Building Rate definition

Building Rate means Landlord’s cost of providing HVAC services, as reasonably determined by Landlord (without additional charge), computed on the basis of (a) the cost of labor and (b) charges for electricity and other utilities. Landlord shall not be required to furnish any such services during any Overtime Periods unless Landlord has received advance written notice delivered to Landlord’s designated building manager from Tenant requesting such services prior to 3:00 P.M. of the day upon which such services are requested or by 3:00 P.M. of the last preceding Business Day if such Overtime Periods are to occur on a day other than a Business Day. If Tenant fails to give Landlord such advance notice, then failure by Landlord to furnish or distribute any such services during such Overtime Periods shall not constitute an actual or constructive eviction, in whole or in part, or entitle Tenant to any abatement or diminution of Rent, or relieve Tenant from any of its obligations under this Lease, or impose any liability upon Landlord or its agents by reason of inconvenience or annoyance to Tenant, or injury to or interruption of Tenant’s business or otherwise. If more than one tenant utilizing the same system as Tenant requests the same Overtime Periods for the same services as Tenant, the charge to Tenant shall be adjusted pro rata.

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Building Rate means Landlord's cost (not to include any amounts attributable to the depreciation or amortization of HVAC equipment) of providing HVAC services, as reasonably determined by Landlord (without additional charge), computed on the basis of (a) the cost of labor and (b) charges for electricity and other utilities. If any HVAC system providing service to the Demised Premises is at any time providing service simultaneously to other tenants in the Building outside of the Demised Premises (including Landlord), Landlord agrees to charge Tenant for its overtime HVAC service on a pro rata basis. Landlord shall not be required to furnish any such services during any Overtime Periods unless Landlord has received advance written notice delivered to Landlord's designated building manager from Tenant requesting such services prior to 3:00 P.M. of the day upon which such services are requested or by 3:00 PM. of the last preceding Business Day if such Overtime Periods are to occur on a day other than a Business Day. If Tenant fails to give Landlord such advance notice, then failure by Landlord to furnish or distribute any such services during such Overtime Periods shall not constitute an actual or constructive eviction, in whole or in part, or entitle Tenant to any abatement or diminution of Rent, or relieve Tenant from any of its obligations under this Lease, or impose any liability upon Landlord or its agents by reason of inconvenience or annoyance to Tenant, or injury to or interruption of Tenant's business or otherwise. If more than one tenant utilizing the same system as Tenant requests the same Overtime Periods for the same services as Tenant, the charge to Tenant shall be adjusted pro rata.

Building Rate as used herein for the Option Term shall be determined by the fair market annual rental of the Leased Premises reasonably determined by Lessor based on a survey of annual rental rates being charged for the lease in comparable buildings in the immediate Bellaire area which includes the Building, for space comparable to the Leased Premises, taking into account the quality and age of the building, the floor level, quality of tenant improvements provided and other relevant factors and assuming that such annual rental is a “gross” rental pursuant to a lease providing for a pass through of taxes and operating expenses on a proportionate basis. Lessor may consider the then current base rent rate being charged by Lessor for other leases of the Building in determining Building Rate. In addition, Building Rate shall be subject to periodic adjustments in the same manner as herein provided for in the Lease Agreement. Within thirty (30) days of receiving Lessee’s written notice of intent to exercise the Option Term, Lessor shall present to Lessee in writing, Lessor’s opinion of the prevailing market Building rate. At that time, Lessee shall have thirty (30) days to provide Lessor with written notice accepting or rejecting Lessor’s determination. If Lessee does not notify Lessor that Lessee accepts or rejects its determination within this period of time, the option to extend the Term shall be null and void. If Lessee rejects Lessor’s determination of prevailing market Building Rate, both parties shall attempt to negotiate in good faith an agreed upon Building Rate for another fifteen (15) days. If as of the expiration of such fifteen (15) day period, the parties agree on the Building Rate for the Option Term, the parties shall execute a formal renewal amendment extending the Term and establishing the Building Rate. If as of the expiration of such fifteen (15) day period, the parties do not agree on the Building Rate, the option to extend the Term shall be null and void.

Examples of Building Rate in a sentence

The Building Rate increase shall not exceed five percent (5%) during any given year.
Each year during the Lease Term, the Rent shall be equal to the rental rate established for the Building (“Building Rate”) for the subsequent calendar year multiplied by the square feet occupied by Tenant and shall remain in effect until the Building Rate changes.
The new Rent as so adjusted shall begin each calendar year on January 1st and continue at the adjusted rate until the next annual adjustment of the Building Rate.
The Building Rate shall be determined by Landlord and provided, by written notice, to Tenant not later than November 1st of each calendar year.
Accordingly, if Landlord furnishes HVAC to the Premises at the request of Tenant during Overtime Periods, then Tenant shall pay Landlord as Additional Charges for such services at the Building Rate.
Lessee is hereby granted one (1) option to renew and extend the Term for a period of five (5) years, commencing on the expiration of the Term, on the same terms and conditions set forth in the Lease Agreement, except that the Base Rent during the Option Term shall be at the then Building Rate as defined below (the “Option Term”).
Accordingly, if Landlord furnishes HVAC to the Premises at the request of Tenant during Overtime Periods, then Tenant shall pay Landlord additional rent for such services at the Building Rate as determined from time to time, which Building Rate is currently $242.50 per hour.
As used herein, the term "Building Rate" shall mean Landlord's cost (not to include any amounts attributable to the depreciation or amortization of HVAC equipment) of providing HVAC services, as reasonably determined by Landlord (without additional charge), computed on the basis of (a) the cost of labor and (b) charges for electricity and other utilities.
The "market rate" shall be the then current rent charged by Landlord for the lease of office space then available for lease in the Building ("Building Rate"), or if none then available for lease, the then prevailing rent charged in comparable Class A buildings in Hollywood within a one-half (1/2) mile radius of the Building ("Comparable Rate").
Details of Price Break-Up of the Apartment together with covered car parking is as follows: Building: Rate of Apartment: Rs. per sqft Apartment No. Preferential location charges: Rs. per sqft.