Leasehold Improvements. (a) Lessee shall comply with the provisions of Schedule 2 attached hereto entitled "Construction of Initial Leasehold Improvements." After receipt of the approved "Tenant Construction Agreement" containing the pricing for the leasehold improvements , Lessor will partition and prepare said Premises in accordance therewith; however, Lessor shall not be required to install any partitions or improvements which are not in conformity with the plans and specifications for the Building or which are not approved by Lessor or Lessor's architect, and Lessor shall be responsible only for the costs and expenses described in Schedule 3 and only to the extent that they do not exceed the respective allowances indicated in Schedule 3. All installations in excess thereof shall be for Lessee's account, and Lessee shall pay, as additional rent hereunder, to Lessor an amount equal to Lessor's actual cost therefor, including associated architectural and engineering fees, if any, plus a management cost recovery fee of FIVE PERCENT (5%) to cover overhead within THIRTY (30) days after being invoiced therefor. Additionally, Lessee shall pay all ad valorem taxes and increased insurance premiums that are payable on account of any of the leasehold improvements that are in addition to those items (or the quantities thereof) described on Schedule 3 hereto. Failure by Lessee to pay any sums described in Section 26(a) or the Schedules hereto in full within THIRTY (30) days after its receipt of an invoice therefor will constitute failure to pay rent when due and an event of default by Lessee hereunder, giving rise to all remedies available to Lessor under this lease and at law for nonpayment of rent. It is stipulated that time is of the essence in connection with Lessee's compliance with the terms of Schedule 2. (b) Lessee shall not be deemed to be the agent or representative of Lessor in making any such alterations, physical additions or improvements to the Premises, and shall have no right, power or authority to encumber any interest in the Project in connection therewith other than Lessee's leasehold estate under this Lease. However, should any mechanics' or other liens be filed against any portion of the Project or any interest therein (other than Lessee's leasehold estate hereunder) by reason of Lessee's acts or omissions or because of a claim against Lessee or its contractors, Lessee shall cause the same to be cancelled or discharged of record by bond or otherwise within ten (10) days after notice by Lessor. If Lessee shall fail to cancel or discharge said lien or liens, within said ten (10) day period, which failure shall be deemed to be a default hereunder, Lessor may, at its sole option and in addition to any other remedy of Lessor hereunder, cancel or discharge the same and upon Lessor's demand, Lessee shall promptly reimburse Lessor for all costs incurred in cancelling or discharging such lien or liens.
Appears in 1 contract
Leasehold Improvements. As of the date hereof, Lessee has not provided to Lessor any plans for any improvements to be made to the Premises. Lessee accepts the Premises in the current, "as is" condition. Subject to the terms and conditions of this SECTION 16.27, the Lessor agrees to provide to Lessee a refurbishment allowance (the "Allowance") of up to $30.00 per square foot of the Premises (including $26.00 for tenant improvements, $2.00 for relocation costs, $1.90 for full construction drawings and $.10 for preliminary drawings) to be utilized toward the design, construction, refurbishment and remodeling of the Premises (herein called the "Lessee Finish"). The Allowance shall be provided upon the fulfillment of the following conditions:
(a) Lessor must approve all Lessee's plans and specifications respecting the Lessee shall comply with the provisions of Schedule 2 attached hereto entitled "Construction of Initial Leasehold Improvements." After receipt of the approved "Tenant Construction Agreement" containing the pricing for the leasehold improvements Finish to be undertaken, Lessor will partition and prepare said Premises in accordance therewith; however, Lessor which approval shall not be required to install any partitions unreasonably withheld, conditioned or improvements which are not in conformity with the plans delayed and specifications for the Building or which are not approved by Lessor or Lessor's architect, and Lessor shall be responsible only for the costs and expenses described in Schedule 3 and only to the extent that they do not exceed the respective allowances indicated in Schedule 3. All installations in excess thereof shall be for Lessee's account, and Lessee shall pay, as additional rent hereunder, to deemed given unless Lessor an amount equal to Lessor's actual cost therefor, including associated architectural and engineering fees, if any, plus a management cost recovery fee of FIVE PERCENT has disapproved same within twenty (5%) to cover overhead within THIRTY (3020) days after being invoiced therefor. Additionally, Lessee shall pay all ad valorem taxes and increased insurance premiums that are payable on account of any of the leasehold improvements that are in addition delivers same to those items (or the quantities thereof) described on Schedule 3 hereto. Failure by Lessee to pay any sums described in Section 26(a) or the Schedules hereto in full within THIRTY (30) days after its receipt of an invoice therefor will constitute failure to pay rent when due and an event of default by Lessee hereunder, giving rise to all remedies available to Lessor under this lease and at law for nonpayment of rent. It is stipulated that time is of the essence in connection with Lessee's compliance with the terms of Schedule 2Lessor.
(b) Following approval of the plans and specifications, Lessee shall obtain bids from at least three (3) competent contractors for the construction. The Lessor may select one (1) of the contractors to submit bids and shall be allowed to participate in the review of the bids. Following the review of the bids, Lessee shall select the contractor to perform the Lessee Finish based on Lessee's determination as to the most qualified contractor offering the lowest bid, subject to Lessor's approval, which shall not be deemed to be the agent unreasonably withheld, conditioned or representative of delayed. Lessee shall promptly inform Lessor in making any such alterations, physical additions or improvements to the Premises, and shall have no right, power or authority to encumber any interest in the Project in connection therewith other than Lessee's leasehold estate under this Lease. However, should any mechanics' or other liens be filed against any portion of the Project or any interest therein (other than Lessee's leasehold estate hereunder) by reason of Lessee's acts or omissions or because of a claim against final construction costs for the Lessee or its contractors, Finish. Lessee shall cause be responsible for the same management of the construction and the contractor.
(c) The Allowance shall be delivered by Lessor to be cancelled or discharged of record by bond or otherwise Lessee incrementally as construction progresses on a percentage completion basis within ten (10) days after notice following receipt of a draw request, invoices and lien waivers therefor (and if required by Lessor, a certificate from the contractor that all work has been completed in accordance with the plans and specifications). The portion of the Allowance attributable to relocation expenses, if not expended for improvements, shall be paid by Lessor to Lessee within the later of (i) thirty (30) days after the Commencement Date; or (ii) thirty (30) days after written notice to Lessor with accompanying invoices substantiating such relocation expenses. If the total cost of the Lessee Finish (including design, demolition and construction costs) exceeds the Allowance, Lessee shall fail deposit with Lessor the balance of the funds required to cancel or discharge said lien or liens, complete the Lessee Finish within said ten (10) day period, which failure shall be deemed to be a default hereunder, Lessor may, at its sole option and in addition to any other remedy of Lessor hereunder, cancel or discharge the same and upon days following Lessor's demand, notice to Lessee shall promptly reimburse Lessor for all costs incurred in cancelling or discharging such lien or liens.of the
Appears in 1 contract
Sources: Office Lease (Exe Technologies Inc)
Leasehold Improvements. (a) 6.01 Lessor shall have no obligation to make any alterations or improvements to the Demised Premises for the benefit of Lessee except as may be specifically described in a written addendum to this Lease executed by Lessor and Lessee. By taking possession of the Demised Premises, Lessee accepts and acknowledges the Demised Premises as being in good order, condition and repair. Acceptance of the Demised Premises shall constitute acceptance of any alterations and improvements therein performed by Lessor. Lessee acknowledges that neither Lessor nor anyone acting on Lessor's behalf has made any representation or warranty as to the suitability or fitness of the Demised Premises for the conduct of Lessee's business or for any other purpose.
6.02 Lessee may perform, at Lessee's own expense, the alterations and improvements to the Demised Premises as described in Exhibit "B", attached hereto and made a part hereof, and Lessor hereby consents to the performance of such work. Lessee may have access to the Demised Premises prior to the commencement of the lease term for the purpose of installing Lessee's improvements, provided that such work does not obstruct or interfere with the work being performed therein by Lessor. No delay by Lessee in the completion of Lessee's work, shall delay commencement of the lease term on the date specified in Section 2.01, unless such delay was directly and primarily caused by Lessor. Lessor may submit a bid to Lessee for performance of the work described in Exhibit "B" by Lessor, but Lessee shall comply with not be obligated to utilize the provisions services of Schedule 2 attached hereto entitled "Construction of Initial Leasehold Improvements." After receipt of the approved "Tenant Construction Agreement" containing the pricing for the leasehold improvements , Lessor will partition and prepare said Premises in accordance therewith; however, Lessor may select any licensed contractor to perform such work. Lessee shall not be required to install any partitions or remove lease hold improvements which are not in conformity with at the plans and specifications for end of the Building or which are not approved by Lessor or Lessor's architectlease term.
6.03 Except as expressly provided herein, and Lessor shall be responsible only for the costs and expenses described in Schedule 3 and only have no obligation to the extent that they do not exceed the respective allowances indicated in Schedule 3. All installations in excess thereof shall be for Lessee's account, and Lessee shall pay, as additional rent hereunder, to Lessor an amount equal to Lessor's actual cost therefor, including associated architectural and engineering fees, if any, plus a management cost recovery fee of FIVE PERCENT (5%) to cover overhead within THIRTY (30) days after being invoiced therefor. Additionally, Lessee shall pay all ad valorem taxes and increased insurance premiums that are payable on account of make any of the leasehold improvements that are in addition to those items (or the quantities thereof) described on Schedule 3 hereto. Failure by Lessee to pay any sums described in Section 26(a) or the Schedules hereto in full within THIRTY (30) days after its receipt of an invoice therefor will constitute failure to pay rent when due and an event of default by Lessee hereunder, giving rise to all remedies available to Lessor under this lease and at law for nonpayment of rent. It is stipulated that time is of the essence in connection with Lessee's compliance with the terms of Schedule 2.
(b) Lessee shall not be deemed to be the agent or representative of Lessor in making any such alterations, physical additions alterations or improvements to the Premises, and shall have no right, power Demised Premises for the benefit of Lessee. Lessee acknowledges that neither Lessor nor anyone acting on Lessor's behalf has made any representation or authority warranty as to encumber any interest in the Project in connection therewith other than Lessee's leasehold estate under this Lease. However, should any mechanics' suitability or other liens be filed against any portion fitness of the Project or any interest therein (other than Lessee's leasehold estate hereunder) by reason Demised Premises for the conduct of Lessee's acts business or omissions or because of a claim against Lessee or its contractors, Lessee shall cause the same to be cancelled or discharged of record by bond or otherwise within ten (10) days after notice by Lessor. If Lessee shall fail to cancel or discharge said lien or liens, within said ten (10) day period, which failure shall be deemed to be a default hereunder, Lessor may, at its sole option and in addition to for any other remedy of Lessor hereunder, cancel or discharge the same and upon Lessor's demand, Lessee shall promptly reimburse Lessor for all costs incurred in cancelling or discharging such lien or lienspurpose.
