Fair Market Base Rental means the “fair market” Base Rent at the time or times in question for the applicable space, based on the prevailing rentals then being charged to tenants in the Project and tenants in other office buildings in the general vicinity of the Project of comparable size, location, quality and age as the Building for leases with terms equal to the Extension Period, taking into account the creditworthiness and financial strength of the tenant, the financial guaranties provided by the tenant (if any), the value of market concessions (including the value of construction, renovation, moving and other allowances or rent credits), the desirability, location in the building, size and quality of the space, tenant finish allowance and/or tenant improvements, included services, operating costs and expenses and tax and expense stops or other escalation clauses, and brokerage commissions, for the space in the Building for which Fair Market Base Rental is being determined and for comparable space in the buildings which are being used for comparison. Fair Market Base Rental shall also reflect the then prevailing rental structure for comparable buildings in the general vicinity of the Property, so that if, for example, at the time Fair Market Base Rental is being determined the prevailing rental structure for comparable space and for comparable lease terms includes periodic rental adjustments or escalations, Fair Market Base Rental shall reflect such rental structure. Fair Market Base Rental shall not, however, take into account the value of any Alterations or Tenant Improvements made to the Premises at Tenant’s expense.
Fair Market Base Rental means the "fair market" Base Rent at the time or times in question for the applicable space, based on the prevailing rentals then being charged to tenants in the Buildings and tenants in other office buildings in the Complex for leases with terms equal to the term for the Right of First Offer Space, taking into account the creditworthiness and financial strength of the tenant, the financial guaranties provided by the tenant (if any), the value of market concessions (including the value of construction, renovation, moving and other allowances or rent credits), the desirability, location in the building, size and quality of the space, tenant finish allowance and/or tenant improvements, included services, operating expenses and tax and expense stops or other escalation clauses, and brokerage commissions, for the space in the Buildings for which Fair Market Base Rental is being determined and for comparable space in the Complex which are being used for comparison. Fair Market Base Rental shall also reflect the then prevailing rental structure for leases being used for comparison, so that if, for example, at the time Fair Market Base Rental is being determined the prevailing rental structure for comparable space and for comparable lease terms includes periodic rental adjustments or escalations, Fair Market Base Rental shall reflect such rental structure. (2) Landlord and Tenant shall endeavor to agree upon the Fair Market Base Rental. If they are unable to so agree within ten (10) days after receipt by Landlord of Tenant's notice of exercise of the right of first offer, Landlord and Tenant shall mutually select a licensed real estate broker who is active in the leasing of office space in the general vicinity of the Buildings. Landlord shall submit Landlord's determination of Fair Market Base Rental and Tenant shall submit Tenant's determination of Fair Market Base Rental to such broker, at such time or times and in such manner as Landlord and Tenant shall agree (or as directed by the broker if Landlord and Tenant do not promptly agree). The broker shall select either Landlord's or Tenant's determination as the Fair Market Base Rental, and such determination shall be binding on Landlord and Tenant. If Tenant's determination is selected as the Fair Market Base Rental, then Landlord shall bear all of the broker's cost and fees. If Landlord's determination is selected as the Fair Market Base Rental, then Tenant shall bear all of the broker's cost and fees. (3) If t...
Fair Market Base Rental means the “fair market” Base Rent at the time or times in question for the applicable space, based on the prevailing rentals then being charged to tenants in the Building and tenants in other office buildings in the general vicinity of the Building of comparable size, location, quality and age as the Building for leases with terms equal to the Extension Period, taking into account the creditworthiness and financial strength of the tenant, the financial guaranties provided by the tenant (if any), and the desirability, location in the building, size and quality of the space, included services, operating expenses and tax and expense stops or other escalation clauses, for the space in the Building for which Fair Market Base Rental is being determined and for comparable space in the buildings which are being used for comparison. Fair Market Base Rental shall also reflect the then prevailing rental structure for comparable office buildings in the general vicinity of the Property, so that if, for example, at the time Fair Market Base Rental is being determined the prevailing rental structure for comparable space and for comparable lease terms includes periodic rental adjustments or escalations, Fair Market Base Rental shall reflect such rental structure.
