event more frequently than once per month. Such partial installments shall be reduced by a holdback of ten fifty percent (1,050%) of the Partial Installment Request (asEstimate. hereinafter defined), which holdback shall Sublessee acknowledges that the Master Lessor intends to retrofit the Premises for seismic purposes and Sublessee agrees not be due and payable until the conditions to interfere with Master Lessor's completion of the Final Payment Request (as hereinafter defined) are satisfied.
(c) To obtain a partial installment, Tenant must submit to Landlord a request in writing (the “Partial: Installment Request”), which written: request shall include: such work. Sublessor (i) a breakdown takes no responsibility for the timing or quality of Tenant’s construction costs to date, together with receipted invoices showing payment thereofMaster Lessor's work in so retrofitting the Premises, and (ii) supporting partial shall have no responsibility or final lien waivers and releases executed by ▇▇▇▇▇▇’s designerliability for any interference with Sublessee's business operations as a result thereof. Further, the general contractor and all subcontractors and suppliers in connection with ▇▇▇▇▇▇’s Work (collectively, the “Partial Installment Documentation”), Upon Landlord’s receipt and approval of the Partial Installment Documentation, Landlord shall pay the applicable portion of the Tenant Improvement Allowance (subject to the holdback set forth above) to Tenant within thirty (30) days, unless Landlord notifies Tenant, in writing, of its rejection (and reason therefore) of any or all of the Partial Installment Request, and if so, upon reasonable satisfaction of the objections, Landlord shall pay any remaining portion of the Partial Installment Request due to Tenant within ten (10) business days.
(d) After Tenant’s Work is Substantially Complete (as defined below), Tenant will submit to Landlord a request in writing (the “Final Payment Request”) for the remainder of the Tenant Improvement Allowance (including any holdback), which written request shall include: (i) record “as-built” drawings showing all of the Tenant’s Work as actually constructed to be provided in both written and electronic media format (CADD), (ii) a breakdown of Tenant’s final and total construction costs, together with receipted invoices showing payment thereof, (iii) a certified, written statement from ▇▇▇▇▇▇’s designer that all of the Tenant’s Work has been completed in accordance with the approved Tenant Improvement PlansLetter Agreement of April 25, (iv) all supporting final ▇▇▇▇ ▇▇▇▇▇▇▇ and releases executed by ▇▇▇▇▇▇’s designer2000, the general contractor and all subcontractors and suppliers in connection with Tenant’s Work, (v) a copy of the application same attached hereto as EXHIBIT "D", Sublessor and Lee & ▇ssociates shall contract for a certificate of occupancy, or amended certificate of occupancy required and pay all costs ("Sandblast Costs") associated with respect to the Demised Premises, together with all licenses, certificates, permits and other governmental authorizations necessary in connection with Tenant’s Work and operation of Tenant’s business from the Expansion Premises, and (vi) to the extent not previously provided and approved by Landlord, the Tenant Investment Documentation (collectively, the “Final Improvement Documentation”). Upon ▇▇▇▇▇▇▇▇’s receipt sandblast of the ▇▇▇▇▇ Improvement Documentation, Landlord, shall pay the applicable portion interior roof of the Tenant Improvement Allowance (including any holdback) to Tenant within thirty (30) days, unless Landlord notifies Tenant, in writing, of its rejection (and reason therefor) of any or all of the Final Payment Request, and if so, upon reasonable satisfaction of the objections, Landlord shall pay any remaining portion of the Tenant Improvement Allowance due to Tenant within ten (10) business days. The Tenant’s Work shall be deemed “Substantially Complete” for purposes of this subparagraph (d) when Tenant has received.a certificate of occupancy or temporary certificate of Occupancy from, or is otherwise permitted to open by, the local governmental authorities. In the event that this Lease is terminated prior to Expiration Date of the stated Term of this Amendment due to Tenant’s default, then Tenant shall immediately repay to Landlord an amount equal to the then unamortized portion of the Tenant Improvement Allowance paid to Tenant or otherwise credited towards ▇▇▇▇▇▇’s rent, which amortization shall be on the straight-line basis over the full stated Term of this LeasePremises.
