Market Rent definition
Market Rent as used herein, shall be that rent charged for comparable research laboratory and office space of similar age and condition in laboratory buildings in the mid-Cambridge submarket as of the end of the First Extended Term. If, after good faith attempts, the Lessor and Lessee cannot agree on a figure representing Market Rent within thirty (30) days after Lessee has delivered the Extension Notice, then 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 the Second Extension Period, as Additional Rent, Lessee’s Allocable Percentage (as determined by the approximate total rentable sp...
Market Rent means the price that a ready and willing tenant would pay, at commencement of the Option Term, as monthly base rent to a ready and willing landlord of similar space in the geographical area of San Diego County known as Del Mar Heights if such office space were offered for lease on the open market for a reasonable period of time and be the product of the fair market annual rental rate per rentable square foot multiplied by the Rentable Area of the Premises (as set forth in the Basic Lease Information), determined as follows: (a) as mutually agreed by Landlord and Tenant within ten (10) days of Landlord’s delivery to Tenant of Landlord’s opinion of the Market Rent for the first year of the Option Term (“Landlord Rent Notice”, which shall be Verus Lease v06 -4- February 2, 2005 (8:51 pm) delivered to Tenant within ten (10) days of receipt of Tenant’s written Extension Notice; or (b) in the event that Landlord and Tenant are unable to so agree, the Market Rent shall be determined by concurrent appraisals pursuant to Section 4.01(c) below. In determining Market Rent, appraisers shall take into account the duration of the Option Term, the quality, condition and prestige of the Building and Premises (as tenant improvements are maintained as required by the terms and conditions of this Lease), recent monthly rental rates and annual base rent escalations for buildings of similar size and location imputed to the commencement of the Option Term, condition and quality of comparable tenant improvements in buildings of similar quality and location and all relevant economic terms of this Lease, including free rent and other economic inducements, it being the intent that Market Rent, as so determined, should reflect the total economic package which would be offered at the time of commencement of the Option Term to a new tenant for the Premises, or substantially similar space in a building of similar quality, condition, and location and with similar tenant improvements under a lease with substantially the same terms and provisions as the applicable terms and provisions of this Lease (“Market for Similar Space”) without discounting the rent for the creditworthiness of the Tenant or for the cost of real estate leasing commissions. Landlord’s Rent Notice, and any determination of Market Rent by appraisal as described herein, shall also set forth the market annual base rent escalation rate then prevailing in the relevant marketplace, which shall be used for purposes of determi...
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.
Examples of Market Rent in a sentence
All of the terms and provisions of this Lease shall be applicable during the Extension Term except (a) Tenant shall have no option to extend the Lease Term beyond the Extension Term and, (b) the Basic Rent for the Extension Term shall be at the then Market Rent but no less than the prior year’s Basic Rent.
More Definitions of Market Rent
Market Rent shall be the anticipated rate in effect for the Leased Premises as of the commencement of the renewal term, together with any market rate increases during the renewal term, based upon the rents generally in effect for renewed leases of space in the area in which the Buildings are located of equivalent quality, size, utility and location, and taking into account the length of the renewal term and the credit standing of the County. Landlord shall lease the Leased Premises to the County in their then-current condition, and Landlord shall not provide to the County any allowances (e.g., moving allowance, construction allowance, free rent or the like) or other tenant inducements. In the event that the County shall exercise an option to renew this Lease, then the Market Rent shall be agreed upon in a meeting of the parties hereto held at least ninety (90) days prior to the expiration of the then current Term. If the parties are able to agree on an amount of Market Rent that is mutually satisfactory, then such agreements shall be placed in writing and shall be signed by the parties hereto and shall thereupon become a part of this Lease. If the parties hereto are unable to agree upon the Market Rent at least thirty (30) days prior to the commencement of the renewal term, then the disagreement shall be promptly submitted to arbitration. In such event, each party shall select an arbitrator having not less than ten (10) years’ actual experience in the commercial real estate brokerage business, and the arbitrators so selected shall immediately meet for the purpose of hearing and deciding the dispute and fixing the relevant rate of rent. If the two arbitrators selected agree on Market Rent, their decision shall be binding on both parties. If the two arbitrators selected cannot agree on the Market Rent within ten (10) business days after appointment (the “Initial Review Period”), but the rates differ by less than five percent (5%), the Market Rent shall be the average of the two rates. If the rates differ by more than five percent (5%), no later than five (5) business days following the expiration of the Initial Review Period, the two arbitrators shall select a third arbitrator with qualifications similar to their own. Within ten (10) business days following appointment, the third arbitrator shall select one of the two rental rates promulgated by the first two arbitrators as the Market Rent. If the arbitrators cannot agree on the third arbitrator, they shall petition the...
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 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.
