Tenant Improvements. Tenants construction of the Tenant Improvements in the Suite 120 Premises shall be subject to the terms of the Work Letter attached to the Lease as Exhibit C, except that, notwithstanding anything to the contrary contained in the Work Letter: a. The Tenant Improvements in the Suite 120 Premises shall be constructed pursuant to the space plans attached to this First Amendment as Exhibit B (the “Suite 120 Space Plans”) and the tenant improvement specifications attached to this First Amendment as Exhibit C (the “Suite 120 TI Specifications”), which have been approved by both Landlord and Tenant, and the TI Construction Drawings for the Tenant Improvements for the Suite 120 Premises shall be prepared substantially in accordance with the Suite 120 Space Plans and the Suite 120 TI Specifications (and Landlord may not disapprove any matter in connection therewith that is consistent with the Suite 120 Space Plans and the Suite 120 TI Specifications). b. The Tenant Improvement Allowance and the Additional Tenant Improvement Allowance provided for in Section 6(b) of the Work Letter shall not apply with respect to the Suite 120 Premises and Landlord shall provide a tenant improvement allowance with respect to the Tenant Improvements in the Suite 120 Premises, as follows: (i) a “Suite 120 Tenant Improvement Allowance” in the maximum amount of $185.00 per rentable square foot in the Suite 120 Premises, which is included in the Base Rent set forth in the Lease; and (ii) an “Additional Suite 120 Tenant Improvement Allowance” in the maximum amount of $40.00 per rentable square foot in the Suite 120 Premises, which shall, to the extent used, result in Suite 120 TI Rent as set forth in Section 5(c) below. For the avoidance of doubt, (A) the definition of “TI Allowance” in the Work Letter shall include the Tenant Improvement Allowance, the Additional Tenant Improvement Allowance, the Suite 120 Tenant Improvement Allowance and the Additional Suite 120 Tenant Improvement Allowance, as applicable, and (B) in connection with the Tenant Improvements in the Suite 120 Premises, Landlord shall be entitled to Administrative Rent equal to 1.5% of the “hard” TI Costs incurred in connection with such Tenant Improvements and a fee shall be payable to Tenant’s third party project manager, ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇ of ▇▇▇▇▇ ▇▇▇▇ LaSalle, not to exceed 1.5% of the “hard” TI Costs of such Tenant Improvements, which amounts shall be payable out of the TI Fund. Landlord and Tenant acknowledge and agree that the Suite 120 Tenant Improvement Allowance and the Additional Suite 120 Tenant Improvement Allowance, to the extent utilized, must be used toward the cost of Tenant Improvements in the Suite 120 Premises. c. Pursuant to the terms of the Work Letter (as amended by this First Amendment), Landlord shall, subject to the terms of the Work Letter (as amended by this First Amendment), make available to Tenant the Suite 120 Tenant Improvement Allowance and the Additional Suite 120 Tenant Improvement Allowance. Commencing on the Rent Commencement Date and continuing thereafter on the first day of each month during the Base Term, Tenant shall pay the amount necessary to fully amortize the portion of the Additional Suite 120 Tenant Improvement Allowance actually funded by Landlord, if any, in equal monthly payments with interest at a rate of 7% per annum over the Base Term, which interest shall begin to accrue on the date that Landlord first disburses such Additional Suite 120 Tenant Improvement Allowance or any portion(s) thereof (“Suite 120 TI Rent”). Any outstanding and unamortized Suite 120 TI Rent remaining unpaid as of the expiration or earlier termination of the Lease shall be paid to Landlord in a lump sum at the expiration or earlier termination of this Lease. For the avoidance of doubt, Landlord and Tenant acknowledge and agree that Suite 120 TI Rent, if any, shall not be subject to adjustment pursuant to Section 4(a) of the Lease during the Term.
Appears in 3 contracts
Sources: Lease Agreement (Erasca, Inc.), Lease Agreement (Erasca, Inc.), Lease Agreement (Erasca, Inc.)
Tenant Improvements. Tenants construction Subject to this Section 4, Tenant shall accept the Suite 110 Premises in its “as is” condition (subject to Landlord's continuing repair and maintenance obligations, as outlined in Section 10 of the Lease (as may be amended)), and Landlord shall have no obligation to make any alterations or improvements thereto whatsoever (provided that Landlord shall deliver same in good and tenantable condition, broom clean, with all systems serving same in good working order). Any alterations that Tenant Improvements desires to make in the Suite 120 110 Premises shall be subject to all the terms of the Work Letter attached to the Lease as Exhibit C, except that, notwithstanding anything to the contrary contained in the Work Letter:
a. The Tenant Improvements in the Suite 120 Premises shall be constructed pursuant to the space plans attached to this First Amendment as Exhibit B (the “Suite 120 Space Plans”) and the tenant improvement specifications attached to this First Amendment as Exhibit C (the “Suite 120 TI Specifications”), which have been approved by both Landlord and Tenant, and the TI Construction Drawings for the Tenant Improvements for the Suite 120 Premises shall be prepared substantially in accordance with the Suite 120 Space Plans and the Suite 120 TI Specifications (and Landlord may not disapprove any matter in connection therewith that is consistent with the Suite 120 Space Plans and the Suite 120 TI Specifications).
b. The Tenant Improvement Allowance and the Additional Tenant Improvement Allowance provided for in Section 6(b) of the Work Letter shall not apply with respect to the Suite 120 Premises and Landlord shall provide a tenant improvement allowance with respect to the Tenant Improvements in the Suite 120 Premises, as follows:
(i) a “Suite 120 Tenant Improvement Allowance” in the maximum amount of $185.00 per rentable square foot in the Suite 120 Premises, which is included in the Base Rent set forth in the Lease; and
(ii) an “Additional Suite 120 Tenant Improvement Allowance” in the maximum amount of $40.00 per rentable square foot in the Suite 120 Premises, which shall, to the extent used, result in Suite 120 TI Rent as conditions set forth in Section 5(c) below11 of the Lease. For the avoidance of doubt, (A) the definition of “TI Allowance” Notwithstanding anything in the Work Letter Lease to the contrary, Landlord hereby agrees to grant Tenant an allowance in the amount of $10,000 to be applied toward the cost (including architectural and engineering fees) of alterations performed by Tenant in the Suite 110 Premises (the “Granted Allowance”) in conjunction with Tenant’s initial occupancy of Suite 110 Premises. Provided no Event of Default then exists under the Lease, the Granted Allowance (or portions thereof) shall include be disbursed to Tenant within thirty (30) days following Tenant's submission to Landlord of paid invoices for work related to alterations performed by Tenant in the Suite 110 Premises, accompanied by waivers of liens executed by all contractors employed by Tenant Improvement for the performance of such work. If the cost of Tenant's alterations in the Suite 110 Premises exceeds the amount of the Granted Allowance, the Additional Tenant Improvement Allowance, the Suite 120 Tenant Improvement Allowance and the Additional Suite 120 Tenant Improvement Allowance, as applicable, and (B) in connection with the Tenant Improvements in the Suite 120 Premises, Landlord excess shall be entitled to Administrative Rent equal to 1.5% of paid by Tenant after the “hard” TI Costs incurred in connection with such Tenant Improvements and a fee shall be payable to Tenant’s third party project manager, ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇ of ▇▇▇▇▇ ▇▇▇▇ LaSalle, not to exceed 1.5% of the “hard” TI Costs of such Tenant Improvements, which amounts shall be payable out of the TI FundGranted Allowance is fully exhausted. Landlord and Tenant acknowledge and agree that the Suite 120 Tenant Improvement Allowance and the Additional Suite 120 Tenant Improvement Allowance, to the extent utilized, must be used toward the cost of Tenant Improvements in the Suite 120 Premises.
c. Pursuant to the terms of the Work Letter (as amended by this First Amendment), Landlord shall, subject to the terms of the Work Letter (as amended by this First Amendment), make available to Tenant the Suite 120 Tenant Improvement Allowance and the Additional Suite 120 Tenant Improvement Allowance. Commencing on the Rent Commencement Date and continuing thereafter on the first day of each month during the Base Term, Tenant shall pay the amount necessary to fully amortize the Any portion of the Additional Suite 120 Tenant Improvement Granted Allowance actually funded that has not been applied (or contracted to be applied) in the manner set forth above by the date which is twelve (12) months following the Eighth Amendment Commencement Date shall revert to Landlord, if any, in equal monthly payments with interest at a rate of 7% per annum over the Base Term, which interest shall begin to accrue on the date that Landlord first disburses such Additional Suite 120 Tenant Improvement Allowance or any portion(s) thereof (“Suite 120 TI Rent”). Any outstanding and unamortized Suite 120 TI Rent remaining unpaid as of the expiration or earlier termination of the Lease shall be paid to Landlord in a lump sum at the expiration or earlier termination of this Lease. For the avoidance of doubt, Landlord and Tenant acknowledge and agree that Suite 120 TI Rent, if any, shall not be subject to adjustment pursuant to Section 4(a) of the Lease during the Termhave no further rights with respect thereto.
Appears in 3 contracts
Sources: Lease Agreement (Precision Biosciences Inc), Lease Agreement (Precision Biosciences Inc), Lease Agreement (Precision Biosciences Inc)
Tenant Improvements. Tenants construction of the Tenant Improvements in the Suite 120 Premises shall be subject to the terms of the Work Letter attached to the Lease as Exhibit C, except that, notwithstanding anything to the contrary contained in the Work Letter:
a. The Tenant Improvements in the Suite 120 Premises shall be constructed pursuant to the space plans attached to this First Amendment as Exhibit B (the “Suite 120 Space Plans”) and the tenant improvement specifications attached to this First Amendment as Exhibit C (the “Suite 120 TI Specifications”), which have been approved by both Landlord and Tenant, and the TI Construction Drawings for the Tenant Improvements for the Suite 120 Premises shall be prepared substantially in accordance with the Suite 120 Space Plans and the Suite 120 TI Specifications (and Landlord may not disapprove any matter in connection therewith that is consistent with the Suite 120 Space Plans and the Suite 120 TI Specifications).
b. The Tenant Improvement Allowance and the Additional Tenant Improvement Allowance provided for in Section 6(b) of the Work Letter shall not apply with respect to the Suite 120 Premises and Landlord shall provide a complete specified tenant improvement allowance with respect to Improvements detailed in Exhibit A. LANDLORD AND TENANT HAVE CAREFULLY READ AND REVIEWED THIS LEASE AND EACH TERM AND PROVISION CONTAINED HEREIN, AND BY THE EXECUTION OF THIS LEASE SHOW THEIR INFORMED AND VOLUNTARY CONSENT THERETO. THE PARTIES HEREBY AGREE THAT, AT THE TIME THIS LEASE IS EXECUTED, THE TERMS OF THIS LEASE ARE COMMERCIALLY REASONABLE AND EFFECTUATE THE INTENT AND PURPOSE OF LANDLORD AND TENANT WITH RESPECT TO THE PREMISES. THIS LEASE PREPARED FOR YOUR ATTORNEY’S REVIEW AND APPROVAL. FURTHER, EXPERTS SHOULD BE CONSULTED TO THE PRESENCE OF ASBESTOS, UNDERGROUND STORAGE TANKS OR HAZARDOUS SUBSTANCES. NO REPRESENTATION OR RECOMMENDATION IS MADE BY THE AMERICAN INDUSTRIAL REAL ESTATE ASSOCIATION OR BY THE REAL ESTATE BROKERS OR THEIR CONTRACTORS, AGENTS OR EMPLOYEES AS TO THE LEGAL SUFFICIENCY, LEGAL EFFECT, OR TAX CONSEQUENCES OF THIS LEASE OR THE TRANSACTION TO WHICH IT RELATES; THE PARTIES SHALL RELY SOLELY UPON THE ADVICE OF THEIR OWN COUNSEL AS TO THE LEGAL AND TAX CONSEQUENCES OF THIS LEASE. IF THE SUBJECT PROPERTY IS IN A STATE OTHER THAN CALIFORNIA, AN ATTORNEY FROM THE STATE WHERE THE PROPERTY IS LOCATED SHOULD BE CONSULTED. The parties hereto have executed this Lease at the Tenant Improvements in place and on the Suite 120 Premises, as follows:
(i) a “Suite 120 Tenant Improvement Allowance” in the maximum amount of $185.00 per rentable square foot in the Suite 120 Premises, which is included in the Base Rent set forth in the Lease; and
(ii) an “Additional Suite 120 Tenant Improvement Allowance” in the maximum amount of $40.00 per rentable square foot in the Suite 120 Premises, which shall, to the extent used, result in Suite 120 TI Rent as set forth in Section 5(c) belowdates specified above their respective signatures. For the avoidance of doubt, (A) the definition of “TI Allowance” in the Work Letter shall include the Tenant Improvement Allowance, the Additional Tenant Improvement Allowance, the Suite 120 Tenant Improvement Allowance and the Additional Suite 120 Tenant Improvement Allowance, as applicable, and (B) in connection with the Tenant Improvements in the Suite 120 Premises, Landlord shall be entitled to Administrative Rent equal to 1.5% of the “hard” TI Costs incurred in connection with such Tenant Improvements and a fee shall be payable to Tenant’s third party project managerExecuted at: ▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇. Executed at: ▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇ ▇▇▇▇, ▇▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇ on: 9/15/14 on: 17 September 2014 By Landlord: By Tenant: ▇▇▇▇▇▇▇▇▇ HARBOR BAY ASSOCIATES, a California limited partnership By: D&M Investors Fund I LLC, a California Limited Liability Company Its General Partner By: D&M Ventures LP, PENUMBRA, Inc. a California Limited Partnership By: /s/ ▇▇▇▇ ▇▇▇▇▇▇▇▇ Its Sole Member ▇▇▇▇ ▇▇▇▇▇▇▇▇, CEO By: ▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇ Living Trust PENUMBRA, Inc. Its General Partner By: /s/ ▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇▇ By: /s/ ▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇▇, Trustee ▇▇▇▇ ▇▇▇▇▇▇▇, CFO Address: ▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇, ▇▇▇▇▇ of ▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇, ▇▇ LaSalle▇▇▇▇▇ Address: ▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇ ▇▇▇▇▇▇▇, not to exceed 1.5% of ▇▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇ Telephone: (▇▇▇) ▇▇▇-▇▇▇▇ Telephone: (▇▇▇) ▇▇▇-▇▇▇▇ Facsimile: (▇▇▇) ▇▇▇-▇▇▇▇ Facsimile: (▇▇▇) ▇▇▇-▇▇▇▇ Landlord, at Landlord’s sole cost and expense shall build the “hard” TI Costs of such Tenant Improvements, which amounts shall be payable out of the TI Fund. Landlord and Tenant acknowledge and agree that the Suite 120 Tenant Improvement Allowance and the Additional Suite 120 Tenant Improvement Allowance, to the extent utilized, must be used toward the cost of Tenant Improvements as per this attached Exhibit A, using the same building standards as when the Tenant originally moved in the Suite 120 Premises.
c. Pursuant to the terms ▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇ ▇▇▇▇▇▇▇ and as specified In Exhibit B attached hereto ▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇ ▇▇▇▇▇▇▇ – First Floor Landlord will construct first floor as shown on Exhibit B Flooring – Exposed finished concrete Ceiling – none Walls – painted Electrical – 460 V 3 phase power, 60 Amp fused disconnect box CDA – by Tenant Room will be supplied directly with HVAC air and have adequate ventilation Floors – New VCT Counter tops/equipment – by tenant Power – Existing Ceiling – Existing Water – Existing Flooring – new VCT Power – add 200 amp panel in this area Ceiling – Existing Break room will have approximately 16’ of the Work Letter counter with cabinets above and below, double sink, and space for refrigerator / freezer Add 4 stalls in Women’s Restroom Add 3 urinals and 1 stall in Men’s Restroom Shower areas to expanded and converted to multiple shower open space (as amended 3–4 shower heads per bathroom) Partitions – New Tile/grout to match existing in expansion area Counter top/sinks – need additional sinks (per code) / counter top – new counter tops Ceiling – Existing VCT flooring Finish and paint walls Room will be supplied directly with HVAC air and have adequate ventilation Add pre-system fire sprinklers Ceiling – Existing Floors – Existing Exterior Doors – Existing Elevator – Existing Stairs – Existing A minimum of 1000 amps of 110/208v of power required for 1411 1st floor – distributed to 4-6 panels – locations to be determined by this First Amendment), Landlord shall, subject to the terms of the Work Letter (as amended by this First Amendment), make available to Tenant the Suite 120 Tenant Improvement Allowance and the Additional Suite 120 Tenant Improvement Allowance. Commencing on the Rent Commencement Date and continuing thereafter on the first day of each month during the Base Term, Tenant shall pay the amount necessary to fully amortize the portion of the Additional Suite 120 Tenant Improvement Allowance actually funded by Landlord, if any, in equal monthly payments with interest at a rate of 7% per annum over the Base Term, which interest shall begin to accrue on the date that Landlord first disburses such Additional Suite 120 Tenant Improvement Allowance or any portion(s) thereof (“Suite 120 TI Rent”). Any outstanding and unamortized Suite 120 TI Rent remaining unpaid as of the expiration or earlier termination of the Lease shall be paid to Landlord in a lump sum at the expiration or earlier termination of this Lease. For the avoidance of doubt, Landlord and Tenant acknowledge and agree that Suite 120 TI Rent, if any, shall not be subject to adjustment pursuant to Section 4(a) of the Lease during the Term.Tenant
Appears in 2 contracts
Sources: Lease (Penumbra Inc), Lease Agreement (Penumbra Inc)
Tenant Improvements. Tenants construction (a) Tenant shall cause to be constructed the tenant improvements in the Additional Premises (the “Tenant Improvements”) pursuant to the Work Letter attached as Exhibit B hereto at a cost to Landlord (the “Tenant Improvement Allowance”) not to exceed Three Hundred Thousand Dollars (i.e., Thirty Dollars ($30) per rentable square foot of Additional Premises). The Total TI Allowance (as defined below) shall be used solely to pay the costs of (i) construction, (ii) project management by Landlord (which fee shall not exceed four percent (4%) of the Total TI Allowance, (iii) third party project management fees, (iv) IT installation, (v) costs and fees for space planning, architect, engineering and other related services and (vi) building permits and other planning and inspection fees. If the total cost of the Tenant Improvements in exceeds the Suite 120 Premises Total TI Allowance, then the overage shall be subject paid promptly by Tenant upon Tenant’s receipt of evidence of overage from Landlord. Tenant shall have twelve (12) months from the Additional Premises Commencement Date to expend the terms unused portion of the Work Letter attached Tenant Improvement Allowance, after which date Landlord’s obligation to the Lease as Exhibit C, except that, notwithstanding anything to the contrary contained in the Work Letter:
a. The Tenant Improvements in the Suite 120 Premises fund such costs shall be constructed pursuant to the space plans attached to this First Amendment as Exhibit B (the “Suite 120 Space Plans”) and the tenant improvement specifications attached to this First Amendment as Exhibit C (the “Suite 120 TI Specifications”), which have been approved by both Landlord and Tenant, and the TI Construction Drawings for the Tenant Improvements for the Suite 120 Premises shall be prepared substantially in accordance with the Suite 120 Space Plans and the Suite 120 TI Specifications (and Landlord may not disapprove any matter in connection therewith that is consistent with the Suite 120 Space Plans and the Suite 120 TI Specifications)expire.
b. The Tenant Improvement Allowance and the Additional Tenant Improvement Allowance provided for in Section 6(b(b) of the Work Letter shall not apply with respect to the Suite 120 Premises and Landlord shall provide a tenant improvement allowance with respect In addition to the Tenant Improvements in the Suite 120 Premises, as follows:
(i) a “Suite 120 Tenant Improvement Allowance” in the maximum amount of , Landlord shall make available to Tenant Seventy Dollars ($185.00 70) per rentable square foot in (the Suite 120 Premises, which is included in the Base Rent set forth in the Lease; and
(ii) an “Additional Suite 120 Tenant Improvement Allowance” in the maximum amount of $40.00 per rentable square foot in the Suite 120 Premises, which shall, to the extent used, result in Suite 120 TI Rent as set forth in Section 5(c) below. For the avoidance of doubt, (A) the definition of “TI Allowance” in the Work Letter shall include and, collectively with the Tenant Improvement Allowance, the “Total TI Allowance”) of Additional Premises to construct the Tenant Improvement Improvements. Tenant shall pay to Landlord, as additional rent, the expended portion of the Additional TI Allowance amortized over the Extension Term at an interest rate of eleven percent (11%). Tenant shall have twenty-four (24) months from the Additional Premises Commencement Date to expend the unused portion of the Additional TI Allowance, after which date Landlord’s obligation to fund such costs shall expire.
(c) [Intentionally omitted]
(d) Tenant shall select the Suite 120 architect, engineer, general contractor and major subcontractors performing the Tenant Improvement Allowance and Improvements, subject to Landlord’s prior written approval, which approval Landlord shall not unreasonably withhold, condition or delay.
(e) Notwithstanding any other provision herein or in the Lease to the contrary, (a) with regard to the Additional Suite 120 Premises, Tenant Improvement Allowanceshall be responsible for all liabilities, as applicable, costs and (B) expenses arising out of or in connection with the compliance of the Tenant Improvements in with the Suite 120 PremisesAmericans with Disabilities Act, 42 U.S.C. § 12101, et seq. (together with regulations promulgated pursuant thereto, the “ADA”), and Tenant shall indemnify, defend and hold harmless Landlord from and against any loss, cost, liability or expense (including reasonable attorneys’ fees and disbursements) arising out of any failure of the Tenant Improvements to comply with the ADA and (b) Landlord shall be entitled to Administrative Rent equal to 1.5% responsible for all liabilities, costs and expenses arising out of the “hard” TI Costs incurred or in connection with such Tenant Improvements and a fee shall be payable to Tenant’s third party project manager, ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇ of ▇▇▇▇▇ ▇▇▇▇ LaSalle, not to exceed 1.5% the compliance of the parking lots, common area walkways and landscaped areas surrounding the Property (collectively, the “hard” TI Costs of such Landlord Areas”) with the ADA, and Landlord shall indemnify, defend and hold harmless Tenant Improvementsfrom and against any loss, which amounts shall be payable cost, liability or expense (including reasonable attorneys’ fees and disbursements) arising out of the TI Fund. Landlord and Tenant acknowledge and agree that the Suite 120 Tenant Improvement Allowance and the Additional Suite 120 Tenant Improvement Allowance, to the extent utilized, must be used toward the cost of Tenant Improvements in the Suite 120 Premises.
c. Pursuant to the terms any failure of the Work Letter (as amended by Landlord Areas to comply with the ADA. The provisions of this First Amendment), Landlord shall, subject to the terms of the Work Letter (as amended by this First Amendment), make available to Tenant the Suite 120 Tenant Improvement Allowance and the Additional Suite 120 Tenant Improvement Allowance. Commencing on the Rent Commencement Date and continuing thereafter on the first day of each month during the Base Term, Tenant Section 7(d) shall pay the amount necessary to fully amortize the portion of the Additional Suite 120 Tenant Improvement Allowance actually funded by Landlord, if any, in equal monthly payments with interest at a rate of 7% per annum over the Base Term, which interest shall begin to accrue on the date that Landlord first disburses such Additional Suite 120 Tenant Improvement Allowance or any portion(s) thereof (“Suite 120 TI Rent”). Any outstanding and unamortized Suite 120 TI Rent remaining unpaid as of survive the expiration or earlier termination of the Lease Lease, as amended by this Amendment.
(f) Possession of areas of the Additional Premises necessary for utilities, services, safety and operation of the Property is reserved to Landlord; provided, however, such areas shall be paid to Landlord in a lump sum at not unreasonably restrict the expiration or earlier termination use of this the Additional Premises by Tenant for the use that is permitted by the Lease. For the avoidance of doubt, and Landlord and its agents shall use commercially reasonable efforts to minimize any disturbance to Tenant acknowledge when performing work in the Additional Premises related to utilities, services, safety and agree that Suite 120 TI Rent, if any, shall not be subject to adjustment pursuant to Section 4(a) operation of the Lease during Property, and shall, except in the Termcase of emergencies, provide Tenant with twenty-four (24) hours’ prior telephonic or written notice of any such work to be performed by Landlord or its agents.
(g) Tenant shall have the right to access the Additional Premises from and after the date hereof in order to construct the Tenant Improvements.
Appears in 2 contracts
Sources: Office/Laboratory Lease (Tetralogic Pharmaceuticals Corp), Office/Laboratory Lease (Tetralogic Pharmaceuticals Corp)
Tenant Improvements. Tenants construction Subject to this Section 4, Tenant shall accept the Suite WB100 Premises and Suite WB200 Premises in their “as is” condition (subject to Landlord's continuing repair and maintenance obligations, as outlined in Section 10 of the Lease (as may be amended)), and Landlord shall have no obligation to make any alterations or improvements thereto whatsoever (provided that Landlord shall deliver same in good and tenantable condition, broom clean, with all systems serving same in good working order). Any alterations that Tenant Improvements desires to make in the Suite 120 WB100 Premises and Suite WB200 Premises shall be subject to all the terms and conditions set forth in Section 11 of the Work Letter attached to Lease. Notwithstanding anything in the Lease as Exhibit C, except that, notwithstanding anything to the contrary contained (and specifically deleting the references to the Improvements Allowances (as defined in Section 7 of the Fourth Amendment) for the DB First Floor Expansion Premises and the DB Second Floor Expansion Premises in Section 7 of the Fourth Amendment), Landlord hereby agrees to grant Tenant (i) an allowance in the Work Letter:
a. The Tenant Improvements in the Suite 120 Premises shall be constructed pursuant to the space plans attached to this First Amendment as Exhibit B amount of $217,480.45 (i.e. $29.33 per rentable square foot multiplied by 7,416 rentable square feet) (the “Suite 120 Space PlansWB100 Granted Allowance”) to be applied toward the cost (including architectural and engineering fees) of alterations performed by Tenant in the tenant improvement specifications attached to this First Amendment as Exhibit C Suite WB100 Premises and (ii) an allowance in the amount of $124,988.76 (the “Suite 120 TI SpecificationsWB200 Granted Allowance”), which have been approved by both Landlord and Tenant, and the TI Construction Drawings for the Tenant Improvements for the Suite 120 Premises shall be prepared substantially in accordance together with the Suite 120 Space Plans and the Suite 120 TI Specifications (and Landlord may not disapprove any matter in connection therewith that is consistent with the Suite 120 Space Plans and the Suite 120 TI Specifications).
b. The Tenant Improvement Allowance and the Additional Tenant Improvement Allowance provided for in Section 6(b) of the Work Letter shall not apply with respect to the Suite 120 Premises and Landlord shall provide a tenant improvement allowance with respect to the Tenant Improvements in the Suite 120 Premises, as follows:
(i) a “Suite 120 Tenant Improvement Allowance” in the maximum amount of $185.00 per rentable square foot in the Suite 120 Premises, which is included in the Base Rent set forth in the Lease; and
(ii) an “Additional Suite 120 Tenant Improvement Allowance” in the maximum amount of $40.00 per rentable square foot in the Suite 120 Premises, which shall, to the extent used, result in Suite 120 TI Rent as set forth in Section 5(c) below. For the avoidance of doubt, (A) the definition of “TI Allowance” in the Work Letter shall include the Tenant Improvement WB100 Granted Allowance, the Additional Tenant Improvement Allowancecollectively, the Suite 120 Tenant Improvement Allowance and the Additional Suite 120 Tenant Improvement “Granted Allowance, as applicable, and (B”) in connection with the Tenant Improvements in the Suite 120 Premises, Landlord shall to be entitled to Administrative Rent equal to 1.5% of the “hard” TI Costs incurred in connection with such Tenant Improvements and a fee shall be payable to Tenant’s third party project manager, ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇ of ▇▇▇▇▇ ▇▇▇▇ LaSalle, not to exceed 1.5% of the “hard” TI Costs of such Tenant Improvements, which amounts shall be payable out of the TI Fund. Landlord and Tenant acknowledge and agree that the Suite 120 Tenant Improvement Allowance and the Additional Suite 120 Tenant Improvement Allowance, to the extent utilized, must be used applied toward the cost of the design and construction of any alterations Tenant Improvements desires to perform in Suite WB100 Premises and Suite WB200 Premises, respectively, in conjunction with Tenant’s initial occupancy of Suite WB100 Premises and Suite WB200. Any portion of the Granted Allowance may be applied to pay the fees of the architect and engineers and any construction supervision, contractors' overhead and profit charges, along with fees for any project manager employed by Tenant with respect to such alterations, as well as any licensing and permitting costs and fees; provided, the Suite WB100 Granted Allowance may only be used for the Suite WB100 Premises and the Suite WB200 Granted Allowance may only be used for the Suite WB200 Premises. The cost of Tenant’s alterations in the Suite 120 WB100 Premises shall be paid first out the Suite WB100 Granted Allowance until the Suite WB100 Granted Allowance is exhausted (at which time Tenant shall be fully responsible for the cost of any further alterations), and the cost of Tenant’s alteration in the Suite WB200 Premises shall be paid first out the Suite WB200 Granted Allowance until the Suite WB200 Allowance is exhausted (at which time Tenant shall be fully responsible for the cost of any further alterations). Provided no Event of Default then exists under the Lease, the Granted Allowance (or portions thereof) shall be disbursed to Tenant within thirty (30) days following Tenant's submission to Landlord of paid invoices for work related to alterations performed by Tenant in the Suite WB100 Premises and Suite WB200 Premises.
c. Pursuant to , accompanied by waivers of liens executed by all contractors employed by Tenant for the terms performance of such work. If the cost of Tenant's alterations in the Suite WB100 Premises or the Suite WB200 Premises exceeds the amount of the Work Letter (as amended by this First Amendment), Landlord shall, subject to the terms of the Work Letter (as amended by this First Amendment), make available to Tenant Suite WB100 Granted Allowance or the Suite 120 WB200 Granted Allowance, the excess shall be paid by Tenant Improvement after the Suite WB100 Granted Allowance and or the Additional Suite 120 Tenant Improvement AllowanceWB200 Granted Allowance is fully exhausted. Commencing on the Rent Commencement Date and continuing thereafter on the first day of each month during the Base Term, Tenant shall pay the amount necessary to fully amortize the Any portion of the Additional (i) Suite 120 Tenant Improvement WB100 Granted Allowance actually funded that has not been applied (or contracted to be applied) in the manner set forth above by the date which is twelve (12) months following the Suite WB100 Premises Seventh Amendment Commencement Date shall revert to Landlord, if any, and Tenant shall have no further rights with respect thereto and (ii) Suite WB200 Granted Allowance that has not been applied (or contracted to be applied) in equal monthly payments with interest at a rate of 7% per annum over the Base Term, which interest shall begin to accrue on manner set forth above by the date that Landlord first disburses such Additional which is twelve (12) months following the Suite 120 Tenant Improvement Allowance or any portion(s) thereof (“Suite 120 TI Rent”). Any outstanding and unamortized Suite 120 TI Rent remaining unpaid as of the expiration or earlier termination of the Lease WB200 Premises Seventh Amendment Commencement Date shall be paid revert to Landlord in a lump sum at the expiration or earlier termination of this Lease. For the avoidance of doubtLandlord, Landlord and Tenant acknowledge and agree that Suite 120 TI Rent, if any, shall not be subject to adjustment pursuant to Section 4(a) of the Lease during the Termhave no further rights with respect thereto.
Appears in 2 contracts
Sources: Lease Agreement (Precision Biosciences Inc), Lease Agreement (Precision Biosciences Inc)
Tenant Improvements. Tenants construction of Landlord hereby agrees to construct the following Tenant Improvements Improvements, as illustrated in the Suite 120 Premises Exhibit “D.” All improvements shall be subject completed at Landlord’s sole cost and expense.
(a) Add/remove walls in office areas per the mutually acceptable plan,
(b) Apply reflective film to the terms of the Work Letter attached glass exterior entry door to the Lease as Exhibit CSuite 21,
(c) Replace carpet in Suite 21 to match Suite 20,
(d) Patch, except that, notwithstanding anything to the contrary contained in the Work Letter:
a. The Tenant Improvements in the Suite 120 Premises shall be constructed pursuant to the space plans attached to this First Amendment as Exhibit B (the “Suite 120 Space Plans”) and the tenant improvement specifications attached to this First Amendment as Exhibit C (the “Suite 120 TI Specifications”), which have been approved by both Landlord and Tenantrepair, and paint walls throughout the TI Construction Drawings for the Tenant Improvements for the office areas,
(e) Replace flooring and fixtures in Suite 120 Premises shall be prepared substantially 21 restrooms as necessary and provide two new insta-hot water heaters,
(f) Repair ceiling grid, tiles, and light fixtures as necessary,
(g) Remove and relocate data cabling in accordance with the Suite 120 Space Plans 21 as necessary,
(h) Relocate security alarm devices and the motion sensors in Suite 120 TI Specifications (and Landlord may not disapprove any matter in connection therewith that is consistent with the Suite 120 Space Plans and the Suite 120 TI Specifications).
b. The Tenant Improvement Allowance and the Additional Tenant Improvement Allowance provided for in Section 6(b) of the Work Letter shall not apply with respect to the Suite 120 Premises and Landlord shall provide a tenant improvement allowance with respect to the Tenant Improvements in the Suite 120 Premises, 21 as follows:necessary,
(i) a “Cut 6’ 0” x 7’ 0” opening between Suite 120 Tenant Improvement Allowance” in the maximum amount of $185.00 per rentable square foot in the 20 and Suite 120 Premises, which is included in the Base Rent set forth in the Lease; and21 lab area,
(iij) Demo casework, sink, plumbing, and electrical in Suite 21 lab and add a new wall to create a storage area and meeting room, including relocation of existing door with cypher lock, and installing new carpet to storage area and meeting room,
(k) Provide new ceiling grid to conceal exposed ductwork and data cabling,
(l) Install new sink in Suite 21 lab with plumbing connections to Suite 20,
(m) Install an “Additional insta-hot water heater for Suite 120 Tenant Improvement Allowance” in the maximum amount 20 lab sink,
(n) Complete flooring and ceiling repairs as necessary and patch, repair, and repaint walls throughout Suite 21 lab and warehouse areas,
(o) Relocate lab bench from Suite 20 to Suite 21 where opening between suites will be created.
(p) Provide final clean upon completion of $40.00 per rentable square foot in the Suite 120 Premises, which shall, all improvements listed above. Any additional improvements or changes to the extent used, result in Suite 120 TI Rent as set forth in Section 5(c) below. For the avoidance of doubt, (A) the definition of “TI Allowance” in the Work Letter shall include the Tenant Improvement Allowance, the Additional Tenant Improvement Allowance, the Suite 120 Tenant Improvement Allowance and the Additional Suite 120 Tenant Improvement Allowance, as applicable, and (B) in connection with the Tenant Improvements in the Suite 120 Premises, Landlord above improvements shall be entitled to Administrative Rent equal to 1.5% of the “hard” TI Costs incurred in connection with such Tenant Improvements completed only upon Landlord’s approval and a fee shall be payable to solely at Tenant’s third party project manager, ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇ cost and expense. Upon completion of ▇▇▇▇▇ ▇▇▇▇ LaSalle, not to exceed 1.5% of the “hard” TI Costs of such Tenant Improvements, which amounts a new Exhibit “D” will be incorporated into the lease to reflect the changes made to the Premises. Tenant shall be payable out accept the remainder of the TI Fund. Landlord Premises in its current state and Tenant acknowledge and agree that the Suite 120 Tenant Improvement Allowance and the Additional Suite 120 Tenant Improvement Allowance, to the extent utilized, must be used toward the cost of Tenant Improvements in the Suite 120 Premisescondition.
c. Pursuant to the terms of the Work Letter (as amended by this First Amendment), Landlord shall, subject to the terms of the Work Letter (as amended by this First Amendment), make available to Tenant the Suite 120 Tenant Improvement Allowance and the Additional Suite 120 Tenant Improvement Allowance. Commencing on the Rent Commencement Date and continuing thereafter on the first day of each month during the Base Term, Tenant shall pay the amount necessary to fully amortize the portion of the Additional Suite 120 Tenant Improvement Allowance actually funded by Landlord, if any, in equal monthly payments with interest at a rate of 7% per annum over the Base Term, which interest shall begin to accrue on the date that Landlord first disburses such Additional Suite 120 Tenant Improvement Allowance or any portion(s) thereof (“Suite 120 TI Rent”). Any outstanding and unamortized Suite 120 TI Rent remaining unpaid as of the expiration or earlier termination of the Lease shall be paid to Landlord in a lump sum at the expiration or earlier termination of this Lease. For the avoidance of doubt, Landlord and Tenant acknowledge and agree that Suite 120 TI Rent, if any, shall not be subject to adjustment pursuant to Section 4(a) of the Lease during the Term.
Appears in 2 contracts
Sources: Standard Industrial Net Lease (Mabvax Therapeutics Holdings, Inc.), Standard Industrial Net Lease (Mabvax Therapeutics Holdings, Inc.)
Tenant Improvements. Tenants (a) In addition to the construction of the Landlord Improvements as described above, Landlord agrees to construct those tenant improvements (the “Tenant Improvements”) which are requested by Tenant prior to the mutual approval of the Drawings (as defined below).
(b) Landlord shall pay for the Tenant Improvements by providing an allowance (the “Allowance”) up to a maximum amount of $3,880,000 ($5.07 psf, exclusive of the area to be subleased to Highland Fairview (or one of its Affiliates)), and Tenant shall pay for the cost of the Tenant Improvements in excess of such amount. Provided, however, that the obligation of Landlord to pay for any Tenant Improvements in excess of $2,880,000 are contingent upon there being any funds left after the construction of the Building has been completed in the “contingency” line item of the Development Budget, as defined in the Development Management Agreement between Landlord and HFC Holdings, LLC (not to exceed $1,000,000) (such amount, the “Contingent Allowance”). If after the Drawings (as defined below) have been mutually agreed upon and Tenant has approved the bids for the Tenant Improvements, the cost of the Tenant Improvements is estimated to exceed $2,880,000, prior to Landlord’s commencement of construction of the Tenant Improvements, Tenant shall deposit the difference (between the total estimated cost of the Tenant Improvements and $2,880,000) into an escrow account with First American Title Insurance Company or another mutually agreeable escrow company (“Escrow Holder”). The parties shall execute joint escrow instructions to the Escrow Holder which shall also be acceptable to Escrow Holder (including any “general escrow instructions” reasonably required by Escrow Holder), and which shall provide that the funds shall be distributed from escrow only upon joint written instructions from Landlord and Tenant. The cost of the escrow shall be paid one-half by Landlord and one-half by Tenant. The first $2,880,000 of the Allowance shall be applied against the actual cost of the Tenant Improvements, as such costs are incurred by Landlord. After such amount has been fully applied, Landlord shall give notice to Tenant, and any additional costs of the Tenant Improvements shall be paid from escrow. No more frequently than monthly, Landlord shall submit to Tenant a demand for a disbursement from escrow, together with copies of invoices or other documentation which shows the costs of the Tenant Improvements covered by such demand. Unless Tenant disputes that such costs are due and payable, within ten (10) days after receipt of such demand from Landlord, Tenant shall give Escrow Holder written instructions to disburse the amount requested (which instructions shall be joined by Landlord). If Tenant disputes the amount due, it shall direct the disbursement of any amounts not in dispute, and shall specify the basis for any disputed amounts. If Landlord agrees with the dispute, Landlord will seek to resolve the dispute with the general contractor or any applicable subcontractors. If Landlord does not agree with the dispute, Landlord shall authorize Tenant to deal directly with the general contractor or any applicable subcontractors to seek to resolve the dispute. Any costs or expenses incurred by Landlord which result from a dispute which is not resolved in favor of the Tenant shall be paid or reimbursed by Tenant to Landlord on demand. If the Property is encumbered by any mechanics lien as a result of a dispute by Tenant which is not agreed to by Landlord, Tenant shall, at its expense, promptly pay-off or bond around such lien. After final completion of the Landlord Improvements or the Tenant Improvements, the Tenant Improvements shall be reconciled with the total amount applied from the Allowance and the total amount disbursed to Landlord from escrow. If the total cost of the Tenant Improvements exceeded $2,880,000, and if any portion of the Contingent Allowance is available, then such amount, not to exceed $1,000,000, shall be promptly paid by Landlord to Tenant. If after approval of the Drawings (as defined below), Tenant shall desire any changes to the Tenant Improvements it shall follow the procedure for Change Orders described in Paragraph 1(b) above. Any and all costs of reviewing any Change Order Request relative to the Tenant Improvements, and any and all costs of making any changes to the Tenant Improvements which Tenant may request and which Landlord shall approve shall be at Tenant's sole cost and expense, and shall be paid to Landlord upon demand and before commencement of the work covered by the Change Order. Landlord shall proceed with and complete the construction of the Tenant Improvements in the Suite 120 Premises shall be subject to the terms of the Work Letter attached to the Lease as Exhibit C, except that, notwithstanding anything to the contrary contained a good and workmanlike manner in the Work Letter:
a. The Tenant Improvements in the Suite 120 Premises shall be constructed pursuant to the space plans attached to this First Amendment as Exhibit B (the “Suite 120 Space Plans”) accordance with all legal requirements and the tenant improvement specifications attached to this First Amendment as Exhibit C (the “Suite 120 TI Specifications”), which have been any Drawings prepared and approved by both Landlord and Tenant, and the TI Construction Drawings for parties as described below. The construction of the Tenant Improvements for the Suite 120 Premises shall be prepared substantially in accordance with the Suite 120 Space Plans and the Suite 120 TI Specifications (and Landlord may not disapprove any matter in connection therewith that is consistent with the Suite 120 Space Plans and the Suite 120 TI Specifications).
b. The Tenant Improvement Allowance and the Additional Tenant Improvement Allowance provided for in Section 6(b) of the Work Letter shall not apply with respect to the Suite 120 Premises and Landlord shall provide a tenant improvement allowance with respect to the Tenant Improvements in the Suite 120 Premises, as follows:
(i) a “Suite 120 Tenant Improvement Allowance” in the maximum amount of $185.00 per rentable square foot in the Suite 120 Premises, which is included in the Base Rent set forth in the Lease; and
(ii) an “Additional Suite 120 Tenant Improvement Allowance” in the maximum amount of $40.00 per rentable square foot in the Suite 120 Premises, which shall, to the extent usedpossible, result in Suite 120 TI Rent as set forth in Section 5(c) belowbe coordinated with the construction of the Landlord Improvements. For the avoidance of doubt, (A) the definition of “TI Allowance” in the Work Letter The Landlord Improvements shall include the Tenant Improvement Allowance, the Additional Tenant Improvement Allowance, the Suite 120 Tenant Improvement Allowance and the Additional Suite 120 Tenant Improvement Allowance, as applicable, and (B) in connection with not be deemed to have achieved Substantial Completion until the Tenant Improvements in shall also have been Substantially Completed (also to be based upon the Suite 120 Premises, Landlord shall be entitled to Administrative Rent equal to 1.5% opinion of the Architect of Record). The Landlord and Tenant shall work together to prepare designs and construction drawings (collectively, the “hard” TI Costs incurred in connection with such Drawings”) for the Tenant Improvements and a fee shall any such Drawings must be payable to Tenant’s third party project manager, ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇ of ▇▇▇▇▇ ▇▇▇▇ LaSalle, not to exceed 1.5% of the “hard” TI Costs of such Tenant Improvements, which amounts shall be payable out of the TI Fund. mutually approved by Landlord and Tenant acknowledge before work is commenced. The cost of such designs and agree that drawings shall be part of the Suite 120 allowance described above. After the Drawings are mutually approved, the Tenant Improvement Allowance Improvements will be put out to bid, and the Additional Suite 120 amount of the bids will be presented to Tenant Improvement Allowance, to the extent utilized, must be used toward the cost of for approval. Landlord will competitively bid all Tenant Improvements in the Suite 120 Premises.
c. Pursuant to the terms of the Work Letter (as amended by this First Amendment), Landlord shall, subject to the terms of the Work Letter (as amended by this First Amendment), make available and will disclose such bids to Tenant the Suite 120 on an "open book" basis. The Tenant Improvement Allowance and the Additional Suite 120 Tenant Improvement Allowance. Commencing on the Rent Commencement Date and continuing thereafter on the first day of each month during the Base Term, Tenant shall pay the amount necessary to fully amortize the portion of the Additional Suite 120 Tenant Improvement Allowance actually funded by Landlord, if any, in equal monthly payments with interest at a rate of 7% per annum over the Base Term, which interest shall begin to accrue on the date that Landlord first disburses such Additional Suite 120 Tenant Improvement Allowance or any portion(s) thereof (“Suite 120 TI Rent”). Any outstanding and unamortized Suite 120 TI Rent remaining unpaid as of the expiration or earlier termination of the Lease shall be paid to Landlord in a lump sum at the expiration or earlier termination of this Lease. For the avoidance of doubt, Landlord and Tenant acknowledge and agree that Suite 120 TI Rent, if any, shall Improvements will not be subject to adjustment pursuant to Section 4(a) of constructed until Tenant has approved the Lease during the Termbids.
Appears in 2 contracts
Sources: Limited Liability Company Agreement (Skechers Usa Inc), Lease Agreement (Skechers Usa Inc)
Tenant Improvements. Tenants construction of Upon execution hereof and prior to the Tenant Improvements Expansion Space Commencement Date, Landlord shall, at Landlord's cost and expense, perform the following work in the Suite 120 Premises shall be subject to the terms of the Work Letter attached to the Lease as Exhibit CExpansion Space, except that, notwithstanding anything to the contrary contained in the Work Letter:
a. The Tenant Improvements in the Suite 120 Premises shall be constructed pursuant to the space plans attached to this First Amendment as Exhibit B (the “Suite 120 Space Plans”) and the tenant improvement specifications attached to this First Amendment as Exhibit C (the “Suite 120 TI Specifications”), which have been approved by both Landlord and Tenant, and the TI Construction Drawings for the Tenant Improvements for the Suite 120 Premises shall be prepared substantially in accordance with the Suite 120 Space Plans and the Suite 120 TI Specifications (and Landlord may not disapprove any matter in connection therewith that is consistent with the Suite 120 Space Plans and the Suite 120 TI Specifications).
b. The Tenant Improvement Allowance and the Additional Tenant Improvement Allowance provided for in Section 6(b) of the Work Letter shall not apply with respect to the Suite 120 Premises and Landlord shall provide a tenant improvement allowance with respect to the Tenant Improvements in the Suite 120 Premises, as followsusing Building standard materials:
(i1) shampoo the existing carpet;
(2) remove a “four (4) foot wide portion of the partition between Suite 120 Tenant Improvement Allowance” 1200B and 1210, in a mutually acceptable location, such that Suite 1200B and Suite 1210 shall be connected. The opening shall be painted drywall partition;
(3) paint the walls as shown on EXHIBIT "B" attached hereto;
(4) provide and install vinyl composition tile in the maximum amount kitchen area as shown on EXHIBIT "B" attached hereto;
(5) install two (2) telephone conduit lines and two (2) electrical outlets as shown on EXHIBIT "B" attached hereto;
(6) dry clean all existing drapery;
(7) provide and install horizontal mini-blinds as shown on EXHIBIT "B" attached hereto;
(8) provide and install black-out lining (white material) on the inside of $185.00 per rentable square foot the existing drapery as shown on EXHIBIT "B" attached hereto;
(9) remove all existing chrome cover-plates and replace with Building standard ivory cover-plates;
(10) patch the nail holes in the Suite 120 Premises, which is included in existing wallcovering with spackle (provided that such patched areas shall not be required to match the Base Rent set forth in the Leasesurrounding wallcovering);
(11) commercially clean all existing vinyl wallcovering; and
(ii12) an “Additional patch the passageway between Suite 120 1200B and Suite 1210 with the existing carpet removed from the kitchen area. The above items are collectively referred to herein as the "Tenant Improvement Allowance” in the maximum amount of $40.00 per rentable square foot in the Suite 120 Premises, which shall, to the extent used, result in Suite 120 TI Rent as set forth in Section 5(c) below. For the avoidance of doubtImprovements." Items (6), (A) the definition of “TI Allowance” in the Work Letter shall include the Tenant Improvement Allowance, the Additional Tenant Improvement Allowance, the Suite 120 Tenant Improvement Allowance and the Additional Suite 120 Tenant Improvement Allowance, as applicable7), and (B) 8) above shall not be required to be completed in connection with order to constitute "substantial completion" of the Tenant Improvements. As such, Landlord may complete such items during Tenant's Early Occupancy of the Expansion Space, but prior to the Commencement Date. Tenant hereby acknowledges Landlord's right to enter on to the Expansion Space during Tenant's Early Occupancy for the purposes of completing the Tenant Improvements in and for such other purposes deemed necessary by Landlord. During Landlord's completion of the Suite 120 PremisesTenant Improvements, Landlord shall be entitled use commercially reasonable efforts to Administrative Rent equal to 1.5% minimize interference with Tenant's use and enjoyment of the “hard” TI Costs incurred in connection Expansion Space, and Tenant shall use commercially reasonable efforts to minimize interference with such Landlord's completion of the Tenant Improvements Improvements. Tenant hereby expressly waives any and a fee shall be payable all claims it may have against Landlord arising from future damage to Tenant’s third party project manager, ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇ of ▇▇▇▇▇ ▇▇▇▇ LaSalle, not to exceed 1.5% 's property by Landlord or its contractors during the completion of the “hard” TI Costs of such Tenant Improvements, which amounts shall be payable out of the TI Fund. Landlord and Tenant acknowledge hereby expressly agrees not to assert any such claims and agree that to bear the Suite 120 Tenant Improvement Allowance risk of any and all such damage and any and all related losses, unless caused by the Additional Suite 120 Tenant Improvement Allowance, to the extent utilized, must be used toward the cost gross negligence of Tenant Improvements in the Suite 120 PremisesLandlord or Landlord's contractor(s).
c. Pursuant to the terms of the Work Letter (as amended by this First Amendment), Landlord shall, subject to the terms of the Work Letter (as amended by this First Amendment), make available to Tenant the Suite 120 Tenant Improvement Allowance and the Additional Suite 120 Tenant Improvement Allowance. Commencing on the Rent Commencement Date and continuing thereafter on the first day of each month during the Base Term, Tenant shall pay the amount necessary to fully amortize the portion of the Additional Suite 120 Tenant Improvement Allowance actually funded by Landlord, if any, in equal monthly payments with interest at a rate of 7% per annum over the Base Term, which interest shall begin to accrue on the date that Landlord first disburses such Additional Suite 120 Tenant Improvement Allowance or any portion(s) thereof (“Suite 120 TI Rent”). Any outstanding and unamortized Suite 120 TI Rent remaining unpaid as of the expiration or earlier termination of the Lease shall be paid to Landlord in a lump sum at the expiration or earlier termination of this Lease. For the avoidance of doubt, Landlord and Tenant acknowledge and agree that Suite 120 TI Rent, if any, shall not be subject to adjustment pursuant to Section 4(a) of the Lease during the Term.
Appears in 2 contracts
Sources: Office Space Lease (Adexa Inc), Office Space Lease (Adexa Inc)
Tenant Improvements. Tenants Tenant shall make certain alterations, additions or improvements to the Premises in accordance with plans and specifications to be reviewed and approved by Landlord as set forth in Paragraph 6.5 and this Paragraph 2.3 (as used herein, the “Tenant Improvements”), at its sole cost and expense (subject to the Tl Allowance described below in Paragraph 2.3.
1). Landlord may, but shall not be required to, supervise such Tenant Improvements at no cost to Tenant and shall have full access to the Premises in connection with such supervision following notice to Tenant in accordance with Paragraph 23.7 below, provided that Landlord shall coordinate any such access with Tenant in advance to minimize adverse impacts on Tenant’s construction activities in and about the Premises. Prior to commencing construction of any Tenant Improvements, Tenant shall provide a copy of Tenant’s preliminary plans and specifications for the Tenant Improvements (collectively, “Tenant’s Preliminary Plans”) to Landlord for Landlord’s review and approval. The Tenant’s Preliminary Plans shall comply with the Standard Specifications for Tenant Spaces as set forth in Exhibit D attached hereto. Landlord shall, within ten (10) days after receipt thereof, either provide comments to or approve Tenant’s Preliminary Plans; provided, however, that Landlord shall not withhold approval to the Tenant’s Preliminary Plans to the extent that they are consistent with Exhibit D, the space plan attached as Exhibit C-4 (“Space Plan”), and Exhibit C-5 in all material respects. If Landlord does not respond within ten (10) days after Landlord’s receipt of Tenant’s Preliminary Plans with either Landlord’s approval of such plans or reasons for disapproval of such plans, Tenant may send Landlord a reminder notice, and if Landlord has still not responded within five (5) business days after its receipt of such reminder notice, then Landlord shall be deemed to have approved Tenant’s Preliminary Plans. If Landlord provides Tenant with comments to Tenant’s Preliminary Plans, Tenant shall provide revised Tenant’s Preliminary Plans to Landlord incorporating Landlord’s comments. Landlord shall either provide comments to such revised Tenant’s Preliminary Plans within five (5) business days or approve them. The process described above shall be repeated, if necessary, until Tenant’s Preliminary Plans for the Tenant Improvements have been finally approved by Tenant and Landlord (upon such approval, the “Tenant’s Final Plans”). In the event Landlord reviews multiple drafts of the Tenant’s Preliminary Plans, Landlord shall not withhold approval in subsequent drafts to aspects of the Tenant’s Preliminary Plans regarding which Landlord did not comment in the immediately preceding draft. Tenant agrees that it shall not commence construction of the Tenant Improvements in the Suite 120 Premises shall be subject to the terms or any portion thereof until Tenant’s Final Plans have been finally approved by Landlord. Landlord approves Bremik Construction as Tenant’s contractor for construction of the Work Letter attached to the Lease as Exhibit C, except that, notwithstanding anything to the contrary contained in the Work Letter:
a. The Tenant Improvements in the Suite 120 Premises shall be constructed pursuant to the space plans attached to this First Amendment as Exhibit B (the “Suite 120 Space Plans”) and the tenant improvement specifications attached to this First Amendment as Exhibit C (the “Suite 120 TI Specifications”), which have been approved by both Landlord and Tenant, and the TI Construction Drawings for the Tenant Improvements for the Suite 120 Premises shall be prepared substantially in accordance with the Suite 120 Space Plans and the Suite 120 TI Specifications (and Landlord may not disapprove any matter in connection therewith that is consistent with the Suite 120 Space Plans and the Suite 120 TI Specifications).
b. The Tenant Improvement Allowance and the Additional Tenant Improvement Allowance provided for in Section 6(b) of the Work Letter shall not apply with respect to the Suite 120 Premises and Landlord shall provide a tenant improvement allowance with respect to the Tenant Improvements in the Suite 120 Premises, as follows:
(i) a “Suite 120 Tenant Improvement Allowance” in the maximum amount of $185.00 per rentable square foot in the Suite 120 Premises, which is included in the Base Rent set forth in the Lease; and
(ii) an “Additional Suite 120 Tenant Improvement Allowance” in the maximum amount of $40.00 per rentable square foot in the Suite 120 Premises, which shall, to the extent used, result in Suite 120 TI Rent as set forth in Section 5(c) below. For the avoidance of doubt, (A) the definition of “TI Allowance” in the Work Letter shall include the Tenant Improvement Allowance, the Additional Tenant Improvement Allowance, the Suite 120 Tenant Improvement Allowance and the Additional Suite 120 Tenant Improvement Allowance, as applicable, and (B) in connection with the Tenant Improvements in the Suite 120 Premises, Landlord shall be entitled to Administrative Rent equal to 1.5% of the “hard” TI Costs incurred in connection with such Tenant Improvements and a fee shall be payable to Tenant’s third party project manager, ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇ of ▇▇▇▇▇ ▇▇▇▇ LaSalle, not to exceed 1.5% of the “hard” TI Costs of such Tenant Improvements, which amounts shall be payable out of the TI Fund. Landlord and Tenant acknowledge and agree that the Suite 120 Tenant Improvement Allowance and the Additional Suite 120 Tenant Improvement Allowance, to the extent utilized, must be used toward the cost of Tenant Improvements in the Suite 120 Premises.
c. Pursuant to the terms of the Work Letter (as amended by this First Amendment), Landlord shall, subject to the terms of the Work Letter (as amended by this First Amendment), make available to Tenant the Suite 120 Tenant Improvement Allowance and the Additional Suite 120 Tenant Improvement Allowance. Commencing on the Rent Commencement Date and continuing thereafter on the first day of each month during the Base Term, Tenant shall pay the amount necessary to fully amortize the portion of the Additional Suite 120 Tenant Improvement Allowance actually funded by Landlord, if any, in equal monthly payments with interest at a rate of 7% per annum over the Base Term, which interest shall begin to accrue on the date that Landlord first disburses such Additional Suite 120 Tenant Improvement Allowance or any portion(s) thereof (“Suite 120 TI Rent”). Any outstanding and unamortized Suite 120 TI Rent remaining unpaid as of the expiration or earlier termination of the Lease shall be paid to Landlord in a lump sum at the expiration or earlier termination of this Lease. For the avoidance of doubt, Landlord and Tenant acknowledge and agree that Suite 120 TI Rent, if any, shall not be subject to adjustment pursuant to Section 4(a) of the Lease during the Term.
Appears in 2 contracts
Sources: Lease (AbSci Corp), Lease (AbSci Corp)
Tenant Improvements. Tenants construction (i) Landlord, at Landlord's sole cost and expense, hereby agrees to perform or cause to be performed the following improvements in the Additional Temporary Premises prior to the Part B Additional Temporary Premises Term Commencement Date: (1) restoration of the Tenant Improvements in the Suite 120 Premises shall be subject ceilings, lighting and HVAC systems to the terms of the Work Letter attached to the Lease as Exhibit C, except that, notwithstanding anything to the contrary contained in the Work Letter:
a. The Tenant Improvements in the Suite 120 Premises shall be constructed pursuant to the space plans attached to this First Amendment as Exhibit B (the “Suite 120 Space Plans”) and the tenant improvement specifications attached to this First Amendment as Exhibit C (the “Suite 120 TI Specifications”), which have been approved by both Landlord and Tenant, and the TI Construction Drawings for the Tenant Improvements for the Suite 120 Premises shall be prepared substantially in accordance with the Suite 120 Space Plans and the Suite 120 TI Specifications (and Landlord may not disapprove any matter in connection therewith that is a condition consistent with the Suite 120 Space Plans building standards and located in the Suite 120 TI Specifications).
b. The Tenant Improvement Allowance and Part B Additional Temporary Premises, (2) shampoo of exiting carpets within the Part A Additional Tenant Improvement Allowance provided for in Section 6(b) of the Work Letter shall not apply with respect to the Suite 120 Temporary Premises and Landlord shall provide a tenant improvement allowance replacing the carpeting with respect to building standard carpeting within the Tenant Improvements in the Suite 120 Part B Additional Temporary Premises, as follows:
and (i3) a “Suite 120 Tenant Improvement Allowance” in repaint those walls located within the maximum amount of $185.00 per rentable square foot in the Suite 120 Premises, entire Additional Temporary Premises which is included in the Base Rent set forth in the Lease; andare not currently covered with wallcoverings.
(ii) Tenant shall be liable for and shall contribute an “Additional Suite 120 Tenant Improvement Allowance” amount equal to fifty percent (50%) of the total cost of the removal of the training and rear projection rooms currently located in the maximum Part B Additional Temporary Premises. Within ten (10) days following the date of execution of this First Amendment, Tenant shall deliver to Landlord the amount equal to Sixteen Thousand Four Hundred Fifty-Six Dollars and 50/100 ($16,456.50) ("TENANT'S ESTIMATED CONTRIBUTION AMOUNT"). In the event Tenant's Estimated Contribution Amount is less than fifty percent (50%) of $40.00 per rentable square foot in the Suite 120 Premises, which shall, to the extent used, result in Suite 120 TI Rent as set forth in Section 5(c) below. For the avoidance of doubt, (A) the definition of “TI Allowance” in the Work Letter shall include the Tenant Improvement Allowance, the Additional Tenant Improvement Allowance, the Suite 120 Tenant Improvement Allowance and the Additional Suite 120 Tenant Improvement Allowance, as applicable, and (B) costs actually incurred in connection with the Tenant Improvements in removal of the Suite 120 Premisestraining and rear projection rooms, Landlord shall be entitled deliver to Administrative Rent equal to 1.5% Tenant a written request with documentary evidence of the “hard” TI Costs actual cost and Tenant shall, within ten (10) days after delivery of such notice, deliver to Landlord the remaining balance owed to Landlord above Tenant's Estimated Contribution Amount. In the event Tenant's Estimated Contribution Amount is more than fifty percent (50%) of the costs actually incurred in connection with such Tenant Improvements and a fee shall be payable to Tenant’s third party project manager, ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇ of ▇▇▇▇▇ ▇▇▇▇ LaSalle, not to exceed 1.5% the removal of the “hard” TI Costs of training and rear projection rooms, Landlord shall reimburse Tenant such Tenant Improvements, which amounts shall be payable out of the TI Fund. excess amount within ten (10) days after such actual costs is finally determined by Landlord and Tenant acknowledge all lien releases and agree that the Suite 120 Tenant Improvement Allowance and the Additional Suite 120 Tenant Improvement Allowance, other items related to the extent utilized, must be used toward the cost of Tenant Improvements in the Suite 120 Premises.
c. Pursuant to the terms of the Work Letter (as amended by this First Amendment), Landlord shall, subject to the terms of the Work Letter (as amended by this First Amendment), make available to Tenant the Suite 120 Tenant Improvement Allowance and the Additional Suite 120 Tenant Improvement Allowance. Commencing on the Rent Commencement Date and continuing thereafter on the first day of each month during the Base Term, Tenant shall pay the amount necessary to fully amortize the portion of the Additional Suite 120 Tenant Improvement Allowance actually funded such removal have been received by Landlord, if any, in equal monthly payments with interest at a rate of 7% per annum over the Base Term, which interest shall begin to accrue on the date that Landlord first disburses such Additional Suite 120 Tenant Improvement Allowance or any portion(s) thereof (“Suite 120 TI Rent”). Any outstanding and unamortized Suite 120 TI Rent remaining unpaid as of the expiration or earlier termination of the Lease shall be paid to Landlord in a lump sum at the expiration or earlier termination of this Lease. For the avoidance of doubt, Landlord and Tenant acknowledge and agree that Suite 120 TI Rent, if any, shall not be subject to adjustment pursuant to Section 4(a) of the Lease during the Term.
Appears in 1 contract
Tenant Improvements. Tenants construction Notwithstanding anything to the contrary above, Landlord has agreed to construct and install, at Landlord’s cost and expense, the tenant improvements specifically listed below (“Tenant Improvements”) (notwithstanding anything to the contrary herein, Tenant shall contribute to the cost of the Tenant Improvements in the Suite 120 Premises amount of $15,000.00, which Tenant shall pay to Landlord concurrently with Tenant’s execution of this Lease), and Landlord shall not be subject responsible for providing any additional interior improvements:
1) Remove the wall and related door as shown in Pink dashed lines on Exhibit B attached hereto;
2) Install the walls and doors (including Landlord’s standard locking door hardware) shown in Blue on Exhibit B attached hereto, and make any necessary adjustments and/or repairs to the terms HVAC supplies and returns, lighting, electrical, and ceiling tiles and grid required as a result of said wall and door installation;
3) Install the glass walls as shown in Yellow on Exhibit B attached hereto;
4) Install Landlord’s standard grade VCT in the area shown in Green cross hatch on Exhibit B attached hereto;
5) Landlord shall replace any non-functioning lights;
6) Landlord shall have the HVAC system within the Premises inspected and any necessary repairs disclosed by said inspection completed;
7) Landlord shall have the roof membrane for the Building inspected and any necessary repairs disclosed by said inspection completed; and
8) Landlord shall have the plumbing system within the Premises inspected and any necessary repairs disclosed by said inspection completed.
9) Landlord shall inspect all exterior windows for the Premises and make all repairs necessary for such windows to be water and air tight.
10) Landlord shall inspect all exterior glass doors for the Premises and make all repairs necessary for such doors to function freely and safely.
11) Landlord to install an emergency exit in the upper corner of the Work Letter area shown in Green cross hatch on Exhibit B attached hereto.
12) Landlord shall set up, wire and cable all cubicles as shown on Exhibit B-2. Cabling shall include 2 voice and 2 data lines in each cubicle. Concurrent with the installation of the Tenant Improvements, Landlord shall permit Tenant reasonably access to the Lease as Exhibit CPremises to install power, except thatcomputer, notwithstanding anything to phone and telecommunications cabling, racks, furniture, fixtures and equipment within the contrary contained in the Work Letter:
a. Premises (“Tenant Work”). The Tenant Improvements in the Suite 120 Premises and Tenant Work referenced above shall be constructed pursuant to the space plans attached to this First Amendment as Exhibit B (the “Suite 120 Space Plans”) and the tenant improvement specifications attached to this First Amendment as Exhibit C (the “Suite 120 TI Specifications”), which have been approved by both Landlord and Tenant, and the TI Construction Drawings for the Tenant Improvements for the Suite 120 Premises shall be prepared substantially in accordance with the Suite 120 Space Plans and the Suite 120 TI Specifications (and Landlord may not disapprove any matter in connection therewith that is consistent with the Suite 120 Space Plans and the Suite 120 TI Specifications).
b. The Tenant Improvement Allowance and the Additional Tenant Improvement Allowance provided for in Section 6(b) become a part of the Work Letter shall not apply with respect to the Suite 120 Premises and Landlord shall provide a tenant improvement allowance with respect to the Tenant Improvements in the Suite 120 Premises, as follows:
(i) a “Suite 120 Tenant Improvement Allowance” in the maximum amount of $185.00 per rentable square foot in the Suite 120 Premises, which is included in the Base Rent set forth in the Lease; and
(ii) an “Additional Suite 120 Tenant Improvement Allowance” in the maximum amount of $40.00 per rentable square foot in the Suite 120 Premises, which shall, to the extent used, result in Suite 120 TI Rent as set forth in Section 5(c) below. For the avoidance of doubt, (A) the definition of “TI Allowance” in the Work Letter shall include the Tenant Improvement Allowance, the Additional Tenant Improvement Allowance, the Suite 120 Tenant Improvement Allowance and the Additional Suite 120 Tenant Improvement Allowance, as applicable, and (B) in connection with the Tenant Improvements in the Suite 120 Premises, Landlord shall be entitled to Administrative Rent equal to 1.5% of the “hard” TI Costs incurred in connection with such Tenant Improvements and a fee shall be payable to Tenant’s third party project manager, ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇ of ▇▇▇▇▇ ▇▇▇▇ LaSalle, not to exceed 1.5% of the “hard” TI Costs of such Tenant Improvements, which amounts shall be payable out of the TI Fund. Landlord upon installation and Tenant acknowledge and agree that the Suite 120 Tenant Improvement Allowance and the Additional Suite 120 Tenant Improvement Allowance, to the extent utilized, must be used toward the cost of Tenant Improvements in the Suite 120 Premises.
c. Pursuant to the terms of the Work Letter (as amended by this First Amendment), Landlord shall, subject to the terms of the Work Letter (as amended by this First Amendment), make available to Tenant the Suite 120 Tenant Improvement Allowance and the Additional Suite 120 Tenant Improvement Allowance. Commencing on the Rent Commencement Date and continuing thereafter on the first day of each month during the Base Term, Tenant shall pay the amount necessary to fully amortize the portion of the Additional Suite 120 Tenant Improvement Allowance actually funded by Landlord, if any, in equal monthly payments with interest at a rate of 7% per annum over the Base Term, which interest shall begin to accrue on the date that Landlord first disburses such Additional Suite 120 Tenant Improvement Allowance or any portion(s) thereof (“Suite 120 TI Rent”). Any outstanding and unamortized Suite 120 TI Rent remaining unpaid as of the expiration or earlier termination of the Lease shall be paid to Landlord in a lump sum at the expiration or earlier termination of this Lease. For the avoidance of doubt, Landlord and Tenant acknowledge and agree that Suite 120 TI Rent, if any, shall not be subject to adjustment pursuant to Section 4(a) of remove the Tenant Improvements upon Lease during Termination nor can Tenant remove the Termsame without Landlord’s prior written consent.
Appears in 1 contract
Tenant Improvements. Tenants (a) Landlord shall provide Tenant with an allowance in an amount up to $155,000 (the “Tenant Improvement Allowance”) towards (A) the costs of Landlord’s Work and (B) the hard and soft costs of improvements to be constructed in the Premises by ▇▇▇▇▇▇ (such improvements to be constructed by Tenant, collectively, the “Tenant Improvements”). The Tenant may allocate any unused portion of the Tenant Improvement Allowance, if any, to racking setup and charging stations. Tenant acknowledges and agrees that, except for the Landlord’s Work, Landlord has no obligation whatsoever to make any improvements to the Premises, Building or Common Areas, it being the understanding of the parties that Tenant accepts the Premises, Building and Common Areas in their current “AS IS” condition and that Tenant shall be solely obligated, at Tenant’s sole cost and expense (subject to the application of the Tenant Improvement Allowance), to make any improvements necessary for Tenant’s business operations in the Premises and to obtain any and all Permits required for Tenant’s construction of the Tenant Improvements in the Suite 120 Premises shall be subject to the terms and Tenant’s occupancy of the Work Letter attached to the Lease as Exhibit C, except that, notwithstanding anything to the contrary contained in the Work Letter:
a. Premises. The Tenant Improvements in the Suite 120 Premises shall be constructed pursuant to the space plans attached to this First Amendment as Exhibit B (the “Suite 120 Space Plans”) and the tenant improvement specifications attached to this First Amendment as Exhibit C (the “Suite 120 TI Specifications”), which have been approved by both Landlord Tenant and Tenant’s Agents in a good and workmanlike manner, using new or like-new materials, and the TI Construction Drawings for the Tenant Improvements for the Suite 120 Premises shall be prepared substantially in accordance with all applicable Laws and in accordance with the Suite 120 Space Plans terms and conditions of this Lease, including but not limited to Section 12 and Section 13 (the Suite 120 TI Specifications (and Landlord may not disapprove “Lease Requirements”). Without limiting any matter in connection therewith that is consistent with the Suite 120 Space Plans and the Suite 120 TI Specifications).
b. The Tenant Improvement Allowance and the Additional Tenant Improvement Allowance provided for in Section 6(b) of the Work Letter shall not apply with respect to the Suite 120 Premises and Landlord shall provide a tenant improvement allowance with respect to Lease Requirements, the Tenant Improvements shall conform with a space plan, specifications and construction drawings reasonably approved in writing in advance by Landlord and shall be performed in accordance with Landlord’s reasonable construction rules and regulations and in such a manner and at such times as not to interfere with the Suite 120 Premisesoperation of the Building, as follows:
(i) a “Suite 120 Tenant Improvement Allowance” in and/or the maximum amount occupancy thereof by other tenants. All of $185.00 per rentable square foot in the Suite 120 Premises, which is included in the Base Rent set forth in the Lease; and
(ii) an “Additional Suite 120 Tenant Improvement Allowance” in the maximum amount of $40.00 per rentable square foot in the Suite 120 Premises, which shall, to the extent used, result in Suite 120 TI Rent as set forth in Section 5(c) below. For the avoidance of doubt, (A) the definition of “TI Allowance” in the Work Letter shall include the Tenant Improvement Allowance, the Additional Tenant Improvement Allowance, the Suite 120 Tenant Improvement Allowance Tenant’s contractors and the Additional Suite 120 Tenant Improvement Allowance, as applicable, and (B) subcontractors working in connection with the Tenant Improvements in the Suite 120 Premisesshall carry insurance reasonably required by Landlord, naming Landlord as an additional insured where appropriate and all such contractors and subcontractors shall be entitled to Administrative Rent equal to 1.5% of the “hard” TI Costs incurred contact Landlord and schedule time periods during which they may use Building facilities in connection with such work. Subject to the foregoing, Landlord shall disburse the balance of the Tenant Improvements and a fee shall be payable Improvement Allowance (after deducting the amount required for Landlord’s Work) to Tenant’s third party project manager, Tenant in installments (no more frequently than once per month) of at least $25,000 within thirty (30) days after ▇▇▇▇▇▇▇▇▇ ’s receipt of written request therefor after the Tenant Improvements have been completed, together with the following: (1) the appropriate AIA application for payment signed by ▇▇▇▇▇▇▇ ’s general contractor and architect and notarized, (2) copies of all required current Permits for the Tenant Improvements not previously provided to Landlord, (3) paid invoices, and (4) lien waivers from contractors, subcontractors and vendors for completed work provided on a 30-day trailing basis, with waivers for any portion of the Tenant Improvement Allowance previously funded by Landlord and any portion of the Tenant Improvement costs previously required to be 126390.00400/118481426v.4 04/15/2019 05:55 A4P4 paid by ▇▇▇▇▇▇ ▇▇▇▇ LaSalle, not to exceed 1.5% being submitted with the current request. Tenant shall pay all costs of the “hard” TI Costs of such Tenant Improvements, which amounts shall be payable out Improvements in excess of the TI Fund. Landlord and Tenant acknowledge and agree that the Suite 120 Tenant Improvement Allowance and after the Additional Suite 120 Tenant Improvement Allowance, to the extent utilized, must be used toward the cost of Tenant Improvements in the Suite 120 Premises.
c. Pursuant to the terms exhaustion of the Work Letter (as amended by this First Amendment), Landlord shall, subject to the terms of the Work Letter (as amended by this First Amendment), make available to Tenant the Suite 120 Tenant Improvement Allowance and the Additional Suite 120 Tenant Improvement Allowance. Any portion of the Tenant Improvement Allowance not used within one (1) year after the Commencement Date shall be deemed forfeited. Tenant will not be required to pay Landlord (or any affiliate vendor/contractor of Landlord) any construction administration or construction supervision fee in connection with the construction of the Tenant Improvements.
(b) Commencing on the Rent Commencement Date Effective Date, Landlord shall permit Tenant to enter the Premises in order to commence construction of the Tenant Improvements and continuing thereafter on installing its equipment, racking system, cabling, wiring, fixtures, and furniture, subject to Tenant obtaining, at Tenant’s sole cost and expense, all Permits in connection with the first day installation thereof. With respect to such early access, all provisions of each month during this Lease shall then be in full force and effect, specifically including, but not limited to, Sections 8 and 10 hereof (excluding however, Tenant’s obligation to pay Monthly Rent). Furthermore, ▇▇▇▇▇▇’s entry in the Base TermPremises shall not interfere with ▇▇▇▇▇▇▇▇’s construction of the Landlord’s Work and any such interference shall be considered a Tenant Delay hereunder. In connection with such early access, Tenant shall pay follow the amount necessary to fully amortize the portion policies and safety directives of the Additional Suite 120 Tenant Improvement Allowance actually funded by Landlord, if any, in equal monthly payments with interest at a rate of 7% per annum over the Base Term, which interest shall begin to accrue on the date that Landlord first disburses such Additional Suite 120 Tenant Improvement Allowance or any portion(s) thereof (“Suite 120 TI Rent”). Any outstanding and unamortized Suite 120 TI Rent remaining unpaid as of the expiration or earlier termination of the Lease shall be paid to Landlord in a lump sum at the expiration or earlier termination of this Lease. For the avoidance of doubt, Landlord and Tenant acknowledge and agree that Suite 120 TI Rent, if any, shall not be subject to adjustment pursuant to Section 4(a) of the Lease during the Term’s contractor.
Appears in 1 contract
Sources: Lease Agreement (Penumbra Inc)
Tenant Improvements. Tenants Landlord shall cause the Architect to prepare and submit to Tenant after approval of the TI Schematics those sets of construction of drawings for the Tenant Improvements referred to in the Suite 120 Premises shall be subject to Progress Schedule, e.g. the terms of design development package, permit submittal package, etc. (each a “TI Construction Document Package” and collectively with the Work Letter attached to the Lease as Exhibit CBase Building Construction Document Packages, except that, notwithstanding anything to the contrary contained in the Work Letter:
a. The Tenant Improvements in the Suite 120 Premises shall be constructed pursuant to the space plans attached to this First Amendment as Exhibit B (the “Suite 120 Space Plans”) and the tenant improvement specifications attached to this First Amendment as Exhibit C (the “Suite 120 TI SpecificationsConstruction Document Packages”), which have been approved by both Landlord shall include two (2) prints and Tenantelectronic files of the relevant construction drawings for the Tenant Improvements, each of which shall be consistent with the TI Schematics, and shall provide further design detail for the Tenant Improvements. Tenant shall review and approve each TI Construction Document Package in accordance with Section 2.7, and the TI Construction Drawings for the Document Packages approved (or deemed approved) by Tenant Improvements for the Suite 120 Premises shall be prepared substantially referred to collectively as the “TI Construction Documents” (and together with the Base Building Construction Documents, the “Construction Documents”). Upon approval of the TI Construction Documents in accordance with Section 2.7, Landlord shall update the Suite 120 Space Plans and SD TI Cost Proposal with Landlord’s then-current estimate of the Suite 120 TI Specifications (and Landlord may not disapprove any matter in connection therewith that is consistent with cost of all items to be deducted from the Suite 120 Space Plans and the Suite 120 TI Specifications).
b. The Tenant Improvement Allowance and to be incurred by Tenant in connection with the Additional Tenant Improvement Allowance provided for in Section 6(b) 35654\12546889.9 B-7 06907\011\8511619.v2 06907\011\8493037.v6 performance of the Work Letter shall not apply with respect Tenant Improvements pursuant to the Suite 120 Premises TI Construction Documents (the “CD TI Cost Proposal”); and in the event that any line-item in such CD TI Cost Proposal exceeds the corresponding line-item in the SD TI Cost Proposal, Landlord shall provide a tenant improvement allowance with respect to the Tenant Improvements in the Suite 120 Premises, as follows:
(i) a “Suite 120 Tenant Improvement Allowance” in the maximum amount of $185.00 per rentable square foot in the Suite 120 Premises, which is included in the Base Rent set forth in the Lease; and
(ii) an “Additional Suite 120 Tenant Improvement Allowance” in the maximum amount of $40.00 per rentable square foot in the Suite 120 Premises, which shall, to the extent used, result in Suite 120 TI Rent as set forth in Section 5(c) below. For the avoidance of doubt, (A) the definition of “TI Allowance” in the Work Letter shall include the Tenant Improvement Allowance, the Additional Tenant Improvement Allowance, the Suite 120 Tenant Improvement Allowance and the Additional Suite 120 Tenant Improvement Allowance, as applicable, and (B) in connection with the Tenant Improvements in the Suite 120 Premises, Landlord shall be entitled to Administrative Rent equal to 1.5% reasonably detailed description of the “hard” basis for such increase. Tenant shall provide Landlord with notice reasonably approving or disapproving the CD TI Costs incurred in connection with such Tenant Improvements and a fee shall be payable Cost Proposal within five (5) business days following Landlord’s delivery of the CD TI Cost Proposal to Tenant’s third party project manager, ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇ of ▇▇▇▇▇ ▇▇▇▇ LaSalle, not to exceed 1.5% . In the event that Tenant shall disapprove of the “hard” CD TI Costs of such Tenant Improvements, which amounts shall be payable out of the TI Fund. Landlord and Tenant acknowledge and agree that the Suite 120 Tenant Improvement Allowance and the Additional Suite 120 Tenant Improvement Allowance, to the extent utilized, must be used toward the cost of Tenant Improvements in the Suite 120 Premises.
c. Pursuant to the terms of the Work Letter (as amended by this First Amendment), Landlord shall, subject to the terms of the Work Letter (as amended by this First Amendment), make available to Tenant the Suite 120 Tenant Improvement Allowance and the Additional Suite 120 Tenant Improvement Allowance. Commencing on the Rent Commencement Date and continuing thereafter on the first day of each month during the Base Term, Tenant shall pay the amount necessary to fully amortize the portion of the Additional Suite 120 Tenant Improvement Allowance actually funded by Landlord, if any, in equal monthly payments with interest at a rate of 7% per annum over the Base Term, which interest shall begin to accrue on the date that Landlord first disburses such Additional Suite 120 Tenant Improvement Allowance or any portion(s) thereof (“Suite 120 TI Rent”). Any outstanding and unamortized Suite 120 TI Rent remaining unpaid as of the expiration or earlier termination of the Lease shall be paid to Landlord in a lump sum at the expiration or earlier termination of this Lease. For the avoidance of doubtCost Proposal, Landlord and Tenant acknowledge shall, expeditiously and in good faith, work with Architect and the Design-Assist Consultants to value-engineer and modify the TI Construction Documents and agree that Suite 120 upon a mutually acceptable revised CD TI Rent, if any, shall not be subject to adjustment pursuant to Section 4(a) of the Lease during the TermCost Proposal.
Appears in 1 contract
Sources: Lease (Penumbra Inc)
Tenant Improvements. Tenants construction of the Tenant Improvements in the Suite 120 Premises shall be subject to the terms of the Work Letter attached to the Lease as Exhibit C, except that, notwithstanding Notwithstanding anything to the contrary contained in the Lease to the contrary, Tenant shall perform Tenant's Work Letter:
a. The Tenant Improvements in the Suite 120 Expansion Premises shall be constructed pursuant to the space plans attached to this First Amendment as Exhibit B (the “Suite 120 Space Plans”) and the tenant improvement specifications attached to this First Amendment as Exhibit C (the “Suite 120 TI Specifications”), which have been approved by both Landlord and Tenant, and the TI Construction Drawings for the Tenant Improvements for the Suite 120 Premises shall be prepared substantially in accordance with the Suite 120 Space Plans applicable terms of the Lease and the Suite 120 TI Specifications (and Landlord may not disapprove any matter in connection therewith that is consistent with the Suite 120 Space Plans and the Suite 120 TI Specifications).
b. The Tenant Improvement Allowance and the Additional Tenant Improvement Allowance provided for in Section 6(b) of the Work Letter shall not apply with respect to the Suite 120 Premises and Workletter attached thereto as Exhibit C. Landlord shall provide a tenant improvement allowance with respect to the Tenant Improvements in the Suite 120 Premises, as follows:
(i) a “Suite 120 Tenant Improvement Allowance” in the maximum amount of $185.00 per rentable square foot in the Suite 120 Premises, which is included in the Base Rent set forth in the Lease; and
(ii) an “Additional Suite 120 Tenant Improvement Allowance” in the maximum amount of $40.00 per rentable square foot in the Suite 120 Premises, which shall, to the extent used, result in Suite 120 TI Rent as set forth in Section 5(c) below. For the avoidance of doubt, (A) the definition of “TI Allowance” in the Work Letter shall include the Tenant Improvement Allowance, the Additional Tenant Improvement Allowance, the Suite 120 Tenant Improvement Allowance and the Additional Suite 120 Tenant Improvement Allowance, as applicable, and (B) in connection with the Tenant Improvements in the Suite 120 Premises, Landlord shall be entitled to Administrative Rent equal to 1.5% of the “hard” TI Costs incurred in connection with such Tenant Improvements and a fee shall be payable to Tenant’s third party project manager, ▇▇▇▇▇▇▇▇▇ ▇▇Base Rent for the Expansion Premises only on a dollar-for-dollar basis against Tenant's Allowance for the Expansion Premises as set forth in Paragraph 4 of this First Amendment. Such abatement shall be equal to the lesser amount of: (i) all actual, out of pocket amounts spent by Tenant on Tenant's Work in the Expansion Premises, and (ii) Tenant's Allowance for the Expansion Premises based on the rentable square footage of the Expansion Premises under construction during Tenant's Work in the Expansion Premises. Such credit against Base Rent for the Expansion Premises only for Tenant's Work in the Expansion Premises shall be applied to the Base Rent for the Expansion Premises only after the initial three (3) months of Base Rent abatement set forth in Paragraph 6 of this First Amendment. Any remaining Tenant's Allowance not earmarked for Tenant's Work before January 1, 2023 shall be forfeited by Tenant; provided, however, that Tenant may extend the date by which it must earmark such funds for up to one (1) additional year (meaning by January 1, 2024) by giving Landlord written notice no later than October 3, 2022 of Tenant's desire to extend such date. Any unused portion of the Tenant's Allowance for the Expansion Premises may be applied to additional Tenant's Work in the Expansion Premises, provided that any and all Tenant's Work in the Expansion Premises commences no later than January 1, 2023, unless Tenant timely extends such date in accordance with the immediately preceding sentence. The foregoing abatement against Base Rent for the Expansion Premises only shall be applied to such Base Rent beginning on the first day of the month after Tenant commences demolition during Tenant's Work in the Expansion Premises described above. The foregoing notwithstanding, Tenant must provide Landlord with copies of fully paid invoices, final lien waivers and other documentation requested by and acceptable to Landlord if Tenant seeks to ▇▇▇▇▇ of ▇▇▇▇▇ ▇▇▇▇ LaSalleexpenses against any unused Tenant Allowance where Tenant uses a contractor for services other than UI (as defined in Paragraph 5 below), not to exceed 1.5% of the “hard” TI Costs provided that Landlord approves of such contractor in advance and further provided that such contractor provides Tenant Improvements, which amounts shall be payable out with services outside of the TI Fund. Landlord and Tenant acknowledge and agree that the Suite 120 Tenant Improvement Allowance and the Additional Suite 120 Tenant Improvement Allowance, to the extent utilized, must be used toward the cost Ul's scope of Tenant Improvements in the Suite 120 Premiseswork.
c. Pursuant to the terms of the Work Letter (as amended by this First Amendment), Landlord shall, subject to the terms of the Work Letter (as amended by this First Amendment), make available to Tenant the Suite 120 Tenant Improvement Allowance and the Additional Suite 120 Tenant Improvement Allowance. Commencing on the Rent Commencement Date and continuing thereafter on the first day of each month during the Base Term, Tenant shall pay the amount necessary to fully amortize the portion of the Additional Suite 120 Tenant Improvement Allowance actually funded by Landlord, if any, in equal monthly payments with interest at a rate of 7% per annum over the Base Term, which interest shall begin to accrue on the date that Landlord first disburses such Additional Suite 120 Tenant Improvement Allowance or any portion(s) thereof (“Suite 120 TI Rent”). Any outstanding and unamortized Suite 120 TI Rent remaining unpaid as of the expiration or earlier termination of the Lease shall be paid to Landlord in a lump sum at the expiration or earlier termination of this Lease. For the avoidance of doubt, Landlord and Tenant acknowledge and agree that Suite 120 TI Rent, if any, shall not be subject to adjustment pursuant to Section 4(a) of the Lease during the Term.
Appears in 1 contract
Sources: Lease (CURO Group Holdings Corp.)
Tenant Improvements. Tenants construction Landlord has granted to Tenant an allowance of up to Thirty-Five and No/100 Dollars ($35.00) per rentable square foot of the Premises, for a total allowance of up to One Million One Hundred Forty-Five Thousand Four Hundred Forty-Five and No/100 Dollars ($1,145,445.00) (the “Tenant Improvement Allowance”), for completion of slab-to-slab Tenant Improvements in accordance with the Space Plan (hereinafter defined). Except as provided herein, the Tenant Improvement Allowance is for Tenant Improvements in the Suite 120 Premises Premises. Landlord shall not charge to Tenant the costs of removal of any previous tenants’ wiring or cabling, nor shall the same be subject to taken from the terms of Tenant Improvement Allowance. Notwithstanding the Work Letter attached to the Lease as Exhibit Cforegoing, except that, notwithstanding anything to the contrary contained in the Work Letter:
a. The Tenant Improvements event that sufficient funds are available in the Suite 120 Premises shall be constructed pursuant to the space plans attached to this First Amendment as Exhibit B (the “Suite 120 Space Plans”) and the tenant improvement specifications attached to this First Amendment as Exhibit C (the “Suite 120 TI Specifications”), which have been approved by both Landlord and Tenant, and the TI Construction Drawings for the Tenant Improvements for the Suite 120 Premises shall be prepared substantially in accordance with the Suite 120 Space Plans and the Suite 120 TI Specifications (and Landlord may not disapprove any matter in connection therewith that is consistent with the Suite 120 Space Plans and the Suite 120 TI Specifications).
b. The Tenant Improvement Allowance after completion of and the Additional Tenant Improvement Allowance provided for in Section 6(b) of the Work Letter shall not apply with respect to the Suite 120 Premises and Landlord shall provide a tenant improvement allowance with respect to payment for, the Tenant Improvements in the Suite 120 PremisesWork (hereinafter defined), as follows:
(i) Tenant may elect to utilize a “Suite 120 Tenant Improvement Allowance” in the maximum amount portion of $185.00 per rentable square foot in the Suite 120 Premises, which is included in the Base Rent set forth in the Lease; and
(ii) an “Additional Suite 120 Tenant Improvement Allowance” in the maximum amount of $40.00 per rentable square foot in the Suite 120 Premises, which shall, to the extent used, result in Suite 120 TI Rent as set forth in Section 5(c) below. For the avoidance of doubt, (A) the definition of “TI Allowance” in the Work Letter shall include the Tenant Improvement Allowance, not to exceed $5.00 per rentable square foot of the Premises in the aggregate (for a total of up to $163,635.00) toward the costs associated with Tenant’s furniture, fixtures and equipment for the Premises, cabling and/or wiring in the Premises, and/or relocation costs (collectively, the “Additional Tenant Costs”). Landlord shall reimburse Tenant for its Additional Tenant Costs, not to exceed the foregoing limits, within thirty (30) days after receipt of Tenant’s documented third-party invoices therefor. Tenant expressly acknowledges and agrees that Landlord shall have no obligation to fund any Additional Tenant Costs from the Tenant Improvement Allowance unless and until all of the Tenant Work has been fully paid for from the Tenant Improvement Allowance and any Tenant Improvement Allowance still remains. In the event the Tenant Improvement Allowance is not used on or before June 1, 2007, Landlord shall retain such unused portion of the Tenant Improvement Allowance, and Tenant shall have no further rights thereto or hereunder. In the Suite 120 event that the cost of the Tenant Improvement Allowance and Improvements exceed the Additional Suite 120 Tenant Improvement Allowance, as applicableLandlord shall provide Tenant with an additional allowance above the Tenant Improvement Allowance, and (B) in connection with to apply towards payment of the excess costs of the Tenant Improvements (the “Excess Allowance”), and Tenant shall deposit with Landlord funds sufficient to cover any additional projected excess costs and promptly pay to Landlord any costs in excess thereof. Any portion of the Suite 120 Premises, Excess Allowance paid by Landlord shall be entitled paid for directly by the Tenant. Landlord shall have the work depicted in the Tenant Space Plan (the “Tenant Work”) constructed with, unless otherwise specified, Building standard materials and in a good and workmanlike manner pursuant to Administrative Rent the schedule provided for herein, subject, however, to extensions equal to 1.5% the delays suffered by Landlord and caused by Tenant or by strike, lockouts, fire or other casualty loss, acts of God, unavailability of materials, hostile or war like action, riot or other causes beyond Landlord’s reasonable control. The Tenant Work, as modified from time to time pursuant to the provisions of this Workletter, shall be known as the “hard” TI Costs incurred in connection with such Tenant Improvements Improvements”. Subject to the foregoing limitations, the cost of preparing the Space Plan, any other architectural or engineering fees and a the construction management fee shall be payable to Tenant’s third party project manager, ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇ of ▇▇▇▇▇ ▇▇▇▇ LaSalleLaSalle Americas, not to exceed 1.5% of the “hard” TI Costs of such Tenant Improvements, which amounts Inc. set forth below shall be payable paid for out of the TI Fund. Landlord and Tenant acknowledge and agree that the Suite 120 Tenant Improvement Allowance and the Additional Suite 120 Tenant Improvement Allowance, to the extent utilized, must be used toward the cost of Tenant Improvements in the Suite 120 Premises.
c. Pursuant to the terms as part of the Work Letter (as amended by this First Amendment), Landlord shall, subject to the terms costs of the Work Letter (as amended by this First Amendment), make available to Tenant the Suite 120 Tenant Improvement Allowance and the Additional Suite 120 Tenant Improvement Allowance. Commencing on the Rent Commencement Date and continuing thereafter on the first day of each month during the Base Term, Tenant shall pay the amount necessary to fully amortize the portion of the Additional Suite 120 Tenant Improvement Allowance actually funded by Landlord, if any, in equal monthly payments with interest at a rate of 7% per annum over the Base Term, which interest shall begin to accrue on the date that Landlord first disburses such Additional Suite 120 Tenant Improvement Allowance or any portion(s) thereof (“Suite 120 TI Rent”). Any outstanding and unamortized Suite 120 TI Rent remaining unpaid as of the expiration or earlier termination of the Lease shall be paid to Landlord in a lump sum at the expiration or earlier termination of this Lease. For the avoidance of doubt, Landlord and Tenant acknowledge and agree that Suite 120 TI Rent, if any, shall not be subject to adjustment pursuant to Section 4(a) of the Lease during the TermImprovements.
Appears in 1 contract
Tenant Improvements. Tenants construction Paragraph 1(a) of Exhibit C to the Original Lease is amended and restated in its entirety as follows:
(a) Notwithstanding the foregoing, Tenant shall be entitled to a one-time tenant improvement allowance (the "Tenant Improvement Allowance") in the amount of Twenty-Five Dollars ($25.00) for each rentable square foot of each of the Improved Floors of the Initial Premises and Two Dollars ($2.00) for each rentable square foot of the Unimproved Premises, to be applied toward payment of any tenant improvement costs described below (the "Tenant Improvements in the Suite 120 Premises shall be Improvements"), subject to the terms provisions of Section 12(b) of the Work Letter attached Lease. In addition, provided that Tenant has irrevocably exercised its Extension Option, extending the term of the Lease for an additional five (5) years and subject to the Lease as Exhibit Cprovisions of the Lease, except thatincluding, notwithstanding anything without limitation, Section 12(b), Tenant shall be entitled to an additional one-time tenant improvement allowance of Twenty-Three Dollars ($23.00) for each rentable square foot of the Unimproved Premises (the "Additional Tenant Improvement Allowance") to be applied toward the payment of any tenant improvement costs of the type described below (the "Additional Tenant Improvements"). Notwithstanding the foregoing, and without limiting the generality of the provisions of Section 12(b) of the Lease, in no event shall any work be commenced, any permits obtained or requested or any applications for permits submitted with respect to the contrary contained in the Work Letter:
a. The Additional Tenant Improvements in prior to the Suite 120 Premises second anniversary of the Commencement Date. In all other respects, the Additional Tenant Improvements shall be constructed pursuant to the space plans attached to this First Amendment as Exhibit B (the “Suite 120 Space Plans”) and the tenant improvement specifications attached to this First Amendment as Exhibit C (the “Suite 120 TI Specifications”), which have been approved by both Landlord and Tenant, and the TI Construction Drawings for the Tenant Improvements for the Suite 120 Premises shall be prepared substantially in accordance with the Suite 120 Space Plans and the Suite 120 TI Specifications (and Landlord may not disapprove any matter in connection therewith that is consistent with the Suite 120 Space Plans and the Suite 120 TI Specifications).
b. The Tenant Improvement Allowance and the Additional Tenant Improvement Allowance provided for disbursed in Section 6(b) of the Work Letter shall not apply accordance with respect this Agreement, with each reference to Tenant Improvements being deemed a reference to Additional Tenant Improvements and each reference to Tenant Improvement Allowance being deemed a reference to the Suite 120 Premises and Landlord shall provide a tenant improvement allowance with respect to the Tenant Improvements in the Suite 120 Premises, as follows:
(i) a “Suite 120 Additional Tenant Improvement Allowance” . In no event shall Landlord be obligated to make disbursements pursuant to this Agreement in the maximum a total amount of $185.00 per rentable square foot in the Suite 120 Premises, which is included in the Base Rent set forth in the Lease; and
(ii) an “Additional Suite 120 Tenant Improvement Allowance” in the maximum amount of $40.00 per rentable square foot in the Suite 120 Premises, which shall, to the extent used, result in Suite 120 TI Rent as set forth in Section 5(c) below. For the avoidance of doubt, (A) the definition of “TI Allowance” in the Work Letter shall include that exceeds the Tenant Improvement AllowanceAllowance and, if applicable, the Additional Tenant Improvement Allowance, the Suite 120 Tenant Improvement Allowance and the Additional Suite 120 Tenant Improvement Allowance, as applicable, and (B) in connection with the Tenant Improvements in the Suite 120 Premises, Landlord shall be entitled to Administrative Rent equal to 1.5% of the “hard” TI Costs incurred in connection with such Tenant Improvements and a fee shall be payable to Tenant’s third party project manager, ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇ of ▇▇▇▇▇ ▇▇▇▇ LaSalle, not to exceed 1.5% of the “hard” TI Costs of such Tenant Improvements, which amounts shall be payable out of the TI Fund. Landlord and Tenant acknowledge and agree that the Suite 120 Tenant Improvement Allowance and the Additional Suite 120 Tenant Improvement Allowance, to the extent utilized, must be used toward the cost of Tenant Improvements in the Suite 120 Premises.
c. Pursuant to the terms of the Work Letter (as amended by this First Amendment), Landlord shall, subject to the terms of the Work Letter (as amended by this First Amendment), make available to Tenant the Suite 120 Tenant Improvement Allowance and the Additional Suite 120 Tenant Improvement Allowance. Commencing on the Rent Commencement Date and continuing thereafter on the first day of each month during the Base Term, Tenant shall pay the amount necessary to fully amortize the portion of the Additional Suite 120 Tenant Improvement Allowance actually funded by Landlord, if any, in equal monthly payments with interest at a rate of 7% per annum over the Base Term, which interest shall begin to accrue on the date that Landlord first disburses such Additional Suite 120 Tenant Improvement Allowance or any portion(s) thereof (“Suite 120 TI Rent”). Any outstanding and unamortized Suite 120 TI Rent remaining unpaid as of the expiration or earlier termination of the Lease shall be paid to Landlord in a lump sum at the expiration or earlier termination of this Lease. For the avoidance of doubt, Landlord and Tenant acknowledge and agree that Suite 120 TI Rent, if any, shall not be subject to adjustment pursuant to Section 4(a) of the Lease during the Term.
