Market Rent means the applicable Monthly Basic Rental at which tenants, as of the commencement of the Option Term, are entering into leases for non-sublease space which is comparable in size, location and quality to the Premises in new and renewal transactions, for a term comparable to the Option Term, which comparable space is located in buildings comparable to the Project in Poway, California, taking into consideration any applicable concessions including, without limitation, free rent, improvements and improvement allowances, and also taking into consideration the value of the existing improvements in the Premises as compared to the value of the existing improvements in such comparable space.
Market Rent as used herein shall be that rent charged for comparable first class research laboratory and office space in the mid-Cambridge submarket as of the end of the original Term. If, after good faith attempts prior to the expiration of the original Term, the LESSOR and LESSEE cannot agree on a figure representing Market Rent within thirty (30) days after LESSEE has delivered the Extension Notice, either party, upon written notice to the other, may request appraisal and arbitration of the issue as provided in this section. Within fourteen (14) days of the request for arbitration, each party shall submit to the other the name of one unrelated individual or entity with proven expertise in the leasing of commercial real estate in greater Boston/Cambridge to serve as that party’s appraiser. Each appraiser shall be paid by the party selecting him or it. The two appraisers shall each submit their final reports to the parties within thirty (30) days of their selection making their determination as to Market Rent (subject however, to the Extension Rent Floor). The two appraisers shall meet within the next fourteen (14) days to reconcile their reports and collaboratively determine the Market Rent. They shall each make their determination in writing (subject however, to the Extension Rent Floor), including a statement if such is the case, that they are at an impasse. Such a statement of impasse shall be submitted to the parties along with the Market Rent figure which each appraiser has selected and his reasons and substantiation therefor. The appraisers, in case of an impasse, shall also agree on one unrelated individual or entity with expertise in commercial real estate in greater Boston, who shall evaluate the reports of the two original appraisers and within fourteen (14) days of submission of the issue to him, make his own determination as to a figure representing Market Rent (subject however, to the Extension Rent Floor). The determination of this individual or entity (i.e. arbitrator) absent, fraud, bias or undue prejudice shall be binding upon the parties. Annual Base Rent and Additional Rent during any Extended Term shall be payable in advance, in equal monthly installments on the first day of each calendar month. LESSEE in addition to the sums payable annually to LESSOR as Annual Base Rent, shall pay to LESSOR for each year of any Extended Term, as Additional Rent, LESSEE’s Allocable Percentage (as determined by the approximate total rentable space leased) for Ope...
Market Rent means the annual rental which could reasonably be obtained by Landlord for the Premises from a willing renewing tenant or willing renewing tenants dealing at arms’ length with Landlord in the market prevailing for a term commencing on the commencement date of the Extension Term, having regard to all relevant circumstances including the size and location of the Premises, the facilities afforded, the terms of the lease thereof (including its provisions for Additional Rent), the condition of the Premises and the extent and quality of the improvements therein (disregarding Tenant’s trade fixtures and also disregarding any deficiencies in the condition and state of repair of the Premises as a result of Tenant’s failure to comply with its obligations hereunder in respect of the maintenance and repair of the Premises) and the use of the Premises and having regard to rentals currently being obtained for space in the Building and for comparable space in other buildings comparably located. The Market Rent for the Extension Term shall be as agreed upon between Landlord and Tenant or, failing agreement by Landlord and Tenant by not later than three (3) months prior to the expiry of the Term hereof the Market Rent shall be established in the manner set out in subsection (c) of this section. In the event that the Basic Rent payable during the Extension Term has not been determined prior to the commencement of the Extension Term, then until such determination has been made, Tenant shall pay Basic Rent at a rate equal to one hundred fifty (150%) percent of the Basic Rent payable during the last year of the original Term hereof. Upon determination of the Basic Rent for the Extension Term, Tenant shall pay to Landlord any deficiency in the payments of Basic Rent previously made by Tenant, or Landlord will credit to Tenant’s rental account any excess of Basic Rent previously paid and shall apply same toward Rent which thereafter accrues due under the Extension Term, until exhausted.
Examples of Market Rent in a sentence
Allowable Expense Level (AEL), Fair Market Rent (FMR), and Total Development Cost (TDC) are used to adjust the amount of subsidy for FCAS to reflect local conditions.
This is based on an analysis of the cost to rent a unit at the Fair Market Rent, which is determined by the U.S. Department of Housing and Urban Development.
The PHA will annually set the flat rental amount for each public housing unit at no less than eighty percent (80%) of the applicable Fair Market Rent (FMR), and then reduce that amount by the applicable utility allowance.
The results of any successful changes to Fair Market Rent (FMR), Total Development Cost (TDC), and the U.S. Census Bureau Population Estimates data should also be submitted by August 1, 2020.
Average Market Rent (AMR) represents the rents across the entire private rental housing stock and includes older stock and units rented below market due to rent control.
