Market Rent. If Tenant gives Landlord timely notice of its intention to extend the then-current Term of this Lease, whether for the First Extension Term or the Alternative Extension Term, then at least nineteen (19) months before the end of the then-scheduled expiration Term, Landlord shall give Tenant written notice of the then applicable market rent for Tenant’s space, based on similar space in similar Class A office and laboratory buildings in the Seaport District or the Longwood Medical Area (excluding owner-occupied space) of the City of Boston, Massachusetts (such buildings, the “Comparable Properties,” and such rent, the “Market Rent”), taking into account all of the factors that a landlord and tenant would consider in negotiating an arms-length rent for a lease (including without limitation whether or not a brokerage fee is payable in connection therewith). Base Rent for any Extension Term shall be established as [***] of the Market Rent. Within thirty (30) days after Tenant receives such notice, Tenant shall notify Landlord of its agreement with or objection to Landlord’s determination of the Market Rent, whereupon, if the Tenant objects to such determination, the Market Rent shall be determined in the manner set forth below. If Tenant does not notify Landlord within such thirty (30) day period of Tenant’s agreement with or objection to Landlord’s determination of the Market Rent, then the Market Rent for the applicable Extension Period shall be deemed to be Landlord’s determination of the Market Rent as set forth in the notice from Landlord described in this subsection and Tenant shall be irrevocably bound to lease the Premises for the applicable Extension Term. In the event Tenant’s notice objects to such determination, from the date Tenant provides such notice through the date that is seventeen (17) months before the end of the then scheduled expiration Term (the “Decision Date”), Landlord and Tenant shall negotiate in an attempt to reach agreement on the Base Rent for the applicable Extension Period. Prior to the Decision Date, Tenant shall send a notice rescinding its exercise of the right to extend or requesting arbitration pursuant to Section 3.03(d) below (a “Decision Notice”). If Tenant fails to send such Decision Notice prior to the Decision Date or sends a notice requesting arbitration pursuant to Section 3.03(d) below, then Tenant shall be irrevocably bound to lease the Premises for the applicable Extension Term and the Market Rent for such Extension Term shall be determined by arbitration in the manner set forth in Section 3.03(d).
Appears in 2 contracts
Samples: Vertex Pharmaceuticals Incorporated (Vertex Pharmaceuticals Inc / Ma), Vertex Pharmaceuticals Inc / Ma
Market Rent. If Tenant gives Landlord timely notice of its intention to extend the then-current Term of this Lease, whether for the First Extension Term or the Alternative Extension Term, then at least nineteen (19) months before the end of the then-scheduled expiration Term, Landlord shall give Tenant written notice of the then applicable market rent for Tenant’s space, based on similar space in similar Class A office and laboratory buildings in the Seaport District or the Longwood Medical Area (excluding owner-occupied space) of the City of Boston, Massachusetts (such buildings, the “Comparable Properties,” and such rent, the “Market Rent”), taking into account all of the factors that a landlord and tenant would consider in negotiating an arms-length rent for a lease (including without limitation whether or not a brokerage fee is payable in connection therewith). Base Rent for any Extension Term shall be established as [***] one-hundred percent (100%) of the Market Rent. Within thirty (30) days after Tenant receives such notice, Tenant shall notify Landlord of its agreement with or objection to Landlord’s determination of the Market Rent, whereupon, if the Tenant objects to such determination, the Market Rent shall be determined in the manner set forth below. If Tenant does not notify Landlord within such thirty (30) day period of Tenant’s agreement with or objection to Landlord’s determination of the Market Rent, then the Market Rent for the applicable Extension Period shall be deemed to be Landlord’s determination of the Market Rent as set forth in the notice from Landlord described in this subsection and Tenant shall be irrevocably bound to lease the Premises for the applicable Extension Term. In the event Tenant’s notice objects to such determination, from the date Tenant provides such notice through the date that is seventeen (17) months before the end of the then scheduled expiration Term (the “Decision Date”), Landlord and Tenant shall negotiate in an attempt to reach agreement on the Base Rent for the applicable Extension Period. Prior to the Decision Date, Tenant shall send a notice rescinding its exercise of the right to extend or requesting arbitration pursuant to Section 3.03(d) below (a “Decision Notice”). If Tenant fails to send such Decision Notice prior to the Decision Date or sends a notice requesting arbitration pursuant to Section 3.03(d) below, then Tenant shall be irrevocably bound to lease the Premises for the applicable Extension Term and the Market Rent for such Extension Term shall be determined by arbitration in the manner set forth in Section 3.03(d).
Appears in 2 contracts
Samples: Vertex Pharmaceuticals Incorporated (Senior Housing Properties Trust), Vertex Pharmaceuticals Incorporated (Senior Housing Properties Trust)
Market Rent. If “Market Rent” means the amount of base rent, which may or may not include concessions, improvements and other matters (exclusive of Operating Costs) which Landlord would receive by then renting similar space (including similar square footage) for premises in the project in which the Building is located. Within twenty (20) days after Tenant gives Landlord timely notice of its intention exercises any right to extend renew the then-current Term of this Lease, whether for the First Extension Term or the Alternative Extension Term, then at least nineteen term pursuant to subparagraph (19) months before the end of the then-scheduled expiration Termd), Landlord shall give Tenant written notice of Market Rent for the then applicable market rent for Tenant’s space, based on similar space in similar Class A office and laboratory buildings in the Seaport District or the Longwood Medical Area renewal term (excluding owner-occupied space) of the City of Boston, Massachusetts (such buildings, the “Comparable Properties,” and such rent, the “Market RentRent Notice”), taking into account all of the factors that a landlord and tenant would consider in negotiating an arms-length rent for a lease (including without limitation whether or not a brokerage fee is payable in connection therewith). Base Rent for any Extension Term shall be established as [***] of the Market Rent. Within thirty (30) days after Tenant receives such notice, Tenant shall notify Landlord of its agreement with or objection to Landlord’s determination of the Market Rent, whereupon, if the Tenant objects to such determination, the Market Rent shall be determined in the manner set forth below. If Tenant does not notify Landlord within such thirty (30) day period of Tenant’s agreement agree with or objection to Landlord’s determination of the Market Rent, then the Market Rent for the applicable Extension Period shall be deemed to be Landlord’s determination of the Market Rent as set forth in the Market Rent Notice, Tenant shall so notify Landlord in writing within ten (10) days after Tenant’s receipt of the Market Rent Notice (“Tenant’s Notice”). Landlord and Tenant shall, for ten (10) days after Landlord’s receipt of Tenant’s Notice, negotiate in good faith to come to an agreement as to Market Rent for the renewal term in question. If Landlord and Tenant are unable to agree upon Market Rent within said ten day period, then, notwithstanding the provisions of subparagraph (d), Tenant shall have the right to rescind the applicable Renewal Notice of Exercise by written notice from (the “Rescission Notice”) to Landlord described in this subsection given not later than twenty (20) days after the date of Tenant’s Notice, it being understood and agreed that if the Rescission Notice is not given within such time period, Tenant shall be irrevocably bound deemed to lease the Premises for have waived its right to rescind the applicable Extension TermRenewal Notice of Exercise. In such case, to the event Tenant’s notice objects to such determination, from extent that the date Tenant provides such notice through the date that applicable Renewal Notice of Exercise is seventeen (17) months before the end of the then scheduled expiration Term (the “Decision Date”)effectively exercised, Landlord and Tenant shall negotiate in execute and deliver an attempt amendment to reach agreement on this Lease which amendment shall be executed and delivered within ten (10) days following the Base Rent for determination of the Market Rent. Tenant’s failure to give Tenant’s Notice within the time period provided above shall be deemed an acceptance of Landlord’s determination of Market Rent, and the Term shall be deemed renewed pursuant to the applicable Extension Period. Prior to the Decision Date, Tenant shall send a notice rescinding its exercise Renewal Notice of the right to extend or requesting arbitration pursuant to Section 3.03(d) below (a “Decision Notice”). If Tenant fails to send such Decision Notice prior to the Decision Date or sends a notice requesting arbitration pursuant to Section 3.03(d) below, then Tenant shall be irrevocably bound to lease the Premises for the applicable Extension Term Exercise and the Market Rent for such Extension Term shall be determined by arbitration in the manner set forth in Section 3.03(d)Notice.
