Comparable Term shall refer to the length of the lease term, without consideration of options to extend such term, for the space in question. In addition, the determination of the Market Rent shall include a determination as to whether, and if so to what extent, Tenant must provide Landlord with financial security, such as a letter of credit or guaranty, for Tenant’s rent obligations during any Option Term. Such determination shall be made by reviewing the extent of financial security then generally being imposed in Comparable Transactions upon tenants of comparable financial condition and credit history to the then existing financial condition and credit history of Tenant (with appropriate adjustments to account for differences in the then-existing financial condition of Tenant and such other tenants). If in determining the Market Rent, Tenant would, pursuant to the Comparable Deals and the Rent Concessions set forth therein, otherwise be entitled to a tenant improvement or comparable allowance for the improvement of the Expansion Premises (the “Option Term TI Allowance”), Tenant shall not be entitled, and shall not be compelled, to receive such Option Term TI Allowance and Landlord shall reduce the rental rate component of the Market Rent to be an effective rental rate which takes into consideration that Tenant will not receive any Option Term TI Allowance. The term “Comparable Buildings” shall mean the Building and other office and research/development buildings which are comparable to the Building in terms of age (based upon the date of completion of construction or major renovation as to the building containing the portion of the Expansion Premises in question), quality of construction, level of services and amenities, size and appearance, and are located in the Sorrento Mesa area of San Diego, California (the “Comparable Area”).
Comparable Term shall refer to the length of the lease term, without consideration of options to extend such term, for the space in question. If in determining the Market Rent for an Option Term, Tenant would, pursuant to the Comparable Deals and the Rent Concessions set forth therein, otherwise be entitled to a tenant improvement or comparable allowance for the improvement of the Premises (the "OPTION TERM TI ALLOWANCE"), Tenant shall not be entitled to, and shall not be compelled, to receive such Option Term TI Allowance, and Landlord shall reduce the rental rate component of the Market Rent to be an effective rental rate which takes into consideration that Tenant will not receive any Option Term TI Allowance. The term "COMPARABLE BUILDINGS" shall mean other office buildings in the Project, and other first-class lab buildings which are comparable to the Building in terms of age (based upon the date of completion of construction or major renovation as to the building containing the portion of the Premises in question), quality of construction, level of services and amenities, size and appearance, and are located in the Sorrento Mesa, University Towne Center and Xxxxxx Xxxxx areas (the "COMPARABLE AREA").
Comparable Term shall refer to the length of the lease term, without consideration of options to extend such term, for the space in question. In addition, the determination of the Market Rent shall include a determination as to whether, and if so to what extent, Tenant must provide Landlord with financial security, such as a letter of credit, for Tenant’s rent obligations during any Option Term or in connection with Tenant’s lease of the First Offer Space; provided, however, in no event shall Landlord require additional security from Tenant in an amount that exceeds Landlord’s actual out-of-pockets costs (e.g., leasing commissions and/or improvement allowances) in connection with Tenant ‘s lease of the Premises during the Option Term or Tenant’s lease of the First Offer Space, as applicable; provided further, however, if Tenant’s “Net Worth,” as that term is defined in Section 14.8 of this Lease, below, as of the commencement of the Option Term or the First Offer Commencement Date, as applicable, is equal to or greater than the Net Worth of the Original Tenant on the date of this Lease, then Tenant shall not be required to provide Landlord with any additional financial security for Tenant’s rent obligations during the Option Term or Tenant’s lease of the First Offer Space, as applicable. Such determination shall be made by reviewing the extent of financial security then generally being imposed in Comparable Deals upon tenants of comparable Net Worth to the then existing Net Worth of Tenant (with appropriate adjustments to account for differences in the then-existing financial condition of Tenant and such other tenants) If in determining the Market Rent in connection with the Option Term or in connection with Tenant’s lease of the First Offer Space, Tenant is entitled to a tenant improvement or comparable allowance for the improvement of the Premises or First Offer Space, as applicable (the “TI Allowance”), Landlord may, at Landlord’s sole option, elect any or a portion of the following: (A) to grant some or all of the TI Allowance to Tenant in the form as described above (i.e., as an improvement allowance), and/or (B) to reduce the rental rate component of the Market Rent to be an effective rental rate which takes into consideration the fact that Tenant will not receive the total dollar value of such excess TI Allowance (in which case the TI Allowance evidenced in the effective rental rate shall not be granted to Tenant). The term “Comparable Buildings” shall mean the Bui...
