Rent During Option Term. In the event that the City exercises its option to extend the Lease, the Rent during that term shall be as follows: Period Basic Monthly Rent Year 1 $ 17,824.71 Year 2 $ 18,359.45 Year 3 $ 18,910.23 Year 4 $ 19,477.54 Year 5 $ 20,061.86
Rent During Option Term. If the Option to Extend is properly exercised, then the Annual Base Rent shall be increased as set forth in the Section 1 Schedule. References in this Lease to Annual Base Rent shall include adjustments thereto pursuant to this Section 2.3.
Rent During Option Term. The Base Rent payable by Tenant for the Premises shall be $32,177.52 per month during the first year of the Extended Term. Thereafter, Base Rent shall increase by three percent (3%) per annum, as follows: Year of Extended Term Monthly Base Rent 6/1/17 – 6/30/17 $ 22,177.52 7/1/17 – 5/31/18 $ 32,177.52 6/1/18 – 5/31/19 $ 33,142.85 6/1/19 – 5/31/20 $ 34,137.13 6/1/20 – 5/31/21 $ 35,161.24 6/1/21 – 5/31/22 $ 36,216.08 Effective June 1, 2017 until June 30, 2017, Tenant will receive a one-time credit in the amount $10,000.00 towards the Monthly Base Rent as reflected in the above schedule.
Rent During Option Term. 11 Second Amendment To Lease Page 11 of 17 -------------------------------------------------------------------------------- If Tenant elects to extend the Term of the Lease pursuant to Paragraph 8 above, Base Rent for the Extended Term shall be an amount equal to the Fair Market Rental Value (as defined below) of the Premises during such Extended Term, but in no event less than the Base Rent due during the last year of the Lease Term prior to such Extended Term. The amount of such Base Rent during the Extended Term shall be determined as follows:
Rent During Option Term. Yearly Fixed Rent for the five (5) year option term shall be an amount equal to the greater of (i) 95% of the fair-market rent for the first year of the option term, or (ii) 103.5% of the Yearly Fixed Rent payable (without abatement) for the last year of the original term. If the parties are unable to agree upon a fair market rent prior to ten (10) months before the commencement of the applicable option term, the matter shall be referred to appraisal as set forth in the following sections. Yearly Fixed Rent during the option term shall increase annually commencing with the second year of the option term by three and one-half percent (3.5%) compounded annually. The term fair market rent, for purposes of this Section 6.2, shall be deemed to be the fair market rent for the Demised Premises finished to a level of completion for ready to occupy first class office space.
Rent During Option Term. (1) Effective on the first day of each option period, rent shall be increased (but not decreased) to an amount equal to the greater of (A) ninety percent (90%) of the fair market rent of the Premises as of the commencement of the option period, as determined by Lessor, the amount of which Lessor shall notify Lessee of prior to the commencement of the option period, or (B) the then-current rent, increased in accordance with the terms of Section 3.5. Thereafter, rent shall be adjusted in accordance with the terms of Section 3.5.
Rent During Option Term. If Tenant elects to extend the Term of the Lease pursuant to Paragraph 5 above, Base Rent for the Extended Term shall be an amount equal to the Fair Market Rental Value (as defined below) of the Premises during such Extended Term, but in no event less than the Base Rent due during the last year of the Lease Term prior to such Extended Term. The amount of such Base Rent during the Extended Term shall be determined as follows:
Rent During Option Term. If Tenant exercises the right to extend the Lease for the option term, the rent payable during the option term, will be at the fair market value of similar premises in the complex as of the commencement date of the respective option term and as determined by Landlord in its sole discretion. Within 30 days of Landlord's receipt of Tenant's notice of its intent to exercise its option, Landlord shall notify Tenant of the then market rental rate. Tenant shall have five business days to either accept or reject the same. If Tenant rejects the rental rate, the Lease shall expire by its terms upon expiration of the Lease term. If Tenant approves the rental rate, the Lease shall be extended accordingly. Failure by Tenant to give notice in accordance herewith, time being of the essence, shall render this option null and void.
Rent During Option Term. Rent during the Option Term shall be according to Exhibit C.
Rent During Option Term. Provided Tenant shall validly exercise the ----------------------- Option, the Basic Annual Rent payable during the Option Term shall be the fair market rent for the New Premises for the entire Option Term (e.g., fair market value for the base year subject to annual increases at a fixed rate over the five-year term). In the event the parties are unable to agree on the Basic Annual Rent for the Option Term within sixty (60)days after the exercise of the Option by Tenant, either party may request that the fair market rent for the New Premises during the Option Term be determined by appraisal as provided below. Each party shall select a disinterested member of the American Institute of Real Estate Appraisers ("MAI Appraiser(s)") with at least five years of experience in appraising fair market rent in the San Diego market. Each party shall designate an appraiser within seven (7) days after such 60-day period. In the event that either party shall fail to designate an MAI Appraiser designate within such 7-day period, the appraiser selected by the other party shall be the sole appraiser to determine the fair market rent. Upon the designation of the MAI Appraisers, the appraiser shall have seven (7) days in which to designate a third MAI Appraiser. If the two appraisers are unable to agree on a third appraiser, either party may request the President of the Executive Committee of the San Diego Chapter of the American Institute of Real Estate Appraisers to appoint such third MAI Appraiser. The three appraisers shall each appraise the fair market rent for the entire Option Term taking into account appropriate indicators of the value of the leasehold interest and shall report their findings to Landlord and Tenant in writing. If the appraisers fail to deliver a determination of the fair market rent within thirty (30) days after the appointment of the third appraiser, either party may dismiss the appraisers and reinitiate the appraisal procedure set forth above. In recognition that the fair market rent of the New Premises during the Option Term may not be determined until after the commencement of the Option Term, Tenant shall pay, as Basic Annual Rent for the New Premises until the fair market rent for the New Premises is determined, the amount of Basic Annual Rent then in effect under the Lease. In the event the fair market rent for the New Premises during the Option Term is determined to be greater than such amount, Tenant shall pay Landlord, within thirty (30) days ...
