Common use of FINISH ALLOWANCE Clause in Contracts

FINISH ALLOWANCE. notwithstanding subparagraph 5A(1) above, Landlord grants Tenant an allowance in the amount of $330,471.00 (the FINISH ALLOWANCE) to be utilized by Tenant in performing alterations and improvements to the Premises to "finish-out" the Premises. Any improvements or alterations performed by Tenant and paid for out of the Finish Allowance, including without limitation, any work related thereto such as design, engineering, and construction management services, is referred to herein as the TENANT FINISH WORK. Landlord will pay such invoices up to, but not in excess of, the Finish Allowance conditioned upon: (1) Tenant shall submit all invoices received in connection with the Tenant Finish Work to Landlord for payment not less than fifteen (15) days prior to the due date of such invoice. Landlord, at its option, will not be obligated to pay any invoice not received by such date; and (2) Landlord having satisfied itself that all conditions/requirements set forth in subparagraph 5A above have been satisfied; and (3) Landlord having inspected and approved of the work for which payment is sought, such approval not to be unreasonably withheld; and (4) The Finish Allowance may not be used or allocated for any materials or property, or for the labor incurred in constructing or installing same, that would be characterized as Tenant's Property under subparagraph 5C below, it being the intention of both parties hereto that, without limiting subparagraph 5D below, all improvements and alterations paid for with the Finish Allowance will in all events and circumstances be Landlord's property. Any decision to pay or not pay any invoice will be made within ten (10) business days after receiving the subject invoice; provided, however, that Landlord may further condition such approval upon the satisfaction of any of the conditions/requirements of Paragraph 5A or this Paragraph 58 that may not have been satisfied within such ten (10) day period (I.E., lien waivers). All invoices will be paid within fifteen (15) days after Landlord has approved the invoice and is satisfied that all conditions and requirements set forth in Paragraph 5A and this Paragraph 5B have been satisfied. All cost and expenses incurred by Tenant in making any alterations or improvements to the Premises or the Project in excess of the Finish Allowance will be Tenant's sole cost and expense. If the Finish Allowance has not been fully utilized within one (1) year after the Commencement Date, and provided that Tenant is not then in default under this Lease, the remaining balance will be applied to Base Monthly Rent and Adjustments until the Finish Allowance is exhausted.

FINISH ALLOWANCE. notwithstanding Notwithstanding subparagraph 5A(16A(1) above, Landlord grants Tenant an allowance in the amount of $330,471.00 223,425 (the FINISH ALLOWANCE) to be utilized by Tenant in performing alterations and improvements to the Premises to "finish-out" the Premises. Any improvements or alterations performed by Tenant and paid for out of the Finish Allowance, including without limitation, any work related thereto such as design, engineering, and construction management services, is referred to herein as the TENANT FINISH WORK. Landlord will pay such invoices up to, but not in excess of, the Finish Allowance conditioned upon: (1) Tenant shall submit all invoices received in connection with the Tenant Finish Work to Landlord for payment not less than fifteen (15) days prior to the due date of such invoice. Landlord, at its option, will not be obligated to pay any invoice not received by such date; and (2) Landlord having reasonably satisfied itself that all conditions/requirements set forth in subparagraph 5A 6A above have been satisfied; and (3) Landlord having inspected and approved of the work for which payment is sought, such approval not to be unreasonably withheld, conditioned or delayed; and (4) The Finish Allowance may not be used or allocated for any materials or property, or for the labor incurred in constructing or installing same, that would be characterized as Tenant's Property under subparagraph 5C 6C below, it being the intention of both parties hereto that, without limiting subparagraph 5D 6D below, all improvements and alterations paid for with the Finish Allowance will in all events and circumstances be Landlord's property. Any decision to pay or not pay any invoice will be made within ten (10) business days after receiving the subject invoice; , provided, however, that Landlord may further condition such approval upon the satisfaction of any of the conditions/requirements of Paragraph 5A 6A or this Paragraph 58 6B that may not have been satisfied within such ten (10) day period (I.E., lien waivers). Failure to disapprove of an invoice within such ten (10) day period shall constitute approval thereof. All invoices will be paid within fifteen (15) days after Landlord has approved the invoice and is satisfied that all conditions and requirements set forth in Paragraph 5A 6A and this Paragraph 5B 6B have been satisfied. All cost and expenses incurred by Tenant in making any alterations or improvements to the Premises or the Project in excess of the Finish Allowance will be Tenant's sole cost and expense. If the Finish Allowance has not been fully utilized within one (1) year COMMERCIAL LEASE AGREEMENT PAGE 5 after the Commencement Date, and provided that Tenant is not then in default under this Lease, the remaining balance will be applied to Base Monthly Rent and Adjustments until the Finish Allowance is exhausted. At the end of such year, Landlord will provide Tenant with a written accounting of the balance, if any, of the Finish Allowance.