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.

FMRV. Fair market rental value, as defined in Section 4.2

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:

FMRV as such term is defined in Section 4.3 hereof.

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.

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.

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).

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.