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 and deliver to Tenant for approval (which approval shall not be unreasonably withheld, delayed or conditioned) 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 may be amended from time to time but shall be submitted to Tenant each time for its approval which approval shall not be unreasonably withheld, conditioned or delayed. The initial Budget shall be based upon the TI Construction Drawings approved by Tenant. If the Budget is greater than the TI Allowance, Tenant shall deposit with Landlord the difference, in cash, prior to the commencement of construction of the Tenant Improvements or Changes, for disbursement by Landlord as described in Section 5(d).” All references to “Administrative Rent” in the Work Letter shall be deemed deleted.

Budget For Tenant Improvements. Before the commencement of construction of the Tenant Improvements, Landlord shall obtain and deliver to Tenant for approval (which approval shall not be unreasonably withheld, delayed or conditioned) a detailed breakdown breakdown, by trade trade, of the costs incurred or that which will be incurred in connection with the design and construction of the Tenant Improvements (the “Budget”"BUDGET"). The Budget may be amended from time to time but shall be submitted to Tenant each time for its approval which approval shall not be unreasonably withheld, conditioned or delayed. The initial Budget shall be based upon the Preliminary TI Construction Drawings Plans as modified by the VE Items, approved by Tenant and shall include a payment to Landlord of administrative rent equal ("ADMINISTRATIVE RENT") equal to 3% of the TI Allowance (as hereinafter defined) for monitoring and inspecting the construction of Tenant's Work, which sum shall be payable from the TI Fund. Such Administrative Rent shall include, without limitation, all out-of-pocket costs, expenses and fees incurred by or on behalf of Landlord arising from, out of, or in connection with, such monitoring of the construction of the Tenant Improvements, and shall be payable out of the TI Fund. If the Budget is greater than the TI Allowance, Tenant shall deposit with Landlord the difference, in cash, prior to the commencement of construction of the Tenant Improvements or ChangesImprovements, for disbursement by Landlord as described in Section 5(d).” All references to “Administrative Rent” in the Work Letter shall be deemed deleted.

Budget For Tenant Improvements. Before the commencement of construction of the Tenant Improvements, Landlord shall obtain and deliver to Tenant for approval (which approval shall not be unreasonably withheld, delayed or conditioned) 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 may be amended from time to time but shall be submitted based upon the TI Construction Drawings approved by Tenant and shall include a payment to Landlord of administrative rent (“Administrative Rent”) equal to 2% of the TI Costs for all out-of-pocket costs, expenses and fees incurred by or on behalf of Landlord arising from, out of, or in connection with monitoring the construction of the Tenant each time for its Improvements and Changes, which sum shall be payable from the TI Fund (as defined in Section 5(d)). Landlord shall provide Tenant with a Budget promptly following approval of the TI Construction Drawings by Landlord and Tenant. The Budget shall be subject to Tenant’s review and approval which approval shall not be unreasonably withheld, conditioned or delayed. The initial Budget shall be based upon the TI Construction Drawings approved delayed by Tenant. If the Budget is greater than the TI Allowance, Tenant shall deposit with Landlord the difference, in cash, prior to the commencement of construction of the Tenant Improvements or Changes, for disbursement by Landlord as described in Section 5(d).” All references to “Administrative Rent” in the Work Letter shall be deemed deleted.