Appears in 1 contract
Samples: Lease (Sauer Danfoss Inc)
Market Rent. If Market Rent' means the amount of base rent, which may or may not include concessions, improvements, and other matters (exclusive of Operating Costs) which Landlord would receive by then renting similar space (including similar square footage) for premises in the project in which the Building is located. Within 45 days after Tenant gives Landlord timely notice of exercised its intention right to extend renew the then-current Term of this Lease, whether for the First Extension Term or the Alternative Extension Term, then at least nineteen (19) months before the end of the then-scheduled expiration Termpursuant to Paragraph 8(c), Landlord shall give Tenant written notice of the then applicable market rent for Tenant’s space, based on similar space in similar Class A office and laboratory buildings in the Seaport District or the Longwood Medical Area (excluding owner-occupied space) of the City of Boston, Massachusetts (such buildings, the “Comparable Properties,” and such rent, the “Market Rent”), taking into account all of the factors that a landlord and tenant would consider in negotiating an arms-length rent for a lease (including without limitation whether or not a brokerage fee is payable in connection therewith). Base Rent for any Extension Term shall be established as [***] of the Market Rent. Within thirty renewal term (30) days after Tenant receives such notice, Tenant shall notify Landlord of its agreement with or objection to Landlord’s determination of the Market Rent, whereupon, if the Tenant objects to such determination, the "2009 Market Rent shall be determined in the manner set forth belowNotice"). If Tenant does not notify Landlord within such thirty (30) day period of Tenant’s agreement agree with or objection to Landlord’s 's determination of the Market Rent, then the Market Rent for the applicable Extension Period shall be deemed to be Landlord’s determination of the Market Rent as set forth in the 2009 Market Rent Notice, Tenant shall so notify Landlord in writing within ten (10) days after Tenant's receipt of 2009 Market Rent Notice ("2009 Tenant's Notice"). Landlord and Tenant shall, for ten (10) days after Landlord's receipt of the 2009 Tenant's Notice, negotiate in good faith to come to an agreement as to Market Rent for the renewal term. If Landlord and Tenant are unable to agree upon Market Rent within said ten day period, then, notwithstanding the provisions of Paragraph 8(c), Tenant shall have the right to rescind the 2009 Renewal Notice of Exercise by written notice from (the "2009 Rescission Notice") to Landlord described in this subsection given not later than twenty (20) days after the date of the 2009 Tenant's Notice, it being understood and agreed that if the 2009 Rescission Notice is not given within such time period, Tenant shall be irrevocably bound deemed to lease have waived its right to rescind the Premises for the applicable Extension Term2009 Renewal Notice of Exercise. In such case, to the event Tenant’s notice objects to such determination, from extent that the date Tenant provides such notice through the date that 2009 Renewal Notice of Exercise is seventeen (17) months before the end of the then scheduled expiration Term (the “Decision Date”)effectively exercised, Landlord and Tenant shall negotiate in an attempt to reach agreement on the Base Rent for the applicable Extension Period. Prior execute and deliver and amendment to the Decision Date, Tenant shall send a notice rescinding its exercise of the right to extend or requesting arbitration pursuant to Section 3.03(d) below (a “Decision Notice”). If Tenant fails to send such Decision Notice prior to the Decision Date or sends a notice requesting arbitration pursuant to Section 3.03(d) below, then Tenant Lease which amendment shall be irrevocably bound executed and delivered within ten (10) days following the determination of Market Rent. Tenant's failure to lease give the Premises for 2009 Tenant's Notice within the applicable Extension Term and the time period provided above shall be deemed an acceptance of Landlord's determination of Market Rent for such Extension Term shall be determined by arbitration in the manner as set forth in Section 3.03(d)the 2009 Market Rent Notice, and the term shall be deemed renewed pursuant to the 2009 Renewal Notice of Exercise.
Appears in 1 contract
Samples: Lease Agreement (Ats Medical Inc)
Market Rent. If Tenant gives Landlord shall fail to timely notice exercise the Option as provided, Tenant shall be deemed to have waived its right to exercise the Option and to occupy the Premises beyond the initial Term of its intention to extend the then-current Lease or beyond any previously exercised Renewal Term of this Lease, whether . The Base Year for the Renewal Term shall be the first Lease year of the Renewal Term. Upon a determination of Base Rent for the First Extension Term or the Alternative Extension Term, then at least nineteen (19) months before the end Lease Year of the then-scheduled expiration Renewal Term, Landlord and Tenant shall give Tenant written notice agree on a Base Rent schedule, in the same format set forth in the BLI Rider for the Initial Lease Term, for the balance of the then applicable market rent for Tenant’s spaceRenewal Term, based on similar upon the hereinabove prescribed formula. Landlord's determination shall be based, as Landlord reasonably deems appropriate, upon then current and projected rents for space in similar Class A office the Building, adjusted for any special conditions applicable to such space and laboratory buildings leases, for location, length of term, amount of space and other factors Landlord deems relevant in computing rents for space in the Seaport District or Building, including adjustments for anticipated inflation. Any agreement of Landlord and Tenant regarding the Longwood Medical Area (excluding owner-occupied space) amount of the City of Boston, Massachusetts (such buildings, the “Comparable Properties,” and such rent, the “Market Rent”), taking into account all of the factors that a landlord and tenant would consider in negotiating an arms-length rent for a lease (including without limitation whether or not a brokerage fee is payable in connection therewith). Base Rent for any Extension Term shall be established as [***] of the Market Rent. Within in writing signed by them within thirty (30) days after the date Tenant receives such notice, Tenant shall notify was first advised by Landlord of its agreement with or objection to Landlord’s initial determination of the Market Rent, whereupon, if in which event Tenant shall be deemed to have exercised the Option. If Landlord and Tenant objects are unable to such determination, the agree upon Market Rent shall be determined in the manner set forth below. If Tenant does not notify Landlord writing within such thirty (30) day period of Tenant’s agreement with or objection to Landlord’s determination of the Market Rent, then the Market Rent for the applicable Extension Period shall be deemed to be Landlord’s determination of the Market Rent as set forth in the notice from Landlord described in this subsection and Tenant shall be irrevocably bound to lease the Premises for the applicable Extension Term. In the event Tenant’s notice objects to such determination, from the date Tenant provides such notice through the date that is seventeen (17) months before the end of the then scheduled expiration Term (the “Decision Date”), Landlord and Tenant shall negotiate in an attempt to reach agreement on the Base Rent for the applicable Extension Period. Prior to the Decision Dateperiod, Tenant shall send a notice rescinding may nevertheless exercise its exercise of the right to extend or requesting arbitration pursuant to Section 3.03(d) below (a “Decision Notice”). If Tenant fails to send such Decision Notice prior to the Decision Date or sends a notice requesting arbitration pursuant to Section 3.03(d) below, then Tenant shall be irrevocably bound to lease the Premises for the applicable Extension Term and the Market Rent for such Extension Term shall be determined by arbitration in the manner set forth in Section 3.03(d).option
Appears in 1 contract
Samples: Letter Agreement (1997 Corp)
Market Rent. If Tenant gives Landlord timely notice of its intention to extend the then-current Term For purposes of this LeaseAmendment, whether “Market Rent” shall mean the rent, taking into account market conditions for renewal tenants of comparable size and creditworthiness, for projects comparable to the First Extension Term or Building located in the Alternative Extension TermCentral Loop. For purposes hereof, then at least the "Central Loop" shall mean the area located in Chicago, Illinois, with a southern border of Xxxxxxx Street, a western border of Xxxxxx Drive a northern border of Lake Street and an eastern border of Dearborn Street. No less than nineteen (19) months before prior to the end Expiration Date, upon written request of the then-scheduled expiration Term, Landlord shall give Tenant written notice of the then applicable market rent for Tenant’s space, based on similar space in similar Class A office and laboratory buildings in the Seaport District or the Longwood Medical Area (excluding owner-occupied space) of the City of Boston, Massachusetts (such buildings, the “Comparable Properties,” and such rent, the “Market Rent”), taking into account all of the factors that a landlord and tenant would consider in negotiating an arms-length rent for a lease (including without limitation whether or not a brokerage fee is payable in connection therewith). Base Rent for any Extension Term shall be established as [***] of the Market Rent. Within thirty (30) days after Tenant receives such notice, Tenant shall notify Landlord of its agreement with or objection to Landlord’s determination of the Market Rent, whereuponLandlord and Tenant shall agree upon the Market Rent to be applicable during the Renewal Option period. If Landlord and Tenant are unable to mutually agree on the Market Rent prior the date that is 18 months prior to the Expiration Date, then the Market Rent shall be independently determined by two (2) disinterested real estate appraisers, one (1) of whom shall be named by Landlord and one (1) by Tenant. Said appraisers shall each be practicing appraisers in the Central Loop specializing in the field of commercial real estate, having no less than ten (10) years experience in such field, recognized as ethical and reputable within their field, and certified as MAI or an equivalent professional certification if MAI no longer exists. Landlord and Tenant agree to make their appointments no later than 17 months plus two weeks prior to the Expiration Date; provided that if the Tenant objects appraisers are unable to determine Market Rent on or before the date that is 17 months prior to the Expiration Date through no fault of Tenant, Tenant’s period for exercising the Renewal Option shall be extended on a day for day basis for each day of delay. Within ten (10) days after both such determinationappraisers have been appointed, each appraiser shall submit his or her determination of said Market Rent. The Market Rent shall be the average of the two (2) determinations; provided, however, that if the determinations of the two appraisers are not within five percent (5%) of each other, then the two (2) appraisers shall select a third appraiser with the qualifications described above within five (5) days after submitting their determinations of the fair market rent. Within ten (10) days after the third appraiser is selected, such appraiser shall submit his or her determination of said Market Rent. In such event, the Market Rent shall be determined in the manner set forth belowaverage of the third appraiser’s determination and the determination of the other two (2) appraisers which is closest to the third appraiser’s determination. In arriving at their individual rate determinations, each appraiser shall consider and analyze all the components of the Lease and apply them to current market factors. Landlord and Tenant shall pay the fee of the appraiser selected by it and if a third appraiser is used, they shall equally share the payment of the fee of the third appraiser. Notwithstanding the foregoing, Landlord and Tenant may at any time after appointing the appraisers, agree upon the Market Rent payable and such mutual agreement shall supersede the appraisers’ determinations. If Tenant does not notify Landlord within such thirty (30) day period exercise the Renewal Option, the cost of Tenant’s agreement with or objection to Landlord’s determination of the Market Rent, then the Market Rent for the applicable Extension Period all appraisers shall be deemed to be Landlord’s determination of the Market Rent as set forth in the notice from Landlord described in this subsection and Tenant shall be irrevocably bound to lease the Premises for the applicable Extension Term. In the event paid by Tenant’s notice objects to such determination, from the date Tenant provides such notice through the date that is seventeen (17) months before the end of the then scheduled expiration Term (the “Decision Date”), Landlord and Tenant shall negotiate in an attempt to reach agreement on the Base Rent for the applicable Extension Period. Prior to the Decision Date, Tenant shall send a notice rescinding its exercise of the right to extend or requesting arbitration pursuant to Section 3.03(d) below (a “Decision Notice”). If Tenant fails to send such Decision Notice prior to the Decision Date or sends a notice requesting arbitration pursuant to Section 3.03(d) below, then Tenant shall be irrevocably bound to lease the Premises for the applicable Extension Term and the Market Rent for such Extension Term shall be determined by arbitration in the manner set forth in Section 3.03(d).
