Fair Market Value Rate means the fair market rental rate per square foot of net rentable square feet of floor space in the Leased Premises which Landlord is charging for a comparable lease term at the appropriate time for comparable tenants leasing space of comparable size similarly situated in the Building.
Fair Market Value Rate means the arms length fair market annual rental rate per square foot of Net Rentable Area of the Premises (taking into account the “as is” condition of the Premises, all rent concessions and inducements), for a comparable lease term to comparable tenants for space of comparable size in comparable buildings with comparable quality of finish out in the Austin, Texas suburban area.
Fair Market Value Rate means the fair market value rental rate per square foot of rentable area per year in effect at the commencement of the Renewal Term for comparable tenants taking comparable space in comparable conditions under comparable terms in comparable buildings in the same rental market (hereinafter called “Comparable Buildings”); provided, however, that in no event shall the Annual Rent for the Renewal Term be less than the Annual Rent for the last twelve (12) months of the initial Term. It is also agreed and understood that the Fair Market Value Rate shall include: (a) rent; and (b) rental operating expenses, property tax, and utility and expense adjustments that are being included as part of the terms and conditions of industrial tenant leases for comparable tenants in Comparable Buildings as of the time of determination of the Fair Market Value Rate. Landlord shall advise Tenant within twenty (20) days after Tenant exercises the Renewal Option of the Fair Market Value Rate which shall be in effect as of the commencement date of the Renewal Term. Tenant shall then have fifteen (15) days to notify Landlord of its acceptance or rejection of the Fair Market Value Rate for the Renewal Term. In the event Tenant fails to so notify Landlord within such fifteen (15) day period, Tenant shall be deemed to have accepted the Fair Market Value Rate proposed by Landlord. Notwithstanding the prohibition on Tenant’s right to revoke its exercise of the Renewal Option, in the event Tenant and Landlord are unable to agree on the Fair Market Value Rate for the Renewal Term within sixty (60) days after Tenant exercises the Renewal Option, Tenant shall be deemed to have revoked the Renewal Option and the Renewal Option shall be deemed null and void and of no further force or effect. Tenant shall take the Premises “as is” for the Renewal Term and Landlord shall have no obligation to make any improvements or alterations to the Premises. Except as set forth in this Article, the leasing of the Premises for the Renewal Term shall be upon the same terms and conditions as the leasing of the Premises for the initial Term and shall be upon and subject to all of the provisions of this Lease. Any Renewal Option granted to Tenant under this Article shall be personal to Tenant and shall not be transferred, encumbered, or assigned by Tenant or in any manner transferred to, or exercised by, any subtenant of Tenant.
Examples of Fair Market Value Rate in a sentence
The Fair Market Value Rate is the rate a tenant is willing to pay and a Lessor is willing to accept in an arm’s- length transaction for the lease of a specific Airport site or property based on a combination of property availability, competitive market considerations, rates for similar properties, property condition and fee simple value of the property.
It is also agreed and understood that the Fair Market Value Rate shall include: (a) rent; and (b) rental operating expenses, property tax, and utility and expense adjustments that are being included as part of the terms and conditions of industrial tenant leases for comparable tenants in Comparable Buildings as of the time of determination of the Fair Market Value Rate.
Tenant shall have the right to lease the Storage Space on the basement level of the Building at a rate during the Initial Term as set forth in Exhibit "C" hereto and during the Renewal Term at an amount equal to the Fair Market Value Rate for onsite storage which shall not in any event exceed $6.50 per square foot per year.
Kim raised the issue of where could use some additional clarity is around prescribed use of these rates, the WSDA rate vs some other Fair Market Value Rate (as determined by individual agencies and their CPA’s).Current language allows for use of either in EFAP reporting.
In the event Tenant fails to so notify Landlord within such fifteen (15) day period, Tenant shall be deemed to have accepted the Fair Market Value Rate proposed by Landlord.