Appears in 1 contract
Leasehold Improvements. 28.01 The Tenant agrees to accept the Leased Space in an “as-is” condition.
28.02 The Tenant, at its own cost and expense, shall complete or cause the completion of all Leasehold Improvements required to convert the Leased Space from a commercial use space to a space suitable for use as a Warming Centre.
28.03 The Tenant will not make, install or erect in or to the Leased Space any Leasehold Improvements without first submitting the drawings and specifications to the Landlord and obtaining the Landlord's prior written consent in each instance, which consent may be unreasonably withheld. Furthermore, the Tenant must obtain the Landlord's prior written consent to any change or changes in such drawings or specifications, and shall pay, on demand, the cost to the Landlord of having its consultants approve such changes prior to proceeding with any work based on such drawings or specification.
28.04 Such work may be performed by contractors engaged by the Tenant for the initial installation of Leasehold Improvements, but in each case under written contract, approved in writing by the Landlord and subject to all reasonable conditions which the Landlord may impose.
28.05 All work at any time performed by the Tenant, or its contractors, with respect to the Leasehold Improvements shall:
(a) Lessee be done as expeditiously as possible, in a good and workmanlike manner and with first- class new materials;
(b) be done in compliance with such reasonable rules and regulations as the Landlord or its agents or contractors may make;
(c) conform to all building and heritage by-laws and shall conform to all federal, provincial and municipal rules and regulations, if any, then in force affecting the Leased Space and the Property;
(d) be done in such manner as will not interfere unreasonably with work being done by the Landlord upon any other portion of the Property;
(e) be subject to the reasonable supervision of the Landlord or its agents or contractors;
(f) be done only by persons whose labour union affiliations are acceptable to the unions of which the employees of the Landlord, its contractors or subcontractors are members;
(g) be done at the risk of the Tenant;
(h) be done in accordance with the applicable requirements of all regulatory authorities having jurisdiction with respect thereto; and,
(i) be done only by contractors approved by the Landlord.
28.06 The Tenant shall not install or use any electrical or other equipment or electrical arrangement which may overload the electrical, mechanical, plumbing or other service facilities without the prior written consent of the Landlord. The Tenant will pay for any costs or expenses in respect of the Leased Space resulting from use of equipment necessitating dedicated circuitry or specialized power equipment. In this regard, the Tenant at its own expense will make any changes to the electrical and other service facilities necessary to comply with the provisions of Schedule 2 attached hereto entitled "Construction of Initial Leasehold Improvements." After receipt reasonable and lawful requirements of the approved "Landlord's insurance underwriters and governmental authorities having jurisdiction. The Tenant Construction Agreement" containing shall make no changes to the pricing for electrical, mechanical, plumbing and other service facilities without the leasehold improvements , Lessor will partition and prepare said Premises in accordance therewith; however, Lessor shall not be required to install any partitions or improvements which are not in conformity with Landlord's prior written approval of the plans and specifications for the Building or changes, which are not approved by Lessor or Lessor's architectmay be unreasonably withheld.
28.07 Notwithstanding anything in this Lease, and Lessor the Landlord shall be responsible only under no obligation to repair or maintain the Tenant's Leasehold Improvements.
28.08 Upon termination or expiration of this Lease, the Tenant shall, at its own expense and risk, remove all Leasehold Improvements and restore the Leased Space as nearly as possible to the condition and use existing prior to the execution of this Lease, except for normal wear and tear, to the satisfaction of the Landlord.
28.09 If the Tenant fails to remove the Leasehold Improvements within ninety (90) days of the termination or expiration of this Lease, the Landlord may restore the Leased Space at the risk of the Tenant and all costs and expenses described in Schedule 3 and only to the extent that they do not exceed the respective allowances indicated in Schedule 3. All installations in excess thereof of such removal or restoration shall be for Lessee's account, and Lessee shall pay, as additional rent hereunder, to Lessor an amount equal to Lessor's actual cost therefor, including associated architectural and engineering fees, if any, plus a management cost recovery fee of FIVE PERCENT (5%) to cover overhead within THIRTY (30) days after being invoiced therefor. Additionally, Lessee shall pay all ad valorem taxes and increased insurance premiums that are payable on account of any paid by the Tenant upon demand of the leasehold improvements that are in addition to those items (or the quantities thereof) described on Schedule 3 hereto. Failure by Lessee to pay any sums described in Section 26(a) or the Schedules hereto in full within THIRTY (30) days after its receipt of an invoice therefor will constitute failure to pay rent when due and an event of default by Lessee hereunder, giving rise to all remedies available to Lessor under this lease and at law for nonpayment of rent. It is stipulated that time is of the essence in connection with Lessee's compliance with the terms of Schedule 2Landlord.
(b) Lessee shall not be deemed to be the agent or representative of Lessor in making any such alterations, physical additions or improvements to the Premises, and shall have no right, power or authority to encumber any interest in the Project in connection therewith other than Lessee's leasehold estate under this Lease. However, should any mechanics' or other liens be filed against any portion of the Project or any interest therein (other than Lessee's leasehold estate hereunder) by reason of Lessee's acts or omissions or because of a claim against Lessee or its contractors, Lessee shall cause the same to be cancelled or discharged of record by bond or otherwise within ten (10) days after notice by Lessor. If Lessee shall fail to cancel or discharge said lien or liens, within said ten (10) day period, which failure shall be deemed to be a default hereunder, Lessor may, at its sole option and in addition to any other remedy of Lessor hereunder, cancel or discharge the same and upon Lessor's demand, Lessee shall promptly reimburse Lessor for all costs incurred in cancelling or discharging such lien or liens.
Appears in 1 contract
Sources: Lease Agreement
Leasehold Improvements. (a) Lessee shall comply Commencing with the provisions of Premises in a Finished Shell Condition (as defined in Schedule 2 attached hereto entitled 1 to this Exhibit B), Landlord shall engage The Clar▇ ▇▇▇struction Group, Inc. (the LEASEHOLD CONTRACTOR) to install in the Premises those initial improvements (the "Construction of Initial LEASEHOLD IMPROVEMENTS") specified in final construction and engineering drawings, approved by Landlord in accordance with this Exhibit B. The Leasehold Improvements." After receipt Contractor shall bid the work on the Leasehold Improvements to at least three (3) reputable subcontractors in all major trades or, alternatively, Tenant and Landlord shall negotiate the price of the approved "Tenant Construction Agreement" containing work with subcontractors currently working on other projects in the pricing for Complex in order to obtain the leasehold improvements , Lessor will partition and prepare said Premises in accordance therewith; however, Lessor earliest possible occupancy date. Landlord shall not be required obligated to install provide any partitions or improvements which are not in conformity with the plans and specifications for the Building or which are not approved by Lessor or Lessor's architectimprovements, and Lessor the Premises shall be responsible only for delivered containing no property of any kind, other than the Leasehold Improvements. Tenant shall pay all costs and expenses incurred in connection with designing, permitting, managing and constructing the Leasehold Improvements (the "LEASEHOLD COSTS") (including, but not limited to (i) one-half of all costs of all demising walls in the Premises adjacent to another tenant space or adjacent to common areas, if any (specifically excluding the walls described in Schedule 3 I attached hereto), and only (ii) general contractor's fee of five percent (5%) of the construction costs (plus reasonable general conditions) payable to the extent that they do not exceed the respective allowances indicated Leasehold Contractor and a Development Manager's fee in Schedule 3. All installations in excess thereof shall be for Lessee's account, and Lessee shall pay, as additional rent hereunder, to Lessor an amount equal to Lessor's actual cost therefor, including associated architectural and engineering fees, if any, plus a management cost recovery fee of FIVE PERCENT three percent (53%) of all Leasehold Costs that exceed the Allowance (as defined below) to cover overhead within THIRTY the extent such costs and expenses exceed an allowance (30the "ALLOWANCE") days after being invoiced therefor. Additionallyequal to the product of (a) twenty-seven and 00/100 dollars ($27.00), Lessee shall pay all ad valorem taxes and increased insurance premiums that are payable on account of any of the leasehold improvements that are in addition to those items (or the quantities thereof) described on Schedule 3 hereto. Failure multiplied by Lessee to pay any sums described in Section 26(a) or the Schedules hereto in full within THIRTY (30) days after its receipt of an invoice therefor will constitute failure to pay rent when due and an event of default by Lessee hereunder, giving rise to all remedies available to Lessor under this lease and at law for nonpayment of rent. It is stipulated that time is of the essence in connection with Lessee's compliance with the terms of Schedule 2.
(b) Lessee shall not be deemed to be the agent or representative number of Lessor square feet of rentable area in making any such alterations, physical additions or improvements the Premises. Notwithstanding anything herein to the Premisescontrary, and shall have no right, power or authority to encumber any interest in the Project in connection therewith other than Lessee's leasehold estate under this Lease. However, should any mechanics' or other liens be filed against any portion at least twenty-two dollars ($22.00) per square foot of the Project Allowance shall be used to fund the "hard costs" of the Leasehold Improvements. Tenant shall pay fifty percent (50%) of Landlord's reasonable estimate of those costs and expenses (if any) which exceed the Allowance on or any interest therein before the later to occur of (other than Lesseei) the earlier to occur of (A) the date the preliminary space plan is prepared and delivered to Tenant, or (B) the date of Tenant's leasehold estate hereunderexecution of the Lease, or (ii) by reason the tenth (10th) day after the date Landlord gives Tenant notice of LesseeLandlord's acts estimate of such expenses, or omissions or because (iii) when the Premises are ready to commence buildout. Tenant shall pay the remainder of a claim against Lessee or its contractors, Lessee shall cause the same to be cancelled or discharged of record by bond or otherwise such estimate within ten (10) days after Tenant's receipt of a notice stating that the Leasehold Improvements are fifty percent (50%) complete, as reasonably determined by LessorLandlord and certified by the Leasehold Contractor. If Lessee Tenant shall fail to cancel pay for all such costs and expenses (minus any estimated payments made as aforesaid) when the Leasehold Improvements are substantially complete and Tenant receives a bill ▇▇▇refor showing with reasonable detail such costs and expenses. Tenant shall pay such bill, ▇▇ any, no later than the earlier of the Lease Commencement Date or discharge said lien or liens, within said ten (10) day period, which failure business days after Tenant's receipt thereof. All amounts payable pursuant to this Exhibit by Tenant shall be deemed considered additional rent and are subject to be a default hereunder, Lessor may, at its sole option and in addition to any other remedy the provisions of Lessor hereunder, cancel or discharge the same and upon Lessor's demand, Lessee shall promptly reimburse Lessor for all costs incurred in cancelling or discharging such lien or liensLease.