Budget For Tenant Improvements. Before the commencement of construction of the Tenant Improvements, Landlord Tenant shall obtain and deliver to Tenant for approval (which approval shall not be unreasonably withheld, delayed or conditioned) a detailed breakdown breakdown, by trade trade, of the costs incurred or that which will be incurred incurred, in connection with the design and construction of the Tenant Improvements Tenant’s Work (the “Budget”). The Budget may be amended from time to time but shall be submitted based upon the TI Construction Drawings approved by Landlord and shall include a payment to Landlord of administrative rent (“Administrative Rent”) equal to 1% of the TI Costs (as hereinafter defined) for monitoring and inspecting the construction of Tenant’s Work, which sum shall be payable from the TI Fund. Such Administrative Rent shall include, without limitation, all out-of-pocket costs, expenses and fees incurred by or on behalf of Landlord arising from, out of, or in connection with, such monitoring of the construction of the Tenant each time for its approval Improvements, and shall be payable out of the TI Fund. The Budget shall be subject to Landlord’s approval, which approval shall not be unreasonably withheld, conditioned or delayed. The initial Budget shall be based upon the TI Construction Drawings approved by Tenant. If the Budget is greater than the TI Allowance, Tenant shall deposit with Landlord the difference, in cash, prior to the commencement of construction of the Tenant Improvements or Changes, for disbursement by Landlord as described in Section 5(d).” All references to “Administrative Rent” in the Work Letter shall be deemed deleted.

Budget For Tenant Improvements. Before the commencement of construction of the Tenant Improvements, Landlord Tenant shall obtain and deliver to Tenant for approval (which approval shall not be unreasonably withheld, delayed or conditioned) a detailed breakdown breakdown, by trade trade, of the costs incurred or that will be incurred incurred, in connection with the design and construction of the Tenant Improvements (the “Budget”). The , and deliver a copy of the Budget may be amended from time to time but shall be submitted to Tenant each time Landlord for its approval Landlord’s approval, which approval shall not be unreasonably withheld, conditioned withheld or delayed. The initial Budget shall be based upon the TI Construction Drawings approved by TenantLandlord. If the The Budget is greater than shall include a payment to Landlord of administrative rent (“Administrative Rent”) equal to 1% of the TI Allowance, Tenant shall deposit with Landlord Costs (as hereinafter defined) for monitoring and inspecting the difference, in cash, prior to the commencement of construction of the Tenant Improvements or ChangesImprovements, for disbursement by Landlord as described in Section 5(d).” All references to “Administrative Rent” in the Work Letter which sum shall be deemed deletedpayable from the TI Fund. Such Administrative Rent shall include, without limitation, all out-of-pocket costs, expenses and fees incurred by or on behalf of Landlord arising from, out of, or in connection with, such monitoring of the construction of the Tenant Improvements, and shall be payable out of the TI Fund.

Budget For Tenant Improvements. Before the commencement of construction of the Tenant Improvements, Landlord Tenant shall obtain and deliver to Tenant for approval (which approval shall not be unreasonably withheld, delayed or conditioned) a detailed breakdown breakdown, by trade trade, of the costs incurred or that will be incurred incurred, in connection with the design and construction of the Tenant Improvements (the “Budget”). The , and deliver a copy of the Budget may be amended from time to time but shall be submitted to Tenant each time Landlord for its approval Landlord’s approval, which approval shall not be unreasonably withheld, conditioned or delayed. The initial Budget shall be based upon the TI Construction Drawings approved by TenantTenant and Landlord. Landlord shall not be entitled to a fee for monitoring and inspecting the construction of the Tenant Improvements but Landlord shall be entitled to be reimbursed by Tenant from the TI Allowance for Landlord’s reasonable and actual out-of-pocket costs and expenses incurred in connection with monitoring and inspecting the construction of the Tenant Improvements. If the Budget is greater than the TI Allowance, Tenant shall deposit with Landlord be responsible for the difference, in cash, prior to paying the commencement of construction of the Tenant Improvements or Changes, for disbursement by Landlord as described in Section 5(d)excess.” All references to “Administrative Rent” in the Work Letter shall be deemed deleted.

