FMRV definition

FMRV means the fair market rental value as more particularly described in Article 3 hereof
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FMRV means the fair market rental value of the Leased Premises as of the first day of the relevant Renewal Term as determined in accordance with the procedure specified in Paragraph 29.
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FMRV. Fair market rental value, as defined in Section 4.2
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Examples of FMRV in a sentence

  • With respect to FMRV Space that is part of Renewal Premises, the Annual Basic Rent shall always be the Fair Market Rental Value of such FMRV Space.

  • If Tenant delivers written notice ("Tenant's Rejection Notice") to Landlord within the ten (10) day period rejecting Landlord's determination of FMRV or if Tenant is deemed to have rejected Landlord's determination of FMRV, the parties agree to negotiate their differences in good faith within thirty (30) days (the "FMR Negotiation Period") following Landlord's receipt of Tenant's Rejection Notice or following the effective date of such deemed rejection.

  • If the parties fail to agree on FMRV within the FMR Negotiation Period, then the parties agree to obtain an appraisal to determine the FMRV in accordance with the terms and conditions contained below.

  • Tenant shall notify Landlord in writing within ten (10) days of its receipt of Landlord's FMR Notice whether or not it accepts Landlord's determination of FMRV.

  • The third appraiser so selected shall determine which of the two appraisers’ determination is closer to FMRV within ten (10) days of appointment and the appraisal closer to the third appraiser’s determination of FMRV shall be deemed to be FMRV.

  • If no agreement can be reached in choosing such an appraiser, then the Landlord shall select an appraiser (the "Landlord Appraiser") and the Tenant shall select an appraiser (the "Tenant Appraiser") and such appraisers shall mutually agree upon the FMRV.

  • Minimum Annual Rent for any such extended period shall be the annual FMRV of the Leased Premises as determined by two (2) appraisers, one selected by ▇▇▇▇▇▇ and one selected by Landlord as of the date which is not more than ten (10) days following the expiration of the FMR Negotiation Period.

  • If Tenant accepts ▇▇▇▇▇▇▇▇'s determination, the FMRV shall be final and binding and Landlord shall prepare an amendment to the Lease that amends the base rent to reflect the new FMRV.

  • If either party fails to appoint an appraiser within such timeframe, the appraiser appointed by such other party shall make the FMRV determination.

  • If the higher of the two (2) appraisals is less than or equal to 110% of the lower, FMRV shall be the average of the two; if not, the two (2) appraisers shall then mutually select a third appraiser within ten (10) days.


More Definitions of FMRV

FMRV means the fair market rental rate per square foot of rentable area per year, calculated at the time of the determination of the FMRV and based on leases within ▇▇▇▇▇▇▇ County for comparable space under comparable terms within comparable buildings at the time in question. Subject to the foregoing, the FMRV shall be determined as follows:
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FMRV as such term is defined in Section 4.3 hereof.
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FMRV means the annual rent which a landlord would be willing to accept in an arm's-length rental of the Leased Premises unimproved by ▇▇▇▇▇▇'s Work on all of the terms and conditions set forth herein for the Renewal Term. If the parties cannot agree on the FMRV rent for the Renewal Term, such amount shall be determined on a comparable rent basis, using at least three reasonably comparable rental properties, by a qualified (MAI or equivalent) appraiser located and practicing in the Houston, Texas metropolitan area, agreed upon by the parties, or if they cannot so agree, then each shall select a qualified (MAl or equivalent) appraiser located and practicing in the Houston, Texas metropolitan area, and the two appraisers shall select a third such appraiser and the FMRV shall be the average of the three appraisals. Lessor and ▇▇▇▇▇▇ shall share equally in all costs paid to the appraisers in connection with determining FMRV for the Renewal Term hereunder.
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FMRV means the rental rate, determined in accordance with Article 21 below, that a willing tenant would pay, and a willing landlord of a comparable quality property located in the Tracy, California area (the “Subject Market”) would accept, in an arm's length transaction for space of comparable size and quality as the Premises with a building comparable to the Building taking into account the age, quality and layout of the existing improvements in the Building (“Comparable Premises”) as well as Tenant financial condition, length of term and other pertinent factors. No concessions or tenant improvement allowances shall be applicable for any Extension Term.
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FMRV means the then fair market rental value of the Site(s), for the Permitted Use (as if the Site(s) are unencumbered and free and clear of (i) the existence of this Lease, (ii) any default by Lessee hereunder, and (iii) any Contamination that Lessee is responsible for under Section 12 below).
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FMRV means the average monthly rental for office space comparable in size and quality to the Premises, in a building comparable in size and quality to the Building, and with amenities equivalent to those in the Premises, Building and Property in the vicinity of the Property in Los Angeles County that a ready, willing, and able tenant is willing to pay, taking into account all relevant factors, including, without limitation, the highest and best uses of the Premises permitted under existing zoning, but excluding any improvements on the Premises.
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Related to FMRV

  • FMR means each report prepared in accordance with Section 4.02 of this Agreement;

  • Fair Market Rental The fair market rental of the Leased Property means the rental which a willing tenant not compelled to rent would pay a willing landlord not compelled to lease for the use and occupancy of such Leased Property pursuant to the Lease for the term in question, (a) assuming that Lessee is not in default thereunder and (b) determined in accordance with the appraisal procedures set forth in Article 24 or in such other manner as shall be mutually acceptable to Lessor and Lessee.

