Option Term Rent. Tenant shall pay the following rent for the Leased Premises: Landlord and Tenant will attempt to agree upon a Fair Market Rental Value of the Leased Premises satisfactory to both parties within thirty (30) days of Tenant’s exercise of its option. If no agreement can be reached by the parties during that period, then the Base Monthly Rental for the Option Term shall be determined by the Fair Market Rental Value of the Leased Premises as determined by comparison to premises of similar size located in or near the City of Fort Xxxxxxx, Colorado, having comparable development, use and density capability and such other characteristics as may be deemed relevant by a subject appraiser whose selection is outlined herein. Landlord shall select an independent commercial real estate broker with at least ten (10) years’ experience in the City of Fort Xxxxxxx, Colorado (a “Qualified Broker”). The Qualified Broker selected by the Landlord shall be referred to as the “Landlord’s Broker”. Within thirty (30) days of being selected by the Landlord, the Landlord’s Broker shall determine the Fair Market Rental Value of the Leased Premises in accordance with the appraisal standards set forth above and shall immediately give the Landlord and the Tenant written notification of his determination. If the Tenant agrees with the Landlord’s Broker’s determination of the Fair Market Rental Value, the new Base Monthly Rental shall become effective beginning with the first month of the Option Term. If the Tenant does not agree with the Landlord’s Broker’s determination of Fair Market Rental Value, the Tenant shall have the right to select its own Qualified Broker to determine the Fair Market Rental Value. If the Tenant does elect to appoint a Qualified Broker (the “Tenant’s Broker”), the Tenant shall select the Tenant’s Broker within thirty (30) business days after receiving the Landlord’s Broker’s determination of the Fair Market Rental Value. The Tenant’s Broker shall make his own determination of the Fair Market Rental Value in accordance with the provisions set forth above, within thirty (30) business days of being selected by the Tenant and shall immediately give the Landlord and the Tenant written notice of his determination. If the Fair Market Rental Values as determined by the Landlord’s Broker and the Tenant’s Broker, respectively, differ by an amount which is equal to or less than 5% of the Fair Market Rental Value determined by the Landlord’s Broker, then the arithmetic mean o...
Option Term Rent. (a) The Base Rent for the first (1st) year of the Option Term, (" FMV Adjustment Date"), shall be subject to adjustment as set forth in Paragraph 52 of this Addendum, payable in advance on the first day of each month thereafter.
Option Term Rent. The minimum rental for the five (5) year option term beginning October 1, 2018, and ending September 30, 2023, shall be market rent Lessee shall notify Lessor by April 1, 2018, if it intends to exercise the
Option Term Rent. In the event that Tenant exercises its right to extend the Term of this Lease, for each Option Term, Base Rent shall be the greater of (i) 95% of the Fair Market Rental Value of the Premises calculated in accordance with Exhibit “B-1”, and (ii) the Base Rent in effect during the Lease Year immediately preceding the first Lease Year of the applicable Option Term. Base Rent shall continue to increase by one and three-fourths percent (1.75%) annually over the Base Rent in effect during the first Lease Year of the applicable Option Term, commencing on the first day of the second Lease Year of the applicable Option Term, and thereafter annually during such Option Term.
Option Term Rent. If Tenant exercises the option to extend this Lease in the manner provided under Paragraph 4, then the annual rent last determined to be payable by Tenant shall be decreased by the amount of the Consumer Price Index increase determined in the following manner. The Consumer Price Index for the purpose of this Lease shall be deemed to be the U.S. Department of Labor Consumer Price Index: U.S. city average, all urban consumers (CPI-U), 1967 = 100, all items. The base Consumer Price Index shall be that determined for the month of January, 1988. The new base shall be determined to be the Consumer Price Index for the month of January immediately preceding completion of the term then in effect. The amount determined to be the difference between the new base Consumer Price Index and the base Consumer Price Index divided by the base Consumer Price Index shall constitute the increase in Consumer Price Index for the purpose of this Lease. Landlord shall give Tenant notice of the Consumer Price Index increase and the new amount of rent then due as soon as practicable. maintain the exterior and structural parts of the building, including but not limited to, the roof, the walls (except interior painting or decorating, and excepting any plate glass), floors (except floor covering), foundation, canopy, sewers and utility services, unless any such repair or replacement thereof is occasioned by reason of acts or neglect of Tenant, its agent, servants or employees.
