Fair Market Rental Value. The provisions of this Section shall apply in any instance in which this Lease provides that the Fair Market Rental Value is to apply.
Fair Market Rental Value. The Base Rent for the sixth (6th) lease year as described in Paragraph 18 of the Summary of Basic Lease Terms (calendar months seventy-nine (79) through ninety (90) or the Lease Term) shall be the greater of (i) the Fair Market Rental Value of the Leased Premises, and (ii) a three percent (3%) increase over the Base Rent owing immediately prior to the sixth (6th) lease year, which Base Rent shall increase by three percent (3%) each lease year thereafter during the Lease Term. Not less than six (6) months prior to the Termination Notice Deadline (which Termination Notice Deadline will be extended for one day for each day that Landlord is late in providing Landlord’s Good Faith Determination), Landlord shall provide Tenant with Landlord’s good faith determination of the Fair Market Rental Value for the sixth (6th) lease year (“Landlord’s Good Faith Determination”). If Landlord determines that the Fair Market Rental Value for the sixth (6th) lease year is less than an amount equal to a three percent (3%) increase over the Base Rent owing immediately prior to the sixth (6th) lease year, the Base Rent for the sixth (6th) lease year shall be an amount equal to a three percent (3%) increase over the Base Rent owing immediately prior to the sixth (6th) lease year. If Landlord determines that the Fair Market Rental Value for the sixth (6th) Lease Year is greater than an amount equal to a three percent (3%) increase over the Base Rent owing immediately prior to the sixth (6th) lease year, within thirty (30) days after Tenant’s receipt of Landlord’s Good Faith Determination, Tenant shall notify Landlord whether Tenant accepts or rejects Landlord’s determination. If Tenant fails to notify Landlord within such thirty (30) day period, Tenant shall be deemed to have rejected such determination. If Tenant delivers to Landlord timely notice of its objection to such determination or fails to deliver its approval or objection to Landlord’s Good Faith Determination, Landlord and Tenant shall use good faith efforts to agree upon the Fair Market Rental Value within fifteen (15) business days following Landlord’s receipt of Tenant’s notice of objection (the “Outside Agreement Date”). If Landlord and Tenant are unable to so agree by the Outside Agreement Date, the parties shall appoint brokers and the brokers shall determine the Fair Market Rental Value in accordance with the following procedure:
Fair Market Rental Value. The Base Rent during the Extension shall be the Fair market Rental determined as follows:
Fair Market Rental Value. The Base Rent for the first (1st) year of the Option Term shall be the then Fair Market Rental Value (as defined below) for comparable space in the Building and in comparable buildings in Boulder and Broomfield Counties, Colorado (“Comparable Buildings”). Base Rent for the second (2nd) and third (3rd) year of the Option Term shall be increased, on the anniversary of the commencement date of the Option Term, by three percent (3%) over the Base Rent for the prior twelve (12) month period. As used in this Lease, “Fair Market Rental Value” shall mean one hundred percent (100%) of the rental rate per rental square foot agreed to be paid by tenants for comparable space in the Building and in Comparable Buildings for comparable terms, in non-sublease, non-affiliated, arms-length transactions within the prior ninety (90) day period, with appropriate adjustments for the condition of the premises, length of lease, age and amenities of Comparable Buildings, any tenant improvement allowances and other tenant concessions, and the type of lease, tenant and use.
