tenant allowance

tenant allowance
USA
In a leasing context, a specified dollar amount provided by the landlord for use by the tenant for a specific purpose. Generally, a landlord provides the tenant with a tenant allowance to encourage the tenant to lease the premises. A tenant allowance is used by the tenant for the typical expenses it incurs at the beginning of its lease, such as:
• Construction costs for the initial build-out of the leased premises.
• Design or architect's fees for the initial build-out.
• Moving expenses.
The tenant is typically responsible for any expenses that are in excess of the tenant allowance amount. If the expenses are less than the allowance, any unused portion of the allowance is typically retained by the landlord, unless the parties negotiate otherwise.

Practical Law Dictionary. Glossary of UK, US and international legal terms. . 2010.

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