Unused Improvement Allowance Clause Samples

The Unused Improvement Allowance clause defines how any portion of a tenant improvement allowance that remains unspent after the completion of approved improvements is handled. Typically, this clause specifies whether the tenant can apply the unused funds to other costs, such as rent, or if the landlord retains the remaining balance. For example, if a tenant completes renovations under budget, the clause will clarify if the leftover allowance can be used for additional work or credited against future payments. Its core function is to provide clarity and prevent disputes regarding the disposition of unutilized improvement funds at the end of the construction period.
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Unused Improvement Allowance. If all or any portion of any Improvement Allowance shall not be used, Landlord shall be entitled to the savings and Tenant shall receive no credit therefor.
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Unused Improvement Allowance. If all or any portion of any Improvement Allowance shall not be used, Tenant shall be entitled to the savings and Tenant shall receive a credit therefor to Base Rental.
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Unused Improvement Allowance. Any unused portion of the Improvement Allowance upon completion of Tenant’s Work will not be refunded to Tenant or monies to which Tenant is entitled; provided, however, so long as Tenant is not in default under the Lease, Tenant shall be entitled to receive a refund from Landlord of any unused portion of the Improvement Allowance, in an amount not to exceed $5.00 per rentable square foot of the Premises (the “Refund Amount”). The Refund Amount shall be used towards Tenant’s actual costs (as documented by invoices) in connection with (a) relocating to the Premises, and/or (b) purchasing and/or installing furniture, fixtures, equipment and/or voice-data cabling and wiring at the Premises. Landlord shall deliver the Refund Amount to Tenant within thirty (30) days after Tenant’s written demand (which demand shall be accompanied by the actual invoices for any services and/or products which Tenant is using the Refund Amount); provided, however, Tenant must make its demand for the Refund Amount on or before November 30, 2006. If Tenant fails to timely demand the Refund Amount on or before November 30, 2006, Landlord shall have no obligation to provide the Refund Amount to Tenant.
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Unused Improvement Allowance. Notwithstanding Section 4.1 above, if Landlord disburses less than all of the Initial Improvement Allowance to Tenant by the beginning of the thirteenth (13th) full month of the Term, then, the unused portion of the Initial Improvement Allowance, up to five dollars ($5.00) per usable square foot, in the aggregate, shall automatically be applied to reduce the Basic Monthly Rent first ensuing in the thirteenth (13th), fourteenth (14th) and fifteenth (15th) full months of the Term.
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Unused Improvement Allowance. If Tenant uses less than the Improvement Allowance for the Improvements, Tenant may request in a written notice (“Unused Allowance Notice”) delivered to Landlord on or before Allowance Deadline, that the unused portion of the Improvement Allowance be applied as (a) a credit against Tenant’s Monthly Rent obligations not to exceed $5.00 per rentable square foot of the Building in the aggregate and/or (b) to reimburse Tenant for Tenant Changes undertaken by Tenant after the Commencement Date in accordance with Article 22 of the Lease. If Tenant timely and properly delivers the Unused Allowance Notice to Landlord and requests a credit against Monthly Rent, the credit against Tenant's Monthly Rent obligations shall commence following the later of (i) the expiration of the Abatement Period or (ii) thirty (30) days following the delivery of the Unused Allowance Notice to Landlord, and continue thereafter until exhausted. If Tenant timely and properly delivers the Unused Allowance Notice to Landlord and requests reimbursement for such Tenant Changes, Landlord shall reimburse Tenant for the costs of such Tenant Changes within thirty (30) days after the later to occur of (A) the Commencement Date and (B) Landlord's receipt of appropriate lien releases and paid invoices evidencing the costs of the Tenant Changes. Any portion of the Improvement Allowance that is not so requested by Tenant on or before the Allowance Deadline shall revert to Landlord.
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Unused Improvement Allowance. In the event the cost to Lessee of constructing the Lessee Improvements is less than the amount of the Improvement Allowance, Lessee shall have the right to apply the unused portion of the Improvement Allowance, up to a maximum amount of Three Hundred Thousand Dollars ($300,000.00) (the "Lessee Improvement Credit") against Lessee's obligation to pay Base Rent during the first year of the term of this Lease. In no event may the Lessee Improvement Credit exceed $300.000.00 and any portion of the Lessee Improvement Credit not used within the first year of the Term of this Lease shall expire at the end of the first year of the Term.
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Unused Improvement Allowance. Subject to the terms hereof, provided that Tenant is not in default of this Lease, upon notice to Landlord delivered after the Lease Commencement Date and prior to the date (the "Outside Date") that is eighteen (18) months following the Lease Commencement Date, Tenant shall be entitled to utilize any unused portion of the Tenant Improvement Allowance, but in no event in excess of $15.00 for each rentable square foot of the Premises of the Tenant Improvement Allowance, as a credit against the monthly Base Rent due under this Lease. In no event shall Landlord be obligated to pay for Tenant Improvements and/or provide a credit against monthly Base Rent in an aggregate amount that exceeds the Tenant Improvement Allowance. Notwithstanding anything contained herein to the contrary, in the event that Tenant Improvement Allowance is not fully utilized under this Tenant Work Letter (whether for Tenant Improvements or as a credit against Base Rent, as and to the extent permitted hereunder, and with any Base Rent credit having been fully applied) on or before the Outside Date, then such unused amounts shall revert to Landlord and Tenant shall have no further rights with respect thereto.
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Related to Unused Improvement Allowance