  • Fair Market Rental Value or "Fair Market Sales Value" of the Airframe or ------------------------ ----------------------- any Engine shall mean the value that would be obtained in an arms'-length transaction between an informed and willing lessee-user or buyer-user (other than a lessee currently in possession or a used equipment dealer) under no compulsion to lease or buy, as the case may be, and an informed and willing lessor or seller, as the case may be, under no compulsion to lease or sell, as the same shall be specified by agreement between the Lessor and the Lessee or, if not agreed to by the Lessor and the Lessee within a period of 15 days after either party requests a determination, then as specified in an appraisal prepared and delivered in New York City mutually agreed to by two recognized independent aircraft appraisers, one of which shall be appointed by the Lessor and the other of which shall be appointed by the Lessee, or, if such appraisers cannot agree on such appraisal, an appraisal arrived at by a third independent recognized appraiser chosen by the mutual consent of the two aircraft appraisers. If either party should fail to appoint an appraiser within 15 days of receiving notice of the appointment of an appraiser by the other party, then such appraisal shall be made by the appraiser appointed by the first party. If the two appraisers cannot agree on such appraisal and fail to appoint a third independent recognized aircraft appraiser within 15 days after the appointment of the second appraiser, then either party may apply to the American Arbitration Association to make such appointment. The appraisal shall be completed within 30 days of the appointment of the last appraiser appointed. In determining Fair Market Rental Value or Fair Market Sales Value by appraisal or otherwise, it will be assumed that the Aircraft, Airframe or Engine is in the condition, location and overhaul status in which it is required to be returned to the Lessor pursuant to Section 12 of the Lease and that the Lessee has removed all Parts which it is entitled to remove pursuant to Section 7 of the Lease and that the Aircraft is not encumbered by the Lease. Except as otherwise expressly provided in the Lease, all appraisal costs will be shared equally by the Lessor and the Lessee; provided that if the Lessee elects not to renew the Lease or -------- purchase the Aircraft following the conclusion of such appraisal, the Lessee shall pay all appraisal costs. Notwithstanding the foregoing, for purposes of Section 17 of the Lease, the "Fair Market Rental Value" or "Fair Market Sales Value" of the Aircraft, the Airframe or any Engine, shall be determined on an "as is, where is" basis and shall take into account customary brokerage and other out-of-pocket fees and expenses which typically would be incurred in connection with a re-lease or sale of the Aircraft, the Airframe or any Engine. Any such determination pursuant to Section 17 of the Lease shall be made by a recognized independent aircraft appraiser selected by Lessor and the costs and expenses associated therewith shall be borne by Lessee, unless Lessor does not obtain possession of the Aircraft, Airframe and Engines pursuant to Section 17 of the Lease, in which case an appraiser shall not be appointed and Fair Market Rental Value and Fair Market Sales Value for purposes of Section 17 of the Lease shall be zero.

  • Fair Market Rent for the Subject Leased Property means for any Renewal Term shall mean an amount determined as follows: Landlord shall designate an independent MAI appraiser to determine the Fair Market Rent of the Subject Leased Property for the applicable Renewal Term within twenty (20) days after Tenant’s notice of its exercise of the applicable renewal option. Within thirty (30) days after selection of Landlord’s appraiser, Landlord shall notify Tenant of the determination made by Landlord’s appraiser with respect to the Fair Market Rent. Tenant shall then have ten (10) days to dispute such determination and to select its own independent MAI appraiser. In the event that Tenant fails to select its appraiser within such ten (10) day period, the determination of Landlord’s appraiser shall constitute such Fair Market Rent. Within ten (10) days after selection of Tenant’s appraiser, the two appraisers shall meet and attempt to agree as to the Fair Market Rent for the Subject Leased Property for the Renewal Term in question. In the event that such appraisers are unable to agree as to such Fair Market Rent then: (i) if the difference between the two determinations is less than five percent (5%) of the lower determination, then the average of the two determinations shall be deemed to constitute such Fair Market Rent; or (ii) if the difference between the two determinations is equal to or greater than five percent (5%) of the lower determination, then the two appraisers shall jointly select a third independent MAI appraiser, which appraiser shall select which of the determinations of the first two appraisers shall constitute such Fair Market Rent. Such third appraiser shall not have the right to vary or modify the determinations of the appraisers selected by Landlord and Tenant. Any appraiser selected pursuant to this paragraph must have at least ten (10) years experience in appraising commercial real estate in the area in which the Subject Leased Property is located. The appraisers shall not have the right to amend, modify or vary any of the terms of this Lease and the determination of the appraisers in accordance with this paragraph shall be final, binding and conclusive upon Landlord and Tenant. ]

  • Rental Value means Business Income that consists of: