Market Rent means the price that a ready and willing tenant would pay, at commencement of the Option Term, as monthly base rent to a ready and willing landlord of similar space in the geographical area of San Diego County known as Del Mar Heights if such office space were offered for lease on the open market for a reasonable period of time and be the product of the fair market annual rental rate per rentable square foot multiplied by the Rentable Area of the Premises (as set forth in the Basic Lease Information), determined as follows: (a) as mutually agreed by Landlord and Tenant within ten (10) days of Landlord’s delivery to Tenant of Landlord’s opinion of the Market Rent for the first year of the Option Term (“Landlord Rent Notice”, which shall be Verus Lease v06 -4- February 2, 2005 (8:51 pm) delivered to Tenant within ten (10) days of receipt of Tenant’s written Extension Notice; or (b) in the event that Landlord and Tenant are unable to so agree, the Market Rent shall be determined by concurrent appraisals pursuant to Section 4.01(c) below. In determining Market Rent, appraisers shall take into account the duration of the Option Term, the quality, condition and prestige of the Building and Premises (as tenant improvements are maintained as required by the terms and conditions of this Lease), recent monthly rental rates and annual base rent escalations for buildings of similar size and location imputed to the commencement of the Option Term, condition and quality of comparable tenant improvements in buildings of similar quality and location and all relevant economic terms of this Lease, including free rent and other economic inducements, it being the intent that Market Rent, as so determined, should reflect the total economic package which would be offered at the time of commencement of the Option Term to a new tenant for the Premises, or substantially similar space in a building of similar quality, condition, and location and with similar tenant improvements under a lease with substantially the same terms and provisions as the applicable terms and provisions of this Lease (“Market for Similar Space”) without discounting the rent for the creditworthiness of the Tenant or for the cost of real estate leasing commissions. Landlord’s Rent Notice, and any determination of Market Rent by appraisal as described herein, shall also set forth the market annual base rent escalation rate then prevailing in the relevant marketplace, which shall be used for purposes of determi...
Market Rent as used herein shall be that rent charged for comparable first class research laboratory and office space in the mid-Cambridge submarket as of the end of the original Term. If, after good faith attempts prior to the expiration of the original Term, the LESSOR and LESSEE cannot agree on a figure representing Market Rent within thirty (30) days after LESSEE has delivered the Extension Notice, either party, upon written notice to the other, may request appraisal and arbitration of the issue as provided in this section. Within fourteen (14) days of the request for arbitration, each party shall submit to the other the name of one unrelated individual or entity with proven expertise in the leasing of commercial real estate in greater Boston/Cambridge to serve as that party’s appraiser. Each appraiser shall be paid by the party selecting him or it. The two appraisers shall each submit their final reports to the parties within thirty (30) days of their selection making their determination as to Market Rent (subject however, to the Extension Rent Floor). The two appraisers shall meet within the next fourteen (14) days to reconcile their reports and collaboratively determine the Market Rent. They shall each make their determination in writing (subject however, to the Extension Rent Floor), including a statement if such is the case, that they are at an impasse. Such a statement of impasse shall be submitted to the parties along with the Market Rent figure which each appraiser has selected and his reasons and substantiation therefor. The appraisers, in case of an impasse, shall also agree on one unrelated individual or entity with expertise in commercial real estate in greater Boston, who shall evaluate the reports of the two original appraisers and within fourteen (14) days of submission of the issue to him, make his own determination as to a figure representing Market Rent (subject however, to the Extension Rent Floor). The determination of this individual or entity (i.e. arbitrator) absent, fraud, bias or undue prejudice shall be binding upon the parties. Annual Base Rent and Additional Rent during any Extended Term shall be payable in advance, in equal monthly installments on the first day of each calendar month. LESSEE in addition to the sums payable annually to LESSOR as Annual Base Rent, shall pay to LESSOR for each year of any Extended Term, as Additional Rent, LESSEE’s Allocable Percentage (as determined by the approximate total rentable space leased) for Ope...
Market Rent means rent (including additional rent and considering any “base year” or “expense stop” applicable thereto), including all escalations, at which tenants, as of the commencement of the term are, pursuant to transactions completed within the three (3) months prior to or four (4) months after the first day of the Option Term, leasing non-sublease, non-encumbered, non-synthetic, non-equity space (unless such space was leased pursuant to a definition of “fair market” comparable to the definition of Market Rent) comparable in size, location and quality to the Premises for a “Comparable Term,” as that term is defined in this Section 2.3.2 (the “Comparable Deals”), which comparable space is located in the Building, or if there is an insufficient number of comparable tenants within the Building, then within the “Comparable Buildings,” as that term is defined in this Section 2.3.2, giving appropriate consideration to the annual rental rates per rentable square foot, the standard of measurement by which the rentable square footage is measured, the ratio of rentable square feet to usable square feet, and taking into consideration only, and granting only, the following concessions (provided that the rent payable in Comparable Deals in which the terms of such Comparable Deals are determined by use of a discounted fair market rate formula shall be equitably increased in order that such Comparable Deals will not reflect a discounted rate) (collectively, the “Rent Concessions”): (a) rental abatement concessions, if any, being granted such tenants in connection with such comparable spaces, (b) tenant improvements or allowances provided or to be provided for such comparable space, taking into account 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 could be utilized by general office users as contrasted with this specific Tenant, (c) Proposition 13 protection, (d) rent increase schedule, and (e) all other monetary considerations in connection with such comparable space; provided, however, that notwithstanding anything to the contrary herein, no consideration shall be given to the fact that Landlord is or is not required to pay a real estate brokerage commission in connection with the applicable term or the fact that the Comparable Deals do or do not involve the payment of real estate brokerage commissions. The term “Comparable Term” shall refer to the length of...