  • Improvement Allowance Subject to the terms hereof, Landlord shall grant an allowance to Tenant in an amount not to exceed the aggregate of (a) Six Million Eight Hundred Seventy Thousand Dollars ($6,870,000.00) (the “Basic Improvement Allowance”) to be used solely to reimburse the Tenant for the Itemized Costs, and (b) One Million Three Hundred Thousand Dollars ($1,300,000.00) (the “HVAC Allowance” and together with the Basic Improvement Allowance, the “Improvement Allowance”) to be used solely to reimburse the Tenant for that portion of the Itemized Costs of replacing the HVAC units serving the Premises and related control systems . The Improvement Allowance shall be available for disbursement subject to and in accordance with the terms and conditions hereof (including the Work Letter), provided that at no time shall Landlord be required to make a disbursement of any of the Improvement Allowance if following such advance the aggregate amount of the Improvement Allowance advanced by Landlord would exceed Landlord’s Share of the aggregate amount of the Itemized Costs incurred by Tenant through such date. As used herein, “Landlord’s Share” means and refers to a fraction (expressed as a percentage), the numerator of which is the original amount of the Improvement Allowance and the denominator of which is the total amount of the Approved Budget (taking into account any increases in the Approved Budget, including increases as a result of change orders requested by Tenant and approved by Landlord in accordance with the terms of the Work Letter). Conditioned upon and provided that the Conditions Precedent (as defined below) are satisfied for each reimbursement request, and satisfied for each request no later than the date which is two (2) years after the Term Commencement Date (the “Required Completion Date”), Landlord shall pay to Tenant within thirty (30) days of satisfaction of the Conditions Precedent Landlord’s Share of the Itemized Costs The “Conditions Precedent” are: (a) Tenant is not in default under this Lease beyond any applicable notice and cure period provided in this Lease, and Tenant is in full compliance with all requirements under this Section 3.3 concerning Tenant’s Initial Work, (b) Tenant has complied with all of the terms and conditions of the Work Letter that are conditions precedent that required to be satisfied prior to the disbursement of any portion of the Improvement Allowance, and (c) Tenant has provided Landlord an itemized accounting of Tenant’s costs for such Tenant’s Initial Work for which it seeks reimbursement (“Itemized Costs”), of which not more than twenty-five (25%) percent shall be laboratory case work and soft costs, as more particularly set forth in the Work Letter.