More Definitions of Fair Market Value Rate
Fair Market Value Rate means the fair market rental rate per square foot of Rentable Area of the Premises or the Expansion Space (hereinafter defined), as the case may be, that would be agreed upon between a landlord and a tenant executing a lease in a comparable building of comparable age located in the Bethesda Central Business District, assuming the following; (A) the landlord and tenant are typically motivated; (B) the landlord and tenant are well informed and well advised and each is acting in what it considers its own best interest; (C) the rental is unaffected by concessions, special financing amounts and/or terms, or unusual services, fees, costs or credits in connection with the leasing transaction; (D) the leased premises are fit for immediate occupancy and use "as is" and no work is required to be done by the landlord (and that the tenant would not require any additional tenant work or reconfiguration of the existing tenant work); (E) the leased premises are to be let with vacant possession and subject to the provisions of this Lease for a five-year term (taking into account the provisions of this Lease); (F) the tenant is paying all costs of electricity provided to the leased premises; (G) there is no brokerage or finders fee or commission payable by either party, and (H) market rents then being charged for comparable space in other similar office buildings in comparable locations. In no event, however, shall the Fair Market Value Rate be less than the Base Rent per square foot of Rentable Area of the Premises for the Lease Year immediately preceding the commencement of the Renewal Period or the commencement of the term of the leasing of the Expansion Space, as the case may be.
Fair Market Value Rate means the full service rte fair market rental rate per square foot of rentable area that would be agreed upon between a landlord and tenant entering into a new lease for comparable space as to location, size, configuration and elevator exposure in a building of comparable location, quality, age and t and reputation with a comparable build-out and a comparable term, assuming the following: (1) the landlord and tenant are typically motivated; (2) the landlord and tenant are informed and well advised and each is acting in what it considers its own best interest; (3) tenant improvement allowance, fee rent periods or any other special concessions (for example, design fees, moving allowances, commissions, etc.) will not be provided to Tenant except to the extent that such allowances or concessions are reflected in the fair market renal rates then being quoted in which event the Fair Market Value Rate shall be reduced by the economic equivalent of the allowances or concessions not offered to Tenant; (4) the Premises are fit for the Permitted Uses; and (5) in the event the Premises has been destroyed or damaged by the fire or other casualty; the Premises has been fully restored. Tenant shall also continue to pay Tenant's Proportionate Share of Operating Expenses and other charges under this Lease pursuant to the terms of the Lease unless the marketplace conditions at the time include such costs in the fair market rental rate, in which event the Fair Market Value rate shall be reduced to reflect the fact that Tenant's Proportionate Share of Operating Expenses and other applicable charges under this Lease are not included.
Fair Market Value Rate means 95% of the fair market rental rate per square foot of Rentable Area of the Premises (taking into account the "as is" condition of the Premises, all rent concessions and inducements, the location, quality and age of the Building, floor level, extent of leasehold improvements, extent of service to be provided, distinction between "gross" and "net" lease, or any other relevant term or condition), for a comparable lease term to comparable tenants for space of comparable size in comparable buildings with comparable quality of finish out in the area immediately surrounding the Building in Austin, Texas, but in no event less than the Base Rent and Tenant's Operating Costs Payment payable during the last month of the Original Term. If Landlord and Tenant fail to agree upon the Fair Market Value Rate within the sixty (60) day period provided in Paragraph 1 above, then Landlord and Tenant will provide written notice to one another of their respective estimate of the Fair Market Value Rate within ten (10) days after the expiration of such sixty (60) day period. Tenant shall select an appraiser from a list of three appraisers selected by Landlord. Using his or her professional expertise and experience, the appraiser so selected by Tenant, within fifteen (15) days thereafter, shall determine which of the two parties' opinion of Fair Market Value Rate is correct or most closely reflects the appraiser's opinion of Fair Market Value Rate. The third appraiser must choose one of the party's opinion of Fair Market Value Rate, cannot substitute his or her opinion of the Fair Market Value Rate and such determination will be binding on Landlord and Tenant, and the rental will be adjusted as set out above. The cost of any appraisers will be split between the parties.