Examples of Market Rent in a sentence
Where the IRR equals or exceeds the amount of the Agreed Rent (excluding the Operating Supplement, if any) or the Market Rent for that Property, the Daily IRRS will be zero.
Commencement Once the Conditions Precedent have been satisfied or waived, HUD will issue a Commencement Notification to the Provider [IN-CONFIDENCE:RELEASE EXTERNAL] Key Term Description Notification which confirms the Commencement Date of this Agreement, any updated Property addresses and any change in the Market Rent, in a new Schedule 4.
Once the Provider has confirmed the adjusted Market Rent or agreement has otherwise been reached between the parties, the Provider will upload a ‘Market Rent increase’ notification into the Housing Client System for approval by HUD.
Please refer to separate HUD guidance on relevant provisions to remove.] From the Commencement Date until the day before the [ ] anniversary of the Commencement Date, an Operating Supplement of [ ]% of Market Rent is included in the Agreed Rent.
Consumer Price Index adjustments to Market Rent The Market Rent component of the Agreed Rent for each Property will be adjusted on each anniversary of the Commencement Date for annual changes in the Consumer Price Index in accordance with clause 4.1 of Schedule 1, except in respect of a year in which a Market Rent Review occurs.
More Definitions of Market Rent
Market Rent means the Rent as specified in Column 2 of Item 3, of Schedule 1 that would reasonably be expected to be paid for the site if it were offered for the same or a substantially similar use to which the site may be put under the Licence;
Market Rent means the amount of rent that can be expected for the use of a property, in comparison with similar properties in the same area.
Market Rent means the applicable Monthly Basic Rental, including all escalations, any Excess, additional rent and other charges at which tenants, as of the commencement of the Option Term, are leasing non-sublease, non-encumbered, space comparable in size, location and quality to the Premises in renewal transactions for a term comparable to the Option Term, which comparable space is located in office buildings comparable to the Project in the Thousand Oaks/Westlake Village office market area, taking into consideration the value of the existing improvements in the Premises to Tenant, as compared to the value of the existing improvements in such comparable space, with such value to be based upon the age, quality and layout of the improvements and the extent to which the same could be utilized by Tenant with consideration given to the fact that the improvements existing in the Premises are specifically suitable to Tenant.
Market Rent means the fair market rent, as of a date 180 days prior to the expiration of the Term for the Demised Premises based upon the rents generally in effect for comparable office space in the area in which the Building is located, taking into account all concessions and conditions generally available in the marketplace. Market Rent shall be determined by negotiation between Landlord and Tenant. In the event Landlord and Tenant cannot agree on Market Rent within thirty (30) days of Tenant's exercise of its renewal option, Tenant shall notify Landlord in writing of its election either to rescind its renewal or to proceed with the determination of Market Rent by the following appraiser procedure. In the event Tenant elects the appraiser procedure, "Market Rent" shall be determined as follows: Landlord and Tenant shall each select an M.A.I. appraiser familiar with commercial and business property in the area within fourteen (14) days following Tenant's notification to Landlord of Tenant's intent to invoke this procedure. The two appraisers so selected shall have fourteen (14) days to mutually agree upon Market Rent. In the event such appraisers cannot agree upon Market Rent within such fourteen (14) day period, they shall select a third appraiser within the next ten (10) days. Each appraiser shall then determine the fair market rental value for the Demised Premises and provide a copy of their report to Landlord and Tenant within thirty (30) days. The fair market rental value, for the purposes of determining the Minimum Rent shall be equal to the average of the fair market rental values as determined by the two (2) appraisers who are closest together in their determination of Market Rent. In determining "Market Rent" it shall be assumed that all real estate taxes and operating expenses are included in such rent and are not passed through to the Tenant as separate additional charges. Notwithstanding the foregoing, the rent for the Renewal Term shall be thereafter increased from time to time in accordance with paragraph 2 of this Addendum, and the operating expense allowances and real estate tax allowance set forth herein shall be equal to the amount of real estate taxes and operating expenses so included in the Market Rent. The determination of Market Rent pursuant to this procedure shall be binding upon Landlord and Tenant. Tenant shall have ten (10) days following the final determination of Market Rent to either rescind its renewal or proceed with renewal of the Le...
Market Rent shall be defined as the rate established by the Landlord without concessions. All other terms and conditions of this Lease shall remain in full force and effect. Such month-to-month tenancy shall begin on the first day immediately following the expiration of this Lease and shall continue month-to-month thereafter until either Resident or Landlord provides written notice of termination to the other party at least thirty (30) days prior to the end of the next monthly term.
Market Rent shall be the fair market rent that willing parties would pay and receive as the Base Rent to lease similar space in the Building and similar space in similar buildings in the same geographic area, during the Extension Term and under the applicable terms and conditions of this Lease (and other relevant market factors).
Market Rent means the weekly market rent for each Property as set out in Schedule 4 (as amended from time to time in accordance with this Agreement);