Examples of Comparable Term in a sentence
The term "Comparable Term" shall refer to the length of the lease term, without consideration of options to extend such term, for the space in question.
For example, if the Net Equivalent Lease Rate for a ten (10) year Comparable Term is $2.50 per month and the Net Equivalent Lease Rate for a seven (7) year First Offer Term is equal to $2.60 per month, then the Economic Terms will be deemed to be within ten percent (10%) (since $0.10 is 3.85% of $2.60), regardless of the difference in length of term.
For example, if the Net Equivalent Lease Rate for a ten (10) year Comparable Term is $2.50 per month and the Net Equivalent Lease Rate for a seven (7) year First Offer Term is equal to $2.60 per month, then the Economic Terms will be deemed to be within five percent (5%) (since $0.10 is 3.85% of $2.60), regardless of the difference in length of term.
More Definitions of Comparable Term
Comparable Term shall refer to the length of the lease term, without consideration of options to extend such term, for the space in question. In addition, the determination of the Fair Market Rental Value shall include a determination as to whether, and if so to what extent, Tenant must provide Landlord with financial security, such as a letter of credit or guaranty, for Tenant’s rent obligations during the Extension Term. Such determination shall be made by reviewing the extent of financial security then generally being imposed in Comparable Transactions upon tenants of comparable financial condition and credit history to the then existing financial condition and credit history of Tenant (with appropriate adjustments to account for differences in the then-existing financial condition of Tenant and such other tenants). The term “Comparable Buildings” shall mean the Building and other office buildings which are comparable to the Building in terms of age (based upon the date of completion of construction or major renovation as to the building containing the portion of the Premises in question), quality of construction, level of services and amenities (including parking availability and parking rates), size and appearance, and are located in the Carlsbad Ranch submarket (“Comparable Area”).
Comparable Term shall refer to the length of the lease term, without consideration of options to extend such term, for the space in question. If in determining the Market Rent for an Option Term, Tenant is entitled to a tenant improvement or comparable allowance for the improvement and/or refurbishment (including repainting) of the Premises (the "OPTION TERM TI ALLOWANCE"), to the extent that Tenant's final "Construction Drawings," as that term is defined in Section 3.1 of the Tenant Work Letter, for the Premises, as approved by Landlord, do not require the entirety of Option Term TI Allowance, Landlord may, at Landlord's sole and absolute option, elect any or a portion of the following: (A) to grant some or all of the excess Option Term TI Allowance to Tenant in the form as described above (i.e., as an improvement allowance), and/or (B) to reduce the rental rate component of the Market Rent to be an effective rental rate which takes into consideration that Tenant will not receive the total dollar value of such excess Option Term TI Allowance (in which case the excess Option Term TI Allowance evidenced in the effective rental rate shall not be granted to Tenant); provided, however, that notwithstanding Landlord's election to grant some or all of the excess Option Term TI Allowance to Tenant pursuant to option (A), above, Tenant may elect, upon timely written notice to Landlord, to instead use such excess to reduce the rental rate component of the Market Rent pursuant to option (B), above. The term "COMPARABLE BUILDINGS" shall mean other office buildings which are comparable to the Building in terms of age (based upon the date of completion of construction or major renovation as to the building containing the portion of the Premises in question), quality of construction, level of services and amenities (specifically including the presence of, and exclusive access to, parking spaces), size and appearance, and are located in the Sorrento Mesa and Mira Mesa areas of Southern California (the "COMPARABLE AREA").
