Extension Term Rent Sample Clauses
The Extension Term Rent clause defines the rental rate that will apply if the lease is extended beyond its original term. Typically, this clause specifies how the rent will be calculated during the extension period, such as referencing a predetermined rate, a percentage increase, or the current market rate at the time of extension. Its core function is to provide both parties with clarity and predictability regarding future rental payments, thereby reducing the potential for disputes or uncertainty if the lease continues past its initial expiration.
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Extension Term Rent a) Tenant’s exercise of an Option to Extend will not affect any terms or conditions of the Lease except that: (i) the Lease Term shall be extended as provided above; (ii) the cap on Management Fees (as provided in Section 4.08) may be adjusted upwards (at Landlord’s election) to reflect the Fair Market Management Fee Cap as defined below; and (iii) Base Rent for the initial twelve (12) months of each Extension Term will be the Fair Market Rent as determined below, and the Base Rent will increase on an annual basis by three percent (3%) starting on each anniversary of commencement of the Extension Term. No tenant improvements or rental abatements will be provided by Landlord in connection with the exercise of an Option to Extend, which shall be considered in the determination of Fair Market Rent.
b) If Tenant has properly exercised an Option to Extend, Landlord will, not later than thirty (30) days after receipt by Landlord of Tenant’s Extension notice (“Extension Rent Notice Deadline”) provide Tenant with written notice of the adjustment made by Landlord, if any, to the cap on Management Fees and the monthly Base Rent payable during the first twelve (12) month period of the applicable Extension Term (“Extension Rent Notice”) based on the current fair market base monthly rent for the Premises (“Fair Market Rent”) and, if election is made to adjust the cap on Management Fees the current fair market cap on the management fee percentage of Rent which a tenant and a landlord would accept for Comparable Transactions (“Fair Market Management Fee Cap”). If Landlord fails to provide the Extension Rent Notice by the Extension Rent Notice Deadline, Tenant will notify Landlord within thirty (30) days of Landlord’s failure to provide the Extension Rent Notice, and Landlord will have an additional thirty (30) days to provide the Extension Rent Notice after receiving Tenant’s notice. Fair Market Rent shall mean the monthly base rent amount per rentable square foot which a tenant would pay and which a willing landlord would accept for space in industrial warehouse projects, within the Fairfield/▇▇▇▇▇▇▇▇/Benicia metropolitan area, of standards comparable to the Premises (except as set forth below), 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 Additional Rent), based on prevailing market conditions in such similar projects at the time such determi...
Extension Term Rent. Within 365 days of any Extension Term, the Parties shall determine any additional rent due to Lessor from Lessee during any Extension Term, the timing of rental payments, and any late charges associated with delayed payment, and other terms relating to rent, which shall be set forth in a writing signed by authorized representatives of the Parties.
Extension Term Rent. The Base Rent during the Extension Term shall be one hundred fifteen percent (115%) of the Base Rent for the prior Term or prior Extension Term (as appropriate) for the Premises (the "Extended Term Rent").
Extension Term Rent. Beginning with the first Extension Term, Base Rent for each Extension Term shall be the then current fair market rent for the Premises. As used herein, “Fair Market Rent” means an amount equal to the then prevailing rate for similar space in a comparable building located in a comparable location within Snohomish County, Washington during the previous six (6) month period. In the event that Landlord and Tenant are unable to agree upon the Fair Market Rent within thirty (30) days after the date of Tenant’s Extension Notice, then Fair Market Rent shall be determined by appraisal as set forth below in this Section 5.2:
Extension Term Rent. The Base Rent during each of the Extension Terms shall be adjusted to equal ninety percent (90%) of the fair market rental rate (“Fair Market Rental Rate”) for the Leased Premises as of each of the following dates (individually referred to as the “Market Adjustment Date”): (a) the first day of the eleventh (11th) year of the Term; (b) the first day of the sixteenth (16th) year of the Term; and (c) the first day of the twenty-first (21st) year of the Term.
