Common use of BID AMOUNT Clause in Contracts

BID AMOUNT. Pursuant to the Leases, Tenant agreed to pay the cost of all work necessary to complete the Tenant Improvements and the Other Tenant Improvements (collectively, Landlord Work in excess of the sum of $1,050,000.00 (herein, the "Allowance"), together with the Excess System Costs. In connection therewith, Tenant has the right under the Leases to approve the Bid Amount for Landlord's Work which has been submitted by Ares, Inc., an affiliate of Landlord. The initial Bid Amount, which is $1,946,442.00, as reflected on the Bid Review Worksheet attached hereto as EXHIBIT A, is hereby approved by (a) Tenant shall pay to Landlord in cash $396,442.00 concurrently with the execution of this Amendment to reimburse Landlord for costs incurred by Landlord prior to the date hereof which have been previously invoiced to Tenant in detail, (b) the TI Loan will be deemed fully disbursed and shall commence to accrue interest on August 11, 1995 to cover the next $300,000 of such costs so incurred and paid by Landlord as of the date hereof; (c) the next $1,250,000 of such costs shall be paid by Landlord by disbursement of the Allowance described in paragraph 3 below; and (d) the balance, if any, of such costs (except for costs excluded under clauses (1) through (7) of Sections 2(c) and 4(a) of Exhibit C to the Lease) shall be paid by Tenant to Landlord in cash within five (5) days after receipt of Landlord's invoice therefor accompanied by reasonable back-up documentation, it being clearly understood that Landlord shall not be required to pay such costs prior to Tenant's payment to Landlord thereof. Landlord shall provide to Tenant the benefit of, and shall reduce the Bid Amount by the full amount of, any rebate, refund, credit, reduced bid or other cost savings applicable to Landlord's Work included in the Bid Review Worksheet attached hereto as Exhibit Tenant shall have the right, upon reasonable prior written notice to Landlord, to audit and review all bills, invoices and other supporting documentation for the Bid Amount.