(e) Notwithstanding other provisions of this Paragraph 7 to the contrary, Tenant shall not be obligated to make any improvements to the Existing Premises: or Expansion Premises other than those encompassed within Tenant’s Work. Tenant shall be solely responsible for the cost of all improvements that exceed the Tenant Improvement Allowance. If after twelve (12) months after the Expansion Premises Commencement Date Tenant has not utilized all or any portion of the Tenant Improvement Allowance, such remaining balance of the Tenant Improvement Allowance shall be applied as credit towards ▇▇▇▇▇▇’s rent.
(f) On the date of this Amendment, Landlord will make available for Tenant with a one-time refurbishment allowance (the “Refurbishment Allowance”) of an amount not to exceed Five and 00/100 Dollars ($5,00) per rentable square foot of space in the Existing Premises. The Refurbishment Allowance may be utilized by Tenant for new floor coverings, wall coverings, painting and such other items as Tenant may desire to “freshen-up” or otherwise improve the Premises in Tenant’s discretion. Landlord shall pay such amounts to Tenant from time to time within thirty (30) days following ▇▇▇▇▇▇’s delivery to Landlord of Tenant’s demand therefor accompanied by reasonable back-up information, including, without limitation, sworn statements and lien waivers. Tenant shall be solely responsible for any amounts in excess of those to be provided by Landlord hereunder for such purposes,
Appears in 1 contract
As-Is Condition. (a) a. Tenant shall take possession of accepts the Expansion Leased Premises in its “AS IS” current condition with no work of and is solely responsible for any kind whatsoever and all demolition, construction, alterations, improvements, and repairs to be performed by Landlord in the Expansion Premises beyond the completion of Landlord’s standard shell deliverymeet all applicable federal, as more particularly described on the attached Exhibit “A” which shall be in compliance with ail applicable: lawsstate, codes, and local codes and regulations. All such demolition, construction, renovations, alterations, improvements, and repairs must be approved by the Landlord.
b. Tenant shall be responsible acknowledges it has had full opportunity to inspect the Leased Premises and make an evaluation of the Leased Premises for any desired alterations to the Expansion Premises and such alterations shall be at Tenant’s sole cost and expenseall purposes. Tenant shall be responsible, at its sole cost and expense, for furnishing the Expansion Premises with furniture, fixtures and equipment necessary Failure or desirable for omission of Tenant to operate its business from the Expansion Premises. At Tenant’s sole cost and expense, Tenant shall provide all work of whatsoever nature which is required for the construction and operation acquaint themselves of the Expansion Premises pursuant to Section 8 of the Lease (“Tenant’s Work”).
(b) In consideration of Tenant performing Tenant’s Work and provided that Tenant is not in default under the Lease, then Tenant shall be entitled to a tenant improvement allowance for improvement costs actually incurred up to [***] per rentable square foot of Expansion Premises for the Expansion Premises pursuant to the terms of this Paragraph 8 the “Tenant Improvement Allowance”). The Tenant Improvement Allowance shall be paid to Tenant in partial installments for Tenant’s Work actually completed but in no event more frequently than once per month. Such partial installments shall be reduced by a holdback of ten percent (1,0%) of the Partial Installment Request (as. hereinafter defined), which holdback shall not be due and payable until the existing conditions of the Final Payment Request (as hereinafter defined) are satisfiedLeases Premises shall in no way relieve Tenant of any obligation with respect to this Lease.
(c) To obtain a partial installment, c. Tenant must submit to Landlord a request in writing (the “Partial: Installment Request”), which written: request shall includeacknowledges and agrees that: (i) a breakdown of Tenant’s construction costs Landlord has not made, is not making and specifically disclaims any representation, warranty, guarantee or assurance to dateTenant regarding the Leased Premises, together express or implied, including, but not limited to, any representation, warranty, guaranty or assurance regarding title, physical condition, value, suitability, compliance with receipted invoices showing payment thereofall applicable governmental constitutions, statutes, laws, orders, ordinances, codes, rulings, regulations and decrees, now in force or hereafter enacted (collectively, “Applicable Laws”), zoning, environmental matters or Hazardous Substances; (ii) supporting partial or final lien waivers and releases executed by ▇▇▇▇▇▇’s designer, the general contractor and all subcontractors and suppliers in connection with ▇▇▇▇▇▇’s Work (collectively, the “Partial Installment Documentation”), Upon Landlord’s receipt and approval of the Partial Installment Documentation, Landlord shall pay the applicable portion of the Tenant Improvement Allowance (subject to the holdback set forth above) Leased Premises are being leased to Tenant within thirty (30) days, unless Landlord notifies Tenant, in writing, of its rejection (“AS IS - WHERE IS” and reason therefore) of any or with all of the Partial Installment Request, faults; and if so, upon reasonable satisfaction of the objections, Landlord shall pay any remaining portion of the Partial Installment Request due to Tenant within ten (10) business days.
