Fair Market Rental Rate means as to Monthly Base Rent the monthly net rental (exclusive of expenses and taxes) per rentable square foot which a tenant would pay and which a willing landlord would accept for space in projects in the San Bernardino-Riverside warehouse/industrial market of first class standards comparable to the Premises for the period for which such rental is to be paid and for a lease on terms substantially identical to those of the Lease (including, without limitation, those applicable to Operating Expenses and Exclusions), based on prevailing market conditions in such first class projects at the time such determination is made ("Comparable Transactions"). Without limiting the generality of the foregoing, Comparable Transactions shall be for a term similar to the term of tenancy and for space comparable in use, floor layout and levels (if the Building has more than one level), square footage and location within a first class project as the transaction for which Fair Market Rental Rate is being determined; however, leases of unusual or odd shaped spaces shall not be considered. In any determination of Fair Market Rental Rate, the stated or contract monthly net rental in Comparable Transactions shall be appropriately adjusted to take into account the different terms and conditions prevailing in such transactions and those present in the Lease, including, without limitation: (1) the extent to which average annual expenses and taxes per rentable square foot payable by tenants in Comparable Transactions vary from those payable by Tenant under the Lease; (2) the concessions, if any, being given by landlords in Comparable Transactions, such as presence or absence of parking charges, abatement of any such charges, rental abatement periods, loans at below-market interest rates, moving allowances, space planning allowances, lease takeover payments and work allowances, as compared to any tenant improvement, refurbishment or repainting allowance given to Tenant under the Lease for the space for which Fair Market Rental Rate is being determined; (3) the brokerage commissions, fees and bonuses payable by landlords in Comparable Transactions (whether to tenant's agent, such landlord or any person or entity affiliated with such landlord), as compared to any such amounts payable by Landlord to any recognized broker(s) on account of the transaction for which Fair Market Rental Rate is being determined; (4) the time value of money; and (5) any material difference between the defini...
Fair Market Rental Rate means the fair market value annual rental rate per square foot of Rentable Area that Landlord and its Affiliates and the owners of comparable office building projects in the Xxxx Xxxxx Airport submarket have recently accepted in lease transactions between non-affiliated parties with non-equity tenants for comparable space, for a comparable period of time (“Comparable Transactions”). In any determination of Comparable Transactions, appropriate consideration shall be given to annual rental rates per square foot of Rentable Area, the type of escalation clauses (e.g., whether increases in additional rent are determined on a net or gross basis, and if gross, whether such increases are determined according to a base year or a base dollar amount expense stop), taking into account all rental and other concessions granted in such Comparable Transactions (as well as such concessions to which Tenant may be entitled in this Lease), length of the lease term, size and location of premises being leased, base, shell and core delivery conditions, building standard work letter and/or tenant improvement or refurbishment allowances, if any (taking into account the level of existing Base Building Improvements and tenant improvements in the Premises), free rent periods for construction of new tenant improvements and other generally applicable conditions of tenancy for such Comparable Transactions. The intent is that the Fair Market Rental Rate will reflect the rent and other economic benefits and concessions that Landlord or its Affiliates (and other landlords of comparable office building projects in the Xxxx Xxxxx Airport submarket) have otherwise given in recent Comparable Transactions, as adjusted to reflect the level and type of economic concessions that Landlord may elect to give Tenant hereunder during the Renewal Term, so that Tenant will pay and Landlord will receive a net effective rent equal to the net effective rental rate in Comparable Transactions, after adjusting for any differences between the economic concessions that Landlord is making to Tenant hereunder and the economic concession that Landlord or its Affiliates (and other landlords of comparable office building projects in the Xxxx Xxxxx Airport submarket) have otherwise made in current Comparable Transactions. If, for example, after applying the criteria set forth above, a Comparable Transaction provides a comparable non-equity tenant with comparable space at a base rent equal to Thirty-Two Dollars ($32) p...