Appears in 1 contract
Sources: Sublease Agreement (Planetout Inc)
Tenant Improvements. Tenants Landlord shall, at its sole cost, supervise the construction of tenant improvements (the “Tenant Improvements”) constructed by Tenant and approved by Landlord in accordance with this Tenant Work Letter. The scope of Tenant Improvements shall consist of: (i) new carpet and paint and non-structural reconfiguration of certain offices and rooms in Suite 50 Expansion Space (the “Suite 50 TI”); (ii) new carpet and paint and non-structural reconfiguration of certain offices and rooms in the Suite 200/210 Expansion Space (the “Suite 200/210 TI”); and (iii) at Tenant’s election, an internal staircase between the Suite 150 Space and the Suite 50 Expansion Space (“Access TI”), the location of which shall be mutually acceptable to both Landlord and Tenant. The scope of the Tenant Improvements shall not include changes or modifications to the structure of the Building, the roof, and/or any base building system located in the Building. Subject to Landlord’s obligation to pay for exterior code compliance (exterior being the common areas and path of travel to Building) at Landlord’s sole cost, the Tenant Improvements (including any building code upgrades required within the Premises as a result of the construction of the Tenant Improvements in the Suite 120 Premises Improvements) shall be subject to the terms of the Work Letter attached to the Lease as Exhibit C, except that, notwithstanding anything to the contrary contained in the Work Letter:
a. constructed by Contractor at Tenant’s sole cost. The Tenant Improvements in the Suite 120 Premises shall be constructed pursuant with materials and finishes consistent with the existing materials and finishes in the Building. Landlord shall have the right to require the space plans attached to this First Amendment as Exhibit B (the “Suite 120 Space Plans”) and the tenant improvement specifications attached to this First Amendment as Exhibit C (the “Suite 120 TI Specifications”), which have been approved by both Landlord and Tenant, and the TI Construction Drawings for removal of the Tenant Improvements for (or any portion thereof) and restoration of the Suite 120 Premises shall be prepared substantially as a result thereof in accordance with the Suite 120 Space Plans and the Suite 120 TI Specifications (and Landlord may not disapprove any matter in connection therewith that is consistent with the Suite 120 Space Plans and the Suite 120 TI Specifications).
b. The Tenant Improvement Allowance and the Additional Tenant Improvement Allowance provided for in Section 6(b) 8 of the Work Letter shall not apply with respect to the Suite 120 Premises and Landlord shall provide a tenant improvement allowance with respect to the Tenant Improvements in the Suite 120 PremisesLease Agreement; provided, as follows:
(i) a “Suite 120 Tenant Improvement Allowance” in the maximum amount of $185.00 per rentable square foot in the Suite 120 Premises, which is included in the Base Rent set forth in the Lease; and
(ii) an “Additional Suite 120 Tenant Improvement Allowance” in the maximum amount of $40.00 per rentable square foot in the Suite 120 Premises, which shall, to the extent used, result in Suite 120 TI Rent as set forth in Section 5(c) below. For the avoidance of doubt, (A) the definition of “TI Allowance” in the Work Letter shall include the Tenant Improvement Allowance, the Additional Tenant Improvement Allowance, the Suite 120 Tenant Improvement Allowance and the Additional Suite 120 Tenant Improvement Allowance, as applicable, and (B) in connection with the Tenant Improvements in the Suite 120 Premises, Landlord shall be entitled to Administrative Rent equal to 1.5% of the “hard” TI Costs incurred in connection with such Tenant Improvements and a fee shall be payable to Tenant’s third party project manager, ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇ of ▇▇▇▇▇ ▇▇▇▇ LaSalle, not to exceed 1.5% of the “hard” TI Costs of such Tenant Improvements, which amounts shall be payable out of the TI Fund. Landlord and Tenant acknowledge and agree that the Suite 120 Tenant Improvement Allowance and the Additional Suite 120 Tenant Improvement Allowance, to the extent utilized, must be used toward the cost of Tenant Improvements in the Suite 120 Premises.
c. Pursuant to the terms of the Work Letter (as amended by this First Amendment), Landlord shall, subject to the terms of the Work Letter (as amended by this First Amendment), make available to Tenant the Suite 120 Tenant Improvement Allowance and the Additional Suite 120 Tenant Improvement Allowance. Commencing on the Rent Commencement Date and continuing thereafter on the first day of each month during the Base Termhowever, Tenant shall pay provide Landlord with written notice at least one hundred twenty (120) days prior to the amount necessary to fully amortize the portion end of the Additional Suite 120 Tenant Improvement Allowance actually funded by Landlord, if any, in equal monthly payments with interest at a rate of 7% per annum over term to ascertain whether Landlord will require the Base Term, which interest shall begin to accrue on the date that Landlord first disburses such Additional Suite 120 Tenant Improvement Allowance or any portion(s) thereof (“Suite 120 TI Rent”). Any outstanding and unamortized Suite 120 TI Rent remaining unpaid as removal of the expiration or earlier termination of the Lease shall be paid to Landlord in a lump sum at the expiration or earlier termination of this Lease. For the avoidance of doubt, Landlord and Tenant acknowledge and agree that Suite 120 TI Rent, if any, shall not be subject to adjustment pursuant to Section 4(a) of the Lease during the TermAccess TI.
Appears in 1 contract
Sources: Lease Agreement (Dermira, Inc.)
Tenant Improvements. Tenants The parties shall comply with the terms and conditions and deadlines set forth in the Work Agreement attached hereto as Exhibit B and in the construction manual for the Building, which is incorporated herein by this reference (the “Construction Manual”) with respect to design and construction of the Tenant Improvements in the Suite 120 Premises. As used in this Lease, “Tenant Improvements” shall mean all improvements in the Premises shall be subject in addition to the terms Base Building (as defined in Exhibit B), including Building Standard Improvements (as defined in Exhibit B) and Above Standard Improvements (as defined in Exhibit B), and specifically including the following: the construction of a training room and the installation of interior doors including three HIPAA-compliant security doors in the Premises. Except for construction of the (i) Tenant Improvements, and (ii) improvements included as Landlord Work Letter as defined in Section 2.1 of Exhibit B to this Lease, both as depicted in the preliminary Space Plan attached as Exhibit A-1, Landlord shall have no obligations whatsoever to construct any improvements to the Lease as Exhibit CPremises and Tenant accepts the Premises “AS IS”, except that, notwithstanding anything to the contrary contained in the Work Letter:
a. The Tenant Improvements in the Suite 120 Premises shall be constructed pursuant to the space plans attached to this First Amendment as Exhibit B (the “Suite 120 Space PlansWHERE IS” and “WITH ANY AND ALL FAULTS”) and the tenant improvement specifications attached to this First Amendment as Exhibit C (the “Suite 120 TI Specifications”), which have been approved by both Landlord and Tenant, and the TI Construction Drawings for the Tenant Improvements for the Suite 120 Premises shall be prepared substantially in accordance with the Suite 120 Space Plans and the Suite 120 TI Specifications (and Landlord may not disapprove neither makes nor has made any matter in connection therewith that is consistent with the Suite 120 Space Plans and the Suite 120 TI Specifications).
b. The Tenant Improvement Allowance and the Additional Tenant Improvement Allowance provided for in Section 6(b) of the Work Letter shall not apply representations or warranties, express or implied, with respect to the Suite 120 Premises and Landlord shall provide a tenant improvement allowance with respect to quality, suitability or fitness thereof of the Tenant Improvements in the Suite 120 Premises, as follows:
(i) a “Suite 120 or the condition or repair thereof. Tenant Improvement Allowance” in taking possession of the maximum amount of $185.00 per rentable square foot in the Suite 120 Premises, which is included in the Base Rent set forth in the Lease; and
(ii) an “Additional Suite 120 Tenant Improvement Allowance” in the maximum amount of $40.00 per rentable square foot in the Suite 120 Premises, which shall, to the extent used, result in Suite 120 TI Rent as set forth in Section 5(c) below. For the avoidance of doubt, (A) the definition of “TI Allowance” in the Work Letter shall include the Tenant Improvement Allowance, the Additional Tenant Improvement Allowance, the Suite 120 Tenant Improvement Allowance and the Additional Suite 120 Tenant Improvement Allowance, as applicable, and (B) in connection with the Tenant Improvements in the Suite 120 Premises, Landlord Premises shall be entitled to Administrative Rent equal to 1.5% conclusive evidence for all purposes of the “hard” TI Costs incurred in connection with such Tenant Improvements and a fee shall be payable to Tenant’s third party project manager, ▇▇▇▇▇▇▇▇▇ ▇'s acceptance of the Premises in good order and satisfactory condition, and in a state and condition satisfactory, acceptable and suitable for Tenant's use pursuant to this Lease, unless Tenant provides notice to Landlord to the contrary. Notwithstanding the foregoing or any other provisions of this Lease to the contrary, if ▇▇▇▇▇▇ discovers any defects in the Premises (collectively, “latent defects”) during the first 90 days following the Delivery Date, Tenant shall have the right, by written notice to Landlord, to require Landlord to correct such latent defects as are set forth in particularity in the Tenant’s notice and which have not been exacerbated by the acts or omissions of ▇▇▇▇▇ ▇▇▇▇ LaSalleTenant, not to exceed 1.5% its agents, contractors or employees. Landlord shall promptly repair any such latent defects of which the “hard” TI Costs of such Tenant Improvements, which amounts has timely notified the Landlord in accordance with this Section 12.1. Landlord shall be payable out solely responsible for the design, permitting and construction of the TI Fund. Landlord and Tenant acknowledge and agree that the Suite 120 Tenant Improvement Allowance and the Additional Suite 120 Tenant Improvement Allowance, to the extent utilized, must be used toward the cost of all Tenant Improvements in the Suite 120 Premises.
c. Pursuant to the terms of accordance with the Work Letter (as amended by this First Amendment), Landlord shall, subject to the terms of the Work Letter (as amended by this First Amendment), make available to Tenant the Suite 120 Tenant Improvement Allowance and the Additional Suite 120 Tenant Improvement Allowance. Commencing on the Rent Commencement Date and continuing thereafter on the first day of each month during the Base Term, Tenant shall pay the amount necessary to fully amortize the portion of the Additional Suite 120 Tenant Improvement Allowance actually funded by Landlord, if any, in equal monthly payments with interest at a rate of 7% per annum over the Base TermAgreement, which interest shall begin to accrue on total cost (including the date that Landlord first disburses such Additional Suite 120 Tenant Improvement Allowance Construction Management Fee and any other fees, costs, or any portion(s) thereof (“Suite 120 TI Rent”). Any outstanding and unamortized Suite 120 TI Rent remaining unpaid as of the expiration or earlier termination of the Lease shall be paid to expenses incurred by Landlord in a lump sum at connection with the expiration or earlier termination of this Lease. For the avoidance of doubt, Landlord and Tenant acknowledge and agree that Suite 120 TI Rent, if any, Improvements) shall not be subject to adjustment pursuant to Section 4(a) of exceed the Lease during the Term.maximum amount set forth in Section
Appears in 1 contract
Sources: Lease Agreement
Tenant Improvements. Tenants Tenant has personally inspected the Leased Premises and except as otherwise set forth in Section 7.02 hereof, accepts the same “AS IS” without representation or warranty by Landlord of any kind and with the understanding that Landlord shall have no responsibility with respect thereto except to construct in a good and workmanlike manner the tenant finish improvements set forth in the scope of work (the “Scope of Work”) attached hereto as Exhibit B and made a part hereof (the “Tenant Improvements”), which improvements shall be constructed at the shared expense of Landlord and Tenant as indicated on Exhibit B attached hereto and as follows: (i) Tenant shall contribute Seven Hundred Ninety Seven Thousand Two Hundred Seventy Nine and 11/100 Dollars (797,279.11) (“Tenant’s Contribution”) towards the cost of the Tenant Improvements described in the Scope of Work attached hereto as Exhibit B, which Tenant’s Contribution shall be paid to Landlord as follows: (A) one-half of the Tenant’s Contribution shall be paid by Tenant to Landlord within five (5) days following the mutual execution of this Lease by Landlord and Tenant, and (B) following Substantial Completion of the Tenant Improvements, Tenant shall pay to Landlord the balance of Tenant’s Contribution within ten (10) days of Landlord’s written request therefore and prior to Tenant’s occupancy of the Leased Premises; and (ii) all costs in excess of the Tenant’s Contribution associated with construction of the Tenant Improvements described in the Suite 120 Premises shall be subject to the terms Scope of the Work Letter attached to the Lease as Exhibit C, except that, notwithstanding anything to the contrary contained in the Work Letter:
a. The Tenant Improvements in the Suite 120 Premises shall be constructed pursuant to the space plans attached to this First Amendment hereto as Exhibit B shall be paid by Landlord. Tenant acknowledges and agrees that (i) the “Suite 120 Space Plans”) cost to construct and the tenant improvement specifications attached to this First Amendment as Exhibit C (the “Suite 120 TI Specifications”), which have been approved by both Landlord and Tenant, and the TI Construction Drawings for install the Tenant Improvements for shall include a fee payable to the Suite 120 Premises project’s construction manager or general contractor, (ii) that such construction manager or general contractor may be a subsidiary, affiliate or employees of Landlord, and (iii) said fee shall be prepared substantially included in accordance with the Suite 120 Space Plans Tenant’s Contribution. Tenant’s failure to deliver the payments required in this paragraph shall entitle Landlord to stop the construction and the Suite 120 TI Specifications (and Landlord may not disapprove any matter in connection therewith that is consistent with the Suite 120 Space Plans and the Suite 120 TI Specifications).
b. The Tenant Improvement Allowance and the Additional Tenant Improvement Allowance provided for in Section 6(b) installation of the Work Letter shall not apply with respect to the Suite 120 Premises and Landlord shall provide a tenant improvement allowance with respect to the Tenant Improvements in the Suite 120 Premises, as follows:
(i) a “Suite 120 Tenant Improvement Allowance” in the maximum amount of $185.00 per rentable square foot in the Suite 120 Premises, which until such payment is included in the Base Rent set forth in the Lease; and
(ii) an “Additional Suite 120 Tenant Improvement Allowance” in the maximum amount of $40.00 per rentable square foot in the Suite 120 Premises, which shall, to the extent used, result in Suite 120 TI Rent as set forth in Section 5(c) below. For the avoidance of doubt, (A) the definition of “TI Allowance” in the Work Letter shall include the Tenant Improvement Allowance, the Additional Tenant Improvement Allowance, the Suite 120 Tenant Improvement Allowance and the Additional Suite 120 Tenant Improvement Allowance, as applicablereceived, and (B) in connection with the any resulting delay shall constitute a Tenant Improvements in the Suite 120 Premises, Landlord shall be entitled to Administrative Rent equal to 1.5% of the “hard” TI Costs incurred in connection with such Tenant Improvements and a fee shall be payable to Tenant’s third party project manager, ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇ of ▇▇▇▇▇ ▇▇▇▇ LaSalle, not to exceed 1.5% of the “hard” TI Costs of such Tenant Improvements, which amounts shall be payable out of the TI Fund. Landlord and Tenant acknowledge and agree that the Suite 120 Tenant Improvement Allowance and the Additional Suite 120 Tenant Improvement Allowance, to the extent utilized, must be used toward the cost of Tenant Improvements in the Suite 120 Premises.
c. Pursuant to the terms of the Work Letter Delay (as amended by this First Amendment)hereinafter defined) hereunder. In addition, Landlord shall, subject to the terms of the Work Letter (as amended by this First Amendment), make available to Tenant the Suite 120 Tenant Improvement Allowance and the Additional Suite 120 Tenant Improvement Allowance. Commencing on the Rent Commencement Date and continuing thereafter on the first day of each month during the Base Term, Tenant all delinquent payments shall pay the amount necessary to fully amortize the portion of the Additional Suite 120 Tenant Improvement Allowance actually funded by Landlord, if any, in equal monthly payments with accrue interest at a rate of 715% per annum over the Base Term, which interest shall begin to accrue on the date that Landlord first disburses such Additional Suite 120 Tenant Improvement Allowance or any portion(s) thereof (“Suite 120 TI Rent”). Any outstanding and unamortized Suite 120 TI Rent remaining unpaid as of the expiration or earlier termination of the Lease shall be paid to Landlord in a lump sum at the expiration or earlier termination of this Lease. For the avoidance of doubt, Landlord and Tenant acknowledge and agree that Suite 120 TI Rent, if any, shall not be subject to adjustment pursuant to Section 4(a) of the Lease during the Termannum.
Appears in 1 contract
Tenant Improvements. Tenants construction Tenant shall be responsible for any and all Improvements or Alterations to the Future Expansion Premises suitable for Tenant’s occupation and use of the Tenant Improvements in Future Expansion Premises, for the Suite 120 Premises shall be subject to the terms of the Work Letter attached uses permitted pursuant to the Lease as Exhibit C, except that, notwithstanding anything to the contrary contained in the Work Letter:
a. The Tenant Improvements in the Suite 120 Premises shall be constructed pursuant to the space plans attached to this First Amendment as Exhibit B (the “Suite 120 Space PlansFuture Expansion Improvements”). All such Future Expansion Improvements shall be approved and completed in accordance with the provisions of Section 8 of the Lease, except to the extent that the following provisions supersede Section 8.
(a) and Landlord has provided for a Tenant Allowance for the tenant improvement specifications attached to this First Amendment as Exhibit C Second Expansion Premises (the “Suite 120 TI SpecificationsSecond Expansion Improvements”) in the Fourth Amendment (the “Existing Allowance”), which have Existing Allowance has not been approved drawn by both Landlord Tenant and Tenant, and the TI Construction Drawings for the Tenant Improvements for the Suite 120 Premises shall be prepared substantially in accordance with the Suite 120 Space Plans and the Suite 120 TI Specifications (and Landlord may not disapprove any matter in connection therewith that is consistent with the Suite 120 Space Plans and the Suite 120 TI Specifications).
b. The Tenant Improvement Allowance and the Additional Tenant Improvement Allowance provided for in Section 6(b) of the Work Letter shall not apply with respect to the Suite 120 Premises and Landlord shall provide a tenant improvement allowance with respect to the Tenant Improvements in the Suite 120 Premises, as follows:
(i) a “Suite 120 Tenant Improvement Allowance” in the maximum amount of $185.00 per rentable square foot in the Suite 120 Premises, which is included in the Base Rent set forth in the Lease; and
(ii) an “Additional Suite 120 Tenant Improvement Allowance” in the maximum amount of $40.00 per rentable square foot in the Suite 120 Premises, which shall, to the extent used, result in Suite 120 TI Rent as set forth in Section 5(c) below. For the avoidance of doubt, (A) the definition of “TI Allowance” in the Work Letter shall include the Tenant Improvement Allowance, the Additional Tenant Improvement Allowance, the Suite 120 Tenant Improvement Allowance and the Additional Suite 120 Tenant Improvement Allowance, as applicable, and (B) in connection with the Tenant Improvements in the Suite 120 Premises, Landlord shall be entitled to Administrative Rent equal to 1.5% of the “hard” TI Costs incurred in connection with such Tenant Improvements and a fee shall be payable remains available to Tenant’s third party project manager, ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇ of ▇▇▇▇▇ ▇▇▇▇ LaSalle, not to exceed 1.5% of the “hard” TI Costs of such Tenant Improvements, which amounts shall be payable out of the TI Fund. Landlord and Tenant acknowledge and agree that the Suite 120 Tenant Improvement Allowance and the Additional Suite 120 Tenant Improvement Allowance, to the extent utilized, must be used toward the cost of Tenant Improvements in the Suite 120 Premises.
c. Pursuant to the terms of the Work Letter (as amended by this First Amendment), Landlord shall, subject to the terms and conditions of the Work Letter Fourth Amendment.
(as amended by this First Amendment)b) Landlord shall provide an additional allowance equal to the sum of (i) $504,300.00 (the “Additional Allowance”) and (ii) in consideration of the extension of Term of the Second Expansion Premises, make available an amount equal to Tenant $0.50 per Rentable Square Foot located in the Suite 120 Tenant Improvement Second Expansion Premises (the “Extension Allowance” and, together with the Existing Allowance and the Additional Suite 120 Allowance, the “Initial Tenant Improvement Allowance”). Commencing on Tenant may use the Rent Initial Tenant Allowance towards funding the Second Expansion Improvements and the Future Expansion Improvements within the Third Expansion Premises and the Fourth Expansion Premises, and no other portion of the Premises.
(c) Upon the Fifth Expansion Premises Commencement Date Date, Landlord shall provide an additional allowance equal to $0,50 per Rentable Square Foot of the Fifth Expansion Premises (the “Second Tenant Allowance” and continuing thereafter on with the first day of Initial Tenant Allowance, the “Tenant Allowance”) for each month during then remaining of the Base TermTerm that Tenant may use towards funding the Future Expansion Improvements within the Fifth Expansion Premises, and no other portion of the Premises. In the event that Tenant exercises Tenant’s Termination Option, Tenant shall pay not be entitled to the amount necessary to fully amortize the portion Second Tenant Allowance and no additional allowance shall be provided by Landlord. Fifty percent (50%) of the Additional Suite 120 respective Tenant Improvement Allowance actually funded by Landlord, if any, in equal monthly payments with interest at a rate of 7% per annum over the Base Term, which interest shall begin to accrue on the date that Landlord first disburses such Additional Suite 120 Tenant Improvement Allowance or any portion(s) thereof (“Suite 120 TI Rent”). Any outstanding and unamortized Suite 120 TI Rent remaining unpaid as of the expiration or earlier termination of the Lease shall be paid upon completion of all rough inspections by the City of Boston Inspectional Services Department within the particular Expansion Premises, and the remaining fifty percent (50%) shall be paid upon delivery to Landlord of (i) a final Certificate of Occupancy issued by Boston Inspectional Services for the respective Expansion Premises and (ii) lien waivers from all contractors or other satisfactory evidence that all contractors have been paid or will be paid in a lump sum at full for all work that has been done to the expiration or earlier termination Premises. All payments to Tenant by Landlord shall be made within ten (10) business days of this Lease. For the avoidance of doubt, Landlord and Tenant acknowledge and agree that Suite 120 TI Rent, if any, shall not be subject to adjustment pursuant to Section 4(a) of the Lease during the Termbilling by Tenant.
Appears in 1 contract
Tenant Improvements. Tenants construction a. Tenant acknowledges that Landlord has met its obligations, if any, to construct tenant improvements for the Existing Premises and to construct improvements to the Base Building pursuant to the Lease, including, without limitation, Paragraph 10 of the Second Amendment, Paragraph 11 of the Second Amendment, Schedule 1-A attached to the Second Amendment, Schedule 1-B attached to the Second Amendment and Schedule 2 attached to the Second Amendment. Tenant Improvements hereby agrees to accept the Existing Premises in its “AS-IS, WHERE-IS” condition as of the Suite 120 date hereof and, except as otherwise set forth in this Third Amendment, Landlord shall have no obligation to construct tenant improvements for the Existing Premises from and after the date of this Third Amendment or the Third Amendment Reduced Premises during the Third Amendment Renewal Term.
b. Landlord shall, using Landlord’s Building standard materials, finishes and methods, and at Landlord’s sole cost and expense, cause the Third Amendment Reduced Premises to be separately demised from the Third Amendment Surrender Space in accordance with the space plan and pricing notes attached hereto as Exhibit D which shall also include the installation of a demising wall (“Demising Wall”) separating the Third Amendment Reduced Premises from the Third Amendment Surrender Space (collectively, the “Third Amendment Reduced Premises Demising Work”). Any improvements other than the Third Amendment Reduced Premises Demising Work shall be subject to the terms of the Work Letter attached to the Lease as Exhibit CLandlord’s prior written approval (which such approval shall not be unreasonably withheld, conditioned or delayed), shall be at Tenant’s sole expense and, except thatas otherwise permitted by Landlord, notwithstanding anything to the contrary contained in the Work Letter:
a. The Tenant Improvements in the Suite 120 Premises shall be constructed pursuant by Landlord. Tenant hereby grants Landlord and its agents access to the space plans attached Existing Premises (prior to this First the Third Amendment as Exhibit B Renewal Date) or the Third Amendment Reduced Premises (from and after the “Suite 120 Space Plans”Third Amendment Renewal Date) and for the tenant improvement specifications attached to this First purpose of performing the Third Amendment as Exhibit C (Reduced Premises Demising Work. Tenant hereby acknowledges that the “Suite 120 TI Specifications”), which have been approved by both Landlord and TenantThird Amendment Reduced Premises Demising Work shall be performed while Tenant is in occupancy of the Existing Premises, and the TI Construction Drawings for the Tenant Improvements for the Suite 120 Premises shall be prepared substantially in accordance with the Suite 120 Space Plans and the Suite 120 TI Specifications (and Landlord may not disapprove any matter in connection therewith that is consistent with the Suite 120 Space Plans and the Suite 120 TI Specifications).
b. The Tenant Improvement Allowance and the Additional Tenant Improvement Allowance provided for in Section 6(b) of the Work Letter shall not apply with respect to the Suite 120 Premises and Landlord shall provide a tenant improvement allowance with respect to the Tenant Improvements in the Suite 120 Premises, as follows:
(i) a “Suite 120 Tenant Improvement Allowance” in the maximum amount of $185.00 per rentable square foot in the Suite 120 Premises, which is included in the Base Rent set forth in the Lease; and
(ii) an “Additional Suite 120 Tenant Improvement Allowance” in the maximum amount of $40.00 per rentable square foot in the Suite 120 Premises, which shall, to the extent used, result in Suite 120 TI Rent as set forth in Section 5(c) below. For the avoidance of doubt, (A) the definition of “TI Allowance” in the Work Letter shall include the Tenant Improvement Allowance, the Additional Tenant Improvement Allowance, the Suite 120 Tenant Improvement Allowance and the Additional Suite 120 Tenant Improvement Allowance, as applicable, and (B) Landlord's actions in connection with the Third Amendment Reduced Premises Demising Work shall in no way constitute a constructive eviction of Tenant Improvements in or entitle Tenant to any abatement of rent. Except to the Suite 120 Premisesextent caused by the gross negligence or willful misconduct of Landlord, Landlord shall have no responsibility or for any reason be liable to Tenant for any direct or indirect injury to or interference with Tenant's business arising from the performance of the Third Amendment Reduced Premises Demising Work, nor shall Tenant be entitled to Administrative Rent equal to 1.5% of the “hard” TI Costs incurred any compensation or damages from Landlord for any inconvenience or annoyance occasioned by such construction or Landlord's actions in connection with such Tenant Improvements and a fee construction. Landlord shall be payable use commercially reasonable efforts to not unreasonably interfere with Tenant’s third party project manager, ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇ of ▇▇▇▇▇ ▇▇▇▇ LaSalle, not to exceed 1.5% use and enjoyment of the “hard” TI Costs of such Tenant Improvements, which amounts shall be payable out of the TI Fund. Landlord and Tenant acknowledge and agree that the Suite 120 Tenant Improvement Allowance and the Additional Suite 120 Tenant Improvement Allowance, Existing Premises (prior to the extent utilized, must be used toward Third Amendment Renewal Date) or the cost of Tenant Improvements in Third Amendment Reduced Premises (from and after the Suite 120 PremisesThird Amendment Renewal Date) during such construction.
c. Pursuant to the terms of the Work Letter (as amended by this First Amendment), Landlord shall, subject to the terms of the Work Letter (as amended by this First Amendment), make available to Tenant the Suite 120 Tenant Improvement Allowance and the Additional Suite 120 Tenant Improvement Allowance. Commencing on the Rent Commencement Date and continuing thereafter on the first day of each month during the Base Term, Tenant shall pay the amount necessary to fully amortize the portion of the Additional Suite 120 Tenant Improvement Allowance actually funded by Landlord, if any, in equal monthly payments with interest at a rate of 7% per annum over the Base Term, which interest shall begin to accrue on the date that Landlord first disburses such Additional Suite 120 Tenant Improvement Allowance or any portion(s) thereof (“Suite 120 TI Rent”). Any outstanding and unamortized Suite 120 TI Rent remaining unpaid as of the expiration or earlier termination of the Lease shall be paid to Landlord in a lump sum at the expiration or earlier termination of this Lease. For the avoidance of doubt, Landlord and Tenant acknowledge and agree that Suite 120 TI Rent, if any, shall not be subject to adjustment pursuant to Section 4(a) of the Lease during the Term.
Appears in 1 contract
Sources: Leasing Agreement (Learning Tree International, Inc.)
Tenant Improvements. Tenants construction of The Tenant Improvements (as defined in the Tenant Improvements in Work Letter attached as Exhibit B to this Second Amendment) to the Suite 120 Expanded Premises shall be subject to installed and constructed in accordance with the terms of the Tenant Work Letter attached to (the Lease as Exhibit C, except that, notwithstanding anything to the contrary contained in the “Work Letter:
a. The Tenant Improvements in the Suite 120 Premises shall be constructed pursuant to the space plans ”) attached to this First Amendment hereto as Exhibit B (and made a part hereof. If any improvements, alterations or work are required under provisions of the “Suite 120 Space Plans”) and the tenant improvement specifications attached ADA due to this First Amendment as Exhibit C (the “Suite 120 TI Specifications”), which have been approved by both Landlord and Tenant, and the TI Construction Drawings for the Tenant Improvements for or the Suite 120 Premises Building Systems Improvements (as defined in Exhibit B), such improvements, alterations or work shall be prepared substantially in accordance with the Suite 120 Space Plans deemed Tenant ADA Work and the Suite 120 TI Specifications cost of such Tenant ADA Work shall be borne solely by Tenant (and Landlord may not disapprove any matter in connection therewith that is consistent with subject to the Suite 120 Space Plans and the Suite 120 TI Specifications).
b. The Tenant Improvement Allowance and the Additional Tenant Improvement Allowance provided for in Section 6(bBuilding Systems Allowance) and shall not be included as part of the Work Letter shall not apply with respect Operating Expenses. Tenant acknowledges that it has been and continues to be in possession of the Suite 120 Original Premises and Landlord shall provide a tenant improvement allowance with respect to the Tenant Improvements in the Suite 120 Premises, as follows:
(i) a “Suite 120 Tenant Improvement Allowance” in the maximum amount of $185.00 per rentable square foot in the Suite 120 Premises, which is included in the Base Rent set forth in the Lease; and
(ii) an “Additional Suite 120 Tenant Improvement Allowance” in the maximum amount of $40.00 per rentable square foot in the Suite 120 Premises, which shall, to the extent used, result in Suite 120 TI Rent as set forth in Section 5(c) below. For the avoidance of doubt, (A) the definition of “TI Allowance” in the Work Letter shall include the Tenant Improvement Allowance, the Additional Tenant Improvement Allowance, the Suite 120 Tenant Improvement Allowance and the Additional Suite 120 Tenant Improvement Allowance, as applicable, and (B) in connection familiar with the Tenant Improvements in the Suite 120 Premises, Landlord shall be entitled to Administrative Rent equal to 1.5% condition of the “hard” TI Costs incurred Original Premises. Except as expressly provided in connection with such this Second Amendment, Tenant Improvements and a fee shall be payable to Tenant’s third party project manager, hereby agrees that the ▇▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇ First Floor Premises shall be taken “as is”, “with all faults”, “without any representations or warranties.” Tenant hereby acknowledges that it has had an opportunity to investigate and inspect the condition of the ▇▇▇ of ▇▇▇▇▇ ▇▇▇▇▇ LaSalleFirst Floor Premises and the suitability of same for Tenant’s purposes, not to exceed 1.5% and Tenant does hereby waive and disclaim any objection to, cause of action based upon, or claim that its obligations hereunder should be reduced or limited because of the “hard” TI Costs of such Tenant Improvements, which amounts shall be payable out condition of the TI Fund▇▇▇ ▇▇▇▇ ▇▇▇▇▇ First Floor Premises, the ▇▇▇ ▇▇▇▇ ▇▇▇▇▇ Building or the Park or the suitability of same for Tenant’s purposes. Landlord and Tenant acknowledge and agree that the Suite 120 Tenant Improvement Allowance and the Additional Suite 120 Tenant Improvement Allowanceacknowledges that, to the extent utilized, must be used toward the cost of Tenant Improvements except as expressly set forth otherwise in the Suite 120 Premises.
c. Pursuant to the terms of the Work Letter (Lease, as amended by this First Second Amendment), neither Landlord shall, subject nor any agent nor any employee of Landlord has made any representations or warranty with respect to the terms ▇▇▇ ▇▇▇▇ ▇▇▇▇▇ First Floor Premises, the Original Premises, the ▇▇▇ ▇▇▇▇ ▇▇▇▇▇ Building, the 892 ▇▇▇▇ Drive Building or the Park or with respect to the suitability of either for the conduct of Tenant’s business and Tenant expressly warrants and represents that Tenant has relied solely on its own investigation and inspection of the Work Letter ▇▇▇ ▇▇▇▇ ▇▇▇▇▇ First Floor Premises, the Building and the Park in its decision to enter into this Second Amendment and let the ▇▇▇ ▇▇▇▇ ▇▇▇▇▇ First Floor Premises in an “as is” condition. No promise of Landlord to alter, remodel, repair, or improve the ▇▇▇ ▇▇▇▇ ▇▇▇▇▇ First Floor Premises, the Original Premises, the Building, or the Park, and no representation, express or implied, respecting any matter or thing relating to the ▇▇▇ ▇▇▇▇ ▇▇▇▇▇ First Floor Premises, Original Premises, Building, Park, or this Second Amendment (as amended by this including, without limitation, the condition of the ▇▇▇ ▇▇▇▇ ▇▇▇▇▇ First Amendment)Floor Premises, make available the Original Premises, the Building, or the Park) has been made to Tenant the Suite 120 Tenant Improvement Allowance and the Additional Suite 120 Tenant Improvement Allowance. Commencing on the Rent Commencement Date and continuing thereafter on the first day of each month during the Base Term, Tenant shall pay the amount necessary to fully amortize the portion of the Additional Suite 120 Tenant Improvement Allowance actually funded by Landlord, if any, Landlord or its broker or sales agent other than as may be contained in equal monthly payments with interest at a rate of 7% per annum over the Base Term, which interest shall begin to accrue on the date that Landlord first disburses such Additional Suite 120 Tenant Improvement Allowance or any portion(s) thereof (“Suite 120 TI Rent”). Any outstanding and unamortized Suite 120 TI Rent remaining unpaid as of the expiration or earlier termination of the Lease shall be paid to Landlord and as set forth in a lump sum at the expiration or earlier termination of this Lease. For the avoidance of doubt, Landlord and Tenant acknowledge and agree that Suite 120 TI Rent, if any, shall not be subject to adjustment pursuant to Section 4(a7(b) of the Lease during the Termbelow.
Appears in 1 contract
Sources: Lease Agreement (Proofpoint Inc)
Tenant Improvements. Tenants construction 2.1 Tenant shall have the right to make improvements to the interior of the Tenant Improvements in the Suite 120 Premises shall be subject to the terms of the Work Letter attached to the Lease as Exhibit C, except that, notwithstanding anything to the contrary contained in the Work Letter:
a. The Tenant Improvements in the Suite 120 Premises shall be constructed pursuant to the space plans attached to this First Amendment as Exhibit B (the “Suite 120 Space PlansInterior Tenant Improvements”) ; the Exterior Improvement Work and the tenant improvement specifications attached Interior Tenant Improvements are referred to this First Amendment herein, collectively, as Exhibit C (the “Suite 120 TI SpecificationsTenant Improvements”), which have been approved by both Landlord . Tenant shall make the Interior Tenant Improvements at Tenant's sole cost and Tenant, expense (subject to application of the Interior Tenant Improvement Allowance set forth below). All Tenant Improvements (including the plans and the TI Construction Drawings specifications for the Tenant Improvements for the Suite 120 Premises shall be prepared substantially in accordance with the Suite 120 Space Plans Improvements) and the Suite 120 TI Specifications (any contractors and Landlord may not disapprove any matter in connection therewith that is consistent with the Suite 120 Space Plans and the Suite 120 TI Specifications).
b. The Tenant Improvement Allowance and the Additional Tenant Improvement Allowance provided for in Section 6(b) of the Work Letter shall not apply with respect to the Suite 120 Premises and Landlord shall provide a tenant improvement allowance with respect to the Tenant Improvements in the Suite 120 Premises, as follows:
(i) a “Suite 120 Tenant Improvement Allowance” in the maximum amount of $185.00 per rentable square foot in the Suite 120 Premises, which is included in the Base Rent set forth in the Lease; and
(ii) an “Additional Suite 120 Tenant Improvement Allowance” in the maximum amount of $40.00 per rentable square foot in the Suite 120 Premises, which shall, to the extent used, result in Suite 120 TI Rent as set forth in Section 5(c) below. For the avoidance of doubt, (A) the definition of “TI Allowance” in the Work Letter shall include the Tenant Improvement Allowance, the Additional Tenant Improvement Allowance, the Suite 120 Tenant Improvement Allowance and the Additional Suite 120 Tenant Improvement Allowance, as applicable, and (B) architects performing work in connection with the Tenant Improvements in shall be subject to the Suite 120 Premisesconsent of Landlord, which consent shall not be unreasonably withheld, delayed or conditioned; provided, that, Landlord shall be entitled to Administrative Rent equal to 1.5% hereby approves of Tenant's use of the “hard” TI Costs incurred in connection with such Tenant Improvements following contractors and architects: HBC (as a fee shall be payable to Tenant’s third party project managergeneral contractor), ▇▇▇▇▇Interior Architects Los Angeles (as an interior architect) and ▇▇▇▇ ▇▇▇▇▇▇▇ of ▇▇▇▇▇ ▇▇▇▇ LaSalle, not to exceed 1.5% + Associates (as an architect for landscaping). Any Interior Tenant Improvements (except trade fixtures) and any Exterior Improvement Work shall at once become a part of the “hard” TI Costs Premises or Project, as applicable, and shall be surrendered to Landlord upon the expiration or sooner termination of such this Lease. All work with respect to the Tenant Improvements must be done in a good and workmanlike manner and diligently prosecuted to completion to the end that the improvements on the Premises shall at all times be a complete unit except during the period of work.
2.2 Landlord grants to Tenant (a) a one-time Interior Tenant Improvement Allowance in the amount set forth in Section E(5) of the Basic Provisions of the Lease for the Interior Tenant Improvements, which amounts shall be payable out and (b) a one-time Exterior Improvement Allowance in the amount set forth in Section E(6) of the TI Fund. Landlord and Tenant acknowledge and agree that Basic Provisions of the Suite 120 Lease for the Exterior Improvement Work (the Interior Tenant Improvement Allowance and the Additional Suite 120 Exterior Improvement Allowance are referred to herein, collectively, as the “Aggregate Tenant Improvement Allowance”), to including any soft costs associated with the extent utilized, must be used toward the cost of Tenant Improvements in the Suite 120 Premises.
c. Pursuant to the terms design and construction of the Work Letter same, including without limitation costs for space planning, design, engineering, measurement, cost estimating, value engineering and move-in; provided, that, (as amended by this First Amendment), Landlord shall, subject to the terms x) in no event shall more than ten percent (10%) of the Work Letter (as amended by this First Amendment), make available to Tenant the Suite 120 Tenant Improvement Allowance and the Additional Suite 120 Tenant Improvement Allowance. Commencing on the Rent Commencement Date and continuing thereafter on the first day of each month during the Base Term, Tenant shall pay the amount necessary to fully amortize the portion of the Additional Suite 120 Tenant Improvement Allowance actually funded by Landlord, if any, in equal monthly payments with interest at a rate of 7% per annum over the Base Term, which interest shall begin to accrue on the date that Landlord first disburses such Additional Suite 120 Interior Tenant Improvement Allowance or any portion(s) thereof more than ten percent (“Suite 120 TI Rent”). Any outstanding and unamortized Suite 120 TI Rent remaining unpaid as of the expiration or earlier termination of the Lease shall be paid to Landlord in a lump sum at the expiration or earlier termination of this Lease. For the avoidance of doubt, Landlord and Tenant acknowledge and agree that Suite 120 TI Rent, if any, shall not be subject to adjustment pursuant to Section 4(a10%) of the Lease during Exterior Improvement Allowance be applied to, or disbursed for, such soft costs with respect to the TermInterior Tenant Improvements or Exterior Improvement Work, as applicable; (y) in no event shall any amount of the Aggregate Tenant Improvement Allowance be applied to, or disbursed for, Tenant's furniture, fixtures and equipment; and (z) in no event shall more than $600,000.00 of the Exterior Improvement Allowance be applied to the Exterior Improvement Work described in clause (b) of Section 1 of this Exhibit B above. During the construction of the Tenant Improvements, and commencing upon the Commencement Date, Landlord shall make periodic distributions of the Aggregate Tenant Improvement Allowance to Tenant in accordance with the following:
2.2.1 Landlord’s distribution of the Aggregate Tenant Improvement Allowance to the Tenant shall not occur more than one (1) time per month (it being acknowledged and agreed that Tenant may submit requests for distribution in accordance with the terms hereof on a monthly basis following commencement of the Tenant Improvements).
Appears in 1 contract
Sources: Industrial Lease (Appfolio Inc)
Tenant Improvements. Tenants construction Subject to this Section 4, Tenant shall accept the Suite WB100 Premises and Suite WB200 Premises in their “as is” condition (subject to Landlord’s continuing repair and maintenance obligations, as outlined in Section 10 of the Lease (as may be amended)), and Landlord shall have no obligation to make any alterations or improvements thereto whatsoever (provided that Landlord shall deliver same in good and tenantable condition, broom clean, with all systems serving same in good working order). Any alterations that Tenant Improvements desires to make in the Suite 120 WB100 Premises and Suite WB200 Premises shall be subject to all the terms and conditions set forth in Section 11 of the Work Letter attached to Lease. Notwithstanding anything in the Lease as Exhibit C, except that, notwithstanding anything to the contrary contained (and specifically deleting the references to the Improvements Allowances (as defined in Section 7 of the Fourth Amendment) for the DB First Floor Expansion Premises and the DB Second Floor Expansion Premises in Section 7 of the Fourth Amendment), Landlord hereby agrees to grant Tenant (i) an allowance in the Work Letter:
a. The Tenant Improvements in the Suite 120 Premises shall be constructed pursuant to the space plans attached to this First Amendment as Exhibit B amount of $217,480.45 (i.e. $29.33 per rentable square foot multiplied by 7,416 rentable square feet) (the “Suite 120 Space PlansWB100 Granted Allowance”) to be applied toward the cost (including architectural and engineering fees) of alterations performed by Tenant in the tenant improvement specifications attached to this First Amendment as Exhibit C Suite WB100 Premises and (ii) an allowance in the amount of $124,988.76 (the “Suite 120 TI SpecificationsWB200 Granted Allowance”), which have been approved by both Landlord and Tenant, and the TI Construction Drawings for the Tenant Improvements for the Suite 120 Premises shall be prepared substantially in accordance together with the Suite 120 Space Plans and the Suite 120 TI Specifications (and Landlord may not disapprove any matter in connection therewith that is consistent with the Suite 120 Space Plans and the Suite 120 TI Specifications).
b. The Tenant Improvement Allowance and the Additional Tenant Improvement Allowance provided for in Section 6(b) of the Work Letter shall not apply with respect to the Suite 120 Premises and Landlord shall provide a tenant improvement allowance with respect to the Tenant Improvements in the Suite 120 Premises, as follows:
(i) a “Suite 120 Tenant Improvement Allowance” in the maximum amount of $185.00 per rentable square foot in the Suite 120 Premises, which is included in the Base Rent set forth in the Lease; and
(ii) an “Additional Suite 120 Tenant Improvement Allowance” in the maximum amount of $40.00 per rentable square foot in the Suite 120 Premises, which shall, to the extent used, result in Suite 120 TI Rent as set forth in Section 5(c) below. For the avoidance of doubt, (A) the definition of “TI Allowance” in the Work Letter shall include the Tenant Improvement WB100 Granted Allowance, the Additional Tenant Improvement Allowancecollectively, the Suite 120 Tenant Improvement Allowance and the Additional Suite 120 Tenant Improvement “Granted Allowance, as applicable, and (B”) in connection with the Tenant Improvements in the Suite 120 Premises, Landlord shall to be entitled to Administrative Rent equal to 1.5% of the “hard” TI Costs incurred in connection with such Tenant Improvements and a fee shall be payable to Tenant’s third party project manager, ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇ of ▇▇▇▇▇ ▇▇▇▇ LaSalle, not to exceed 1.5% of the “hard” TI Costs of such Tenant Improvements, which amounts shall be payable out of the TI Fund. Landlord and Tenant acknowledge and agree that the Suite 120 Tenant Improvement Allowance and the Additional Suite 120 Tenant Improvement Allowance, to the extent utilized, must be used applied toward the cost of the design and construction of any alterations Tenant Improvements desires to perform in Suite WB100 Premises and Suite WB200 Premises, respectively, in conjunction with Tenant’s initial occupancy of Suite WB100 Premises and Suite WB200. Any portion of the Granted Allowance may be applied to pay the fees of the architect and engineers and any construction supervision, contractors’ overhead and profit charges, along with fees for any project manager employed by Tenant with respect to such alterations, as well as any licensing and permitting costs and fees; provided, the Suite WB100 Granted Allowance may only be used for the Suite WB100 Premises and the Suite WB200 Granted Allowance may only be used for the Suite WB200 Premises. The cost of Tenant’s alterations in the Suite 120 WB100 Premises shall be paid first out the Suite WB100 Granted Allowance until the Suite WB100 Granted Allowance is exhausted (at which time Tenant shall be fully responsible for the cost of any further alterations), and the cost of Tenant’s alteration in the Suite WB200 Premises shall be paid first out the Suite WB200 Granted Allowance until the Suite WB200 Allowance is exhausted (at which time Tenant shall be fully responsible for the cost of any further alterations). Provided no Event of Default then exists under the Lease, the Granted Allowance (or portions thereof) shall be disbursed to Tenant within thirty (30) days following Tenant’s submission to Landlord of paid invoices for work related to alterations performed by Tenant in the Suite WB100 Premises and Suite WB200 Premises.
c. Pursuant to , accompanied by waivers of liens executed by all contractors employed by Tenant for the terms performance of such work. If the cost of Tenant’s alterations in the Suite WB100 Premises or the Suite WB200 Premises exceeds the amount of the Work Letter (as amended by this First Amendment), Landlord shall, subject to the terms of the Work Letter (as amended by this First Amendment), make available to Tenant Suite WB100 Granted Allowance or the Suite 120 WB200 Granted Allowance, the excess shall be paid by Tenant Improvement after the Suite WB100 Granted Allowance and or the Additional Suite 120 Tenant Improvement AllowanceWB200 Granted Allowance is fully exhausted. Commencing on the Rent Commencement Date and continuing thereafter on the first day of each month during the Base Term, Tenant shall pay the amount necessary to fully amortize the Any portion of the Additional (i) Suite 120 Tenant Improvement WB100 Granted Allowance actually funded that has not been applied (or contracted to be applied) in the manner set forth above by the date which is twelve (12) months following the Suite WB100 Premises Seventh Amendment Commencement Date shall revert to Landlord, if any, and Tenant shall have no further rights with respect thereto and (ii) Suite WB200 Granted Allowance that has not been applied (or contracted to be applied) in equal monthly payments with interest at a rate of 7% per annum over the Base Term, which interest shall begin to accrue on manner set forth above by the date that Landlord first disburses such Additional which is twelve (12) months following the Suite 120 Tenant Improvement Allowance or any portion(s) thereof (“Suite 120 TI Rent”). Any outstanding and unamortized Suite 120 TI Rent remaining unpaid as of the expiration or earlier termination of the Lease WB200 Premises Seventh Amendment Commencement Date shall be paid revert to Landlord in a lump sum at the expiration or earlier termination of this Lease. For the avoidance of doubtLandlord, Landlord and Tenant acknowledge and agree that Suite 120 TI Rent, if any, shall not be subject to adjustment pursuant to Section 4(a) of the Lease during the Termhave no further rights with respect thereto.