Examples of Fair Market Base Rental in a sentence
Landlord shall give prompt notice to each Permitted Leasehold Mortgagee (for which notice has been properly provided to Landlord pursuant to Section 17.1(b) hereof) of any arbitration (including a determination of Fair Market Ownership Value or Fair Market Base Rental Value) or legal proceedings between Landlord and Tenant involving obligations under this Lease.
Within twenty (20) days of Tenant's exercise of its Extension Option, Landlord agrees to provide Tenant with Landlord's determination ("Landlord's Determination") of the Fair Market Base Rental Rate.
Any determination of the Fair Market Base Rental Rate, whether by Landlord or Tenant, shall include a statement of the elements of rent included in such determination (whether tenant improvement allowances, free rent, common area cost allowances, or otherwise) sufficient to permit a calculation of the effective rent for the Premises.
Approximately 30 days prior to the commencement of such lease year, Landlord and Tenant shall endeavor to agree upon the Fair Market Base Rental.
The Monthly Base Rent for the fourth year of the term commencing on April 1, 2005 shall be adjusted to the then Fair Market Base Rental as defined in Section 38(a) of the Master Lease; provided, however, if Fair Market Base Rental is $2.25 per RSF or less, the Monthly Base Rent shall remain at $2.25 per RSF for the fourth year of the Term (i.e., the twelve month period commencing on April 1, 2005).
More Definitions of Fair Market Base Rental
Fair Market Base Rental means the “fair market” Base Monthly Rent at the time or times in question for the applicable space in the Building, based on the prevailing rentals then being charged to tenants in other office and research and development buildings in the general vicinity of the Building of comparable location and quality as the Building, for leases with terms approximately equal to the term for which Fair Market Base Rental is being determined, taking into account: the desirability, location in the building, size and quality of the space, including interior finishes and other tenant improvements; included services and related operating expenses and tax and expense stops or other escalation clauses; and any other special rights of Tenant under the Lease in comparison to typical market leases (e.g. for parking, signage, and extension or expansion options). Fair Market Base Rental shall also reflect the then prevailing rental structure for comparable office and research and development buildings in the general vicinity of the Building, so that if, for example, at the time Fair Market Base Rental is being determined the prevailing rental structure includes periodic rental adjustments or escalations, Fair Market Base Rental shall reflect such rental structure.
Fair Market Base Rental means the "fair market" Base Rent at the time or times in question for the applicable space, based on the prevailing rentals then being charged to new tenants in the Building and new tenants in other office buildings in the general vicinity of the Building of comparable size, location, quality and age as the Building for leases with terms equal to the Extension Period, taking into account the then-condition of the Premises, the amount of any leasing commission payable with respect to the Option Period, the creditworthiness and financial strength of the tenant, the financial guaranties provided the tenant (if any), the value of market concessions (including the value of construction, renovations, moving and other allowances or rent credits), the desirability, location in the building, size and quality of the space, tenant finish and/or improvement allowance and/or tenant improvements, included services, operating expenses, and tax and expense stops or other escalation clauses, for the space in the Building for which Fair Market Base Rental is being determined and for comparable space in the buildings which are being used for comparison. Fair Market Base Rental shall also reflect the then prevailing rental structure of comparable office buildings in the general vicinity of the Property, so that if, for example, at the time Fair Market Base Rental is being determined the prevailing rental structure of comparable space and for comparable lease terms includes periodic rental adjustments or escalations, Fair Market Base Rental shall reflect such rental structure.
