Fully Assessed Value definition
Fully Assessed Value means the value of the Building, for the purposes of Real Estate Tax assessment by the appropriate officials of Fairfax County, Virginia, using the income method of valuation then being employed by Fairfax County, Virginia, based upon the following assumptions for valuation purposes: (i) that the Building is substantially completed (including base Building improvements and tenant improvements in at least ninety five percent (95%) of the tenant space); (ii) the Building is at least ninety five percent (95%) leased; and, (iii) (A) with respect to the grossing up of the Base Year, the "average" rental rate for valuation purposes shall be the expected average rental rate payable with respect to space in the Building for first calendar year during which the requirements set forth in (i) and (ii) above are reasonably expected to be satisfied; and (B) with respect to the grossing up of any calendar year subsequent to the Base Year, the "average" rental rate for valuation purposes shall be the average rental rate payable with respect to leased space in the Building for such calendar year. If Landlord obtains any subsequent reduction in Real Estate Taxes attributable to the Base Year, the Excess Real Estate Taxes, as defined in Section 4.4(c), shall be recomputed for the entire Lease Term using the new Base Year amount, and Tenant shall, within thirty (30) days of receipt of invoice, pay to Landlord any additional amount due.
Fully Assessed Value means the value of the Building, for the purpose of Real Estate Tax assessment by the appropriate officials of Fairfax County, Virginia, using the income method of valuation then being employed by Fairfax County, Virginia, based upon the following assumptions for valuation purposes: (A) the Building is substantially completed (including base Building improvements and tenant improvements in 95% of the tenant space); (B) the Building is ninety-five percent (95%) leased; and (C) the "average" rental rate for valuation purposes shall be the applicable rental rate then being used by Fairfax County for the Building and/or buildings comparable to the Building.