Appears in 1 contract
Leasehold Improvements. (a) Lessee shall comply with Except as set forth in this Section, Tenant accepts the provisions Demised Premises in their “as is” condition on the date that this Amendment is entered into. Landlord agrees to complete certain work (the “Work”), at Landlord’s cost and expense, consisting of Schedule 2 the following items: (i) installing carpet on the floors and painting the walls of the Demised Premises, using Building standard materials or as otherwise noted in this Amendment; (ii) installing card access security systems to control eight (8) access points; (iii) and constructing six (6) demised offices pursuant to space plans, (collectively, the “Plans”), attached hereto entitled "Construction of Initial Leasehold Improvements." After receipt as Exhibit “D”. All changes, additions and modifications to the Work or the Plans shall be at Tenant’s sole cost and expense (including, without limitation, materials above Building standard and compliance issues necessitated by Tenant’s use and occupancy of the approved "Tenant Construction Agreement" containing Demised Premises). All changes in the pricing for Work or the leasehold improvements , Lessor will partition and prepare said Premises in accordance therewith; however, Lessor shall not be required to install any partitions or improvements which are not in conformity with Plans must receive the plans and specifications for the Building or which are not approved by Lessor or Lessor's architectprior written approval of Landlord, and Lessor shall be responsible only for the costs and expenses described in Schedule 3 and only to the extent that they do not exceed the respective allowances indicated in Schedule 3. All installations in excess cost thereof shall be for Lessee's account, and Lessee borne solely by Tenant. It shall pay, as additional rent hereunder, be a condition precedent to Lessor an amount equal to Lessor's actual cost therefor, including associated architectural and engineering fees, if any, plus a management cost recovery fee of FIVE PERCENT (5%) to cover overhead within THIRTY (30) days after being invoiced therefor. Additionally, Lessee shall pay all ad valorem taxes and increased insurance premiums that are payable on account of any Landlord’s commencement of the leasehold improvements Work that are in addition Tenant remit to those items (Landlord payment for all any additional costs due to changes of the Work or the quantities thereof) described on Schedule 3 hereto. Failure by Lessee to pay Plans and any sums described in Section 26(a) or the Schedules hereto in full within THIRTY (30) days after its receipt of an invoice therefor will constitute failure to pay rent when due and an event of default do so shall be a delay caused by Lessee hereunder, giving rise to all remedies available to Lessor under this lease and at law for nonpayment of rent. It is stipulated that time is of the essence in connection with Lessee's compliance with the terms of Schedule 2Tenant.
(b) Lessee Landlord shall not be deemed also provide to be Tenant an additional allowance, payable by Landlord to Tenant upon execution of this Fourth Amendment to Lease, the agent or representative sum of Lessor in making any such alterations$52,000 for Tenant’s use as Tenant requires for moving, physical additions or improvements to the Premises, cabling and shall have no right, power or authority to encumber any interest in the Project in connection therewith other than Lessee's leasehold estate under this Lease. However, should any mechanics' or other liens be filed against any portion of the Project or any interest therein (other than Lessee's leasehold estate hereunder) by reason of Lessee's acts or omissions or because of a claim against Lessee or its contractors, Lessee shall cause the same to be cancelled or discharged of record by bond or otherwise within ten (10) days after notice by Lessor. If Lessee shall fail to cancel or discharge said lien or liens, within said ten (10) day period, which failure shall be deemed to be a default hereunder, Lessor may, at its sole option and in addition to any other remedy of Lessor hereunder, cancel or discharge the same costs and upon Lessor's demand, Lessee shall promptly reimburse Lessor for all costs incurred in cancelling or discharging such lien or liensexpenses related to this Fourth Amendment to Lease.
Appears in 1 contract
Leasehold Improvements. (a) Lessee In addition to the Rent specified in Section 3, Tenant shall comply with pay directly to the provisions construction contractors the cost of Schedule 2 attached hereto entitled "Construction of Initial Leasehold Improvements." After receipt of the approved "Tenant Construction Agreement" containing the pricing for the leasehold improvements , Lessor will partition and prepare said (the “Tenant Improvements”) to the Premises in accordance therewith; howeverwith the space plan as described in Exhibit B. Landlord agrees to assist Tenant in coordinating and facilitating the completion of leasehold improvements to the premises including assuring compliance with all applicable regulations including, Lessor but not limited to maintaining builders risk insurance during the construction phase and monitoring the remodeling to assure the work meets the standards for compliance with state licensure. Tenant shall pay all third party contractors in accordance with the Michigan Construction Lien Act. Tenant shall be responsible for filing a bond for any disputed work on the Premises. Tenant shall indemnify and hold Landlord harmless for any liability in connection with such Leasehold Improvements. Construction shall be performed in a manner which minimizes disruption to the daily operations of the Landlord. Notwithstanding anything to the contrary in the Lease, Tenant shall be responsible for the cost of such Tenant Improvements irrespective of any early termination by tenant permitted under the Lease. Tenant, with assistance from Landlord, shall direct architectural plans to be drawn and bid specification produced for the purpose of soliciting construction bids. Mercy Architectural Services (MAS) shall be given the first opportunity to provide the architectural services contemplated by this Agreement. In the event MAS declines the opportunity, Tenant is free to obtain required architectural services from other firms, subject to the mutual consent of Landlord, which consent shall not be required unreasonably withheld. Under a separate agreement (attached as Exhibit E “Loan Agreement”, herein incorporated by reference), Landlord will loan Tenant up to install any partitions or improvements which are not in conformity with $900,000 that will then be used by the plans and specifications Tenant to pay for the Building or which are not approved by Lessor or Lessor's architect, and Lessor shall be responsible only for the costs and expenses described in Schedule 3 and only cost of Tenant Improvements. Tenant will repay Landlord according to the extent terms of the Loan Agreement. Debt service payments on the loan by Tenant will be reduced by the principal and interest portion of the loan that they do not exceed the respective allowances indicated in Schedule 3. All installations in excess thereof shall be for Lessee's account, and Lessee shall pay, as additional rent hereunder, to Lessor an amount equal to Lessor's actual cost therefor, including associated architectural and engineering feesexceeds $500,000, if any, plus a management cost recovery fee of FIVE PERCENT (5%) to cover overhead within THIRTY (30) days after being invoiced therefor. Additionally, Lessee shall pay all ad valorem taxes and increased insurance premiums that are payable on account of any of the leasehold improvements that are in addition to those items (or the quantities thereof) described on Schedule 3 hereto. Failure by Lessee to pay any sums described in Section 26(a) or the Schedules hereto in full within THIRTY (30) days after its receipt of an invoice therefor will constitute failure to pay rent when due and an event of default by Lessee hereunder, giving rise to all remedies available to Lessor under this lease and at law for nonpayment of rent. It is stipulated that time is of the essence in connection with Lessee's compliance with the terms of Schedule 2.
(b) Lessee shall not be deemed to be the agent or representative of Lessor in making any such alterations, physical additions or improvements to the Premises, and shall have no right, power or authority to encumber any interest in the Project in connection therewith other than Lessee's leasehold estate under this Lease. However, should any mechanics' or other liens be filed against any portion of the Project or any interest therein (other than Lessee's leasehold estate hereunder) by reason of Lessee's acts or omissions or because of a claim against Lessee or its contractors, Lessee shall cause the same to be cancelled or discharged of record by bond or otherwise within ten (10) days after notice by Lessor. If Lessee shall fail to cancel or discharge said lien or liens, within said ten (10) day period, which failure shall be deemed to be a default hereunder, Lessor may, at its sole option and in addition to any other remedy of Lessor hereunder, cancel or discharge the same and upon Lessor's demand, Lessee shall promptly reimburse Lessor for all costs incurred in cancelling or discharging such lien or liens.
Appears in 1 contract
Leasehold Improvements. (a) Lessee 1.4.1 Landlord shall comply with the provisions of Schedule 2 attached hereto entitled "Construction of Initial Leasehold Improvements." After receipt construct and complete all of the approved "Tenant Construction Agreement" containing the pricing for the leasehold improvements , Lessor will partition and prepare said Premises work set forth in accordance therewith; however, Lessor shall not be required to install any partitions or improvements which are not in conformity with the plans and specifications for prepared by Tenant (the Building or which are not approved by Lessor or Lessor's architect"Leasehold Improvements"). Landlord shall at all times provide knowledgeable personnel to perform its duties with respect to such construction, and Lessor acknowledges and accepts the position of trust and confidence which it holds with respect to Tenant in respect thereof. Owner shall be responsible only for all aspects of the Leasehold Improvements, other than as specifically directed by Tenant in writing, necessary for the costs complete construction thereof, ready to turn over to Tenant on a "turnkey basis"; for coordination of plans prepared by or on behalf of Tenant with the base building and expenses described in Schedule 3 Landlord's Work; processing and only documenting change orders requested by Tenant; securing all necessary approvals and authorizations, including but not limited to building permits; securing competitive bids; negotiation of all construction contracts; monitoring and inspecting the work and the progress thereof to the extent that they do being performed by others; and preparation of a "punch list" of incomplete or defective work, including as required under any construction contract or this Lease.
1.4.2 Landlord (or an affiliate of Landlord) will act as general contractor for the Leasehold Improvements. The work to be performed by the general contractor's own forces will not exceed the respective allowances indicated in Schedule 3concrete, carpentry, general labor and supervision. All installations in excess thereof Such work shall be for Lessee's account, performed at a cost not to exceed the competitive cost thereof and Lessee shall pay, as additional rent hereunder, to Lessor an amount equal to Lessor's actual cost therefor, including associated architectural and engineering fees, if any, plus a management cost recovery fee of FIVE PERCENT (5%) to cover overhead within THIRTY (30) days after being invoiced therefor. Additionally, Lessee shall pay all ad valorem taxes and increased insurance premiums that are payable on account of any of the leasehold improvements that are in addition to those items (or the quantities thereof) described on Schedule 3 hereto. Failure by Lessee to pay any sums described in Section 26(a) or the Schedules hereto in full within THIRTY (30) days after its receipt of an invoice therefor will constitute failure to pay rent when due and an event of default by Lessee hereunder, giving rise to all remedies available to Lessor under this lease and at law for nonpayment of rent. It is stipulated that time is of the essence in connection with Lessee's compliance with the terms of Schedule 2.
