Fair Market Rental Rate means the fair market value annual rental rate per square foot of Rentable Area that Landlord and its Affiliates and the owners of comparable office building projects in the Xxxx Xxxxx Airport submarket have recently accepted in lease transactions between non-affiliated parties with non-equity tenants for comparable space, for a comparable period of time (“Comparable Transactions”). In any determination of Comparable Transactions, appropriate consideration shall be given to annual rental rates per square foot of Rentable Area, the type of escalation clauses (e.g., whether increases in additional rent are determined on a net or gross basis, and if gross, whether such increases are determined according to a base year or a base dollar amount expense stop), taking into account all rental and other concessions granted in such Comparable Transactions (as well as such concessions to which Tenant may be entitled in this Lease), length of the lease term, size and location of premises being leased, base, shell and core delivery conditions, building standard work letter and/or tenant improvement or refurbishment allowances, if any (taking into account the level of existing Base Building Improvements and tenant improvements in the Premises), free rent periods for construction of new tenant improvements and other generally applicable conditions of tenancy for such Comparable Transactions. The intent is that the Fair Market Rental Rate will reflect the rent and other economic benefits and concessions that Landlord or its Affiliates (and other landlords of comparable office building projects in the Xxxx Xxxxx Airport submarket) have otherwise given in recent Comparable Transactions, as adjusted to reflect the level and type of economic concessions that Landlord may elect to give Tenant hereunder during the Renewal Term, so that Tenant will pay and Landlord will receive a net effective rent equal to the net effective rental rate in Comparable Transactions, after adjusting for any differences between the economic concessions that Landlord is making to Tenant hereunder and the economic concession that Landlord or its Affiliates (and other landlords of comparable office building projects in the Xxxx Xxxxx Airport submarket) have otherwise made in current Comparable Transactions. If, for example, after applying the criteria set forth above, a Comparable Transaction provides a comparable non-equity tenant with comparable space at a base rent equal to Thirty-Two Dollars ($32) p...
Fair Market Rental Rate shall be determined as follows: LESSOR and COUNTY shall independently survey Qualified Buildings that (i) contain at least 100,000 rentable square feet; (ii) offer a similar quantity of parking as the subject property; (iii) are otherwise similar in quality and function as the subject property; and (iv) which have either entered into an arms-length transaction with an unaffiliated tenant of at least 12,000 rentable square feet within the past twelve (12) months or which have at least 30,000 rentable square feet of space available for lease (collectively, the “Criteria”). LESSOR and COUNTY shall each submit a list of up to five (5) Qualified Buildings. The two lists shall be consolidated into one master list. In the event of a discrepancy involving the same Qualified Building, COUNTY and LESSOR shall use best efforts to reconcile the difference. If either the highest or lowest quoted rates deviate by more than ten percent (10%) from the next closest rate, that building will be eliminated from the final master list (“Final Master List”). The rental rate (“Rental Rate”) from each building shall be the monthly full service gross base rent per rentable square foot received or quoted by each Qualified Building, and the Rental Rate shall exclude rent abatement concessions, but shall include market tenant improvement allowances for renewing tenants. The Rental Rate shall be compiled to the Final Master List and shall be summed and the summation divided by the number of Qualified Buildings (less any omitted Qualified Buildings) as follows: Total Rental Rate of Considered Buildings Number of Considered Buildings = Fair Market Rental Rate The Extension Option Base Rent for the Extension Period will be calculated as follows: Extension Option Base Rent = Fair Market Rental Rate x 90% In no event shall the Extension Option Base Rent for the Extension Period be greater than LESSOR’s Last Best Offer and the final determination will be binding on both Parties. There shall be no abatement of rent or Tenant Improvements unless the Parties agree to such terms otherwise. The Extension Option Base Rent shall increase by three percent (3%) per annum during the Extension Period, and no other terms of the Lease shall change. Manager of Corporate Real Estate and LESSOR agree to then enter into a Lease amendment agreement to consummate the transaction within a reasonable time period following determination of the Extension Option Base Rent, with time being of the essence.”