Market Rent means the effective base rent (i.e. taking into account any tenant concessions which may be in the marketplace, such as, but not limited to, rent abatements and improvement allowances) that would be received by landlords reletting space in renewal transactions of quality, size and location comparable to the Metro Level Demised Premises, in comparable buildings in the central business district of the District of Columbia for a comparable term commencing on or about the date of the commencement of the applicable Metro Level Extension Period, adjusted to reflect that the provisions of the section of this Lease Addendum No. 3 entitled "Rental Escalation for Increases in Expenses" shall continue uninterrupted and without modification and that Metro Level Monthly Rent shall not be adjusted during the applicable Metro Level Extension Period. If the Market Rent for any Metro Level Extension Period, determined in accordance with this section of this Lease Addendum No. 3, is less than the Metro Level Monthly Rent in effect for the month of April immediately preceding the commencement of the applicable Metro Level Extension Period, Lessee shall have the right, at its sole option, to terminate the Lease with regard to the Metro Level Demised Premises. To exercise this termination option, Lessee shall serve on Lessor written notice of its election to exercise such termination option no later than thirty (30) days following the receipt of the brokers' determination of Market Rent for the applicable Metro Level Extension Period pursuant to this section. If Lessee exercises its option to terminate the Lease with regard to the Metro Level Demised Premises as aforesaid, then notwithstanding anything contained in the Lease or herein to the contrary, the Lease with regard to the Metro Level Demised Premises shall terminate and become of no further force or effect on the later of (i) the then applicable expiration date of the Lease with respect to the Metro Level Demised Premises, or (ii) the date ("Revised Metro Level Expiration Date") which is the last day of the twelfth month following the date Lessee serves Lessor with such notice, except as to obligations of Lessee accruing in each case on or before such expiration date which shall remain obligations of Lessee until satisfied. If the Revised Metro Level Expiration Date becomes the effective date of expiration of the term of the Lease with respect to the Metro Level Demised Premises, the term of the Lease with regard to th...
Market Rent means the applicable Monthly Basic Rental, including all escalations, any Excess, additional rent and other charges at which tenants, as of the commencement of the Option Term, are leasing non-sublease, non-encumbered, space comparable in size, location and quality to the Premises in renewal transactions for a term comparable to the Option Term, which comparable space is located in office buildings comparable to the Project in the Thousand Oaks/Westlake Village office market area, taking into consideration the value of the existing improvements in the Premises to Tenant, as compared to the value of the existing improvements in such comparable space, with such value to be based upon the age, quality and layout of the improvements and the extent to which the same could be utilized by Tenant with consideration given to the fact that the improvements existing in the Premises are specifically suitable to Tenant.
Market Rent means the weekly market rent for each Property as set out in Schedule 4 (as amended from time to time in accordance with this Agreement);
Market Rent means the price that a ready and willing tenant would pay, at commencement of the applicable Option Term, as monthly base rent to a ready and willing landlord of similar space in a Class "A" office building in the geographical area known as Del Mar Heights/Torrey Hills ("Similar Space"), if such Similar Space were offered for lease on the open market for a reasonable period of time and be the sum of the fair market annual rental rate per rentable square foot multiplied by the Rentable Area of the Premises (as set forth in the Basic Lease Information). Market Rent shall be determined as follows: (a) as mutually agreed by Landlord and Tenant within ten (10) days of Landlord's delivery to Tenant of Landlord's opinion of the Market Rent for the first year of the applicable Option Term ("Landlord Rent Notice"), which shall be delivered to Tenant within ten (10) days after Landlord receives Tenant's written Notice to Extend; or (b) in the event that Landlord and Tenant are unable to so agree, the Market Rent shall be determined by concurrent appraisals pursuant to Section 4.01(c) below. Tenant shall have the right to withdraw its Extension Notice by written notice to Landlord delivered to Landlord within thirty (30) days after delivery to Tenant of Landlord's Rent Notice. In determining Market Rent, appraisers shall take into account the duration of the applicable Option Term, the quality and prestige of the Building and Premises, recent monthly new and renewal rental rates for Similar Space imputed to the commencement of the applicable Option Term, and all relevant economic terms of this Lease, it being the intent that Market Rent, as so determined, should reflect the total economic package which would be offered at the time of commencement of the applicable Option Term to a tenant for the Premises on a new lease or lease renewal basis, or substantially Similar Space in a building of similar quality and value of tenant improvements (without consideration of depreciation or amortization on an accounting basis) and location under a lease with substantially the same terms and provisions as the applicable terms and provisions of this Lease ("Market for Similar Space"), without discounting the rent for the creditworthiness of the tenant or for the real estate leasing commissions. Notwithstanding the foregoing, in no event shall the Market Rent as so determined be less than the Base Rent for the calendar year immediately preceding the commencement of the Option Term....