(b) Lessee shall not be deemed to be the agent or representative of Lessor in making any such alterations, physical additions or improvements to the Premises, and shall have no right, power or authority to encumber any interest in the Project in connection therewith other than Lessee's leasehold estate under this Lease. However, should any mechanics' or other liens be filed against any portion of the Project or any interest therein (other than Lessee's leasehold estate hereunder) by reason of Lessee's acts or omissions or because of a claim against Lessee or its contractors, Lessee shall cause Tenant may require the same to be cancelled or discharged bid for the purpose of record establishing cost pursuant to Section 1.4.8. The general contractor's fee for the Leasehold Improvements shall not exceed 8% of the cost of the Leasehold Improvements which is payable by bond or otherwise within ten Tenant (10) days after notice less such fee).
1.4.3 The portion of the Leasehold Improvements not to be performed by Lessor. If Lessee shall fail to cancel or discharge said lien or liens, within said ten (10) day period, which failure Landlord's own forces shall be deemed bid separately from Landlord's Work and shall be fixed price contract, unless otherwise agreed by Tenant. Except for changes in the Leasehold Improvements which are requested in writing by Tenant and documented by a written change order executed by Tenant setting forth the net cost to Tenant of such change (excluding changes requested by Tenant due to defective or inadequate construction or other deficiencies not the fault of Tenant), the cost to Tenant for the Leasehold Improvements shall not exceed the accepted bid price therefor.
1.4.4 Landlord shall submit to Tenant for Tenant's reasonable approval a bid list of at least three qualified subcontractors to perform each division of the Leasehold Improvements. Tenant shall have the right to submit and add qualified contractors to such bid list, subject to Landlord's reasonable approval. Landlord shall be responsible to solicit a minimum of three bids for the work in such format and in accordance with such bid requirements and specifications as may be reasonably approved by Tenant, including without limitation the itemization of the entire or designated portions of each bid. Landlord shall be responsible to review and tabulate the bids, to consult with Tenant regarding the bids, and shall recommend to Tenant, for Tenant's approval, the lowest and best bid to be a default hereunder, Lessor selected. Tenant may require all bids to be rejected or may, at its sole option with or without making changes to the Leasehold Improvements in order to reduce the cost thereof, negotiate, or direct Landlord to negotiate, with one or more of such in order to achieve an acceptable price for the Leasehold Improvements.
1.4.5 All construction contracts entered into by Landlord for the Leasehold Improvements shall (a) have warranties which are reasonably acceptable to and (b) and shall not provide for liquidated damages or other penalty or specific monetary payment for failure to complete, or any bonus for completion of, the Leasehold Improvements by a particular time. Any premium cost included in any construction contract for the Leasehold Improvements above the cost to perform the work without overtime and in addition the ordinary course shall be borne by Landlord.
1.4.6 Tenant may from time to time require changes in the Landlord's Work and the Leasehold Improvements by submitting a written change order therefor to Landlord. No change order shall (a) increase the costs to Tenant or (b) extend the time by which any of such work shall be substantially completed unless Landlord states in such change order, in the case of (a) the net increase in costs to Tenant and provides an explanation thereof in reasonable detail and, in the case of (b), the delay in substantial completion directly attributable to such delay, provided that (i) no such statement shall be binding on Tenant unless Tenant specifically accepts such statement in such change order and (ii) there shall be no increase in cost to Tenant and no extension of the time for completion of any such work to the extent the change order directs the correction of defective or inadequate construction or other deficiencies (including but not limited to failure to comply with applicable legal requirements) not the fault of Tenant.
1.4.7 Landlord shall permit Tenant's space planner, architects and other consultants to inspect the Premises and Landlord's Work and the Leasehold Improvements at all reasonable times after the date hereof. No inspection by Tenant or any such person, and no approval or failure to reject any of the Landlord's Work or the Leasehold Improvements, shall waive or release the obligation of Landlord to construct and deliver the Premises with the Landlord's Work and the Leasehold Improvements completed in accordance with the requirements of this Lease, including as the same may be changed pursuant to change orders made in accordance with this Lease.
1.4.8 Upon receipt by Owner of any application for payment from any contractors engaged by Owner, or any communication, whether oral or written, from such contractors, inspecting architects or engineers, governmental authorities which may have a material effect on the Landlord's Work or the Leasehold Improvements (including but not limited to any other remedy deficiency or irregularity with respect thereto), Landlord shall provide copies of Lessor hereundersuch application or written communication to Tenant and otherwise advise Tenant of the substance of any such oral communication.
1.4.9 Landlord shall pay all applications for payment in respect of the Leasehold Improvements if and to the extent properly due and owing for work completed in accordance with the construction contract covering such work and this Lease. Subject to the terms and conditions of this Lease, cancel or discharge all such payments made by Landlord shall be charged against the same leasehold allowance provided for in Section 8.1 and upon Lessor's demand8.2 and then, Lessee after exhaustion thereof, to Tenant. Landlord shall promptly reimburse Lessor provide a written accounting to Tenant on the 15th day of each month following the first payment made by Landlord for all costs incurred Leasehold Improvements, showing in cancelling or discharging reasonable detail the payments made by Landlord during the preceding month and the aggregate payments made by Owner for the Leasehold Improvements through the end of such lien or liensmonth. Landlord shall make and retain for a period of three (3) years, complete books and records, with substantiating evidence of costs, application for payment and the like, in respect of the Leasehold Improvements.
Appears in 1 contract
Sources: Lease Agreement (Angeion Corp/Mn)
Leasehold Improvements. As of the date hereof, Lessee has not provided to Lessor any plans for any improvements to be made to the Premises. Lessee accepts the Premises in the current, "as is" condition. Subject to the terms and conditions of this SECTION 16.27, the Lessor agrees to provide to Lessee a refurbishment allowance (the "Allowance") of up to $572,760.00 (including $496,392.00 for tenant improvements, $38,184.00 for relocation costs, $36,274.80 for full construction drawings and $1,909.20 for preliminary drawings) to be utilized toward the design, construction, refurbishment and remodeling of the Premises (herein called the "Lessee Finish"). The Allowance shall be provided upon the fulfillment of the following conditions:
(a) Lessor must approve all Lessee's plans and specifications respecting the Lessee shall comply with the provisions of Schedule 2 attached hereto entitled "Construction of Initial Leasehold Improvements." After receipt of the approved "Tenant Construction Agreement" containing the pricing for the leasehold improvements Finish to be undertaken, Lessor will partition and prepare said Premises in accordance therewith; however, Lessor which approval shall not be required to install any partitions unreasonably withheld, conditioned or improvements which are not in conformity with the plans delayed and specifications for the Building or which are not approved by Lessor or Lessor's architect, and Lessor shall be responsible only for the costs and expenses described in Schedule 3 and only to the extent that they do not exceed the respective allowances indicated in Schedule 3. All installations in excess thereof shall be for Lessee's account, and Lessee shall pay, as additional rent hereunder, to deemed given unless Lessor an amount equal to Lessor's actual cost therefor, including associated architectural and engineering fees, if any, plus a management cost recovery fee of FIVE PERCENT has disapproved same within twenty (5%) to cover overhead within THIRTY (3020) days after being invoiced therefor. Additionally, Lessee shall pay all ad valorem taxes and increased insurance premiums that are payable on account of any of the leasehold improvements that are in addition delivers same to those items (or the quantities thereof) described on Schedule 3 hereto. Failure by Lessee to pay any sums described in Section 26(a) or the Schedules hereto in full within THIRTY (30) days after its receipt of an invoice therefor will constitute failure to pay rent when due and an event of default by Lessee hereunder, giving rise to all remedies available to Lessor under this lease and at law for nonpayment of rent. It is stipulated that time is of the essence in connection with Lessee's compliance with the terms of Schedule 2Lessor.
(b) Following approval of the plans and specifications, Lessee shall obtain bids from at least three (3) competent contractors for the construction. The Lessor may select one (1) of the contractors to submit bids and shall be allowed to participate in the review of the bids. Following the review of the bids, Lessee shall select the contractor to perform the Lessee Finish based on Lessee's determination as to the most qualified contractor offering the lowest bid, subject to Lessor's approval, which shall not be deemed to be the agent unreasonably withheld, conditioned or representative of delayed. Lessee shall promptly inform Lessor in making any such alterations, physical additions or improvements to the Premises, and shall have no right, power or authority to encumber any interest in the Project in connection therewith other than Lessee's leasehold estate under this Lease. However, should any mechanics' or other liens be filed against any portion of the Project or any interest therein (other than Lessee's leasehold estate hereunder) by reason of Lessee's acts or omissions or because of a claim against final construction costs for the Lessee or its contractors, Finish. Lessee shall cause be responsible for the same management of the construction and the contractor.
(c) The Allowance shall be delivered by Lessor to be cancelled or discharged of record by bond or otherwise Lessee incrementally as construction progresses on a percentage completion basis within ten (10) days after notice following receipt of a draw request, invoices and lien waivers therefor (and if required by Lessor, a certificate from the contractor that all work has been completed in accordance with the plans and specifications). The portion of the Allowance attributable to relocation expenses, if not expended for improvements, shall be paid by Lessor to Lessee within the later of (i) thirty (30) days after the Commencement Date; or (ii) thirty (30) days after written notice to Lessor with accompanying invoices substantiating such relocation expenses. If the total cost of the Lessee Finish (including design, demolition and construction costs) exceeds the Allowance, Lessee shall fail deposit with Lessor the balance of the funds required to cancel or discharge said lien or liens, complete the Lessee Finish within said ten (10) day perioddays following Lessor's notice to Lessee of the amount due. Lessee shall not commence any Lessee Finish until Lessee deposits all amounts due. In no event will Lessor be required to expend funds in excess of the Allowance or in excess of the amount allocated to a particular item, which failure and Lessee shall be deemed and remain liable and responsible for the prompt payment of all costs, fees and expenses in excess of the Allowance. Any amounts expended by Lessor in excess of the Allowance shall be payable to Lessor by Lessee upon demand.
(d) The costs and fees for the design and space planning relating to the Lessee Finish shall be a default hereunder, Lessor may, at its sole option and in addition charged against the Allowance.