Budget For Tenant Improvements. Before the commencement of construction of the Tenant Improvements, Landlord Tenant shall obtain and deliver to Tenant for approval (which approval shall not be unreasonably withheld, delayed or conditioned) a detailed breakdown breakdown, by trade trade, of the costs incurred or that will be incurred incurred, in connection with the design and construction of the Tenant Improvements (the “Budget”). The , and deliver a copy of the Budget may be amended from time to time but shall be submitted to Tenant each time Landlord for its approval Landlord’s approval, which approval shall not be unreasonably withheld, conditioned withheld or delayed. The initial Budget shall be based upon the TI Construction Drawings approved by TenantLandlord. If the The Budget is greater than shall include a payment to Landlord of administrative rent (“Administrative Rent”) equal to [***]% of the TI Allowance, Tenant shall deposit with Landlord Allowance (as hereinafter defined) for monitoring and inspecting the difference, in cash, prior to the commencement of construction of the Tenant Improvements or ChangesImprovements, for disbursement by Landlord as described in Section 5(d).” All references to “Administrative Rent” in the Work Letter which sum shall be deemed deletedpayable from the TI Fund. Such Administrative Rent shall include, without limitation, all out-of-pocket costs, expenses and fees incurred by or on behalf of Landlord arising from, out of, or in connection with, such monitoring of the construction of the Tenant Improvements.

Budget For Tenant Improvements. Before the commencement of construction of the Tenant Improvements, Landlord Tenant shall obtain and deliver to Tenant for approval (which approval shall not be unreasonably withheld, delayed or conditioned) a detailed breakdown breakdown, by trade trade, of the costs incurred or that will be incurred incurred, in connection with the design and construction of the Tenant Improvements (the “Budget”). The , and deliver a copy of the Budget may be amended from time to time but shall be submitted to Tenant each time Landlord for its approval Landlord’s approval, which approval shall not be unreasonably withheld, conditioned or delayed. The initial Budget shall be based upon the TI Construction Drawings approved by TenantLandlord. If The Budget shall include a payment to Landlord of administrative rent (“Administrative Rent”) equal to 2% of all hard TI Costs (as hereinafter defined) for monitoring and inspecting the Budget is greater than the TI Allowance, Tenant shall deposit with Landlord the difference, in cash, prior to the commencement of construction of the Tenant Improvements or ChangesImprovements, for disbursement by Landlord as described in Section 5(d).” All references to “Administrative Rent” in the Work Letter which sum shall be deemed deletedpayable from the TI Fund. For purposes of this Work Letter, Administrative Rent shall include, without limitation, all reasonable and verifiable out-of-pocket costs, expenses and fees incurred by or on behalf of Landlord arising from, out of, or in connection with, such monitoring of the construction of the Tenant Improvements.

Budget For Tenant Improvements. Before the commencement of construction of the Tenant Improvements, Landlord Tenant shall obtain and deliver to Tenant for approval (which approval shall not be unreasonably withheld, delayed or conditioned) a detailed breakdown breakdown, by trade trade, of the costs incurred or that will be incurred incurred, in connection with the design and construction of the Tenant Improvements (the “"Budget”"). The , and deliver a copy of the Budget may be amended from time to time but shall be submitted to Tenant each time Landlord for its approval Landlord's approval, which approval shall not be unreasonably withheld, conditioned withheld or delayed. The initial Budget shall be based upon the TI Construction Drawings approved by TenantLandlord. If the The Budget is greater than shall include a payment to Landlord of administrative rent ("Administrative Rent") equal to 1% of the TI Allowance, Tenant shall deposit with Landlord Costs (as hereinafter defined) for monitoring and inspecting the difference, in cash, prior to the commencement of construction of the Tenant Improvements or ChangesImprovements, for disbursement by Landlord as described in Section 5(d).” All references to “Administrative Rent” in the Work Letter which sum shall be deemed deletedpayable from the TI Fund, but which amount, as disbursed, shall not bear interest. Such Administrative Rent shall include, without limitation, all reasonable out-of-pocket costs, expenses and fees incurred by or on behalf of Landlord arising from, out of, or in connection with, such monitoring of the construction of the Tenant Improvements, and shall be payable out of the TI Fund.