(d) After Tenant’s Work is Substantially Complete (as defined below), Tenant will submit to Landlord a request in writing (the “Final Payment Request”) for the remainder of the Tenant Improvement Allowance (including any holdback), which written request shall include: (i) record “as-built” drawings showing all of the Tenant’s Work as actually constructed to be provided in both written and electronic media format (CADD), (ii) a breakdown of Tenant’s final and total construction costs, together with receipted invoices showing payment thereof, (iii) a certified, written statement from ▇▇▇▇▇▇’s designer that all of the Tenant’s Work has been completed in accordance with the approved Tenant Improvement Plans, (iv) all supporting final ▇▇▇▇ ▇▇▇▇▇▇▇ and releases executed by ▇▇▇▇▇▇’s designer, the general contractor and all subcontractors and suppliers in connection with Tenant’s Work, (v) a copy of the application for a certificate of occupancy, or amended certificate of occupancy required with respect to the Demised Premises, together with all licenses, certificates, permits and other governmental authorizations necessary in connection with Tenant’s Work and operation of Tenant’s business from the Expansion Premises, and (vi) to the extent not previously provided and approved by Landlord, the Tenant Investment Documentation (collectively, the “Final Improvement Documentation”). Upon ▇▇▇▇▇▇▇▇’s receipt of the ▇▇▇▇▇ Improvement Documentation, Landlord, shall pay the applicable portion of the Tenant Improvement Allowance (including any holdback) to Tenant within thirty (30) days, unless Landlord notifies Tenant, in writing, of its rejection (and reason therefor) of any or all of the Final Payment Request, and if so, upon reasonable satisfaction of the objections, Landlord shall pay any remaining portion of the Tenant Improvement Allowance due to Tenant within ten (10) business days. The Tenant’s Work shall be deemed “Substantially Complete” for purposes of this subparagraph (d) when Tenant has received.a certificate of occupancy or temporary certificate of Occupancy from, or is otherwise permitted to open by, the local governmental authorities. In the event that this Lease is terminated prior to Expiration Date of the stated Term of this Amendment due to Tenant’s default, then Tenant shall immediately repay to Landlord an amount equal to the then unamortized portion of the Tenant Improvement Allowance paid to Tenant or otherwise credited towards ▇▇▇▇▇▇’s rent, which amortization shall be on the straight-line basis over the full stated Term of this Lease.
(e) Notwithstanding other provisions of this Paragraph 7 to the contraryexcept as specifically set forth herein, Tenant shall not be obligated to make any improvements to the Existing Premises: or Expansion Premises other than those encompassed within Tenant’s Work. Tenant shall be solely is responsible for all costs associated with placing the cost of all improvements that exceed Leased Premises and the Tenant Improvement Allowance. If after twelve (12) months after the Expansion Premises Commencement Date Tenant has not utilized all or any portion of the Tenant Improvement Allowance, such remaining balance of the Tenant Improvement Allowance shall be applied as credit towards ▇▇▇▇▇▇’s rent.
