Definition of Prevailing Market. For purposes of this Renewal Option, “Prevailing Market” shall mean the arm’s length fair market annual rental rate per rentable square foot (based on the RSF of the Premises) under five (5) year renewal leases and amendments entered into on or about the date on which the Prevailing Market is being determined hereunder for space comparable to the Premises in the Building and office buildings comparable to the Building in the Stamford, Connecticut central business district area. The determination of Prevailing Market shall take into account any material economic differences between the terms of the Lease and any comparison lease or amendment, such as rent abatements, construction costs and other concessions and the manner, if any, in which the landlord under any such lease is reimbursed for operating expenses and taxes. The determination of Prevailing Market shall also take into consideration any reasonably anticipated changes in the Prevailing Market rate from the time such Prevailing Market rate is being determined and the time such Prevailing Market rate will become effective under the Lease.
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Samples: Office Lease Agreement, Office Lease Agreement (Cara Therapeutics, Inc.), Office Lease Agreement (Loxo Oncology, Inc.)
Definition of Prevailing Market. For purposes of this Renewal Option, “"Prevailing Market” " shall mean the arm’s arms length fair market annual rental rate per rentable square foot (based on the RSF of the Premises) under five (5) year renewal leases, new leases and amendments entered into on or about the date on which the Prevailing Market is being determined hereunder for space comparable to the Premises in the Building and office buildings comparable to the Building in the StamfordIrvine, Connecticut central business district areaCosta Mesa, Santa Xxx areas of the Xxxx Xxxxx Airport area , marketplace. The determination of Prevailing Market shall take into account any material economic differences between the terms of the Lease and any comparison lease or amendment, such as rent abatements, commissions, construction costs and other concessions and the manner, if any, in which the landlord under any such lease is reimbursed for operating expenses and taxes. The determination of Prevailing Market shall also take into consideration any reasonably anticipated changes in the Prevailing Market rate from the time such Prevailing Market rate is being determined and the time such Prevailing Market rate will become effective under the Lease.
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