Common use of FINANCING OF TENANT IMPROVEMENT WORK Clause in Contracts

FINANCING OF TENANT IMPROVEMENT WORK. LESSOR has agreed to finance two hundred fifty thousand ($250,000.00) dollars "*of the tenant improvement work referenced in Paragraph 3.3 (Lessor's Contribution) . Any and all other costs and expenses over and above $250,000.00 shall be the sole and exclusive responsibility Of LESSEE. LESSEE shall submit to LESSOR such reasonable documentation, including financial statements, as LESSOR deems necessary to assure LESSOR of LESSEE's ability to fund its portion of the tenant improvement buildout costs. Disbursement of Landlord's Contribution shall be subject to such reasonable conditions, including but not limited to processing time and inspections, which may be imposed by LESSOR's lender. Payment of LESSEE's contractors will be on a pro-rata basis, that is proportional between LESSOR and LESSEE in the same percentage that Landlord's Contribution bears to the total construction contract for the Tenant Improvement Work. In no event shall LESSOR be responsible for contributing more than $250,000 toward the Tenant Improvement Work. LESSOR shall not be obligated to make its pro-rata contribution unless and until the contractor' s invoice has been approved by LESSEE and LESSEE has provided LESSOR with evidence of its payment to the contractor for its pro-rata obligation.

FINANCING OF TENANT IMPROVEMENT WORK. LESSOR has agreed to finance two hundred fifty thousand ($250,000.00) dollars "*of the tenant improvement work referenced in Paragraph paragraph 3.3 (Lessor's Contribution) ). Any and all other costs and expenses over and above $250,000.00 shall be the sole and exclusive responsibility Of of LESSEE. LESSEE shall submit to LESSOR such reasonable documentation, including financial statements, as LESSOR deems necessary to assure LESSOR of LESSEE's ability to fund its portion of the tenant improvement buildout costs. Disbursement of Landlord's Contribution shall be subject to such reasonable conditions, including but not limited to processing time and inspections, which may be imposed by LESSOR's lender. Payment of LESSEE's 'S contractors will be on a pro-rata basis, that is proportional between LESSOR and LESSEE in the same percentage that Landlord's Contribution bears to the total construction contract for the Tenant Improvement Work. In no event shall LESSOR be responsible for contributing more than $250,000 toward the Tenant Improvement Work. LESSOR shall not be obligated to make its pro-rata contribution unless and until the contractor' s 's invoice has been approved by LESSEE and LESSEE has provided LESSOR with evidence of its payment to the contractor for its pro-rata obligation.