(f) On the date of this Amendment, Landlord will make available Development in a condition fit for Tenant with a one-time refurbishment allowance (the “Refurbishment Allowance”) of an amount not to exceed Five and 00/100 Dollars ($5,00) per rentable square foot of space in the Existing Premises. The Refurbishment Allowance may be utilized by Tenant for new floor coverings, wall coverings, painting and such other items as Tenant may desire to “freshen-up” or otherwise improve the Premises in Tenant’s discretion. Landlord shall pay such amounts to Tenant from time to time within thirty (30) days following ▇▇▇▇▇▇’s delivery to Landlord of Tenant’s demand therefor accompanied by reasonable back-up informationits intended purpose, including, without limitation, sworn statements the cost of all repairs, replacements, alterations, additions and lien waivers. Tenant shall be solely responsible for any amounts in excess of those improvements required to be provided by Landlord hereunder for such purposes,cause the Leased Premises and Development to comply with Applicable Laws.
Appears in 1 contract
Sources: Ground Lease Agreement
As-Is Condition. (a) Tenant shall take possession of Subtenant accepts the Expansion Subleased Premises in its “AS IS” condition with current, "as-is" condition. Sublandlord shall have no work obligation to furnish or supply any work, services, furniture, fixtures, equipment, or decorations, except Sublandlord shall deliver the Subleased Premises in broom clean condition. On or before the Sublease Expiration Date or earlier termination or expiration of any kind whatsoever to be performed by Landlord in this Sublease, Subtenant shall restore the Expansion Subleased Premises beyond the completion of Landlord’s standard shell delivery, as more particularly described on the attached Exhibit “A” which shall be in compliance with ail applicable: laws, codes, and regulations. Tenant shall be responsible for any desired alterations to the Expansion Premises and such alterations shall be at Tenant’s sole cost and expense. Tenant shall be responsible, at its sole cost and expense, for furnishing the Expansion Premises with furniture, fixtures and equipment necessary or desirable for Tenant to operate its business from the Expansion Premises. At Tenant’s sole cost and expense, Tenant shall provide all work of whatsoever nature which is required for the construction and operation condition existing as of the Expansion Premises pursuant Sublease Commencement Date, ordinary wear and tear excepted. The obligations of Subtenant hereunder shall survive the expiration or earlier termination of this Sublease. NOTWITHSTANDING THE FOREGOING, SUBLANDLORD AGREES THAT SUBTENANT SHALL HAVE THE USE OF THE EXISTING FURNITURE CURRENTLY IN PLACE AT NO EXTRA CHARGE. A LIST OF THE FURNITURE INVENTORY SHALL BE ATTACTHED TO THE LEASE AND LABLED EXHIBIT C. ALL FURNITURE SHALL REMAIN THE OWNERSHIP OF SUBLANDLORD AND WILL BE RETURNED EXCEPTING NORMAL WEAR AND TEAR AT THE EXPIRATION OF THE SUBLEASE. Subtenant assumes all risks of using the existing furniture. Sublandlord makes no warranties whatsoever about the furniture or its integrity, safety, or fitness for use. Subtenant may store the furniture if Subtenant does not wish to Section 8 of use it so long as Subtenant returns the Lease (“Tenant’s Work”).
(b) In consideration of Tenant performing Tenant’s Work and provided that Tenant is not in default under the Lease, then Tenant shall be entitled to a tenant improvement allowance for improvement costs actually incurred up to [***] per rentable square foot of Expansion Premises for the Expansion Premises pursuant furniture from storage to the terms Subleased Premises in reasonably the same condition before the end of this Paragraph 8 the “Tenant Improvement Allowance”). The Tenant Improvement Allowance shall be paid to Tenant in partial installments for Tenant’s Work actually completed but in no event more frequently than once per month. Such partial installments shall be reduced by a holdback of ten percent (1,0%) of the Partial Installment Request (as. hereinafter defined), which holdback shall not be due and payable until the conditions of the Final Payment Request (as hereinafter defined) are satisfiedSublease.
(c) To obtain a partial installment, Tenant must submit to Landlord a request in writing (the “Partial: Installment Request”), which written: request shall include: (i) a breakdown of Tenant’s construction costs to date, together with receipted invoices showing payment thereof, and (ii) supporting partial or final lien waivers and releases executed by ▇▇▇▇▇▇’s designer, the general contractor and all subcontractors and suppliers in connection with ▇▇▇▇▇▇’s Work (collectively, the “Partial Installment Documentation”), Upon Landlord’s receipt and approval of the Partial Installment Documentation, Landlord shall pay the applicable portion of the Tenant Improvement Allowance (subject to the holdback set forth above) to Tenant within thirty (30) days, unless Landlord notifies Tenant, in writing, of its rejection (and reason therefore) of any or all of the Partial Installment Request, and if so, upon reasonable satisfaction of the objections, Landlord shall pay any remaining portion of the Partial Installment Request due to Tenant within ten (10) business days.