Appears in 1 contract
Tenant Improvements. Tenants Landlord shall, at Landlord's expense improve the Expansion Space as described on Exhibit B and this Exhibit C. As used herein, "Expansion Space Tenant Improvements" shall include the substantial demolition of the Existing Expansion Space Improvements as depicted on Exhibit B-1 and the construction of new improvements the Expansion Space as shown in Exhibit B. Specifically, these Expansion Space Tenant Improvements shall include removal of all existing restrooms, floor covering, bakery equipment (including repairs necessitated by such removal) and walls not consistent with Exhibit B. The 12'xl3' conference room in the Suite 120 Premises northwest corner of Exhibit B and 13'xl0' office in the northeast corner of Exhibit B shall be subject remain. In addition, Landlord shall install in the Expansion Space new fully finished ADA compliant restrooms, new HVAC units and ducting with air supply vents and return registers as needed, new carpeting in the remaining front office and conference room and the lobby/open office space between them up to the terms new restrooms, vinyl acrylic tile over the balance of the Work Letter attached to the Lease floor space. Landlord shall also install (i) such removable and fully painted sheetrock walls and standard trim and (ii) such 48" x 9' doors and frames as Exhibit C, except that, notwithstanding anything to the contrary contained are delineated in the Work Letter:
a. The Tenant Improvements in the Suite 120 Premises shall be constructed pursuant to the space plans attached to this First Amendment as bold and highlighted with arrows on Exhibit B (including the “Suite 120 Space Plans”) and 48' wall separating the tenant improvement specifications attached to this First Amendment as Exhibit C (R&D area from the “Suite 120 TI Specifications”PEAK assembly area if needed), which have been new florescent lighting as needed, 2'x4' dropped acoustical ceiling as needed to cover the entire expansion space and eight (8) L15-20R electrical outlets with 20 amp-3 phase circuit breakers for the PEAK 3 machines and two (2) 208-volt, 20-30 amp electrical outlets and corresponding circuit breakers for the machine shop, all distributed as approved by both Landlord Tenant, with electrical service to support such outlets and Tenantelectrical outlets for standard office use in the balance of the Expansion Space, fire extinguishers and related design and permit fees. The cost, transportation and installation of the eleven PEAK 3 machines, and the TI Construction Drawings moveable partitions comprising the four office cubicles, shall be at Tenant's cost. Landlord shall complete the Expansion Space Tenant Improvements at Landlord's sole cost and expense. Unless otherwise specifically agreed to by Landlord in writing, and except for the Tenant Improvements for Improvement Allowance described in Exhibit D, the Suite 120 Premises installation, wiring, maintenance and removal of telephone and other communications systems, data cabling, alarm and/or security systems, movable furniture systems or any other systems, and all costs and expense associated therewith, shall be prepared substantially in accordance with the Suite 120 Space Plans and the Suite 120 TI Specifications (and Landlord may not disapprove any matter in connection therewith that is consistent with the Suite 120 Space Plans and the Suite 120 TI Specifications).
b. The Tenant Improvement Allowance and the Additional Tenant Improvement Allowance provided for in Section 6(b) sole responsibility of the Work Letter shall not apply with respect to the Suite 120 Premises and Landlord shall provide a tenant improvement allowance with respect to the Tenant Improvements in the Suite 120 Premises, as follows:
(i) a “Suite 120 Tenant Improvement Allowance” in the maximum amount of $185.00 per rentable square foot in the Suite 120 Premises, which is included in the Base Rent set forth in the Lease; and
(ii) an “Additional Suite 120 Tenant Improvement Allowance” in the maximum amount of $40.00 per rentable square foot in the Suite 120 Premises, which shall, to the extent used, result in Suite 120 TI Rent as set forth in Section 5(c) belowTenant. For the avoidance of doubt, (A) the definition of “TI Allowance” in the Work Letter shall include the Tenant Improvement Allowance, the Additional Tenant Improvement Allowance, the Suite 120 Tenant Improvement Allowance and the Additional Suite 120 Tenant Improvement Allowance, as applicable, and (B) in In connection with the Tenant Improvements in the Suite 120 Premises, Landlord shall be entitled to Administrative Rent equal to 1.5% construction and installation of the “hard” TI Costs incurred in connection with such Tenant Improvements and a fee shall be payable to Tenant’s third party project manager, ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇ of ▇▇▇▇▇ ▇▇▇▇ LaSalle, not to exceed 1.5% of the “hard” TI Costs of such Expansion Space Tenant Improvements, which amounts Landlord and/or Landlord's general contractor shall be payable out have no obligation to relocate or move any of Tenant's property located in or about the Premises including, but not limited to, furniture, open office cubicle partitions, inventory and trade fixtures, at the time of such construction and installation. If at the time of construction and installation of Tenant Improvements, Tenant has property (including open office cubicle partitions) located in or about the Expansion Space that inhibits or prevents in any way the construction or installation of the TI Fund. Landlord and Expansion Space Tenant acknowledge and agree that the Suite 120 Tenant Improvement Allowance and the Additional Suite 120 Tenant Improvement Allowance, to the extent utilized, must be used toward the cost of Tenant Improvements in the Suite 120 Premises.
c. Pursuant to the terms of the Work Letter (as amended by this First Amendment), Landlord shall, subject to the terms of the Work Letter (as amended by this First Amendment), make available to Tenant the Suite 120 Tenant Improvement Allowance and the Additional Suite 120 Tenant Improvement Allowance. Commencing on the Rent Commencement Date and continuing thereafter on the first day of each month during the Base TermImprovements, Tenant shall pay immediately, upon receipt of notification therefore from Landlord or Landlord's general contractor, at Tenant's sole cost and expense, move such property to another location or, upon the amount necessary receipt of Landlord's prior approval, to fully amortize another location within the portion Project designated by Landlord in Landlord's sole discretion. If at the time of construction and installation of the Additional Suite 120 Expansion Space Tenant Improvement Allowance actually funded by Improvements Tenant has property located in or about the Expansion Space, Landlord or Landlord, if any, in equal monthly payments with interest at a rate of 7% per annum over the Base Term, which interest 's general contractor shall begin incur no liability to accrue on the date that Landlord first disburses such Additional Suite 120 Tenant Improvement Allowance or any portion(s) thereof (“Suite 120 TI Rent”). Any outstanding other party in the event such property is damaged, destroyed or stolen during the construction and unamortized Suite 120 TI Rent remaining unpaid as installation of the expiration or earlier termination of the Lease shall be paid to Landlord in a lump sum at the expiration or earlier termination of this Lease. For the avoidance of doubt, Landlord and Expansion Space Tenant acknowledge and agree that Suite 120 TI Rent, if any, shall not be subject to adjustment pursuant to Section 4(a) of the Lease during the TermImprovements.
Appears in 1 contract
Sources: Lease (Novacept Inc)
Tenant Improvements. Tenants construction of the Tenant Improvements in the Suite 120 The Premises shall be subject delivered turnkey to Lessee on or before the terms first day of the Work Letter attached to early Occupancy Period using building standard finishes and/or finishes (the Lease as Exhibit C, except that, notwithstanding anything to the contrary contained in the Work Letter:
a. The “Tenant Improvements in the Suite 120 Premises shall be constructed Improvements”) depicted and pursuant to the mutually agreed space plan and construction plans attached to this First Amendment as Exhibit B and notes (the “Suite 120 Space PlansConstruction Documents”) and the tenant improvement specifications attached to this First Amendment as Exhibit C (the “Suite 120 TI Specifications”), which have been approved prepared by both Landlord and TenantPK:Architecture, and the TI Construction Drawings for the Tenant Improvements for the Suite 120 Premises shall be Cost Project Worksheet prepared substantially in accordance with the Suite 120 Space Plans and the Suite 120 TI Specifications (and Landlord may not disapprove any matter in connection therewith that is consistent with the Suite 120 Space Plans and the Suite 120 TI Specifications).
b. The Tenant Improvement Allowance and the Additional Tenant Improvement Allowance provided for in Section 6(b) of the Work Letter shall not apply with respect to the Suite 120 Premises and Landlord shall provide a tenant improvement allowance with respect to the Tenant Improvements in the Suite 120 Premises, as follows:
(i) a “Suite 120 Tenant Improvement Allowance” in the maximum amount of $185.00 per rentable square foot in the Suite 120 Premises, which is included in the Base Rent set forth in the Lease; and
(ii) an “Additional Suite 120 Tenant Improvement Allowance” in the maximum amount of $40.00 per rentable square foot in the Suite 120 Premises, which shall, to the extent used, result in Suite 120 TI Rent as set forth in Section 5(c) below. For the avoidance of doubt, (A) the definition of “TI Allowance” in the Work Letter shall include the Tenant Improvement Allowance, the Additional Tenant Improvement Allowance, the Suite 120 Tenant Improvement Allowance and the Additional Suite 120 Tenant Improvement Allowance, as applicable, and (B) in connection with the Tenant Improvements in the Suite 120 Premises, Landlord shall be entitled to Administrative Rent equal to 1.5% of the “hard” TI Costs incurred in connection with such Tenant Improvements and a fee shall be payable to Tenant’s third party project manager, ▇by ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇ of ▇▇▇▇▇ ▇▇▇▇ LaSalleCommercial Construction, not to exceed 1.5% Inc. dated 5-8-18 (the “CPW”) as more particularly detailed in the attached Exhibit A-1 (“Lessor’s Work”). For clarification purposes, the items and improvements included in the CPW shall be part of the “hard” TI Costs of such Tenant ImprovementsLessor’s Work as depicted in the CPW, which amounts and the prices included in the CPW are for reference purposes only. Notwithstanding the foregoing, Lessee shall be payable out reimburse Lessor $200,000.00 for Lessee’s portion of the TI Fund. Landlord and Tenant acknowledge and agree that the Suite 120 Tenant Improvement Allowance and the Additional Suite 120 Tenant Improvement Allowance, to the extent utilized, must be used toward the cost of Tenant Improvements in connection with costs and the Suite 120 Premises.
c. Pursuant scope of work associated with Lessor’s Work (“Lessee’s Tenant Improvement Contribution”). Lessee’s Tenant Improvement Contribution shall be paid by Lessee to Lessor as follows: (i) $150,000.00 within thirty (30) days following the Commencement Date, and (ii) $50,000.00 on or before January 31, 2019. Additionally, Lessor, as part of Lessor’s Work, shall replace AC units 30 & 33 that were identified to be in “poor” condition in Pacific Climate Control’s report dated April 5, 2018 (the “HVAC Report”) attached hereto as Exhibit I. Further, Lessor, as part of Lessor’s Work, shall provide Lessee, commencing on the Commencement Date, a 5-year warranty on AC unit 6 that was identified in “fair” condition in the HVAC Report. In the event the parties agree to make changes to the terms Tenant improvements that result in a decrease of the costs set forth in the Upgrades section of the CPW, 50% of any such decrease will be deducted from Lessee’s Tenant Improvement Contribution. In the event the parties agree to make changes to the Tenant Improvements that result in an increase of the costs set forth in the Upgrades section of the CPW, the increased amount will be added to Lessee’s Tenant Improvement Contribution.Lessor’s Work Letter shall be constructed in a good workmanlike manner and in compliance with all applicable building, safety and other applicable codes, including ADA, Title 24 and CASp. The Premises shall be delivered to Lessee on or before the Delivery Date, (as amended by this First Amendment)a) in compliance with all applicable laws and codes, Landlord shallincluding ADA, (b) in broom clean condition, and (c) with all the Building systems servicing the Premises in good working order. Lessee shall have the use of free of charge elevator service for move-in purposes and thereafter. Lessee and Lessee’s vendors, subject to prior coordination with Lessor and/or its contractor, shall have reasonable access to the terms Premises during construction of the Lessor’s Work Letter (as amended by this First Amendment)for the installation of Lessee’s telecommunications and data cabling, make available to Tenant the Suite 120 Tenant Improvement Allowance and the Additional Suite 120 Tenant Improvement Allowance. Commencing on the Rent Commencement Date furniture fixtures and continuing thereafter on the first day of each month during the Base Term, Tenant shall pay the amount necessary to fully amortize the portion of the Additional Suite 120 Tenant Improvement Allowance actually funded by Landlord, if any, in equal monthly payments with interest at a rate of 7% per annum over the Base Term, which interest shall begin to accrue on the date equipment provided that Landlord first disburses such Additional Suite 120 Tenant Improvement Allowance or any portion(s) thereof (“Suite 120 TI Rent”). Any outstanding and unamortized Suite 120 TI Rent remaining unpaid as of the expiration or earlier termination of the Lease shall be paid to Landlord in a lump sum at the expiration or earlier termination of this Lease. For the avoidance of doubt, Landlord and Tenant acknowledge and agree that Suite 120 TI Rent, if any, access shall not be subject to adjustment pursuant to Section 4(a) of the Lease during the Terminterfere with Lessor’s Work.
Appears in 1 contract
Sources: Commercial Lease (Resonant Inc)
Tenant Improvements. Tenants (a) The parties acknowledge that upon or after the Term Commencement Date Tenant intends to make certain alterations and improvements (the “Initial Alterations”) to the Subleased Premises in Tenant’s reasonable discretion and as may be reasonably approved in writing by Landlord, to make the Subleased Premises functional for Tenant’s particular use of the Subleased Premises and Tenant’s employees and employment practices. The construction of the Tenant Improvements in the Suite 120 Premises Initial Alterations shall be subject to the terms of the Work Letter attached to the Lease as Exhibit C, except that, notwithstanding anything to the contrary contained in the Work Letter:
a. The Tenant Improvements in the Suite 120 Premises shall be constructed pursuant to the space plans attached to this First Amendment as Exhibit B (the “Suite 120 Space Plans”) and the tenant improvement specifications attached to this First Amendment as Exhibit C (the “Suite 120 TI Specifications”), which have been approved by both Landlord and Tenant, and the TI Construction Drawings for the Tenant Improvements for the Suite 120 Premises shall be prepared substantially Master Landlord’s approval in accordance with the Suite 120 Space Plans Master Lease and the Suite 120 TI Specifications (and Landlord’s approval, which approval by Landlord may shall not disapprove any matter in connection therewith that is consistent with the Suite 120 Space Plans and the Suite 120 TI Specifications)be unreasonably withheld, conditioned or delayed.
b. The (b) Landlord shall contribute toward the cost of the design, construction and installation of the Initial Alterations an amount equal to Eight Hundred Ninety Six Thousand Five Hundred Twenty and 00/100 Dollars ($896,520.00) (the “Tenant Improvement Allowance”). At Tenant’s request, Landlord shall also contribute up to One Hundred Twelve Thousand Sixty Five and 00/100 Dollars ($112,065.00) as an additional renovation allowance (the “Additional Tenant Improvement Allowance”). In addition to the Tenant Improvement Allowance and the Additional Tenant Improvement Allowance provided for in Section 6(b) of the Work Letter shall not apply with respect to the Suite 120 Premises and Landlord shall provide a tenant improvement allowance with respect to the Tenant Improvements in the Suite 120 Premises, as follows:
(i) a “Suite 120 Tenant Improvement Allowance” in the maximum amount of $185.00 per rentable square foot in the Suite 120 Premises, which is included in the Base Rent set forth in the Lease; and
(ii) an “Additional Suite 120 Tenant Improvement Allowance” in the maximum amount of $40.00 per rentable square foot in the Suite 120 Premises, which shall, to the extent used, result in Suite 120 TI Rent as set forth in Section 5(c) below. For the avoidance of doubt, (A) the definition of “TI Allowance” in the Work Letter shall include the Tenant Improvement Allowance, Landlord shall pay the Additional Tenant Improvement Allowance, the Suite 120 Tenant Improvement Allowance and the Additional Suite 120 Tenant Improvement Allowance, as applicable, and (B) Supervision Fee payable to Master Landlord in connection with the Tenant Improvements in Initial Alterations (as provided pursuant to the Suite 120 Premises, Landlord shall be entitled to Administrative Rent equal to 1.5% Master Lease). In the event that the cost of the “hard” TI Costs incurred in connection with such Tenant Improvements and a fee shall be payable to Tenant’s third party project manager, ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇ of ▇▇▇▇▇ ▇▇▇▇ LaSalle, not to exceed 1.5% of Initial Alterations exceeds the “hard” TI Costs of such Tenant Improvements, which amounts shall be payable out of the TI Fund. Landlord and Tenant acknowledge and agree that the Suite 120 Tenant Improvement Allowance (and the Additional Suite 120 Tenant Improvement Allowance, if Tenant elects to have Landlord contribute the extent utilizedAdditional Improvement Allowance), must Tenant shall be used toward responsible for the cost of Tenant Improvements in the Suite 120 Premisessuch excess.
c. Pursuant to the terms of the Work Letter (as amended by this First Amendment), Landlord shall, subject to the terms of the Work Letter (as amended by this First Amendment), make available to Tenant the Suite 120 Tenant Improvement Allowance and the Additional Suite 120 Tenant Improvement Allowance. Commencing on the Rent Commencement Date and continuing thereafter on the first day of each month during the Base Term, Tenant shall pay the amount necessary to fully amortize the portion of the Additional Suite 120 Tenant Improvement Allowance actually funded by Landlord, if any, in equal monthly payments with interest at a rate of 7% per annum over the Base Term, which interest shall begin to accrue on the date that Landlord first disburses such Additional Suite 120 Tenant Improvement Allowance or any portion(s) thereof (“Suite 120 TI Rent”). Any outstanding and unamortized Suite 120 TI Rent remaining unpaid as of the expiration or earlier termination of the Lease shall be paid to Landlord in a lump sum at the expiration or earlier termination of this Lease. For the avoidance of doubt, Landlord and Tenant acknowledge and agree that Suite 120 TI Rent, if any, shall not be subject to adjustment pursuant to Section 4(a) of the Lease during the Term.
Appears in 1 contract
Sources: Sublease (JMP Group Inc.)
Tenant Improvements. Tenants construction A. Lessor shall provide, at no cost to Lessee, the base building improvements for the Premises, which shall consist of a ceiling approximately nine (9) feet high, the installation of 2' x 4' ceiling grid, 2' x 2' acoustical tiles stockpiled on the floor, 2' x 4' parabolic fluorescent light fixtures stockpiled on the floor, the installation of the Tenant Improvements in primary distribution of the Suite 120 Premises HVAC system and the shell building fire protection sprinkler system, and mini blinds stockpiled on the floor. All of the foregoing items shall be either stockpiled or installed, as applicable, using Lessor's building standard improvements. All additional improvements to the base building will be so-called "Tenant Improvements" to be installed by Lessor but to be selected by Lessee as hereinafter set forth and paid for by Lessee subject to Lessor providing the terms of the Work Letter attached to the Lease as Exhibit C, except that, notwithstanding anything to the contrary contained in the Work Letter:
a. The Tenant Improvements in the Suite 120 Premises shall be constructed pursuant to the space plans attached to this First Amendment as Exhibit B (the “Suite 120 Space Plans”) and the tenant improvement specifications attached to this First Amendment as Exhibit C (the “Suite 120 TI Specifications”), which have been approved by both Landlord and Tenant, and the TI Construction Drawings for the Tenant Improvements for the Suite 120 Premises shall be prepared substantially in accordance with the Suite 120 Space Plans and the Suite 120 TI Specifications (and Landlord may not disapprove any matter in connection therewith that is consistent with the Suite 120 Space Plans and the Suite 120 TI Specifications).
b. The Tenant Improvement Allowance and the Additional Tenant Improvement Allowance provided for in Section 6(b) of the Work Letter shall not apply with respect to the Suite 120 Premises and Landlord (as hereinafter defined). Lessor shall provide a tenant improvement allowance with respect (the "Tenant Improvement Allowance") equal to the product of Twenty and 00/100ths Dollars ($20.00) multiplied by the useable area of the Premises.
B. If the price of the Tenant Improvements in exceeds the Suite 120 Premises, as follows:
(i) a “Suite 120 Tenant Improvement Allowance” , Lessee shall pay Lessor, in cash, upon substantial completion of the maximum Tenant Improvements, the amount by which the price of $185.00 per rentable square foot in the Suite 120 Premises, which is included in Tenant Improvements exceeds the Base Rent set forth in the Lease; and
(ii) an “Additional Suite 120 Tenant Improvement Allowance” in . If the maximum amount actual price of $40.00 per rentable square foot in the Suite 120 Premises, which shall, to the extent used, result in Suite 120 TI Rent as set forth in Section 5(c) below. For the avoidance of doubt, (A) the definition of “TI Allowance” in the Work Letter shall include Tenant Improvements is less than the Tenant Improvement Allowance, the Additional Tenant Improvement Allowance, difference between the Suite 120 Tenant Improvement Allowance and the Additional Suite 120 Tenant Improvement Allowance, as applicable, and (B) in connection with the Tenant Improvements in the Suite 120 Premises, Landlord shall be entitled to Administrative Rent equal to 1.5% actual price of the “hard” TI Costs incurred in connection with such Tenant Improvements and the Tenant Improvement Allowance (but in no event to exceed an amount equal to the product of Two and 001/100ths Dollars ($2.00)multiplied by the rentable square feet of the Premises) may be used by Lessee to offset moving expenses which may include, but shall not be limited to, transportation and installation of modular office furniture. Lessee shall submit receipts to Lessor which substantiate in reasonable detail any amount requested by Lessee for moving expenses pursuant to the previous sentence. In the alternative, this difference may be returned to Lessee in the form of a fee credit against rent due hereunder.
C. On or before September 10, 1998, Lessee shall provide to Lessor a space plan of the Tenant Improvements which Lessee desires for Lessor to construct, which space plan shall be payable subject to Tenant’s third party project manager, ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇ Lessor's approval and shall be adequate for the preparation by Lessor of ▇▇▇▇▇ ▇▇▇▇ LaSalle, not to exceed 1.5% of the “hard” TI Costs working drawings for construction of such Tenant Improvements. Such space plan shall show in reasonable detail the design and appearance of the tenant finishing materials to be used in the construction thereof, which amounts and such other detail or description as may be necessary to adequately outline the scope of the Tenant Improvements. Lessee shall be payable responsible for Lessor's costs (including lost rent) arising out of delays in completing the TI Fund. Landlord and Tenant acknowledge and agree that the Suite 120 Tenant Improvement Allowance and the Additional Suite 120 Tenant Improvement Allowance, to the extent utilized, must be used toward the cost of Tenant Improvements in the Suite 120 Premises.
c. Pursuant caused by Lessee. Lessee also agrees to the terms refrain from ordering long lead time items which would delay substantial completion of the Work Letter (Tenant Improvements. Provided that interior finish materials are of suitable quality as amended determined by this First Amendment), Landlord shall, subject to the terms of the Work Letter (as amended by this First Amendment), make available to Tenant the Suite 120 Tenant Improvement Allowance Lessor in its sole discretion and the Additional Suite 120 Tenant Improvement Allowance. Commencing on the Rent Commencement Date and continuing thereafter on the first day of each month during the Base Term, Tenant shall pay the amount necessary to fully amortize the portion of the Additional Suite 120 Tenant Improvement Allowance actually funded by Landlord, if anyare available, in equal monthly payments with interest at a rate of 7% per annum over the Base Termsufficient quantities and as needed to meet Lessor's construction schedule from reputable materialmen which meet all applicable 40 statutory and/or industry standards for licensing and bonding, which interest shall begin Lessor agrees to accrue on the date that Landlord first disburses such Additional Suite 120 Tenant Improvement Allowance or any portion(s) thereof (“Suite 120 TI Rent”). Any outstanding and unamortized Suite 120 TI Rent remaining unpaid as of the expiration or earlier termination of the Lease shall be paid to Landlord in a lump sum at the expiration or earlier termination of this Lease. For the avoidance of doubt, Landlord and Tenant acknowledge and agree that Suite 120 TI Rent, if any, shall not be subject to adjustment pursuant to Section 4(a) of the Lease during the Termpurchase interior finish materials from vendors identified by Lessee.
Appears in 1 contract
Tenant Improvements. Tenants construction of the a. Landlord shall provide Tenant Improvements a "turn-key" build-out package for improvements to Suite 210 in an amount not to exceed $70,986.70 ("Construction Budget") as specified in the "Construction Budget" attached hereto as Exhibit B. ----------
b. Tenant and Landlord have approved the space plan for Suite 120 Premises 210 (the "Space Plan"), attached hereto as Exhibit C. Within fourteen (14) days ---------- after the date of this Amendment, Landlord shall deliver to Tenant for Tenant's approval working drawings consisting of a floor plan, reflected ceiling plan, interior elevations, electrical plan, door schedule and finish schedule for Suite 210 (the "Working Drawings"), which Working Drawings shall be subject consistent with the Space Plan. Tenant shall approve or disapprove the Working Drawings in writing within three (3) business days after receipt thereof. Tenant shall have the right to disapprove the Working Drawings only if and to the extent the Working Drawings are inconsistent with the Space Plan. If Tenant disapproves the Working Drawings, Tenant shall return the Working Drawings to Landlord with Tenant's specific requested changes noted thereon. Landlord shall promptly revise and resubmit the Working Drawings to Tenant for approval (on the same terms of set forth above). Landlord shall be obligated to revise the Work Letter attached Working Drawings only to the Lease extent the Working Drawings are inconsistent with the Space Plan. The Working Drawings as Exhibit Cfinally approved by Tenant in writing are referred to as the "Final Plans."
c. The term "Landlord's Work", except thatas used in this Amendment, notwithstanding means the improvement work described in the Final Plans. Landlord may, in its sole discretion, refuse any change in the Final Plans requested by Tenant. Tenant shall pay any increased costs incurred by Landlord as a result of any changes to the Final Plans requested by Tenant ("Increased Costs"). Tenant shall pay or reimburse Landlord within five (5) business days after Landlord's request for any Increased Costs. Notwithstanding anything to the contrary contained in the Work Letter:
a. The Tenant Improvements in the Suite 120 Premises shall be constructed pursuant to the space plans attached to this First Amendment as Exhibit B (the “Suite 120 Space Plans”) and the tenant improvement specifications attached to this First Amendment as Exhibit C (the “Suite 120 TI Specifications”), which have been approved by both Landlord and Tenant, and the TI Construction Drawings for the Tenant Improvements for the Suite 120 Premises shall be prepared substantially in accordance with the Suite 120 Space Plans and the Suite 120 TI Specifications (and Landlord may not disapprove any matter in connection therewith that is consistent with the Suite 120 Space Plans and the Suite 120 TI Specifications).
b. The Tenant Improvement Allowance and the Additional Tenant Improvement Allowance provided for in Section 6(b) of the Work Letter shall not apply with respect to the Suite 120 Premises and Landlord shall provide a tenant improvement allowance with respect to the Tenant Improvements in the Suite 120 Premises, as follows:
(i) a “Suite 120 Tenant Improvement Allowance” in the maximum amount of $185.00 per rentable square foot in the Suite 120 Premises, which is included in the Base Rent set forth in the Lease; and
(ii) an “Additional Suite 120 Tenant Improvement Allowance” this Amendment, Landlord will, at Landlord's expense, finish and fill in any holes in the maximum amount floor of $40.00 per rentable square foot in the Suite 120 Premises, which shall, to the extent used, result in Suite 120 TI Rent as set forth in Section 5(c) below. For the avoidance of doubt, (A) the definition of “TI Allowance” in the Work Letter shall include the Tenant Improvement Allowance, the Additional Tenant Improvement Allowance, the Suite 120 Tenant Improvement Allowance and the Additional Suite 120 Tenant Improvement Allowance, as applicable, and (B) in connection with the Tenant Improvements in the Suite 120 Premises, Landlord shall be entitled to Administrative Rent equal to 1.5% of the “hard” TI Costs incurred in connection with such Tenant Improvements and a fee shall be payable to Tenant’s third party project manager, ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇ of ▇▇▇▇▇ ▇▇▇▇ LaSalle, not to exceed 1.5% of the “hard” TI Costs of such Tenant Improvements, which amounts shall be payable out of the TI Fund. Landlord and Tenant acknowledge and agree that the Suite 120 Tenant Improvement Allowance and the Additional Suite 120 Tenant Improvement Allowance, to the extent utilized, must be used toward the cost of Tenant Improvements in the Suite 120 Premises.
c. Pursuant to the terms of the Work Letter (as amended by this First Amendment), Landlord shall, subject to the terms of the Work Letter (as amended by this First Amendment), make available to Tenant the Suite 120 Tenant Improvement Allowance and the Additional Suite 120 Tenant Improvement Allowance. Commencing on the Rent Commencement Date and continuing thereafter on the first day of each month during the Base Term, Tenant shall pay the amount necessary to fully amortize the portion of the Additional Suite 120 Tenant Improvement Allowance actually funded by Landlord, if any, in equal monthly payments with interest at a rate of 7% per annum over the Base Term, which interest shall begin to accrue on the date that Landlord first disburses such Additional Suite 120 Tenant Improvement Allowance or any portion(s) thereof (“Suite 120 TI Rent”). Any outstanding and unamortized Suite 120 TI Rent remaining unpaid 210 existing as of the expiration or earlier termination of the Lease shall be paid to Landlord in a lump sum at the expiration or earlier termination date of this Lease. For the avoidance of doubt, Landlord and Tenant acknowledge and agree that Suite 120 TI Rent, if any, shall not be subject to adjustment pursuant to Section 4(a) of the Lease during the TermAmendment.
Appears in 1 contract
Tenant Improvements. Tenants construction of 4.1. Tenant shall cause the work (the “Tenant Improvements”) described in the Tenant Improvements in the Suite 120 Premises shall be subject to the terms of the Work Letter attached to the Lease hereto as Exhibit C, except that, notwithstanding anything B-1 (the “Tenant Work Letter”) to the contrary contained be constructed in the Work Letter:
a. The Tenant Improvements in the Suite 120 Premises shall be constructed pursuant to the space plans attached Tenant Work Letter at a cost to this First Amendment as Exhibit B Landlord not to exceed Three Hundred Thousand Dollars (the “Suite 120 Space Plans”$300,000); provided that such amount shall be reduced dollar-for-dollar by (a) and the any tenant improvement specifications attached allowance used by Landlord with respect to this First Amendment as Exhibit C (the “Suite 120 TI Specifications”), which have been approved any tenant improvements constructed by both Landlord and Tenant, and the TI Construction Drawings for the or Tenant Improvements for the Suite 120 Premises shall be prepared substantially in accordance with the Suite 120 Space Plans and the Suite 120 TI Specifications (and Landlord may not disapprove any matter in connection therewith that is consistent with the Suite 120 Space Plans and the Suite 120 TI Specifications).
b. The Tenant Improvement Allowance and the Additional Tenant Improvement Allowance provided for in Section 6(b) of the Work Letter shall not apply with respect to the Suite 120 Premises premises leased by Tenant from Landlord’s affiliate, BMR-Sorrento Plaza LLC, located at 11404 and Landlord shall provide a tenant improvement allowance with respect to the Tenant Improvements in the Suite 120 Premises, as follows:
(i) a “Suite 120 Tenant Improvement Allowance” in the maximum amount of $185.00 per rentable square foot in the Suite 120 Premises, which is included in the Base Rent set forth in the Lease; and
(ii) an “Additional Suite 120 Tenant Improvement Allowance” in the maximum amount of $40.00 per rentable square foot in the Suite 120 Premises, which shall, to the extent used, result in Suite 120 TI Rent as set forth in Section 5(c) below. For the avoidance of doubt, (A) the definition of “TI Allowance” in the Work Letter shall include the Tenant Improvement Allowance, the Additional Tenant Improvement Allowance, the Suite 120 Tenant Improvement Allowance and the Additional Suite 120 Tenant Improvement Allowance, as applicable, and (B) in connection with the Tenant Improvements in the Suite 120 Premises, Landlord shall be entitled to Administrative Rent equal to 1.5% of the “hard” TI Costs incurred in connection with such Tenant Improvements and a fee shall be payable to Tenant’s third party project manager, ▇▇▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇ of ▇▇▇▇, ▇▇▇ ▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇▇ LaSalle(the “Sorrento Plaza Premises”) and (b) any portion of such amount used by Landlord with respect to any Tenant Improvements constructed by Landlord in the Premises as provided for in the following sentence, so that in no event shall the tenant improvement allowance for tenant improvements to be constructed by Landlord and Tenant with respect to the Premises and the Sorrento Plaza Premises exceed Three Hundred Thousand Dollars ($300,000) in the aggregate (collectively, such aggregate amount as appropriately reduced from time to time as such funds are expended, the “TI Allowance”). Tenant may elect to have Landlord construct some or all of the Tenant Improvements by providing Landlord with prior written notice, in which case Landlord shall cause such Tenant Improvements (as detailed in such written notice) to be constructed in the Premises pursuant to the Landlord Work Letter attached hereto as Exhibit B-2 (the “Landlord Work Letter”) at a cost to Landlord not to exceed 1.5% the TI Allowance. The TI Allowance may be applied to the costs of (n) construction, (o) project management by Landlord (which fee shall equal two and one-half percent (2.5%) of the “hard” TI Costs cost of such the Tenant Improvements, which amounts including the portion funded by the TI Allowance), (p) space planning, architect, engineering and other related services performed by third parties unaffiliated with Tenant, (q) building permits and other taxes, fees, charges and levies by Governmental Authorities (as defined below) for permits or for inspections of the Tenant Improvements, and (r) costs and expenses for labor, material, equipment and fixtures. In no event shall the TI Allowance be payable out used for (w) payments to Tenant or any affiliates of Tenant, (x) the purchase of any furniture, personal property or other non-building system equipment, (y) costs resulting from any default by Tenant of its obligations under this Lease or (z) costs that are recoverable by Tenant from a third party (e.g., insurers, warrantors, or tortfeasors).
4.2. Tenant shall have until December 31, 2016 (the “TI Deadline”), subject to delays caused by the Landlord and delays due to Force Majeure, to expend the unused portion of the TI FundAllowance, after which date Landlord’s obligation to fund such costs shall expire.
4.3. Landlord and shall not be obligated to expend any portion of the TI Allowance until Landlord shall have received from Tenant acknowledge and agree that the Suite 120 applicable Work Letter executed by an authorized officer of Tenant. In no event shall any unused TI Allowance entitle Tenant Improvement Allowance and the Additional Suite 120 Tenant Improvement Allowance, to the extent utilized, must be used toward the cost of Tenant Improvements in the Suite 120 Premisesa credit against Rent payable under this Lease.
c. Pursuant 4.4. In consideration for, and as an inducement to, Tenant entering into this Lease, within five (5) business days after the Execution Date, Landlord shall also pay to Tenant the terms amount of the Work Letter Ninety-Seven Thousand Seven Hundred Ninety-One Dollars and Seventeen Cents (as amended by this First Amendment$97,791.17), Landlord shall, which sum Tenant may use for constructing improvements within the Premises (subject to the terms of the Work Letter (as amended by this First Amendment), make available to Tenant the Suite 120 Tenant Improvement Allowance and the Additional Suite 120 Tenant Improvement Allowance. Commencing on the Rent Commencement Date and continuing thereafter on the first day of each month during the Base Term, Tenant shall pay the amount necessary to fully amortize the portion of the Additional Suite 120 Tenant Improvement Allowance actually funded by Landlord, if any, in equal monthly payments with interest at a rate of 7% per annum over the Base Term, which interest shall begin to accrue on the date that Landlord first disburses such Additional Suite 120 Tenant Improvement Allowance or any portion(s) thereof (“Suite 120 TI Rent”). Any outstanding and unamortized Suite 120 TI Rent remaining unpaid as of the expiration or earlier termination of the Lease shall be paid to Landlord in a lump sum at the expiration or earlier termination conditions of this Lease. For the avoidance of doubt) or for any other purpose in accordance with Applicable Laws, Landlord and as determined by Tenant acknowledge and agree that Suite 120 TI Rent, if any, shall not be subject to adjustment pursuant to Section 4(a) of the Lease during the Termin its sole discretion.
Appears in 1 contract
Sources: Lease (Halozyme Therapeutics Inc)
Tenant Improvements. Tenants construction of the Tenant Improvements in the Suite 120 Premises shall be subject to the terms of the Work Letter attached to the Lease as Exhibit Ca. On or before August 1, except that, notwithstanding anything to the contrary contained in the Work Letter:
a. The Tenant Improvements in the Suite 120 Premises shall be constructed pursuant to the space plans attached to this First Amendment as Exhibit B (the “Suite 120 Space Plans”) and the tenant improvement specifications attached to this First Amendment as Exhibit C (the “Suite 120 TI Specifications”), which have been approved by both Landlord and Tenant, and the TI Construction Drawings for the Tenant Improvements for the Suite 120 Premises shall be prepared substantially in accordance with the Suite 120 Space Plans and the Suite 120 TI Specifications (and Landlord may not disapprove any matter in connection therewith that is consistent with the Suite 120 Space Plans and the Suite 120 TI Specifications).
b. The Tenant Improvement Allowance and the Additional Tenant Improvement Allowance provided for in Section 6(b) of the Work Letter shall not apply with respect to the Suite 120 Premises and Landlord shall provide a tenant improvement allowance with respect to the Tenant Improvements in the Suite 120 Premises, as follows:
(i) a “Suite 120 Tenant Improvement Allowance” in the maximum amount of $185.00 per rentable square foot in the Suite 120 Premises, which is included in the Base Rent set forth in the Lease; and
(ii) an “Additional Suite 120 Tenant Improvement Allowance” in the maximum amount of $40.00 per rentable square foot in the Suite 120 Premises, which shall, to the extent used, result in Suite 120 TI Rent as set forth in Section 5(c) below. For the avoidance of doubt, (A) the definition of “TI Allowance” in the Work Letter shall include the Tenant Improvement Allowance, the Additional Tenant Improvement Allowance, the Suite 120 Tenant Improvement Allowance and the Additional Suite 120 Tenant Improvement Allowance, as applicable, and (B) in connection with the Tenant Improvements in the Suite 120 Premises2014, Landlord shall be entitled endeavor to Administrative Rent equal deliver to 1.5% of Tenant and Tenant shall accept in its "AS IS, WHERE IS" condition," without any representations or warranties (express or implied) whatsoever, except as otherwise expressly provided in the “hard” TI Costs incurred in connection with such Tenant Improvements and a fee shall be payable to Tenant’s third party project manager, ▇Lease or this P▇▇▇▇▇▇▇▇ ▇▇, ▇▇▇▇▇ of ▇▇▇▇▇ ▇▇▇▇ LaSalle4 North so that Tenant may perform the work under the work letter attached as Exhibit D to the Original Lease, as amended hereby (the "Work Letter"). Tenant acknowledges and agrees that Floor 4 North was previously improved for occupancy and all improvements existing on the Fifth Amendment Date shall be left in place by Landlord. Landlord shall not be required to exceed 1.5% perform any improvements to Floor 4 North or to provide any allowances therefor, except as otherwise expressly provided in this Paragraph 4.
b. Tenant shall be responsible for all design and construction of the “hard” TI Costs of such Tenant Improvementsimprovements to the Premises as expanded hereby ("Tenant's Fifth Amendment Work"), which amounts shall will be payable out of the TI Fund. Landlord and Tenant acknowledge and agree that the Suite 120 Tenant Improvement Allowance and the Additional Suite 120 Tenant Improvement Allowance, to the extent utilized, must be used toward the cost of Tenant Improvements performed in the Suite 120 Premises.
c. Pursuant to accordance with the terms of the Work Letter, which shall be further amended as follows:
i. Notwithstanding anything in the Lease or the Work Letter (to the contrary, the "Construction Allowance " for purposes of this Fifth Amendment and the Work Letter shall mean the amount of $1,336,902.00, which Construction Allowance shall not be available to Tenant for requisition until October 1, 2018, for improvements made to the Premises any time after execution of this amendment.
ii. All references in the Work Letter to "Tenant's Work" shall be deemed to refer to Tenant's Fifth Amendment Work and all references therein to the "Demised Premises" shall be deemed to refer to the Premises, as amended expanded by this First Fifth Amendment), Landlord shall, subject to the terms .
iii. Sections 8.A. and 8.B. of the Work Letter (Letter, as amended by this First Amendmentfrom time to time, are hereby deleted in their entirety, and the following new Section 8.A. is hereby inserted in lieu thereof:
A. Tenant covenants and agrees to complete the construction and installation of tenant improvements to the Premises having a fixed asset original book value of not less than $6,622,320.00 (the "Capital Obligation"), make available on or before September 1, 2025, and, if Tenant has breached this covenant, (i) Tenant's right to Tenant the Suite 120 Tenant Improvement any unexpended Construction Allowance shall terminate and the Additional Suite 120 Tenant Improvement Allowance. Commencing on the Rent Commencement Date be for no further force or effect whatsoever and continuing thereafter on the first day of each month during the Base Term, (ii) Tenant shall pay to Landlord a lump sum amount equal to the difference between the Capital Obligation and the amount necessary to fully amortize the portion of the Additional Suite 120 actually expended by Tenant Improvement Allowance actually funded by Landlord, if any, in equal monthly payments with interest at a rate of 7% per annum over the Base Term, which interest shall begin to accrue on the date that Landlord first disburses such Additional Suite 120 Tenant Improvement Allowance or any portion(s) thereof (“Suite 120 TI Rent”). Any outstanding and unamortized Suite 120 TI Rent remaining unpaid as required herein as of the expiration or earlier termination September 1, 2025, within thirty (30) days after receipt of the Lease shall be paid demand from Landlord. Tenant acknowledges and agrees that Tenant's Capital Obligation is a material consideration to Landlord in a lump sum at the expiration or earlier termination of entering into this Lease. For the avoidance of doubt, Landlord and Tenant acknowledge and agree that Suite 120 TI Rent, if any, shall not be subject to adjustment pursuant to Section 4(a) of the Lease during the TermFifth Amendment."
Appears in 1 contract
Tenant Improvements. Tenants construction Section 24 of the Tenant Improvements Lease is hereby deleted in the Suite 120 Premises shall be subject to the terms of the Work Letter attached to the Lease as Exhibit C, except that, notwithstanding anything to the contrary contained in the Work Letter:
a. The Tenant Improvements in the Suite 120 Premises shall be constructed pursuant to the space plans attached to this First Amendment as Exhibit B (the “Suite 120 Space Plans”) its ------------------- entirety and the following Section 24 is hereby substituted in lieu thereof: "Tenant shall construct the tenant improvement specifications attached to this First Amendment as Exhibit improvements ("Improvements") for Premises A, Premises B, Premises C (the “Suite 120 TI Specifications”), which have been approved by both Landlord and Tenant, and the TI Construction Drawings for the Tenant Improvements for the Suite 120 Premises shall be prepared substantially D in accordance with the Suite 120 Space Plans Work Letter Agreement attached hereto as Schedule 1. Landlord hereby grants to Tenant an ---------- allowance for the Improvements (the "Improvement Allowance") of Eighteen and 60/100 Dollars per square foot of space in the Suite 120 TI Specifications (and Landlord may not disapprove any matter in connection therewith that is consistent with the Suite 120 Space Plans and the Suite 120 TI Specifications).
b. Premises. The Tenant Improvement Allowance and shall only be used for the Additional Tenant Improvement Allowance provided for in Section 6(b) of the Work Letter shall not apply with respect to the Suite 120 Premises and Landlord shall provide a tenant improvement allowance with respect to the Tenant Improvements items specified in the Suite 120 Premises, Cost Breakdown as follows:
(i) a “Suite 120 Tenant Improvement Allowance” in the maximum amount of $185.00 per rentable square foot in the Suite 120 Premises, which is included in the Base Rent set forth in the Lease; and
(ii) an “Additional Suite 120 Tenant Improvement Allowance” in the maximum amount of $40.00 per rentable square foot in the Suite 120 Premises, which shall, to the extent used, result in Suite 120 TI Rent as set forth in Section 5(c) below. For the avoidance of doubt, (A) the definition of “TI Allowance” defined in the Work Letter Agreement. The Improvement Allowance for Premises A may only be used to construct Improvements to Premises A; the Improvement Allowance for Premises B may only be used to construct Improvements to Premises B; the Improvement Allowance for Premises C may only be used to construct Improvements to Premises C and the Improvement Allowance for Premises D may only be used to construct Improvements to Premises D. In addition thereto, if Tenant does not fully draw down the Improvement Allowance for a particular space within one hundred twenty (120) days of the date that particular Premises is delivered to Tenant, then any unused portion of that particular Improvement Allowance shall include not be paid or refunded to Tenant or be available to Tenant as a credit against any obligations of Tenant under the Lease. Notwithstanding the foregoing, if Tenant has not fully drawn down the Improvement Allowance for a particular space within the aforesaid one hundred twenty (120) day period, but Tenant is diligently pursuing completion of the Tenant Improvement Allowance, the Additional Tenant Improvement Allowance, the Suite 120 Tenant Improvement Allowance and the Additional Suite 120 Tenant Improvement Allowance, as applicable, and (B) in connection with the Tenant Improvements in the Suite 120 PremisesImprovements, Landlord shall be entitled grant Tenant such additional time as is reasonable to Administrative Rent equal to 1.5% of complete the “hard” TI Costs incurred in connection with such Tenant Improvements and a fee shall be payable to Tenant’s third party project manager, ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇ of ▇▇▇▇▇ ▇▇▇▇ LaSalle, not to exceed 1.5% of the “hard” TI Costs of such Tenant Improvements, which amounts shall be payable out of the TI Fund. Landlord and Tenant acknowledge and agree that the Suite 120 Tenant Improvement Allowance and the Additional Suite 120 Tenant Improvement Allowance, to the extent utilized, must be used toward the cost of Tenant Improvements in the Suite 120 Premises.
c. Pursuant to the terms of the Work Letter (as amended by this First Amendment), Landlord shall, subject to the terms of the Work Letter (as amended by this First Amendment), make available to Tenant the Suite 120 Tenant Improvement Allowance and the Additional Suite 120 Tenant Improvement Allowance. Commencing on the Rent Commencement Date and continuing thereafter on the first day of each month during the Base Term, Tenant shall pay the amount necessary to fully amortize the portion of the Additional Suite 120 Tenant Improvement Allowance actually funded by Landlord, if any, in equal monthly payments with interest at a rate of 7% per annum over the Base Term, which interest shall begin to accrue on the date that Landlord first disburses such Additional Suite 120 Tenant Improvement Allowance or any portion(s) thereof (“Suite 120 TI Rent”). Any outstanding and unamortized Suite 120 TI Rent remaining unpaid as of the expiration or earlier termination of the Lease shall be paid to Landlord in a lump sum at the expiration or earlier termination of this Lease. For the avoidance of doubt, Landlord and Tenant acknowledge and agree that Suite 120 TI Rent, if any, shall not be subject to adjustment pursuant to Section 4(a) of the Lease during the Term.
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Tenant Improvements. Tenants construction 2.1 In addition to Landlord’s Work, Tenant shall have the right to make improvements to the interior of the Premises (the “Tenant Improvements”). Tenant shall make the Tenant Improvements in at Tenant's sole cost and expense (subject to the Suite 120 Premises Tenant Improvement Allowance set forth below). All Tenant Improvements shall be subject to the terms consent of Landlord, which consent shall not be unreasonably withheld, delayed or conditioned. Any such Tenant Improvements (except trade fixtures) shall at once become a part of the Work Letter attached to the Lease as Exhibit C, except that, notwithstanding anything to the contrary contained in the Work Letter:
a. The Tenant Improvements in the Suite 120 Premises and shall be constructed pursuant surrendered to Landlord upon the space plans attached to expiration or sooner termination of this First Amendment as Exhibit B (the “Suite 120 Space Plans”) and the tenant improvement specifications attached to this First Amendment as Exhibit C (the “Suite 120 TI Specifications”), which have been approved by both Landlord and Tenant, and the TI Construction Drawings for the Tenant Improvements for the Suite 120 Premises shall be prepared substantially in accordance with the Suite 120 Space Plans and the Suite 120 TI Specifications (and Landlord may not disapprove any matter in connection therewith that is consistent with the Suite 120 Space Plans and the Suite 120 TI Specifications).
b. The Tenant Improvement Allowance and the Additional Tenant Improvement Allowance provided for in Section 6(b) of the Work Letter shall not apply with respect to the Suite 120 Premises and Landlord shall provide a tenant improvement allowance Lease. All work with respect to the Tenant Improvements must be done in a good and workmanlike manner and diligently prosecuted to completion to the Suite 120 Premises, as follows:end that the improvements on the Premises shall at all times be a complete unit except during the period of work.
(i) 2.2 Landlord grants to Tenant a “Suite 120 one-time Tenant Improvement Allowance” in the maximum amount Allowance of sixty dollars ($185.00 60.00) per rentable square foot of the Premises (Five Million One Hundred Seventy-four Thousand Seven Hundred Sixty Dollars ($5,174,760.00)) for the Tenant’s Improvements, including any soft costs associated with the design and construction of such tenant improvements, including without limitation costs for space planning, design, engineering, measurement, cost estimating, value engineering and move-in. During the construction of the Tenant Improvements, and commencing upon the date that is the First Rent Commencement Date (as defined in section E(1)(a) of the Suite 120 PremisesBasic Provisions), Landlord shall make periodic distributions of the Tenant Improvement Allowance to Tenant in accordance with the following:
2.2.1 Landlord’s distribution of the Tenant Improvement Allowance to the Tenant shall not occur more than one (1) time per month.
2.2.2 Tenant shall not be entitled to a disbursement of the Tenant Improvement Allowance that exceeds an amount equal to more than $60.00 per square foot for the rentable square footage upon which Tenant is included required to pay Rent (determined in accordance with Section E of the Base Rent Basic Provisions and set forth in a written amendment to Lease executed by the Leaseparties, if applicable) at time of the request for disbursement. Specifically:
(a) The aggregate Tenant Improvement Allowance disbursed prior to the Second Rent Commencement Date shall not exceed the greater of: (i) Three Million One Hundred Four Thousand Eight Hundred Fifty-six Dollars ($3,104.856.00), constituting $60.00 multiplied by the rentable square footage comprising sixty percent (60%) of the Premises (51,747.60 square feet)); and
or (ii) an “Additional Suite 120 amount equal to the $60.00 multiplied by the highest rentable square footage on which Tenant is required to pay Rent during the period up to the Second Rent Commencement Date.
(b) The aggregate Tenant Improvement Allowance” in Allowance disbursed prior to the maximum amount of Final Rent Commencement Date shall not exceed the greater of: (i) Four Million One Hundred Thirty-nine Thousand Eight Hundred Eight Dollars ($40.00 per 4,139,808.00), constituting $60.00 multiplied by rentable square foot in footage comprising eighty percent (80%) of the Suite 120 Premises, which shall, Premises (68,996.80 square feet)) or (ii) an amount equal to the extent used$60.00 multiplied by the highest rentable square footage on which Tenant is required to pay Rent during the period up to the Final Rent Commencement Date. DOCSSB/108279v20/100382-1006
(c) From and after the Final Rent Commencement Date, result in Suite 120 TI Rent as set forth in Section 5(c) below. For the avoidance remainder of doubt, (A) the definition of “TI Allowance” in the Work Letter shall include the Tenant Improvement Allowance, the Additional Tenant Improvement Allowance, the Suite 120 Allowance may be disbursed as and when incurred by Tenant.
2.2.3 The Tenant Improvement Allowance and the Additional Suite 120 shall be disbursed only upon presentation by Tenant Improvement Allowance, as applicable, to Landlord of: (i) copies of Tenant’s paid invoices for costs associated with Tenant Improvements; and (Bii) in connection with all applicable unconditional final lien waivers.