Comparable Term shall refer to the length of the lease term, without consideration of options to extend such term, for the space in question. In addition, the determination of the Market Rent shall include a determination as to whether, and if
Comparable Term shall refer to the length of the lease term, without consideration of options to extend such term, for the space in question. If in determining the Market Rent, Tenant is entitled to a improvement or comparable allowance for the improvement of the Premises (the “Option Term Improvement Allowance”), Landlord may, at Landlord’s sole option, elect any or a portion of the following: (A) to grant some or all of the Option Term Improvement Allowance to Tenant in the form as described above (i.e., as an improvement allowance), and/or (B) to reduce the rental rate component of the Market Rent to be an effective rental rate which takes into consideration that Tenant will not receive the total dollar value of such excess Option Term Improvement Allowance (in which case the Option Term Improvement Allowance evidenced in the effective rental rate shall not be granted to Tenant). The term “Comparable Buildings” shall mean the Building and other first-class institutionally-owned office buildings which are comparable to the Building in terms of age (based upon the date of completion of construction or major renovation as to the building containing the portion of the Premises in question), quality of construction, level of services and amenities (including the type (e.g., surface, covered, subterranean) and amount of parking), size and appearance, and are located in the “Comparable Area,” which is the “Concord BART Submarket” (defined below) in the East Bay portion of the San Francisco Bay Area. The “Concord BART Submarket” in the East Bay portion of the San Francisco Bay Area shall be the area containing Comparable Buildings having reasonably comparable access to the Bay Area Rapid Transit (“BART”) system as well as reasonably comparable freeway access as the Project, and located within the City of Concord.
Comparable Term shall refer to the length of the Option Term, without consideration of further options to extend such term, for the space in question. If in determining the Market Rent for the Option Term, Tenant is entitled to a tenant improvement or comparable allowance for the improvement of the Premises (the "OPTION TERM TI ALLOWANCE"), to the extent that Tenant's final "Construction Drawings," as that term is defined in the Tenant Work Letter, for the Premises, as approved by Landlord, do not require the entirety of Option Term TI Allowance, Landlord and Tenant shall use good faith efforts to mutually agree upon any or a portion of the following: (A) to grant some or all of the excess Option Term TI Allowance to Tenant in the form as described above (i.e., as an improvement allowance), and/or (B) to reduce the rental rate component of the market Rent to be an effective rental rate which takes into consideration that Tenant will not receive the total dollar value of such excess Option Term TI Allowance (in which case the excess Option Term TI Allowance evidenced in the effective rental rate shall not be granted to Tenant). In the event that Landlord and Tenant, despite good faith efforts, fail to agree upon the foregoing, the matter shall be determined by the "Neutral Arbitrator" (as such term is defined below). The term "COMPARABLE BUILDINGS" shall mean other office first-class, mid-rise office buildings which are comparable to the Building in terms of age (based upon the date of completion of construction, quality of construction, level of services and amenities, size and appearance, and are located in the El Segundo area (the "COMPARABLE AREA").
Comparable Term shall refer to the length of the lease term, without consideration of options to extend such term, for the space in question. In addition, the determination of the Market Rent shall include a determination as to whether, and if so to what extent, Tenant must provide Landlord with financial security, such as a letter of credit or guaranty, for Tenant's rent obligations during any Option Term. Such determination shall be made by reviewing the extent of financial security then generally being imposed in Comparable Transactions upon tenants of comparable financial condition and credit history to the then existing financial condition and credit history of Tenant (with appropriate adjustments to account for differences in the then-existing financial condition of Tenant and such other tenants). If in determining the Market Rent, Tenant is entitled to an improvement allowance or comparable allowance for the improvement of the applicable building(s) (the "Option Term TI Allowance"), Landlord may, at Landlord's sole option, elect any or a portion of the following: (A) to grant some or all of the Option Term TI Allowance to Tenant in the form as described above (i.e., as an improvement allowance), and/or (B) to reduce the rental rate component of the Market Rent to be an effective rental rate which takes into consideration that Tenant will not receive the total dollar value of such Option Term TI Allowance (in which case the Option Term TI Allowance evidenced in the effective rental rate shall not be granted to Tenant).
Comparable Term shall refer to the length of the lease term, without consideration of options to extend such term, for the space in question. In addition, the determination of the Market Rent shall include a determination as to whether, and if so to what extent, Tenant must provide Landlord with financial security, such as a letter of credit or guaranty, for Tenant’s rent obligations during any Option Term. Such determination shall be made by reviewing the extent of financial security then generally being imposed in Comparable Deals upon tenants of comparable financial condition and credit history to the then existing financial condition and credit history of Tenant (with appropriate adjustments to account for differences in the then-existing financial condition of Tenant and such other tenants). The term “Comparable Projects” shall mean the Project and other first-class institutionally-owned mixed-use projects which are comparable to the Project in terms of age (based upon the date of completion of construction or major renovation as to the building containing the portion of the Premises in question), quality of construction, level of services and amenities (including the type (e.g., surface, covered, subterranean) and amount of parking), size and appearance, and are located in the Orange County Airport area (the “Comparable Area”).