(d) After Tenant’s Work is Substantially Complete (as defined below), Tenant will submit to Landlord a request in writing (the “Final Payment Request”) for the remainder of the Tenant Improvement Allowance (including any holdback), which written request shall include: (i) record “as-built” drawings showing all of the Tenant’s Work as actually constructed to be provided in both written and electronic media format (CADD), (ii) a breakdown of Tenant’s final and total construction costs, together with receipted invoices showing payment thereof, (iii) a certified, written statement from ▇▇▇▇▇▇’s designer that all of the Tenant’s Work has been completed in accordance with the approved Tenant Improvement Plans, (iv) all supporting final ▇▇▇▇ ▇▇▇▇▇▇▇ and releases executed by ▇▇▇▇▇▇’s designer, the general contractor and all subcontractors and suppliers in connection with Tenant’s Work, (v) a copy of the application for a certificate of occupancy, or amended certificate of occupancy required with respect to the Demised Premises, together with all licenses, certificates, permits and other governmental authorizations necessary in connection with Tenant’s Work and operation of Tenant’s business from the Expansion Premises, and (vi) to the extent not previously provided and approved by Landlord, the Tenant Investment Documentation (collectively, the “Final Improvement Documentation”). Upon ▇▇▇▇▇▇▇▇’s receipt of the ▇▇▇▇▇ Improvement Documentation, Landlord, shall pay the applicable portion of the Tenant Improvement Allowance (including any holdback) to Tenant within thirty (30) days, unless Landlord notifies Tenant, in writing, of its rejection (and reason therefor) of any or all of the Final Payment Request, and if so, upon reasonable satisfaction of the objections, Landlord shall pay any remaining portion of the Tenant Improvement Allowance due to Tenant within ten (10) business days. The Tenant’s Work shall be deemed “Substantially Complete” for purposes of this subparagraph (d) when Tenant has received.a certificate of occupancy or temporary certificate of Occupancy from, or is otherwise permitted to open by, the local governmental authorities. In the event that this Lease is terminated prior to Expiration Date of the stated Term of this Amendment due to Tenant’s default, then Tenant shall immediately repay to Landlord an amount equal to the then unamortized portion of the Tenant Improvement Allowance paid to Tenant or otherwise credited towards ▇▇▇▇▇▇’s rent, which amortization shall be on the straight-line basis over the full stated Term of this Lease.
(e) Notwithstanding other provisions of this Paragraph 7 to the contrary, Tenant shall not be obligated to make any improvements to the Existing Premises: or Expansion Premises other than those encompassed within Tenant’s Work. Tenant shall be solely responsible for the cost of all improvements that exceed the Tenant Improvement Allowance. If after twelve (12) months after the Expansion Premises Commencement Date Tenant has not utilized all or any portion of the Tenant Improvement Allowance, such remaining balance of the Tenant Improvement Allowance shall be applied as credit towards ▇▇▇▇▇▇’s rent.
(f) On the date of this Amendment, Landlord will make available for Tenant with a one-time refurbishment allowance (the “Refurbishment Allowance”) of an amount not to exceed Five and 00/100 Dollars ($5,00) per rentable square foot of space in the Existing Premises. The Refurbishment Allowance may be utilized by Tenant for new floor coverings, wall coverings, painting and such other items as Tenant may desire to “freshen-up” or otherwise improve the Premises in Tenant’s discretion. Landlord shall pay such amounts to Tenant from time to time within thirty (30) days following ▇▇▇▇▇▇’s delivery to Landlord of Tenant’s demand therefor accompanied by reasonable back-up information, including, without limitation, sworn statements and lien waivers. Tenant shall be solely responsible for any amounts in excess of those to be provided by Landlord hereunder for such purposes,
Appears in 1 contract