AVERAGE BASE RENT definition
AVERAGE BASE RENT means (a) the total Base Rent paid by Tenant for such Premises during the initial Term of this Lease, divided by (b) the number of years in such initial Term. REMAINING USEFUL LIFE. shall mean the difference between (a) the Total Useful Life for such Premises and (b) the sum of (i) the number of years in the initial Term of this Lease and (ii) the number of years elapsed in any Option Terms. TOTAL USEFUL LIFE shall mean the Total Useful Life for such Premises as shown on the Addendum hereto for such Premises. For example, if the total Base Rent paid by Tenant for a Premises during the initial Term of this Lease is $30,000,000, the initial Term of this Lease with respect to such Premises was twenty (20) years and the Total Useful Life of such Premises is fifty (50) years, the annual Base Rent to be paid by Tenant with respect to such Premises during the first year of the first Option Term would be as follows: ($30,000,000/20) multiplied by (50-20) = $900,000 ------- 50 The annual Base Rent to be paid by Tenant with respect to such Premises during the second year of the first Option Term would be as follows: ($30,000,000/20) multiplied by (50-21) = $870,000 ------- 50 Landlord shall send Tenant a written reminder notice not less than two hundred seventy (270) days, and not more than three hundred sixty (360) days, prior to the expiration of the initial Term or the applicable Option Term, as the case may be, advising Tenant of the pending Option Term. In order to exercise such option, Tenant shall give Landlord written notice not later than one hundred eighty (180) days prior to the expiration of the initial Term or the applicable Option Term, as the case may be; PROVIDED, that if Landlord does not provide a written reminder notice to Tenant at least two hundred seventy (270) days prior to the expiration of the initial Term or the applicable Option Term, as the case may be, Tenant may exercise such option at any time on or before the latter of (i) one hundred eighty (180) days prior to the expiration of the initial Term or the applicable Option Term, as the case may be, or (ii) five (5) business days after it receives such notice from Landlord. In the event Tenant exercises such option with respect to any of the Premises, (a) the annual Base Rent for each Premises shall be calculated as of the first day of the Option Term for such Premises and as of each one (1) year anniversary thereof, and (b) the annual Base Rent for such Premises (determined as set forth ...