Fair Market Rental Rate. The phrase “Fair Market Rental Rate” shall mean the fair market value annual rental rate per square foot of Rentable Area that Landlord and its Affiliates and the owners of comparable office building projects in the Xxxx Xxxxx Airport submarket have recently accepted in lease transactions between non-affiliated parties with non-equity tenants for comparable space, for a comparable period of time (“Comparable Transactions”). In any determination of Comparable Transactions, appropriate consideration shall be given to annual rental rates per square foot of Rentable Area, the type of escalation clauses (e.g., whether increases in additional rent are determined on a net or gross basis, and if gross, whether such increases are determined according to a base year or a base dollar amount expense stop), taking into account all rental and other concessions granted in such Comparable Transactions (as well as such concessions to which Tenant may be entitled in this Lease), length of the lease term, size and location of premises being leased, base, shell and core delivery conditions, building standard work letter and/or tenant improvement or refurbishment allowances, if any (taking into account the level of existing Base Building Improvements and tenant improvements in the Premises), free rent periods for construction of new tenant improvements and other generally applicable conditions of tenancy for such Comparable Transactions. The intent is that the Fair Market Rental Rate will reflect the rent and other economic benefits and concessions that Landlord or its Affiliates (and other landlords of comparable office building projects in the Xxxx Xxxxx Airport submarket) have otherwise given in recent Comparable Transactions, as adjusted to reflect the level and type of economic concessions that Landlord may elect to give Tenant hereunder during the Renewal Term, so that Tenant will pay and Landlord will receive a net effective rent equal to the net effective rental rate in Comparable Transactions, after adjusting for any differences between the economic concessions that Landlord is making to Tenant hereunder and the economic concession that Landlord or its Affiliates (and other landlords of comparable office building projects in the Xxxx Xxxxx Airport submarket) have otherwise made in current Comparable Transactions. If, for example, after applying the criteria set forth above, a Comparable Transaction provides a comparable non-equity tenant with comparable space at a bas...
Fair Market Rental Rate. For the purposes of this Lease, the term “Fair Market Rental Rate” shall mean the annual amount per rentable square foot that a comparable landlord of a comparable building with a comparable vacancy factor has accepted in comparable transactions between non-affiliated parties from new, non-expansion, non-renewal and non-equity tenants of comparable credit-worthiness, for comparable space, for a comparable use, for a comparable period of time for the Dane County and Madison, Wisconsin metro market (“Comparable Transactions”). In any determination of Comparable Transactions appropriate consideration shall be given to the annual rental rates per rentable square foot, the standard of measurement by which the rentable square footage is measured, the ratio of rentable square feet to usable square feet, the type of escalation clause, abatement provisions reflecting free rent, brokerage commissions which would be payable by Landlord in similar transactions, length of the lease term, size and location of premises being leased, tenant improvement allowances, and other generally applicable conditions of tenancy for such Comparable Transactions. No later than thirty (30) days after Landlord has delivered Landlord’s Option Notice, Tenant shall notify Landlord of whether Tenant is preliminarily planning on exercising its option to extend and directing the determination of the Fair Market Rental Rate (“Tenant’s Preliminary Notice”). Within fifteen (15) business days after Tenant’s Preliminary Notice, Landlord shall notify Tenant in writing of Landlord’s good faith estimate of the Fair Market Rental Rate. Tenant shall, within ten (10) business days following receipt of same, notify Landlord in writing of the acceptance or rejection of the proposed Fair Market Rental Rate, which notice shall include, if Tenant objects to Landlord’s determination, Tenant’s own determination of the Fair Market Rental Rate. If Tenant fails to respond within such period, then Tenant shall be deemed to have rejected Landlord’s determination of the Fair Market Rental Rate as set forth in Landlord’s notice. In the event Tenant objects by timely providing written notice to Landlord (or is deemed to have rejected such determination), Landlord and Tenant shall attempt to agree upon such Fair Market Rental Rate using good faith efforts. If Landlord and Tenant fail to reach agreement within fifteen (15) business days following Tenant’s delivery of its objection to (or deemed rejection of) Landlord’s F...
