Comparable Leases definition

Comparable Leases means fully executed leases that (A) subject to adjustment as provided below, are for premises utilized for office purposes, located entirely or substantially entirely within the Comparable Buildings and including at least one full floor and not less than forty thousand (40,000) rentable square feet, excluding areas subject to expansion options (the “Size Threshold”), (B) subject to adjustment as provided below, have lease execution dates within the twelve (12) month period beginning on the date six (6) months prior to the date Lessee exercises the applicable Option (the “Comparison Period”) and lease term commencement dates that occur within thirty (30) months after such execution date, (C) have a term of not less than eight (8) years and not more than twelve (12) years (excluding extension or renewal options), (D) are not sublease transactions (except in cases where the master lease is a ground lease or a lease entered into for financing purposes), (E) do not involve a tenant that owns an equity interest in the landlord or in the Comparable Building, (F) are not renewals or extensions or expansions of an existing lease (except as permitted below), (G) are not executed by an institutional lender in possession following a foreclosure by such institutional lender (except as permitted below), and (H) are not for space at a property that was, at the time such lease was executed, subject to a deed of trust that was being foreclosed (except as permitted below) (the criteria in the preceding items (A) through (H) are referred to herein collectively as the “Comparable Lease Criteria”). Initial Review: Initially, Lessor and Lessee shall review leases within the Comparable Buildings meeting the Size Threshold and executed during the Comparison Period in an effort to identify at least six (6) Comparable Leases (as defined utilizing the Comparable Lease Criteria) (each lease so identified shall be referred to herein as a “Qualifying Comparable Lease” and the initial review conducted by Lessee and Lessor shall be referred to herein as the “Initial Review”).
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Comparable Leases shall have the meaning set forth in Exhibit A.
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Comparable Leases means leases which are approximately of the same term as the Renewal Term and are for similar space in similar projects (with occupancy rates similar to the Building) located within the Sawgrass ▇▇▇▇▇ Area Submarket. In determining the Fair Market Rental Rate, the rental rate for Comparable Leases shall be reasonably adjusted for the following: (a) similarity of interior common area improvements; (b) similarity of location in the Submarket; (c) access to public transportation and proximity to car parking spaces; (d) similarity of construction materials and amenities; and (e) applicable allowances for leasehold improvements, brokerage commissions, or other then prevailing market concessions, but without regard to any time during which the applicable space is taken off the market for repairs, upgrades or improvements. Comparable Leases shall not include: (i) any transactions where the landlord of the subject building is in default of its mortgage or other indebtedness on the building, or is currently, or has been in the prior twelve months, in foreclosure proceedings relating to the applicable building or the landlord acquired title to the building by foreclosure or deed-in-lieu of foreclosure; and (ii) transactions in which the tenant has some form of equity participation in the building or lease transaction.
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Examples of Comparable Leases in a sentence

  • Comparable Leases shall include renewal and new non-renewal tenancies, but shall exclude subleases and leases of space subject to another tenant’s expansion rights.

  • Comparable Leases shall include renewal and new non-renewal tenancies, but shall exclude subleases and leases of space subject to another tenant's expansion rights.

  • Comparable Leases shall have been executed within the twelve (12) month period prior to the commencement of the Option Term (the “Comparison Period”) and shall provide for the commencement date to occur within thirty (30) months after the date of execution.

  • If there are fewer than six (6) Comparable Leases satisfying all of the foregoing criteria specified in this subparagraph 4(c)(ii), then the Comparison Period shall be expanded in steps of two (2) months, for each step adding one month at each end of the Comparison Period (providing the maximum Comparison Period shall be twenty-four (24) months), until there are at least six (6) leases that satisfy the foregoing criteria, or the maximum Comparison Period is reached.

  • All Comparable Leases, including any “new” Comparable Leases (i.e., those not yet executed at the beginning of the process of determining Fair Market Rental Value subsequently executed during such process), satisfying all of the foregoing criteria specified in this subparagraph 4(c)(ii) may be considered by the parties and the appraisers until such time as there is a final determination of the Fair Market Rental Value.

  • Leases in the Comparable Buildings that are not Comparable Leases shall not be considered without the prior consent of each of Lessor and Lessee.

  • The adjustments in this Schedule 4(c) provide a methodology for comparing the “Adjusted Value of the Premises’ Tenant Improvements” (as defined below) with the value of the “Comparable Lease Tenant Improvement Package” (as defined below) under each Comparable Lease, and adjusting the effective rental rates under the Comparable Leases so that such rental rates are based on a tenant improvement package that is comparable to the Adjusted Value of the Premises’ Tenant Improvements.

  • Current Market Rate shall be based on the net rental rate per rentable square foot under Comparable Leases (based on relative rentable square footage leased thereunder), for the relevant term, taking into consideration the condition of the applicable premises, and specifically excluding the existing value of any improvements installed by Tenant or other tenants above the unamortized value of any applicable allowances given to such tenants, all as calculated and expressly adjusted herein.

  • The "effective rate" shall take into account rent or equivalent economic concessions being given, tenant improvement allowances (taking into account the level and quality of existing tenant improvements in the Premises and in the office space being offered in Comparable Leases, but giving Lessee due credit for the then value of tenant improvements installed in the Premises by Lessee over and above those paid for with the Tenant Improvement Allowance, as defined in Exhibit C) and brokerage commissions.

  • In establishing FMV for the Premises, the parties shall consider only direct leases for comparable office/R&D space in Santa Clara ▇▇▇▇rring during the six months most immediately preceding the Lessee’s exercise of this Option to Extend (“Comparable Leases”), taking into consideration the terms and conditions of this Lease and Comparable Leases and the condition of, and state of improvements in, the Premises and the premises demised under Comparable Leases.


More Definitions of Comparable Leases

Comparable Leases means those leases then being entered into with office tenants of comparable size and credit to Tenant in the Comparable Buildings for improved space that is comparable in size and quality to the premises for which Current Market Rate is being determined and for a term approximately as long as the period for which the Current Market Rate is being
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Related to Comparable Leases

  • Eligible Lease means, as of any date of determination, a Lease for a Property that satisfies all of the following:

  • Space Leases means any Lease or sublease thereunder (including, without limitation, any Major Space Lease) or any other agreement providing for the use and occupancy of a portion of the Property as the same may be amended, renewed or supplemented.

  • Leases means any and all leases, subleases, tenancies, options, concession agreements, rental agreements, occupancy agreements, franchise agreements, access agreements and any other agreements (including all amendments, extensions, replacements, renewals, modifications and/or guarantees thereof), whether or not of record and whether now in existence or hereafter entered into, affecting the use or occupancy of all or any portion of any Real Property.

  • Operating Leases means all real or personal property leases under which any Company is bound or obligated as a lessee or sublessee and which, under GAAP, are not required to be capitalized on a balance sheet of such Company; provided that Operating Leases shall not include any such lease under which any Company is also bound as the lessor or sublessor.

  • Master Leases means the PropCo Master Leases and each other Material Master Lease.