2.2.4 If Tenant does not utilize the Tenant Improvements in the Suite 120 Premises, Landlord shall be entitled to Administrative Rent equal to 1.5% of the “hard” TI Costs incurred in connection with such Tenant Improvements and a fee shall be payable to Tenant’s third party project manager, ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇ of ▇▇▇▇▇ ▇▇▇▇ LaSalle, not to exceed 1.5% of the “hard” TI Costs of such Tenant Improvements, which amounts shall be payable out of the TI Fund. Landlord and Tenant acknowledge and agree that the Suite 120 Tenant Improvement Allowance and the Additional Suite 120 Tenant Improvement Allowanceby March 31, to the extent utilized2021 as such date may be postponed by reason of force majeure, must be used toward the cost of Tenant Improvements in the Suite 120 Premises.
c. Pursuant to the terms of the Work Letter (as amended by this First Amendment), Landlord shall, subject to the terms of the Work Letter (as amended by this First Amendment), make available to Tenant the Suite 120 any remaining Tenant Improvement Allowance shall become null and the Additional Suite 120 Tenant Improvement Allowance. Commencing on the Rent Commencement Date void and continuing thereafter on the first day of each month during the Base Term, Tenant shall pay the amount necessary forever lose its right to fully amortize the portion of the Additional Suite 120 utilize said allowance. The Tenant Improvement Allowance actually funded by Landlord, if any, shall in equal monthly payments with interest at a rate of 7% per annum over no event be credited towards the Base Term, which interest shall begin to accrue on the date that Landlord first disburses such Additional Suite 120 Tenant Improvement Allowance or any portion(s) thereof (“Suite 120 TI Rent”). Any outstanding and unamortized Suite 120 TI Rent remaining unpaid as of the expiration or earlier termination of the Lease shall be paid to Landlord in a lump sum at the expiration or earlier termination of this Lease. For the avoidance of doubt, Landlord and Tenant acknowledge and agree that Suite 120 TI Rent, if any, shall not be subject to adjustment pursuant to Section 4(a) of the Lease during the Termpayable hereunder.
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Tenant Improvements. Tenants construction Prior to the Lease Commencement Date, Landlord shall, in a good and workmanlike manner and with building-standard materials, make improvements to the Premises ("Tenant Improvements") in accordance with plans and specifications ("Plans and Specifications") to be prepared by Landlord and approved in writing by Tenant, which approval shall not be unreasonably withheld. In connection therewith, Landlord will prepare a budget for Tenant's review and approval. Once the Plans and Specifications are acceptable to both parties, it is agreed that same shall be attached hereto and become a part of this Lease, being identified as SCHEDULE B. Except as otherwise specifically provided in this Lease, Landlord shall not be responsible for performing or paying for the moving or installation of telephone and computer systems, wiring or cabling, or the acquisition, moving or installation of Tenant's furnishings, fixtures and equipment in the Premises; provided, however, to the extent the Tenant Allowance (hereinafter defined) is not fully utilized to pay for the cost of the Tenant Improvements, up to Eight Thousand Sixty-Six Dollars ($8,066.00) may be applied to Tenant's moving and cabling expenses provided Tenant submits to Landlord invoices evidencing such cabling and/or moving expenses. Landlord agrees to bear the cost of the Tenant Improvements in the Suite 120 Premises shall be subject an amount not to the terms of the Work Letter attached to the Lease as Exhibit C, except that, notwithstanding anything to the contrary contained in the Work Letter:
a. The Tenant Improvements in the Suite 120 Premises shall be constructed pursuant to the space plans attached to this First Amendment as Exhibit B exceed Two Hundred One Thousand Six Hundred Fifty Dollars and No Cents (the “Suite 120 Space Plans”) and the tenant improvement specifications attached to this First Amendment as Exhibit C (the “Suite 120 TI Specifications”$201,650.00)("Tenant Allowance"), which have been approved amount includes demolition costs, Landlord's construction management fee and any other costs (exclusive of Common Area and corridor costs) required to improve the Premises from its current "as-is" condition. Tenant covenants and agrees to pay to Landlord, as Additional Rent, all costs and expenses incurred by both Landlord and Tenant, and the TI Construction Drawings for the Tenant Improvements for the Suite 120 Premises shall be prepared substantially in accordance with the Suite 120 Space Plans and the Suite 120 TI Specifications (and Landlord may not disapprove any matter in connection therewith that is consistent with the Suite 120 Space Plans and the Suite 120 TI Specifications).
b. The Tenant Improvement Allowance and the Additional Tenant Improvement Allowance provided for in Section 6(b) of the Work Letter shall not apply with respect to the Suite 120 Premises and Landlord shall provide a tenant improvement allowance with respect to performing the Tenant Improvements in excess of the Suite 120 PremisesTenant Allowance and to make such payment within thirty (30) days after receipt of a reasonably detailed invoice for same from Landlord. Except as otherwise provided in this Section 5.1., as follows:
(i) a “Suite 120 any excess of the Tenant Allowance over the total cost of constructing the Tenants Improvement Allowance” in shall belong solely to Landlord. Any other initial improvements to the maximum amount of $185.00 per rentable square foot in Premises not shown on the Suite 120 PremisesPlans and Specifications are subject to Landlord's prior written approval, which is included in approval shall not be unreasonably withheld or delayed, and such improvements shall be performed by Landlord, and the Base Rent set forth in the Lease; and
cost thereof shall be paid by Tenant to Landlord within thirty (ii30) days following receipt of an “Additional Suite 120 invoice for same from Landlord. Any amounts payable by Tenant Improvement Allowance” in the maximum amount of $40.00 per rentable square foot in the Suite 120 Premises, which shall, to the extent used, result in Suite 120 TI Rent as set forth in Section 5(c) below. For the avoidance of doubt, (A) the definition of “TI Allowance” in the Work Letter hereunder shall include Landlord's standard construction management fee computed on the Tenant Improvement Allowancetotal cost of construction (currently 13.5%), the Additional Tenant Improvement Allowance, the Suite 120 Tenant Improvement Allowance and the Additional Suite 120 Tenant Improvement Allowance, as applicable, and (B) in connection with the Tenant Improvements in the Suite 120 Premises, Landlord shall be entitled including but not limited to Administrative Rent equal to 1.5% of the “hard” TI Costs incurred in connection with such Tenant Improvements and a fee shall be payable to Tenant’s third party project manager, ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇ of ▇▇▇▇▇ ▇▇▇▇ LaSalle, not to exceed 1.5% of the “hard” TI Costs of such Tenant Improvements, which amounts shall be payable out of the TI Fund. Landlord and Tenant acknowledge and agree that the Suite 120 Tenant Improvement Allowance and the Additional Suite 120 Tenant Improvement Allowance, to the extent utilized, must be used toward the cost of Tenant Improvements in the Suite 120 Premisesdeveloping, preparing and modifying construction drawings.
c. Pursuant to the terms of the Work Letter (as amended by this First Amendment), Landlord shall, subject to the terms of the Work Letter (as amended by this First Amendment), make available to Tenant the Suite 120 Tenant Improvement Allowance and the Additional Suite 120 Tenant Improvement Allowance. Commencing on the Rent Commencement Date and continuing thereafter on the first day of each month during the Base Term, Tenant shall pay the amount necessary to fully amortize the portion of the Additional Suite 120 Tenant Improvement Allowance actually funded by Landlord, if any, in equal monthly payments with interest at a rate of 7% per annum over the Base Term, which interest shall begin to accrue on the date that Landlord first disburses such Additional Suite 120 Tenant Improvement Allowance or any portion(s) thereof (“Suite 120 TI Rent”). Any outstanding and unamortized Suite 120 TI Rent remaining unpaid as of the expiration or earlier termination of the Lease shall be paid to Landlord in a lump sum at the expiration or earlier termination of this Lease. For the avoidance of doubt, Landlord and Tenant acknowledge and agree that Suite 120 TI Rent, if any, shall not be subject to adjustment pursuant to Section 4(a) of the Lease during the Term.
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Tenant Improvements. Tenants construction of the Tenant Improvements in the Suite 120 Premises Landlord at it’s sole cost and expense, shall be subject to the terms of the Work Letter attached to the Lease as Exhibit C, except that, notwithstanding anything to the contrary contained in the Work Letter:
a. The Tenant Improvements in the Suite 120 Premises shall be constructed pursuant to the space plans attached to this First Amendment as Exhibit B provide tenant improvements (the “Suite 120 Space PlansTenant Improvements”) and to suit as detailed in Exhibit “A” attached hereto, excepting the transformer room marked room 112. Said tenant improvement specifications attached to this First Amendment as Exhibit C (the “Suite 120 TI Specifications”), which have been approved by both Landlord and Tenant, and the TI Construction Drawings for the Tenant Improvements for the Suite 120 Premises improvements shall be prepared substantially in accordance with delivered by Landlord on the Suite 120 Space Plans and the Suite 120 TI Specifications (and Landlord may not disapprove any matter in connection therewith that is consistent with the Suite 120 Space Plans and the Suite 120 TI Specifications).
b. The Tenant Improvement Allowance and the Additional Tenant Improvement Allowance provided for in Section 6(b) commencement of the Work Letter shall not apply with respect to the Suite 120 Premises lease in a finished condition including taped, sanded and Landlord shall provide a tenant improvement allowance with respect to the Tenant Improvements in the Suite 120 Premisespainted drywall partitions, as follows:
(i) a “Suite 120 Tenant Improvement Allowance” in the maximum amount of $185.00 per rentable square foot in the Suite 120 PremisesHVAC, which is included in the Base Rent set forth in the Lease; and
(ii) an “Additional Suite 120 Tenant Improvement Allowance” in the maximum amount of $40.00 per rentable square foot in the Suite 120 Premisesdrop ceiling and fluorescent lighting fixtures, which shall, to the extent used, result in Suite 120 TI Rent as set forth in Section 5(c) below. For the avoidance of doubt, (A) the definition of “TI Allowance” in the Work Letter shall include the Tenant Improvement Allowance, the Additional Tenant Improvement Allowance, the Suite 120 Tenant Improvement Allowance and the Additional Suite 120 Tenant Improvement Allowance, as applicable, and (B) in connection with the Tenant Improvements in the Suite 120 Premises, Landlord shall be entitled to Administrative Rent equal to 1.5% of the “hard” TI Costs incurred in connection with such Tenant Improvements and a fee shall be payable to Tenant’s third party project managercarpeting, ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇ Excelon SDT Static Dissipative tile (does not include installation of ▇▇▇▇▇ ▇▇▇▇ LaSalleadditional copper grounding strips) flooring in computer rooms, not and 110-volt electrical outlets every 10 feet. Landlord shall provide the generator room with concrete floor, 2 hour rated walls and ceiling, 110-volt electrical outlets on walls and fluorescent lighting fixtures. Landlord shall also provide fully improved common areas including ground floor lobby, elevator, corridors and restrooms. Landlord shall be responsible for all costs associated with fire code compliance and ADA compliance. The final cost estimate shall be determined within ten (10) days of Landlord’s receipt of Tenant’s final space plan. Tenant’s final space plan is attached hereto as Exhibit A and has been approved by the parties hereto. Landlord shall cause to exceed 1.5% be prepared, as quickly as possible, final plans, specifications and working drawings of the Tenant Improvements (“hard” TI Costs Final Plans”), all of which conform to or represent logical evolutions of or developments from Tenant’s final space plan. Within ten (10) days after receipt thereof, at its election (a) Tenant may approve the Final Plans, or (b) Tenant may deliver to Landlord the specific written changes to such plans that are necessary, in Tenant’s opinion, to conform such plans to Tenant’s final space plan. If Tenant desires changes, Landlord shall not unreasonably withhold its approval of such changes and the parties shall confer and negotiate in good faith to reach agreement on modifications to the Final Plans. As soon as approved by Landlord and Tenant, Landlord shall submit the Final Plans to all appropriate governmental agencies and thereafter the Landlord shall use its best efforts to obtain required governmental approvals as soon as practicable. After the Final Plans have been approved, neither party shall have the right to require extra work or change orders with respect to the construction of the Tenant Improvements without the prior written consent of the other, which consent shall not be unreasonably withheld or delayed. All change orders shall specify any change in the final cost estimate as a consequence of the change order. Upon Landlord obtaining the required governmental approvals for the Tenant Improvements, which amounts Landlord shall provide Tenant early occupancy of the Premises for Tenant’s construction of Tenant’s additional improvements set forth below and for the installation of Tenant’s trade fixtures and equipment. Such early occupancy shall be payable out on the same terms and conditions of this Lease except that Tenant shall have no obligation to pay rent during such early occupancy. Tenant shall reimburse Landlord, in cash, prior to lease commencement for any costs that exceed $135,000.00 due to changes or additions caused by Tenant or it’s special utility and HVAC needs, but only if such excess cost is reflected in the TI Fundfinal cost estimate. Tenant has advised Landlord and Tenant acknowledge Landlord has approved of Tenant’s requirement for additional improvements to be located at the Premises. Said additional improvements that are exclusively for Tenant’s use may include, but are not necessarily limited to, a 1,200-amp, 120/208-volt, 3 phase power service with distribution, an on-site transformer room #112 required by PGE, and agree that ten (10) tons of roof mounted HVAC with distribution to service Tenant’s equipment. All costs associated with the Suite 120 Tenant Improvement Allowance additional electrical and HVAC equipment installation and the Additional Suite 120 Tenant Improvement Allowance, to transformer room shall solely be the extent utilized, must be used toward the cost obligation and responsibility of Tenant Improvements in the Suite 120 Premises.
c. Pursuant to the terms of the Work Letter (as amended by this First Amendment), Landlord shall, subject to the terms of the Work Letter (as amended by this First Amendment), make available to Tenant the Suite 120 Tenant Improvement Allowance and the Additional Suite 120 Tenant Improvement AllowanceTenant. Commencing on the Rent Commencement Date and continuing thereafter on the first day of each month during the Base Term, Tenant shall pay the amount necessary to fully amortize the portion of the Additional Suite 120 Tenant Improvement Allowance actually funded contract separately with a licensed and bonded contractor, that is pre-approved by Landlord, if any, for said additional tenant improvements. Landlord shall be held harmless and have no responsibility whatsoever for any delays that may occur in equal monthly payments with interest at a rate of 7% per annum over the Base Term, which interest shall begin to accrue on the date that Landlord first disburses such Additional Suite 120 Tenant Improvement Allowance or any portion(s) thereof (“Suite 120 TI Rent”). Any outstanding and unamortized Suite 120 TI Rent remaining unpaid as Landlord’s completion of the expiration or earlier termination standard tenant improvements to be built by Landlord and delivery of the Lease Premises to Tenant that are caused by the installation of the additional tenant improvements to be installed by Tenant. No delay in the commencement date of the lease term and the payment of rent when due shall be paid specifically caused by the Tenant installation of such additional tenant improvements. The selection of a contractor, the location and cost of said additional tenant improvements, including Landlord’s approval thereof, shall be determined prior to the commencement of construction. Notwithstanding anything to the contrary, Landlord shall pay, and Tenant shall have no responsibility for, the following costs associated with Tenant’s additional improvements: (i) costs to bring the Building into compliance with applicable Laws, including, without limitation, the Americans with Disabilities Act and Hazardous Materials Laws and (ii) costs incurred to remove Hazardous Materials from the Premises or the Building. Effective upon delivery of the Premises to Tenant, Landlord warrants that (i) construction of the Tenant Improvements was performed in accordance with all Laws and the Final Plans and in a lump sum at good and workmanlike manner, and (ii) all material and equipment installed in the expiration or earlier termination Premises conformed to the Final Plans and was new and otherwise of this Lease. For the avoidance of doubt, Landlord and Tenant acknowledge and agree that Suite 120 TI Rent, if any, shall not be subject to adjustment pursuant to Section 4(a) of the Lease during the Termgood quality.
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Sources: Office Lease (Eschelon Telecom Inc)
Tenant Improvements. Tenants construction Subject to this Section 4, Tenant shall accept the Suite WB100 Premises and Suite WB200 Premises in their “as is” condition (subject to Landlord's continuing repair and maintenance obligations, as outlined in Section 10 of the Lease (as may be amended)), and Landlord shall have no obligation to make any alterations or improvements thereto whatsoever (provided that Landlord shall deliver same in good and tenantable condition, broom clean, with all systems serving same in good working order). Any alterations that Tenant Improvements desires to make in the Suite 120 WB100 Premises and Suite WB200 Premises shall be subject to all the terms and conditions set forth in Section 11 of the Work Letter attached to Lease. Notwithstanding anything in the Lease as Exhibit C, except that, notwithstanding anything to the contrary contained (and specifically deleting the references to the Improvements Allowances (as defined in Section 7 of the Fourth Amendment) for the DB First Floor Expansion Premises and the DB Second Floor Expansion Premises in Section 7 of the Fourth Amendment), Landlord hereby agrees to grant Tenant (i) an allowance in the Work Letter:
a. The Tenant Improvements in the Suite 120 Premises shall be constructed pursuant to the space plans attached to this First Amendment as Exhibit B amount of $217,480.45 (i.e. $29.33 per rentable square foot multiplied by 7,416 rentable square feet) (the “Suite 120 Space PlansWB100 Granted Allowance”) to be applied toward the cost (including architectural and engineering fees) of alterations performed by Tenant in the tenant improvement specifications attached to this First Amendment as Exhibit C Suite WB100 Premises and (ii) an allowance in the amount of $124,988.76 (the “Suite 120 TI SpecificationsWB200 Granted Allowance”, together with the Suite WB100 Granted Allowance, collectively, the “Granted Allowance”) to be applied toward the cost of the design and construction of any alterations Tenant desires to perform in Suite WB100 Premises and Suite WB200 Premises, respectively, in conjunction with Tenant’s initial occupancy of Suite WB100 Premises and Suite WB200. Any portion of the Granted Allowance may be applied to pay the fees of the architect and engineers and any construction supervision, contractors' overhead and profit charges, along with fees for any project manager employed by Tenant with respect to such alterations, as well as any licensing and permitting costs and fees; provided, the Suite WB100 Granted Allowance may only be used for the Suite WB100 Premises and the Suite WB200 Granted Allowance may only be used for the Suite WB200 Premises. The cost of Tenant’s alterations in the Suite WB100 Premises shall be paid first out the Suite WB100 Granted Allowance until the Suite WB100 Granted Allowance is exhausted (at which time Tenant shall be fully responsible for the cost of any further alterations), which have been approved by both Landlord and Tenant, and the TI Construction Drawings for the Tenant Improvements for cost of Tenant’s alteration in the Suite 120 WB200 Premises shall be prepared substantially in accordance with paid first out the Suite 120 Space Plans and WB200 Granted Allowance until the Suite 120 TI Specifications WB200 Allowance is exhausted (and Landlord may not disapprove at which time Tenant shall be fully responsible for the cost of any matter in connection therewith that is consistent with the Suite 120 Space Plans and the Suite 120 TI Specificationsfurther alterations).
b. The Tenant Improvement Allowance and the Additional Tenant Improvement Allowance provided for in Section 6(b) . Provided no Event of the Work Letter shall not apply with respect to the Suite 120 Premises and Landlord shall provide a tenant improvement allowance with respect to the Tenant Improvements in the Suite 120 Premises, as follows:
(i) a “Suite 120 Tenant Improvement Allowance” in the maximum amount of $185.00 per rentable square foot in the Suite 120 Premises, which is included in the Base Rent set forth in Default then exists under the Lease; and
(ii) an “Additional Suite 120 Tenant Improvement Allowance” in the maximum amount of $40.00 per rentable square foot in the Suite 120 Premises, which shall, to the extent used, result in Suite 120 TI Rent as set forth in Section 5(c) below. For the avoidance of doubt, (A) the definition of “TI Allowance” in the Work Letter shall include the Tenant Improvement Allowance, the Additional Tenant Improvement Allowance, the Suite 120 Tenant Improvement Granted Allowance and the Additional Suite 120 Tenant Improvement Allowance, as applicable, and (Bor portions thereof) in connection with the Tenant Improvements in the Suite 120 Premises, Landlord shall be entitled disbursed to Administrative Rent equal Tenant within thirty (30) days following Tenant's submission to 1.5% Landlord of the “hard” TI Costs incurred in connection with such Tenant Improvements and a fee shall be payable paid invoices for work related to Tenant’s third party project manager, ▇▇▇alterations performed by ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ in the Suite WB100 Premises and Suite WB200 Premises, accompanied by waivers of ▇▇▇▇▇ ▇▇▇▇ LaSalle, not to exceed 1.5% of liens executed by all contractors employed by Tenant for the “hard” TI Costs performance of such Tenant Improvements, which amounts shall be payable out of the TI Fundwork. Landlord and Tenant acknowledge and agree that the Suite 120 Tenant Improvement Allowance and the Additional Suite 120 Tenant Improvement Allowance, to the extent utilized, must be used toward If the cost of Tenant Improvements Tenant's alterations in the Suite 120 Premises.
c. Pursuant to WB100 Premises or the terms Suite WB200 Premises exceeds the amount of the Work Letter (as amended by this First Amendment), Landlord shall, subject to the terms of the Work Letter (as amended by this First Amendment), make available to Tenant Suite WB100 Granted Allowance or the Suite 120 WB200 Granted Allowance, the excess shall be paid by Tenant Improvement after the Suite WB100 Granted Allowance and or the Additional Suite 120 Tenant Improvement AllowanceWB200 Granted Allowance is fully exhausted. Commencing on the Rent Commencement Date and continuing thereafter on the first day of each month during the Base Term, Tenant shall pay the amount necessary to fully amortize the Any portion of the Additional (i) Suite 120 Tenant Improvement WB100 Granted Allowance actually funded that has not been applied (or contracted to be applied) in the manner set forth above by the date which is twelve (12) months following the Suite WB100 Premises Seventh Amendment Commencement Date shall revert to Landlord, if any, and Tenant shall have no further rights with respect thereto and (ii) Suite WB200 Granted Allowance that has not been applied (or contracted to be applied) in equal monthly payments with interest at a rate of 7% per annum over the Base Term, which interest shall begin to accrue on manner set forth above by the date that Landlord first disburses such Additional which is twelve (12) months following the Suite 120 Tenant Improvement Allowance or any portion(s) thereof (“Suite 120 TI Rent”). Any outstanding and unamortized Suite 120 TI Rent remaining unpaid as of the expiration or earlier termination of the Lease WB200 Premises Seventh Amendment Commencement Date shall be paid revert to Landlord in a lump sum at the expiration or earlier termination of this Lease. For the avoidance of doubtLandlord, Landlord and Tenant acknowledge and agree that Suite 120 TI Rent, if any, shall not be subject to adjustment pursuant to Section 4(a) of the Lease during the Termhave no further rights with respect thereto.
Appears in 1 contract
Tenant Improvements. Tenants construction Landlord shall provide to Tenant an improvement allowance not to exceed Two Hundred Fifty Thousand Dollars ($250,000.00) to be applied towards the cost and expenses of making improvements to the Building and installing Tenant trade fixtures and equipment in the Premises. Once Tenant obtains all necessary permits and approvals from TRPA to operate its business from the Premises and provides Landlord satisfactory evidence of same, Landlord shall make payment to Tenant of such allowance from time-to-time, but no more frequently than monthly and only in amounts equal to the amounts identified in the lien releases provided to Landlord by Tenant from Tenant’s contractors undertaking such work on the Premises. If Tenant defaults under this Sublease during the initial 120-month term, then Tenant shall be obligated to repay to Landlord all amounts of the allowance paid by Landlord to Tenant Improvements in hereunder upon such default. If Tenant does not exercise the Suite 120 Premises first option period to extend the term of this Sublease sixty (60) months, or during such 60-month period Tenant defaults under this Sublease, then Tenant shall be subject obligated to the terms of the Work Letter attached repay to the Lease as Exhibit C, except that, notwithstanding anything Landlord up to the contrary contained in the Work Letter:
a. The Tenant Improvements in the Suite 120 Premises shall be constructed pursuant to the space plans attached to this First Amendment as Exhibit B One Hundred Fifty Thousand Dollars (the “Suite 120 Space Plans”) and the tenant improvement specifications attached to this First Amendment as Exhibit C (the “Suite 120 TI Specifications”), which have been approved by both Landlord and Tenant, and the TI Construction Drawings for the Tenant Improvements for the Suite 120 Premises shall be prepared substantially in accordance with the Suite 120 Space Plans and the Suite 120 TI Specifications (and Landlord may not disapprove any matter in connection therewith that is consistent with the Suite 120 Space Plans and the Suite 120 TI Specifications).
b. The Tenant Improvement Allowance and the Additional Tenant Improvement Allowance provided for in Section 6(b$150,000.00) of the Work Letter shall not apply with respect allowance paid by Landlord to Tenant hereunder upon the Suite 120 Premises and Landlord shall provide a tenant improvement allowance with respect to the Tenant Improvements in the Suite 120 Premises, as follows:
(i) a “Suite 120 Tenant Improvement Allowance” in the maximum amount of $185.00 per rentable square foot in the Suite 120 Premises, which is included in the Base Rent set forth in the Lease; and
(ii) an “Additional Suite 120 Tenant Improvement Allowance” in the maximum amount of $40.00 per rentable square foot in the Suite 120 Premises, which shall, to the extent used, result in Suite 120 TI Rent as set forth in Section 5(c) below. For the avoidance of doubt, (A) the definition of “TI Allowance” in the Work Letter shall include the Tenant Improvement Allowance, the Additional Tenant Improvement Allowance, the Suite 120 Tenant Improvement Allowance and the Additional Suite 120 Tenant Improvement Allowance, as applicable, and (B) in connection with the Tenant Improvements in the Suite 120 Premises, Landlord shall be entitled to Administrative Rent equal to 1.5% end of the “hard” TI Costs incurred in connection with initial term or upon such default, respectively. If Tenant Improvements and a fee shall does not exercise the second option period to extend the term of this Sublease an additional sixty (60) months, or during such additional 60-month period Tenant defaults under this Sublease, then Tenant shall. be payable obligated to Tenant’s third party project manager, ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇ of ▇▇▇▇▇ ▇▇▇▇ LaSalle, not to exceed 1.5% of the “hard” TI Costs of such Tenant Improvements, which amounts shall be payable out of the TI Fund. Landlord and Tenant acknowledge and agree that the Suite 120 Tenant Improvement Allowance and the Additional Suite 120 Tenant Improvement Allowance, to the extent utilized, must be used toward the cost of Tenant Improvements in the Suite 120 Premises.
c. Pursuant to the terms of the Work Letter (as amended by this First Amendment), Landlord shall, subject to the terms of the Work Letter (as amended by this First Amendment), make available to Tenant the Suite 120 Tenant Improvement Allowance and the Additional Suite 120 Tenant Improvement Allowance. Commencing on the Rent Commencement Date and continuing thereafter on the first day of each month during the Base Term, Tenant shall pay the amount necessary to fully amortize the portion of the Additional Suite 120 Tenant Improvement Allowance actually funded by Landlord, if any, in equal monthly payments with interest at a rate of 7% per annum over the Base Term, which interest shall begin to accrue on the date that Landlord first disburses such Additional Suite 120 Tenant Improvement Allowance or any portion(s) thereof (“Suite 120 TI Rent”). Any outstanding and unamortized Suite 120 TI Rent remaining unpaid as of the expiration or earlier termination of the Lease shall be paid repay to Landlord in a lump sum at the expiration or earlier termination of this Lease. For the avoidance of doubt, Landlord and Tenant acknowledge and agree that Suite 120 TI Rent, if any, shall not be subject up to adjustment pursuant to Section 4(aTwenty-Five Thousand Dollars ($25,000.00) of the Lease during allowance paid by Landlord to Tenant hereunder upon the Termend of the first 60-month option period or upon such default, respectively.
Appears in 1 contract
Sources: Sub Lease (Bank Holdings)
Tenant Improvements. Tenants construction Landlord agrees to construct only once in building standard materials the following improvements more accurately shown on Exhibit "C":
1. In Room 122 Landlord will add a 8' base cabinet with sink.
2. In Room 115 Landlord will create a classroom with door as shown on Exhibit "C".
3. In Room 118 Landlord will remove one door and the partition in the middle of the Tenant Improvements room.
4. In Room 119 Landlord will remove the partition in the Suite 120 Premises shall be subject to the terms middle of the Work Letter attached to room.
5. In Rooms 120 and 121 Landlord will construct a partition.
6. In Room 140 Landlord will move the Lease as Exhibit C, except that, notwithstanding anything to the contrary contained in the Work Letter:
a. The Tenant Improvements in the Suite 120 Premises shall be constructed pursuant to the space plans attached to this First Amendment as Exhibit B (the “Suite 120 Space Plans”) door between Room 142 and the tenant improvement specifications attached to this First Amendment as Exhibit C (the “Suite 120 TI Specifications”), which have been approved by both Landlord and Tenant, and the TI Construction Drawings for the Tenant Improvements for the Suite 120 Premises shall be prepared substantially in accordance with the Suite 120 Space Plans and the Suite 120 TI Specifications (140 and Landlord may not disapprove any matter in connection therewith that is consistent with the Suite 120 Space Plans and the Suite 120 TI Specifications)will demo all other walls.
b. The Tenant Improvement Allowance 7. In Room 142 Landlord will demo all walls to create a storage area.
8. Landlord will paint the entire premises.
9. Landlord will ensure that tenants electric and A/C is properly divided and that there is sufficient A/C throughout the Additional Tenant Improvement Allowance provided for tenants space.
10. Landlord will add double glass doors in Section 6(b) of storage room and enlarge walkway.
11. Landlord will add two closets in hallway.
12. Landlord will add glass windows 4' x 6' in Rooms 120 and 121.
13. Landlord will create a larger reception area by demolishing two walls. These are the Work Letter shall not apply with respect only improvements to the Suite 120 Premises and Landlord shall provide a tenant improvement allowance with respect to the Tenant Improvements in the Suite 120 Premises, as follows:be completed. These are shown on Exhibit "C" attached.
(i) a “Suite 120 Tenant Improvement Allowance” in the maximum amount of $185.00 per rentable square foot in the Suite 120 Premises, which is included in the Base Rent set forth in the Lease; and
(ii) an “Additional Suite 120 Tenant Improvement Allowance” in the maximum amount of $40.00 per rentable square foot in the Suite 120 Premises, which shall, to the extent used, result in Suite 120 TI Rent as set forth in Section 5(c) below. For the avoidance of doubt, (A) the definition of “TI Allowance” in the Work Letter shall include the Tenant Improvement Allowance, the Additional Tenant Improvement Allowance, the Suite 120 Tenant Improvement Allowance and the Additional Suite 120 Tenant Improvement Allowance, as applicable, and (B) in connection with the Tenant Improvements in the Suite 120 Premises, Landlord shall be entitled to Administrative Rent equal to 1.5% of the “hard” TI Costs incurred in connection with such Tenant Improvements and a fee shall be payable to Tenant’s third party project manager, ▇▇▇31.01 Jame▇ ▇▇▇▇▇▇ ▇▇▇ees to provide Landlord with a personal guarantee for an amount equal to the entire lease term. 11 RIDER TO THE LEASE AGREEMENT BETWEEN CROW-CHILDRESS-DONN▇▇, ▇▇ of ▇MITED, A TEXAS LIMITED PARTNERSHIP, ("LANDLORD") AND INNOVATIVE SELECTIVE SOFTWARE, INC., A ILLINOIS CORPORATION ("TENANT") FOR PREMISES AT: 902 ▇▇▇▇▇ ▇▇▇▇▇ LaSalle▇▇▇▇, not SUITE 230, BOCA RATON, FL 33487
▇2.01 American Disability Act: Tenant, at Tenant's sole expense, shall comply with all laws, rules, orders, ordinances, directions, regulations and requirements of federal, state, county and municipal authorities now in force or which may hereafter be in force, which shall impose any duty upon the Landlord or Tenant with respect to exceed 1.5% the use, occupation or alteration of the “hard” TI Costs of such Tenant Improvements, which amounts shall be payable out of the TI Fund. Landlord and Tenant acknowledge and agree that the Suite 120 Tenant Improvement Allowance and the Additional Suite 120 Tenant Improvement Allowance, to the extent utilized, must be used toward the cost of Tenant Improvements in the Suite 120 Premisespremises.
c. Pursuant to the terms of the Work Letter (as amended by this First Amendment), Landlord shall, subject to the terms of the Work Letter (as amended by this First Amendment), make available to Tenant the Suite 120 Tenant Improvement Allowance and the Additional Suite 120 Tenant Improvement Allowance. Commencing on the Rent Commencement Date and continuing thereafter on the first day of each month during the Base Term, Tenant shall pay the amount necessary to fully amortize the portion of the Additional Suite 120 Tenant Improvement Allowance actually funded by Landlord, if any, in equal monthly payments with interest at a rate of 7% per annum over the Base Term, which interest shall begin to accrue on the date that Landlord first disburses such Additional Suite 120 Tenant Improvement Allowance or any portion(s) thereof (“Suite 120 TI Rent”). Any outstanding and unamortized Suite 120 TI Rent remaining unpaid as of the expiration or earlier termination of the Lease shall be paid to Landlord in a lump sum at the expiration or earlier termination of this Lease. For the avoidance of doubt, Landlord and Tenant acknowledge and agree that Suite 120 TI Rent, if any, shall not be subject to adjustment pursuant to Section 4(a) of the Lease during the Term.
Appears in 1 contract
Tenant Improvements. Tenants Landlord shall, at its sole cost, supervise the construction of tenant improvements (the “Tenant Improvements”) requested by Tenant and approved by Landlord in accordance with this Tenant Work Letter. The scope of the initial Tenant Improvements (the “Initial Tenant Improvements”) shall consist of: (i) new carpet and paint in the Suite 50 Space; and (ii) new carpet and paint in the Suite 200 Space and the Suite 210 Space. The scope of the access and non-structural reconfiguration Tenant Improvements (the “Access/Reconfiguration Tenant Improvements”) shall consist of: (a) the non-structural reconfiguration of certain offices and rooms in the Suite 200 Space, the Suite 210 Space, and the Suite 50 Space; (b) at Tenant’s election, an internal staircase between the Suite 150 Space and the Suite 50 Space (“Access TI”), the location of which shall be mutually acceptable to both Landlord and Tenant; and (c) potentially replacing Suite 50 exterior patio entry double doors with folding glass doors to widen the opening for hosted events. The scope of the Tenant Improvements shall not include changes or modifications to the structure of the Building, the roof, and/or any base building system located in the Building. Subject to Landlord’s obligation to pay for exterior code compliance (exterior being the common areas and path of travel to Building) at Landlord’s sole cost, the Tenant Improvements (including any building code upgrades required within the Premises as a result of the construction of the Tenant Improvements in the Suite 120 Premises Improvements) shall be subject to the terms of the Work Letter attached to the Lease as Exhibit C, except that, notwithstanding anything to the contrary contained in the Work Letter:
a. constructed by Contractor at Tenant’s sole cost. The Tenant Improvements in the Suite 120 Premises shall be constructed pursuant with materials and finishes consistent with the existing materials and finishes in the Building. Landlord shall have the right to require the space plans attached to this First Amendment as Exhibit B (the “Suite 120 Space Plans”) and the tenant improvement specifications attached to this First Amendment as Exhibit C (the “Suite 120 TI Specifications”), which have been approved by both Landlord and Tenant, and the TI Construction Drawings for removal of the Tenant Improvements for (or any portion thereof) and restoration of the Suite 120 Premises shall be prepared substantially as a result thereof in accordance with the Suite 120 Space Plans and the Suite 120 TI Specifications (and Landlord may not disapprove any matter in connection therewith that is consistent with the Suite 120 Space Plans and the Suite 120 TI Specifications).
b. The Tenant Improvement Allowance and the Additional Tenant Improvement Allowance provided for in Section 6(b) 8 of the Work Letter shall not apply with respect to the Suite 120 Premises and Landlord shall provide a tenant improvement allowance with respect to the Tenant Improvements in the Suite 120 PremisesLease Agreement; provided, as follows:
(i) a “Suite 120 Tenant Improvement Allowance” in the maximum amount of $185.00 per rentable square foot in the Suite 120 Premises, which is included in the Base Rent set forth in the Lease; and
(ii) an “Additional Suite 120 Tenant Improvement Allowance” in the maximum amount of $40.00 per rentable square foot in the Suite 120 Premises, which shall, to the extent used, result in Suite 120 TI Rent as set forth in Section 5(c) below. For the avoidance of doubt, (A) the definition of “TI Allowance” in the Work Letter shall include the Tenant Improvement Allowance, the Additional Tenant Improvement Allowance, the Suite 120 Tenant Improvement Allowance and the Additional Suite 120 Tenant Improvement Allowance, as applicable, and (B) in connection with the Tenant Improvements in the Suite 120 Premises, Landlord shall be entitled to Administrative Rent equal to 1.5% of the “hard” TI Costs incurred in connection with such Tenant Improvements and a fee shall be payable to Tenant’s third party project manager, ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇ of ▇▇▇▇▇ ▇▇▇▇ LaSalle, not to exceed 1.5% of the “hard” TI Costs of such Tenant Improvements, which amounts shall be payable out of the TI Fund. Landlord and Tenant acknowledge and agree that the Suite 120 Tenant Improvement Allowance and the Additional Suite 120 Tenant Improvement Allowance, to the extent utilized, must be used toward the cost of Tenant Improvements in the Suite 120 Premises.
c. Pursuant to the terms of the Work Letter (as amended by this First Amendment), Landlord shall, subject to the terms of the Work Letter (as amended by this First Amendment), make available to Tenant the Suite 120 Tenant Improvement Allowance and the Additional Suite 120 Tenant Improvement Allowance. Commencing on the Rent Commencement Date and continuing thereafter on the first day of each month during the Base Termhowever, Tenant shall pay provide Landlord with written notice at least one hundred twenty (120) days prior to the amount necessary to fully amortize the portion end of the Additional Suite 120 Tenant Improvement Allowance actually funded by Landlord, if any, in equal monthly payments with interest at a rate of 7% per annum over term to ascertain whether Landlord will require the Base Term, which interest shall begin to accrue on the date that Landlord first disburses such Additional Suite 120 Tenant Improvement Allowance or any portion(s) thereof (“Suite 120 TI Rent”). Any outstanding and unamortized Suite 120 TI Rent remaining unpaid as removal of the expiration or earlier termination of the Lease shall be paid to Landlord in a lump sum at the expiration or earlier termination of this Lease. For the avoidance of doubt, Landlord and Tenant acknowledge and agree that Suite 120 TI Rent, if any, shall not be subject to adjustment pursuant to Section 4(a) of the Lease during the TermAccess TI.
Appears in 1 contract
Sources: Lease Agreement (Dermira, Inc.)
Tenant Improvements. Tenants construction Landlord agrees to effect a program of Alterations for the renovation of the Premises as soon after the Commencement Date as the mutual best efforts of Landlord and Tenant shall allow. All such Alterations effected as part of the renovation program being hereinafter referred to as the "Tenant Improvements." The renovation program shall be accomplished in accordance with the provisions of Section 11 of this Lease and the provisions of a work letter agreement to be agreed upon by Landlord and Tenant no later than June 1, 1998, to be marked Exhibit C (Work Letter), and to be attached hereto and incorporated herein, in form and substance similar to Exhibit B (Work Letter) which is attached hereto and incorporated herein, subject to the following provisions:
(a) Tenant shall bear the cost of the Tenant Improvements and the cost of architectural and engineering consultants in connection therewith, provided however that Landlord shall contribute an amount not to exceed Five Dollars ($5.00) per square foot of Building (specifically not including Warehouse) space (the "Unrestricted Tenant Improvement Allowance") to be applied to the construction of new tenant improvements together with the cost of architectural and engineering consultants in connection therewith.
(b) In addition to the Unrestricted Tenant Improvement Allowance, Landlord agrees to contribute an amount not to exceed Two Dollars ($2.00) per square foot of Building (specifically not including Warehouse) space (the "Restricted Tenant Improvement Allowance") for the removal and demolition of existing tenant improvements located in the Suite 120 Premises shall on the Commencement Date and the upgrading of the Premises to comply with Legal Requirements (as defined in Section 6 hereof) in effect as of the date of this Lease, including but not limited to compliance with the ADA, Title 24 of the California Code of Regulations, and the Uniform Building Code (collectively the "Upgrading Requirements"). By way of example and not by way of limitation, the Restricted Tenant Improvement Allowance would be subject available to pay for the installation of smoke detectors, door handles, door locks, signage, handicapped accessibility, lighting and lighting controls if and to the terms extent such items are required by Legal Requirements in place as of the Work Letter attached date of this Lease. Notwithstanding the foregoing, the Restricted Tenant Improvement Allowance shall not be used for compliance with Legal Requirements in the construction of new tenant improvements but only in causing the compliance with Legal Requirements of the existing improvements, it being the intention of the parties hereto that the cost of compliance with Legal Requirements in the construction of new tenant improvements be paid out of the Unrestricted Tenant Improvement Allowance.
(c) If and to the Lease as Exhibit C, except that, notwithstanding anything extent that either (i) the cost of the new tenant improvements to the contrary contained be constructed in the Work Letter:
a. The Premises (inclusive of the cost of architectural and engineering consultants in connection therewith) exceeds the Unrestricted Tenant Improvements Improvement Allowance or (ii) the cost of improvements to be constructed in the Suite 120 Premises shall be constructed pursuant to the space plans attached to this First Amendment provisions of Section 43(b) exceed the aggregate of the Restricted Tenant Improvement Allowance, Tenant shall reimburse Landlord for such excess within fifteen (15) days following receipt by Tenant of invoices for such excess.
(d) Landlord represents and warrants that as Exhibit B (of the “Suite 120 Space Plans”) and the tenant improvement specifications attached to this First Amendment as Exhibit C (the “Suite 120 TI Specifications”), which have been approved by both Landlord and Tenant, and the TI Construction Drawings for date of completion of the Tenant Improvements for (i) the Suite 120 Premises and the Tenant Improvements shall be prepared substantially in full compliance with all applicable Legal Requirements and shall be built in a good and workmanlike manner with good materials in accordance with the Suite 120 Space Plans and the Suite 120 TI Specifications (and Landlord may not disapprove any matter in connection therewith that is consistent with the Suite 120 Space Plans and the Suite 120 TI Specifications).
b. The Tenant Improvement Allowance and the Additional Tenant Improvement Allowance provided for in Section 6(b) of the Work Letter shall not apply with respect to the Suite 120 Premises and Landlord shall provide a tenant improvement allowance with respect to the Tenant Improvements in the Suite 120 Premisesplans therefore, as follows:
(i) a “Suite 120 Tenant Improvement Allowance” in the maximum amount of $185.00 per rentable square foot in the Suite 120 Premises, which is included in the Base Rent set forth in the Lease; and
(ii) an “Additional Suite 120 Tenant Improvement Allowance” in the maximum amount of $40.00 per rentable square foot in the Suite 120 Premises, which shall, to the extent used, result in Suite 120 TI Rent as set forth in Section 5(c) below. For the avoidance of doubt, (A) the definition of “TI Allowance” in the Work Letter shall include the Tenant Improvement Allowance, the Additional Tenant Improvement Allowance, the Suite 120 Tenant Improvement Allowance equipment and the Additional Suite 120 Tenant Improvement Allowancebuilding systems serving the Premises are in good working order, as applicable, and (B) in connection with the Tenant Improvements in the Suite 120 Premises, Landlord shall be entitled to Administrative Rent equal to 1.5% of the “hard” TI Costs incurred in connection with such Tenant Improvements and a fee shall be payable to Tenant’s third party project manager, ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇ of ▇▇▇▇▇ ▇▇▇▇ LaSalle, not to exceed 1.5% of the “hard” TI Costs of such Tenant Improvements, which amounts shall be payable out of the TI Fund. Landlord and Tenant acknowledge and agree that the Suite 120 Tenant Improvement Allowance and the Additional Suite 120 Tenant Improvement Allowance, to the extent utilized, must be used toward the cost of Tenant Improvements in the Suite 120 Premises.
c. Pursuant to the terms of the Work Letter (as amended by this First Amendment), Landlord shall, subject to the terms of the Work Letter (as amended by this First Amendment), make available to Tenant the Suite 120 Tenant Improvement Allowance and the Additional Suite 120 Tenant Improvement Allowance. Commencing on the Rent Commencement Date and continuing thereafter on the first day of each month during the Base Term, Tenant shall pay the amount necessary to fully amortize the portion of the Additional Suite 120 Tenant Improvement Allowance actually funded by Landlord, if any, in equal monthly payments with interest at a rate of 7% per annum over the Base Term, which interest shall begin to accrue on the date that Landlord first disburses such Additional Suite 120 Tenant Improvement Allowance or any portion(s) thereof (“Suite 120 TI Rent”). Any outstanding and unamortized Suite 120 TI Rent remaining unpaid as of the expiration or earlier termination of the Lease shall be paid to Landlord in a lump sum at the expiration or earlier termination of this Lease. For the avoidance of doubt, Landlord and Tenant acknowledge and agree that Suite 120 TI Rent, if any, shall not be subject to adjustment pursuant to Section 4(a) of the Lease during the Term.and
Appears in 1 contract
Sources: Industrial Lease (Sandisk Corp)
Tenant Improvements. Tenants construction a. Tenant accepts the Premises in its "AS IS, WHERE IS" condition, "WITH ALL FAULTS" and without any warranties or representations whatsoever, and Landlord shall have no obligation to perform any work with respect to the Premises, or to provide any allowances with respect thereto, except as otherwise hereinafter expressly provided in this Paragraph 4. Any additions, alterations, improvements or refurbishment to the Premises, such as cabinets, built-ins, telecommunications equipment and related wiring, painting, carpeting and floor covering installed in the Premises and the installation of Tenant's Building standard suite signage (collectively "Tenant Improvements"), shall be performed subject to and in accordance with the provisions of this Paragraph 4 and Exhibit B-3, attached hereto and incorporated herein by this reference. Tenant acknowledges that the Premises were previously improved for occupancy, and all improvements existing on October 1, 2008 shall be left in place by Landlord and shall be available for reuse or shall be demolished by Tenant as part of the total cost of the Tenant Improvements to the Premises for which Tenant is responsible under the Lease and this Third Amendment. Landlord shall provide an allowance (the "Allowance") to Tenant for the purpose of paying a portion of the Tenant Improvement Costs (as defined in Exhibit B-3) respecting the Premises in the Suite 120 Premises shall be subject amount of One Million One Hundred Fifty-Nine Thousand Eight Hundred Twenty and No/100 Dollars ($1,159,820.00) in total. Landlord agrees to contribute the terms of Allowance toward the Work Letter attached to the Lease Tenant Improvement Costs (as defined in Exhibit C, except that, notwithstanding anything to the contrary contained in the Work Letter:
a. The Tenant Improvements in the Suite 120 Premises shall be constructed pursuant to the space plans attached to this First Amendment as Exhibit B (the “Suite 120 Space Plans”B-3) and the tenant improvement specifications attached to this First Amendment as Exhibit C (the “Suite 120 TI Specifications”), which have been approved by both Landlord and Tenant, and the TI Construction Drawings for the Tenant Improvements for the Suite 120 Premises shall be prepared substantially 's Work in accordance with the Suite 120 Space Plans and the Suite 120 TI Specifications provisions of Section 5.01 of said Exhibit B-3 (and Landlord may not disapprove any matter in connection therewith that is consistent with the Suite 120 Space Plans and the Suite 120 TI Specifications).
b. The Tenant Improvement Allowance and the Additional Tenant Improvement Allowance provided for in Section 6(b) of the Work Letter shall not apply with respect to the Suite 120 Premises and Landlord shall provide a tenant improvement allowance with respect to the Tenant Improvements in the Suite 120 Premises, as follows:
(i) a “Suite 120 Tenant Improvement Allowance” in the maximum amount of $185.00 per rentable square foot in the Suite 120 Premises, which is included in the Base Rent set forth in the Lease; and
(ii) an “Additional Suite 120 Tenant Improvement Allowance” in the maximum amount of $40.00 per rentable square foot in the Suite 120 Premises, which shall, to the extent used, result in Suite 120 TI Rent as set forth in Section 5(c) below. For the avoidance of doubt, (A) the definition of “TI Allowance” in the Work Letter shall include the Tenant Improvement AllowanceCosts shall include, without limitation, the Additional space designer, architect, engineer, interior design and other professionals and design specialists fees incurred by Landlord or Tenant Improvement Allowance, the Suite 120 Tenant Improvement Allowance and the Additional Suite 120 Tenant Improvement Allowance, as applicable, and (B) in connection with the Tenant Improvements Improvements, any project-management related expenses, and Landlord's construction supervision fee). If the entire Allowance is not exhausted in constructing the Suite 120 Premises, Landlord shall be entitled to Administrative Rent equal to 1.5% of the “hard” TI Costs incurred in connection with such Tenant Improvements on or before September 30, 2010, then the unused and a fee shall be payable to Tenant’s third party project manager, ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇ of ▇▇▇▇▇ ▇▇▇▇ LaSalle, remaining portion not to exceed 1.5% Three Hundred Forty-Seven Thousand Nine Hundred Forty-Six and No/100 Dollars ($347,946.00) may be used by Tenant as a credit against Monthly Rental next coming due and payable under the Lease, as amended hereby, after completion of the “hard” TI Costs Tenant Improvements; provided, however, that Tenant may utilize such portion of the Allowance not to exceed Three Hundred Forty-Seven Thousand Nine Hundred Forty-Six and No/100 Dollars ($347,946.00) as a credit against Monthly Rent next coming due and payable under the Lease until exhausted at any time after January 1, 2009 without regard to completion of construction of the Tenant Improvements.
b. Notwithstanding anything in subparagraph 4.a. above to the contrary, Tenant shall have the one-time right and option to request that Landlord perform an inspection of the HVAC system serving the Premises by providing Landlord with written notice of such Tenant Improvementselection on or before January 1, which amounts shall 2010. Within sixty (60) days after receipt of Tenant's written notice requesting such inspection (provided, however, that such 60-day period may be payable out extended as a result of the TI Fund. Landlord and Tenant acknowledge and agree that the Suite 120 Tenant Improvement Allowance and the Additional Suite 120 Tenant Improvement Allowance, casualty to the extent utilized, must be used toward Premises or the cost of Tenant Improvements HVAC system or rapid changes in the Suite 120 Premises.
c. Pursuant environment for a reasonable period of time to allow the HVAC system to equilibrate to the terms of the Work Letter (as amended by this First Amendmentenvironment or to repair any such casualty), Landlord shall, subject at its sole cost and expense, contract with an independent, licensed third-party engineer (i) to the terms perform an inspection of the Work Letter HVAC system serving the Premises to determine if said HVAC system is maintaining levels of carbon dioxide, carbon monoxide, airborne particulates and relative humidity in the Premises within the levels or acceptable deviations set forth in Standard 62.1-2004 published by the American Society of Heating, Refrigerating, and Air Conditioning Engineers, Inc. (as amended ASHRAE) (the "Air Quality Standards") and (ii) to visually inspect the Premises for mold resulting from roof leaks. If it is determined by this First Amendmentsuch inspection that the HVAC system serving the Premises is not maintaining acceptable indoor air quality pursuant to such Air Quality Standards or that mold is visible in the Premises and same was not caused by Tenant or persons acting by, under or through Tenant (in which case Tenant shall be responsible for the costs and expenses associated with the remediation described hereinbelow), make available then Landlord, at Landlord's sole cost and expense, shall (i) if the air quality does not meet the Air Quality Standards, undertake reasonable measures to bring the air quality within the Premises into substantial compliance with the Air Quality Standards and (ii) if mold is visible in the Premises, remove such mold, within the time frames and parameters required by applicable law and, if no laws apply, within a reasonable period of time. Tenant shall use reasonable good faith efforts to cooperate with Landlord in the Suite 120 performance of any such remediation. Tenant Improvement Allowance further acknowledges and agrees that the Additional Suite 120 Tenant Improvement Allowance. Commencing air quality in the Premises may be caused to fall below the Air Quality Standards as a result of, among other things, Tenant's failure to maintain the occupancy levels set forth in the Lease and any impact on the Rent Commencement Date and continuing thereafter on air quality within the first day of each month during the Base Term, Tenant shall pay the amount necessary to fully amortize the portion of the Additional Suite 120 Tenant Improvement Allowance actually funded by Landlord, if any, in equal monthly payments with interest at a rate of 7% per annum over the Base Term, which interest shall begin to accrue on the date that Landlord first disburses such Additional Suite 120 Tenant Improvement Allowance or any portion(s) thereof (“Suite 120 TI Rent”). Any outstanding and unamortized Suite 120 TI Rent remaining unpaid as of the expiration or earlier termination of the Lease Premises resulting therefrom shall be paid deemed to Landlord in a lump sum at the expiration or earlier termination of this Lease. For the avoidance of doubt, Landlord and Tenant acknowledge and agree that Suite 120 TI Rent, if any, shall not be subject to adjustment pursuant to Section 4(a) of the Lease during the Termcaused by Tenant.