Fair Market Rental Rate. The term “Fair Market Rental Rate” means the prevailing market rental rate (stated in the form of an annual net rent per square foot of rentable area) that a willing tenant would pay, and a willing landlord would accept, at the time of determination in arm’s length, bona fide negotiations for a comparable contemporaneous office lease transaction for the entire Premises for the applicable Option Term. The determination of the Fair Market Rental Rate will be based upon a comparison of the terms of this Lease that will be applicable during the ensuing Option Term to other lease transactions in Comparable Buildings, with appropriate adjustments as necessary to equate the comparable leases with the applicable terms of this Lease, taking into consideration all relevant factors, including, without limitation, (i) the annual rental rates and operating expense costs per square foot, (ii) the extent of the lessee’s liability for the performance of the covenants set forth in the lease, (iii) abatement provisions reflecting free rent or no rent subsequent to the commencement date as to the premises in question, (iv) length of the lease term, (v) size (provided that each comparable lease transaction involves no less than 50,000 rentable square feet of space), age, quality (including the quality of building systems), layout, site improvements, and location of premises being leased, (vi) building standard work letter or lessee improvement allowances, if any, (vii) other tenant concessions such as leasing commissions paid to the tenants’ brokers or agents (to the extent not already taken into account in item (i) above), lease assumptions and/or moving allowances, if any, (viii) whether or not such comparable tenants (1) have previously occupied the property, (2) have an equity interest in the property, or (3) are leasing the property directly from its owner (as distinguished from subleasing from a tenant), (ix) term or length of lease, (x) the time the particular rate under consideration was agreed upon and become or is to become effective, (xi) the distinctions between a full service “gross” lease, a “net” lease, and a “triple net” lease; (xii) the extent of services provided or to be provided, and (xiii) other generally applicable conditions of tenancy for such comparable transactions.
Fair Market Rental Rate. The “Fair Market Rental Rate” shall be equal to the annual Base Rent, at which tenants, as of the commencement of the applicable Option Term, are, pursuant to brokered transactions completed within the twelve (12) month period prior to the exercise of the applicable option, leasing non-renewal, non-equity, non-affiliated space for a comparable use (based on the use to which Tenant is then putting the Premises) that is comparable in size, location and quality to the Premises, for a similar lease term, in an arms length transaction, which comparable space is located in the Irvine area (“Comparable Transactions”), taking into consideration all monetary and non-monetary concessions, if any, being granted such tenants in connection with such Comparable Transactions and the financial condition and credit history of Tenant and the other tenants in such Comparable Transactions, and taking into account the fact that rental increases during the Option Term are already provided for in this Lease, but excluding the value of any improvements installed or paid for by Tenant.
Fair Market Rental Rate. H-1 GAAP ..................................................................................................13
Fair Market Rental Rate. This Rider No. 2 is made and entered into by and between TREA PACIFIC PLAZA, LLC, a Delaware limited liability company (“Landlord”), and TANDEM DIABETES CARE, INC., a Delaware corporation (“Tenant”), as of the day and year of the Lease between Landlord and Tenant to which this Rider is attached. Landlord and Tenant hereby agree that, notwithstanding anything contained in the Lease to the contrary, the provisions set forth below shall be deemed to be part of the Lease and shall supersede any inconsistent provisions of the Lease. All references in the Lease and in this Rider to the “Lease” shall be construed to mean the Lease (and all exhibits and Riders attached thereto), as amended and supplemented by this Rider. All capitalized terms not defined in this Rider shall have the same meaning as set forth in the Lease.
Fair Market Rental Rate. The Monthly Rent for each ----------------------- month during each Option Period shall equal (a) the Fair Market Rental Rate (defined in Section 30.1.4.3) (expressed as a base rent per rentable square ---------------- foot per month) for a five (5) year lease of space of a size comparable to the Extension Premises in question in a nonequity, nonrenewal, nonexpansion and nonsublease transaction in the Market (defined below) as of the commencement date of such Option Period, multiplied by (b) the number of rentable square feet to be contained in the Extension Premises in question.