Fair Market Value Rate means the base rent payable during the applicable lease period to a willing landlord by a willing tenant (neither having a compulsion to lease and Landlord having sufficient time to locate a replacement tenant), for the lease of non-sublease, non equity and renewal space in an office building comparable in quality to the Building, which space is of like size to the Premises, of like and comparable quality to the Premises, and which comparable office building is located in the Richardson/ Plano Telecom Corridor (as hereinafter defined), taking into consideration the terms of the Lease (including, without limitation, the available parking being make available to Tenant) and, as applicable, the following: (1) the location and floor level within the Building; (2) the condition of the existing improvements in the Premises and the premises covered by such renewed leases; (3) parking charges or the inclusion of the same in rental; (4) the extent of services to be provided by Landlord to Tenant and such renewal tenants; (5) the base year or dollar amount, if any, for escalation purposes; (6) credit rating and financial condition and stature of such renewal tenants as of the date of the exercise of the applicable lease renewal, and the credit rating and financial condition and stature of Tenant as of the date of the Landlord’s Assessment; (7) the length of the lease renewal; (8) whether any broker’s commission is payable; (9) the date on which the Extension Term will commence; and (10) any other appropriate term or condition. Notwithstanding and foregoing, in calculating the Fair Market Value Rate, no consideration shall be given to (i) any period of rental abatement, if any, granted to tenants in comparable property, and (ii) any portion of leasehold improvement allowances in excess of the Refurbishment Allowance. As used herein, the term “Richardson/Plano Telecom Corridor” shall mean the area located within portions of the Cities of Richardson and Plano, Texas generally recognized by real estate professionals as the “Telecom Corridor”.
Fair Market Value Rate means the annual amount per rentable square foot then being charged during the term of any new leases for delivery on or about the applicable delivery or effective date for comparable non-sublease, non-encumbered (i.e., not affected by any options to expand, contract or extend or rights of first refusal or rights of first offer), non-equity space and comparable office buildings in the general vicinity in Brentwood, Tennessee which buildings have been similarly improved ("Qualified Buildings"), taking into consideration annual rental, rates per rentable square foot, the type of escalation and clauses (including but without limitation operating expense, real estate tax, CPI or other adjustments), the floor level on which the Leased Premises are located, tenant improvements or allowances therefore provided by Landlord or to be provided for such comparable space, parking arrangements, rental abatement or other concessions, if any, the length of the relevant term, the extent of services to be provided to the leased premises, the date as to which the term is to become effective, and any other relevant terms and conditions.
Fair Market Value Rate means the fair market rental rate per square foot of the rentable area of the Leased Premises specified in Section 1.1 that would be agreed upon between a landlord and a tenant entering into a lease in a comparable building of comparable age in Greenbelt, Maryland, assuming the following: (A) the landlord and tenant are typically motivated; (B) the landlord and tenant are well informed and well advised and each is acting in what it considers its own best interest; (C) no free rent, improvement allowance or other concessions are being provided by landlord; and (D) the Leased Premises are fit for immediate occupancy and use "as is" and no work is required to be done by landlord."
Fair Market Value Rate means the fair market rental rate per square foot of rentable area of the Demised Premises that would be agreed upon between a landlord and a tenant executing a lease in a comparable building of comparable quality in a comparable location, assuming the following; (1) the landlord and tenant are typically motivated; (2) the landlord and tenant are well informed and well advised and each is acting in what it considers its own best interest; (3) the rental rate takes into account all concessions, special financing amounts and/or terms, unusual services, fees, costs and credits in connection with the leasing transaction; (4) the Demised Premises are to be let with vacant possession and subject to the provisions of this Lease, and (5) market rents then being charged for comparable space in other similar office buildings in comparable locations in Washington, D.C.