Appears in 1 contract
Sources: Lease Agreement (Simmons Co)
Tenant Improvements. Tenants construction Landlord shall provide Tenant the following tenant improvement allowances:
(a) Landlord shall provide to Tenant a tenant improvement allowance of up to, but not to exceed, five dollars ($5.00) per square foot of Rentable Area for Suite 400 and Floor 5, based on a mutually acceptable space plan of the Premises and in accordance with Exhibit A (Workletter);
(b) Landlord shall provide to Tenant a tenant improvement allowance of up to, but not to exceed, twenty dollars ($20.00) per square foot of Rentable Area for the Expansion Space (Suite 410), based on a mutually acceptable space plan of the Premises and in accordance with Exhibit A (Workletter);
(c) Landlord shall provide to Tenant a tenant improvement allowance of up to, but not to exceed, ten dollars ($10.00) per square foot of Rentable Area for Suite 610, based on a mutually acceptable space plan of the Premises and in accordance with Exhibit A (Workletter). Third Lease Amendment (Lease Extension) - Insightful Corporation June 8, 2007 Landlord shall permit Tenant to combine the total of all tenant improvement allowances provided herein (the “Tenant Improvement Allowance”), and Tenant may use the proceeds of the Tenant Improvements in the Suite 120 Premises shall be subject Improvement Allowance to the terms improve any portion of the Work Letter attached to the Lease Premises as Exhibit C, except that, notwithstanding anything to the contrary contained in the Work Letter:
a. The Tenant Improvements in the Suite 120 Premises shall be constructed provided for herein and pursuant to the space plans attached to this First Amendment as Exhibit B A (the “Suite 120 Space Plans”) and the tenant improvement specifications attached to this First Amendment as Exhibit C (the “Suite 120 TI Specifications”Workletter), which have been approved by both Landlord and Tenant, and the TI Construction Drawings for the Tenant Improvements for the Suite 120 Premises shall be prepared substantially in accordance with the Suite 120 Space Plans and the Suite 120 TI Specifications (and Landlord may not disapprove any matter in connection therewith that is consistent with the Suite 120 Space Plans and the Suite 120 TI Specifications).
b. . The Tenant Improvement Allowance shall be used only for space planning or construction of improvements including, but not limited to, build-out, carpeting, painting, HVAC upgrades, electrical upgrades, data or phone cabling, security systems or any other improvement based on a mutually acceptable space plan of the Premises and in accordance with Exhibit A (Workletter). No portion of the Additional Tenant Improvement Allowance provided may be used to purchase or install furniture. Tenant may not apply any unused Tenant Improvement Allowance to Rent. The Tenant Improvement Allowance shall be available for in Section 6(b) space planning upon execution of this Amendment; the Tenant Improvement Allowance shall be available for construction of improvements to the Premises pursuant to Exhibit A (Workletter). On January 1, 2009, any unused portion of the Work Letter Tenant Improvement Allowance shall not apply with respect to the Suite 120 Premises be considered exhausted and Landlord there shall provide a tenant improvement allowance with respect to the Tenant Improvements in the Suite 120 Premises, as follows:
(i) a “Suite 120 be no further Tenant Improvement Allowance” in . Tenant may at its option and subject to approval by Landlord contract directly with contractors for the maximum amount installation of $185.00 per rentable square foot in the Suite 120 Premiseslow voltage, which is included in the Base Rent set forth in the Lease; and
(ii) an “Additional Suite 120 Tenant Improvement Allowance” in the maximum amount phone or data cabling or any other tenant improvement expense approved by Landlord. The cost for any such work shall be paid by Landlord as a portion of $40.00 per rentable square foot in the Suite 120 Premises, which shall, to the extent used, result in Suite 120 TI Rent as set forth in Section 5(c) below. For the avoidance of doubt, (A) the definition of “TI Allowance” in the Work Letter shall include the Tenant Improvement Allowance, the Additional Tenant Improvement Allowance, the Suite 120 Tenant Improvement Allowance and the Additional Suite 120 Tenant Improvement Allowance, as applicable, and (B) in connection with the Tenant Improvements in the Suite 120 Premises, Landlord shall be entitled to Administrative Rent equal to 1.5% of the “hard” TI Costs incurred in connection with such Tenant Improvements and a fee shall be payable to Tenant’s third party project manager, ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇ of ▇▇▇▇▇ ▇▇▇▇ LaSalle, not to exceed 1.5% of the “hard” TI Costs of such Tenant Improvements, which amounts shall be payable out of the TI Fund. Landlord and Tenant acknowledge and agree that the Suite 120 Tenant Improvement Allowance and the Additional Suite 120 Tenant Improvement Allowance, to the extent utilized, must be used toward the cost of Tenant Improvements in the Suite 120 Premises.
c. Pursuant to the terms of the Work Letter (as amended by this First Amendment), Landlord shall, subject to the terms of the Work Letter (as amended by this First Amendment), make available to Tenant the Suite 120 Tenant Improvement Allowance and the Additional Suite 120 Tenant Improvement Allowance. Commencing on the Rent Commencement Date and continuing thereafter on the first day of each month during the Base Term, Tenant shall pay the amount necessary to fully amortize the portion of the Additional Suite 120 Tenant Improvement Allowance actually funded by Landlord, if any, in equal monthly payments with interest at a rate of 7% per annum over the Base Term, which interest shall begin to accrue on the date that Landlord first disburses submit any contractor’s invoices for such Additional Suite 120 Tenant Improvement Allowance or any portion(s) thereof (“Suite 120 TI Rent”). Any outstanding and unamortized Suite 120 TI Rent remaining unpaid as of the expiration or earlier termination of the Lease shall be paid work to Landlord in a lump sum at timely manner; Landlord shall make payment for any such work directly to Tenant’s contractors. Landlord shall pay as its separate cost and expense for pre-cleaning, abatement, monitoring during work, post clean-up, or removal of any asbestos-containing materials required by construction of the expiration improvements pursuant to Exhibit A (Workletter), such as demo, drywall, electrical wiring above the ceiling, installation of new lighting fixtures, or earlier termination of this Lease. For the avoidance of doubtHVAC modifications; however, Landlord and Tenant acknowledge and agree that Suite 120 TI Rent, if any, shall not pay for such cost if it is solely the result of demolition or installation of low voltage, phone or data cabling unless such work takes place in an area already requiring asbestos-related work for demo, drywall, electrical wiring above the ceiling, installation of new lighting fixtures, or HVAC modifications. Any cost for pre-cleaning, abatement, monitoring during work, post clean-up, or removal of any asbestos-containing materials which is solely the result of demolition or installation of low voltage, phone or data cabling shall be subject to adjustment pursuant to Section 4(athe sole cost and expense of Tenant. Any tenant improvement, build-out or construction performed by Landlord shall be performed in a good and workmanlike manner and shall comply with any government building codes or ordinances, including the Americans with Disabilities Act (“ADA”). Third Lease Amendment (Lease Extension) of the Lease during the Term.- Insightful Corporation June 8, 2007
Appears in 1 contract
Sources: Lease Amendment (Insightful Corp)
Tenant Improvements. Tenants Pursuant to Article VII, Section 3 of the Lease, Tenant has the right to construct a clean room upon the leased premises and other related improvements approved by Landlord (the "Tenant Improvements"). Landlord has agreed to provide Tenant with an improvement allowance (the "Tenant Improvement Allowance") in an amount not to exceed Six Hundred and Forty Thousand and no/100 ($640,000.00) Dollars (the "Maximum Tenant Improvement Allowance") for the construction of the clean room and other related items approved by Landlord. Within forty-five (45) days (the "Determination Date") from the execution of this Lease, Tenant Improvements in will provide Landlord with the Suite 120 Premises proposed budget (the "Budget") and the actual Tenant Improvement Allowance (the "Actual Tenant Improvement Allowance") it will require for the Tenant Improvements. In the event the Actual Tenant Improvement Allowance exceeds the Maximum Tenant Improvement Allowance, Tenant shall be subject to the terms solely liable for such excess amounts. Upon Landlord's receipt of the Work Letter attached Budget and Actual Tenant Improvement Allowance, Landlord and Tenant will enter into to an amendment to the Lease as Exhibit C, except that, notwithstanding anything to replace this Addendum to Lease and to reflect the contrary contained in amount of the Work Letter:
a. The Tenant Improvements in improvement rent (the Suite 120 Premises "Improvement Rent") which shall be constructed pursuant paid by Tenant to Landlord during the space plans attached to this First Amendment as Exhibit B (Term of the “Suite 120 Space Plans”) Lease and the tenant improvement specifications attached other terms and conditions in this Addendum to this First Amendment as Exhibit C (the “Suite 120 TI Specifications”), which have been approved by both Landlord and Tenant, and the TI Construction Drawings for the Tenant Improvements for the Suite 120 Premises Lease. The Improvement Rent shall be prepared substantially in accordance with the Suite 120 Space Plans and the Suite 120 TI Specifications (and Landlord may not disapprove any matter in connection therewith that is consistent with the Suite 120 Space Plans and the Suite 120 TI Specifications).
b. The Tenant Improvement Allowance and the Additional Tenant Improvement Allowance provided for in Section 6(b) of the Work Letter shall not apply with respect to the Suite 120 Premises and Landlord shall provide a tenant improvement allowance with respect to the Tenant Improvements in the Suite 120 Premises, determined as follows:
(ia) a “Suite 120 Tenant Improvement Allowance” in the maximum amount of $185.00 per rentable square foot in the Suite 120 Premises, which is included in the Base Rent set forth in the Lease; and
(ii) an “Additional Suite 120 Tenant Improvement Allowance” in the maximum amount of $40.00 per rentable square foot in the Suite 120 Premises, which shall, to the extent used, result in Suite 120 TI Rent as set forth in Section 5(c) below. For the avoidance of doubt, (A) the definition of “TI Allowance” in the Work Letter shall include the Tenant Improvement Allowance, the Additional Tenant Improvement Allowance, the Suite 120 The Actual Tenant Improvement Allowance and will be amortized over the Additional Suite 120 Tenant Improvement Allowance, as applicable, and ten (B10) in connection with the Tenant Improvements in the Suite 120 Premises, Landlord shall be entitled to Administrative Rent equal to 1.5% year term of the “hard” TI Costs incurred Lease at eight and one half (8.5%) and such payments will be made monthly to Landlord in connection with such Tenant Improvements and a fee shall be payable addition to Tenant’s third party project managerthe base rent. For example, ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇ of ▇▇▇▇▇ ▇▇▇▇ LaSalle, not to exceed 1.5% of if the “hard” TI Costs of such Tenant Improvements, which amounts shall be payable out of the TI Fund. Landlord and Tenant acknowledge and agree that the Suite 120 Actual Tenant Improvement Allowance required by Tenant is $640,000.00, the Tenant shall pay the Improvement Rent during the one hundred twenty month period as follows: the sum of Nine Hundred Fifty Two Thousand and the Additional Suite 120 Tenant Improvement AllowanceNinety Three and 80/100 ($952,093.80) Dollars, to the extent utilizedpayable in monthly installments of Seven Thousand Nine Hundred Thirty Four and 11/100 ($7,934.11) Dollars, must be used toward the cost of Tenant Improvements in the Suite 120 Premises.
c. Pursuant to the terms of the Work Letter (as amended by this First Amendment), Landlord shall, subject to the terms of the Work Letter (as amended by this First Amendment), make available to Tenant the Suite 120 Tenant Improvement Allowance due and the Additional Suite 120 Tenant Improvement Allowance. Commencing on the Rent Commencement Date and continuing thereafter payable on the first day (1st) day of each and every month during commencing as defined in Article II, Section 1, (which first month's additional rental has already been received) for the Base Term, Tenant shall pay the amount necessary to fully amortize the portion of the Additional Suite 120 Tenant Improvement Allowance actually funded by Landlord, if any, in equal monthly payments with interest at a rate of 7% per annum over the Base Term, which interest shall begin to accrue on the date that Landlord first disburses such Additional Suite 120 Tenant Improvement Allowance or any portion(snext one hundred nineteen (119) thereof (“Suite 120 TI Rent”). Any outstanding and unamortized Suite 120 TI Rent remaining unpaid as of the expiration or earlier termination of the Lease shall be paid to Landlord in a lump sum at the expiration or earlier termination of this Lease. For the avoidance of doubt, Landlord and Tenant acknowledge and agree that Suite 120 TI Rent, if any, shall not be subject to adjustment pursuant to Section 4(a) of the Lease during the Termconsecutive months.
Appears in 1 contract
Tenant Improvements. Tenants (a) Tenant shall complete all improvements required or desired by Tenant for Tenant’s use of the Expansion Space part of the Leased Premises (collectively, the “Tenant Improvements”) according to the Tenant Improvement Plans (defined below) as provided herein. It is understood that the Tenant Improvements may include, subject to the provisions hereof, the following:
1. The interior improvements within the Expansion Space part of the Leased Premises for general office use. In addition, Tenant shall be entitled to install a separate primary entrance to the Expansion Space on the south side of the Building.
2. Tenant may improve for its exclusive use and control, any building stairwells that are internal to the Expansion Space part of the Leased Premises, and may integrate those stairwells into Tenant’s security systems.
3. Tenant may install an uninterrupted power supply (UPS) system and emergency stand-by battery system, and may use a portable generator (in addition to the external auxiliary generator) during emergencies. Tenant may use reasonably necessary riser space for the connection of these systems to the Expansion Space part of the Leased Premises.
4. Tenant shall be entitled to construct antennae and/or satellite dish (the “Antennae”) on that portion of the roof of the Building located immediately above the Expansion Space part of the Leased Premises, and shall not be charged extra rent or other fee by Landlord for the Antennae or the use of roof space for the Antennae.
(b) Subject to sections (l) and (n) below, Tenant shall bear the entire cost of the construction of the Tenant Improvements, including, without limitation, all architectural and engineering fees associated with the space planning for the Expansion Space part of the Leased Premises, the design of the Tenant Improvements and preparation of the Tenant Improvement Plans (including any changes to the Shell Plans required therefore) and any changes thereto; all labor, material and equipment costs; additional janitorial services; general tenant signage; permit fees; and taxes and insurance costs related to the construction of the Tenant Improvements to the extent not included in Operating Costs (the “Tenant Improvement Construction Costs”). Landlord shall not charge or be entitled to receive payment of any fee in connection with or during the construction of the Tenant Improvements or Tenant’s move-in, including without limitation any project management, supervision or review fee, or any fee for the use of the Building services (such as, but not limited to, loading dock, parking or freight elevators, nor shall Tenant be charged for utilities consumed during construction of the Tenant Improvements).
(c) Landlord shall make available to Tenant, the construction, architectural and engineering information reasonably requested by Tenant’s architect or general contractor. Tenant shall submit to Landlord construction drawings and specifications for the Tenant Improvements (the “Tenant Improvement Plans”) within one hundred twenty (120) days after the Effective Date of this Lease. The Tenant Improvement Plans shall consist of detailed plans and specifications for the construction of the Tenant Improvements in accordance with all applicable governmental laws, codes, rules and regulations, including partition layout, ceiling plan, electrical outlets and switches, telephone outlets, drawings for any modifications to the Suite 120 Premises mechanical and plumbing systems of the Building. The Tenant Improvement Plans shall specifically include a requirement for expansion joints for every twenty (20) feet on all interior walls and above all doorways and other openings. The Tenant Improvement Plans must be approved by Landlord as provided herein.
(d) Within five (5) business days after Landlord’s receipt of the Tenant Improvement Plans, Landlord shall submit to Tenant in writing any requested changes thereto, and Landlord and Tenant shall thereafter work together in good faith to agree upon final Tenant Improvement Plans. Landlord’s approval of the Tenant Improvement Plans shall not be unreasonably delayed or withheld, provided that they comply with all applicable governmental laws, codes, rules and regulations and the provisions of this Lease. Notwithstanding the foregoing, Landlord’s approval of any changes to the Building systems or the exterior or structural components of the Building, including relocation or alteration of stairwells and elevators, shall be subject to the terms Landlord’s approval, and shall be subject to approval by Landlord’s structural engineer. If Landlord’s structural engineer fails to approve any such portion of the Tenant Improvement Plans, the specific reasons for such disapproval shall be provided to Tenant, together with specific drawings and other corrections necessary to correct the specific reasons for such disapproval. If Tenant modifies the Tenant Improvement Plans to specifically incorporate the drawings and other corrections made by Landlord’s structural engineer, the modifications of the exterior or structural components of the Building shall be deemed to be approved by Landlord. Landlord shall not refuse, without adequate justification, to approve the final Tenant Improvement Plans within thirty (30) days after Landlord’s receipt thereof. In the event Landlord does disapprove the Tenant Improvement Plans, as submitted, the parties shall cooperate fully to achieve a final approved set of plans in conformity with this Work Letter attached Letter. If, despite good faith efforts, the parties cannot agree on a final approved set of Tenant Improvement Plans Landlord and Tenant shall each have the right to terminate the Lease by notice to the other at such time, and in the event of such termination the first month’s Base Rent shall be promptly returned to Tenant.
(e) No approval by Landlord or Landlord’s architects and/or engineers of the Tenant Improvement Plans or any of Tenant’s drawings, plans and specifications that are prepared in connection with any construction of improvements in the Expansion Space part of the Leased Premises shall in any way be construed or operate as a representation or warranty by Landlord as to the adequacy of such drawings, plans and specifications, or the improvements to which they relate, for any use, purpose, or condition, but such approval shall merely satisfy the requirement of consent by Landlord under this Lease as Exhibit Cto Tenant’s right to construct the improvements in the Expansion Space part of the Leased Premises in accordance with such drawings, except thatplans and specifications.
(f) Upon Landlord’s approval of the Tenant Improvement Plans, notwithstanding anything Tenant, at Tenant’s expense, shall promptly apply for, and obtain, all permits and approvals required by governmental agencies, and Landlord shall joint Tenant in promptly applying for approval (to the contrary contained in extent necessary) by the Work Letter:
a. The Tenant Improvements in the Suite 120 Premises shall be constructed pursuant to the space plans attached to this First Amendment as Exhibit B Association Architectural Control Committee (the “Suite 120 Space PlansCommittee”) under the Declaration and any other restrictive covenants applicable to the tenant improvement specifications attached to this First Amendment as Exhibit C construction of the Tenant Improvements (the foregoing collectively referred to as the “Suite 120 TI SpecificationsApprovals”), which and Landlord shall affirmatively request and support such approval by the Committee in Landlord’s capacity as the owner of the Property. It is contemplated that among such items as may require approval of the Committee, the Approvals shall include approval of the Committee of the installation of a separate primary entrance to the Expansion Space on the south side of the Building and the additional walkway from the upper parking area as described in paragraph 2(a)(4) above, and Landlord represents and warrants that it has obtained pre-approval by the Committee such entrance and additional walkway from the upper parking area. Upon substantial completion of the Tenant Improvements, Tenant shall obtain a permanent certificate of occupancy for the Expansion Space part of the Leased Premises.
(g) Prior to the commencement of construction of any of the Tenant Improvements, Tenant shall (i) furnish Landlord with evidence satisfactory to Landlord that the Approvals have been approved by both obtained, (ii) furnish Landlord with evidence that Tenant has obtained and Tenant, and is maintaining (1) All Risk Builder’s Risk Insurance covering the TI Construction Drawings for replacement value of the Tenant Improvements for and naming Landlord as an additional insured, and (2) the Suite 120 Premises Comprehensive Commercial Liability Insurance policy described in the Lease, and (iii) notify Landlord of the date on which Tenant intends to commence construction of the Tenant Improvements. The construction contemplated by the Tenant Improvement Plans shall be prepared substantially performed by skilled contractors and subcontractors whose names shall be furnished in writing to Landlord in advance. All contractors shall be required to maintain commercial general liability insurance in amounts of not less than $1 million per occurrence, $2 million aggregate, with reputable companies licensed to provide insurance in Texas. Certificates of insurance for Tenant and its contractors shall be delivered to Landlord before Tenant commences construction of the Tenant Improvements.
(h) The construction of the Tenant Improvements shall be done in a good and workmanlike manner and in accordance with the Suite 120 Space Plans and the Suite 120 TI Specifications (and Landlord may not disapprove any matter in connection therewith that is consistent with the Suite 120 Space Plans and the Suite 120 TI Specifications).
b. The Tenant Improvement Allowance and Plans, as approved by Landlord. All material changes to any of the Additional Tenant Improvement Allowance provided Plans must be submitted to Landlord for in Section 6(b) of Landlord’s written approval prior to, and as a condition precedent to, making such change; provided, Landlord shall promptly review the Work Letter same and shall not apply with respect to the Suite 120 Premises and Landlord shall provide a tenant improvement allowance with respect to unreasonably withhold, delay or condition its approval. All materials used in executing the Tenant Improvements in the Suite 120 Premises, as follows:Improvement Plans by Tenant shall be new and of good quality for their intended purposes.
(i) a “Suite 120 The failure of Tenant Improvement Allowance” in the maximum amount of $185.00 per rentable square foot in the Suite 120 Premises, which is included in the Base Rent set forth in the Lease; and
(ii) an “Additional Suite 120 Tenant Improvement Allowance” in the maximum amount of $40.00 per rentable square foot in the Suite 120 Premises, which shall, to the extent used, result in Suite 120 TI Rent as set forth in Section 5(c) below. For the avoidance of doubt, (A) the definition of “TI Allowance” in the Work Letter shall include the Tenant Improvement Allowance, the Additional Tenant Improvement Allowance, the Suite 120 Tenant Improvement Allowance and the Additional Suite 120 Tenant Improvement Allowance, as applicable, and (B) in connection with complete the Tenant Improvements in by the Suite 120 Premises, Rent Commencement Date for any reason other than delays caused by the acts of Landlord or Landlord’s Related Parties shall be entitled to Administrative Rent equal to 1.5% of the “hard” TI Costs incurred in connection with such Tenant Improvements and a fee shall be payable to Tenant’s third party project manager, ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇ of ▇▇▇▇▇ ▇▇▇▇ LaSalle, not to exceed 1.5% of the “hard” TI Costs of such Tenant Improvements, which amounts shall be payable out of the TI Fund. Landlord and Tenant acknowledge and agree that the Suite 120 Tenant Improvement Allowance and the Additional Suite 120 Tenant Improvement Allowance, to the extent utilized, must be used toward the cost of Tenant Improvements in the Suite 120 Premises.
c. Pursuant to the terms of the Work Letter (as amended by this First Amendment), Landlord shall, subject to the terms of the Work Letter (as amended by this First Amendment), make available to Tenant the Suite 120 Tenant Improvement Allowance and the Additional Suite 120 Tenant Improvement Allowance. Commencing on delay or extend the Rent Commencement Date and continuing thereafter on the first day obligations of each month during Landlord and Tenant shall continue in full force and effect and the Base Termrent shall not be abated. Any such delays caused by Landlord shall extend the Rent Commencement Date by a period equal to the period of the delay attributable to the acts of Landlord.
(j) Tenant shall have no right, authority or power to bind Landlord or any interest of Landlord in the Project, the Property, the Building, or the Expansion Space part of the Leased Premises for the payment of any claim for labor or materials or for any charge or expense incurred or the erection or construction of the Tenant Improvements, nor to render the Project, the Property, the Building, or the Expansion Space part of the Leased Premises or any part thereof liable for any mechanic’s or materialmen’s lien, and Tenant shall in no way be considered the agent of Landlord in the construction or erection of any of the Tenant Improvements. If any lien is imposed upon any portion of the Property by reason of the construction of the Tenant Improvements, Tenant shall pay discharge or bond around the amount necessary to fully amortize same in accordance with the portion of the Additional Suite 120 Tenant Improvement Allowance actually funded by Landlord, if any, in equal monthly payments with interest at a rate of 7% per annum over the Base Term, which interest shall begin to accrue on the date that Landlord first disburses such Additional Suite 120 Tenant Improvement Allowance or any portion(s) thereof (“Suite 120 TI Rent”). Any outstanding and unamortized Suite 120 TI Rent remaining unpaid as of the expiration or earlier termination of the Lease shall be paid to Landlord in a lump sum at the expiration or earlier termination provisions of this Lease.
(k) Tenant and its contractor(s) shall cause the construction of the Tenant Improvements in such manner as to minimize interference or inconvenience to the other tenants of the Building, the Property and the Project to the extent reasonably possible. For All construction activity and storage of materials shall be confined to the avoidance Expansion Space part of doubtthe Leased Premises, Landlord and Tenant acknowledge and agree that Suite 120 TI RentTenant’s storage building(s), if anyalready erected, and the associated parking area unless Landlord specifically agrees otherwise in writing. The work site(s) shall not be subject maintained in a safe and reasonably clean condition at all times during the construction. The construction of the Tenant Improvements shall be conducted so as to adjustment pursuant avoid damage to Section 4(apart of the Project, the Property, the Common Areas, including all parking and landscaped areas, or the Building, and in the event of any such damage, Tenant shall immediately cause such damage to be fully repaired and restored.
(l) Landlord shall pay Tenant a tenant improvement allowance (the “Tenant Improvement Allowance”) of an amount as provided in Section 1.26 of the Lease during Lease, which funds may be applied by Tenant to defray any and all expenses and fees incurred by Tenant in connection with the Termdesign, planning, approval and construction of the Tenant Improvements.
Appears in 1 contract
Sources: Lease Agreement (Pharmaceutical Product Development Inc)
Tenant Improvements. Tenants Tenant accepts the Sixth Expansion Premises in their current “as-is” condition and repair. The foregoing notwithstanding, Landlord agrees to provide Tenant with an allowance for construction by Tenant of certain tenant improvements to be incorporated into the Tenant Improvements Premises, in the Suite 120 Premises shall be subject to the terms amount of the Work Letter attached to the Lease as Exhibit C, except that, notwithstanding anything to the contrary contained in the Work Letter:
a. The Tenant Improvements in the Suite 120 Premises shall be constructed pursuant to the space plans attached to this First Amendment as Exhibit B Two Hundred Ninety-Six Thousand Eight Hundred Eighty-Seven and 70/100 US Dollars ($296,887.70) (the “Suite 120 Space Plans”) and the tenant improvement specifications attached to this First Amendment as Exhibit C (the “Suite 120 TI SpecificationsConstruction Credit”), which have been approved Construction Credit may be used by both Tenant in the manner set forth in Exhibit B-4, attached to this Modification and incorporated by reference. Landlord and Tenant, and the TI Construction Drawings for the Tenant Improvements for the Suite 120 Premises shall be prepared substantially in accordance with paid a construction management supervisory fee out of the Suite 120 Space Plans and the Suite 120 TI Specifications Construction Credit equal to one percent (and Landlord may not disapprove any matter in connection therewith that is consistent with the Suite 120 Space Plans and the Suite 120 TI Specifications).
b. The Tenant Improvement Allowance and the Additional Tenant Improvement Allowance provided for in Section 6(b1%) of the Work Letter shall not apply with respect to the Suite 120 Premises and Landlord shall provide a tenant improvement allowance with respect to the Tenant Improvements in the Suite 120 Premises, as follows:
(i) a “Suite 120 Tenant Improvement Allowance” in the maximum amount of $185.00 per rentable square foot in the Suite 120 Premises, which is included in the Base Rent set forth in the Lease; and
(ii) an “Additional Suite 120 Tenant Improvement Allowance” in the maximum amount of $40.00 per rentable square foot in the Suite 120 Premises, which shall, to the extent used, result in Suite 120 TI Rent as set forth in Section 5(c) below. For the avoidance of doubt, (A) the definition of “TI Allowance” in the Work Letter shall include the Tenant Improvement Allowance, the Additional Tenant Improvement Allowance, the Suite 120 Tenant Improvement Allowance and the Additional Suite 120 Tenant Improvement Allowance, as applicable, and (B) in connection with the Tenant Improvements in the Suite 120 Premises, Landlord shall be entitled to Administrative Rent equal to 1.5% hard construction costs of the “hard” TI Costs incurred in connection with such Tenant Improvements tenant improvements to be constructed by Tenant, specifically excluding architectural fees, project management fees, permitting, cabling, furniture, fixtures and a equipment. Landlord’s construction management fee shall be payable invoiced by and paid to Landlord based upon the invoices submitted by Tenant for reimbursement from Landlord and shall be paid out of the Construction Credit. The Construction Credit shall be paid by Landlord to Tenant within thirty (30) days of mutual execution of this Modification. Landlord, at its option (which option must be exercised, if at all, at the time that Landlord grants its written approval to Tenant’s third party project managerproposed final construction Plans in the manner described in Exhibit B-5) may require Tenant to remove any physical additions and/or repair any alterations made pursuant to this paragraph or Exhibit B-4, ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇ of ▇▇▇▇▇ ▇▇▇▇ LaSalleincluding but not limited to low voltage communications and data cabling, not in order to exceed 1.5% restore the subject portion of the “hard” TI Costs Premises to the condition existing at the time prior to the commencement of such work, all costs of removal and/or alterations to be borne by Tenant. In addition to the foregoing, and provided that Tenant Improvementsis not then in default of the Lease beyond any applicable period of notice and cure, on January 1, 2012, and following written request therefor from Tenant to Landlord, Landlord agrees to provide Tenant with a refurbishment allowance for construction by Tenant of certain tenant improvements to be incorporated into the Premises, in the amount of Two Hundred Fifty Thousand and No/100 US Dollars ($250,000.00) (the “Refurbishment Allowance”), which amounts Refurbishment Allowance shall be payable out of the TI Fund. Landlord and used by Tenant acknowledge and agree that the Suite 120 Tenant Improvement Allowance and the Additional Suite 120 Tenant Improvement Allowance, to the extent utilized, must be used toward the cost of Tenant Improvements in the Suite 120 Premises.
c. Pursuant to the terms of the Work Letter (as amended by this First Amendment), Landlord shall, subject to the terms provisions of Article 6.00 of the Work Letter (as amended by this First Amendment), make available to Tenant the Suite 120 Tenant Improvement Allowance and the Additional Suite 120 Tenant Improvement AllowanceLease. Commencing on the Rent Commencement Date and continuing thereafter on the first day of each month during the Base Term, Tenant shall pay the amount necessary to fully amortize the Any portion of the Additional Suite 120 Refurbishment Allowance not used by Tenant Improvement Allowance actually funded for improvements to the Premises by LandlordDecember 31, if any2012 shall revert back to, in equal monthly payments with interest at a rate of 7% per annum over the Base Term, which interest shall begin to accrue on the date that Landlord first disburses such Additional Suite 120 Tenant Improvement Allowance or any portion(s) thereof (“Suite 120 TI Rent”). Any outstanding and unamortized Suite 120 TI Rent remaining unpaid as of the expiration or earlier termination of the Lease shall be paid by Tenant to Landlord in a lump sum at the expiration or earlier termination of this Lease. For the avoidance of doubt, Landlord and Tenant acknowledge and agree that Suite 120 TI Rent, if any, shall not be subject to adjustment pursuant to Section 4(a) of the Lease during the TermLandlord.
Appears in 1 contract
Tenant Improvements. Tenants construction of Tenant shall cause to be constructed the Tenant Improvements tenant improvements in the Suite 120 Premises shall be subject Building (the “Tenant Improvements”) pursuant to the terms of the Work Letter attached at a cost to the Lease as Exhibit C, except that, notwithstanding anything Landlord not to the contrary contained in the Work Letter:
a. The Tenant Improvements in the Suite 120 Premises shall be constructed pursuant to the space plans attached to this First Amendment as Exhibit B exceed Seven Million Seven Hundred Thousand Dollars (the “Suite 120 Space Plans”$7,700,000.00) and the tenant improvement specifications attached to this First Amendment as Exhibit C (the “Suite 120 TI Specifications”), which have been approved by both Landlord and Tenant, and the TI Construction Drawings for the Tenant Improvements for the Suite 120 Premises shall be prepared substantially in accordance with the Suite 120 Space Plans and the Suite 120 TI Specifications based upon One Hundred Forty Dollars (and Landlord may not disapprove any matter in connection therewith that is consistent with the Suite 120 Space Plans and the Suite 120 TI Specifications).
b. The Tenant Improvement Allowance and the Additional Tenant Improvement Allowance provided for in Section 6(b$140.00) of the Work Letter shall not apply with respect to the Suite 120 Premises and Landlord shall provide a tenant improvement allowance with respect to the Tenant Improvements in the Suite 120 Premises, as follows:
(i) a “Suite 120 Tenant Improvement Allowance” in the maximum amount of $185.00 per rentable square foot and subject to adjustment in Rentable Area as provided in Section 4.7 herein) (the Suite 120 Premises, which is included in the Base Rent set forth in the Lease; and
(ii) an “Additional Suite 120 Tenant Improvement Allowance” ”) which shall include the cost of construction, cost of space planning, architect, engineering and other related services, building permits, signage, consulting fees, equipment (including personal property and trade fixtures, which shall not exceed fifteen percent (15%) of the Tenant Improvement Allowance), relocation costs, furniture, cabling and other planning and inspection fees. Any costs incurred in performing the Tenant Improvements described in the maximum Work Letter in excess of the Tenant Improvement Allowance shall be borne solely by Tenant; provided, however, at Tenant’s option, Landlord shall fund such excess in an amount of not to exceed Twenty-Five Dollars ($40.00 25.00) per rentable square foot in (the Suite 120 Premises, which shall, to the extent used, result in Suite 120 TI Rent as set forth in Section 5(c) below. For the avoidance of doubt, (A) the definition of “TI Additional Allowance,” in the Work Letter shall include and together with the Tenant Improvement Allowance, the “Combined Allowance”). The Additional Allowance shall be repaid by Tenant monthly as Additional Rent beginning with Tenant’s first Rent payment, in a monthly amount equal to the Additional Allowance fully amortized at an interest rate of twelve percent (12%) per annum over twelve (12) years. Tenant may prepay the remaining Additional Allowance at any time without penalty, and shall repay the remaining Additional Allowance in full upon expiration of the Lease Term. Any unused portion of the Tenant Improvement Allowance, Allowance shall be credited against Monthly Rent payments as such Monthly Rent payments become due. In addition to the Suite 120 Tenant Improvement Allowance and the Additional Suite 120 Tenant Improvement Allowance, as applicable, and Landlord will provide Tenant with an additional allowance of up to 15/100 Dollars (B$0.15) in connection with the Tenant Improvements in the Suite 120 Premises, Landlord shall be entitled to Administrative Rent equal to 1.5% per rentable square foot for purposes of the “hard” TI Costs incurred in connection with such Tenant Improvements and a fee shall be payable to Tenant’s third party project manager, ▇▇▇▇▇▇▇▇▇ ▇-▇▇▇▇▇▇ of ▇▇▇▇▇ ▇▇▇▇ LaSalle, not to exceed 1.5% of the Architects preparing a preliminary space planning “hardtest-fit,” TI Costs payable upon Landlord’s receipt of such Tenant Improvements, which amounts shall be payable out test-fit prior to construction of the TI Fund. Landlord and Tenant acknowledge and agree that the Suite 120 Tenant Improvement Allowance and the Additional Suite 120 Tenant Improvement Allowance, to the extent utilized, must be used toward the cost of Tenant Improvements in the Suite 120 Premisesany tenant improvements.
c. Pursuant to the terms of the Work Letter (as amended by this First Amendment), Landlord shall, subject to the terms of the Work Letter (as amended by this First Amendment), make available to Tenant the Suite 120 Tenant Improvement Allowance and the Additional Suite 120 Tenant Improvement Allowance. Commencing on the Rent Commencement Date and continuing thereafter on the first day of each month during the Base Term, Tenant shall pay the amount necessary to fully amortize the portion of the Additional Suite 120 Tenant Improvement Allowance actually funded by Landlord, if any, in equal monthly payments with interest at a rate of 7% per annum over the Base Term, which interest shall begin to accrue on the date that Landlord first disburses such Additional Suite 120 Tenant Improvement Allowance or any portion(s) thereof (“Suite 120 TI Rent”). Any outstanding and unamortized Suite 120 TI Rent remaining unpaid as of the expiration or earlier termination of the Lease shall be paid to Landlord in a lump sum at the expiration or earlier termination of this Lease. For the avoidance of doubt, Landlord and Tenant acknowledge and agree that Suite 120 TI Rent, if any, shall not be subject to adjustment pursuant to Section 4(a) of the Lease during the Term.
Appears in 1 contract
Sources: Lease (Nuvelo Inc)
Tenant Improvements. Tenants construction (a) The parties hereby acknowledge that, as of the date of this Fourteenth Amendment, Tenant Improvements has a remaining tenant improvement balance in the Suite 120 Premises amount of [***] (the “Current Improvement Allowance Balance”), which amount is the sum of [***] remaining under Section VI.C. of the Eleventh Amendment (the “Eleventh Amendment Allowance Balance”) plus [***] remaining under Section V.C. of the Twelfth Amendment (the “Twelfth Amendment Allowance Balance”). Pursuant to the Eleventh Amendment, the deadline by which Tenant must use the Eleventh Amendment Allowance Balance in the manner set forth therein before such amount automatically reverts to Landlord and is no longer available to Tenant is December 31, 2022. Pursuant to the Twelfth Amendment, the deadline by which Tenant must use the Twelfth Amendment Allowance Balance in the manner set forth therein before such amount automatically reverts to Landlord and is no longer available to Tenant is November 30, 2024. The Lease is hereby further amended such that, (i) the deadline by which Tenant must use the Eleventh Amendment Allowance Balance in the manner set forth in the Eleventh Amendment is modified to be December 31, 2023, and (ii) the deadline by which Tenant must use the Twelfth Amendment [***]=[CONFIDENTIAL PORTION HAS BEEN OMITTED BECAUSE IT (I) IS NOT MATERIAL AND (II) WOULD BE COMPETITIVELY HARMFUL IF PUBLICLY DISCLOSED] Allowance Balance in the manner set forth in the Twelfth Amendment is modified to be December 31, 2023.
(b) Upon the full execution and delivery of this Fourteenth Amendment, Landlord shall, at its sole cost and expense, upgrade the common area elevator lobby corridor and restrooms on the seventh (7th) floor of the Building to be substantially similar in fit and finish to the refresh on the eleventh (11th) floor of the Building (“Landlord’s Work”). Landlord’s Work shall be completed by July 7, 2022; provided, however, such deadline shall be extended on a day-for-day basis as a result of any force majeure event, including without limitation any of the events described in Section 20(a) of the Lease, any government shutdowns, variance delays, permitting delays, labor shortages or materials shortages. Landlord shall consider Tenant’s input regarding the design of Landlord’s Work; provided, however, all of Tenant’s design selections shall be subject to the terms of the Work Letter attached to the Lease as Exhibit CLandlord’s approval, except that, notwithstanding which approval shall be in Landlord’s reasonable discretion.
(c) Notwithstanding anything to the contrary contained herein, and provided there is then no Event of Default under the Lease beyond any applicable notice and cure periods, Landlord shall provide Tenant with a refurbishment allowance in the Work Letter:
a. The Tenant Improvements in the Suite 120 Premises shall be constructed pursuant an amount not to the space plans attached to this First Amendment as Exhibit B exceed [***] (the “Suite 120 Space Plans”) and the tenant improvement specifications attached to this First Amendment as Exhibit C (the “Suite 120 TI SpecificationsRefurbishment Allowance”), which have been approved by both Landlord and Tenant, and the TI Construction Drawings for the Tenant Improvements for the Suite 120 Premises Refurbishment Allowance shall be prepared substantially in accordance with the Suite 120 Space Plans form of a reimbursement to Tenant for any costs incurred by Tenant in refurbishing the Premises during the period commencing on the date of this Fourteenth Amendment and expiring on December 31, 2023 (the Suite 120 TI Specifications (and Landlord may not disapprove any matter in connection therewith that is consistent with the Suite 120 Space Plans and the Suite 120 TI Specifications“Refurbishment Allowance Deadline”).
b. The Tenant Improvement Allowance and the Additional Tenant Improvement Allowance provided for in Section 6(b) . In order to receive payment of the Work Letter shall not apply with respect to the Suite 120 Premises and Landlord shall provide a tenant improvement allowance with respect to the Tenant Improvements in the Suite 120 Premises, as follows:
(i) a “Suite 120 Tenant Improvement Allowance” in the maximum amount of $185.00 per rentable square foot in the Suite 120 Premises, which is included in the Base Rent set forth in the Lease; and
(ii) an “Additional Suite 120 Tenant Improvement Allowance” in the maximum amount of $40.00 per rentable square foot in the Suite 120 Premises, which shall, to the extent used, result in Suite 120 TI Rent as set forth in Section 5(c) below. For the avoidance of doubt, (A) the definition of “TI Allowance” in the Work Letter shall include the Tenant Improvement Refurbishment Allowance, the Additional Tenant Improvement Allowancemust submit to Landlord a written request for payment, the Suite 120 Tenant Improvement Allowance and the Additional Suite 120 Tenant Improvement Allowance, as applicable, and (B) in connection with the Tenant Improvements in the Suite 120 Premises, Landlord shall be entitled to Administrative Rent equal to 1.5% of the “hard” TI Costs incurred in connection with such Tenant Improvements and a fee shall be payable to final payment affidavit from Tenant’s third party project manager, ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇ of ▇▇▇▇▇ ▇▇▇▇ LaSalle, not to exceed 1.5% of the “hard” TI Costs of such Tenant Improvements, general contractor (which amounts shall be payable out of the TI Fund. Landlord and Tenant acknowledge and agree that the Suite 120 Tenant Improvement Allowance and the Additional Suite 120 Tenant Improvement Allowance, to the extent utilized, general contractor must be used toward the cost of Tenant Improvements approved in the Suite 120 Premises.
c. Pursuant to the terms of the Work Letter (as amended by this First Amendment), Landlord shall, subject to the terms of the Work Letter (as amended by this First Amendment), make available to Tenant the Suite 120 Tenant Improvement Allowance and the Additional Suite 120 Tenant Improvement Allowance. Commencing on the Rent Commencement Date and continuing thereafter on the first day of each month during the Base Term, Tenant shall pay the amount necessary to fully amortize the portion of the Additional Suite 120 Tenant Improvement Allowance actually funded writing by Landlord, if anyat Landlord’s reasonable discretion) and final and unconditional releases of lien from Tenant’s general contractor, all subcontractors, material suppliers and others entitled to lien Landlord’s property under Georgia law, all in equal monthly payments with interest at a rate of 7% per annum over the Base Termforms acceptable to Landlord. Upon Tenant’s written request to Landlord, which interest shall begin Tenant may apply up to accrue on the date that Landlord first disburses such Additional Suite 120 Tenant Improvement Allowance or any portion(s) thereof (“Suite 120 TI Rent”). Any outstanding and unamortized Suite 120 TI Rent remaining unpaid as [***] of the expiration or earlier termination of the Lease shall be paid to Landlord in Refurbishment Allowance as a lump sum at the expiration or earlier termination of this Lease. For the avoidance of doubt, Landlord and Tenant acknowledge and agree that Suite 120 TI Rent, if any, shall not be subject to adjustment pursuant to Section 4(a) of credit toward Rent due under the Lease during the Termperiod from December 1, 2021 through November 30, 2023. Notwithstanding the foregoing, Tenant hereby agrees that (i) Landlord shall have no obligation to pay (or apply toward Rent) any remaining portion of the Refurbishment Allowance that corresponds to written requests for payment (or application) delivered after the Refurbishment Allowance Deadline, and (ii) any unused and unapplied portion of the Refurbishment Allowance shall automatically and forever be retained by Landlord. Any refurbishment referenced herein shall be deemed to be an alteration under the Lease and shall be subject to all of the terms therein related to alterations (including, without limitation, Article 10), except as expressly provided herein.
(d) Except as expressly provided herein, Tenant hereby accepts the Premises in its current “as-is” condition and Landlord shall have no obligation to make any improvements to the Premises. Except as expressly provided herein, there are no rental abatements, improvement allowances, moving allowances or other payments, credits or allowances of any kind whatsoever being made or provided by Landlord with respect to this Fourteenth Amendment.
Appears in 1 contract
Sources: Lease (Mesa Air Group Inc)
Tenant Improvements. Tenants construction of the Tenant Improvements in the Suite 120 Premises shall be subject (a) Reference is hereby made to the terms of the Work Letter attached to the that certain Lease as Exhibit Cdated June 13, except that, notwithstanding anything to the contrary contained in the Work Letter:
a. The Tenant Improvements in the Suite 120 Premises shall be constructed pursuant to the space plans attached to this First Amendment as Exhibit B 2008 by and between MIT 149 ▇▇▇▇▇▇ Leasehold LLC (the “Suite 120 Space Plans”) and the tenant improvement specifications attached to this First Amendment as Exhibit C (the “Suite 120 TI Specifications149 Landlord”), which have been approved by both Landlord an affiliate of Landlord, as landlord, and Tenant, as tenant, as amended by that certain First Amendment to Lease dated March 29, 2010 and as further amended by that certain Second Amendment to Lease dated as of even date herewith (collectively, the TI Construction Drawings for the Tenant Improvements for the Suite 120 Premises shall be prepared substantially in accordance with the Suite 120 Space Plans and the Suite 120 TI Specifications (and Landlord may not disapprove any matter in connection therewith that is consistent with the Suite 120 Space Plans and the Suite 120 TI Specifications).
b. The Tenant Improvement Allowance and the Additional Tenant Improvement Allowance provided for in Section 6(b“149 Lease”) of the Work Letter shall not apply with respect to the Suite 120 Premises and Landlord shall provide a tenant improvement allowance with respect to the Tenant Improvements in the Suite 120 Premises, as follows:
(i) a “Suite 120 Tenant Improvement Allowance” in the maximum amount of $185.00 per rentable square foot in the Suite 120 Premises, which is included in the Base Rent set forth in the Lease; and
(ii) an “Additional Suite 120 Tenant Improvement Allowance” in the maximum amount of $40.00 per rentable square foot in the Suite 120 Premises, which shall, to the extent used, result in Suite 120 TI Rent as set forth in Section 5(c) below. For the avoidance of doubt, (A) the definition of “TI Allowance” in the Work Letter shall include the Tenant Improvement Allowance, the Additional Tenant Improvement Allowance, the Suite 120 Tenant Improvement Allowance and the Additional Suite 120 Tenant Improvement Allowance, as applicable, and (B) in connection with the Tenant Improvements in the Suite 120 Premises, Landlord shall be entitled to Administrative Rent equal to 1.5% of the “hard” TI Costs incurred in connection with such Tenant Improvements and a fee shall be payable to Tenant’s third party project manager, that certain building located at ▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇▇ of ▇▇▇▇▇ ▇▇▇▇ LaSalle, not Cambridge, MA (the “149 Building”).