Fair Market Rental Rate means the Minimum Annual Rent, on a so-called "net" basis, that would be paid by a willing tenant, not compelled to lease, and accepted by a willing landlord, not compelled to lease, for the Leased Premises as of the pertinent date taking into consideration rent for comparable premises in comparable buildings in the relevant competitive market including the amount of space and length of term taken by the tenant and the creditworthiness and quality of the tenant, but ignoring the value of all improvements to the Leased Premises that Tenant made at its own expense (except those improvements that Landlord requires Tenant to leave upon termination of the Lease). Immediately upon the exercise by Tenant of an option to extend the term of the Lease pursuant to this Section 2.5, Landlord and Tenant shall commence good faith negotiations to determine the Fair Market Rental Rate of the Leased Premises for the Option Term. In the event that Landlord and Tenant are not able to agree on the Fair Market Rental Rate of the Leased Premises for the Option Term within three (3) months of Tenant's exercise of an option, Landlord and Tenant shall each appoint an appraiser (the "Party-Selected Appraisers") who is a licensed real estate broker with experience leasing comparable types of properties in the Detroit metropolitan area within one (1) month after the expiration of such three (3) month period. Within fifteen (15) days of the date the last Party-Selected Appraiser is selected, the Party-Selected Appraisers shall select a third appraiser (the "Independent Appraiser"; the Independent Appraiser and the Party-Selected Appraisers are hereinafter collectively referred to as the "Appraisers") who is certified as a licensed real estate broker with experience leasing comparable types of properties in the Detroit metropolitan area . Thereafter, the Appraisers shall determine the Fair Market Rental Rate of the Leased Premises. If the Appraisers are unable to agree upon such value within two (2) months of the date the last Appraiser is selected, the Fair Market Rental Rate of the Leased Premises for the Option Term shall be equal to the Fair Market Rental Rate determined by the Appraiser whose determination is between the values determined by the other Appraisers. The fees of the Independent Appraiser shall be borne equally by Landlord and Tenant and each party shall be responsible for the fees of the Appraiser selected by it. If either party fails to appoint a qualified appraiser ...
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).
More Definitions of Fair Market Rental Rate
Fair Market Rental Rate means the market rental rate for the time period such determination is being made for office space in same class office buildings in the area of Franklin, Tennessee (the “Area”) of comparable condition for space of equivalent quality, size, utility, and location. Such determination shall take into account all relevant factors, including, without limitation, the following matters: the credit standing of Tenant; the length of the term; the fact that Landlord will experience no vacancy period and that Tenant will not suffer the costs and business interruption associated with moving its offices and negotiating a new lease; construction allowances and other tenant concessions that would be available to tenants comparable to Tenant in the Area (such as moving expense allowance, free rent periods, and lease assumptions and take over provisions, if any, but specifically excluding the value of improvements installed in the Premises at Tenant’s cost), and whether adjustments are then being made in determining the rental rates for renewals in the Area because of concessions being offered by Landlord to Tenant (or the lack thereof for the Option Term in question). For purposes of such calculation, it will only be assumed that Landlord is paying a representative of Tenant a brokerage commission in connection with the Option Term in question if Landlord is in fact paying a brokerage commission to a representative of Tenant in connection with the applicable Option Term.
Fair Market Rental Rate as used in Rider No. 1 shall mean the annual amount per square foot, projected during the Option Term (including annual adjustments), that a willing, non- equity renewal tenant (excluding sublease and assignment transactions) would pay, and a willing, institutional landlord of a comparable quality office building located in the Emeryville, California area would accept, in an arm’s length transaction (what Landlord is accepting in then current transactions for the Building may be used for purposes of projecting rent for the Option Term), for space of comparable size, quality and floor height as the Premises, taking into account the age, quality and layout of the existing improvements in the Premises, and taking into account items that professional real estate brokers or professional real estate appraisers customarily consider, including, but not limited to, rental rates, space availability, tenant size, tenant improvement allowances, parking charges and any other lease considerations, if any, then being charged or granted by Landlord or the lessors of such similar office buildings. All economic terms other than monthly Base Rent, such as tenant improvement allowance amounts, if any, operating expense allowances, parking charges, etc., will be established by Landlord and will be factored into the determination of the fair market rental rate for the Option Term. Accordingly, the fair market rental rate will be an effective rate, not specifically including, but accounting for, the appropriate economic considerations described above.