(e) Prior to beginning any other remedy of Lessor hereunder, cancel or discharge the same and upon Lessor's demandsuch work, Lessee shall promptly reimburse provide Lessor for with evidence of builder's "all costs incurred risk" insurance covering both Lessee and all of Lessee's contractors against third party liability or workers' compensation claims arising out of all construction and associated activities. All policies of insurance shall be subject to Lessor's prior approval, which approval shall not be unreasonably withheld, conditioned or delayed, and shall be endorsed showing Lessor and such agent or agents as Lessor may designate as additional named insureds. The provisions of this paragraph (as well as all rights and remedies available to Landlord as provided in cancelling the Lease should Tenant fail to meet its obligations hereunder) shall expressly survive the expiration or discharging earlier termination of the Lease.
(f) The Lessee Finish shall be completed in accordance with the plans and specifications approved by Lessor, and Lessee shall provide to Lessor lien waivers and releases, in recordable form, from all contractors, subcontractors and materialmen involved in such lien or liensconstruction.
Appears in 1 contract
Sources: Office Lease (Exe Technologies Inc)
Leasehold Improvements. a. Lessor shall pay in accordance with Lessor's construction loan draw process (aprovided, however, no retainage shall be required) on a monthly basis to Lessee all amounts incurred by Lessee in performing its work to ready the Premises for occupancy, up to a maximum sum of One Million Five Hundred One Thousand Twenty Dollars and zero cents ($1,501,020). Lessee shall comply with submit its requests to Lessor on or before the provisions first day of Schedule 2 attached hereto entitled "Construction each month and Lessor shall make payment to Lessee on or before the fifteenth (15th) day of Initial Leasehold Improvementseach month. In no event shall Lessee be required to advance any of its funds toward tenant improvements until it has received the full $1,501,020 allowance. Lessee shall be responsible for any additional construction costs over the above allowance." After receipt of
b. ▇▇▇▇▇▇ ▇▇▇eby grants to Lessee, the approved "Tenant Construction Agreement" containing right to have Lessee's contractors provide materials and perform improvements to the pricing for the leasehold improvements , Lessor will partition and prepare said Premises in accordance therewith; however, Lessor Premises. Improvements to be performed by Lessee shall not proceed without Lessor's prior written approval (which shall not be required unreasonably withheld or delayed) of the following: (i) Lessee's contractor(s) and any subcontractors, (ii) a Certificate of Insurance naming Lessor as additional insured, to install any partitions or improvements which are not in conformity with the insure that each contractor(s) has liability, property damage, and workmen's compensation insurance, (iii) detailed plans and specifications for the Building such work, (iv) copies of a valid building permit or which are not approved by Lessor other permits or Lessor's architectlicenses when and where required, and (v) a copy of Lessee's contract with the Contractor. Lessor shall have the right to designate contractors or subcontractors providing any roof penetration, sprinkler, HVAC, electrical or plumbing work. Lessee shall provide reasonable evidence in the form of an unconditional lien waiver(s) that the contractor(s) providing the materials and/or performing the work have been paid in full.
c. ▇▇▇▇▇▇ ▇▇▇ll have no responsibility to supervise Lessee's contractor, except for monitoring work directly affecting building systems and common areas. Lessee shall be responsible only for the all costs and expenses described required for additional clean-up in Schedule 3 and only common areas, damage to the extent that they do not exceed the respective allowances indicated in Schedule 3. All installations in excess thereof shall be for Lessee's accountcommon areas, and after-hours work for connection to building systems or causes disruption to other lessees. Lessee shall pay, as additional rent hereunder, to reimburse Lessor an amount equal to Lessor's actual cost therefor, including associated architectural and engineering fees, if any, plus a management cost recovery fee of FIVE PERCENT (5%) to cover overhead within THIRTY (30) days after being invoiced therefor. Additionally, Lessee shall pay all ad valorem taxes and increased insurance premiums that are payable on account of for any of the leasehold improvements that are in addition to those items (or the quantities thereof) described on Schedule 3 hereto. Failure extra expense incurred by Lessee to pay any sums described in Section 26(a) or the Schedules hereto in full within THIRTY (30) days after its receipt of an invoice therefor will constitute failure to pay rent when due and an event of default by Lessee hereunder, giving rise to all remedies available to Lessor under this lease and at law for nonpayment of rent. It is stipulated that time is of the essence in connection with Lessee's compliance with the terms of Schedule 2.
(b) Lessee shall not be deemed to be the agent or representative of Lessor in making any such alterations, physical additions or improvements to the Premises, and shall have no right, power or authority to encumber any interest in the Project in connection therewith other than Lessee's leasehold estate under this Lease. However, should any mechanics' or other liens be filed against any portion of the Project or any interest therein (other than Lessee's leasehold estate hereunder) by reason of Lessee's acts or omissions or because of a claim against Lessee faulty work performed by lessee or its contractors, Lessee shall cause by reason of inadequate cleanup or waste removal, or common area damage. Lessor: Forest Green/Orms▇▇ ▇ ▇ease Lessee: 25 EXHIBIT G ------------------ EXAMPLE OF THE ACCEPTANCE OF PREMISES AMENDMENT As per Article II, Section 2.01 and 2.02, below is an example of the same form to be cancelled or discharged executed by Lessor and Lessee prior to delivery of record by bond or otherwise within ten (10) days after notice by Lessor. If Lessee shall fail possession of the Premises to cancel or discharge said lien or liens, within said ten (10) day period, which failure shall be deemed to be a default hereunder, Lessor may, at its sole option and in addition to any other remedy of Lessor hereunder, cancel or discharge the same and upon Lessor's demand, Lessee shall promptly reimburse Lessor for all costs incurred in cancelling or discharging such lien or liensLessee.
Appears in 1 contract
Leasehold Improvements. 28.01 The Tenant agrees to accept the Leased Space in an “as-is” condition.
28.02 The Tenant, at its own cost and expense, shall complete or cause the completion of all Leasehold Improvements required to convert the Leased Space from a commercial use space to a space suitable for use as a Transitional Home.
28.03 The Tenant will not make, install or erect in or to the Leased Space any Leasehold Improvements without first submitting the drawings and specifications to the Landlord and obtaining the Landlord's prior written consent in each instance, which consent may be unreasonably withheld. Furthermore, the Tenant must obtain the Landlord's prior written consent to any change or changes in such drawings or specifications, and shall pay, on demand, the cost to the Landlord of having its consultants approve such changes prior to proceeding with any work based on such drawings or specification.
28.04 Such work may be performed by contractors engaged by the Tenant for the initial installation of Leasehold Improvements, but in each case under written contract, approved in writing by the Landlord and subject to all reasonable conditions which the Landlord may impose.
28.05 All work at any time performed by the Tenant, or its contractors, with respect to the Leasehold Improvements shall:
(a) Lessee be done as expeditiously as possible, in a good and workmanlike manner and with first- class new materials;
(b) be done in compliance with such reasonable rules and regulations as the Landlord or its agents or contractors may make;
(c) conform to all building and heritage by-laws and shall conform to all federal, provincial and municipal rules and regulations, if any, then in force affecting the Leased Space and the Property;
(d) be done in such manner as will not interfere unreasonably with work being done by the Landlord upon any other portion of the Property;
(e) be subject to the reasonable supervision of the Landlord or its agents or contractors;
(f) be done only by persons whose labour union affiliations are acceptable to the unions of which the employees of the Landlord, its contractors or subcontractors are members;
(g) be done at the risk of the Tenant;
(h) be done in accordance with the applicable requirements of all regulatory authorities having jurisdiction with respect thereto; and,
(i) be done only by contractors approved by the Landlord.
28.06 The Tenant shall not install or use any electrical or other equipment or electrical arrangement which may overload the electrical, mechanical, plumbing or other service facilities without the prior written consent of the Landlord. The Tenant will pay for any costs or expenses in respect of the Leased Space resulting from use of equipment necessitating dedicated circuitry or specialized power equipment. In this regard, the Tenant at its own expense will make any changes to the electrical and other service facilities necessary to comply with the provisions of Schedule 2 attached hereto entitled "Construction of Initial Leasehold Improvements." After receipt reasonable and lawful requirements of the approved "Landlord's insurance underwriters and governmental authorities having jurisdiction. The Tenant Construction Agreement" containing shall make no changes to the pricing for electrical, mechanical, plumbing and other service facilities without the leasehold improvements , Lessor will partition and prepare said Premises in accordance therewith; however, Lessor shall not be required to install any partitions or improvements which are not in conformity with Landlord's prior written approval of the plans and specifications for the Building or changes, which are not approved by Lessor or Lessor's architectmay be unreasonably withheld.
28.07 Notwithstanding anything in this Lease, and Lessor the Landlord shall be responsible only under no obligation to repair or maintain the Tenant's Leasehold Improvements.
28.08 Upon termination or expiration of this Lease, the Tenant shall, at its own expense and risk, remove all Leasehold Improvements and restore the Leased Space as nearly as possible to the condition and use existing prior to the execution of this Lease, except for normal wear and tear, to the satisfaction of the Landlord.
28.09 If the Tenant fails to remove the Leasehold Improvements within ninety (90) days of the termination or expiration of this Lease, the Landlord may restore the Leased Space at the risk of the Tenant and all costs and expenses described in Schedule 3 and only to the extent that they do not exceed the respective allowances indicated in Schedule 3. All installations in excess thereof of such removal or restoration shall be for Lessee's account, and Lessee shall pay, as additional rent hereunder, to Lessor an amount equal to Lessor's actual cost therefor, including associated architectural and engineering fees, if any, plus a management cost recovery fee of FIVE PERCENT (5%) to cover overhead within THIRTY (30) days after being invoiced therefor. Additionally, Lessee shall pay all ad valorem taxes and increased insurance premiums that are payable on account of any paid by the Tenant upon demand of the leasehold improvements that are in addition to those items (or the quantities thereof) described on Schedule 3 hereto. Failure by Lessee to pay any sums described in Section 26(a) or the Schedules hereto in full within THIRTY (30) days after its receipt of an invoice therefor will constitute failure to pay rent when due and an event of default by Lessee hereunder, giving rise to all remedies available to Lessor under this lease and at law for nonpayment of rent. It is stipulated that time is of the essence in connection with Lessee's compliance with the terms of Schedule 2Landlord.