Fair Market Rental Rate. The Fair Market Rental Rate shall mean the annual amount of rental that a willing tenant would pay and a willing landlord would accept in arm’s length, bona fide negotiations for a renewal or expansion lease of the subject premises to be executed at the time of determination and to commence on the commencement of the subject lease term, based upon other comparable lease transactions made concerning the Building and other Class A Buildings within seven (7) miles of the Building, taking into consideration all relevant terms and conditions of such comparable leasing transactions, including, without limitation: (i) location, quality and age of the building: (ii) use and size of the space in question; (iii) location and/or floor level within the building; (iv) extent of leasehold improvement allowances (considering existing improvements); (v) the amount of any abatement of rental or other charges; (vi) parking charges or inclusion of same in rental; (vii) lease takeovers/assumptions; (viii) amenities, including fitness centers, restaurants and the like; (ix) relocation allowances; (x) refurbishment and repainting allowances; (xi) any and all other concessions or inducements; (xii) distinction between “gross” and “net” lease; (xiii) extent of services provided or to be provided; (xiv) base year or dollar amount for escalation purposes (both operating costs and ad valorem/real estate taxes); (xv) credit standing and financial stature of the tenant or subtenant; (xvi) any other adjustments (including by way of indexes) to base rental; and (xvii) length of term.
Fair Market Rental Rate. The term "fair market rental rate" as used in this Addendum shall mean the annual amount per rentable square foot, projected during the relevant period, that a willing, comparable, non-equity, renewal tenant (excluding sublease and assignment transactions) would pay, and a willing, comparable, institutional landlord of a comparable quality industrial building located in the Renton, Tukwila and North Kent, Washington area North of 000xx Xxxxxx ("Comparison Area") would accept, at arm's length (what Landlord is accepting in current transactions for other buildings within the Development may be considered), for space comparable in size and quality as the leased area at issue taking into account the age, quality and layout of the existing improvements in the leased area at issue and taking into account items that professional real estate brokers customarily consider, including, but not limited to, rental rates, industrial space availability, tenant size, tenant improvement allowances, parking, loading, power, ceiling height, sprinkler capacity, and any other economic matters then being charged by Landlord or the lessors of such similar industrial buildings. In no event will Monthly Base Rent decrease from that payable in the last year of the original Lease Term as a result of the fair market rental rate determination provided for in this Paragraph 41. In no event will any consideration be given, in the fair market rental rate determination, to any amounts to be paid by Tenant during the Option Term as repayment of the Above Standard Allowance described in Paragraph 5(b) of the Work Letter Agreement.
Fair Market Rental Rate. For the purposes of determining the rental rate and other considerations during the Extension Period, the term “Fair Market Rental Rate” shall mean the annual amount per square foot that comparable lessors have accepted in then current transactions between non-affiliated parties from non-equity lessees of comparable credit-worthiness, for comparable industrial facilities, for a comparable use, and for a comparable period of time (“Comparable Transactions”) within the South Bay Industrial Market of Los Angeles County (the “Market Area”). In any determination of Comparable Transactions, appropriate consideration shall be given to the extent of Lessee’s liability under the lease (including Lessor’s payment obligations of casualty insurance premiums and Real Property Taxes hereunder), length of the lease term, and the size and location of premises being leased. Corresponding consideration must be given to abatement provisions reflecting free rent and/or no rent during the period of construction or subsequent to the commencement date, Lessee improvement allowances, brokerage commissions, if any, all of which would be payable by Lessor in similar transactions, but which would be offset by the actual cost to Lessee of relocating its business operations from the Premises to other property or properties (including, without limitation, moving costs, additional construction costs, employee relocation costs, negotiation costs, administrative expenses, and costs of business down-time). The determination of Fair Market Rental Rate shall also include the determination of any periodic rental adjustments in methodology, frequency, and amount during the Extension Period. The intent is that Lessee will receive the same effective net economic benefit in the exercise of the Extension Option that Lessee would receive if Lessee should decide to enter into a Comparable Transaction.
