Common use of Condition of Remaining Premises Clause in Contracts

Condition of Remaining Premises. Tenant’s retaining possession of the Remaining Premises as of the Second Extension Term Commencement Date shall be conclusive evidence that the Remaining Premises were in good order and satisfactory condition when Tenant retained possession. (a) Tenant retains the Reduced Premises in “as is” condition and acknowledges that no representation regarding the condition of the Remaining Premises or the Building has been made by or on behalf of Landlord or relied upon by Tenant. (b) Notwithstanding the provisions of subsection (a) above, and subject to the cost sharing for the Studio (defined in subsection (c) below) as provided in said subsection (c), Landlord will recarpet, paint, and build a 22’ x 31’ break room with sink and 12’ linear feet of upper and lower base cabinets in the Remaining Premises utilizing Landlord’s building standard methods and materials. Landlord shall be responsible for the cost to demise the Relinquished Premises from the Remaining Premises. As part of its carpet installation, Landlord acknowledges that it shall be responsible for the cost to breakdown and reassemble the furniture systems within the Remaining Premises, including reconnection of all cabling and electrical systems. Landlord shall have access to the Premises to perform the construction contemplated by this Amendment from and after the date hereof. (c) The parties acknowledge that the renovation of the Remaining Premises will include a new sound studio (the “Studio”) to be constructed by Landlord, subject to partial reimbursement of the costs thereof as provided herein. Tenant shall, at Tenant’s expense, hire a sound engineer reasonably satisfactory to Landlord to produce fully engineered drawings for the Studio, which shall be submitted to Landlord for approval pursuant to Section 9.01 of the Lease. Notwithstanding Section 21.25 of the Lease as added by Section 16 of this Amendment, Tenant shall not be required to reimburse Landlord for its costs in reviewing such plans. Landlord agrees to pay $35,000 toward the construction of a new Sound Studio. Tenant shall pay the cost of the Studio in excess of said amount after completion of the Studio and within twenty (20) days of receipt of an invoice for such costs.

Condition of Remaining Premises. Tenant’s retaining possession Tenant acknowledges that Tenant has been and is in occupancy of the Premises. Tenant is fully aware of the condition of the Premises, and therefore, Tenant shall continue to accept the Remaining Premises as of the Second Extension Term Commencement Date shall be conclusive evidence that the Remaining Premises were in good order and satisfactory condition when Tenant retained possession. (a) Tenant retains the Reduced Premises in its presently existing, “as is” condition and acknowledges that no representation regarding the condition of the Remaining Premises or the Building has been made by or on behalf of Landlord or relied upon by Tenant. (b) Notwithstanding the provisions of subsection (a) abovecondition, and subject to the cost sharing for the Studio (defined in subsection (c) below) as provided in said subsection (c), Landlord will recarpet, paint, and build a 22’ x 31’ break room with sink and 12’ linear feet of upper and lower base cabinets in the Remaining Premises utilizing Landlord’s building standard methods and materials. Landlord shall not be responsible obligated to provide or pay for the cost any improvements or alterations to demise the Relinquished Premises from the Remaining Premises. As part of its carpet installation, Landlord acknowledges that it shall be responsible for the cost to breakdown and reassemble the furniture systems within the Remaining Premises, including reconnection of all cabling provided that if, and electrical systems. only if, (i) Tenant does not exercise the Tenant Termination Right set forth in Section 2.2 above and (ii) Landlord does not exercise the Landlord Termination Right set forth in Section 2.3 above, Tenant shall have access receive an improvement allowance pursuant to the Premises terms hereof. Notwithstanding the foregoing, if the Lease is not terminated, Tenant shall be entitled to perform a one-time tenant improvement allowance (the “Tenant Improvement Allowance”) equal to $364,160.00 (i.e., $20.00 per rentable square feet of the Premises) for the costs relating to the design and construction contemplated by this Amendment from of Tenant’s improvements, which will consist of cosmetic upgrades, including without limitation painting and after the date hereof. (c) The parties acknowledge that the renovation replacing floor coverings, and/or construction of improvements which are permanently affixed to the Remaining Premises will include a new sound studio (the “StudioTenant Improvements”). The Tenant Improvement Allowance will be disbursed in accordance with Landlord’s standard disbursement procedures, including, without limitation, following Landlord’s receipt of (i) to be constructed by Landlordevidence (i.e., subject to partial reimbursement of the costs thereof as provided herein. Tenant shall, at Tenant’s expense, hire a sound engineer invoices or other documentation reasonably satisfactory to Landlord to produce fully engineered drawings Landlord) of payment for the StudioTenant Improvements, which and (ii) fully executed, unconditional lien releases from all contractors, subcontractors, laborers, materialmen, and suppliers used by Tenant in connection with the Tenant Improvements. The Tenant Improvements shall be submitted to Landlord for approval pursuant to Section 9.01 constructed in accordance with the terms and conditions of the Lease. Notwithstanding Section 21.25 In no event shall Landlord be obligated to disburse any portion of the Lease as added by Section 16 Tenant Improvement Allowance subsequent to December 31, 2018, nor shall Landlord be obligated to disburse any amount in excess of this Amendment, the Tenant shall not be required to reimburse Landlord for its costs Improvement Allowance in reviewing such plans. Landlord agrees to pay $35,000 toward connection with the construction of a new Sound Studiothe Tenant Improvements. Tenant shall pay the cost No portion of the Studio in excess of said amount Tenant Improvement Allowance, if any, remaining after completion the construction of the Studio and within twenty (20) days of receipt of an invoice Tenant Improvements shall be available for such costsuse by Tenant.