Fair Market Rate means the market rate for rent chargeable for the Leased Premises based upon the following factors applicable to the Leased Premises or any comparable premises: rent, escalation, term, size, expense stop, tenant allowance, existing tenant finishes, parking availability, and location and proximity to services. Within thirty (30) days of Option Notice, Tenant shall notify Landlord of Tenant’s option of Fair Market Rate for the applicable renewal period. If Landlord disagrees with Tenant’s opinion of the Fair Market Rate, Landlord shall notify Tenant of Landlord’s opinion of Fair Market Rate within fifteen (15) days after receipt of Tenant’s opinion of Fair Market Rate (“Landlord’s Value Notice”). If the parties are unable to resolve their differences within thirty (30) days thereafter, Landlord or Tenant, at its sole option, may terminate this Lease, effective as of the last day of the then-current Rental Term. Alternatively, Tenant and Landlord may mutually agree to submit the determination of Fair Market Rate to a “Market Assessment Process,” as provided in Exhibit “F” — Market Assessment Process.
Fair Market Rate means the amount per rentable square foot of the then Premises that a willing, comparable tenant would pay and a willing, comparable landlord would accept in an arm’s length transaction, for delivery on or about the expiration of the initial Lease Term for comparable non-renewal, non-expansion space in the Building and other comparable buildings within a radius of six (6) blocks from the Building, taking into account all relevant economic terms pertinent to each lease transaction, including, without limitation, lease concessions, broker representation, improvement allowances, ADDENDUM TO OFFICE LEASE rent abatements, moving allowances, the amount of rentable space covered thereby, the length of the lease term, and whether or not the lease is a gross or net lease, as well as the location, age, functionality, amenities and quality of each such building at the time of the commencement of the Renewal Term. In no event shall the Fair Market Rate impute a value upon leasehold improvements or fixtures constructed or installed in the Premises by Tenant at its expense. Landlord shall have no obligation to determine the Fair Market Rate and other terms and conditions of the Renewal Term, or to notify Tenant thereof, any earlier than sixty (60) days after Landlord’s receipt of the Renewal Notice. If Tenant does not accept Landlord’s determination of the Fair Market Rate of the Renewal Term within fifteen (15) days after Tenant’s receipt of Landlord’s written determination of the Fair Market Rate, then Tenant may retract the Renewal Notice, whereupon Tenant’s right to exercise the Option to Renew hereunder shall automatically terminate and be null and void and of no further force or effect, and the Lease shall automatically expire on the expiration of the initial Lease Term. NOTWITHSTANDING ANYTHING TO THE CONTRARY CONTAINED IN THIS PARAGRAPH 2, (a) Tenant’s rights pursuant to this Paragraph 2 are personal to Tenant and nontransferable and shall automatically terminate if Tenant assigns the Lease, as amended, or any of Tenant’s rights under the Lease, as amended, to any person or entity (other than pursuant to a Permitted Disposition) or subleases all or any portion of the Premises to any person or entity (other than pursuant to a Permitted Disposition); and (b) Tenant’s rights pursuant to this Paragraph 2 shall automatically terminate if, on the date of any Renewal Notice or as of the last day of the initial Lease Term, a default or breach by Tenant under the Lease h...
Fair Market Rate shall have the meaning given to it in Section 2.3 (A and shall take into account any and all allowances, and all references in said Section 2.3 to the “Extended Term” shall be deemed to mean the term with respect to the Second Expansion Premises.
Examples of Fair Market Rate in a sentence
At this wage, according to NLIHC, in order to afford the Fair Market Rate (FMR) for a two-bedroom apartment ($995 per month) without becoming housing burdened, a renter must work 57 hours per week, 52 weeks per year (NLIHC, 2014).
Fair Market Rate (FMR) – The Fair Market Rents published in the Federal Register annually by HUD.
Rent:Maximum rent is based on the appropriate Fair Market Rate (FMR) (based on the number of bedrooms excluding rooms occupied by live-in service providers) divided by the number of bedrooms excluding rooms occupied by live-in service providers.
HUD’s Fair Market Rate for a one- bedroom apartment in the City far exceeds that figure, leaving subsidized housing as the only option, other than sub-standard housing, for this community.
If Landlord disagrees with Tenant’s opinion of the Fair Market Rate, Landlord shall notify Tenant of Landlord’s opinion of Fair Market Rate within fifteen (15) days after receipt of Tenant’s opinion of Fair Market Rate (“Landlord’s Value Notice”).