Fair Market Rental Rate means the annual minimum rental rate that Lessor should reasonably be able to obtain for the Premises effective the first day of the applicable Renewal Term. Fair Market Rental Rate shall be based upon the prevailing rental rate for space comparable to the Premises in terms of size, location, condition and other relevant factors, and taking into account the term of the applicable Renewal Term, the Permitted Use and the other provisions of this Lease. Lessor shall provide notice to Lessee of its determination of the Fair Market Rental Rate within sixty (60) days after Lessee exercises its right to extend the Term. Within ten (10) days after receiving such determination (“Lessee’s Review Period”), Lessee shall elect, in writing, to do one of the following: (1) accept Lessor’s determination, or (2) object to Lessor’s determination and with such objection set forth Lessee’s determination of the Fair Market Rental Rate. If Lessee fails to so accept or object in writing within Lessee’s Review Period, Lessee shall conclusively be deemed to have objected to the Fair Market Rental Rate determined by Lessor. If Lessee so objects, Lessor and Lessee shall use good faith to agree upon such Fair Market Rental Rate. If Lessor and Lessee fail to reach agreement within fifteen (15) days following Lessee’s Review Period, then the matter shall be submitted to arbitration in accordance with the Commercial Arbitration Rules of the American Arbitration Association (or its successor or, if none, a like organization) then in effect. Such determination shall be final and binding upon the parties. Lessee shall have ten (10) days after receipt of such determination to irrevocably elect by written notice to Lessor that it revokes its election to exercise the applicable renewal term and, in such event, the Lease shall terminate upon the expiration of the Second Renewal Term or Third Renewal Term, as applicable. The Base Rent provided above for the Third and Fourth Renewal Terms shall be adjusted on the third anniversary of the commencement date of the First Renewal Term and Second Renewal Term, and Lessee shall upon such adjustment pay the adjusted amount as the Base Rent. The adjustment shall equal the percentage change in the Consumer Price Index figure for the calendar month immediately preceding the commencement of the applicable Renewal Term and the Consumer Price Index figure for the calendar month immediately preceding the effective date of the adjustment; provided, however, th...
Fair Market Rental Rate means the market rental rate for the time period such determination is being made for office space in comparable office buildings in the Research Triangle Park, North Carolina area (“AREA”) of comparable condition for space of equivalent quality, size, utility, and location. Such determination shall take into account all relevant factors, including, without limitation, the following matters: the credit standing of Tenant; the length of the term; expense stops; the fact that Landlord will experience no vacancy period and that Tenant will not suffer the costs and business interruption associated with moving its offices and negotiating a new lease; construction allowances and other tenant concessions that would be available to tenants comparable to Tenant in the AREA (such as moving expense allowance, free rent periods, and lease assumptions and take-over provisions, if any, but specifically excluding the value of improvements installed in the Premises at Tenant’s cost), and whether adjustments are then being made in determining the rental rates for extended lease terms in the AREA because of concessions being offered by Landlord to Tenant (or the lack thereof for the Extended Lease Term in question). For purposes of such calculation, it will be assumed that Landlord is paying a representative of Tenant a brokerage commission in connection with the Extended Lease Term in question, based on the then current market rates.