Appears in 1 contract
Samples: Lease (GrubHub Inc.)
Market Rent. If Tenant gives Market Rent" means the amount of base rent, which may or may not include concessions, improvements and other matters (exclusive of Operating Costs) which Landlord timely notice of its intention to extend the then-current Term of this Lease, whether for the First Extension Term or the Alternative Extension Term, would receive by then at least nineteen (19) months before the end of the then-scheduled expiration Term, Landlord shall give Tenant written notice of the then applicable market rent for Tenant’s space, based on renting similar space in (including similar Class A office and laboratory buildings square footage) for premises in the Seaport District or project in which the Longwood Medical Area (excluding owner-occupied space) of the City of Boston, Massachusetts (such buildings, the “Comparable Properties,” and such rent, the “Market Rent”), taking into account all of the factors that a landlord and tenant would consider in negotiating an arms-length rent for a lease (including without limitation whether or not a brokerage fee Building is payable in connection therewith). Base Rent for any Extension Term shall be established as [***] of the Market Rentlocated. Within thirty forty-five (3045) days after Tenant receives such noticeexercises its right to renew the term pursuant to Xxxxxxxxx 00, Xxxxxxxx shall give Tenant shall notify Landlord notice of its agreement with or objection to Landlord’s determination of the Market Rent, whereupon, if the Tenant objects to such determination, the Market Rent shall be determined in for the manner set forth belowrenewal term (the "Market Rent Notice"). If Tenant does not notify Landlord within such thirty (30) day period of Tenant’s agreement agree with or objection to Landlord’s 's determination of the Market Rent, then the Market Rent for the applicable Extension Period shall be deemed to be Landlord’s determination of the Market Rent as set forth in the Market Rent Notice, Tenant shall so notify Landlord in writing within ten (10) days after Tenant's receipt of the Market Rent Notice ("Tenant's Notice"). Landlord and Tenant shall, for ten (10) days after Landlord's receipt of Tenant's Notice, negotiate in good faith to come to an agreement as to Market Rent for the renewal term. If Landlord and Tenant are unable to agree upon Market Rent within said ten day period, then, notwithstanding the provisions of Paragraph 31, Tenant shall have the right to rescind the Renewal Notice of Exercise by written notice from (the "Rescission Notice") to Landlord described in this subsection given not later than twenty (20) days after the date of Tenant's Notice, it being understood and agreed that if the Rescission Notice is not given within such time period, Tenant shall be irrevocably bound deemed to lease have waived its right to rescind the Premises for the applicable Extension TermRenewal Notice of Exercise. In such case, to the event Tenant’s notice objects extent that the Renewal Notice of Exercise has been effectively exercised by Tenant pursuant to such determination, from the date Tenant provides such notice through the date that is seventeen (17) months before the end of the then scheduled expiration Term (the “Decision Date”)Paragraph 31, Landlord and Tenant shall negotiate in execute and deliver an attempt amendment to reach agreement on this Lease which amendment shall be executed and delivered within ten (10) days following the Base Rent determination of the Market Rent. Tenant's failure to give Tenant's Notice within the time period provided above shall be deemed an acceptance of Landlord's determination of Market Rent, the term shall be deemed renewed pursuant to the Renewal Notice of Exercise, and base rent for the applicable Extension Period. Prior to the Decision Date, Tenant shall send a notice rescinding its exercise of the right to extend or requesting arbitration pursuant to Section 3.03(d) below (a “Decision Notice”). If Tenant fails to send such Decision Notice prior to the Decision Date or sends a notice requesting arbitration pursuant to Section 3.03(d) below, then Tenant renewal term shall be irrevocably bound to lease the Premises for the applicable Extension Term and as set forth in the Market Rent for such Extension Term Notice. Notwithstanding anything in this Paragraph 32 to the contrary, in no event shall Market Rent be determined by arbitration in less than the manner set forth in Section 3.03(d)amount per annum payable during the last month of the term ending February 28, 2009.
Appears in 1 contract
Market Rent. If For purposes of determining Market Rent for the extension contemplated by Section 35 above only, "Market Rent” means the amount of base rent for extensions or renewals of lease, which may or may not include concessions, improvements and other matters (exclusive of Operating Costs) which Landlord would receive by then renting similar space in the Austin, Texas market (including similar square footage). Within forty-five (45) days after Tenant gives Landlord timely notice of exercises its intention right to extend the then-current Term of this Lease, whether for the First Extension Term or the Alternative Extension Term, then at least nineteen (19) months before the end of the then-scheduled expiration Termpursuant to Section 35, Landlord shall give Tenant written notice of Market Rent for the then applicable market rent extension term for Tenant’s space, based on similar space in similar Class A office and laboratory buildings in the Seaport District or the Longwood Medical Area Premises (excluding owner-occupied space) of the City of Boston, Massachusetts (such buildings, the “Comparable Properties,” and such rent, the “Market RentRent Notice”), taking into account all of the factors that a landlord and tenant would consider in negotiating an arms-length rent for a lease (including without limitation whether or not a brokerage fee is payable in connection therewith). Base Rent for any Extension Term shall be established as [***] of the Market Rent. Within thirty (30) days after Tenant receives such notice, Tenant shall notify Landlord of its agreement with or objection to Landlord’s determination of the Market Rent, whereupon, if the Tenant objects to such determination, the Market Rent shall be determined in the manner set forth below. If Tenant does not notify Landlord within such thirty (30) day period of Tenant’s agreement agree with or objection to Landlord’s determination of the Market Rent, then the Market Rent for the applicable Extension Period shall be deemed to be Landlord’s determination of the Market Rent as set forth in the notice from Landlord described in this subsection and Tenant shall be irrevocably bound to lease the Premises for the applicable Extension Term. In the event Tenant’s notice objects to such determination, from the date Tenant provides such notice through the date that is seventeen (17) months before the end of the then scheduled expiration Term (the “Decision Date”), Landlord and Tenant shall negotiate in an attempt to reach agreement on the Base Market Rent for the applicable Extension Period. Prior to the Decision DateNotice, Tenant shall send a notice rescinding its exercise so notify Landlord in writing within ten (10) days after Tenant’s receipt of the right to extend or requesting arbitration pursuant to Section 3.03(d) below Market Rent Notice (a “Decision Tenant’s Notice”). Landlord and Tenant shall, for ten (10) days after Landlord’s receipt of Tenant’s Notice, negotiate in good faith to come to an agreement as to Market Rent for the extension term. If Landlord and Tenant fails arc unable to send agree upon Market Rent within said ten (10) day period, then, within ten (10) days commencing on the day after the expiration of the ten-day negotiating period, Landlord shall, acting in good faith, choose a person reasonably acceptable to Tenant, experienced in commercial real estate, knowledgeable about commercial real estate rents regarding like properties in the Austin, Texas market and unrelated to any of Landlord, Tenant, or Tenant’s Broker, if any, and shall refer the matter to such Decision person (the “Expert”), who shall be deemed to be acting as an expert and not as an arbitrator or appraiser. The Expert shall make a determination of Market Rent as expeditiously as possible, but in no event later than thirty (30) days after referral of the matter to him or her, which determination shall be conclusive and binding on the parties. The parties shall evenly split the costs of the Expert. Tenant’s failure to give Tenant’s Notice prior within the time period provided above shall be deemed an acceptance of Landlord’s determination of Market Rent, and the Term shall be deemed extended pursuant to the Decision Date or sends a notice requesting arbitration pursuant to Section 3.03(d) below, then Tenant shall be irrevocably bound to lease the Premises for the applicable Extension Term Notice and the Market Rent for such Extension Term shall be determined by arbitration in the manner set forth in Section 3.03(d)Notice.