Extension Term Rent. During the First Extension Term for which the Original Term of this Lease may be extended as set forth in Section 1.2 above the fixed rent payable hereunder shall be adjusted so as to equal the greater of (a) $1,576,750.00 per annum; or (b) ninety five percent (95%) of the "fair market rent" as mutually determined by Landlord and Tenant through the process of negotiation or as otherwise herein set forth; and
Extension Term Rent. The Extension Term Rent is that specified in Paragraph 7.(c.)
Extension Term Rent. The Base Rent for an Extension Term shall be an amount equal to the product of (i) the rentable square feet in the Premises as of the first day of the Extension Term, and (ii) the Fair Market Rent for the Premises determined as provided in Section 2.4. Such annual Base Rent shall be paid in twelve (12) equal annual installments. If the Fair Market Rent is not determined as of the commencement of the Extension Term, then until such Fair Market Rent is determined, Tenant shall pay Base Rent for the space in question as determined based upon Landlord’s reasonable determination of the Fair Market Rent (“Interim Rent”). Upon final determination of the Fair Market Rent, Tenant shall commence paying Base Rent as so determined, and within ten (10) days after such determination Tenant shall pay any deficiency in prior payments of Base Rent or, if the Base Rent as so determined shall be less than the Interim Rent, Tenant shall be entitled to a credit against the next succeeding installments of Base Rent in an amount equal to the difference between each installment of Interim Rent and Base Rent as so determined which should have been paid for such installment until the total amount of the overpayment has been recouped.
Extension Term Rent. The Extension Term Rent is that specified in 8 (b.) of the Fundamental Lease Provisions. The then fair-market rental rate (“Fair Market Rental Rate”) is defined as that rental rate and inducements for comparable properties, located in the market area commonly and generally regarded as San Leandro, given comparable tenant’s creditworthiness, comparable length of term, as determined in this Paragraph 6. Any annual increase in the Rent shall be at a fixed annual percentage increase for each year of the Extension term, considering the above comparable conditions.
1). Upon County providing Lessor with the Option Notice, both parties shall meet to determine the then Fair Market Rental Rate under the terms above. If County and Lessor fail to reach agreement within ten (10) business days following the Option Notice, then each party shall make a separate determination of the Fair Market Rental Rate for the Extension Term Rent within five (5) business days, and such determinations shall be submitted to arbitration in accordance with Paragraphs 6.B. (2) through 6.B.(8) below.
2). County and Lessor shall each appoint one arbitrator who shall be a real estate appraiser who shall have been active over the five (5) year period ending on the date of such appointment in the appraising of commercial office leases and buildings in the Alameda County Metro area. Each such arbitrator shall be appointed within 15 days after both parties fail to reach agreement on the Extension Term Rent as specified in Paragraph 6.B.(1) above.
3). The two (2) arbitrators so appointed shall within 10 days of the date of the appointment of the last appointed arbitrator agree upon and appoint a third arbitrator who shall be qualified under the same criteria set forth hereinabove for qualification of the initial two (2) arbitrators.
4). The three (3) arbitrators shall within 30 days of the appointment of the third arbitrator reach a decision as to whether the parties shall use Lessor’s or County’s submitted Extension Term Rent and shall notify Lessor and County thereof.
5). The decision of the majority of the three (3) arbitrators shall be binding upon Lessor and County.
6). If either party fails to appoint an arbitrator within the applicable time frames above, then the arbitrator appointed by one of them shall reach a decision, notify both parties thereof, and such arbitrator’s decision shall be binding upon Lessor and County.
7). If the two (2) arbitrators fail to agree upon and appoint a third a...
Extension Term Rent. During any Extension Term with respect to the Base Premises or Suite 600, as applicable, Subtenant shall pay to Sublandlord base rent, in lawful money of the United States of America, without any deduction, offset, prior notice or demand, in advance on the first date of each month of such Extension Term, in an amount equal to the Base Rent payable by Sublandlord to Master Landlord under the Master Lease for such term with respect to the Base Premises or Suite 600, as applicable (“Extension Term Rent”).