Fair Market Rental Value definition
Examples of Fair Market Rental Value in a sentence
The Landlord shall determine the Fair Market Rental Value by using Landlord's good faith judgment and shall provide written notice of such amount within thirty (30) days after the Tenant has notified the Landlord of the exercise of the Extension Option.
All of the terms and conditions of this Lease shall apply to the Extension Tem, including without limitation, the payment of additional rent as contemplated under Article 6 hereof, except that (i) Base Rent for the Extension Term shall be equal to the Fair Market Rental Value (as hereinafter defined) for the Premises as of the commencement of the Extension Term, and (ii) the Tenant shall accept the Premises in its then “As-Is” condition.
If Tenant timely rejects such proposed Fair Market Rental Value, then the Tenant's notice to Landlord shall specify that Tenant has elected to terminate the exercise of the Extension Option, whereupon such termination, the Extension Option shall be null and void for all purposes and the parties shall have no further obligation with respect thereto.
The Tenant shall have ten (10) days after the receipt of such notice of the proposed Fair Market Rental Value within which to reject such rent.