More Definitions of Market Rent
Market Rent shall be computed as of each Adjustment Date at the fair market rental rate (per square foot of Rentable Area) that would be agreed upon between a landlord and a tenant entering into a new lease for "as is" space in a comparable building, taking into account and giving effect to (i) the estimated savings to Landlord of costs and expenses associated with leasing the Premises to Tenant rather than to a third party, including without limitation leasing commissions and lost rent due to vacancy periods and (ii) in determining comparability, considerations such as size, configuration, location (i.e., suburbs of Boston, excluding Cambridge, MA and Boston city limits), quality, age and condition of premises and lease term, assuming the landlord and tenant are informed and well-advised and each is acting in what it considers its own best interests. Market Rent shall include the provision by Landlord to Tenant of a tenant improvement allowance, free rent and/or other special concessions ("Fair Market Concessions") in amounts that would be agreed upon between a landlord and a tenant entering into a new lease for comparable space as to location (i.e., suburbs of Boston, excluding Cambridge, MA and Boston city limits), configuration, size and use, in a comparable building as to location, quality, reputation and age, with a comparable build-out, and a comparable term, assuming the landlord and tenant are informed and well-advised and each is acting in what it considers its own best interests. Notwithstanding anything to the contrary in this Section 2.4(a), the determination of Market Rent pursuant to Section 2.4(b) shall exclude the value of Tenant's Property and any installations, alterations or additions to the Premises made after the date of this Lease. In determining the Market Rent, the net present value approach shall be utilized (with an appropriate discount rate) to reflect the fact that Landlord will realize the savings set forth in clause (i) above immediately upon the commencement of the applicable Extended Term.
Market Rent means the fair market rent for the Demised Premises, as of the commencement date of the Renewal Term (the "Determination Date"), based upon the rents generally in effect for comparable office space in the area in which the Real Estate is located. Market Rent (for the purposes of determining the Minimum Rent only during the Renewal Term) shall be determined on what is commonly known as "gross" basis; that is, in computing Market Rent, it shall be assumed that all real estate taxes and expenses for customary services are included in such Market Rent and are not passed through to the Tenant as separate additional charges. Notwithstanding the foregoing, the Minimum Rent for the Renewal Term shall be thereafter increased form time to time as provided in this Lease and the First Tax Year and First Operating Year for the Renewal Term shall be defined as provided in Article 36 hereof.
Market Rent means the Rent as specified in Column 2 of Item 3, of Schedule 1 that would reasonably be expected to be paid for the site if it were offered for the same or a substantially similar use to which the site may be put under the Licence;
Market Rent. Means the estimated amount for which the Dwelling should lease (let) on the date of valuation between a willing lessor and a willing lessee on appropriate lease terms in an arm’s-length transaction after proper marketing wherein the parties had acted knowledgeably, prudently and without compulsion.
Market Rent means the amount of rent that can be expected for the use of a property, in comparison with similar properties in the same area.
Market Rent shall be determined by Landlord based on leases then currently under negotiation or recently executed for the Property. If no such leases are under negotiation or have been recently executed, then the Market Rent shall be reasonably determined by Landlord based on comparable office space in the town or city in which the Premises are located (if any such space exists) taking into account, among other factors, amenities, setting, location and demographics. Landlord shall notify Tenant of the Market Rent within a reasonable period after Tenant notifies Landlord that Tenant is exercising the option to extend, provided Landlord shall not be required to set the Market Rent prior to ten (10) months before the expiration of the Term. If Tenant disagrees with Landlord's determination of the Market Rent and the parties are unable to agree upon a Market Rent within thirty (30) days after Landlord's notice thereof, then the Market Rent shall be determined by appraisal made as hereinafter provided by a board of three (3) reputable independent commercial real estate brokers, each of whom shall have at least ten (10) years of experience in the Greater Boston office rental market and each of whom is hereinafter referred to as an "appraiser." Tenant and Landlord shall each appoint one such appraiser and the two (2) appraisers so appointed shall appoint the third appraiser. The cost and expenses of each appraiser appointed separately by Tenant and Landlord shall be borne by the party who appointed the appraiser. The cost and expenses of the third appraiser shall be shared equally by Landlord and Tenant. Landlord and Tenant shall appoint their respective appraisers at least five (5) months prior to commencement of the period for which Market Rent is to be determined and shall designate the appraiser so appointed by notice to the other party. The two appraisers so appointed and designated shall appoint the third appraiser at least four (4) months prior to the commencement of such period and shall designate such appraiser by notice to Landlord and Tenant. The board of three (3) appraisers shall determine the Market Rent of the space in question as of the commencement of the period to which the Market Rent shall apply and shall notify Landlord and Tenant of their determinations at least sixty (60) days prior to the commencement of such period. If the determinations of the Market Rent of any two (2) or all three (3) appraisers shall be identical in amount, said amount shall be d...
Market Rent shall be defined as the rate established by the Landlord without concessions. All other terms and conditions of this Lease shall remain in full force and effect. Such month-to-month tenancy shall begin on the first day immediately following the expiration of this Lease and shall continue month-to-month thereafter until either Resident or Landlord provides written notice of termination to the other party at least thirty (30) days prior to the end of the next monthly term.