Appears in 1 contract
Samples: Lease Agreement (Ideal Power Inc.)
Market Rent. If Tenant gives Landlord timely notice of its intention to extend the then-current Term of this Lease, whether for the First Extension Term or the Alternative Extension Term, then at least nineteen (19) months before the end Market Rent" shall be computed as of the then-scheduled expiration Term, Landlord shall give Tenant written notice applicable date at the then current rentals being charged to new or renewal tenants for comparable first class office space located in the vicinity of the then applicable market rent for Tenant’s space, based on similar space in similar Class A office and laboratory buildings in the Seaport District or the Longwood Medical Area (excluding owner-occupied space) of the City of Boston, Massachusetts (such buildings, the “Comparable Properties,” and such rent, the “Market Rent”)Building, taking into account all and giving effect to, in determining comparability, without limitation, such considerations as size, location and lease term building quality and tenant improvement allowance. Landlord shall initially designate the Market Rent and shall furnish data in support of such designation within forty-five (45) days from receipt of Tenant's notice of its exercise of its option to extend under Section 2.3, except that Landlord shall not be obligated to provide such designation any sooner than the first day of the factors that a landlord and tenant would consider in negotiating an arms-length rent for a lease eleventh (including without limitation whether or not a brokerage fee is payable in connection therewith)11th) month prior to the commencement of the Extension Term. Base Rent for any Extension Term shall be established as [***] If Tenant disagrees with Landlord's designation of the Market Rent, then Tenant shall have the right, by written notice given within twenty-one (21) days after Tenant has been notified of Landlord's designation, to submit such Market Rent to arbitration as follows: Market Rent shall be determined by arbitrators, one to be chosen by Tenant, one to be chosen by Landlord and a third to be selected, if necessary, as below provided. Within Each arbitrator hereunder shall be an MAI-appraiser having at least ten (10) years' experience in appraising rental values for space in properties similar to the Building within a ten (10) mile radius of the Building. If within twenty-one (21) days after Tenant's notice, the parties agree upon a single arbitrato r, Market Rent shall be determined by such arbitrator. The unanimous written decision of the two first chosen without selection and participation of a third arbitrator, or otherwise the written decision of a majority of the three arbitrators chosen and selected as provided herein, shall be conclusive and binding upon Landlord and Tenant. Landlord and Tenant shall each notify the other of its chosen arbitrator within twenty-one (21) days following the call for arbitration and, unless such two arbitrators shall have reached a unanimous decision within thirty (30) days after Tenant receives such noticetheir designation, Tenant then they shall so notify Landlord of its agreement with or objection to Landlord’s determination the then President of the Market Rent, whereupon, if Boston Bar Association and request him or her to select an impartial third qualified arbitrator (having the Tenant objects qualifications described above) to such determination, the determine Market Rent as herein defined. Such third arbitrator and the first two chosen shall be determined in hear the manner set forth below. If Tenant does not notify Landlord parties and their evidence and render their decision within such thirty (30) day period days following the conclusion of such hearing and no tify Landlord and Tenant thereof. Landlord and Tenant shall bear the expense of the third arbitrator (if any) equally. If the dispute between the parties as to Market Rent has not been resolved before the commencement of Tenant’s agreement with or objection 's obligation to Landlord’s determination of pay rent under the Lease in Market Rent, then Tenant shall pay rent under the Lease in respect of the premises based upon the Market Rent for designated by Landlord until either the applicable Extension Period shall be deemed agreement of the parties as to be Landlord’s determination of the Market Rent or the decision of the arbitrators, as set forth in the notice from Landlord described in this subsection and case may be, at which time Tenant shall be irrevocably bound pay any underpayment of rent to lease the Premises for the applicable Extension Term. In the event Landlord, or Landlord shall refund any overpayment of rent to Tenant’s notice objects to such determination, from the date Tenant provides such notice through the date that is seventeen (17) months before the end of the then scheduled expiration Term (the “Decision Date”), Landlord and Tenant shall negotiate in an attempt to reach agreement on the Base Rent for the applicable Extension Period. Prior to the Decision Date, Tenant shall send a notice rescinding its exercise of the right to extend or requesting arbitration pursuant to Section 3.03(d) below (a “Decision Notice”). If Tenant fails to send such Decision Notice prior to the Decision Date or sends a notice requesting arbitration pursuant to Section 3.03(d) below, then Tenant shall be irrevocably bound to lease the Premises for the applicable Extension Term and the Market Rent for such Extension Term shall be determined by arbitration in the manner set forth in Section 3.03(d).
Appears in 1 contract
Samples: Broadvision Inc
Market Rent. If Tenant gives Landlord timely notice The term "Market Rent" means the rent per square foot that a willing landlord would accept and a willing tenant would pay, neither being under any compulsion or unusual consideration, for space comparable to the portion of its intention the Building and for a term equivalent to extend the then-current Term of term for which the Market Rent is then being determined hereunder and for a lease which is "net" to the same extent as, and otherwise consistent with, this Lease, whether for the First Extension Term or the Alternative Extension Term, then at least nineteen (19) months before the end of the then-scheduled expiration Term, Landlord shall give Tenant written notice of the then applicable market rent for Tenant’s space, based on similar space in similar Class A office and laboratory buildings in the Seaport District or the Longwood Medical Area (excluding owner-occupied space) of the City of Boston, Massachusetts (such buildings, the “Comparable Properties,” and such rent, the “Market Rent”), taking into account all of relevant considerations, including transactions in comparable buildings in the factors Northern Minneapolis Suburban corridor, all tenant or landlord concessions, costs and allowances, such as (but without limitation) leasehold improvement allowance, free rent and leasing commissions, including reduction in such rental rate to take into account that a landlord Tenant will not receive any allowance or concession. In the event Landlord and tenant would consider in negotiating an arms-length rent for a lease Tenant are unable to agree on Market Rent within twenty (including without limitation whether or not a brokerage fee is payable in connection therewith). Base Rent for any Extension Term shall be established as [***] of the Market Rent. Within thirty (3020) days after Tenant receives such noticeof Tenant's exercise of any extension option, Tenant shall notify Landlord of its agreement with or objection to Landlord’s determination of the Market Rent, whereupon, if the Tenant objects to such determination, then the Market Rent shall be determined by arbitration in accordance with the manner set forth belowCommercial Arbitration Rules of the American Arbitration Association. If Within forty-five (45) days after appointment, the arbitrator shall determine the current Market Rent. The cost of the arbitration shall be borne equally by Landlord and Tenant. Within twenty (20) days after receipt by Tenant does not notify Landlord within such thirty (30) day period of Tenant’s agreement with or objection the written determination of Market Rent by arbitration, Tenant may, by written notice to Landlord’s determination , rescind its exercise of the Market Rentextension option in question, then the Market Rent for the applicable Extension Period shall be deemed to be Landlord’s determination provided that, if exercise of the Market Rent as set forth in the notice from Landlord described in this subsection and Tenant shall be irrevocably bound to lease the Premises for the applicable Extension Term. In the event Tenant’s notice objects to such determination, from the date Tenant provides such notice through the date that rescission right is seventeen less than twelve (1712) months before the end of the then scheduled expiration Term, the Term (the “Decision Date”), Landlord and Tenant shall negotiate in an attempt to reach agreement on be deemed extended at the Base Rent then in effect for a period of twelve (12) months after the applicable Extension Period. Prior to the Decision Date, Tenant shall send a notice rescinding its date of such exercise of rescission. The determination and award by the right to extend or requesting arbitration pursuant to Section 3.03(d) below (a “Decision Notice”). If Tenant fails to send such Decision Notice prior to the Decision Date or sends a notice requesting arbitration pursuant to Section 3.03(d) below, then Tenant arbitrator shall be irrevocably bound to lease the Premises for the applicable Extension Term final and the Market Rent for such Extension Term shall be determined by arbitration in the manner set forth in Section 3.03(d)binding on Landlord and Tenant.
