Fair Market Rental. If Tenant exercises the right to extend the term then the Minimum Monthly Rent shall be adjusted to equal the Fair Market Rental for the Premises as of the date of the commencement of the Extended Term, pursuant to the procedures hereinafter set forth. The term "Fair Market Rental" means the Minimum Monthly Rent chargeable for the Premises based upon the following factors applicable to the Premises or any comparable premises:
Fair Market Rental. The fair market rental of the Leased Property means the rental which a willing tenant not compelled to rent would pay a willing landlord not compelled to lease for the use and occupancy of the Leased Property pursuant to the Lease for the Term in question, (a) assuming that Lessee is not in default thereunder and (b) determined in accordance with the appraisal procedures set forth in Article XXXIII or in such other manner as shall be mutually acceptable to Lessor and Lessee.
Fair Market Rental. Whenever a determination of Fair Market Rental is required pursuant to Section 1.04 of this Lease, such Fair Market Rental shall be determined in accordance with the following procedures: Lessor and Lessee shall endeavor to agree upon such Fair Market Rental within thirty (30) days after Lessee notifies Lessor of its intent to extend the Term (the “Initial Date”). Upon reaching any such agreement, the parties shall execute a written agreement setting forth the amount of such Fair Market Rental. If the parties shall not have signed such agreement within thirty (30) days after the Initial Date, Lessor and Lessee shall each appoint a licensed real estate appraiser who shall be familiar with the rental market for comparable buildings in the applicable market area. Each appraiser so appointed shall determine Fair Market Rental. If the higher of such appraisals is equal to 110% or less of the lower, Fair Market Rental shall be the simple average of the two appraisals. If the deviation between such appraisals is greater, the appraisers so appointed shall jointly appoint a third independent appraiser (having professional qualifications similar to those of the initial appraisers), who shall determine Fair Market Rental by reviewing the conclusions of the initial appraisals and determining which he or she believes to be the more reasonable. Lessee may elect to reject the conclusion of such third appraiser and shall have the option to withdraw its exercise of the option to extend the Term within ten (10) business days after being notified of such determination. If Lessee makes such election to withdraw its exercise of the option to extend, the Lease shall terminate after the expiration of the then existing term of the Lease. Lessor and Lessee shall each pay the fee of the appraiser it appoints and the fee of the third appraiser shall be shared equally by the parties. All appraisers selected or appointed pursuant to this Section 9.26 shall (A) be independent qualified MAI appraisers, (B) have no right, power or authority to alter or modify the provisions of this Lease, and (C) be registered in the state where the Land is located if said state provides for or requires such registration. [Signatures of Lessor and Lessee Follow on Next Pages] IN WITNESS WHEREOF, the parties hereto have caused this Lease to be executed as of the date first above written. LESSOR: NL VENTURES VII XXXXXXX, L.L.C., a Delaware limited liability company By: /s/ Xxxxx X. Xxxxxxx Name: Xxxxx X. X...
Fair Market Rental. 1. If Tenant exercises the right to extend the term, then the Minimum Monthly Rent shall be adjusted to equal the Fair Market Rental for the premises as of the date of the commencement of such Extended Term, pursuant to the procedures hereinafter set forth. The term “
Fair Market Rental. For purposes of this Section 2, "
Fair Market Rental. As used herein, “Fair Market Rental” means the highest fixed rent per annum which Landlord could reasonably expect to obtain from a third party for the Premises if Landlord put the Premises on the market for lease in “as is” condition for a term corresponding to the Extension Term. If Tenant gives Landlord Tenant’s Extension Notice advising Landlord of the exercise of its option to renew and extend the term of this Lease for the Extension Term as contained herein, and Landlord and Tenant are unable to reach a written agreement as to the Fair Market Rental ninety (90) days prior to the beginning of the Extension Term, such dispute shall be resolved exclusively by resort to the Arbitration (as hereinafter defined). Pending the initiation or outcome of the Arbitration, Tenant shall not withhold any rents demanded by Landlord.
Fair Market Rental. (a) The term “
Fair Market Rental. If Tenant exercises the right to extend the term then the Base Rent shall be adjusted to equal the Fair Market Rental for the Premises as of the date of the commencement of each such Extended Term, pursuant to the procedures hereinafter set forth. The term "Fair Market Rental" means the Base Rent chargeable for the Leased Premises based upon the following factors applicable to the Premises or any comparable premises:
Fair Market Rental. It is the intent of the parties hereto that for all purposes (other than financial accounting purposes), including, state, real estate, commercial law, bankruptcy and federal, state and local income tax purposes, the rent payable under this Lease constitutes fair market rental for the lease of the Real Property pursuant to the terms hereof.
Fair Market Rental. As used herein, the term "Fair Market ------------------ Rental" shall mean the prevailing rental rate including any increases to such rate during the renewal term (taking into account all concessions furnished over the lease term, but without deduction for tenant improvements or architectural- related costs or allowances) being obtained by Landlord, on or about the 90th day preceding the applicable commencement date for the renewal period, for tenancies of space in the Building of similar size, term and location (adjusted on a square foot basis in accordance with the size of the premises), or if no such tenancies are then being obtained by Landlord, the prevailing market rental for such space as determined by Landlord, in its good faith judgment, based upon previous rental rates obtained for the Building and/or comparable buildings in comparable areas; provided that if the manner of charging operating costs or other items of escalation to tenants in the Building (or for any comparable buildings utilized by Landlord) is different from that set forth in this Lease, Landlord shall make a further adjustment to take such difference into account.