(b) Lessee shall not be deemed to be the agent or representative of Lessor in making any such alterations, physical additions or improvements to the Premises, and shall have no right, power or authority to encumber any interest in the Project in connection therewith other than Lessee's leasehold estate under this Lease. However, should any mechanics' or other liens be filed against any portion of the Project or any interest therein (other than Lessee's leasehold estate hereunder) by reason of Lessee's acts or omissions or because of a claim against Lessee or its contractors, Lessee shall cause the same to be cancelled or discharged of record by bond or otherwise within ten (10) days after notice by Lessor. If Lessee shall fail to cancel or discharge said lien or liens, within said ten (10) day period, which failure shall be deemed to be a default hereunder, Lessor may, at its sole option and in addition to any other remedy of Lessor hereunder, cancel or discharge the same and upon Lessor's demand, Lessee shall promptly reimburse Lessor for all costs incurred in cancelling or discharging such lien or liens.
Appears in 1 contract
Sources: Lease Agreement
Leasehold Improvements. (a) Lessee 6.01. Lessor shall comply with perform, at Lessor's own expense, the provisions of Schedule 2 alterations and improvements to the Demised Premises as described in "Exhibit A-1," attached hereto entitled "Construction of Initial Leasehold Improvements." After receipt and made a part hereof. Acceptance of the approved "Tenant Construction Agreement" containing Demised Premises shall constitute acceptance of any alterations and improvements therein performed by Lessor and shall further constitute an acknowledgment by Lessee that the pricing for the leasehold improvements Demised Premises are in good order, Lessor will partition condition, and prepare said Premises in accordance therewith; repair. Lessee, however, shall have 30 days from occupancy to submit a written "punch list" to Lessor of items to be corrected by Lessor At Lessor's expense. Lessor shall not be required to install any partitions or improvements which are not in conformity with the plans and specifications for the Building or which are not approved by Lessor or Lessor's architect, and Lessor shall be responsible only for the costs and expenses described in Schedule 3 and only to the extent that they do not exceed the respective allowances indicated in Schedule 3. All installations in excess thereof shall be for Lessee's account, and Lessee shall pay, as additional rent hereunder, to Lessor an amount equal to Lessor's actual cost therefor, including associated architectural and engineering fees, if any, plus a management cost recovery fee of FIVE PERCENT (5%) to cover overhead within THIRTY have thirty (30) days after being invoiced thereforto complete items submitted by Lessee for correction.
6.02. AdditionallyLessee may perform, at Lessee's own expense, the alterations and improvements if any, to the Demised Premises as required for Lessee's business and Lessor hereby consents to the performance of such work. Lessee shall pay all ad valorem taxes and increased insurance premiums that are payable on account of any may have access to the Demised Premises prior to the commencement of the leasehold improvements lease term for the purpose' of installing Lessee's improvements, provided that are in addition to those items (such work does not obstruct or interfere with the quantities thereof) described on Schedule 3 heretowork being performed therein by Lessor. Failure No delay by Lessee in the completion of Lessee's work, shall delay commencement of the lease term on the date specified in Section 2.01, unless such delay was directly and primarily caused by Lessor. Lessor may submit a bid to pay any sums Lessee for performance of the work described in Section 26(a) or the Schedules hereto in full within THIRTY (30) days after its receipt of an invoice therefor will constitute failure to pay rent when due and an event of default Exhibit "C" by Lessee hereunderLessor, giving rise to all remedies available to Lessor under this lease and at law for nonpayment of rent. It is stipulated that time is of the essence in connection with Lessee's compliance with the terms of Schedule 2.
(b) but Lessee shall not be deemed obligated to be utilize the agent or representative services of Lessor in making and may select any licensed contractor to perform such alterationswork.
6.03. Except as expressly provided herein, physical additions Lessor shall have no obligation to make any alterations or improvements to the Premises, and shall have no right, power Demised Premises for the benefit of Lessee. Lessee acknowledges that neither Lessor nor anyone acting on Lessor's behalf has made any representation or authority warranty as to encumber any interest in the Project in connection therewith other than Lessee's leasehold estate under this Lease. However, should any mechanics' suitability or other liens be filed against any portion fitness of the Project or any interest therein (other than Lessee's leasehold estate hereunder) by reason Demised Premises for the conduct of Lessee's acts business or omissions or because of a claim against Lessee or its contractors, Lessee shall cause the same to be cancelled or discharged of record by bond or otherwise within ten (10) days after notice by Lessor. If Lessee shall fail to cancel or discharge said lien or liens, within said ten (10) day period, which failure shall be deemed to be a default hereunder, Lessor may, at its sole option and in addition to for any other remedy of Lessor hereunder, cancel or discharge the same and upon Lessor's demand, Lessee shall promptly reimburse Lessor for all costs incurred in cancelling or discharging such lien or lienspurpose.
Appears in 1 contract
Leasehold Improvements. (a) Lessee shall comply with the provisions of Schedule 2 attached hereto entitled "Construction of Initial Leasehold Improvements." After receipt of the approved "Tenant Construction Agreement" containing the pricing for the leasehold improvements , Lessor will partition and prepare said Premises 6.01 Except as otherwise provided in accordance therewith; howeveran addendum to this Lease, Lessor shall not be required obligated to install perform any partitions alterations or improvements which are not in conformity with to the plans Demised Premises. Acceptance of the Demised Premises shall constitute acceptance of any alterations and specifications for the Building or which are not approved improvements therein performed by Lessor or Lessorand shall further constitute an acknowledgment by Lessee that the Demised Premises are in good order, condition, and repair.
6.02 Lessee may perform, at Lessee's architectown expense, the alterations and improvements to the Demised Premises as required for conducting Lessee's business, and Lessor shall be responsible only hereby consents to the performance of such work. Lessee may have access to the Demised Premises prior to the commencement of the lease term for the costs and expenses described in Schedule 3 and only to the extent that they do not exceed the respective allowances indicated in Schedule 3. All installations in excess thereof shall be for purpose of installing Lessee's accountimprovements, and provided that such work does not obstruct or interfere with the work being performed therein by Lessor. No delay by Lessee in the completion of Lessee's work, shall pay, as additional rent hereunder, to Lessor an amount equal to Lessor's actual cost therefor, including associated architectural and engineering fees, if any, plus a management cost recovery fee of FIVE PERCENT (5%) to cover overhead within THIRTY (30) days after being invoiced therefor. Additionally, Lessee shall pay all ad valorem taxes and increased insurance premiums that are payable on account of any delay commencement of the leasehold improvements that are in addition to those items (or lease term on the quantities thereof) described on Schedule 3 hereto. Failure by Lessee to pay any sums described date specified in Section 26(a) or the Schedules hereto in full within THIRTY (30) days after its receipt of an invoice therefor will constitute failure 2.01, unless such delay was directly and primarily caused by Lessor. Lessor may submit a bid to pay rent when due and an event of default by Lessee hereunder, giving rise to all remedies available to Lessor under this lease and at law for nonpayment of rent. It is stipulated that time is performance of the essence in connection with Lessee's compliance with the terms of Schedule 2.
(b) alteration and improvement work but Lessee shall not be deemed obligated to be utilize the agent or representative services of Lessor in making and may select any licensed contractor to perform such alterationswork. Lessee shall not be required to remove leasehold improvements at the end of the lease term.
6.03 Except as expressly provided herein, physical additions Lessor shall have no obligation to make any alterations or improvements to the Premises, and shall have no right, power Demised Premises for the benefit of Lessee. Lessee acknowledges that neither Lessor nor anyone acting on Lessor's behalf has made any representation or authority warranty as to encumber any interest in the Project in connection therewith other than Lessee's leasehold estate under this Lease. However, should any mechanics' suitability or other liens be filed against any portion fitness of the Project or any interest therein (other than Lessee's leasehold estate hereunder) by reason Demised Premises for the conduct of Lessee's acts business or omissions or because of a claim against Lessee or its contractors, Lessee shall cause the same to be cancelled or discharged of record by bond or otherwise within ten (10) days after notice by Lessor. If Lessee shall fail to cancel or discharge said lien or liens, within said ten (10) day period, which failure shall be deemed to be a default hereunder, Lessor may, at its sole option and in addition to for any other remedy of Lessor hereunder, cancel or discharge the same and upon Lessor's demand, Lessee shall promptly reimburse Lessor for all costs incurred in cancelling or discharging such lien or lienspurpose.
Appears in 1 contract
Leasehold Improvements. 8.1 All of the leasehold improvements carried out in the Leased Premises shall be subject to the prior approval of the Lessor and to the following conditions:
8.1.1 If the leasehold improvements are effected by the Lessor, the Lessee must pay all costs thereof on demand and an additional amount equal to fifteen percent (15%) as a coordination and supervision fee.
8.1.2 If such leasehold improvements are effected by the Lessee, it shall, at its expense, under pain of suspension of the work, execute such work by contractors approved by the Lessor. Such contractors shall:
(a) Lessee shall comply with furnish to the provisions of Schedule 2 attached hereto entitled "Construction of Initial Leasehold Improvements." After receipt of the approved "Tenant Construction Agreement" containing the pricing for the leasehold improvements , Lessor will partition and prepare said Premises in accordance therewith; however, Lessor shall not be required to install any partitions or improvements which are not in conformity with the plans and specifications of the proposed leasehold improvements; if the plans and specifications are approved, such leasehold improvements must be made in accordance with same(1);
(b) obtain all required permits and authorizations;
(c) effect the leasehold improvements pursuant to instructions from the Lessor; and
(d) subscribe for liability insurance covering their activities in the Building or which are Immovable for a minimum amount of three million dollars ($3,000,000).
8.1.3 Should the Lessee carry out the leasehold improvements, it recognizes that it is not approved the mandatary of the Lessor and the Lessee also acknowledges that such leasehold improvements have been requested and carried out by Lessor or Lessor's architectit for its own benefit.
8.1.4 Should the Lessee carry out the leasehold improvements, and Lessor it shall be responsible only for the costs and expenses described in Schedule 3 and only pay to the extent that they do not exceed the respective allowances indicated in Schedule 3. All installations in excess thereof shall be for Lessee's account, and Lessee shall pay, as additional rent hereunder, to Lessor an amount a sum equal to Lessor's actual cost therefor, including associated architectural and engineering fees, if any, plus a management cost recovery fee of FIVE PERCENT five percent (5%) of the cost of such work to cover overhead within THIRTY (30) days after compensate the Lessor for the review and approval of the plans and specifications.