Appears in 1 contract
Market Rent. If Tenant gives Landlord shall fail to timely notice exercise the Option as provided. Tenant shall be deemed to have waived its right to exercise the Option and to occupy the Premises beyond the initial Term of its intention to extend the then-current Lease or beyond any previously exercised Renewal Term of this Lease, whether . The Base Year for the Renewal Term shall be the first Lease year of the Renewal Term. Upon a determination of Base Rent for the First Extension Term or the Alternative Extension Term, then at least nineteen (19) months before the end Lease Year of the then-scheduled expiration Renewal Term, Landlord and Tenant shall give Tenant written notice agree on a Base Rent schedule, in the same format set forth in the BLI Rider for the Initial Lease Term, for the balance of the then applicable market rent for Tenant’s spaceRenewal Term, based on similar upon the herein above prescribed formula. Landlord's determination shall be based, as Landlord reasonably deems appropriate, upon then current and projected rents for space in similar Class A office the Building, adjusted for any special conditions applicable to such space and laboratory buildings leases, for location, length of term, amount of space and other factors Landlord deems relevant in computing rents for space in the Seaport District or Building, including adjustments for anticipated inflation. Any agreement of Landlord and Tenant regarding the Longwood Medical Area (excluding owner-occupied space) amount of the City of Boston, Massachusetts (such buildings, the “Comparable Properties,” and such rent, the “Market Rent”), taking into account all of the factors that a landlord and tenant would consider in negotiating an arms-length rent for a lease (including without limitation whether or not a brokerage fee is payable in connection therewith). Base Rent for any Extension Term shall be established as [***] of the Market Rent. Within in writing signed by them within thirty (30) days after the date Tenant receives such notice, Tenant shall notify was first advised by Landlord of its agreement with or objection to Landlord’s initial determination of the Market Rent, whereupon, if in which event Tenant shall be deemed to have exercised the Option. If Landlord and Tenant objects are unable to such determination, the agree upon Market Rent shall be determined in the manner set forth below. If Tenant does not notify Landlord writing within such thirty (30) day period period, Tenant may nevertheless exercise its option by notifying Landlord, within 30 days from the date on which Tenant was first advised by Landlord of Tenant’s agreement with or objection to Landlord’s its initial determination of the Market Rent, then that Tenant has elected to exercise the Option at the Market Rent for the applicable Extension Period shall be deemed determined by Landlord subject to be a reservation of Tenant's right to arbitrate Landlord’s 's determination of the Market Rent as set forth in the notice from Landlord described in accordance with this subsection and Tenant shall be irrevocably bound to lease the Premises for the applicable Extension Term. In the event Tenant’s notice objects to such determination, from the date Tenant provides such notice through the date that is seventeen (17) months before the end of the then scheduled expiration Term (the “Decision Date”), Landlord and Tenant shall negotiate in an attempt to reach agreement on the Base Rent for the applicable Extension Period. Prior to the Decision Date, Tenant shall send a notice rescinding its exercise of the right to extend or requesting arbitration pursuant to Section 3.03(d) below (a “Decision Notice”)Section. If Tenant fails to send such Decision Notice prior to exercises the Decision Date or sends a notice requesting arbitration pursuant to Section 3.03(d) belowOption as provided, then Tenant the termination date of the Lease shall be irrevocably bound to lease the Premises extended for the applicable Extension Term a period of five (5) years and the Market Base Rent for such Extension Term shall be determined by arbitration in the manner set forth in Section 3.03(d).adjusted to
Appears in 1 contract
Samples: Cybear Inc
Market Rent. If Tenant gives Landlord shall fail to timely notice exercise the Option as provided, Tenant shall be deemed to have waived its right to exercise the Option and to occupy the Premises beyond the initial Term of its intention to extend the then-current Lease or beyond any previously exercised Renewal Term of this Lease, whether . The Base Year for the Renewal Term shall be the first Lease year of the Renewal Term. Upon a determination of Base Rent for the First Extension Term or the Alternative Extension Term, then at least nineteen (19) months before the end Lease Year of the then-scheduled expiration Renewal Term, Landlord and Tenant shall give Tenant written notice agree on a Base Rent schedule, in the same format set forth in the BLI Rider for the Initial Lease Term, for the balance of the then applicable market rent for Tenant’s spaceRenewal Term, based on similar upon the hereinabove prescribed formula. Landlord's determination shall be based, as Landlord reasonably deems appropriate, upon then current and projected rents for space in similar Class A office the Building, adjusted for any special conditions applicable to such space and laboratory buildings leases, for location, length of term, amount of space and other factors Landlord deems relevant in computing rents for space in the Seaport District or Building, including adjustments for anticipated inflation. Any agreement of Landlord and Tenant regarding the Longwood Medical Area (excluding owner-occupied space) amount of the City of Boston, Massachusetts (such buildings, the “Comparable Properties,” and such rent, the “Market Rent”), taking into account all of the factors that a landlord and tenant would consider in negotiating an arms-length rent for a lease (including without limitation whether or not a brokerage fee is payable in connection therewith). Base Rent for any Extension Term shall be established as [***] of the Market Rent. Within in writing signed by them within thirty (30) days after the date Tenant receives such notice, Tenant shall notify was first advised by Landlord of its agreement with or objection to Landlord’s initial determination of the Market Rent, whereupon, if in which event Tenant shall be deemed to have exercised the Option. If Landlord and Tenant objects are unable to such determination, the agree upon Market Rent shall be determined in the manner set forth below. If Tenant does not notify Landlord writing within such thirty (30) day period period, Tenant may nevertheless exercise its option by notifying Landlord, within 30 days from the date on which Tenant was first advised by Landlord of Tenant’s agreement with or objection to Landlord’s its initial determination of the Market Rent, then that Tenant has elected to exercise the Option at the Market Rent for the applicable Extension Period shall be deemed determined by Landlord subject to be a reservation of Tenant's right to arbitrate Landlord’s 's determination of the Market Rent as set forth in the notice from Landlord described in accordance with this subsection and Tenant shall be irrevocably bound to lease the Premises for the applicable Extension Term. In the event Tenant’s notice objects to such determination, from the date Tenant provides such notice through the date that is seventeen (17) months before the end of the then scheduled expiration Term (the “Decision Date”), Landlord and Tenant shall negotiate in an attempt to reach agreement on the Base Rent for the applicable Extension Period. Prior to the Decision Date, Tenant shall send a notice rescinding its exercise of the right to extend or requesting arbitration pursuant to Section 3.03(d) below (a “Decision Notice”)Section. If Tenant fails to send such Decision Notice prior to exercises the Decision Date or sends a notice requesting arbitration pursuant to Section 3.03(d) belowOption as provided, then Tenant the termination date of the Lease shall be irrevocably bound to lease the Premises extended for the applicable Extension Term a period of five (5) years and the Market Base Rent for such Extension Term shall be determined by arbitration in the manner set forth in Section 3.03(d).adjusted to
Appears in 1 contract
Samples: Andrx Corp
Market Rent. If Tenant gives Landlord timely notice of its intention to extend the then-current Term of this Lease, whether for the First Extension Term or the Alternative Extension Term, then at least nineteen (19) months before the end of the then-scheduled expiration Term, Landlord shall give Tenant written notice of the then applicable market rent for Tenant’s space, based on similar space in similar Class A office and laboratory buildings in the Seaport District or the Longwood Medical Area (excluding owner-occupied space) of the City of Boston, Massachusetts (such buildings, the “Comparable Properties,” and such rent, the “Market Rent”), taking into account all of the factors that a landlord and tenant would consider in negotiating an arms-length rent for a lease (including without limitation whether or not a brokerage fee is payable in connection therewith). Base Rent for any Extension Term shall be established as [***] of the Market Rent. Within thirty (30) days after Tenant receives such notice, Tenant shall notify Landlord of its agreement with or objection to Landlord’s determination of the Market Rent, whereupon, if the Tenant objects to such determination, the Market Rent shall be determined in the manner set forth below. If Tenant does not notify Landlord within such thirty (30) day period of Tenant’s agreement with or objection to Landlord’s determination of the Market Rent, then the Market Rent for the applicable Extension Period shall be deemed to be Landlord’s determination of the Market Rent as set forth in the notice from Landlord described in this subsection and Tenant shall be irrevocably bound to lease the Premises for the applicable Extension Term. In the event Tenant’s notice objects to such determination, from the date Tenant provides such notice through the date that is seventeen (17) months before the end of the then scheduled expiration Term (the “Decision Date”), Landlord and Tenant shall negotiate in an attempt to reach agreement on the Base Rent for the applicable Extension Period. Prior to the Decision Date, Tenant shall send a notice rescinding its exercise of the right to extend or requesting arbitration pursuant to Section 3.03(d) below (a “Decision Notice”). If Tenant fails to send Information redacted pursuant to a confidential treatment request. An unredacted version of this exhibit has been separately filed with the Commission. such Decision Notice prior to the Decision Date or sends a notice requesting arbitration pursuant to Section 3.03(d) below, then Tenant shall be irrevocably bound to lease the Premises for the applicable Extension Term and the Market Rent for such Extension Term shall be determined by arbitration in the manner set forth in Section 3.03(d).
