Rent During Renewal Term. (i) The annual Basic Rent to be paid by Tenant for each Renewal Property during a Renewal Term shall equal the Fair Market Rental Value of such Renewal Property during such Renewal Term as determined by the parties or, in the absence of their agreement, determined by appraisal as expressed below; provided that (i) during the first Renewal Term immediately following the expiration of the Initial Term, the annual Basic Rent payable for all Renewal Properties, computed on an aggregate basis, shall not exceed one hundred ten percent (110%) of the annual Basic Rent payable by Tenant for all Renewal Properties immediately prior to the commencement of such first Renewal Term, computed on an aggregate basis, and (ii) during the second and all subsequent Renewal Terms, the annual Basic Rent payable for all Renewal Properties shall not exceed one hundred five percent (105%) of the annual Basic Rent payable by Tenant for all Renewal Properties immediately prior to the commencement of such Renewal Term, computed on an aggregate basis (the maximum aggregate annual Basic Rent as so determined, the “Maximum Renewal Term Basic Rent”). If the aggregate Fair Market Rental Values of the Renewal Properties (collectively, the “Aggregate FMRV Rent”) exceeds the Maximum Renewal Term Basic Rent, the Fair Market Rental Values of the Renewal Properties shall be proportionately reduced by multiplying each such Fair Market Rental Values by a fraction, expressed as a decimal, the numerator of which is the Maximum Renewal Term Basic Rent and the denominator of which is the Aggregate FMRV Rent, so that the annual Basic Rent for the Renewal Properties shall, in the aggregate, equal the Maximum Renewal Term Basic Rent.
Rent During Renewal Term. Effective as of the first day of each Renewal ------------------------ Term, Landlord shall calculate Basic Rent for the Renewal Term in accordance with 2.1(c)(2) of the Commitment and shall issue a new Rent Schedule reflecting the Basic Rent adjustment. Until Tenant receives a revised Rent Schedule from Landlord, Tenant shall for each month [i] continue to make installments of Basic Rent according to the Rent Schedule in effect on the day before the Renewal Date; and [ii] within 10 days following Landlord's issuance of an invoice, pay the difference between the installment of Basic Rent paid to Landlord for such month and the installment of Basic Rent actually due for such month as a result of the renewal of the Lease. For purposes hereof, the Commitment shall be defined as the Commitment Letter dated March 5, 2002 as modified by the Project Approval Letter dated March 5, 2002. 2.
Rent During Renewal Term. The Minimum Rent during the Renewal Term shall be the greater of (i) Market Rent (as defined below), less $1 per sq. ft. per annum, or (ii) Minimum Rent as set forth in ARTICLE 3 as adjusted periodically pursuant to ARTICLE 4, less $1 per sq. ft. per annum; provided, in either instance, that Landlord shall not provide any tenant improvements.
Rent During Renewal Term. Tenant shall receive two (2) options to extend the term of this Lease for an additional five (5) years each under the same terms and conditions hereof, except that the base rental rate shall be an additional .35¢ per square foot/year for each renewal period..
Rent During Renewal Term. The annual rent for the first and second option periods shall be determined as follows:
Rent During Renewal Term. If there is a Renewal Term of this Lease, the rent during the Renewal Term of this Lease shall be in the amount of the greater of Twelve Thousand Five Hundred and 00/100 Dollars ($12,500.00) per month or the then market rate of rent for the Premises, as determined by an independent commercial real estate agent or appraiser chosen by the Landlord, from three qualified agents or appraisers with at least ten (10) years’ experience in the profession proposed by the Tenant, at least two months prior to the date when this Lease would terminate if not renewed. If none of the agents or appraisers proposed by Tenant are acceptable to Landlord, Landlord may request an appraisal from Landlord’s agent which shall be averaged with one from an agent or appraiser selected by Tenant from the three proposed by Tenant to determine the then market rental rate.
Rent During Renewal Term. If Tenant exercises its option to renew this Lease, then the monthly rent for the renewal term shall be increased by multiplying the monthly rent amount for the initial term by a fraction, the numerator of which shall be the Consumer Price Index for All Urban Consumers-All Items published by the Bureau of Labor Statistics of the United States Department of' Labor (1982-84 = 100) (the "CPI Index") for the effective date of the renewal term and the denominator of which shall be the CPI Index for the Commencement Date; provided that in no event shall the monthly rent for the renewal term exceed the monthly rent for the initial term by more than 15 percent (15%). If the CPI Index is discontinued or revised, such other governmental index shall be used in order to obtain substantially the same result as would be obtained if the CPI Index had not been discontinued or revised.
Rent During Renewal Term. In the event Lessee shall exercise the option(s) to extend herein granted, the annual Base Rent in each of the Renewal Terms shall be fair market value but in no event less than the expiring lease rate.
Rent During Renewal Term. Rent shall be per the rent schedule below for the renewal lease term. Period Rent/Sq. Ft. Rent/Month 08-01-02 thru 01-31-03 $13.95 $ 2,625.00
Rent During Renewal Term. In the event Bank should elect to exercise its option to extend this Sublease for two (2) additional consecutive terms of five (5) years, as provided by Section 2.03, rental shall be paid by Bank to Buxxxxx xuring the first renewal term in an annual amount of Sixteen Thousand Five Hundred Dollars ($16,500.00), which sum shall be payable in advance in equal monthly installments of One Thousand Three Hundred Seventy-five Dollars ($1,375.00) per month in the same manner provided in Section 3.01 hereof. In the event the Bank should elect to exercise its option to extend this Sublease for the second additional five (5) year term, as provided by Section 2.03, rental shall be paid by Bank to Buxxxxx xuring said term in an annual amount of Eighteen Thousand Nine Hundred Dollars ($18,900.00), which sum shall be payable in advance in equal monthly installments of One Thousand Five Hundred Seventy-five Dollars ($1,575.00) per month in the same manner provided in Section 3.01 hereof. ARTICLE IV