8.2 Any leasehold improvements, whether they have been effected by the Lessee or by the Lessor, prior to or during the Term, shall, upon their completion, become a part of the Leased Premises and shall be surrendered with the Leased Premises at the Termination of the Lease, without any compensation being invoiced therefordue by the Lessor to the Lessee. AdditionallyAlternatively, the Lessor may require the Lessee to remove at Lessee's cost any(2), in such a case, the Lessee shall pay all ad valorem taxes and increased insurance premiums that are payable on account of any restore the Leased Premises to their original condition including repairs resulting from the normal aging of the leasehold improvements that are in addition to those items (or Leased Premises. The Lessee may, at the quantities thereof) described on Schedule 3 hereto. Failure by Lessee to pay any sums described in Section 26(a) or the Schedules hereto in full within THIRTY (30) days after its receipt of an invoice therefor will constitute failure to pay rent when due and an event of default by Lessee hereunder, giving rise to all remedies available to Lessor under this lease and at law for nonpayment of rent. It is stipulated that time is Termination of the essence in connection with Lessee's compliance with Lease, remove all movable property found on the terms Leased Premises, subject to the fulfilment of Schedule 2all of its obligations pursuant to the Lease. All movable property found on the Leased Premises after the Termination of the Lease(3), shall be deemed to have been abandoned and the Lessor may dispose of same at its sole discretion without compensation.
(b1) Lessee shall in all material respects
(2) trade fixtures
(3) which is not be deemed to be the agent or representative of Lessor in making any such alterations, physical additions or improvements to the Premises, and shall have no right, power or authority to encumber any interest in the Project in connection therewith other than Lessee's leasehold estate under this Lease. However, should any mechanics' or other liens be filed against any portion of the Project or any interest therein (other than Lessee's leasehold estate hereunder) by reason of Lessee's acts or omissions or because of a claim against Lessee or its contractors, Lessee shall cause the same to be cancelled or discharged of record by bond or otherwise removed within ten (10) days after following receipt of written notice to this effect
(4) At the expiration or earlier termination of the Term, the Lessee will have no obligation to restore the Leased Premises to any previous or base-building condition. For greater certainty, the Lessee shall have no obligation to remove the Initial Leasehold Improvements and, should the Lessor desire to remove any of same, all costs relating thereto shall be borne solely by the Lessor. If Notwithstanding the foregoing, the Lessee shall fail be permitted to cancel or discharge said lien or liensremove any of the Initial Leasehold Improvements, within said ten (10) day period, which failure shall be deemed to be a default hereunder, Lessor may, at its sole option and in addition to any other remedy of Lessor hereunder, cancel or discharge provided that the same and upon Lessor's demand, Lessee shall promptly reimburse Lessor for all costs incurred in cancelling or discharging repair any damage caused by such lien or liensremoval.
Appears in 1 contract
Sources: Lease Agreement (H Power Corp)
Leasehold Improvements. Lessor and Lessee have agreed to plans for tenant improvements to the Premises, which plans are attached hereto as EXHIBIT "D." Subject to completion of such improvements, Lessee accepts the Premises in the current, "as is" condition. Subject to the terms and conditions of this SECTION 16.27, the Lessor has provided to Lessee a refurbishment allowance (the "Allowance") of up to $33.84 per square foot of the Premises (including $29.84 for tenant improvements, $2.00 for relocation costs, $1.90 for full construction drawings and $.10 for preliminary drawings) to be utilized toward the design, construction, refurbishment and remodeling of the Premises (herein called the "Lessee Finish"). The Allowance has been provided upon of the following conditions:
(a) Lessor must approve all changes to Lessee's plans and specifications respecting the Lessee shall comply with the provisions of Schedule 2 attached hereto entitled "Construction of Initial Leasehold Improvements." After receipt of the approved "Tenant Construction Agreement" containing the pricing for the leasehold improvements Finish to be undertaken, Lessor will partition and prepare said Premises in accordance therewith; however, Lessor which approval shall not be required to install any partitions unreasonably withheld, conditioned or improvements which are not in conformity with the plans delayed and specifications for the Building or which are not approved by Lessor or Lessor's architect, and Lessor shall be responsible only for the costs and expenses described in Schedule 3 and only to the extent that they do not exceed the respective allowances indicated in Schedule 3. All installations in excess thereof shall be for Lessee's account, and Lessee shall pay, as additional rent hereunder, to deemed given unless Lessor an amount equal to Lessor's actual cost therefor, including associated architectural and engineering fees, if any, plus a management cost recovery fee of FIVE PERCENT has disapproved same within twenty (5%) to cover overhead within THIRTY (3020) days after being invoiced therefor. Additionally, Lessee shall pay all ad valorem taxes and increased insurance premiums that are payable on account of any of the leasehold improvements that are in addition delivers same to those items (or the quantities thereof) described on Schedule 3 hereto. Failure by Lessee to pay any sums described in Section 26(a) or the Schedules hereto in full within THIRTY (30) days after its receipt of an invoice therefor will constitute failure to pay rent when due and an event of default by Lessee hereunder, giving rise to all remedies available to Lessor under this lease and at law for nonpayment of rent. It is stipulated that time is of the essence in connection with Lessee's compliance with the terms of Schedule 2Lessor.
(b) Lessee shall not be deemed obtain bids from at least three (3) competent contractors for the construction. The Lessor may select one (1) of the contractors to be the agent or representative of Lessor in making any such alterations, physical additions or improvements to the Premises, submit bids and shall have no right, power or authority be allowed to encumber any interest participate in the Project in connection therewith other than Lessee's leasehold estate under this Lease. However, should any mechanics' or other liens be filed against any portion review of the Project or any interest therein (other than Lessee's leasehold estate hereunder) by reason bids. Following the review of Lessee's acts or omissions or because of a claim against Lessee or its contractorsthe bids, Lessee shall cause select the same contractor to perform the Lessee Finish based on Lessee's determination as to the most qualified contractor offering the lowest bid, subject to Lessor's approval, which shall not be cancelled unreasonably withheld, conditioned or discharged delayed. Lessee shall promptly inform Lessor of record the final construction costs for the Lessee Finish. Lessee shall be responsible for the management of the construction and the contractor.
(c) The Allowance shall be delivered by bond or otherwise Lessor to Lessee incrementally as construction progresses on a percentage completion basis within ten (10) days after notice following receipt of a draw request, invoices and lien waivers therefor (and if required by Lessor, a certificate from the contractor that all work has been completed in accordance with the plans and specifications). The portion of the Allowance attributable to relocation expenses, if not expended for improvements, shall be paid by Lessor to Lessee within the later of (i) thirty (30) days after the Commencement Date; or (ii) thirty (30) days after written notice to Lessor with accompanying invoices substantiating such relocation expenses. If the total cost of the Lessee Finish (including design, demolition and construction costs) exceeds the Allowance, Lessee shall fail deposit with Lessor the balance of the funds required to cancel or discharge said lien or liens, complete the Lessee Finish within said ten (10) day perioddays following Lessor's notice to Lessee of the amount due. Lessee shall not commence any Lessee Finish until Lessee deposits all amounts due. In no event will Lessor be required to expend funds in excess of the Allowance or in excess of the amount allocated to a particular item, which failure and Lessee shall be deemed and remain liable and responsible for the prompt payment of all costs, fees and expenses in excess of the Allowance. Any amounts expended by Lessor in excess of the Allowance shall be payable to Lessor by Lessee upon demand.
(d) The costs and fees for the design and space planning relating to the Lessee Finish shall be a default hereunder, Lessor may, at its sole option and in addition charged against the Allowance.
(e) Prior to beginning any other remedy of Lessor hereunder, cancel or discharge the same and upon Lessor's demandsuch work, Lessee shall promptly reimburse provide Lessor for with evidence of builder's "all costs incurred risk" insurance covering both Lessee and all of Lessee's contractors against third party liability or workers' compensation claims arising out of all construction and associated activities. All policies of insurance shall be subject to Lessor's prior approval, which approval shall not be unreasonably withheld, conditioned or delayed, and shall be endorsed showing Lessor and such agent or agents as Lessor may designate as additional named insureds. The provisions of this paragraph (as well as all rights and remedies available to Landlord as provided in cancelling the Lease should Tenant fail to meet its obligations hereunder) shall expressly survive the expiration or discharging earlier termination of the Lease.
(f) The Lessee Finish shall be completed in accordance with the plans and specifications approved by Lessor, and Lessee shall provide to Lessor lien waivers and releases, in recordable form, from all contractors, subcontractors and materialmen involved in such lien or liensconstruction.
Appears in 1 contract
Sources: Office Lease (Exe Technologies Inc)
Leasehold Improvements. (aA) Notwithstanding anything to the contrary in the Lease, except for the HVAC systems, which are the responsibility of Lessor to the extent set out in Paragraph 17.07 hereof, Lessee accepts the Leased Premises in their "AS IS" condition. Lessee shall comply cause plans and specifications for the tenant improvements to be prepared and submitted to Lessor for Lessor's approval, which approval shall not be unreasonably withheld. All work shall be performed in conformance with such approved plans and specifications and in a good and workmanlike manner and in compliance with the provisions American with Disabilities Act of Schedule 2 attached hereto entitled 1990 ("Construction of Initial Leasehold Improvements." After receipt of the approved ADA"Tenant Construction Agreement" containing the pricing for the leasehold improvements ). However, Lessor will partition and prepare said Premises in accordance therewith; however, Lessor Lessee shall not be required to install make any partitions or improvements which are not exterior alterations in conformity order to bring the Premises into compliance with the ADA. Any changes or modifications to the approved plans and specifications for the Building or which are not approved shall be signed by Lessor and Lessee constitute an amendment to this Lease. Lessor agrees not to unreasonably withhold or Lessor's architect, and Lessor shall be responsible only for the costs and expenses described in Schedule 3 and only delay its consent or approval to any such requested change or modification to the extent that they do not exceed the respective allowances indicated in Schedule 3. All installations in excess thereof shall be for Lessee's account, and Lessee shall pay, as additional rent hereunder, to Lessor an amount equal to Lessor's actual cost therefor, including associated architectural and engineering fees, if any, plus a management cost recovery fee of FIVE PERCENT (5%) to cover overhead within THIRTY (30) days after being invoiced therefor. Additionally, Lessee shall pay all ad valorem taxes and increased insurance premiums that are payable on account of any of the leasehold improvements that are in addition to those items (or the quantities thereof) described on Schedule 3 hereto. Failure by Lessee to pay any sums described in Section 26(a) or the Schedules hereto in full within THIRTY (30) days after its receipt of an invoice therefor will constitute failure to pay rent when due and an event of default by Lessee hereunder, giving rise to all remedies available to Lessor under this lease and at law for nonpayment of rent. It is stipulated that time is of the essence in connection with Lessee's compliance with the terms of Schedule 2approved plans specifications.