Option Term Rent. The rent for the Lease Extension Option Term effective from November 1, 2011 through June 30, 2015 shall be Three Hundred Fifteen Thousand Six Hundred Dollars ($315,600.00) annually, payable Twenty Six Thousand Three Hundred Dollars ($26,300.00) monthly, fully net.
Option Term Rent. For each Option Term, the annual Base Rent payable during said Option Term shall be equal to Ninety Five Percent (95%) of the annual Fair Market Rent (as hereinafter defined) of the Premises as of commencement of such Option Term (the “Option Term Lease Commencement Date”). “Fair Market Rent” shall mean the fair market annual rental value of the Premises as of the Option Term Lease Commencement Date for a term equal to the Option Term, based on comparable space in the Project, or on comparable space in Comparable Buildings, including all of Landlord’s services provided for in this Lease. The calculation of Fair Market Rent shall also be adjusted to take into account inducements (e.g. improvement allowances, rent concessions), brokerage commissions and all other relevant factors. For each Option Term, Landlord shall advise Tenant (the “Rent Notice”) of Landlord’s determination of Fair Market Rent prior to the applicable Option Term Lease Commencement Date. If Tenant disputes Landlord’s determination of Fair Market Rent, then Tenant shall give notice (a “Dispute Notice”) to Landlord of such dispute within ten (10) days after delivery of the Rent Notice, and such dispute shall be resolved by arbitration as provided in Section 2.4 below. Time is of the essence of the giving of said Dispute Notice. For each Option Term, if the Base Rent payable during such Option Term is not determined prior to the applicable Option Term Lease Commencement Date, then Tenant shall pay Base Rent in an amount equal to the Fair Market Rent for the Premises as determined by Landlord (the “Interim Rent”). Upon final determination of the Base Rent for such Option Term, Tenant shall commence paying such Base Rent as so determined, and within ten (10) days after such determination Tenant shall pay any deficiency in prior payments of Base Rent or, if the Base Rent as so determined shall be less than the Interim Rent for such Option Term, Tenant shall be entitled to a credit against the next succeeding installments of Base Rent in an amount equal to the difference between each installment of Interim Rent and the Base Rent as so determined which should have been paid for such installment until the total amount of the over payment has been recouped.
Option Term Rent. In the event that Tenant exercises the Option Term, the Rent for each year of the Option Term shall increase by a percentage equal to the increase in the Consumer Price Index for All Urban Consumers (CPI-U) during the twelve months preceding such rent increase, provided that the annual rent increase shall not exceed three percent (3%). The first rent increase shall occur at the commencement of the Option Term, and the second rent increase shall occur on the first anniversary of the commencement of the Option Term.
Option Term Rent. The Rent during the Option Term shall be payable as follows: Term (Years) Term (Months) Base Rental Rate* Base Monthly Rent Total Annual Rent 00 000-000 $1.93 $92,164.72 $1,105,976.62 00 000-000 $1.99 $94,929.66 $1,139,155.92 00 000-000 $2.05 $97,777.55 $1,173,330.60 00 000-000 $2.11 $100,710.88 $1,208,530.52 00 000-000 $2.18 $103,732.20 $1,244,786.43 00 000-000 $2.24 $106,844.17 $1,282,130.02 00 000-000 $2.31 $110,049.49 $1,320,593.92 00 000-000 $2.38 $113,350.98 $1,360,211.74 00 000-000 $2.45 $116,751.51 $1,401,018.09 00 000-000 $2.52 $120,254.05 $1,443,048.64 00 000-000 $2.60 $123,861.67 $1,486,340.10 00 000-000 $2.68 $127,577.52 $1,530,930.30 00 000-000 $2.76 $131,404.85 $1,576,858.21 00 000-000 $2.84 $135,347.00 $1,624,163.95 00 000-000 $2.92 $139,407.41 $1,672,888.87 00 000-000 $3.01 $143,589.63 $1,723,075.54 00 000-000 $3.10 $147,897.32 $1,774,767.81 00 000-000 $3.19 $152,334.24 $1,828,010.84 00 000-000 $3.29 $156,904.26 $1,882,851.17 00 000-000 $3.39 $161,611.39 $1,939,336.70 * The Base Rental Rate reflects an annual escalation rate of 3% year over year
Option Term Rent. The Basic Rent payable during each of ---------------- the Option Terms shall be ninety-five percent (95%) of the Fair Market Rent as defined in Section 36.3 below for the Property for the Option Term in question.
