Extension Rent. If Tenant exercises its option to extend the Term provided above, the Base Rent schedule for the Option Term shall be equal to the then Fair Market Rent, but not less than the immediately preceding Base Rent. As used herein “Fair Market Rent” shall mean the market rent for a 5 year term for comparable space located in the Boulder Colorado market and is understood to mean the rents which a landlord would receive annually by then renting the space in question assuming the landlord to be a prudent person willing to lease but being under no compulsion to do so, assuming the tenant to be a prudent person willing to lease but under no compulsion to do so, and assuming a lease containing the same terms and provisions as those herein contained. Fair Market Rent shall take into consideration the condition of the space and other terms and conditions of the Lease. Tenant’s estimation of the Fair Market Rent shall be included with Tenant’s option exercise notice. Landlord shall give Tenant notice of Landlord’s estimation of the Fair Market Rent within 15 days after receiving Tenant’s Rent Proposal but not earlier than 4 months prior to the start of the Option Term. If there is a disagreement on the Fair Market Rent, the parties shall promptly meet and negotiate in good faith to attempt to resolve their differences. If the differences are not resolved within 30 days, then Landlord and Tenant shall each select a real estate appraiser with an MAI designation and at least 5 years full-time commercial real estate appraisal experience in the area in which the Premises are located and those two appraisers shall meet and work in good faith to reach agreement on the Fair Market Rent. If they reach agreement, then their decision shall be binding on the parties. If the two appraisers aren’t able to reach agreement within 30 days, then the first two appraisers shall (a) put in writing their determination of the Fair Market Rent (the “Landlord’s Rent Proposal” and the “Tenant’s Rent Proposal”, respectively), and (b) jointly select a third appraiser with the qualifications described above. The job of the third appraiser will be to determine which of the first two appraiser’s determinations most closely approximately what the third appraiser believes to be the Fair Market Rent. The Fair Market Rent established by the third appraiser shall be determined no later than 30 days engagement and shall be binding on the parties. Each party shall pay the cost of its appraiser and half the co...
Extension Rent. The Rent and Additional Charges during each -------------- extension period will be the Market Rental Value of the Premises (as defined and determined pursuant to Section 32.3) for that period.
Extension Rent. The annual Base Rent payable during any Option Term shall be the greater of (x) ninety-five percent (95%) of the Market Rent as determined in the manner set forth in Section 22.03, 22.04 and 22.05, below, or (y) $27.05 per rentable square foot per annum. If the annual Base Rent for any Option Term has not been determined by the commencement date of such Option Term, Tenant shall pay Base Rent at the last annual rental rate in effect for the expiring Term until such time as annual Base Rent for the Option Term has been determined. Upon such determination, the Base Rent for the Premises shall be retroactively adjusted to the commencement of the Option Term. If such adjustment results in an underpayment of Base Rent by Tenant, Tenant shall pay Landlord the amount of such underpayment within 30 days after the determination thereof. If such adjustment results in an overpayment of Base Rent by Tenant, Landlord shall credit such overpayment against the next installment of Base Rent due under the Lease and, to the extent necessary, any subsequent installments, until the entire amount of such overpayment has been credited against Base Rent.
Extension Rent. If Tenant exercises its option to extend the term provided above, the Base Rent for the Option Term shall be the then asking rate for comparable space in Boulder market. Landlord will notify Tenant of the applicable rate and if the rate is not acceptable to Tenant, Tenant shall have 10 days after receipt of Landlord’s notice to notify Landlord that it withdraws its exercise of the option. If the exercise if not withdrawn, the new rate shall take effect at the start of the Option Term.
Extension Rent. All of the terms, provisions, covenants, and conditions of this Lease shall continue to apply during the Extension Period, except that the Annual Base Rent shall be the fair market rent being paid in the vicinity of the Premises in Cambridge, Massachusetts, for leases with five-year terms commencing 12 as of the beginning of the Extension Period, for space comparable to the Premises, used for the Permitted Uses and with rights and obligations comparable to those of Tenant under this Lease (the "Extension Rent").
Extension Rent. If Tenant elects to exercise its Option to Extend, Tenant shall pay rent to Landlord in the amount of Two Hundred Forty- Eight Thousand Nine Hundred Ninety-Five and No/100 Dollars (US$248,995.00) per year payable in equal monthly installments of Twenty Thousand Seven Hundred Forty-Nine and 58/100 Dollars (US$20,749.58) on or before the first day of each calendar month during the first option period under this Lease. If, at the end of such first option period, Tenant elects to exercise its Option to Extend for a second option period, Tenant shall pay rent to Landlord in the amount of Two Hundred Seventy-Five Thousand, Two Hundred Five and no/100 Dollars (US$275,205.00) per year payable in equal monthly installments of Twenty-Two Thousand, Nine Hundred Thirty-Three and 75/100 Dollars (US$22,933.75) on or before the first day of each calendar month during the second option period under this Lease.
Extension Rent. If Tenant shall elect to extend the term of this Lease pursuant to Section 3.2 above, the Base Rent for each such Extension Period shall be equal to 95% of the Fair Rental Value determined as follows:
Extension Rent. (a) The Annual Fixed Rent for any Extension Term shall be ninety-five percent (95%) of the Fair Market Rent (as defined below) for the Premises, determined as set forth below.
Extension Rent. 23 32.3 Rent Notice by Landlord....................................................................23 32.4 Fair Market Value Rent.....................................................................23 32.5
Extension Rent. During the Extension Term, if applicable, the annual Rent shall be equal to the fair market rental value of the Premises determined as of the date Tenant elects to exercise the extension option, as determined by Landlord, based upon a comparison to similar properties in the general location in which the Premises are located.
