COST OF TENANT IMPROVEMENT WORK Sample Clauses
The "Cost of Tenant Improvement Work" clause defines how expenses related to modifications or upgrades made to a leased property for the tenant's use are handled. It typically outlines which party—landlord or tenant—is responsible for paying for construction, materials, permits, and related costs, and may specify limits or allowances for such expenditures. This clause ensures clarity regarding financial responsibility for tenant improvements, helping to prevent disputes and manage expectations during the lease term.
COST OF TENANT IMPROVEMENT WORK. Except as provided in Section 2.7 below, the Tenant Improvement Work shall be performed at Landlord’s expense.
COST OF TENANT IMPROVEMENT WORK. Except as provided in Section 3.3.3 below, all of the cost of the Tenant Improvement Work shall be performed at Landlord’s sole cost and expense.
COST OF TENANT IMPROVEMENT WORK a. The total price for the Landlord Work shall be Two Million Six Hundred Eighty Five Thousand Three Hundred Fifty One and 00/100 Dollars ($2,685,351.00) (together with any such additional allowance as may be reasonably agreed to by Landlord and Tenant, the “Tenant Improvement Allowance” or “Total Contract Price”). Up to $560,274.00 of the Tenant Improvement Allowance intended to be used for the Base Building Work and the remainder for the Tenant Improvement Work.
b. The Tenant Improvement Allowance shall be payable by Landlord directly to the Contractor in installments as the Landlord’s Work progresses. Contractor requisitions shall be in the AIA G702 and G703 format (as approved by Landlord’s Architect) and shall be subject to review and reasonable approval by Landlord’s Architect and Tenant’s Architect prior to payment by Landlord. Each such installment shall withhold five percent (5%) pursuant to the retainage provisions of Landlord’s contract with the Contractor. Landlord shall provide to Tenant and Tenant’s Representative copies of all invoices for all of the Landlord’s Work from subcontractors, materials providers and other vendors.
c. Tenant shall be obligated to pay the for any Tenant Change Orders (all such sums expended by Tenant shall be collectively referred to herein as the “Tenant’s Contribution”), as set forth below:
(i) To the extent that any Tenant Change Order causes the total cost of the Landlord’s Work to be in excess of the Tenant Improvement Allowance, Tenant’s Contribution shall be an amount equal to such excess, and Tenant shall pay to Landlord one hundred percent (100%) of such excess within five (5) business days after request by Landlord.
(ii) To the extent that any Tenant Change Order causes the total cost of the Landlord’s Work to be in excess of the Final Project Cost Proposal (but not the Tenant Improvement Allowance) (any such overrun, “Excess Project Cost”), then all such Excess Project Cost shall be paid by Tenant in the form of increased annual fixed rent. To the extent that any Tenant Change Order causes the total cost of the Landlord’s Work to be less than the Final Project Cost Proposal, then savings shall be passed on to Tenant in the form of a decrease in annual fixed rent (any such reduction, “Reduced Project Cost”). Excess Project Costs and Reduced Project Costs associated with Base Building Work shall be charged back or credited to the Tenant in the form of increased or decreased annual fixed rent at a rate of fo...
COST OF TENANT IMPROVEMENT WORK. Except as provided in Section 3.3 below, the Tenant Improvement Work shall be performed at Landlord's expense.
COST OF TENANT IMPROVEMENT WORK. Tenant shall pay for the Cost of the Tenant Improvement Work; provided however that such responsibility of Tenant hereunder shall be subject to Landlord’s reimbursement of those costs, not to exceed the TI Allowance, to be paid in accordance with Section 6.6 hereof.
COST OF TENANT IMPROVEMENT WORK. The Tenant Improvement Work shall, subject to the TI Allowance (as defined in Section 8 hereof), be performed at Tenant’s sole cost and expense. If the cost of the Tenant Improvement Work is projected to exceed the total amount of TI Allowance (as reflected in the Cost Proposal or Change Order Costs), then Tenant shall pay the amount of such excess (“Excess Costs”). If the Excess Costs are not paid by Tenant within seven (7) days of Landlord’s request therefor, such failure shall constitute an Event of Default hereunder and Tenant shall immediately stop all work and Landlord shall have no further obligation to advance the TI Allowance hereunder.
COST OF TENANT IMPROVEMENT WORK. Landlord shall pay all costs associated --------------------------------- with the design, construction and installation of the Tenant Improvements, including, but not limited to, costs of preparation of Construction Documents, all costs of construction labor and materials under the construction contract with the selected general contractor, fees for permits and licenses paid by the general contractor to governmental agencies in connection with the Tenant Improvements, costs of any necessary structural engineering
COST OF TENANT IMPROVEMENT WORK. A. Landlord shall pay up to the amount of $5,865,720.00 (the “Landlord’s Contribution”), based on $60.00 per rentable square foot of the Premises, towards the “Completion Cost” of the Tenant Improvements (as hereinafter defined), with any excess cost of the Tenant Improvements to be borne solely by Tenant. If the actual cost of completion of the Tenant Improvements is less than the maximum amount provided for the Landlord’s Contribution, such savings shall inure to the benefit of Landlord and Tenant shall not be entitled to any credit or payment. Notwithstanding anything contrary, Tenant may utilize any unused portion of the Landlord’s Contribution not funded towards the Completion Cost towards Tenant’s costs of moving, cabling, signage, electrical, furniture, architectural fees, third party management fees, the Tenant’s Security Systems, and related moving expenses for Tenant’s move to the Premises, and Landlord shall reimburse Tenant for such costs within 30 days following invoicing by Tenant.
COST OF TENANT IMPROVEMENT WORK. Except as provided in Section 2.4 below (i.e. with respect to changes requested by Tenant after Tenant’s approval of the Approved Construction Drawings, which changes increase the cost of the previously approved Tenant Improvement Work), the Tenant Improvement Work shall be performed at Landlord’s expense. In addition, Landlord shall provide Tenant with an allowance (the "Furniture Allowance") in an amount not to exceed $3,000.00 to be applied toward the cost of a new conference table (and, if applicable, chairs) purchased by Tenant for the Substitution Space. Landlord shall disburse the Furniture Allowance, or applicable portion thereof, to Tenant on or before the later to occur of: (i) thirty (30) days after Landlord’s receipt of a paid invoice from Tenant with respect to Tenant’s purchase of the conference table (and, if applicable, chairs); or (ii) the Substitution Effective Date.
COST OF TENANT IMPROVEMENT WORK. Except as otherwise expressly set forth in this Work Letter, the Tenant Improvement Work shall be performed at Landlord’s expense, including, without limitation, all costs necessary to fully effectuate the Design Plans.