Fair Market Rental Rate means the Monthly Base Rent equal to the monthly base rental per rentable square foot which a tenant would pay and which a willing landlord would accept for space comparable to the Premises in the Building and in other buildings of class A standards in Seaport Centre and along the Highway 101 corridor in Redwood City and Redwood Shores (the “Applicable Market”) for the period for which such rental is to be paid and for a lease on terms substantially similar to those of the Lease (including, without limitation, those applicable to Taxes, Operating Expenses and exclusions, but also considering so-called net and triple net leases, and leases utilizing operating expense stops or base years, and making appropriate adjustment between such leases and this Lease, as described below), based on prevailing market conditions in the Applicable Market at the time such determination is made (“Comparable Transactions”). Without limiting the generality of the foregoing, Comparable Transactions shall be for a term similar to the term of tenancy and for space comparable in use, floor levels, view and orientation, square footage and location within the Building and in the Applicable Market as the transaction for which Fair Market Rental Rate is being determined; however, leases of unusual or odd shaped spaces shall not be considered. In any determination of Fair Market Rental Rate, the stated or contract monthly net or base rental in Comparable Transactions shall be appropriately adjusted to take into account the different terms and conditions prevailing in such transactions and those present in the Lease, including, without limitation: (a) the extent to which average annual expenses and taxes per rentable square foot payable by tenants in Comparable Transactions vary from those payable by Tenant under the Lease, and so, for example, if the Lease provides for payment of Rent Adjustments and/or certain Operating Expenses on the basis of increases over a base year, then the rate of Monthly Base Rent under the Lease shall be based upon a step-up to change the calendar year which serves as the base year for calculation of the base for such Operating Expenses for the Option Term to be the full calendar year in which the Option Term commences, and such step-up shall be considered in the determination of the Fair Market Rental Rate; (b) tenant improvements, value of existing tenant improvements, the concessions, if any, being given by landlords in Comparable Transactions, such as pa...
Examples of Fair Market Rental Rate in a sentence
Once a panel of arbitrators has been selected as provided above, then as soon thereafter as practicable each arbitrator shall select one of the two Estimates as the one which, in its opinion, is closer to Fair Market Rental Rate.
If the arbitrators collectively determine that expert advice is reasonably necessary to assist them in determining Fair Market Rental Rate, then they may retain one or more qualified persons, including but not limited to legal counsel, brokers, architects or engineers, to provide such expert advice.
In the event neither party gives such notice, the transaction for which Fair Market Rental Rate is being determined shall be deemed cancelled and of no further force or effect.
If the two (2) brokers are unable to agree within ten (10) days after the second broker has been appointed, they shall attempt to select a third broker, meeting the qualifications stated in this paragraph within ten (10) days after the last day the two (2) brokers are given to set the Fair Market Rental Rate.
If two (2) brokers are appointed by Landlord and Tenant as stated in this paragraph, they shall meet promptly and attempt to set the Fair Market Rental Rate.
More Definitions of Fair Market Rental Rate
Fair Market Rental Rate means the market rental rate for the time period such determination is being made for office space in same class office buildings in the area of Franklin, Tennessee (the “Area”) of comparable condition for space of equivalent quality, size, utility, and location. Such determination shall take into account all relevant factors, including, without limitation, the following matters: the credit standing of Tenant; the length of the term; the fact that Landlord will experience no vacancy period and that Tenant will not suffer the costs and business interruption associated with moving its offices and negotiating a new lease; construction allowances and other tenant concessions that would be available to tenants comparable to Tenant in the Area (such as moving expense allowance, free rent periods, and lease assumptions and take over provisions, if any, but specifically excluding the value of improvements installed in the Premises at Tenant’s cost), and whether adjustments are then being made in determining the rental rates for renewals in the Area because of concessions being offered by Landlord to Tenant (or the lack thereof for the Option Term in question). For purposes of such calculation, it will only be assumed that Landlord is paying a representative of Tenant a brokerage commission in connection with the Option Term in question if Landlord is in fact paying a brokerage commission to a representative of Tenant in connection with the applicable Option Term.
Fair Market Rental Rate as used in Rider No. 1 shall mean the annual amount per square foot, projected during the Option Term (including annual adjustments), that a willing, non-equity renewal tenant (excluding sublease and assignment transactions) would pay, and a willing, institutional landlord of a comparable quality office building located in the Emeryville, California area would accept, in an arm’s length transaction (what Landlord is accepting in then current transactions for the Building may be used for purposes of projecting rent for the Option Term), for space of comparable size, quality and floor height as the New Premises, taking into account the age, quality and layout of the existing improvements in the New Premises, and taking into account items that professional real estate brokers or professional real estate appraisers customarily consider, including, but not limited to, rental rates, space availability, tenant size, tenant improvement allowances, parking charges and any other lease considerations, if any, then being charged or granted by Landlord or the lessors of such similar office buildings. All economic terms other than monthly Base Rent, such as tenant improvement allowance amounts, if any, operating expense allowances, parking charges, etc., will be established by Landlord and will be factored into the determination of the fair market rental rate for the Option Term. Accordingly, the fair market rental rate will be an effective rate, not specifically including, but accounting for, the appropriate economic considerations described above .
Fair Market Rental Rate means the market rental rate for the time period such determination is being made for office space in comparable office buildings in the Research Triangle Park, North Carolina area (“AREA”) of comparable condition for space of equivalent quality, size, utility, and location. Such determination shall take into account all relevant factors, including, without limitation, the following matters: the credit standing of Tenant; the length of the term; expense stops; the fact that Landlord will experience no vacancy period and that Tenant will not suffer the costs and business interruption associated with moving its offices and negotiating a new lease; construction allowances and other tenant concessions that would be available to tenants comparable to Tenant in the AREA (such as moving expense allowance, free rent periods, and lease assumptions and take-over provisions, if any, but specifically excluding the value of improvements installed in the Premises at Tenant’s cost), and whether adjustments are then being made in determining the rental rates for extended lease terms in the AREA because of concessions being offered by Landlord to Tenant (or the lack thereof for the Extended Lease Term in question). For purposes of such calculation, it will be assumed that Landlord is paying a representative of Tenant a brokerage commission in connection with the Extended Lease Term in question, based on the then current market rates.