Fair Market Rental Value. For purposes of this Lease, the term “Fair Market Rental Value” shall be based upon the highest and best use of the Premises and may include increases in Monthly Base Rent over the Option Period. Fair Market Rental Value shall be determined as follows: At least one hundred and twenty (120) days prior to commencement of the Option Period, Landlord shall notify Tenant of its determination of the Fair Market Rental value. Tenant shall have thirty (30) days from the date of such notice to notify Landlord whether it disagrees with such determination. If Tenant fails to so timely notify Landlord, the Fair Market Rental Value shall be as established in Landlord’s notice. If Tenant gives Landlord timely notice of its disagreement, within fifteen (15) days of the date of such notice, Landlord and Tenant shall negotiate in good faith to resolve the Fair Market Rental for an additional fifteen (15) day period. If the parties have not resolved Fair Market Rental within such time, promptly thereafter each shall specify in writing to each other the name and address of a person to act as the appraiser or broker on its behalf. Each such person shall be an MAI certified commercial real estate broker or appraiser with at least five (5) years of experience with the prevailing market rents for the area in which the Premises are located. If either party fails to timely appoint an appraiser or broker, the determination of the timely appointed appraiser or broker shall be final and binding. The two appraiser/brokers shall have thirty (30) days from the day of their respective appointments (the “Determination Period”) to make their respective determinations and agree on the fair market rental rate. If the two appraiser/brokers selected by the Landlord and Tenant cannot reach agreement on the fair market rental rate, such appraisers shall within fifteen (15) days jointly appoint an impartial third appraiser/broker with qualifications similar to those of the first two appraiser/brokers, and the fair market rental rate shall be established by the three appraiser/brokers in accordance with the following procedures: The appraiser/broker selected by each party shall state in writing his other determination of the rental rate, taking into consideration the rental rates for comparable properties in the Mountain View/Palo Alto area, which determination shall provide for periodic adjustments to the base rent if such appraiser believes that such adjustments are appropriate. The first two ap...
Fair Market Rental Value. Fair Market Rental Value as used herein shall mean: 100% of the monthly base rent and other amounts new tenants are then generally agreeing to pay under leases then being executed or renewed for comparable, improved office space in the Highway 101/Menlo Park submarket for office space. In determining the fair market rental value of the Premises during the Extension Term, consideration shall be given to all relevant factors, including, without limitation, such factors as credit-worthiness of the tenant, the duration of the term, any rental or other concessions granted, whether a broker’s commission or finder’s fee will be paid, responsibility for Operating Expenses, the uses of the Premises permitted under this Lease and the quality, condition, size, design and location of the Premises. Notwithstanding anything to the contrary contained in this Lease, the Base Year for the Extension Term for purposes of determining Tenant’s share of Monthly Operating Expenses during the Extension Term shall be the calendar year in which the Extension Term commences.
Fair Market Rental Value. Within a reasonable time after Xxxxxx’s receipt of Xxxxxx’s written notice of exercise of Xxxxxx’s option to extend (which notice to extend must be received by Lessor prior to the deadline for same set forth herein), Lessor shall send written notice to Lessee of Lessor’s determination of the fair market rent during the option period. In the event Lessee does not accept Lessor’s determination of fair market rent, then Xxxxxx shall deliver written notice of objection to Lessor within ten (10) business days of Xxxxxx’s receipt of Lessor’s notice of determination (the “Objection Period”). The failure of Lessee to deliver such written notice of objection to Lessor during the Objection Period shall be deemed acceptance by Lessee of Lessor’s determination of fair market rent. If the parties cannot in good faith agree within ten (10) business days of Xxxxxx’s written notice of objection (the “Negotiation Period”) on the fair market rental to be paid by the Lessee during any option period, the same shall be determined as follows:
Fair Market Rental Value. For the purposes of this Lease, the "Fair Market Rental Value" of the Aircraft shall be the rent which would be payable in an arm's length transaction between an informed and willing lessor under no compulsion to lease and an informed and willing lessee under no compulsion to lease, based upon the condition and location of the Aircraft (assuming the Aircraft is in the condition in which it is required to be maintained and further assuming half-life condition), which value shall be determined by mutual written agreement or, in the absence of mutual written agreement, pursuant to the appraisal procedure described in Section 23.3.
Fair Market Rental Value. The term “Fair Market Rental Value” shall mean the price that a ready and willing tenant would then pay as monthly rent to a ready and willing landlord of property comparable to the Leased Premises if such property were exposed for lease on the open market for a reasonable period of time and taking into account all of the purposes for which such property may be used.
Fair Market Rental Value. For the purposes of this Lease, the "Fair Market Rental Value" of the Aircraft shall be the rent which would be payable in an arm's length transaction between an informed and willing lessor under no compulsion to lease and an informed and willing lessee under no compulsion to lease, based upon the better of (i) the actual condition of the Aircraft, or (ii) the condition of the Aircraft assuming that it is in the condition in which it is required to be maintained and further assuming half-life condition. The Fair Market Rental Value shall be determined by mutual written agreement or, in the absence of mutual written agreement within 30 days following Lessee's extension notice, pursuant to the appraisal procedure described in Section 23.3.
