Common use of Budget For Tenant Improvements Clause in Contracts

Budget For Tenant Improvements. Before the commencement of construction of the Tenant Improvements, Landlord shall obtain a detailed breakdown by trade of the costs incurred or that will be incurred in connection with the design and construction of the Tenant Improvements (the “Budget”). The Budget shall be based upon the Tl Construction Drawings approved by Tenant and shall include a payment to Landlord of administrative rent (“Administrative Rent”) equal to 3% of the Tl Costs for managing, monitoring, and inspecting the construction of the Tenant Improvements and Changes, which sum shall be payable from the Tl Fund (as defined in Section 5(d)). Administrative Rent shall include, without limitation, all out-of-pocket costs, expenses and fees incurred by or on behalf pf Landlord arising from, out of, or in connection with monitoring the construction of the Tenant Improvements and Changes, and shall be payable out of the Tl Fund. Administrative Rent shall also include the costs of utilities used in the Premises, and during the period of construction of the Tenant Improvements through the date that the Tenant Improvements are Tl Substantial Completed, Tenant shall not be charged separately for such utilities used in the Premises. If the Budget is greater than the Tl Allowance, the Tl Costs (as defined below) shall be funded on a pari passu basis as costs are incurred in accordance with Section 5(e) below.

Budget For Tenant Improvements. Before the commencement of construction of the Tenant Improvements, Landlord shall obtain a detailed breakdown by trade of the costs incurred or that will be incurred in connection with the design and construction of the Tenant Improvements (the “Budget”). The Budget shall be based upon the Tl Construction Drawings approved by Tenant and shall include a payment to Landlord of administrative rent (“Administrative Rent”) equal to 32% of the Tl Costs for managing, monitoring, and inspecting the construction of the Tenant Improvements and Changes, which sum shall be payable from the Tl Fund (as defined in Section 5(d5(e)). Administrative Rent shall include, without limitation, all out-of-pocket costs, expenses and fees incurred by or on behalf pf of Landlord arising from, out of, or in connection with monitoring the construction of the Tenant Improvements and Changes, and shall be payable out of the Tl Fund. Administrative Rent shall also include the costs of utilities used in the Premises, and during the period of construction of the Tenant Improvements through the date that the Tenant Improvements are Tl Substantial Completed, Tenant shall not be charged separately for such utilities used in the Premises. If the Budget is greater than the Tl Allowance, the Tl Costs (as defined below) shall be funded on a pari passu basis as costs are incurred in accordance with Section Sections 5(e) and 5(f) below.

Budget For Tenant Improvements. Before the commencement of construction of the Tenant Improvements, Landlord shall obtain a detailed breakdown by trade of the costs incurred or that will be incurred in connection with the design and construction of the Tenant Improvements (the “Budget”). The Budget shall be based upon the Tl Construction Drawings approved by Tenant and shall include a payment to Landlord of administrative rent (“Administrative Rent”) equal to 32% of the Tl Costs Allowance for managing, monitoring, monitoring and inspecting the construction of the Tenant Improvements and Changes, which sum shall be payable from the Tl Fund (as defined in Section 5(d)). Administrative Rent shall include, without limitation, all out-of-pocket costs, expenses and fees incurred by or on behalf pf of Landlord arising from, out of, or in connection with monitoring the construction of the Tenant Improvements and Changes, and shall be payable out of the Tl Fund. Administrative Rent shall also include the costs of utilities used in the Premises, and during the period of construction of the Tenant Improvements through the date that the Tenant Improvements are Tl Substantial Completed, Tenant shall not be charged separately for such utilities used in the Premises. If the Budget is greater than the Tl Allowance, Tenant shall deposit with Landlord the Tl Costs (difference, in cash, prior to the commencement of construction of the Tenant Improvements or Changes, for disbursement by Landlord as defined below) shall be funded on a pari passu basis as costs are incurred described in accordance with Section 5(e) below5(d).