Fair Market Rental Rate means the monthly base rent (i.e., rent other than operating expenses, taxes and insurance premiums) expected to prevail as of the commencement of an Extended Term for the entire Extended Term (including appropriate increases) with respect to leases of comparable space in the vicinity of the Project of a quality and with interior improvements, parking, site amenities, building systems, location, identity and access all comparable to that of the Premises, for a term equal to the Extended Term. Within fifteen (15) days after Xxxxxxxx’s receipt of Tenant’s Option Notice, by written notice to Tenant (“Landlord’s Rent Notice”), Landlord shall advise Tenant as to Landlord’s determination of the Fair Market Rental Rate. If Tenant disagrees with Xxxxxxxx’s determination, Tenant shall advise Landlord as to Tenant’s determination of Fair Market Rental Rate by written notice (“Tenant’s Rent Notice”) within fifteen (15) days after Xxxxxx’s receipt of Landlord’s Rent Notice. If Tenant fails to deliver Xxxxxx’s Rent Notice to Landlord within the time period provided above, Tenant shall be bound by Landlord’s determination of the Fair Market Rental Rate as set forth in Landlord’s Rent Notice. If Tenant shall timely deliver to Landlord Tenant’s Rent Notice, Landlord and Tenant shall attempt in good faith to reach agreement as to the Fair Market Rental Rate within fifteen (15) days after Landlord’s receipt of Tenant’s Rent Notice.
Fair Market Rental Rate as used herein shall mean the fair market value annual rental rate for which Lessor, at or about the time that such fair market value rent rate is to be first set by Lessor, has entered into a lease or leases with other comparable tenants (excluding existing tenants with options to expand or renew at predetermined or fixed rental rates or pursuant to a definition of fair market value rental rate which is not comparable or equivalent to the definition of Fair Market Rental Rate set forth herein and also excluding existing tenants who take additional space without the benefit of an expansion option, but including new tenants without such options who, by subsequent agreement with Landlord, expand or renew their premises at a rent determined pursuant to a definition of fair market value rental rate which is comparable space in the Building or in the Airport Business Center (the "Project"), as the case may be, at the time that such Fair Market Value rental rate is first set by Lessor under the applicable provisions of this Lease, or would obtain from any prospective tenant for any general office use of such space, as such space is then improved. The Fair Market Rental Rate shall take into account the value of any rent or equivalent economic concessions (the "Concessions") then offered in connection with the leasing of such comparable space in the Building or the Project. The Fair Market Rental Rate shall also take into account that (i) a lessee may lease the Premises on an "as-is" basis without Lessor granting Concessions such as lessee improvement allowances; (ii) the Premises, in their then existing condition, may be partially suitable to a lessee, without the necessity of additional improvements or the granting of any concession such as lessee improvement allowances; (iii) the Premises, in their then existing condition, may exceed the quality of available space in the marketplace for the operation of Lessee's business, and (iv) the improvements in the Premises, in their then existing condition, may need to be demolished and rebuilt to be suitable for use by Lessee. For purposes of this Section 56.b on a renewal of the Term hereof, all of the Premise shall be deemed to be satisfactory to Lessee and suitable for the conduct of Lessee's business, except to the extent such space may need to be refurbished.
Fair Market Rental Rate means the annual base rent at which tenants, as of the commencement of the applicable Option Term, will be leasing non-sublease space comparable in size, location (including views) and quality to the Premises for a comparable term as the applicable Option Term, which comparable space is located in the Building, the Other Existing Buildings in the Project and in other comparable first-class biotechnology buildings in the Xxxxxx Xxxxx area of San Diego County, taking into consideration all free rent and other out-of-pocket concessions generally being granted at such time for such comparable space for the applicable Option Term (including, without limitation, any tenant improvement allowance provided for such comparable space, with the amount of such tenant improvement allowance to be provided for the Premises during the applicable Option Term to be determined after taking into account the age, quality and layout of the tenant improvements in the Premises as of the commencement of the applicable Option Term with consideration given to the fact that the improvements existing in the Premises are specifically suitable to Tenant). All other terms and conditions of the Lease shall apply throughout the applicable Option Term; however, Tenant shall, in no event, have the option to extend the Lease Term beyond the applicable Option Term described in Section 1 above.
Fair Market Rental Rate means the fair market rental rate that would be agreed upon between a landlord and a tenant entering into a lease for comparable space as to location, configuration, size and use, in a comparable building as to quality, age, reputation and location in the Raleigh / Durham, North Carolina area, which Fair Market Rental Rate shall take into consideration any then applicable market tenant concessions for renewal tenants with credit similar to the credit of Tenant at the time of the determination of the Fair Market Rental Rate.