Appears in 1 contract
Samples: Confidential Treatment Requested (Vertex Pharmaceuticals Inc / Ma)
Market Rent. If Tenant gives timely contests Landlord's determination of Market Rent, then the parties shall have thirty (30) days after Landlord timely receives Tenant's notice of contest in accordance herewith in which to agree on the Market Rent for the Extension Period. If the Tenant exercises its intention option and the parties agree on the Market Rent during such thirty (30) day period, Landlord and Tenant shall execute an amendment to extend this Lease setting forth the Annual Fixed Rent for the Extension Period. If the parties are unable to agree on the Market Rent within the thirty (30) day period, then-current Term , within ten (10) days after the expiration of that period, each party, at its cost and by giving written notice to the other party, shall appoint a qualified M.A.I. real estate appraiser with at least 5 years' full- time commercial appraisal experience in the Boston area to appraise and set the Market Rent for the Premises in accordance with the foregoing criteria. If a party does not appoint such an appraiser within ten (10) days after the other party has given notice of the name of its appraiser, the single appraiser appointed shall be the sole appraiser and shall set the Market Rent for the Premises. The two appraisers appointed by the parties as stated in this paragraph shall meet promptly and attempt to establish the Market Rent for the Premises in accordance with the foregoing criteria. If they are unable to agree within thirty (30) days after the second appraiser has been appointed, they shall attempt to elect a third appraiser meeting the qualifications stated in this paragraph within ten (10) days after the last day the two appraisers are given to set the Market Rent. If they are unable to agree on the third appraiser, either of the parties to this Lease, whether by giving ten (10) days' notice to the other party, can appeal to the then president of the Greater Boston Real Estate Board, for the First Extension Term or selection of a third appraiser who meets the Alternative Extension Term, then at least nineteen (19) months before the end qualifications stated in this paragraph. Each of the then-scheduled expiration Term, Landlord parties shall give Tenant written notice of the then applicable market rent for Tenant’s space, based on similar space in similar Class A office and laboratory buildings in the Seaport District or the Longwood Medical Area bear one- half (excluding owner-occupied space1/2) of the City cost of Boston, Massachusetts (such buildings, appointing and paying the “Comparable Properties,” and such rent, the “Market Rent”), taking into account all fee of the factors that a landlord and tenant would consider in negotiating an arms-length rent for a lease (including without limitation whether or not a brokerage fee is payable in connection therewith)third appraiser. Base Rent for any Extension Term The third appraiser, however selected, shall be established as [***] of the Market Renta person who has not previously acted in any capacity for either party. Within thirty (30) days after Tenant receives such notice, Tenant shall notify Landlord of its agreement with or objection to Landlord’s determination the selection of the Market Rent, whereupon, if the Tenant objects to such determinationthird appraiser, the Market Rent third appraiser shall be determined in the manner set forth below. If Tenant does not notify Landlord within such thirty (30) day period of Tenant’s agreement with or objection to Landlord’s determination of the Market Rent, then the Market Rent for the applicable Extension Period Premises which shall be deemed to be Landlord’s determination of the Market Rent as set forth in the notice from Landlord described in this subsection and Tenant shall be irrevocably bound to lease the Premises for the applicable Extension Term. In the event Tenant’s notice objects to such determination, from the date Tenant provides such notice through the date that is seventeen (17) months before the end of the then scheduled expiration Term (the “Decision Date”), Landlord and Tenant shall negotiate in an attempt to reach agreement binding on the Base Rent for the applicable Extension Period. Prior to the Decision Date, Tenant shall send a notice rescinding its exercise of the right to extend or requesting arbitration pursuant to Section 3.03(d) below (a “Decision Notice”). If Tenant fails to send such Decision Notice prior to the Decision Date or sends a notice requesting arbitration pursuant to Section 3.03(d) below, then Tenant shall be irrevocably bound to lease the Premises for the applicable Extension Term and the Market Rent for such Extension Term shall be determined by arbitration in the manner set forth in Section 3.03(d)all parties.
Appears in 1 contract
Samples: Lease (CMG Information Services Inc)
Market Rent. “Market Rent” means the amount of base rent, which may or may not include concessions, improvements and other matters (exclusive of Operating Costs) which Landlord would receive by then renting similar space (including similar square footage) for premises in the project in which the Building is located. If (a) Tenant gives Landlord timely notice has delivered a Renewal Notice of its intention to extend the thenExercise, within forty-current Term of this Lease, whether for the First Extension Term or the Alternative Extension Term, then at least nineteen five (1945) months before the end days after Landlord’s receipt of the then-scheduled expiration TermRenewal Notice of Exercise, Landlord shall give deliver to Tenant written notice its determination of Market Rent for the then applicable market rent renewal term, or (b) Landlord delivers a Notice From Landlord, Landlord shall include therein Landlord’s its determination of Market Rent for Tenant’s space, based on similar space the Offer Space (in similar Class A office and laboratory buildings in the Seaport District or the Longwood Medical Area (excluding owner-occupied space) of the City of Boston, Massachusetts (such buildings, the “Comparable Properties,” and such renteither case, the “Market RentRent Notice”), taking into account all of the factors that a landlord and tenant would consider in negotiating an arms-length rent for a lease (including without limitation whether or not a brokerage fee is payable in connection therewith). Base Rent for any Extension Term shall be established as [***] of the Market Rent. Within thirty (30) days after Tenant receives such notice, Tenant shall notify Landlord of its agreement with or objection to Landlord’s determination of the Market Rent, whereupon, if the Tenant objects to such determination, the Market Rent shall be determined in the manner set forth below. If Tenant does not notify Landlord within such thirty (30) day period of Tenant’s agreement agree with or objection to Landlord’s determination of the Market Rent, then the Market Rent for the applicable Extension Period shall be deemed to be Landlord’s determination of the Market Rent as set forth in the notice from Landlord described in this subsection and Tenant shall be irrevocably bound to lease the Premises for the applicable Extension Term. In the event Tenant’s notice objects to such determination, from the date Tenant provides such notice through the date that is seventeen (17) months before the end of the then scheduled expiration Term (the “Decision Date”), Landlord and Tenant shall negotiate in an attempt to reach agreement on the Base Market Rent for the applicable Extension Period. Prior to the Decision DateNotice, Tenant shall send a notice rescinding its exercise so notify Landlord in writing within ten (10) days after Tenant’s receipt of the right to extend or requesting arbitration pursuant to Section 3.03(d) below Market Rent Notice (a “Decision Tenant’s Notice”). Landlord and Tenant shall, for ten (10) days after Landlord’s receipt of Tenant’s Notice, negotiate in good faith to come to an agreement as to Market Rent for the renewal term or for the Offer Space, as the case may be. If Landlord and Tenant fails are unable to send agree upon Market Rent within said ten day period, then, within ten (10) days commencing on the day after the expiration of the ten-day negotiating period, Landlord shall, acting in good faith, choose a person reasonably acceptable to Tenant, experienced in commercial real estate, knowledgeable about commercial real estate rents regarding office/tech/industrial properties in the northwest quadrant of the Minneapolis/St. Xxxx metropolitan area and unrelated to any of Landlord, Tenant, Landlord’s Managing Agent or Tenant’s Broker and shall refer the matter to such Decision person (the “Expert”), who shall be deemed to be acting as an expert and not as an arbitrator or appraiser. The Expert shall make a determination of Market Rent as expeditiously as possible, but in no event later than thirty (30) days after referral of the matter to him or her, which determination shall be conclusive and binding on the parties. The parties shall evenly split the costs of the Expert. Tenant’s failure to give Tenant’s Notice prior to within the Decision Date or sends a notice requesting arbitration time period provided above shall be deemed an acceptance of Landlord’s determination of Market Rent, and the Term shall be deemed renewed pursuant to Section 3.03(d) below, then Tenant shall be irrevocably bound to lease the Premises for the applicable Extension Term and the Market Rent for such Extension Term shall be determined by arbitration in the manner set forth in Section 3.03(d)Notice.
Appears in 1 contract
Market Rent. If Tenant gives Market Rent" means the amount of base rent, which may or may not include concessions, improvements and other matters (exclusive of Operating Costs) which Landlord timely notice would receive by then renting similar space (including similar square footage) for premises in the project in which the Building is located. Landlord shall include in the Notice From Landlord its determination of its intention to extend the then-current Term of this Lease, whether Market Rent for the First Extension Term or Offer Space (the Alternative Extension Term, then at least nineteen (19) months before the end of the then-scheduled expiration Term, Landlord shall give Tenant written notice of the then applicable market rent for Tenant’s space, based on similar space in similar Class A office and laboratory buildings in the Seaport District or the Longwood Medical Area (excluding owner-occupied space) of the City of Boston, Massachusetts (such buildings, the “Comparable Properties,” and such rent, the “Market Rent”), taking into account all of the factors that a landlord and tenant would consider in negotiating an arms-length rent for a lease (including without limitation whether or not a brokerage fee is payable in connection therewith). Base Rent for any Extension Term shall be established as [***] of the Market Rent. Within thirty (30) days after Tenant receives such notice, Tenant shall notify Landlord of its agreement with or objection to Landlord’s determination of the Market Rent, whereupon, if the Tenant objects to such determination, the "Market Rent shall be determined in the manner set forth belowNotice"). If Tenant does not notify Landlord within such thirty (30) day period of Tenant’s agreement agree with or objection to Landlord’s 's determination of the Market Rent, then the Market Rent for the applicable Extension Period shall be deemed to be Landlord’s determination of the Market Rent as set forth in the Market Rent Notice, Tenant shall so notify Landlord in writing within ten (10) days after Tenant's receipt of the Market Rent Notice ("Tenant's Notice"). Landlord and Tenant shall, for ten (10) days after Landlord's receipt of Tenant's Notice, negotiate in good faith to come to an agreement as to Market Rent for the Offer Space. If Landlord and Tenant are unable to agree upon Market Rent within said ten day period, then, notwithstanding the provisions of Paragraph 5, Tenant shall have the right to rescind the Notice of Exercise by written notice from (the "Rescission Notice") to Landlord described in this subsection given not later than twenty (20) days after the date of Tenant's Notice, it being understood and agreed that if the Rescission Notice is not given within such time period, Tenant shall be irrevocably bound deemed to lease have waived its right to rescind the Premises for the applicable Extension TermNotice of Exercise. In such case, to the event Tenant’s notice objects to such determination, from extent that the date Tenant provides such notice through the date that Notice of Exercise is seventeen (17) months before the end of the then scheduled expiration Term (the “Decision Date”)effectively exercised, Landlord and Tenant shall negotiate in execute and deliver an attempt amendment to reach agreement on this Lease which amendment shall be executed and delivered within ten (10) days following the Base Rent for determination of Market Rent. Tenant's failure to give Tenant's Notice within the applicable Extension Period. Prior to the Decision Datetime period provided above shall be deemed an acceptance of Landlord's determination of Market Rent, Tenant shall send a notice rescinding its exercise of the right to extend or requesting arbitration pursuant to Section 3.03(d) below (a “Decision Notice”). If Tenant fails to send such Decision Notice prior to the Decision Date or sends a notice requesting arbitration pursuant to Section 3.03(d) below, then and Tenant shall be irrevocably bound deemed to have agreed to lease the Premises for Offer Space pursuant to the applicable Extension Term and the Market Rent for such Extension Term shall be determined by arbitration in the manner set forth in Section 3.03(d)Notice of Exercise.
Appears in 1 contract
Samples: Lease Agreement (Ats Medical Inc)
Market Rent. If Wherever in this Lease the Rent is to be established at market rent, the same shall be determined initially by Landlord who shall furnish to Tenant gives Landlord timely notice of its intention to extend the then-current Term of this Lease, whether Landlord's opinion for the First Extension Term or the Alternative Extension Term, then at least nineteen (19) months before the end of the then-scheduled expiration Term, Landlord shall give Tenant written notice of the then applicable market rent for Tenant’s space, based on similar space in similar Class A office and laboratory buildings in the Seaport District or the Longwood Medical Area (excluding owner-occupied space) of the City of Boston, Massachusetts (such buildings, the “Comparable Properties,” and such rent, the “Market Rent”), taking into account all of the factors that a landlord and tenant would consider in negotiating an arms-length rent for a lease (including without limitation whether or not a brokerage fee is payable in connection therewith). Base Rent for any Extension Term shall be established as [***] of the Market Rent. Within premises within thirty (30) days after Tenant receives such noticeshall exercise its option, Tenant shall notify Landlord of its agreement together with or objection to Landlord’s determination of the Market Rent, whereupon, if the Tenant objects to such determination, the Market Rent shall be determined a written statement from a commercial real estate broker having not less than five (5) years' experience in office leasing in the manner set forth belowCentral Business District of Boston with established firms in a position of Vice President or higher. If Tenant does not notify Landlord shall dispute Landlord's statement of market rent, Tenant may submit to Landlord, within such thirty (30) day period days, its statement of Tenant’s agreement with or objection to Landlord’s determination of the Market Rent, then the Market Rent for the applicable Extension Period shall be deemed to be Landlord’s determination of the Market Rent as set forth market rent supported by an opinion from a commercial real estate broker having not less than five (5) years' experience in office leasing in the notice from Landlord described Central Business District of Boston with established firms in this subsection and Tenant shall be irrevocably bound to lease the Premises for the applicable Extension Terma position of Vice President or higher. In the event Tenant’s notice objects to such determination, from the date Tenant provides such notice through the date that is seventeen (17) months before the end of the then scheduled expiration Term (the “Decision Date”), Landlord and Tenant shall negotiate in an attempt each have the right, reasonably exercised, to reach agreement on disapprove the Base initial selection of the other party's broker, provided such disapproval is based upon information concerning such broker's level of expertise or honesty. If the two (2) brokers are, within thirty (30) days, unable to agree upon a market rent which shall be no higher than Landlord's statement and no lower than Tenant's statement, then the two (2) brokers thus chosen shall select a third broker having the same qualification as the other brokers who shall establish the market rent, which shall be conclusive and binding upon the parties, except that if market rent as so determined is greater than Tenant's broker's opinion by more than $1.00 per rentable square foot or if market rent as so determined is less than the Annual Rent for payable during the year of exercise, or the last year of the term then concluding, whichever is applicable Extension Period. Prior to the Decision Dateoption exercised*, Tenant shall send a notice rescinding have the right to withdraw its exercise of the right option by notice to extend Landlord sent within ten (10) business days after receipt of the market rent determination, failing which the determination of market rent shall be conclusive and binding upon the parties, and the rental under the option shall be the greater of such determination or requesting arbitration pursuant to Section 3.03(d) below (a “Decision Notice”). If Tenant fails to send such Decision Notice prior the Annual Rent payable during the year of exercise of the option, or the last year of the term then concluding, whichever is applicable to the Decision Date or sends a notice requesting arbitration pursuant to Section 3.03(d) below, then Tenant shall be irrevocably bound to lease option exercised. Notwithstanding the Premises for the applicable Extension Term and the Market Rent for such Extension Term shall be market rent so determined by arbitration the brokers, in no event shall the manner set forth in Section 3.03(d)rental under the option be less than the Annual Rent payable during the year of exercise of the option or the last year of the term then concluding whichever is applicable to the option exercised." *by more than $1.00 per rentable square foot
Appears in 1 contract
Samples: Safety Insurance Group Inc
Market Rent. If Tenant gives Landlord timely notice of its intention to extend the then-current Term of this Lease, whether for the First Extension Term or Information redacted pursuant to a confidential treatment request. An unredacted version of this exhibit has been separately filed with the Commission. the Alternative Extension Term, then at least nineteen (19) months before the end of the then-scheduled expiration Term, Landlord shall give Tenant written notice of the then applicable market rent for Tenant’s space, based on similar space in similar Class A office and laboratory buildings in the Seaport District or the Longwood Medical Area (excluding owner-occupied space) of the City of Boston, Massachusetts (such buildings, the “Comparable Properties,” and such rent, the “Market Rent”), taking into account all of the factors that a landlord and tenant would consider in negotiating an arms-length rent for a lease (including without limitation whether or not a brokerage fee is payable in connection therewith). Base Rent for any Extension Term shall be established as [***] of the Market Rent. Within thirty (30) days after Tenant receives such notice, Tenant shall notify Landlord of its agreement with or objection to Landlord’s determination of the Market Rent, whereupon, if the Tenant objects to such determination, the Market Rent shall be determined in the manner set forth below. If Tenant does not notify Landlord within such thirty (30) day period of Tenant’s agreement with or objection to Landlord’s determination of the Market Rent, then the Market Rent for the applicable Extension Period shall be deemed to be Landlord’s determination of the Market Rent as set forth in the notice from Landlord described in this subsection and Tenant shall be irrevocably bound to lease the Premises for the applicable Extension Term. In the event Tenant’s notice objects to such determination, from the date Tenant provides such notice through the date that is seventeen (17) months before the end of the then scheduled expiration Term (the “Decision Date”), Landlord and Tenant shall negotiate in an attempt to reach agreement on the Base Rent for the applicable Extension Period. Prior to the Decision Date, Tenant shall send a notice rescinding its exercise of the right to extend or requesting arbitration pursuant to Section 3.03(d) below (a “Decision Notice”). If Tenant fails to send such Decision Notice prior to the Decision Date or sends a notice requesting arbitration pursuant to Section 3.03(d) below, then Tenant shall be irrevocably bound to lease the Premises for the applicable Extension Term and the Market Rent for such Extension Term shall be determined by arbitration in the manner set forth in Section 3.03(d).
