Market Rent shall be the anticipated rate in effect for the 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 Building is located of equivalent quality, size, utility and location, and taking into account the length of the renewal term and the credit standing of Tenant. Landlord shall lease the Premises to Tenant in their then-current condition, and Landlord shall not provide to Tenant any allowances (e.g., moving allowance, construction allowance, free rent or the like) or other tenant inducements. In the event that Tenant shall exercise an option to renew the 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 Extended 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 the 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 presiding judge of the local state co...
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 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
The Owner hereby grants the Agent power to create rental agreements related to the Property for: (check one) ☐ - Market rent.
The Owner hereby grants the Agent power to create rental agreements related to the Property for: (check one) ☐ - Market rent.
More Definitions of Market Rent
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 shall be computed as of the applicable date at the then effective current rentals being charged to new tenants for comparable buildings and locations within the Greater South Shore Area, taking into account and giving effect to, in determining comparability, without limitation, such considerations as size, location of premises, lease term, and real estate tax and operating expenses. Landlord shall initially, at least sixty (60) days prior to the commencement of the option period in question, designate the Market Rent and shall furnish comparable data in support of such designation. If Tenant disagrees with Landlord's designation of the Market Rent, then Tenant shall have the right, by written notice given within twenty-one (21) days after Tenant has been notified of Landlord's designation, to submit such Market Rent to arbitration as follows. Market Rent shall be determined by arbitrators, one to be chosen by Tenant, one to be chosen by Landlord and a third to be selected, if necessary, as below provided. All arbitrators selected under this paragraph shall be experienced real estate appraisers with substantial experience similar with properties in the Greater South Shore Area. If within twenty (20) days after Tenant's notice, the parties agree upon a single arbitrator or, if one party fails to select an arbitrator, the arbitrator selected by the other, then such arbitrator shall be the sole arbitrator and Market Rent shall be determined by such arbitrator. The unanimous written decision of the two first chosen (or the decision of the first, if a second arbitrator is not chosen) without selection and participation of a third arbitrator, or otherwise the written decision of a majority of the three arbitrators chosen and selected as provided herein, shall be conclusive and binding upon Landlord and Tenant. Landlord and Tenant shall each notify the other of its chosen arbitrator within twenty-one (21) days following the call for arbitration and, unless such two arbitrators shall have reached a unanimous decision within thirty (30) days after their designation, then they shall so notify the then President of the Greater South Shore Real Estate Board and request him or her to select an impartial third arbitrator to act hereunder. Such third arbitrator and the first two chosen shall hear the parties and their evidence and render their decision within thirty (30) days following the conclusion of such hearing and notify Landlord and Tenant thereof. Landlord and Ten...
Market Rent shall be the fair market rent that willing parties would pay and receive as the Base Rent to lease similar space in the Building and similar space in similar buildings in the same geographic area, during the Extension Term and under the applicable terms and conditions of this Lease (and other relevant market factors).
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 Base Annual Rent for the Demised Premises at the time in question which Landlord sets forth in a notice (hereinafter referred to as the "Market Rent Notice") to Tenant within thirty (30) days from receipt of Tenant's notice of the exercise of its option to renew. In the event that Tenant shall, in good faith, disagree with the Market Rent set forth in the Market Pent Notice established by Landlord for the Demised Premises, Tenant shall, within five (5) days after receipt of the Market Rent Notice, furnish Landlord with a written explanation in reasonable detail of the basis for Tenant's good faith disagreement, the amount which, in Tenant's good faith opinion, is the Market Rent for Extension Term ("Tenant's Notice"). If Tenant's Notice is not received by Landlord within said five (5) day period, the Market Rent shall be the Market Rent set forth in the Market Rent Notice to Tenant. If Tenant's Notice is received by Landlord with said five (5) day period, then the Market Rent for the Demised Premises shall be established by an M.A.I. appraiser mutually selected by Landlord and Tenant. If Landlord and Tenant can not agree on an appraiser , Landlord and Tenant shall promptly apply to the local office of the American Arbitration Association for the appointment of an appraiser whose decision shall be binding on Landlord and Tenant. All fees, costs and expenses incurred in connection with obtaining the appraiser and the resulting Market Rent shall be Tenant's expense, however, Landlord and Tenant shall each bear their own attorneys' fees incurred with respect to this procedure. Notwithstanding the foregoing, in no event shall the Market Rent be less than the Base Annual Rent for the preceding Lease Year.
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);