(b) In accordance with and subject to exceed 1.5% the provisions of the Lease and the 149 Lease, as applicable, including without limitation Section 11 thereof, Tenant desires to perform Alterations to the Premises and the premises demised under the 149 Lease (collectively, “hard” TI Costs of such Tenant Improvements, which amounts Tenant’s Work”). Tenant’s Work shall be payable (i) performed at Tenant’s sole cost and expense, subject to reimbursement pursuant to Sections 4(c) and 5(b)(iii) below, (ii) performed by one or more contractors selected by Tenant and reasonably approved by Landlord, and (iii) completed on or before March 31, 2019, time being of the essence.
(c) As an inducement to Tenant’s entering into this First Amendment and the Second Amendment to the 149 Lease of even date herewith, Landlord and 149 Landlord have agreed to reimburse Tenant in the aggregate for up to Two Hundred Thousand Dollars ($200,000) (the “TI Allowance”) of the reasonable out of pocket costs and expenses incurred by Tenant in connection with Tenant’s Work (the “TI FundCosts”). For the purposes hereof, the cost to be so reimbursed by Landlord and Tenant acknowledge and agree that the Suite 120 Tenant Improvement Allowance and the Additional Suite 120 Tenant Improvement Allowance, to the extent utilized, must be used toward shall not include (i) the cost of Tenant Improvements in any of Tenant’s Property, including without limitation telecommunications and computer equipment and all associated wiring and cabling, any de-mountable decorations, artwork and partitions, signs, and trade fixtures, (ii) the Suite 120 Premisescost of any fixtures or Alterations that will be removed at the end of the Term, (iii) any fees paid to Tenant, any Affiliated Entity or Successor, and (iv) any so-called “soft costs.”
c. Pursuant (i) Subject to Section 4(c)(ii) below, with respect to portions of Tenant’s Work relating to the terms of the Work Letter Building (as amended by this First Amendmentopposed to the 149 Building), Landlord shall, subject within thirty (30) days after receipt of a reasonably detailed requisition (accompanied by copies of all invoices and unconditional lien waivers relating to such work from Tenant’s contractor(s), as well as a certification executed by the Chief Executive Officer, Chief Financial Officer, Chief Operations Officer, or Vice President of Tenant that the amount of the requisition in question does not exceed the cost of the items, services and work covered by such requisition) reimburse Tenant for the TI Costs reflected in such requisition; provided, however, in no event (other than as expressly set forth in Section 5(b)(iii) below) shall Landlord or 149 Landlord have any obligation to reimburse Tenant for more than Two Hundred Thousand Dollars ($200,000) of the TI Costs in the aggregate, it being understood and agreed that any payment made by 149 Landlord on account of the TI Allowance shall reduce the liability of Landlord under this Section 4 (and any payment made by Landlord on account of the TI Allowance shall reduce the liability of 149 Landlord under the 149 Lease).
(ii) Notwithstanding anything to the terms contrary herein contained: (A) Landlord shall have no obligation to advance funds on account of the TI Allowance (1) until Landlord shall have received an original W-9 executed by Tenant, nor (2) more than once per month; (B) Landlord shall have no obligation to pay any portion of the TI Allowance with respect to any requisition submitted after June 30, 2019, time being of the essence; (C) Tenant shall not be entitled to any unused portion of the TI Allowance; and (D) Landlord’s obligation to pay any portion of the TI Allowance shall be conditioned upon there existing no default by Tenant in its obligations under the Lease and/or the 149 Lease at the time that Landlord would otherwise be required to make such payment (it being understood and agreed that if Tenant cures such default prior to the expiration of the notice and/or cure periods set forth in Section 20.1 of the Lease and/or the 149 Lease, as applicable, Landlord shall make such payment promptly after the cure is effectuated).
(iii) In the event Tenant owes Landlord any sums under or pursuant to the Lease at such time as Landlord is obligated pursuant to the provisions of this Section 4 to pay any portion of the TI Allowance, Landlord shall have the right to offset said amount from such payment of the TI Allowance.
(d) During periods when Tenant’s Work Letter (as amended by this First Amendment), make available to Tenant the Suite 120 Tenant Improvement Allowance and the Additional Suite 120 Tenant Improvement Allowance. Commencing on the Rent Commencement Date and continuing thereafter on the first day of each month during the Base Termor any Alterations are being performed, Tenant shall pay the amount necessary maintain (or cause to fully amortize the portion be maintained) so-called all risk or special cause of the Additional Suite 120 Tenant Improvement Allowance actually funded by loss property insurance or its equivalent and/or builders risk insurance on 100% replacement cost coverage basis, including hard and soft costs coverages. Such insurance shall protect and insure Landlord, if anyLandlord's agents, in equal monthly payments with interest at a rate Tenant and Tenant's contractors, as their interests may appear, against loss or damage by fire, water damage, vandalism and malicious mischief, and such other risks as are customarily covered by so-called all risk or special cause of 7% per annum over loss property / builders risk coverage or its equivalent and shall otherwise include no less than the Base Term, which interest shall begin to accrue on the date that Landlord first disburses such Additional Suite 120 Tenant Improvement Allowance or any portion(s) thereof (“Suite 120 TI Rent”). Any outstanding and unamortized Suite 120 TI Rent remaining unpaid as of the expiration or earlier termination of the Lease shall be paid to Landlord in a lump sum at the expiration or earlier termination of this Lease. For the avoidance of doubt, Landlord and Tenant acknowledge and agree that Suite 120 TI Rent, if any, shall not be subject to adjustment pursuant to coverage terms required for property insurance under Section 4(a14.1(b) of the Lease during the TermLease.
Appears in 1 contract
Sources: Lease (Acceleron Pharma Inc)
Tenant Improvements. Tenants Tenant improvements for the Additional Leased Premises, Suites A, B, D, F, H, and Basement Room A, shall be completed according to the following terms and conditions:
(a) Tenant shall provide Landlord with plans and specifications for the Tenant improvements for Suites A, B, D, F, H, and Basement Room A. Landlord shall have the right to approve said plans and related specifications, which approval shall not be unreasonably withheld. Landlord shall cause the construction of the Tenant Improvements improvements pursuant to said approved plans and related specifications.
(b) Landlord shall bear the cost of such Tenant improvements up to an amount equal to $10 per square foot of net rentable space of Suites A, B, D, F, and H, 16,064 square feet, for a total tenant improvement allowance for Suites A, B, D, F, and H of $160,640.00 (One Hundred Sixty Thousand Six Hundred Forty Dollars). The cost of tenant improvement for Suites A, B, D, F, and H in the Suite 120 Premises excess of $160,640.00 (One Hundred Sixty Thousand Six Hundred Forty Dollars) shall be subject to the terms borne by Tenant and shall be paid upon substantial completion of the Work Letter attached to the Lease as Exhibit C, except that, notwithstanding anything to the contrary contained in the Work Letter:
a. Tenant improvements. The Tenant Improvements in the Suite 120 Premises shall be constructed pursuant to the space plans attached to this First Amendment as Exhibit B (the “Suite 120 Space Plans”) and the tenant improvement specifications attached to this First Amendment as Exhibit C (the “Suite 120 TI Specifications”), which have been approved by both Landlord and Tenant, and the TI Construction Drawings for cost of the Tenant Improvements for the Suite 120 Premises improvements shall be prepared substantially in accordance include all "hard" and "soft" cost associated with the Suite 120 Space Plans and construction of the Suite 120 TI Specifications (and Landlord may not disapprove any matter Tenant improvements as those terms are defined in connection therewith that is consistent with the Suite 120 Space Plans and the Suite 120 TI Specifications).
b. The Tenant Improvement Allowance and the Additional Tenant Improvement Allowance provided for in Section 6(bParagraph 1(b) of the Work Letter shall not apply with respect to the Suite 120 Premises and Office Lease. Landlord shall provide a tenant improvement allowance with respect to complete the Tenant Improvements improvements in the Suite 120 Premises, as follows:a good and workmanlike manner.
(ic) a “Suite 120 Tenant Improvement Allowance” in the maximum amount of $185.00 per rentable square foot in the Suite 120 Premises, which is included in the Base Rent set forth in the Lease; and
(ii) an “Additional Suite 120 Tenant Improvement Allowance” in the maximum amount of $40.00 per rentable square foot in the Suite 120 Premises, which shall, to the extent used, result in Suite 120 TI Rent as set forth in Section 5(c) below. For the avoidance of doubt, (A) the definition of “TI Allowance” in the Work Letter shall include the Tenant Improvement Allowance, the Additional Tenant Improvement Allowance, the Suite 120 Tenant Improvement Allowance and the Additional Suite 120 Tenant Improvement Allowance, as applicable, and (B) in connection with the Tenant Improvements in the Suite 120 Premises, Landlord shall be entitled to Administrative Rent equal to 1.5% of bear the “hard” TI Costs incurred in connection with such Tenant Improvements and a fee shall be payable to Tenant’s third party project manager, ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇ of ▇▇▇▇▇ ▇▇▇▇ LaSalle, not to exceed 1.5% of the “hard” TI Costs cost of such Tenant Improvements, which amounts shall be payable out of the TI Fund. Landlord and Tenant acknowledge and agree that the Suite 120 Tenant Improvement Allowance and the Additional Suite 120 Tenant Improvement Allowance, to the extent utilized, must be used toward the cost of Tenant Improvements in the Suite 120 Premises.
c. Pursuant to the terms of the Work Letter (as amended by this First Amendment), Landlord shallimprovements for Basement Room A, subject to the terms amortization of these improvement costs as additional rent for Basement Room A pursuant to Paragraph 5(c). The cost of the Work Letter (as amended by this First Amendment), make available to Tenant the Suite 120 Tenant Improvement Allowance and the Additional Suite 120 Tenant Improvement Allowance. Commencing on the Rent Commencement Date and continuing thereafter on the first day of each month during the Base Term, Tenant improvements shall pay the amount necessary to fully amortize the portion of the Additional Suite 120 Tenant Improvement Allowance actually funded by Landlord, if any, in equal monthly payments with interest at a rate of 7% per annum over the Base Term, which interest shall begin to accrue on the date that Landlord first disburses such Additional Suite 120 Tenant Improvement Allowance or any portion(s) thereof (“Suite 120 TI Rent”). Any outstanding and unamortized Suite 120 TI Rent remaining unpaid as of the expiration or earlier termination of the Lease shall be paid to Landlord in a lump sum at the expiration or earlier termination of this Lease. For the avoidance of doubt, Landlord and Tenant acknowledge and agree that Suite 120 TI Rent, if any, shall not be subject to adjustment pursuant to Section 4(a) of the Lease during the Term.include all "hard" and
Appears in 1 contract
Sources: Office Lease (Qad Inc)
Tenant Improvements. Tenants Tenant improvements for the Additional Leased Premises shall be done in two stages.
(a) Prior to occupancy, landlord at its sole cost and expense shall cause the Additional Leased Premises to be improved in accordance with Exhibit "A" which is attached hereto and incorporated herein by reference. Upon the completion of the work provided for in Exhibit "A", the term of the lease shall commence as provided for in Paragraph 2 of this First Amendment To Office Lease.
(b) After occupancy, tenant shall supply landlord with its space plans and related specifications for its tenant improvements for said Additional Leased Premises. Landlord shall have the right to approve said space plans and related specifications which approval shall not unreasonably be withheld. Landlord shall cause the construction of the Tenant Improvements in the Suite 120 Premises shall be subject to the terms of the Work Letter attached to the Lease as Exhibit C, except that, notwithstanding anything to the contrary contained in the Work Letter:
a. The Tenant Improvements in the Suite 120 Premises shall be constructed tenant improvements pursuant to said approved space plans and related specifications.
(c) The tenant improvement costs for the implementation of the space plans attached to this First Amendment as Exhibit B shall not exceed the sum of $67605.00 (based on 4507 net rentable square feet for Suites C and H times $15 per square foot) less the “Suite 120 Space Plans”cost of performing the improvements required by paragraph 6(a) herein. Said costs shall include all "hard" and "soft" costs associated with the construction of the tenant improvement specifications attached to this First Amendment improvements, as Exhibit C those terms are defined in Paragraph 1 (the “Suite 120 TI Specifications”), which have been approved by both Landlord and Tenant, and the TI Construction Drawings for the Tenant Improvements for the Suite 120 Premises shall be prepared substantially in accordance with the Suite 120 Space Plans and the Suite 120 TI Specifications (and Landlord may not disapprove any matter in connection therewith that is consistent with the Suite 120 Space Plans and the Suite 120 TI Specifications).
b. The Tenant Improvement Allowance and the Additional Tenant Improvement Allowance provided for in Section 6(bb) of the Work Letter Office Lease. In the event cost of the tenant improvements pursu- ant to the approved space plans and related specifications exceeds the sum of $67605.00, tenant shall reimburse landlord for the excess cost. Landlord shall complete the tenant improvements in a good and workmanlike manner. Because the tenant improvements will be installed after occupancy, Tenant acknowledges there will be disruption due to the work and waives any claim for reduced rent or any claim for breach of the covenant of quiet enjoyment as a result thereof. Tenant shall not apply with respect be entitled to the Suite 120 Premises and Landlord shall provide a any tenant improvement allowance with respect to if the Tenant Improvements in the Suite 120 Premisesimprovements are requested after September 1, as follows:
(i) a “Suite 120 Tenant Improvement Allowance” in the maximum amount of $185.00 per rentable square foot in the Suite 120 Premises, which is included in the Base Rent set forth in the Lease; and
(ii) an “Additional Suite 120 Tenant Improvement Allowance” in the maximum amount of $40.00 per rentable square foot in the Suite 120 Premises, which shall, to the extent used, result in Suite 120 TI Rent as set forth in Section 5(c) below. For the avoidance of doubt, (A) the definition of “TI Allowance” in the Work Letter shall include the Tenant Improvement Allowance, the Additional Tenant Improvement Allowance, the Suite 120 Tenant Improvement Allowance and the Additional Suite 120 Tenant Improvement Allowance, as applicable, and (B) in connection with the Tenant Improvements in the Suite 120 Premises, Landlord shall be entitled to Administrative Rent equal to 1.5% of the “hard” TI Costs incurred in connection with such Tenant Improvements and a fee shall be payable to Tenant’s third party project manager, ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇ of ▇▇▇▇▇ ▇▇▇▇ LaSalle, not to exceed 1.5% of the “hard” TI Costs of such Tenant Improvements, which amounts shall be payable out of the TI Fund. Landlord and Tenant acknowledge and agree that the Suite 120 Tenant Improvement Allowance and the Additional Suite 120 Tenant Improvement Allowance, to the extent utilized, must be used toward the cost of Tenant Improvements in the Suite 120 Premises1995.
c. Pursuant to the terms of the Work Letter (as amended by this First Amendment), Landlord shall, subject to the terms of the Work Letter (as amended by this First Amendment), make available to Tenant the Suite 120 Tenant Improvement Allowance and the Additional Suite 120 Tenant Improvement Allowance. Commencing on the Rent Commencement Date and continuing thereafter on the first day of each month during the Base Term, Tenant shall pay the amount necessary to fully amortize the portion of the Additional Suite 120 Tenant Improvement Allowance actually funded by Landlord, if any, in equal monthly payments with interest at a rate of 7% per annum over the Base Term, which interest shall begin to accrue on the date that Landlord first disburses such Additional Suite 120 Tenant Improvement Allowance or any portion(s) thereof (“Suite 120 TI Rent”). Any outstanding and unamortized Suite 120 TI Rent remaining unpaid as of the expiration or earlier termination of the Lease shall be paid to Landlord in a lump sum at the expiration or earlier termination of this Lease. For the avoidance of doubt, Landlord and Tenant acknowledge and agree that Suite 120 TI Rent, if any, shall not be subject to adjustment pursuant to Section 4(a) of the Lease during the Term.
Appears in 1 contract
Sources: Office Lease (Qad Inc)
Tenant Improvements. Tenants Tenant will provide its construction plans for the "TENANT IMPROVEMENTS" to Landlord for approval. Landlord will approve the construction plans, provided that they are consistent with the attached Space Plans (Exhibit "D"). The Target Commencement Date is premised upon approved plans on or before February 4, 2000 (with Tenant having the right to make minor modifications through February 29, 2000). Any delay beyond that date in approval of the final plans (other than delay which is the fault of Landlord) will constitute a Tenant Delay. Once those plans are approved by Landlord and Tenant (which approval will be evidenced by final plans signed by Landlord and Tenant), Landlord will enter into a construction contract for the construction of the Tenant Improvements and Landlord will cause the same to be completed in a good and workmanlike manner. Landlord agrees to complete the construction of the Tenant Improvements at Tenant's sole expense equal to the aggregate of all costs, expenses and fees incurred by or on behalf of Landlord in connection therewith (the "Tenant's Cost"), including without limitation (i) architectural, engineering and design costs, (ii) the cost charged to Landlord by Landlord's general contractor and all subcontractors for performing such construction, and (iii) the cost to Landlord of performing directly any portion of such construction. Landlord agrees to credit Tenant with an allowance equal to the lesser of the Tenant's Costs or Eight Hundred Twenty-One Thousand Nine Hundred and Sixty-Seven and 00/100ths Dollars ($821,967.00) (based on $25.50 per square foot of office space included in the Suite 120 Premises Premises) (the "Tenant Allowance"). Tenant agrees to pay to Landlord, within ten (10) days of being billed therefor, the excess (if any) of the Tenant's Cost above the Tenant Allowance. If the Tenant Allowance is less than $821,967.00, the Minimum Annual Rent payable with respect to each lease year during the initial Term will be decreased by an amount equal to (i) $821,967.00 minus the actual Tenant Allowance, multiplied by (ii) .1586. For example, if the total Tenant Allowance is $811,967.00, the Minimum Annual Rent payable in each lease year of the initial Term shall be subject to the terms decreased by $1,586 ($10,000 times .1586). The warehouse shall have strip lighting and unit heaters as part of the Work Letter attached to the Lease as Exhibit C, except that, notwithstanding anything to the contrary contained in the Work Letter:
a. The Tenant Improvements in the Suite 120 Premises shall be constructed pursuant to the space plans attached to this First Amendment as Exhibit B (the “Suite 120 Space Plans”) and the tenant improvement specifications attached to this First Amendment as Exhibit C (the “Suite 120 TI Specifications”), which have been approved by both Landlord and TenantBase Building improvements, and the TI Construction Drawings for the Tenant Improvements for the Suite 120 Premises shall be prepared substantially in accordance with the Suite 120 Space Plans and the Suite 120 TI Specifications (and Landlord may not disapprove any matter in connection therewith that is consistent with the Suite 120 Space Plans and the Suite 120 TI Specifications).
b. The Tenant Improvement Allowance and the Additional Tenant Improvement Allowance provided for in Section 6(b) of the Work Letter shall not apply with respect to the Suite 120 Premises and Landlord shall provide a tenant improvement allowance with respect to the Tenant Improvements in the Suite 120 Premises, as follows:
(i) a “Suite 120 Tenant Improvement Allowance” in the maximum amount of $185.00 per rentable square foot in the Suite 120 Premises, which is included in the Base Rent set forth in the Lease; and
(ii) an “Additional Suite 120 Tenant Improvement Allowance” in the maximum amount of $40.00 per rentable square foot in the Suite 120 Premises, which shall, to the extent used, result in Suite 120 TI Rent as set forth in Section 5(c) below. For the avoidance of doubt, (A) the definition of “TI Allowance” in the Work Letter shall include the Tenant Improvement Allowance, the Additional Tenant Improvement Allowance, the Suite 120 Tenant Improvement Allowance and the Additional Suite 120 Tenant Improvement Allowance, as applicable, and (B) in connection with the Tenant Improvements in the Suite 120 Premises, Landlord shall be entitled to Administrative Rent equal to 1.5% of the “hard” TI Costs incurred in connection with such Tenant Improvements and a fee shall be payable to Tenant’s third party project manager, ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇ of ▇▇▇▇▇ ▇▇▇▇ LaSalle, not to exceed 1.5% of the “hard” TI Costs of such Tenant Improvements, which amounts shall be payable out of the TI Fund. Landlord and Tenant acknowledge and agree that the Suite 120 Tenant Improvement Allowance and the Additional Suite 120 Tenant Improvement Allowance, to the extent utilized, must be used toward the cost of Tenant Improvements in the Suite 120 Premises.
c. Pursuant to the terms of the Work Letter (as amended by this First Amendment), Landlord shall, subject to the terms of the Work Letter (as amended by this First Amendment), make available to Tenant the Suite 120 Tenant Improvement Allowance and the Additional Suite 120 Tenant Improvement Allowance. Commencing on the Rent Commencement Date and continuing thereafter on the first day of each month during the Base Term, Tenant shall pay the amount necessary to fully amortize the portion of the Additional Suite 120 Tenant Improvement Allowance actually funded by Landlord, if any, in equal monthly payments with interest at a rate of 7% per annum over the Base Term, which interest shall begin to accrue on the date that Landlord first disburses such Additional Suite 120 Tenant Improvement Allowance or any portion(s) thereof (“Suite 120 TI Rent”). Any outstanding and unamortized Suite 120 TI Rent remaining unpaid as of the expiration or earlier termination of the Lease shall be paid to Landlord in a lump sum at the expiration or earlier termination of this Lease. For the avoidance of doubt, Landlord and Tenant acknowledge and agree that Suite 120 TI Rent, if any, shall not be subject to adjustment pursuant to Section 4(a) of charged against the Lease during the TermTenant Allowance.
Appears in 1 contract
Sources: Lease Agreement (Plato Learning Inc)
Tenant Improvements. Tenants construction The parties hereto agree that the aggregate cost of the Tenant Improvements in for the Suite 120 Premises shall be subject Property is $762,745.00. Pursuant to the terms of Section 27 of the Lease and the Work Letter attached as Exhibit B to the Lease as Exhibit CLease, except thatthe Tenant agreed to pay that part of the total cost of the Tenant Improvements that exceed $615,344.00 (the “Total Tenant Improvement Overage”) by either (i) amortizing the Total Tenant Improvement Overage over the Term (excluding the Renewal Term) at the rate of 10.75% per annum, or (ii) pay to Landlord the Total Tenant Improvement Overage within thirty (30) days after receipt of an invoice from Landlord. Accordingly, notwithstanding anything to the contrary contained in is Section 27 of the Work Letter:
a. The Lease, Tenant Improvements in agrees to pay $10,000.00, representing a portion of the Suite 120 Premises shall be constructed pursuant to the space plans attached to Total Tenant Improvement Overage, concurrent with its execution and delivery of this First Amendment as Exhibit B (the “Suite 120 Space Plans”) and the tenant improvement specifications attached to this First Amendment as Exhibit C (the “Suite 120 TI Specifications”), which have been approved by both Landlord and Tenant, and the TI Construction Drawings for the Tenant Improvements for the Suite 120 Premises shall be prepared substantially in accordance with the Suite 120 Space Plans and the Suite 120 TI Specifications (and Landlord may not disapprove any matter in connection therewith that is consistent with the Suite 120 Space Plans and the Suite 120 TI Specifications).
b. The Tenant Improvement Allowance and the Additional Tenant Improvement Allowance provided for in Section 6(b) of the Work Letter shall not apply with Amendment. With respect to the Suite 120 Premises and Landlord shall provide a tenant improvement allowance with respect to balance of the Total Tenant Improvements Improvement Overage in the Suite 120 Premises, as follows:
(i) a “Suite 120 Tenant Improvement Allowance” in the maximum amount of $185.00 per rentable square foot in the Suite 120 Premises137,401.00, which is included in the Base Rent set forth in the Lease; and
(ii) an “Additional Suite 120 Tenant Improvement Allowance” in the maximum amount of $40.00 per rentable square foot in the Suite 120 Premisescommencing August 1, which shall, to the extent used, result in Suite 120 TI Rent as set forth in Section 5(c) below. For the avoidance of doubt, (A) the definition of “TI Allowance” in the Work Letter shall include the Tenant Improvement Allowance, the Additional Tenant Improvement Allowance, the Suite 120 Tenant Improvement Allowance and the Additional Suite 120 Tenant Improvement Allowance, as applicable1999, and (B) in connection with the Tenant Improvements in the Suite 120 Premises, Landlord shall be entitled to Administrative Rent equal to 1.5% of the “hard” TI Costs incurred in connection with such Tenant Improvements and a fee shall be payable to Tenant’s third party project manager, ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇ of ▇▇▇▇▇ ▇▇▇▇ LaSalle, not to exceed 1.5% of the “hard” TI Costs of such Tenant Improvements, which amounts shall be payable out of the TI Fund. Landlord and Tenant acknowledge and agree that the Suite 120 Tenant Improvement Allowance and the Additional Suite 120 Tenant Improvement Allowance, to the extent utilized, must be used toward the cost of Tenant Improvements in the Suite 120 Premises.
c. Pursuant to the terms of the Work Letter (as amended by this First Amendment), Landlord shall, subject to the terms of the Work Letter (as amended by this First Amendment), make available to Tenant the Suite 120 Tenant Improvement Allowance and the Additional Suite 120 Tenant Improvement Allowance. Commencing on the Rent Commencement Date and continuing thereafter on the first day of each month during the Base Termthereafter through and including July 1, 2006, Tenant shall pay Landlord, in addition to all other amounts to be paid by Tenant to Landlord under the amount necessary Lease or the Work Letter, Two Thousand Three Hundred Thirty Four and 62/100 Dollars ($2,334.62) (the “Monthly Tenant Improvement Overage”), all as more fully set forth on Exhibit J attached hereto and made a part hereof. If Tenant falls to fully amortize the pay all or any portion of the Additional Suite 120 Monthly Tenant Improvement Allowance actually funded by LandlordOverage, if anyall as more fully set forth on Exhibit J, on the first day of each month of the initial Term, and such failure continues for five (5) days after written notice, Tenant shall be deemed to be in default under the Lease, in equal monthly payments with interest at a rate of 7% per annum over the Base Term, which interest shall begin to accrue on the date that case Landlord first disburses such Additional Suite 120 Tenant Improvement Allowance or any portion(s) thereof (“Suite 120 TI Rent”). Any outstanding and unamortized Suite 120 TI Rent remaining unpaid as of the expiration or earlier termination of the Lease shall be paid entitled to Landlord in a lump sum at the expiration or earlier termination of this Lease. For the avoidance of doubt, Landlord pursue all available rights and Tenant acknowledge and agree that Suite 120 TI Rent, if any, shall not be subject to adjustment pursuant to Section 4(a) of the Lease during the Termremedies thereunder.
Appears in 1 contract
Sources: Lease (OMNICELL, Inc)
Tenant Improvements. Tenants construction a. Tenant acknowledges that all obligations of the Tenant Improvements in the Suite 120 Premises shall be subject Landlord to construct tenant improvements with respect to the terms of the Work Letter Original Premises pursuant to Exhibit B attached to the Lease as Exhibit Chave been met and Landlord shall have no further obligations to Tenant thereunder.
b. Tenant hereby agrees to accept Additional Premises A in its "as-is" condition existing on the Additional Premises A Effective Date, except thatsubject to Landlord’s obligation to construct Tenant Improvements pursuant to Paragraph 12(c) below, notwithstanding anything to the contrary contained and any latent defects, including latent defects in the Work Letter:
a. The Tenant Improvements Improvements, reported to Landlord within ninety (90) days after Substantial Completion of the Tenant Improvements. During the Extended Term, Landlord shall have no obligation to provide any tenant improvements, refurbishments, repairs (other than Landlord’s repair and maintenance obligations expressly stated in the Suite 120 Lease), decorations or the like for the Original Premises shall be constructed pursuant to the space plans attached to this First Amendment as Exhibit B (the “Suite 120 Space Plans”) and the tenant improvement specifications attached to this First Amendment as Exhibit C (the “Suite 120 TI Specifications”), which have been approved by both Landlord and Tenant, and the TI Construction Drawings for Additional Premises other than the Tenant Improvements for the Suite 120 Premises shall be prepared substantially (defined in accordance with the Suite 120 Space Plans and the Suite 120 TI Specifications (and Landlord may not disapprove any matter in connection therewith that is consistent with the Suite 120 Space Plans and the Suite 120 TI SpecificationsParagraph 12(c) below).
b. The Tenant Improvement Allowance and the Additional Tenant Improvement Allowance provided for in Section 6(b) . Regardless of the Work Letter shall not apply with respect to ninety (90) day period set forth above, at the Suite 120 Premises and written request of Tenant, Landlord shall provide a tenant improvement allowance use commercially reasonable efforts to cooperate with respect to Tenant in receiving the Tenant Improvements in the Suite 120 Premises, as follows:
(i) a “Suite 120 Tenant Improvement Allowance” in the maximum amount benefit of $185.00 per rentable square foot in the Suite 120 Premises, which is included in the Base Rent set forth in the Lease; and
(ii) an “Additional Suite 120 Tenant Improvement Allowance” in the maximum amount of $40.00 per rentable square foot in the Suite 120 Premises, which shall, to the extent used, result in Suite 120 TI Rent as set forth in Section 5(c) below. For the avoidance of doubt, (A) the definition of “TI Allowance” in the Work Letter shall include the Tenant Improvement Allowance, the Additional Tenant Improvement Allowance, the Suite 120 Tenant Improvement Allowance any contractor’s and the Additional Suite 120 Tenant Improvement Allowance, as applicable, and (B) manufacturer’s warranties obtained by Landlord in connection with the Tenant Improvements in during the Suite 120 Premises, Landlord shall be entitled to Administrative Rent equal to 1.5% of the “hard” TI Costs incurred in connection with such Tenant Improvements and a fee shall be payable to Tenant’s third party project manager, ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇ of ▇▇▇▇▇ ▇▇▇▇ LaSalle, not to exceed 1.5% of the “hard” TI Costs entire period of such Tenant Improvements, which amounts shall be payable out of the TI Fund. Landlord and Tenant acknowledge and agree that the Suite 120 Tenant Improvement Allowance and the Additional Suite 120 Tenant Improvement Allowance, to the extent utilized, must be used toward the cost of Tenant Improvements in the Suite 120 Premiseswarranties.
c. Pursuant Landlord, at Landlord's expense, shall construct tenant improvements ("Tenant Improvements") for entire Premises (i.e., the Original Premises and Additional Premises) using Building standard finishes and materials (except as otherwise expressly shown on the Space Plan (defined in Exhibit B-1) attached to Exhibit B-1 as Schedule 1) in accordance with the terms Tenant Improvement Agreement attached hereto and incorporated herein as Exhibit B-1. It is the intention of the Work Letter parties that the Tenant Improvements for Additional Premises B (as amended the “Additional Premises B Tenant Improvements”) be constructed separately from the Tenant Improvements for the Original Premises; it being understood that the Additional Premises B Effective Date shall occur upon Substantial Completion of the Additional Premises B Tenant Improvements. The Tenant Improvements shall be constructed by this First Amendment)Landlord in a good and workmanlike manner and in compliance with all Laws, Landlord shallincluding the ADA, subject to the terms Tenant Exceptions (defined hereinafter). The foregoing to the contrary notwithstanding, Tenant shall be obligated for any compliance measures required by applicable Laws, including the requirements of the Work Letter ADA, that arise out of or in connection with the specific nature of Tenant's business in the Premises, the acts or omissions of Tenant or any Tenant Entity, the arrangement of any furniture, equipment or other property in the Premises, any repairs or Tenant Alterations performed by or on behalf of Tenant (as amended other than the Tenant Improvements performed by Landlord), requirements of any employees of Tenant, and any design or configuration of the Premises specifically necessary for Tenant’s operations but not reflected on the Space Plan (collectively, the “Tenant Exceptions”).
d. Landlord shall use commercially reasonable efforts to complete the Tenant Improvements in accordance with Exhibit B-1 within one hundred twenty (120) days of the Effective Date on this First Amendment), make available subject to delays caused by events of Force Majeure, long-lead items and Tenant the Suite 120 Tenant Improvement Allowance and the Additional Suite 120 Tenant Improvement Allowance. Commencing on the Rent Commencement Date and continuing thereafter on the first day of each month during the Base Term, Tenant shall pay the amount necessary to fully amortize the portion of the Additional Suite 120 Tenant Improvement Allowance actually funded by Landlord, if any, Delay (defined in equal monthly payments with interest at a rate of 7% per annum over the Base Term, which interest shall begin to accrue on the date that Landlord first disburses such Additional Suite 120 Tenant Improvement Allowance or any portion(s) thereof (“Suite 120 TI Rent”Exhibit B-1). Any outstanding and unamortized Suite 120 TI Rent remaining unpaid as of the expiration or earlier termination of the Lease shall be paid to Landlord in a lump sum at the expiration or earlier termination of this Lease. For the avoidance of doubtHowever, Landlord shall give Tenant notice of any long-lead items and present Tenant acknowledge and agree that Suite 120 TI Rent, if any, shall not be subject with the opportunity to adjustment pursuant to Section 4(a) of the Lease during the Termexchange such item for a comparable item which is readily available.
Appears in 1 contract
Sources: Lease Agreement (Geeknet, Inc)
Tenant Improvements. Tenants construction of the Tenant Improvements in the Suite 120 Premises shall be subject Landlord agrees to the terms of the Work Letter attached to the Lease as Exhibit C, except that, notwithstanding anything to the contrary contained in the Work Letter:
a. The Tenant Improvements in the Suite 120 Premises shall be constructed pursuant to the space plans attached to this First Amendment as Exhibit B construct certain improvements (the “Suite 120 Space PlansTenant Improvements”) and the tenant improvement specifications attached to this First Amendment as Exhibit C (the “Suite 120 TI Specifications”), which have been approved by both Landlord and Tenant, and the TI Construction Drawings for the Tenant Improvements for the Suite 120 Premises shall be prepared substantially in accordance with the Suite 120 Space Plans and the Suite 120 TI Specifications (and Landlord may not disapprove any matter in connection therewith that is consistent with the Suite 120 Space Plans and the Suite 120 TI Specifications).
b. The Tenant Improvement Allowance and the Additional Tenant Improvement Allowance provided for in Section 6(b) of the Work Letter shall not apply with respect to the Suite 120 Premises and Landlord shall provide a tenant improvement allowance with respect to the Tenant Improvements in the Suite 120 PremisesSuites, at Landlord’s sole cost and expense, as follows:
(i) A. All Suites: Landlord shall provide openings between all three Suites to allow access throughout all three Suites.
B. Suite 855: Landlord shall have no obligation to improve, remodel, alter, refurbish or otherwise change the condition or configuration of Suite 855, Tenant hereby agreeing to take Suite 855 in its currently existing “AS-IS WHERE-IS” condition.
C. Suite 860: Landlord shall install new Building standard carpeting in a “Building standard color throughout Suite 120 Tenant Improvement Allowance” in the maximum amount of $185.00 per rentable square foot in the Suite 120 Premises, which is included in the Base Rent set forth in the Lease; and
(ii) an “Additional Suite 120 Tenant Improvement Allowance” in the maximum amount of $40.00 per rentable square foot in the Suite 120 Premises, which shall, to the extent used, result 860 and shall repaint all interior walls in Suite 120 TI Rent 860 with one (1) coat of Building standard paint in a Building standard color.
D. Suite 880: Landlord shall install new Building standard carpeting in a Building standard color throughout Suite 880 and shall repaint all interior walls in Suite 880 with one (1) coat of Building standard paint in a Building standard color. In addition, Landlord shall construct an enclosed kitchen area with a sink, counters and cabinets in Suite 880 where plumbing is already stubbed out for such facilities. The design and finishes of such kitchen shall be Building standard as set forth in Section 5(c) belowdetermined by Landlord. For the avoidance of doubt, (A) the definition of The Tenant Improvements for each Suite shall be deemed to be “TI AllowanceSubstantially Completed” in the Work Letter shall include the when Landlord has delivered written notice to Tenant Improvement Allowance, the Additional Tenant Improvement Allowance, the Suite 120 Tenant Improvement Allowance and the Additional Suite 120 Tenant Improvement Allowance, as applicable, and (B) in connection with stating that the Tenant Improvements for a particular Suite have been substantially completed in accordance with the Suite 120 Premisesprovisions of this Paragraph 6, except for “punch list” items which may be completed without materially impairing Tenant’s use of the particular Suite; In the event that the cost of constructing such Tenant Improvements (exclusive of the cost of plans, permits and fees, if any) is less than Forty Seven Thousand Eight Hundred Seventy-Six Dollars ($47,876.00) (hereinafter, the “Construction Allowance”), Landlord shall be entitled to Administrative Rent equal to 1.5% make any unused portion of the Construction Allowance, up to the total amount of Eight Hundred Dollars ($800.00), available to Tenant for use in constructing future permanent improvements to the Premises (the “hard” TI Costs incurred Future Improvements”), provided that Tenant notifies Landlord in connection with such Tenant Improvements and a fee shall be payable writing of its intent to Tenant’s third party project manager, ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇ use the unused portion of ▇▇▇▇▇ ▇▇▇▇ LaSalle, the Construction Allowance (not to exceed 1.5% the sum of $800.00) for Future Improvements on or before January 31, 2004, which notice shall specify the nature of the “hard” TI Costs Future Improvements Tenant intends to construct; and further provided that any such construction of such Tenant ImprovementsFuture Improvements is completed on or before March 1, which amounts shall be payable out of the TI Fund. Landlord and Tenant acknowledge and agree that the Suite 120 Tenant Improvement Allowance and the Additional Suite 120 Tenant Improvement Allowance, to the extent utilized, must be used toward the cost of Tenant Improvements in the Suite 120 Premises2004.
c. Pursuant to the terms of the Work Letter (as amended by this First Amendment), Landlord shall, subject to the terms of the Work Letter (as amended by this First Amendment), make available to Tenant the Suite 120 Tenant Improvement Allowance and the Additional Suite 120 Tenant Improvement Allowance. Commencing on the Rent Commencement Date and continuing thereafter on the first day of each month during the Base Term, Tenant shall pay the amount necessary to fully amortize the portion of the Additional Suite 120 Tenant Improvement Allowance actually funded by Landlord, if any, in equal monthly payments with interest at a rate of 7% per annum over the Base Term, which interest shall begin to accrue on the date that Landlord first disburses such Additional Suite 120 Tenant Improvement Allowance or any portion(s) thereof (“Suite 120 TI Rent”). Any outstanding and unamortized Suite 120 TI Rent remaining unpaid as of the expiration or earlier termination of the Lease shall be paid to Landlord in a lump sum at the expiration or earlier termination of this Lease. For the avoidance of doubt, Landlord and Tenant acknowledge and agree that Suite 120 TI Rent, if any, shall not be subject to adjustment pursuant to Section 4(a) of the Lease during the Term.
Appears in 1 contract
Sources: Office Lease (Tercica Inc)
Tenant Improvements. Tenants construction Landlord has granted to Tenant an allowance of up to Sixteen and No/100 Dollars ($16.00) per rentable square foot for Suite 1300, for a total allowance of up to Seventy-Six Thousand Seven Hundred Fifty-Two and No/100 Dollars ($76,752.00) (the "Tenant Improvement Allowance"), for completion of slab-to-slab Tenant Improvements in accordance with the Space Plan. Except as provided herein, the Tenant Improvement Allowance is for Tenant Improvements in the Suite 120 Premises shall be subject to Premises. In the terms of event the Work Letter attached to the Lease as Exhibit C, except that, notwithstanding anything to the contrary contained in the Work Letter:
a. The Tenant Improvements in the Suite 120 Premises shall be constructed pursuant to the space plans attached to this First Amendment as Exhibit B (the “Suite 120 Space Plans”) and the tenant improvement specifications attached to this First Amendment as Exhibit C (the “Suite 120 TI Specifications”), which have been approved by both Landlord and Tenant, and the TI Construction Drawings for the Tenant Improvements for the Suite 120 Premises shall be prepared substantially in accordance with the Suite 120 Space Plans and the Suite 120 TI Specifications (and Landlord may not disapprove any matter in connection therewith that is consistent with the Suite 120 Space Plans and the Suite 120 TI Specifications).
b. The Tenant Improvement Allowance and the Additional Tenant Improvement Allowance provided for in Section 6(b) of the Work Letter shall is not apply with respect to the Suite 120 Premises and used on or before December 31, 2000, Landlord shall provide a tenant improvement allowance with respect to the Tenant Improvements in the Suite 120 Premises, as follows:
(i) a “Suite 120 Tenant Improvement Allowance” in the maximum amount retain such unused portion of $185.00 per rentable square foot in the Suite 120 Premises, which is included in the Base Rent set forth in the Lease; and
(ii) an “Additional Suite 120 Tenant Improvement Allowance” in the maximum amount of $40.00 per rentable square foot in the Suite 120 Premises, which shall, to the extent used, result in Suite 120 TI Rent as set forth in Section 5(c) below. For the avoidance of doubt, (A) the definition of “TI Allowance” in the Work Letter shall include the Tenant Improvement Allowance, and Tenant shall have no further rights thereto or hereunder. In the Additional event that the cost of the Tenant Improvements exceeds the Tenant Improvement Allowance, Landlord shall, at Tenant's written option, provide Tenant with an additional allowance, above the Suite 120 Tenant Improvement Allowance and the Additional Suite 120 Tenant Improvement Allowance, as applicable, and (B) in connection with the Tenant Improvements in the Suite 120 Premises, Landlord shall be entitled to Administrative Rent equal to 1.5% of the “hard” TI Costs incurred in connection with such Tenant Improvements and a fee shall be payable to Tenant’s third party project manager, ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇ of ▇▇▇▇▇ ▇▇▇▇ LaSalle, not to exceed 1.5% of the “hard” TI Costs of such Tenant Improvements, which amounts shall be payable out of the TI Fund. Landlord and Tenant acknowledge and agree that the Suite 120 Tenant Improvement Allowance and the Additional Suite 120 Tenant Improvement Allowance, to apply towards payment of the extent utilizedexcess costs of the Tenant Improvements (the "Excess Allowance"), must and Tenant shall deposit with Landlord funds sufficient to cover any additional projected excess costs and promptly pay to Landlord any costs in excess thereof. Notwithstanding the above, the Excess Allowance shall not exceed Five Dollars ($5.00) per rentable square foot for Suite 1300. Any portion of the Excess Allowance paid by Landlord shall either be used toward (i) amortized on a straight-line basis over the remaining rent paying term of the Lease, with interest at the rate of Twelve Percent (12%) per annum, payable by Tenant to Landlord as additional rent, or (ii) paid for directly by the Tenant. Upon completion, Tenant agrees to execute the Lease Commencement Date Statement attached hereto as Appendix B. Landlord shall have the work depicted in the Tenant Space Plan attached hereto as Appendix A (the "Tenant Work") constructed with, unless otherwise specified, building standard materials and in a good and workmanlike manner pursuant to the schedule provided for herein, subject, however, to extensions equal to the delays suffered by Landlord and caused by Tenant or by strike, lockouts, fire or other casualty loss, acts of God, unavailability of materials, hostile or war-like action, riot or other causes beyond Landlord's reasonable control. The Tenant Work, as modified from time to time pursuant to the provisions of this Workletter, shall be known as the "Tenant Improvements". The cost of Tenant Improvements in preparing the Suite 120 Premises.
c. Pursuant to the terms Space Plan and any other architectural or engineering fees shall be paid for out of the Work Letter (as amended by this First Amendment), Landlord shall, subject to the terms of the Work Letter (as amended by this First Amendment), make available to Tenant the Suite 120 Tenant Improvement Allowance and the Additional Suite 120 Tenant Improvement Allowance. Commencing on the Rent Commencement Date and continuing thereafter on the first day of each month during the Base Term, Tenant shall pay the amount necessary to fully amortize the portion as part of the Additional Suite 120 Tenant Improvement Allowance actually funded by Landlord, if any, in equal monthly payments with interest at a rate of 7% per annum over the Base Term, which interest shall begin to accrue on the date that Landlord first disburses such Additional Suite 120 Tenant Improvement Allowance or any portion(s) thereof (“Suite 120 TI Rent”). Any outstanding and unamortized Suite 120 TI Rent remaining unpaid as costs of the expiration or earlier termination of the Lease shall be paid Tenant Improvements. Landlord agrees to Landlord in a lump sum at the expiration or earlier termination of this Lease. For the avoidance of doubt, Landlord and Tenant acknowledge and agree that Suite 120 TI Rent, if any, shall not be subject to adjustment pursuant to Section 4(apay Tenant's contractor directly by paying Fifty Percent (50%) of the Lease during invoices presented and the Termremaining Fifty Percent (50%) after Landlord receives acceptable lien waivers from the contractor and subcontractors.
