Fair Rental Value Adjustment. The Base Rent shall be increased on the date(s) specified in Section B.2, above (the "Rental Adjustment Date(s)") to the "fair rental value" of the Property, determined in the following manner:
Fair Rental Value Adjustment. The Base Rent shall be increased on the first day of the first month(s) of the first and second Extension(s) of the Lease Term (the "Rental Adjustment Date(s)") to the "fair rental value" of the Property, determined in the following manner:
Fair Rental Value Adjustment. The Base Rent shall be increased on the first day of the particular Extension to the "Fair Rental Value" of the Demised Premises, determined in the following manner:
Fair Rental Value Adjustment. (1) Not later than one hundred (100) days prior to the commencement of the Extension term, Landlord and Tenant shall meet in an effort to negotiate, in good faith, the fair rental value of the Property as of the date of the commencement of such Extension period. If Landlord and Tenant have not agreed upon the fair rental value of the Property at least ninety (90) days prior to the commencement of the Extension period, the fair rental value shall be determined by appraisal, by one or more appraisers or brokers (herein called "Appraiser(s)"), as provided below. If appraiser(s) are used, such appraiser(s) shall have at least five (5) years' experience in the appraisal of commercial/industrial real property in the area in which the Property is located and shall be members of professional organizations such as MAI or equivalent. If broker(s) are used, such broker(s) shall have at least five (5) years' experience in the sales and leasing of commercial/industrial real property in the area in which the Property is located and shall be members of professional organizations such as the Society of Industrial and Office Realtors or equivalent.
Fair Rental Value Adjustment. The Basic Rent shall be Increased on the first day of the particular Extension to the "Fair Rental Value" of the Premises, determined in the following manner:
Fair Rental Value Adjustment. The Base Rent shall be adjusted on the first day of the first month(s) of the Lease Extension(s) of the Lease term (the "Rental Adjustment Date(s)") to the "fair rental value" of the Property, determined in the following manner:
Fair Rental Value Adjustment. The Base Rent shall be increased on the first day of the first month of the third, fourth, and fifth Extensions of the Lease Term (each a “FRV Rental Adjustment Date”) to the lesser of (a) one hundred fifteen percent (115%) of the Base Rent in effect immediately prior to the applicable FRV Rental Adjustment Date, and (b) ninety-five percent (95%) of the “fair rental value” of the Base Building Shell Improvements (as defined in Article Fourteen below) and the related land (but excluding the Building Modifications (as defined in Article Fourteen below) and the Tenant Improvements), determined in the following manner:
Fair Rental Value Adjustment. (Section B.2, below) as determined by appraiser ¨ or broker x. Rental Adjustment Date(s): The first day of the 1st, 13th, 25th, 37th, and 49th month(s) of the first and only Extension(s) of the Lease Term. However in no event shall the Initial Base Rent be increased by more than ten percent (10%) over the previous period’s Base Rent for The Extension. Thereafter, the Base Rent during the Extension shall be increased annually in an amount equal to the increase in the United States Department of Labor, Bureau of Labor Statistics, Consumer Price Index for All Urban Consumers, however in no event shall such annual increases be less than three percent (3%) or more than six percent (6%) annually. In no event shall the Initial Base Rent for the Extension be less than the previous period’s Base Rent.
Fair Rental Value Adjustment. The Base Rent shall be adjusted on the first day of the first month of each Extension of the Lease Term (the "FRV RENTAL ADJUSTMENT DATES") to the "fair rental value" of (a) the Base Building Shell Improvements (as defined in Section 14.01) upon and including the Building Premises (exclusive of any (i) Common Area Improvements, other than those included in the Base Building Shell Plans and located on the Building Premises [but expressly excluding the ESFR System]), and (ii) any other onsite or offsite improvements located thereon or associated therewith, other than those included in the Base Building Shell Plans [as defined in Section 14.01]), and (b) the land comprising the Additional Land (as if vacant, and without any buildings, other structures or onsite or offsite improvements located thereon or associated therewith) (collectively, the "APPRAISED PREMISES"), determined in the manner that follows. The fair rental value of the Appraised Premises shall equal the Base Rent on the applicable FRV Rental Adjustment Date and shall be the sum total of (a) of the fair rental value of the Base Building Shell Improvements upon and including the Building Premises, as if the Building Shell Improvements were comprised solely and exclusively of the Base Building Shell Improvements and had been constructed upon the Building Premises on the Building Shell Substantial Completion Date as reflected in the Base Building Shell Plans, without any of the Building Modifications (as defined in Section 14.01), exclusive of any (i) Common Area Improvements, other than those included in the Base Building Shell Plans and located on the Building Premises (but expressly excluding the ESFR System), and (ii) any other onsite or offsite improvements located thereon or associated therewith, other than those included in the Base Building Shell Plans, and (b) the fair rental value of the land comprising the Additional Land, as if vacant land, without any buildings, other structures or onsite or offsite improvements located thereon or associated therewith, all appraised in accordance with the provisions of Section 2.05(c)(1)(iii) below.
Fair Rental Value Adjustment. (Section B.2, below) as determined by appraiser or broker. Rental Adjustment Date(s): The first day of the first (1st) month(s) of first and second Extension(s) of the Lease Term. Initials: _________ Initials: _________
