Examples of Fair Market Rental Rate in a sentence
If Tenant disputes Landlord’s Determination, Tenant shall deliver Tenant’s determination of the Fair Market Rental Rate (the “Tenant’s Determination”) by notice delivered to Landlord (the “Notice of Dispute”), not later than thirty (30) days after delivery to Tenant of the Renewal Notice.
Once submitted in the event the lower of the two submissions is greater than ninety percent of the higher of the two submissions, the Fair Market Rental Rate for the Premises shall be the average of the two.
Promptly after final determination of the Fair Market Rental Rate, Landlord shall prepare a memorandum confirming the specific dates, amounts and terms of the extension for the Option Term in accordance with the terms and conditions of this Option to Extend, in the form of an amendment to the Lease, and Tenant shall execute such amendment within ten (10) business days after Landlord and Tenant agree to the form of the proposed amendment and Landlord shall execute it promptly after Tenant.
Notwithstanding Paragraph 6A above, the rent for the Premises shall be adjusted at the end of the tenth (10th) year and every ten (10) years thereafter based upon the then current Fair Market Rental Rate determined by an appraisal.
Unless and until the Fair Market Rental Rate shall be determined in accordance with this Section 19.27, Tenant shall pay Renewal Term Rent for the Premises at the Base Rent payable during the last year of the first Renewal Term (in addition to any additional rent due and payable during such period pursuant to the terms and conditions of this Lease).