Appears in 1 contract
Sources: Lease (Matrix Bancorp Inc)
Tenant Improvements. Tenants construction of the Tenant Improvements in the Suite 120 Premises shall be subject to the terms of the Work Letter attached to the Lease as Exhibit C, except that, notwithstanding anything to the contrary contained in the Work Letter:
a. The Tenant Improvements in the Suite 120 Premises shall be constructed pursuant to the space plans attached to this First Amendment as Exhibit B (the “Suite 120 Space Plans”) and the tenant improvement specifications attached to this First Amendment as Exhibit C (the “Suite 120 TI Specifications”), which have been approved by both Landlord and Tenant, and the TI Construction Drawings for the Tenant Improvements for the Suite 120 Premises shall be prepared substantially in accordance with the Suite 120 Space Plans and the Suite 120 TI Specifications (and Landlord may not disapprove any matter in connection therewith that is consistent with the Suite 120 Space Plans and the Suite 120 TI Specifications).
b. The Tenant Improvement Allowance and the Additional Tenant Improvement Allowance provided for in Section 6(b) of the Work Letter shall not apply with respect to the Suite 120 Premises and Landlord shall provide complete specified tenant improvements detailed in Exhibit A. LANDLORD AND TENANT HAVE CAREFULLY READ AND REVIEWED THIS LEASE AND EACH TERM AND PROVISION CONTAINED HEREIN, AND BY THE EXECUTION OF THIS LEASE SHOW THEIR INFORMED AND VOLUNTARY CONSENT THERETO. THE PARTIES HEREBY AGREE THAT, AT THE TIME THIS LEASE IS EXECUTED, THE TERMS OF THIS LEASE ARE COMMERCIALLY REASONABLE AND EFFECTUATE THE INTENT AND PURPOSE OF LANDLORD AND TENANT WITH RESPECT TO THE PREMISES. THIS LEASE PREPARED FOR YOUR ATTORNEY’S REVIEW AND APPROVAL. FURTHER, EXPERTS SHOULD BE CONSULTED TO THE PRESENCE OF ASBESTOS, UNDERGROUND STORAGE TANKS OR HAZARDOUS SUBSTANCES. NO REPRESENTATION OR RECOMMENDATION IS MADE BY THE AMERICAN INDUSTRIAL REAL ESTATE ASSOCIATION OR BY THE REAL ESTATE BROKERS OR THEIR CONTRACTORS, AGENTS OR EMPLOYEES AS TO THE LEGAL SUFFICIENCY, LEGAL EFFECT, OR TAX CONSEQUENCES OF THIS LEASE OR THE TRANSACTION TO WHICH IT RELATES; THE PARTIES SHALL RELY SOLELY UPON THE ADVICE OF THEIR OWN COUNSEL AS TO THE LEGAL AND TAX CONSEQUENCES OF THIS LEASE. IF THE SUBJECT PROPERTY IS IN A STATE OTHER THAN CALIFORNIA, AN ATTORNEY FROM THE STATE WHERE THE PROPERTY IS LOCATED SHOULD BE CONSULTED. The parties hereto have executed this Lease at the place and on the dates specified above their respective signatures. Executed at: ▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇. Executed at: ▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇ ▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇ on: 9/18/14 on: 17 September 2014 By Landlord: By Tenant: ▇▇▇▇▇▇▇▇▇ HARBOR BAY ASSOCIATES, a tenant improvement allowance with respect to the Tenant Improvements in the Suite 120 PremisesCalifornia limited partnership By: D&M Investors Fund I LLC, as follows:
(i) a “Suite 120 Tenant Improvement Allowance” in the maximum amount of $185.00 per rentable square foot in the Suite 120 PremisesPENUMBRA, which is included in the Base Rent set forth in the Lease; and
(ii) an “Additional Suite 120 Tenant Improvement Allowance” in the maximum amount of $40.00 per rentable square foot in the Suite 120 PremisesInc. California Limited Liability Company BY: /s/ ▇▇▇▇ ▇▇▇▇▇▇▇▇ Its General Partner ▇▇▇▇ ▇▇▇▇▇▇▇▇, which shallCEO By: D&M Ventures LP, to the extent useda PENUMBRA, result in Suite 120 TI Rent as set forth in Section 5(c) belowInc. California Limited Partnership BY: /s/ ▇▇▇▇ ▇▇▇▇▇▇▇ Its Sole Member ▇▇▇▇ ▇▇▇▇▇▇▇, CFO By: ▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇ Living Trust Its General Partner By: /s/ ▇▇▇▇▇ ▇. For the avoidance of doubt, (A) the definition of “TI Allowance” in the Work Letter shall include the Tenant Improvement Allowance, the Additional Tenant Improvement Allowance, the Suite 120 Tenant Improvement Allowance and the Additional Suite 120 Tenant Improvement Allowance, as applicable, and (B) in connection with the Tenant Improvements in the Suite 120 Premises, Landlord shall be entitled to Administrative Rent equal to 1.5% of the “hard” TI Costs incurred in connection with such Tenant Improvements and a fee shall be payable to Tenant’s third party project manager, ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇▇, Trustee Address: ▇▇▇ of ▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇, ▇▇▇▇▇ LaSalle▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇, not ▇▇ ▇▇▇▇▇ Address: ▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇ Telephone: (▇▇▇) ▇▇▇-▇▇▇▇ Telephone: (▇▇▇) ▇▇▇-▇▇▇▇ Facsimile: (▇▇▇) ▇▇▇-▇▇▇▇ Facsimile: (▇▇▇) ▇▇▇-▇▇▇▇ Landlord, at Landlord’s sole cost and expense shall build the Tenant Improvements as per this attached Exhibit A, using the same building standards as when the Tenant originally moved in to exceed 1.5% ▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇ ▇▇▇▇▇▇▇ and as specified in Exhibit B attached hereto. ▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇ ▇▇▇▇▇▇▇ – First Floor All items by Landlord unless specified. Clean Room – Approximately Class 10,000 (same as current clean room in 1351) Size – approximately 8,281 square foot of cleanroom Ceiling – T-Bar grid with Clean Room ceiling tiles Ceiling height – 10’ Door height – 9’ min. Walls – Smooth with Epoxy Paint 110V Power on every Support Column by Landlord CDA on every Support column (by Tenant) 110V Power on perimeter walls per code by Landlord 110V Junction boxes to be placed approximately every 200 sq. ft. above ceiling – 1 dedicated 20 amp circuit per j-box by Landlord CDA and Data along perimeter walls (by Tenant) Flooring – VCT Slab – Seal slab as necessary to prevent ground water from seeping up Pre-action system fire sprinklers Landlord to reuse existing HVAC system and run return air ducts surface mounted and painted on the “hard” TI Costs of such Tenant Improvements, which amounts shall be payable out of the TI Fundperimeter walls. Landlord to supply and Tenant acknowledge install approximately 83 fan powered hepa-filters with pre-filter option 220V Power – 8 locations TBD by tenant. Ceiling – T-Bar grid with Clean Room ceiling tiles Ceiling height – 10’ Doors (each room):Three single 3.0x 7.0, 20 min rated door with metal frame and agree that hardware (gowning room/exit with windows) Walls – Smooth with Epoxy Paint 110V Power on every Support Column by Landlord CDA on every Support column (by Tenant) 110V Power on perimeter walls per code by Landlord Flooring – VCT Slab – Seal slab as necessary to prevent ground water from seeping up Landlord to reuse existing HVAC system and run return air ducts surface mounted and painted on the Suite 120 Tenant Improvement Allowance perimeter walls. Landlord to supply and install approximately 4 fan powered hepa-filters with pre-filter option (each room) pre-action system fire sprinklers Ceiling-T-Bar grid with Clean Room ceiling tiles Ceiling height- 10’ Three Double Doors 3.0x 7.0, 20 min rated doors with metal frame and hardware (gowning room/exit with windows). Walls – Smooth with Epoxy Paint 110V Power on every Support Column by Landlord CDA on every Support column (by Tenant) 110V Power on perimeter walls per code by Landlord Flooring – VCT Slab – Seal slab as necessary to prevent ground water from seeping up Landlord to reuse existing HVAC system and run return air ducts surface mounted and painted on the Additional Suite 120 Tenant Improvement Allowance, perimeter walls. Landlord to supply and install approximately 2 fan powered hepa-filters with pre-filter option pre-action system fire sprinklers Ceiling – T-Bar grid with Clean Room ceiling tiles Ceiling height – 10’ Door height – 9’ min. Walls – white paint 110V Power on every Support Column by Landlord 110V Junction boxes to be placed approximately every 200 sq ft above ceiling – 1 dedicated 20 amp circuit per j-box by Landlord CDA on every Support column (by Tenant) 110V Power on perimeter walls per code by Landlord Flooring – VCT Flooring – Exposed finished concrete Ceiling – None Walls – Finished/painted Roll up door 12’ Hydraulic lift equivalent to the extent utilizedone at 1351 Flooring – Exposed finished concrete Ceiling – none Walls – painted Electrical – 460 V 3 phase power, must 60 Amp fused disconnect box CDA – By Tenant Room will be used toward the cost supplied directly with HVAC air and have adequate ventilation Flooring-new VCT Power – add 200 amp panel in this area Ceiling – Existing Break room will have approximately 16’ of Tenant Improvements in the Suite 120 Premises.
c. Pursuant to the terms of the Work Letter (as amended by this First Amendment)counter with cabinets above and below, Landlord shalldouble sink, subject to the terms of the Work Letter (as amended by this First Amendment), make available to Tenant the Suite 120 Tenant Improvement Allowance and the Additional Suite 120 Tenant Improvement Allowance. Commencing on the Rent Commencement Date and continuing thereafter on the first day of each month during the Base Term, Tenant shall pay the amount necessary to fully amortize the portion of the Additional Suite 120 Tenant Improvement Allowance actually funded by Landlord, if any, in equal monthly payments with interest at a rate of 7% per annum over the Base Term, which interest shall begin to accrue on the date that Landlord first disburses such Additional Suite 120 Tenant Improvement Allowance or any portion(s) thereof (“Suite 120 TI Rent”). Any outstanding and unamortized Suite 120 TI Rent remaining unpaid as of the expiration or earlier termination of the Lease shall be paid to Landlord in a lump sum at the expiration or earlier termination of this Lease. For the avoidance of doubt, Landlord and Tenant acknowledge and agree that Suite 120 TI Rent, if any, shall not be subject to adjustment pursuant to Section 4(a) of the Lease during the Term.space for refrigerator / freezer
Appears in 1 contract
Sources: Lease (Penumbra Inc)
Tenant Improvements. Tenants construction of the Tenant Improvements in the Suite 120 Premises shall be subject to the terms of the Work Letter attached to the Lease as Exhibit C, except that, notwithstanding anything to the contrary contained in the Work Letter:
a. The Tenant Improvements in the Suite 120 Premises New First Floor Contiguous Space shall be constructed completed pursuant to final, approved construction documents, based on the space preliminary specifications and plans attached to the proposal request dated September 30, 2002, delivered by Tenant to Landlord on said date. Within five (5) business days after the date of this Amendment Landlord shall submit a Project Schedule to Tenant for Tenant’s approval, based on such preliminary specifications and plans. Landlord and Tenant shall diligently work together in good faith to agree on a Project Schedule and to finalize the specifications and plans for the New First Amendment Floor Contiguous Space Tenant Improvements (such final specifications and plans are hereinafter referred to as Exhibit B (the “Suite 120 Space Final Plans”). Landlord shall construct or cause to be constructed the New First Floor Contiguous Space Tenant Improvements. Section 2 (with the exception of the requirement in Section 2(c) that Landlord seek competitive bids from not less than three general contractors and the second sentence of Section 2(b) and the tenant improvement specifications attached to this First Amendment as Exhibit C (the “Suite 120 TI Specifications”), which have been approved by both Landlord Sections 3(b) and Tenant, and the TI Construction Drawings for the Tenant Improvements for the Suite 120 Premises shall be prepared substantially in accordance with the Suite 120 Space Plans and the Suite 120 TI Specifications (and Landlord may not disapprove any matter in connection therewith that is consistent with the Suite 120 Space Plans and the Suite 120 TI Specifications).
b. The Tenant Improvement Allowance and the Additional Tenant Improvement Allowance provided for in Section 6(b3(c) of the Work Letter are incorporated herein by reference and shall not apply control with respect to the Suite 120 Premises and Landlord shall provide a tenant improvement allowance with respect to the New First Floor Contiguous Space Tenant Improvements in the Suite 120 PremisesImprovements, as follows:
including, without limitation, (i) a “Suite 120 the determination of the costs of the New First Floor Contiguous Space Tenant Improvements and the application thereto of the New First Floor Contiguous Space Improvement Allowance” in the maximum amount of $185.00 per rentable square foot in the Suite 120 Premises, which is included in the Base Rent set forth in the Lease; and
(ii) an the performance of the construction of such Tenant Improvements by Landlord; and (iii) Tenant’s acceptance of such Tenant Improvements. Landlord shall enter into a cost-plus a fixed fee and guaranteed maximum price contract with Golden Triangle Construction (“Additional Suite 120 GTC”), subject to Tenant’s written approval (the “GTC Contract”). Such contract shall obligate GTC to obtain competitive bids for the construction of the New First Floor Contiguous Space Tenant Improvements, with final bids for all aspects of such Tenant Improvements to be approved by Tenant’s project manager prior to acceptance by GTC. Landlord, GTC nor any subcontractor shall make any changes to the scope and/or cost of such Tenant Improvement Allowance” in the maximum amount of $40.00 per rentable square foot in the Suite 120 Premiseswork, which shall, to the extent used, result in Suite 120 TI Rent as set forth in Section 5(c) belowany such accepted bids or the GTC Contract, without Tenant’s prior written approval. For the avoidance of doubt, (A) the definition of “TI Allowance” in the In addition to such Work Letter shall include provisions, Tenant may apply the Tenant Improvement Allowance, the Additional Tenant Improvement Allowance, the Suite 120 Tenant New First Floor Contiguous Space Improvement Allowance to all costs and the Additional Suite 120 expenses incurred by Tenant Improvement Allowance, as applicable, and (B) in connection with the Tenant Improvements in preparation of the Suite 120 Premises, Landlord preliminary specifications and plans and the Final Plans. Tenant’s Project Manager shall be entitled to Administrative Rent equal to 1.5% of the “hard” TI Costs incurred in connection with such Tenant Improvements and a fee shall be payable to Tenant’s third party project manager, ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇ of ▇▇▇▇▇ ▇▇▇▇ LaSalle, not . Tenant may designate a new Project Manager upon written notice to exceed 1.5% of the “hard” TI Costs of such Tenant Improvements, which amounts shall be payable out of the TI Fund. Landlord and Tenant acknowledge and agree that the Suite 120 Tenant Improvement Allowance and the Additional Suite 120 Tenant Improvement Allowance, to the extent utilized, must be used toward the cost of Tenant Improvements in the Suite 120 PremisesLandlord.
c. Pursuant to the terms of the Work Letter (as amended by this First Amendment), Landlord shall, subject to the terms of the Work Letter (as amended by this First Amendment), make available to Tenant the Suite 120 Tenant Improvement Allowance and the Additional Suite 120 Tenant Improvement Allowance. Commencing on the Rent Commencement Date and continuing thereafter on the first day of each month during the Base Term, Tenant shall pay the amount necessary to fully amortize the portion of the Additional Suite 120 Tenant Improvement Allowance actually funded by Landlord, if any, in equal monthly payments with interest at a rate of 7% per annum over the Base Term, which interest shall begin to accrue on the date that Landlord first disburses such Additional Suite 120 Tenant Improvement Allowance or any portion(s) thereof (“Suite 120 TI Rent”). Any outstanding and unamortized Suite 120 TI Rent remaining unpaid as of the expiration or earlier termination of the Lease shall be paid to Landlord in a lump sum at the expiration or earlier termination of this Lease. For the avoidance of doubt, Landlord and Tenant acknowledge and agree that Suite 120 TI Rent, if any, shall not be subject to adjustment pursuant to Section 4(a) of the Lease during the Term.
Appears in 1 contract
Tenant Improvements. Tenants construction of the Tenant Improvements in the Suite 120 Premises and Landlord agree that Landlord shall be subject make improvements to the terms of the Work Letter attached to the Lease as Exhibit C, except that, notwithstanding anything to the contrary contained in the Work Letter:
a. The Tenant Improvements in the Suite 120 Tenant's Premises shall be constructed pursuant according to the space plans plan attached to this First Amendment hereto as Exhibit B and by this reference made a part hereof (the “Suite 120 Space Plans”"Tenant Improvements"). Landlord agrees to pay up to an allowance of One Hundred Seventy Five Thousand Nine Hundred Twenty Dollars and 00/100 ($175,920.00) and the tenant improvement specifications attached to this First Amendment as Exhibit C (the “"Maximum Allowance") associated with Tenant's Premises (Suite 120 TI Specifications”), which have been approved by both Landlord 100) at its sole cost and Tenant, and the TI Construction Drawings for the Tenant Improvements for the Suite 120 Premises shall be prepared substantially in accordance with the Suite 120 Space Plans and the Suite 120 TI Specifications (and Landlord may not disapprove any matter in connection therewith that is consistent with the Suite 120 Space Plans and the Suite 120 TI Specifications).
b. The Tenant Improvement Allowance and the Additional Tenant Improvement Allowance provided for in Section 6(b) of the Work Letter shall not apply with respect expense related to the Suite 120 Premises and Landlord shall provide a tenant improvement allowance with respect to the Tenant Improvements in the Suite 120 Premises, as follows:
(i) a “Suite 120 Tenant Improvement Allowance” in the maximum amount of $185.00 per rentable square foot in the Suite 120 Premises, which is included in the Base Rent set forth in the Lease; and
(ii) an “Additional Suite 120 Tenant Improvement Allowance” in the maximum amount of $40.00 per rentable square foot in the Suite 120 Premises, which shall, to the extent used, result in Suite 120 TI Rent as set forth in Section 5(c) below. For the avoidance of doubt, (A) the definition of “TI Allowance” in the Work Letter shall include the Tenant Improvement Allowance, the Additional Tenant Improvement Allowance, the Suite 120 Tenant Improvement Allowance and the Additional Suite 120 Tenant Improvement Allowance, as applicable, and (B) in connection with the Tenant Improvements in the Suite 120 Premises, Landlord shall be entitled to Administrative Rent equal to 1.5% of the “hard” TI Costs incurred in connection with such Tenant Improvements and a fee shall be payable to Tenant’s third party project manager, ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇ of ▇▇▇▇▇ ▇▇▇▇ LaSalle, not to exceed 1.5% of the “hard” TI Costs of such Tenant Improvements, which amounts shall be payable out of . In the TI Fund. Landlord and Tenant acknowledge and agree that the Suite 120 Tenant Improvement Allowance and the Additional Suite 120 Tenant Improvement Allowance, to the extent utilized, must be used toward event the cost of Tenant Improvements exceed the Maximum Allowance, Tenant hereby agrees to pay promptly when due the cost overage for such Tenant Improvements above the Maximum Allowance, if any, provided Tenant has approved such overage in writing prior to incurring such overage. Landlord agrees to pay the tenant improvement invoices as they become due with Tenant reimbursing Landlord for all amounts over the Maximum Allowance stated above provided Tenant has approved such overage in writing prior to incurring such overage. IT IS EXPRESSLY AGREED TO HEREIN THAT NO WORK WILL BE AUTHORIZED FOR OVER THE MAXIMUM ALLOWANCE WITHOUT PRIOR WRITTEN APPROVAL OF BOTH LANDLORD AND TENANT. Tenant Improvements shall be defined as all costs associated with improving the Premises, as it relates to Exhibit B, including new carpeting and padding (if applicable), general conditions of the contractor (including overhead and profit), wall installation and/or removal, wall preparation, painting, floor plan preparations and review, permits, hard surface floor covering, relites, doors, door jambs, door hardware, Tenant signage, sprinklers, vapor/noise barriers, smoke detectors, fire dampers/stops, light fixtures, code required modifications, electrical installation or reconfiguration, ceiling tiles (new or repainted), ceiling T-grids, securing tenant improvements for earthquake codes, installation of wood work or cabinetry, window blinds repair or replacement, general clean-up, and other items mutually agreed to by Tenant and Landlord, and any applicable sales taxes. In no event shall any of the Maximum Allowance allocation be utilized for furniture, furniture installation, demountable furniture partitions, and other moving costs. All of the furniture related costs are to be at the sole cost of Tenant and are not part of the Maximum Allowance allocation. Landlord shall utilize Landlord's tenant improvement contractor to perform the Tenant Improvement work on the Premises, except for telephone and/or networking cabling which shall be contracted by Tenant. Once the Tenant improvement work has been completed, and should the total cost associated with the Tenant Improvements and other items permitted herein, total less than the Maximum Allowance amount, any savings in the Suite 120 Premises.
c. Pursuant total cost to improve the terms Premises shall belong to Landlord. Tenant and Landlord agree that the Base Monthly Rent described in item above is based in part upon Landlord's obligation to pay for Tenant Improvements up to an amount not to exceed the Maximum Allowance specified herein. If, In the event, the cost to install the Tenant Improvements, to which Landlord is obligated to pay and which Tenant and Landlord have mutually approved to include in such cost, is in excess of the Work Letter (as amended by this First Amendment), Landlord shall, subject to the terms of the Work Letter (as amended by this First Amendment), make available to Tenant the Suite 120 Tenant Improvement Allowance and the Additional Suite 120 Tenant Improvement Maximum Allowance. Commencing on the Rent Commencement Date and continuing thereafter on the first day of each month during the Base Term, Tenant shall pay for all such costs directly. Once the amount necessary Tenant Improvements are substantially completed in areas where access is desired by Tenant even though other areas may not be substantially completed, prior to fully amortize the portion of the Additional Suite 120 Tenant Improvement Allowance actually funded by Landlord, if any, in equal monthly payments with interest at a rate of 7% per annum over the Base Term, which interest shall begin to accrue on the date that Landlord first disburses such Additional Suite 120 Tenant Improvement Allowance or any portion(s) thereof (“Suite 120 TI Rent”). Any outstanding and unamortized Suite 120 TI Rent remaining unpaid as of the expiration or earlier termination of the Lease shall be paid Commencement, Tenant may enter the space for installation of its fixturing, cabling or other furniture installations, to the extent such activities do not interfere with or delay the completion of Tenant Improvements directed by Landlord in a lump sum at the expiration or earlier termination of this Lease. For the avoidance of doubtit's contractors, Landlord and Tenant acknowledge and agree that Suite 120 TI Rentagents, if any, shall not be subject to adjustment pursuant to Section 4(a) of the Lease during the Termor employees.
Appears in 1 contract
Sources: Lease Agreement (Cellular Technical Services Co Inc)
Tenant Improvements. Tenants construction a. Landlord shall make available to Tenant a tenant improvement allowance of Ten Dollars ($10) per rentable square foot of the Tenant Improvements in the Suite 120 Quad I & II Premises shall be subject to the terms of the Work Letter attached to the Lease as Exhibit C, except that, notwithstanding anything to the contrary contained in the Work Letter:
a. The Tenant Improvements in the Suite 120 Premises shall be constructed pursuant to the space plans attached to this First Amendment as Exhibit B (the “Suite 120 Space PlansQuad I & II Premises TI Allowance”) and at any time after the Swap Premises Commencement Date until such time as Tenant has exercised a Quad I & II Termination Option (as defined below). Further, Landlord shall make available to Tenant a tenant improvement specifications attached to this First Amendment as Exhibit C allowance of Twenty Dollars ($20) per rentable square foot of the Quad III & IV Premises (the “Suite 120 Quad III & IV Premises TI SpecificationsAllowance”), which have been approved by both Landlord and Tenant, and . Up to Ten Dollars ($10) per rentable square foot of the Quad III & IV Premises TI Construction Drawings for Allowance (the Tenant Improvements for the Suite 120 “Phase 1 Quad III & IV Premises TI Allowance”) shall be prepared substantially in accordance available to Tenant at any time after the Swap Premises Rent Commencement Date. The balance of the Quad III & IV Premises TI Allowance (not to exceed an additional Ten Dollars ($10) per rentable square foot (the “Phase 2 Quad III & IV Premises TI Allowance”)) shall be available to Tenant at any time during the Term after June 30, 2013; provided that Tenant has not exercised a Quad III & IV Termination Option (as defined below). If Tenant has exercised a Quad III & IV Termination Option with respect to the Suite 120 Space Plans and Quad III Premises or the Suite 120 Quad IV Premises only, then Tenant shall still be entitled to its pro rata amount of the Phase 2 Quad III & IV Premises TI Specifications (and Landlord may not disapprove any matter in connection therewith that is consistent with Allowance allocable to the Suite 120 Space Plans and non-terminated portion of the Suite 120 TI Specifications)Quad III & IV Premises.
b. The Quad I & II Tenant Improvement Allowance and the Additional Quad III & IV Tenant Improvement Allowance provided (collectively, the “Swap Premises TI Allowance”) shall be disbursed in the same manner as the Base TI Allowance under the applicable provisions of Article 5 of the Lease, including, without limitation, the Disbursement Conditions, in order to finance improvements to the Swap Premises consistent with the provisions of the Lease and the Permitted Use (such improvements, the “Swap Premises Tenant Improvements”). Tenant shall be responsible for in Section 6(bperforming and completing the Swap Premises Tenant Improvements, and Tenant shall pay Landlord a construction oversight fee of two and one-half percent (2.5%) of the Work Letter shall not apply with respect to total cost of the Suite 120 Swap Premises and Landlord shall provide a tenant improvement allowance with respect to Tenant Improvements, including, without limitation, the Tenant Improvements in the Suite 120 Premises, as follows:
(i) a “Suite 120 Tenant Improvement Allowance” in the maximum amount of $185.00 per rentable square foot in the Suite 120 Premises, which is included in the Base Rent set forth in the Lease; and
(ii) an “Additional Suite 120 Tenant Improvement Allowance” in the maximum amount of $40.00 per rentable square foot in the Suite 120 Premises, which shall, Swap Premises TI Allowance to the extent used, result in Suite 120 TI Rent as set forth in Section 5(c) below. For the avoidance of doubt, (A) the definition of “TI Allowance” in the Work Letter shall include the Tenant Improvement Allowance, the Additional Tenant Improvement Allowance, the Suite 120 Tenant Improvement Allowance and the Additional Suite 120 Tenant Improvement Allowance, as applicable, and (B) in connection with the Tenant Improvements in the Suite 120 Premises, Landlord shall be entitled to Administrative Rent equal to 1.5% of the “hard” TI Costs incurred in connection with such Tenant Improvements and a fee shall be payable disbursed to Tenant’s third party project manager, ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇ of ▇▇▇▇▇ ▇▇▇▇ LaSalle, not to exceed 1.5% of the “hard” TI Costs of such Tenant Improvements, which amounts shall construction oversight fee may be payable paid out of the Swap Premises TI Fund. Landlord and Tenant acknowledge and agree that the Suite 120 Tenant Improvement Allowance and the Additional Suite 120 Tenant Improvement Allowance, to the extent utilized, must be used toward the cost of Tenant Improvements in the Suite 120 Premises.
c. Pursuant to the terms of the Work Letter (as amended by this First Amendment), Landlord shall, subject to the terms of the Work Letter (as amended by this First Amendment), make available to Tenant the Suite 120 Tenant Improvement Allowance and the Additional Suite 120 Tenant Improvement Allowance. Commencing on the Rent Commencement Date and continuing thereafter on the first day of each month during the Base Term, Tenant shall pay the amount necessary to fully amortize the portion of the Additional Suite 120 Tenant Improvement Allowance actually funded by Landlord, if any, in equal monthly payments with interest at a rate of 7% per annum over the Base Term, which interest shall begin to accrue on the date that Landlord first disburses such Additional Suite 120 Tenant Improvement Allowance or any portion(s) thereof (“Suite 120 TI Rent”). Any outstanding and unamortized Suite 120 TI Rent remaining unpaid as of the expiration or earlier termination of the Lease shall be paid to Landlord in a lump sum at the expiration or earlier termination of this Lease. For the avoidance of doubt, Landlord and Tenant acknowledge and agree that Suite 120 TI Rent, if any, shall not be subject to adjustment pursuant to Section 4(a) of the Lease during the Term.
Appears in 1 contract
Tenant Improvements. Tenants construction In connection with the extension of the term of the Lease, Landlord agrees to perform the improvements to the Premises (the "Improvements") as requested by Tenant, utilizing building standard materials. Landlord will pay for all costs and expenses associated with completing the Improvements up to an amount of Sixty Two Thousand One Hundred Sixty Seven and 50/100ths Dollars ($62,167.50) (the "Tenant Improvement Allowance"). Within ten (10) days following substantial completion of the Improvements, Landlord will provide Tenant a statement ("Landlord Statement") setting forth the amount of the Tenant Improvements in Improvement Allowance used to build out the Suite 120 Premises Improvements. Tenant shall be subject to the terms of the Work Letter attached to the Lease as Exhibit C, except that, notwithstanding anything to the contrary contained in the Work Letter:
a. The Tenant Improvements in the Suite 120 Premises shall be constructed pursuant to the space plans attached to this First Amendment as Exhibit B (the “Suite 120 Space Plans”) responsible for all costs and the tenant improvement specifications attached to this First Amendment as Exhibit C (the “Suite 120 TI Specifications”), which have been approved by both Landlord and Tenant, and the TI Construction Drawings expenses for the Tenant Improvements for the Suite 120 Premises shall be prepared substantially that are in accordance with the Suite 120 Space Plans and the Suite 120 TI Specifications (and Landlord may not disapprove any matter in connection therewith that is consistent with the Suite 120 Space Plans and the Suite 120 TI Specifications).
b. The Tenant Improvement Allowance and the Additional Tenant Improvement Allowance provided for in Section 6(b) excess of the Work Letter shall not apply with respect to the Suite 120 Premises and Landlord shall provide a tenant improvement allowance with respect to the Tenant Improvements in the Suite 120 Premises, as follows:
(i) a “Suite 120 Tenant Improvement Allowance” in the maximum amount of $185.00 per rentable square foot in the Suite 120 Premises, which is included in the Base Rent set forth in the Lease; and
(ii) an “Additional Suite 120 Tenant Improvement Allowance” in the maximum amount of $40.00 per rentable square foot in the Suite 120 Premises, which shall, to the extent used, result in Suite 120 TI Rent as set forth in Section 5(c) below. For the avoidance of doubt, (A) the definition of “TI Allowance” in the Work Letter shall include the Tenant Improvement Allowance, and shall reimburse Landlord for any such excess costs within thirty (30) days of Tenant's receipt of Landlord's Statement. Tenant will have the Additional reasonable right to approve the general contractor for Tenant improvements and price thereof. Tenant shall have the right to perform the Tenant Improvements at any time up until the thirty-sixth (36th) month of the Extension Term. If Tenant has not performed the Tenant Improvements by the end of the thirty-sixth (36th) month, Landlord shall have no further obligation with respect to this Tenant Improvement Allowance, Except as provided above, during the Suite 120 Extension Term Tenant Improvement Allowance shall occupy the Premises in its "AS-IS" condition and Landlord shall have no obligation to make any improvements to the Additional Suite 120 Tenant Improvement Allowance, as applicable, and (B) Premises in connection with Tenant's occupancy thereof, except as required under the Tenant Improvements in the Suite 120 Premises, Landlord shall be entitled to Administrative Rent equal to 1.5% of the “hard” TI Costs incurred in connection with such Tenant Improvements and a fee shall be payable to Tenant’s third party project manager, ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇ of ▇▇▇▇▇ ▇▇▇▇ LaSalle, not to exceed 1.5% of the “hard” TI Costs of such Tenant Improvements, which amounts shall be payable out of the TI Fund. Landlord and Tenant acknowledge and agree that the Suite 120 Tenant Improvement Allowance and the Additional Suite 120 Tenant Improvement Allowance, to the extent utilized, must be used toward the cost of Tenant Improvements in the Suite 120 PremisesLease.
c. Pursuant to the terms of the Work Letter (as amended by this First Amendment), Landlord shall, subject to the terms of the Work Letter (as amended by this First Amendment), make available to Tenant the Suite 120 Tenant Improvement Allowance and the Additional Suite 120 Tenant Improvement Allowance. Commencing on the Rent Commencement Date and continuing thereafter on the first day of each month during the Base Term, Tenant shall pay the amount necessary to fully amortize the portion of the Additional Suite 120 Tenant Improvement Allowance actually funded by Landlord, if any, in equal monthly payments with interest at a rate of 7% per annum over the Base Term, which interest shall begin to accrue on the date that Landlord first disburses such Additional Suite 120 Tenant Improvement Allowance or any portion(s) thereof (“Suite 120 TI Rent”). Any outstanding and unamortized Suite 120 TI Rent remaining unpaid as of the expiration or earlier termination of the Lease shall be paid to Landlord in a lump sum at the expiration or earlier termination of this Lease. For the avoidance of doubt, Landlord and Tenant acknowledge and agree that Suite 120 TI Rent, if any, shall not be subject to adjustment pursuant to Section 4(a) of the Lease during the Term.
Appears in 1 contract
Sources: Lease Agreement (Amcomp Inc /Fl)
Tenant Improvements. Tenants construction Subject to this Section 4, Tenant shall accept the Suite 110 Premises in its “as is” condition (subject to Landlord's continuing repair and maintenance obligations, as outlined in Section 10 of the Lease (as may be amended)), and Landlord shall have no obligation to make any alterations or improvements thereto whatsoever (provided that Landlord shall deliver same in good and tenantable condition, broom clean, with all systems serving same in good working order). Any alterations that Tenant Improvements desires to make in the Suite 120 110 Premises shall be subject to all the terms of the Work Letter attached to the Lease as Exhibit C, except that, notwithstanding anything to the contrary contained in the Work Letter:
a. The Tenant Improvements in the Suite 120 Premises shall be constructed pursuant to the space plans attached to this First Amendment as Exhibit B (the “Suite 120 Space Plans”) and the tenant improvement specifications attached to this First Amendment as Exhibit C (the “Suite 120 TI Specifications”), which have been approved by both Landlord and Tenant, and the TI Construction Drawings for the Tenant Improvements for the Suite 120 Premises shall be prepared substantially in accordance with the Suite 120 Space Plans and the Suite 120 TI Specifications (and Landlord may not disapprove any matter in connection therewith that is consistent with the Suite 120 Space Plans and the Suite 120 TI Specifications).
b. The Tenant Improvement Allowance and the Additional Tenant Improvement Allowance provided for in Section 6(b) of the Work Letter shall not apply with respect to the Suite 120 Premises and Landlord shall provide a tenant improvement allowance with respect to the Tenant Improvements in the Suite 120 Premises, as follows:
(i) a “Suite 120 Tenant Improvement Allowance” in the maximum amount of $185.00 per rentable square foot in the Suite 120 Premises, which is included in the Base Rent set forth in the Lease; and
(ii) an “Additional Suite 120 Tenant Improvement Allowance” in the maximum amount of $40.00 per rentable square foot in the Suite 120 Premises, which shall, to the extent used, result in Suite 120 TI Rent as conditions set forth in Section 5(c) below11 of the Lease. For the avoidance of doubt, (A) the definition of “TI Allowance” Notwithstanding anything in the Work Letter shall include Lease to the contrary, Landlord hereby agrees to grant Tenant Improvement Allowance, an allowance in the Additional Tenant Improvement Allowance, amount of $10,000 to be applied toward the Suite 120 Tenant Improvement Allowance cost (including architectural and the Additional Suite 120 Tenant Improvement Allowance, as applicable, and (Bengineering fees) in connection with the Tenant Improvements of alterations performed by ▇▇▇▇▇▇ in the Suite 120 Premises, Landlord shall be entitled to Administrative Rent equal to 1.5% of 110 Premises (the “hard” TI Costs incurred Granted Allowance”) in connection conjunction with such Tenant Improvements and a fee shall be payable to Tenant’s third party project manager, ▇▇▇▇▇▇▇▇▇ ’s initial occupancy of Suite 110 Premises. Provided no Event of Default then exists under the Lease, the Granted Allowance (or portions thereof) shall be disbursed to Tenant within thirty (30) days following ▇▇▇▇▇▇'s submission to Landlord of paid invoices for work related to alterations performed by ▇▇▇▇▇▇ in the Suite 110 Premises, accompanied by waivers of liens executed by all contractors employed by Tenant for the performance of such work. If the cost of ▇▇▇▇▇ ▇▇▇▇ LaSalle, not to exceed 1.5% of the “hard” TI Costs of such Tenant Improvements, which amounts shall be payable out of the TI Fund. Landlord and Tenant acknowledge and agree that the Suite 120 Tenant Improvement Allowance and the Additional Suite 120 Tenant Improvement Allowance, to the extent utilized, must be used toward the cost of Tenant Improvements 's alterations in the Suite 120 Premises.
c. Pursuant to 110 Premises exceeds the terms amount of the Work Letter (as amended Granted Allowance, the excess shall be paid by this First Amendment), Landlord shall, subject to Tenant after the terms of the Work Letter (as amended by this First Amendment), make available to Tenant the Suite 120 Tenant Improvement Granted Allowance and the Additional Suite 120 Tenant Improvement Allowanceis fully exhausted. Commencing on the Rent Commencement Date and continuing thereafter on the first day of each month during the Base Term, Tenant shall pay the amount necessary to fully amortize the Any portion of the Additional Suite 120 Tenant Improvement Granted Allowance actually funded that has not been applied (or contracted to be applied) in the manner set forth above by the date which is twelve (12) months following the Eighth Amendment Commencement Date shall revert to Landlord, if any, in equal monthly payments with interest at a rate of 7% per annum over the Base Term, which interest shall begin to accrue on the date that Landlord first disburses such Additional Suite 120 Tenant Improvement Allowance or any portion(s) thereof (“Suite 120 TI Rent”). Any outstanding and unamortized Suite 120 TI Rent remaining unpaid as of the expiration or earlier termination of the Lease shall be paid to Landlord in a lump sum at the expiration or earlier termination of this Lease. For the avoidance of doubt, Landlord and Tenant acknowledge and agree that Suite 120 TI Rent, if any, shall not be subject to adjustment pursuant to Section 4(a) of the Lease during the Termhave no further rights with respect thereto.
Appears in 1 contract
Tenant Improvements. Tenants construction of Sublessor and Sublessee hereby approve the preliminary plans attached hereto as Exhibit E for certain Alterations to be installed at the Sublease Premises by Sublessor at Sublessor’s sole cost and expense (the “Tenant Improvements”). Sublessee and Sublessor shall agree, in good faith, upon final plans and specifications for the Tenant Improvements in the Suite 120 Premises shall be subject to the terms or give detailed reasons for disapproval within five (5) business days of receipt of the Work Letter attached to final plans and specifications for the Lease as Tenant Improvements. Sublessor shall provide Sublessee with final plans and specifications for the Tenant Improvements not later than May 31, 2002 (the “Final Plans”). Neither Sublessor nor Sublessee shall unreasonably withhold its approval if such final plans and specifications are natural derivations of Exhibit C, except that, notwithstanding E. Notwithstanding anything to the contrary contained in this Sublease, Sublessor and Sublessee acknowledge that the Work Letter:
a. Tenant Improvements are subject to the prior written approval of Landlord pursuant to Section 7.3 of the Master Lease, and that Landlord’s approval of the Tenant Improvements shall be a condition precedent to the effectiveness of this Sublease, as more particularly set forth in Section 21.14 below. The Tenant Improvements in shall comply with the Suite 120 Premises shall be constructed pursuant terms and conditions of Section 7.3 of the Master Lease, including, but not limited to, Sublessor’s obligation to the space plans attached to this First Amendment as Exhibit B (the “Suite 120 Space Plans”) and the tenant improvement specifications attached to this First Amendment as Exhibit C (the “Suite 120 TI Specifications”), which have been approved by both Landlord and Tenant, and the TI Construction Drawings for the remove such Tenant Improvements for the Suite 120 Premises shall be prepared substantially if required by Landlord in accordance with therewith at the Suite 120 Space Plans and the Suite 120 TI Specifications (and time that Landlord may not disapprove any matter in connection therewith that is consistent with the Suite 120 Space Plans and the Suite 120 TI Specifications).
b. The Tenant Improvement Allowance and the Additional Tenant Improvement Allowance provided for in Section 6(b) of the Work Letter shall not apply with respect to the Suite 120 Premises and Landlord shall provide a tenant improvement allowance with respect consents to the Tenant Improvements in the Suite 120 Premises(subject, as follows:
(i) a “Suite 120 Tenant Improvement Allowance” in the maximum amount of $185.00 per rentable square foot in the Suite 120 Premises, which is included in the Base Rent set forth in the Lease; and
(ii) an “Additional Suite 120 Tenant Improvement Allowance” in the maximum amount of $40.00 per rentable square foot in the Suite 120 Premises, which shallhowever, to the extent used, result in Suite 120 TI Rent as set forth in provisions of Section 5(c) 7.2.2 below. For the avoidance of doubt, (A) the definition of “TI Allowance” in the Work Letter shall include the Tenant Improvement Allowance, the Additional Tenant Improvement Allowance, the Suite 120 Tenant Improvement Allowance and the Additional Suite 120 Tenant Improvement Allowance, as applicable, and (B) in connection with the Tenant Improvements in the Suite 120 Premises, Landlord shall be entitled to Administrative Rent equal to 1.5% of the “hard” TI Costs incurred in connection with such Tenant Improvements and a fee shall be payable to Tenant’s third party project manager, ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇ of ▇▇▇▇▇ ▇▇▇▇ LaSalle, not to exceed 1.5% of the “hard” TI Costs of such Tenant Improvements, which amounts shall be payable out of the TI Fund. Landlord and Tenant acknowledge and agree that the Suite 120 Tenant Improvement Allowance and the Additional Suite 120 Tenant Improvement Allowance, to the extent utilized, must be used toward the cost of Tenant Improvements in the Suite 120 Premises.
c. Pursuant to the terms of the Work Letter (as amended by this First Amendment), Landlord shall, subject to the terms of the Work Letter (as amended by this First Amendment), make available to Tenant the Suite 120 Tenant Improvement Allowance and the Additional Suite 120 Tenant Improvement Allowance. Commencing on the Rent Commencement Date and continuing thereafter on the first day of each month during the Base Term, Tenant shall pay the amount necessary to fully amortize the portion of the Additional Suite 120 Tenant Improvement Allowance actually funded by Landlord, if any, in equal monthly payments with interest at a rate of 7% per annum over the Base Term, which interest shall begin to accrue on the date that Landlord first disburses such Additional Suite 120 Tenant Improvement Allowance or any portion(s) thereof (“Suite 120 TI Rent”). Any outstanding and unamortized Suite 120 TI Rent remaining unpaid as of the expiration or earlier termination of the Lease shall be paid to Landlord in a lump sum at the expiration or earlier termination of this Lease. For the avoidance of doubt, Landlord and Tenant acknowledge and agree that Suite 120 TI Rent, if any, Sublessee shall not be subject to adjustment pursuant to Section 4(a) responsible for payment of the supervision fee required by Section 7.3 of the Master Lease during relative to the TermTenant Improvements.
Appears in 1 contract
Sources: Sublease Agreement (Palm Inc)
Tenant Improvements. Tenants construction The Fifth Expansion Space shall be delivered by ------------------- Landlord to Tenant in its "as-is" broom-clean condition with existing carpet as of the Fifth Expansion Space Commencement Date, except as provided in Sections 2(b) and 3 above, without any representations or warranties of any kind. Tenant Improvements agrees and acknowledges that Landlord shall have no obligation to make any repairs or improvements whatsoever to the Fifth Expansion Space (or the Building or any portion of the Existing Premises), except that Landlord shall: (i) provide all electrical, plumbing, HVAC and roof systems within the Fifth Expansion Space in good working condition as of the Fifth Expansion Space Commencement Date, (ii) repaint the interior of the Fifth Expansion Space, and (iii) provide to Tenant the "Tenant Improvement Allowance" (as described in the Suite 120 Premises shall be ---------------------------- "Tenant Improvement Agreement" attached hereto as Exhibit B), subject to the ---------------------------- --------- terms of the Work Letter attached to the Lease as Exhibit C, except that, notwithstanding anything to the contrary contained in the Work Letter:
a. The Tenant Improvements in the Suite 120 Premises shall be constructed pursuant to the space plans attached to this First Amendment as Exhibit B (the “Suite 120 Space Plans”) and the tenant improvement specifications attached to this First Amendment as Exhibit C (the “Suite 120 TI Specifications”), which have been approved by both Landlord and Tenant, and the TI Construction Drawings for the Tenant Improvements for the Suite 120 Premises shall be prepared substantially in accordance with the Suite 120 Space Plans and the Suite 120 TI Specifications (and Landlord may not disapprove any matter in connection therewith that is consistent with the Suite 120 Space Plans and the Suite 120 TI Specifications).
b. The Tenant Improvement Allowance and the Additional Tenant Improvement Allowance provided for in Section 6(b) of the Work Letter shall not apply with respect to the Suite 120 Premises and Landlord shall provide a tenant improvement allowance with respect to the Tenant Improvements in the Suite 120 Premises, as follows:
(i) a “Suite 120 Tenant Improvement Allowance” in the maximum amount of $185.00 per rentable square foot in the Suite 120 Premises, which is included in the Base Rent conditions set forth in the Lease; and
(ii) an “Additional Suite 120 Tenant Improvement Allowance” in Agreement (including the maximum amount of $40.00 per rentable square foot in the Suite 120 Premises, which shall, increase to the extent used, result in Suite 120 TI Fifth Expansion Space Base Monthly Rent as set forth in Section 5(c) below. For the avoidance described therein if Tenant uses any portion of doubt, (A) the definition of “TI Allowance” in the Work Letter shall include the Tenant Improvement Allowance, the Additional Tenant Improvement Allowance, the Suite 120 Tenant Improvement Allowance and the Additional Suite 120 Tenant Improvement Allowance, ). Except as applicable, and (B) in connection with the Tenant Improvements in the Suite 120 Premises, Landlord shall be entitled to Administrative Rent equal to 1.5% of the “hard” TI Costs incurred in connection with such Tenant Improvements and a fee shall be payable to Tenant’s third party project manager, ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇ of ▇▇▇▇▇ ▇▇▇▇ LaSalle, not to exceed 1.5% of the “hard” TI Costs of such Tenant Improvements, which amounts shall be payable out of the TI Fund. Landlord and Tenant acknowledge and agree that the Suite 120 Tenant Improvement Allowance and the Additional Suite 120 Tenant Improvement Allowance, to the extent utilized, must be used toward the cost of Tenant Improvements in the Suite 120 Premises.
c. Pursuant to the terms of the Work Letter (as amended by this First Amendment), Landlord shall, subject to the terms of the Work Letter (as amended by this First Amendment), make available to Tenant the Suite 120 Tenant Improvement Allowance and the Additional Suite 120 Tenant Improvement Allowance. Commencing on the Rent Commencement Date and continuing thereafter on the first day of each month during the Base Termexpressly noted above, Tenant shall pay be solely responsible for performing all other improvements within the amount Building and the Fifth Expansion Space that are desired by Tenant or which are necessary to fully amortize comply with applicable Laws. Tenant further agrees and acknowledges that the portion of the Additional Suite 120 Tenant Improvement Allowance actually funded by Landlord, if any, in equal monthly payments with interest at a rate of 7% per annum over the Base Term, which interest shall begin to accrue on the date that Landlord first disburses such Additional Suite 120 Tenant Improvement Allowance or any portion(s) thereof (“Suite 120 TI Rent”). Any outstanding and unamortized Suite 120 TI Rent remaining unpaid as of the expiration or earlier termination of the Lease shall be paid to Landlord in a lump sum at the expiration or earlier termination of this Lease. For the avoidance of doubt, Landlord and Tenant acknowledge and agree that Suite 120 TI Rent, if any, Fifth Expansion Space Commencement Date shall not be subject to adjustment pursuant to Section 4(a) dependent upon the completion of any of the Lease during the Term.foregoing repairs or improvements (including those which are Landlord's responsibility
Appears in 1 contract
Sources: Lease (Pericom Semiconductor Corp)
Tenant Improvements. Tenants The Suite 19-140 Expansion Premises is being delivered to the Tenant in its AS-IS condition. As detailed in Section 2(e) of the Lease, “The Tenant Improvement Allowance applicable to the Expansion Premises shall be in addition to the Tenant Improvement Allowance otherwise specified in this Lease for the Premises and, then, shall be equal to the product of FIFTEEN AND NO/100 DOLLARS ($15.00) multiplied by the RSF of the Expansion Premises and further multiplied by a fraction, the numerator of which shall be the number of months then remaining in the Initial Lease Term (as of the Lease commencement date of the Expansion Premises) and the denominator of which shall be the number of months of the Initial Lease Term (i.e., 76).” Landlord and Tenant acknowledge that the Commencement Date of the Lease is March 31st, 2012 and therefore the Term of the Lease is 75 months. Based upon the expectation of Suite 19-140 Expansion Premises Commencement Date of April 1, 2015, thirty-nine (39) months remain of the Initial Lease Term; therefore, Landlord shall provide a Suite 19-140 Expansion Premises Tenant Improvement Allowance of SEVEN AND 80/100 DOLLARS ($7.80) per RSF ($15/RSF multiplied by 39/75), or a total Tenant Improvement Allowance of THIRTY-TWO THOUSAND SIX HUNDRED SIXTY SIX AND 40/100 DOLLARS ($32,666.40). Landlord shall provide the Tenant Improvement Allowance for, but not limited to, the following (collectively, “Tenant Improvements”). Costs of the design and construction of the Tenant Improvements in the Suite 120 Premises shall Any reasonable and customary amount paid to a project coordinator, construction consultant, or similar consultant Permanently-attached furniture Wiring and Cabling Architectural fees Permit fees Signage Security systems Landlord will be subject responsible to the terms of the Work Letter attached to the Lease as Exhibit C, except that, notwithstanding anything to the contrary contained in the Work Letter:
a. The Tenant Improvements in the Suite 120 Premises shall be constructed pursuant to the space plans attached to this First Amendment as Exhibit B (the “Suite 120 Space Plans”) and the tenant improvement specifications attached to this First Amendment as Exhibit C (the “Suite 120 TI Specifications”), which have been approved by both Landlord and pay Tenant, and the TI Construction Drawings ’s contractors for the work completed. Should Landlord oversee the construction of improvements and should Tenant Improvements for the Suite 120 Premises shall be prepared substantially elect such oversight in accordance with the Suite 120 Space Plans and the Suite 120 TI Specifications (and Landlord may not disapprove any matter in connection therewith that is consistent with the Suite 120 Space Plans and the Suite 120 TI Specifications).
b. The Tenant Improvement Allowance and the Additional Tenant Improvement Allowance provided for in Section 6(b) of the Work Letter shall not apply with respect to the Suite 120 Premises and Landlord shall provide a tenant improvement allowance with respect to the Tenant Improvements in the Suite 120 Premises, as follows:
(i) a “Suite 120 Tenant Improvement Allowance” in the maximum amount of $185.00 per rentable square foot in the Suite 120 Premises, which is included in the Base Rent set forth in the Lease; and
(ii) an “Additional Suite 120 Tenant Improvement Allowance” in the maximum amount of $40.00 per rentable square foot in the Suite 120 Premises, which shall, to the extent used, result in Suite 120 TI Rent as set forth in Section 5(c) below. For the avoidance of doubt, (A) the definition of “TI Allowance” in the Work Letter shall include the Tenant Improvement Allowance, the Additional Tenant Improvement Allowance, the Suite 120 Tenant Improvement Allowance and the Additional Suite 120 Tenant Improvement Allowance, as applicable, and (B) in connection with the Tenant Improvements in the Suite 120 Premiseswriting, Landlord shall be entitled to Administrative Rent equal to 1.5% a construction management fee of five percent (5%) which will be paid from the “hard” TI Costs incurred in connection with such Tenant Improvements and a fee shall be payable to Tenant’s third party project manager, ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇ of ▇▇▇▇▇ ▇▇▇▇ LaSalle, not to exceed 1.5% of the “hard” TI Costs of such Tenant Improvements, which amounts shall be payable out of the TI Fund. Landlord and Tenant acknowledge and agree that the Suite 120 Tenant Improvement Allowance and the Additional Suite 120 Tenant Improvement Allowance, to the extent utilized, must be used toward the cost of Tenant Improvements in the Suite 120 Premises.
c. Pursuant to the terms of the Work Letter (as amended by this First Amendment), Landlord shall, subject to the terms of the Work Letter (as amended by this First Amendment), make available to Tenant the Suite 120 Tenant Improvement Allowance and the Additional Suite 120 Tenant Improvement Allowance. Commencing on the Rent Commencement Date and continuing thereafter on the first day of each month during the Base Term, Tenant shall pay have until December 31, 2015 to utilize the amount necessary to fully amortize Suite 19-140 Expansion Premises Tenant Improvement Allowance. In the portion event that, upon the completion of any Tenant Improvements desired by Tenant in respect of the Additional Suite 120 19-140 Expansion Premises, a balance should remain in the Tenant Improvement Allowance actually funded by Landlordapplicable to this Expansion Premises, if anyTenant may elect, in equal monthly payments with interest at a rate of 7% per annum over any time after August 31, 2015 and without waiving any right to use the Base Term, which interest shall begin to accrue on the date that Landlord first disburses such Additional Suite 120 remaining Tenant Improvement Allowance or any portion(s) thereof as otherwise set forth in the Lease, to cause an amount equal to not more than ten percent (“Suite 120 TI Rent”). Any outstanding and unamortized Suite 120 TI Rent remaining unpaid as of the expiration or earlier termination of the Lease shall be paid to Landlord in a lump sum at the expiration or earlier termination of this Lease. For the avoidance of doubt, Landlord and Tenant acknowledge and agree that Suite 120 TI Rent, if any, shall not be subject to adjustment pursuant to Section 4(a10%) of the Lease during the TermTenant Improvement Allowance provided by Landlord under this Third Amendment to be applied to and credited toward Base Rent.
Appears in 1 contract
Sources: Commercial Lease (Control4 Corp)