Fair Market Rental Rate means the monthly base rent (i.e., rent other than operating expenses, taxes and insurance premiums) expected to prevail as of the commencement of an Extended Term for the entire Extended Term (including appropriate increases) with respect to leases of comparable space in the vicinity of the Project of a quality and with interior improvements, parking, site amenities, building systems, location, identity and access all comparable to that of the Premises, for a term equal to the Extended Term. Within fifteen (15) days after Xxxxxxxx’s receipt of Tenant’s Option Notice, by written notice to Tenant (“Landlord’s Rent Notice”), Landlord shall advise Tenant as to Landlord’s determination of the Fair Market Rental Rate. If Tenant disagrees with Xxxxxxxx’s determination, Tenant shall advise Landlord as to Tenant’s determination of Fair Market Rental Rate by written notice (“Tenant’s Rent Notice”) within fifteen (15) days after Xxxxxx’s receipt of Landlord’s Rent Notice. If Tenant fails to deliver Xxxxxx’s Rent Notice to Landlord within the time period provided above, Tenant shall be bound by Landlord’s determination of the Fair Market Rental Rate as set forth in Landlord’s Rent Notice. If Tenant shall timely deliver to Landlord Tenant’s Rent Notice, Landlord and Tenant shall attempt in good faith to reach agreement as to the Fair Market Rental Rate within fifteen (15) days after Landlord’s receipt of Tenant’s Rent Notice.
Fair Market Rental Rate means the annual amount per rentable square foot that a willing, non-equity, non-sublease, non-encumbered, non-expansion, comparable third-party tenant, represented by a commercial real estate broker, would pay and a willing, comparable landlord would accept, at arm's length, for unencumbered space (specifically not including transactions in which one or more components of the terms and conditions of the same are pre-determined on a fixed basis in executed lease documentation or in which the terms and conditions are calculated using a formula which involves the discounting of one or more components of the terms and conditions to the benefit of a tenant) comparable to the Premises or "First Offer Space", as that term is defined in SECTION 20.1, below, as applicable, in ------------ "Comparable Buildings," as that term is defined in this SECTION 2.3.2 below, ------------- giving appropriate consideration to concessions including the following (collectively, the "RENEWAL CONCESSIONS"): (i) rental abatement concessions, if any, being granted such tenants in connection with such comparable space; and (ii) tenant improvements or allowances provided or to be provided for such comparable space, taking into account, and deducting the value of, the existing improvements in the Premises, such value to be based upon the age, quality and layout of the improvements and the extent to which the same can be utilized by Tenant; and (iii) other typical monetary concessions being granted such comparable third-party tenants in connection with such comparable space. In calculating the Fair Market Rental Rate, no consideration shall be given to (Y) the fact that Landlord is or is not required to pay the real estate brokerage commission in connection with Tenant's exercise of its right to lease the Premises during the Renewal Option Term, or the fact that comparable landlords are or are not paying real estate brokerage commissions in connection with such comparable space, or (Z) any period of rental abatement, if any, granted to comparable third-party tenants in comparable transactions in connection with the design, permitting and construction of tenant improvements in such comparable space. Consideration shall be given, however, to the creditworthiness of Tenant as compared to that of the tenants involved in the comparable transactions and the effect that the lack of creditworthiness of Tenant, if any, should have on rental rates and/or security requirements. Such Fair Market Re...
Fair Market Rental Rate means the annual base rent at which tenants, as of the commencement of the applicable Option Term, will be leasing non-sublease space comparable in size, location (including views) and quality to the Premises for a comparable term as the applicable Option Term, which comparable space is located in the Building, the Other Existing Buildings in the Project and in other comparable first-class biotechnology buildings in the Xxxxxx Xxxxx area of San Diego County, taking into consideration all free rent and other out-of-pocket concessions generally being granted at such time for such comparable space for the applicable Option Term (including, without limitation, any tenant improvement allowance provided for such comparable space, with the amount of such tenant improvement allowance to be provided for the Premises during the applicable Option Term to be determined after taking into account the age, quality and layout of the tenant improvements in the Premises as of the commencement of the applicable Option Term with consideration given to the fact that the improvements existing in the Premises are specifically suitable to Tenant). All other terms and conditions of the Lease shall apply throughout the applicable Option Term; however, Tenant shall, in no event, have the option to extend the Lease Term beyond the applicable Option Term described in Section 1 above.