Fair Market Base Rental means the "fair market" Base Rent at the time or times in question for the applicable space, based on the prevailing rentals then being charged to tenants in other office buildings in the general vicinity of the Building of comparable size, location, quality and age as the Building for leases with terms equal to the Extension Period, taking into account the creditworthiness and financial strength of the tenant, the financial guaranties provided by the tenant (if any), and the desirability, location in the building, size and quality of the space, tenant finish allowance and/or tenant improvements, included services, operating expenses and tax and expense stops or other escalation clauses, for the space in the Building for which Fair Market Base Rental is being determined and for comparable space in the buildings which are being used for comparison. Fair Market Base Rental shall also reflect the then prevailing rental structure for comparable office buildings in the general vicinity of the Project, so that if, for example, at the time Fair Market Base Rental is being determined the prevailing rental structure for comparable space and for comparable lease terms includes periodic rental adjustments or escalations, Fair Market Base Rental shall reflect such rental structure.
Fair Market Base Rental means the “fair market” Base Rent at the time or times in question for the applicable Building, based on the prevailing rentals then being charged to tenants in other buildings located in the general vicinity of the Buildings, which buildings being used for comparison are (i) of a type similar to the applicable Building and (ii) comparable in size, location, quality and age as the applicable Building for leases with terms equal to the Extension Period, taking into account the creditworthiness and financial strength of the tenant, the financial guaranties provided by the tenant (if any), the value of market concessions (including the value of construction, renovation, moving and other allowances or rent credits), the desirability, location in the building, size and quality of the space, tenant finish allowance and/or tenant improvements, included services, operating expenses and tax and expense stops or other escalation clauses, and brokerage commissions, for the space in the Building for which Fair Market Base Rental is being determined and for comparable space in the buildings which are being used for comparison. Fair Market Base Rental shall also reflect the then prevailing rental structure for comparable buildings in the general vicinity of the Property, so that if, for example, at the time Fair Market Base Rental is being determined the prevailing rental structure for comparable space and for comparable lease terms includes periodic rental adjustments or escalations. Fair Market Base Rental shall reflect such rental structure.
Fair Market Base Rental means the "fair market" Base Rent at the time or times in question for the Expansion Space, based on the prevailing rentals then being charged to tenants in the Building and tenants in other office buildings in the Complex for leases with terms equal to the term for the Expansion Space, with a construction allowance equal to the Expansion Allowance, taking into account the creditworthiness and financial strength of the tenant, the financial guaranties provided by the tenant (if any), the value of market concessions (including the value of construction, renovation, moving and other allowances or rent credits), the desirability, location in the building, size and quality of the space, tenant finish allowance and/or
Fair Market Base Rental means the Base Rent at the time or times in question for the applicable space, based on the prevailing rentals then being charged to new tenants in similar buildings in the area, of comparable size, location, quality and age as the Building, the desirability, location in the building, size, quality, cost savings of Landlord for not having to pay leasing commissions, and method for payment of taxes and expenses or increases in taxes and expenses for the space in the Building for which Fair Market Base Rental is being determined and of the buildings which are being used for comparison, and the credit of Tenant. Fair Market Base Rental shall also reflect the then prevailing rental structure for comparable buildings in the general vicinity of the Premises, so that if, for example, at the time Fair Market Base Rental is being determined the prevailing rental structure for comparable space and for comparable lease terms includes periodic rental adjustments or escalations, Fair Market Base Rental shall reflect such rental structure, or, for example, if prevailing rental structure for comparable space does not include charges for parking, then there shall be no charge for parking. The value of cash and non-cash tenant concessions included in the transactions being used for comparison shall also be taken into account in determining prevailing rentals.
Fair Market Base Rental means the "fair market" Base Rent at the time or times in question for the applicable space, based on the prevailing rentals then being charged to new tenants in the Building and new tenants in other office buildings in the general vicinity of the Building of comparable size, location, quality and age as the Building for leases with terms equal to the Extension Period, taking into account the creditworthiness and financial strength of the tenant, the financial guaranties provided by the tenant (if any), the value of market landlord concessions (including the value of construction, renovation, moving and other allowances or rent credits), the desirability, location in the building, size and quality of the space. tenant finish allowance and/or tenant improvements, included services, operating expenses and tax and expense stops or other escalation clauses, and brokerage commissions, for the space in the Building for which Fair Market Base Rental is being determined and for comparable space in the buildings which are being used for comparison. Fair Market Base Rental shall also reflect