Common use of Budget For Tenant Improvements Clause in Contracts

Budget For Tenant Improvements. A preliminary detailed breakdown by trade of the costs incurred or that will be incurred in connection with the design and construction of the Tenant Improvements is set forth on Schedule 3 attached hereto (the “Budget”). The Budget is based upon the TI Construction Drawings approved by Tenant and shall include a payment to Landlord of administrative rent (“Administrative Rent”) equal to 1.5% of the TI Costs, which 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 monitoring the construction of the Tenant Improvements and Changes, and shall be payable out of the TI Fund. Landlord shall provide Tenant with a final 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 by Tenant. Tenant shall have the right to approve any use of the contingency in the Budget by Landlord; provided, however, that, Tenant’s approval shall not be unreasonably withheld, conditioned or delayed, and the contingency shall not be available for use by Tenant for any Changes until all unforeseen conditions, changes to resulting from governmental agencies and the like have first been paid for out of the contingency.

Budget For Tenant Improvements. A preliminary Before the commencement of construction of the Tenant Improvements, Landlord shall obtain 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 is set forth on Schedule 3 attached hereto Tenant’s Work (the “Budget”). The Budget is shall be based upon the TI Construction Drawings approved by Tenant and shall include a payment to Landlord of administrative rent equal (“Administrative Rent”) equal to 1.55% of the TI CostsCosts (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 with, such monitoring of the construction of the Tenant Improvements and ChangesImprovements, and shall be payable out of the TI Fund. Landlord Notwithstanding anything to the contrary contained herein, (i) Tenant acknowledges and agrees that, under no circumstances, shall provide the Budget be permitted to exceed the TI Allowance, and (ii) if the Budget exceeds the TI Allowance, Tenant with shall be required to make such changes to the TI Construction Drawings as are necessary to cause a final revised Budget promptly following approval to not exceed the TI Allowance. With 5 business days after the completion of the TI Construction Drawings by Drawings, Tenant shall notify Landlord and Tenantin writing how much Additional Tenant Improvement Allowance Tenant has elected to receive from Landlord. The Budget Such election shall be subject to final and binding on Tenant’s review and approval which approval shall not be unreasonably withheld, conditioned or delayed by Tenant. Tenant shall have the right to approve any use of the contingency in the Budget by Landlord; provided, however, that, Tenant’s approval shall not be unreasonably withheld, conditioned or delayed, and the contingency shall may not thereafter be available for use by Tenant for any Changes until all unforeseen conditionsmodified without Landlord’s consent, changes to resulting from governmental agencies which may be granted or withheld in Landlord’s sole and the like have first been paid for out of the contingencyabsolute subjective discretion.

Budget For Tenant Improvements. A preliminary Before the commencement of construction of the Tenant Improvements, Landlord shall obtain a detailed breakdown by trade of the estimated costs incurred or that will be incurred in connection with the design and construction of the Tenant Improvements is set forth on Schedule 3 attached hereto (the “Initial Budget”). Tenant shall have the right to review and approve, which approval shall not be unreasonably, withheld, conditioned or delayed, the Initial Budget and any amendments to the Initial Budget. Notwithstanding anything to the contrary contained herein, if T▇▇▇▇▇ does not deliver to Landlord written notice of T▇▇▇▇▇’s approval or disapproval of the Initial Budget or any amendments thereto within 3 business days after Landlord’s delivery thereof to Tenant, the same shall constitute a Tenant Delay. Upon Tenant’s approval (or deemed approval) thereof, the Initial Budget or any such amendments thereto shall be deemed the “Budget” for purposes of this Work Letter. The Initial Budget is shall be based upon the TI Construction Drawings approved by Tenant and shall include a payment to Landlord of administrative rent (“Administrative Rent”) equal to 1.53% of the TI Costs, which Administrative Rent shall include, without limitation, all out-of-pocket costs, expenses Costs (but not to exceed $150,000 in the aggregate) for monitoring and fees incurred by or on behalf of Landlord arising from, out of, or in connection with monitoring inspecting the construction of the Tenant Improvements and Changes, and which sum shall be payable from the TI Fund (as defined in Section 5(d)). Administrative Rent shall be payable out of the TI Fund. Landlord shall provide make its records with respect to the Tenant with a final Budget promptly following approval Improvements available to Tenant on an “open book” basis throughout the design and construction 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 by Tenant. Tenant shall have the right to approve any use of the contingency in the Budget by Landlord; provided, however, that, Tenant’s approval shall not be unreasonably withheld, conditioned or delayed, and the contingency shall not be available for use by Tenant for any Changes until all unforeseen conditions, changes to resulting from governmental agencies and the like have first been paid for out of the contingencyImprovements.

Budget For Tenant Improvements. A preliminary Before the commencement of construction of the Tenant Improvements, Landlord shall obtain and deliver to Tenant a detailed breakdown by trade of the estimated costs incurred or that will be incurred in connection with the design and construction of the Tenant Improvements is set forth on Schedule 3 attached hereto (the “Initial Budget”). Tenant shall have the right to review and approve which approval shall not be unreasonably, withheld, conditioned or delayed, the Initial Budget and any amendments to the Initial Budget. Notwithstanding anything to the contrary contained herein, if Tenant does not deliver to Landlord written notice of ▇▇▇▇▇▇’s approval or disapproval of the Initial Budget or any amendments thereto within 5 days after Landlord’s delivery thereof to Tenant, Tenant shall be deemed to have approved such Initial Budget or amendment, as applicable. Upon Tenant’s approval (or deemed approval) thereof, the Initial Budget or any such amendments thereto shall be deemed the “Budget” for purposes of this Work Letter. Landlord shall not be entitled to any coordination, overhead or supervision fee in connection with the Tenant Improvements. The Budget is shall be based upon the TI Construction Drawings approved by Tenant and shall include a payment to Landlord of administrative rent (“Administrative Rent”) equal to 1.5% of the TI Costs, which 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 monitoring the construction of the Tenant Improvements and Changes, and shall be payable out of the TI Fund. Landlord shall provide Tenant with a final 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 by Tenant. Tenant shall have the right to approve any use of the contingency in the Budget by Landlord; provided, however, that, Tenant’s approval shall not be unreasonably withheld, conditioned or delayed, and the contingency shall not be available for use by Tenant for any Changes until all unforeseen conditions, changes to resulting from governmental agencies and the like have first been paid for out of the contingency.