  • Tenant Improvement Allowance Commencing as of January 1, 2011, Tenant shall be entitled to use the “Tenant Improvement Allowance”, as defined in Section 2 of this Amendment, for the costs relating to the design and construction of Tenant’s improvements or which are otherwise “Tenant Improvement Allowance items,” as that term is defined in Section 2.2.1, below (collectively, the “Tenant Improvements”). In no event shall Landlord be obligated to make disbursements pursuant to this Tenant Work Letter or otherwise in connection with Tenant’s construction of the Tenant Improvements or any Tenant Improvement Allowance Items, as defined below, in a total amount which exceeds the sum of the Tenant Improvement Allowance. All Tenant Improvements for which the Tenant Improvement Allowance has been made available shall be deemed Landlord’s property under the terms of the Lease; provided, however, Landlord may, by written notice to Tenant given concurrently with Landlord’s approval of the “Final Working Drawings”, as that term is defined in Section 3.3, below, require Tenant, prior to the end of the Lease Term or promptly following any earlier termination of this Lease, at Tenant’s expense, to remove any Tenant Improvements and to repair any damage to the Premises and Building caused by such removal and return the affected portion of the Premises to a Building standard general office condition; provided, however, that Landlord shall not require Tenant to remove upon termination or expiration of this Lease, or condition its approval upon Tenant’s agreement to remove upon termination or expiration of this Lease, any Tenant Improvements constructed pursuant to this Tenant Work Letter (including, without limitation, Larc improvements) which constitute standard, non-extraordinary improvements for ordinary office, laboratory and/or Larc uses in biotech facilities. Any portion of the Tenant Improvement Allowance that is not disbursed or allocated for disbursement by December 31, 2013, shall revert to Landlord and Tenant shall have no further rights with respect thereto.

  • TI Allowance Landlord shall provide to Tenant a tenant improvement allowance (collectively, the “TI Allowance”) as follows:

  • Disbursement of the Tenant Improvement Allowance Except as otherwise set forth in this Work Letter, the Tenant Improvement Allowance shall be disbursed by Landlord (each of which disbursements shall be made pursuant to Landlord’s disbursement process, which disbursement process shall require the Architect to make field verifications and written certifications as required by Landlord in connection with Landlord’s disbursements to Contractor (as defined below)) only for the following items and costs (collectively the “Tenant Improvement Allowance Items”): (a) Payment of (i) the fees of the Architect and the Engineers (as defined below), (ii) charges for Landlord’s construction consultant and Building engineer, and (iii) the fees incurred by, and the cost of documents and materials supplied by, Landlord and Landlord’s consultants in connection with the preparation and review of the Construction Drawings (as defined below); (b) The payment of plan check, permit and license fees relating to construction of the Tenant Improvements; (c) The cost of construction of the Tenant Improvements, including, without limitation, any cost of after-hours freight elevator usage; (d) The cost of any changes in the Base, Shell, and Core when such changes are required by the Construction Drawings, such cost to include all direct architectural and/or engineering fees and expenses incurred in connection therewith; (e) The cost of any changes to the Construction Drawings or Tenant Improvements required by applicable laws and building codes (collectively, “Code”); (f) Sales and use taxes; and (g) All other costs to be expended by Landlord in connection with the construction of the Tenant Improvements. In no event shall the Tenant Improvement Allowance Items include any costs of procuring or installing in the Premises any trade fixtures, equipment, furniture, furniture partitions or systems, furnishings, telephone, telecommunications, data and security wiring, cabling and equipment, or other personal property (“Personal Property”) to be used in the Premises by Tenant, and the cost of such Personal Property shall be paid by Tenant.

  • Disbursement of Tenant Improvement Allowance During the construction of the Tenant Improvements, Landlord shall make monthly disbursements of the Tenant Improvement Allowance for Tenant Improvement Allowance Items for the benefit of Tenant and shall authorize the release of monies for the benefit of Tenant as follows.