Payment for Tenant Improvements. Within ten (10) business days after the Budget is approved by Lessor and Lessee, Lessee shall deposit the entire amount (together with the cost of any Tenant Improvements already made) with Lessor’s construction lender to be held in an interest-bearing escrow account with interest being credited to Lessee. Said construction lender shall issue payments from said account pursuant to the construction contract for the Tenant Improvements, remaining payments shall be made 100% by Lessee. Lessor shall manage the construction of the Tenant Improvements for a supervision fee equal to four percent (4%) of the Budget (as the same may change by agreement of the parties) due and payable in nine equal monthly installments beginning on the first day of the calendar month following the calendar month in which the Budget is first approved.
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Sources: Sublease (Supportsoft Inc)
Payment for Tenant Improvements. Within ten (10) business days after ------------------------------- the Budget is approved by Lessor and Lessee, Lessee shall deposit the entire amount (together with the cost of any Tenant Improvements already made) with Lessor’s 's construction lender to be held in an interest-bearing escrow account with interest being credited to Lessee. Said construction lender shall issue payments from said account pursuant to the construction contract for the Tenant Improvements, remaining payments shall be made 100% by Lessee. Lessor shall manage the construction of the Tenant Improvements for a supervision fee equal to four percent (4%) of the Budget (as the same may change by agreement of the parties) due and payable in nine equal monthly installments beginning on the first day of the calendar month following the calendar month in which the Budget is first approved.
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