Appears in 1 contract
Samples: Confidential Treatment Requested (Vertex Pharmaceuticals Inc / Ma)
Market Rent. If Market Rent' means the amount of base rent, which may or may not include concessions, improvements, and other matters (exclusive of Operating Costs) which Landlord would receive by then renting similar space (including similar square footage) for premises in the project in which the Building is located. Within 45 days after Tenant gives Landlord timely notice of exercised its intention right to extend renew the then-current Term of this Lease, whether for the First Extension Term or the Alternative Extension Term, then at least nineteen (19) months before the end of the then-scheduled expiration Termpursuant to Paragraph 5(d), Landlord shall give Tenant written notice of the then applicable market rent for Tenant’s space, based on similar space in similar Class A office and laboratory buildings in the Seaport District or the Longwood Medical Area (excluding owner-occupied space) of the City of Boston, Massachusetts (such buildings, the “Comparable Properties,” and such rent, the “Market Rent”), taking into account all of the factors that a landlord and tenant would consider in negotiating an arms-length rent for a lease (including without limitation whether or not a brokerage fee is payable in connection therewith). Base Rent for any Extension Term shall be established as [***] of the Market Rent. Within thirty renewal term (30) days after Tenant receives such notice, Tenant shall notify Landlord of its agreement with or objection to Landlord’s determination of the Market Rent, whereupon, if the Tenant objects to such determination, the "Market Rent shall be determined in the manner set forth belowNotice"). If Tenant does not notify Landlord within such thirty (30) day period of Tenant’s agreement agree with or objection to Landlord’s 's determination of the Market Rent, then the Market Rent for the applicable Extension Period shall be deemed to be Landlord’s determination of the Market Rent as set forth in the Market Rent Notice, Tenant shall so notify Landlord in writing within ten (10) days after Tenant's receipt of the Market Rent Notice ("Tenant's Notice"). Landlord and Tenant shall, for ten (10) days after Landlord's receipt of the Tenant's Notice, negotiate in good faith to come to an agreement as to Market Rent for the renewal term. If Landlord and Tenant are unable to agree upon Market Rent within said ten day period, then, notwithstanding the provisions of Paragraph 5(d), Tenant shall have the right to rescind the Renewal Notice of Exercise by written notice from (the "Rescission Notice") to Landlord described in this subsection given not later than twenty (20) days after the date of the Tenant's Notice, it being understood and agreed that if the Rescission Notice is not given within such time period, Tenant shall be irrevocably bound deemed to lease have waived its right to rescind the Premises for the applicable Extension TermRenewal Notice of Exercise. In such case, to the event Tenant’s notice objects to such determination, from extent that the date Tenant provides such notice through the date that is seventeen (17) months before the end Renewal Notice of the then scheduled expiration Term (the “Decision Date”)Exercise was effectively exercised, Landlord and Tenant shall negotiate in an attempt to reach agreement on the Base Rent for the applicable Extension Period. Prior execute and deliver and amendment to the Decision Date, Tenant shall send a notice rescinding its exercise of the right to extend or requesting arbitration pursuant to Section 3.03(d) below (a “Decision Notice”). If Tenant fails to send such Decision Notice prior to the Decision Date or sends a notice requesting arbitration pursuant to Section 3.03(d) below, then Tenant Lease which amendment shall be irrevocably bound executed and delivered within ten (10) days following the determination of Market Rent. Tenant's failure to lease give the Premises for Tenant's Notice within the applicable Extension Term and time period provided above shall be deemed an acceptance of Landlord's determination of Market Rent as set forth in the Market Rent for such Extension Term Notice, and the term shall be determined by arbitration in deemed renewed pursuant to the manner set forth in Section 3.03(d)Renewal Notice of Exercise.
Appears in 1 contract
Samples: Ats Medical Inc
Market Rent. If Tenant gives Landlord timely notice of its intention As a condition precedent to Tenant’s right to extend the then-current Term term of this the Lease, whether for the First Extension Term or the Alternative Extension Term, then at least nineteen Tenant shall give Landlord a nonbinding preliminary notice of intent to exercise an option (19“Notice of Intent”) not less than seventeen (17) months before prior to the end of the then-scheduled expiration Termthen current Lease term, which notice shall specify the option which might be exercised. If the Landlord shall give and Tenant written notice cannot agree upon the Market Rent within thirty (30) days after the Landlord’s receipt of the Notice of Intent, then applicable market rent for Tenant’s space, based on similar space the Market Rent shall be determined by an independent real estate appraiser or broker mutually acceptable to Landlord and Tenant who shall have at least ten (10) years professional experience in similar Class A the appraisal and/or leasing of commercial office and laboratory buildings in the Seaport District or the Longwood Medical Area (excluding owner-occupied space) Mxxxxxxxxx County, Maryland metropolitan area and who shall be in all respects impartial and disinterested. Landlord shall notify Tenant of the City of Boston, Massachusetts (such buildings, the “Comparable Properties,” and such rent, the “Market Rent”), taking into account all name of the factors appraiser/broker that a landlord and tenant would consider in negotiating Landlord proposes to use for such determination within forty-five (45) days after Landlord’s receipt of the Notice of Intent. If Tenant objects to such appraiser/broker, Tenant shall propose an arms-length rent for a lease alternate appraiser/broker similarly qualified by written notice to Landlord within fifteen (including without limitation whether 15) days after receipt of Landlord’s proposal, or not a brokerage fee is payable in connection therewith). Base Rent for any Extension Term Tenant shall be established as [***] deemed to have accepted the appraiser/broker proposed by Landlord. Landlord shall have fifteen (15) days after the receipt of Tenant’s proposal of an alternate appraiser/broker to object to such proposal, or Landlord shall be deemed to have accepted Tenant’s proposed appraiser/broker. If Landlord timely objects to Tenant’s proposed appraiser/broker, then the appraiser/broker selected by Landlord and the appraiser/broker selected by Tenant shall within fifteen (15) days jointly name a third appraiser/broker similarly qualified and that third appraiser/broker shall determine the current market rental value of the Market RentPremises. Within thirty (30) days after Tenant receives such noticefinal designation of the appraiser/broker, Tenant that appraiser/broker shall notify Landlord of its agreement with or objection to Landlord’s determination of render a written opinion on the Market Rent, whereupon, if determined by taking into account all of the Tenant objects terms and conditions of this Lease (other than rental) and shall deliver the same to such determination, the Landlord and Tenant. Such determination of Market Rent shall be determined in stated as a set amount for the manner set forth belowfirst year with annual increases of 2.125%. If Tenant does not notify shall give Landlord binding notice of exercise of its option to extend within such thirty (30) day period of Tenant’s agreement with or objection to Landlord’s determination of days after the Market Rent, then the Market Rent for the applicable Extension Period shall be deemed to be Landlord’s determination of the Market Rent as set forth in the notice from Landlord described in this subsection and provided herein. Tenant shall not be irrevocably bound to lease the Premises for extended term unless and until Tenant gives Landlord such binding notice. Provided Tenant has received the applicable Extension Term. In determination of Market Rent, if Tenant does not give Landlord binding notice of its election to extend the event Tenant’s notice objects to such determination, from the date Tenant provides such notice through the date that is seventeen term of this Lease at least twelve (1712) months before prior to the end of the then scheduled expiration Term (the “Decision Date”), Landlord and Tenant shall negotiate in an attempt to reach agreement on the Base Rent for the applicable Extension Period. Prior to the Decision Datecurrent term, Tenant shall send a notice rescinding be deemed to have waived its exercise of the right option to extend or requesting arbitration pursuant to Section 3.03(d) below (a “Decision Notice”). If Tenant fails to send such Decision Notice prior to the Decision Date or sends a notice requesting arbitration pursuant to Section 3.03(d) below, then Tenant shall be irrevocably bound to lease the Premises for the applicable Extension Term and the Market Rent for such Extension Term shall be determined by arbitration in the manner set forth in Section 3.03(d)term of this Lease.
Appears in 1 contract
Samples: Lease Agreement (Novavax Inc)