More Definitions of Fair Market Rate
Fair Market Rate means the average of the annual -rental rates then being charged in the Foothill Ranch submarket for comparable space for leases commencing on or about the time of Tenant's exercise of the applicable Renewal Option, taking into consideration use, location and floor level of the applicable building, the location, quality and age of the building, leasehold improvements or allowances provided, rental concessions (such as abatements, lease assumptions or takeovers and moving expenses), the date that the particular rate under consideration became effective, the term of the lease under consideration, the extent of services provided thereunder, applicable distinctions between "gross" leases and "net" leases and any other relevant term or condition in making such evaluation.
Fair Market Rate means the annual amount per rentable square foot that a willing, comparable, non-equity, non-renewal, non-expansion, new tenant would pay and a willing, comparable landlord for comparable space of a warehouse/office building in San Antonio, Texas (the "Comparison Area") would accept at arm's length, giving appropriate consideration to, without limiting the scope thereof, annual rental rates per rentable square foot, the type of lease escalation clauses (including, but without limitation, operating expense, real estate taxes, CPI), the extent of liability under the escalation clauses (e.g., whether determined on a "net lease" basis or by
Fair Market Rate means the projected fully serviced fair market rental rate at the commencement of the Extended Term for space in the Building and in comparable first-class office buildings of similar size and stature in downtown Seattle, Washington, for a comparable term and with a comparable base year. landlord and Tenant shall seek to agree as to the Fair Market Rate within 30 days after Tenant gives landlord notice of its election to renew this Lease. If landlord and Tenant shall not agree as to the FMR within such 30-day period the FMR shall be determined by appraisal as follows: Within 5 days after the expiration of the above mentioned 30-days waiting period an arbitrator shall be mutually selected who is an MAI-designated appraiser in the City of Seattle with at least 10 years' experience in appraising commercial office buildings in the Seattle central business district. The arbitration shall be conducted as a "baseball" arbitration whereby landlord and tenant shall each submit to the arbitrator a specific fair market rate, and the arbitrator shall be obligated select from he two rates submitted by the parties the one rate most closely related to FMR (and the arbitrator shall not be allowed to compromise or otherwise determine different amount). The arbitration shall be completed within 10 business days following selection of an arbitrator. If the parties are unable to agree upon a mutually acceptable arbitrator, then either party may request that the president of the Seattle Chapter of the Appraisal Institute (or its successor) designate a qualified arbitrator to so serve. The costs of nay arbitrator shall be evenly split between Landlord and Tenant. The arbitrators decision shall be delivered in writing and Landlord and Tenant and shall be binding upon Landlord and Tenant, not subject to appeal.
Fair Market Rate means the monthly amount per Net Rentable Area that a willing, comparable, new non-expansion, non-equity tenant would pay, and a willing, comparable landlord of a comparable class A office building with comparable vacancy within a five (5) mile radius of the Building would accept, at arm's length for a comparable amount of space for a comparable period of time giving appropriate consideration to the monthly rental rates per rentable square feet, the type of operating expenses escalation clauses typically granted tenants, abatement of rent if any, length of lease term, size and location of the premises being leased, tenant improvement allowance in pre-improved space if any, and other generally applicable conditions of tenancy of a multi-floor tenant. Landlord and Tenant shall commence negotiations to agree upon the Fair Market Rate ("FMR") upon the 42 Real Estate/Newport Beach Lease(3) delivery of a FMR by the Landlord. If both parties are unable to reach agreement of FMR within fifteen (15) business days after delivery by Landlord, the FMR shall be determined in accordance with the sub-sections (a) through (c) below:
Fair Market Rate means the room rate, as defined in California Business & Professions Code §17561, that is or otherwise made available to the public for hotel accommodations, including any promotional, volume, loyalty or other discounts that are generally available to the public.
Fair Market Rate means, as of the date in question, the base rental rate (including escalations) which a landlord willing but not obligated to lease, would accept for the premises at issue and which a tenant, willing but not obligated to lease, would pay therefor in an arm's length transaction, such determination to be made with reference to other comparable lease transactions in the Building's marketplace (a "Reference Lease") and shall take into account all relevant factors, including without
Fair Market Rate means the rental rate (including the base rental rate, periodic rental rate adjustments and other charges and increases, if any) for space comparable in size, location and quality to the premises in question which are under primary lease (and not sublease) to new or renewing tenants of comparable financial standing to Tenant, for a term comparable to the Proposed Expansion Term or Renewal Term, as applicable, with a tenant improvement allowance, as applicable, and taking into consideration existing improvements. The New Lease shall be on the Fair Market Terms (as determined pursuant to Landlord and Tenant executing the New Lease in the Expansion Space Negotiation Period or pursuant to the arbitration provisions described below) and shall comply with the following provisions: