Base Rent Reset Clause Samples
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Base Rent Reset. Notwithstanding the terms and provisions of Section 1.03, upon the commencement of each Extension Period of this Lease, the Base Rent shall be reset as determined in accordance with Section 31.24 hereof (the “FMV Reset”). The parties shall commence the process for determining fair market rent upon Tenant’s delivery to Landlord of written notice requesting such determination; provided, however, such notice shall be delivered at least three (3) months, but in no event earlier than eight (8) months, before the date for exercising the Extension Option for such Extension Period. The foregoing shall in no way affect the Base Rent adjustments under Section 2.01; provided, however, in the event the commencement of an Extension Period shall occur on an Adjustment Date (as defined in Section 2.01 below), the FMV Reset shall be the only adjustment to Base Rent.
Base Rent Reset. Upon the ten-year anniversary of the Term Commencement Date, and again on commencement of each of the two Extension Terms of this Sublease, the Base Rent shall be reset to reflect the then current fair market rental value of the Sublease Premises as determined in accordance with Section 5.1(d) hereof (each an “FMV Reset”). The process of determining fair market rent shall commence upon the Town’s delivery to Tenant of written notice requesting such determination, provided that in connection with FMV Resets occurring upon commencement of either Extension Term, said written notice shall be provided at least three (3) months (but in no event earlier than eight (8) months) before the due date of the Tenant’s Extension Notice for the applicable Extension Term. In connection with each FMV Reset, Base Rent shall be adjusted as necessary to reflect Fair Market Rent, except that in no case shall Base Rent be adjusted to an amount that is less than the current Base Rent then in effect for the Sublease Premises. Fair Market Rent shall be established by agreement between the Town and the Tenant in accordance with the definition stated in Section 5.1(d), or, failing such agreement, in accordance with the arbitration procedures set forth in Section 5.1(e). FMV Resets shall in no way affect the Base Rent adjustments for CPI under Section 5.1(b); except that with respect to FMV Resets occurring simultaneously with Base Rent adjustments under Section 5.1(b), new Base Rent shall be as determined by FMV Reset under this Section 5.1(c), or, as increased pursuant to Section 5.1(b) hereunder, whichever is greater.