(bB) Lessor agrees to provide Lessee shall not be deemed with a leasehold improvements allowance of $62,037.00 which amount is intended to be the agent or representative of Lessor in making any include all costs associated with such alterationsconstruction such as, physical additions or improvements permit fees, construction manager fees, architectural fees, and all utility connections to the Leased Premises, and (the "Allowance"). The Allowance shall have no rightbe paid to Lessee upon substantial completion of such construction, power or authority to encumber any interest in the Project in connection therewith other than as evidenced by a certification from Lessee's leasehold estate under this Leasearchitect and upon delivery of releases of liens from the contractor to Lessor. However, should any mechanics' or other liens be filed against If any portion of the Project or any interest therein (other than Lessee's leasehold estate hereunder) by reason of Lessee's acts or omissions or because of a claim against Lessee or its contractorsallowance is unused, Lessee shall cause may use the same to remaining allowance towards moving expenses or the unused amount will be cancelled or discharged of record by bond or otherwise within ten applied towards rent.
(10C) days after notice by Lessor. If Lessee shall fail enter into a construction contract with a reputable general contractor having at least five (5) years experience in tenant improvement construction to cancel or discharge said lien or liens, within said ten (10) day period, which failure shall be deemed to be a default hereunder, Lessor may, at its sole option perform the leasehold construction in accordance with the approved plans and in addition to any other remedy of Lessor hereunder, cancel or discharge the same and upon Lessor's demand, Lessee shall promptly reimburse Lessor for all costs incurred in cancelling or discharging such lien or liensspecifications.
Appears in 1 contract
Leasehold Improvements. (a) Lessee shall comply Landlord will construct the Building in ---------------------- substantial accordance with the provisions of Schedule 2 attached hereto entitled building plans and specifications previously furnished to Tenant ("Construction of Initial Leasehold Improvements." After receipt Building Plans"), which Building Plans are identified in Exhibit D. Landlord will use its best efforts to substantially complete the construction of the approved Building in such a time frame, so as to facilitate the substantial completion of the improvements to the Leased Premises by the targeted Commencement Date set forth in the Lease Summary (subject to the occurrence of the "Tenant Construction AgreementDelay Events" containing the pricing defined later in this (S)9). Landlord will provide a tenant improvement allowance of $2,016,420 ("TI Allowance") for the construction of leasehold improvements to the Leased Premises below a finished ceiling ("Improvements"). To the extent the cost of the improvements ultimately approved by Landlord and Tenant is more or less than the aforementioned TI Allowance, Lessor then the annual Base Rent payable by Tenant during each year of the initial ten-year Lease Term will partition be increased (in the case of excess costs) or decreased (in the case of diminished costs), as the case may be, by an amount equal to 16.5% of such excess or diminished costs. Landlord and prepare said Premises in accordance therewith; howeverTenant agree that, Lessor shall not be required promptly following the parties' execution of this Lease, they will meet to install any partitions or improvements which are not in conformity develop approved preliminary specifications for the Improvements. Once Landlord and Tenant have approved preliminary specifications for the Improvements, Landlord will proceed with the preparation of the final architectural and engineering drawings, plans and specifications for the Building Improvements. Once those drawings, plans and specifications are completed, Landlord will deliver a full set thereof to Tenant for its review and approval. The approved final drawings, plans and specifications ("Final Plans") will be deemed incorporated herein by its reference. If, following the approval of the Final Plans, Tenant expresses a desire to make any revisions thereto, Tenant will so notify Landlord and Landlord will then ask its general contractor to prepare a cost estimate for the making of such changes. Landlord will promptly notify Tenant of any increased costs or savings resulting from such changes and Tenant will have the right to require Landlord to cause such changes to be made to the final Plans; provided, however, that such changes will not unreasonably affect the structurally integrity or value of the Building. If the aggregate of all such changes results in a net increase or decrease in the cost of the construction of the Improvements, then any such difference will be taken into consideration in adjusting the Base Rent in the manner contemplated in the second paragraph of this (S)9. Tenant will have the right to select a bonded, licensed contractor to participate in open bidding for the contract to construct the Improvements. Landlord will keep Tenant fully apprised of and invite Tenant's participation in and review of all general contractor bids for the construction of the Improvements. Landlord will consult with Tenant with regard to the final selection of a general contractor to construct the Improvements. The general contractor ultimately selected to construct the Improvements will be a general contractor, which is reasonably acceptable to both Landlord and Tenant. If all of the bids received with respect to the construction of the Improvements are not approved substantially higher than the TI Allowance, then Tenant will have the right to cause Landlord to revise the Final Plans and resubmit the same to the designated general contractors, asking them for a revised bid, so as to try to reduce the ultimate cost of such Improvements; provided, however, that any delay in Landlord's construction of the Improvements caused by Lessor the revision of such Final Plans and the resubmission thereof to the designated general contractors will be treated as a Tenant-caused delay within the meaning of this (S)9. Landlord agrees that all bids solicited by it from general contractors with respect to the construction of the Improvements will be required to include a schedule of values so as to facilitate the identification and computation of change orders and cost modifications. Finally, Tenant will have the right to select an independent construction management firm to supervise construction of the Improvements on Tenant's behalf, with all fees to be paid to such construction manager to be included in the TI Allowance. Landlord will cause the improvements to be constructed in accordance with the Final Plans. Landlord will conduct a "walk-through" of the Leased Premises with Tenant, so as to permit Tenant the right and opportunity to confirm that the improvements have been constructed in accordance with the Final Plans. Landlord will use its best efforts to substantially complete construction of the Improvements on or Lessorbefore the targeted Commencement Date set forth in the Lease Summary, subject to delays caused by the occurrence of events beyond its reasonable control, including, without limitation, labor troubles, inability to procure materials, restrictive governmental laws, actions and pronouncements, acts of God, unseasonable weather, Tenant's architectfailure to timely respond to any matter submitted for its review, and Lessor shall be responsible only for Tenant's requested change orders ("Delay Events"). The establishment of the costs and expenses described substantial completion date referred to in Schedule 3 and only the immediately preceding sentence is predicated upon the various Construction Milestone Dates referred to in Exhibit E being met in a timely manner with respect to the extent preparation, submission and approval of all preliminary specifications and Final Plans. Tenant agrees that they do not exceed the respective allowances indicated in Schedule 3. All installations in excess thereof shall be it will review and either review or specify its objections to any documents or drawings submitted to it for Lessee's account, its review and Lessee shall pay, as additional rent hereunder, to Lessor an amount equal to Lessor's actual cost therefor, including associated architectural and engineering fees, if any, plus a management cost recovery fee of FIVE PERCENT (5%) to cover overhead approval hereunder within THIRTY (30) days after being invoiced therefor. Additionally, Lessee shall pay all ad valorem taxes and increased insurance premiums that are payable on account of any of the leasehold improvements that are in addition to those items (or the quantities thereof) described on Schedule 3 hereto. Failure by Lessee to pay any sums described in Section 26(a) or the Schedules hereto in full within THIRTY (30) ten days after its receipt of an invoice therefor will constitute failure the same. If Tenant fails to pay rent when due and an event of default by Lessee hereunder, giving rise respond to all remedies available any submission to Lessor under this lease and at law for nonpayment of rent. It is stipulated that time is it within ten days after its receipt of the essence in connection with Lessee's compliance with the terms of Schedule 2.
(b) Lessee shall not same, then it will be deemed to be have approved the agent same for all purposes of this Lease. Notwithstanding anything to the contrary contained herein, if Landlord's inability to substantially complete the improvements on or representative before the targeted Commencement Date set forth in the Lease Summary is attributable to Tenant-caused delays (including, without limitation, Tenant's failure to timely respond to any matter submitted for its review, delays caused by Tenant' s requested change orders or Tenant's failure to meet the Construction Milestone Dates referred to in Exhibit E), then the Commencement Date will remain as set forth in the Lease Summary, notwithstanding the fact that the Improvements are not yet substantially completed, and Tenant will, from and after the Commencement Date, have an obligation to pay Base Rent and perform all of Lessor its other obligations and duties set forth in making any such alterations, physical additions or this Lease. If Landlord's failure to substantially complete the improvements to the Leased Premises by the targeted Commencement Date set forth in the Lease Summary is attributable to any reason other than a Tenant-caused delay (as that term is defined above), then, subject to the remaining provisions of this (S)9 with respect to the imposition of per diem penalties and the grant to Tenant of a right to terminate the Lease, the Commencement Date and the Termination Date will each be deferred by the number of days of the delay in substantially completing the improvements to the Leased Premises and Tenant's obligation to pay Base Rent and perform all of its other obligations and duties set forth in this Lease will be similarly deferred until the deferred Commencement Date hereunder. If the Leased Premises are not substantially completed by November 1, 1996, for any reason other than the occurrence of any Delay Event, then Landlord will be obligated to pay a per diem penalty to Tenant equal to $967 per day for each day after November 1, 1996 until the Leased Premises are so substantially completed. If the Leased Premises are not substantially completed by January 1, 1997, for any reason other than the occurrence of any Delay Event, then Tenant will have the right to terminate this Lease by delivering written notice of the termination thereof to Landlord on or before January 31, 1997. For the purposes of this Lease, the improvements will be deemed "substantially completed" on the earlier of the date on which Tenant occupies the Leased Premises or the date on which a certificate of occupancy for the Improvements is issued by the appropriate governmental authority. To the extent Tenant occupies a part, but not all of the Leased Premises prior to the Commencement Date as it relates to the entire Leased Premises, and shall have no right, power or authority to encumber any interest in the Project in connection therewith other than Lessee's leasehold estate under this Lease. However, should any mechanics' or other liens be filed against any portion then all of the Project or any interest therein (other than Lesseeterms and conditions of this Lease will nonetheless apply to Tenant's leasehold estate hereunder) occupancy of such part of the Leased Premises prior to such Commencement Date and Tenant will pay Base Rent hereunder in an amount equal to the Base Rent payable hereunder for the entire Leased Premises, multiplied by reason a fraction having as its numerator the number of Lessee's acts or omissions or because rentable square feet so occupied by Tenant and having as its denominator the total number of a claim against Lessee or its contractors, Lessee shall cause rentable square feet contained within the same to be cancelled or discharged of record by bond or otherwise within ten (10) days after notice by Lessor. If Lessee shall fail to cancel or discharge said lien or liens, within said ten (10) day period, which failure shall be deemed to be a default hereunder, Lessor may, at its sole option and in addition to any other remedy of Lessor hereunder, cancel or discharge the same and upon Lessor's demand, Lessee shall promptly reimburse Lessor for all costs incurred in cancelling or discharging such lien or liensLeased Premises.
Appears in 1 contract