Market Rental Value means the fair market value of property while rented out in a lease.
Market Rental Value of the Premises for the Renewal Periods shall be determined by Landlord and Tenant not later than thirty (30) days after Landlord's receipt of the respective Extension Exercise Notice ("Negotiation Period"). if Landlord and Tenant cannot agree as to Market Rental Value of the Premises prior to the end of the Negotiation Period, then Tenant may deliver written notice to Landlord within ten (10) days after the expiration of the Negotiation Period rescinding Tenant's Extension Exercise Notice, in which event this Lease shall expire upon the last day of the then-current Term. If Tenant does not deliver such rescission notice within ten (10) days after the expiration of the Negotiation Period, then Market Rental Value shall be determined as follows:
Market Rental Value means the fair market rental rate per square foot of the Rentable Area of the Premises that would be agreed upon between a landlord and a tenant of similar creditworthiness entering into a new lease in comparable buildings (with structured or below-grade parking amenities) of comparable age as the Buildings, assuming the following: (A) the landlord and tenant are typically motivated; (B) the landlord and tenant are well informed and well advised and each is acting in what it considers its own best interests; (C) in the event the Premises have been destroyed or damaged by fire or other casualty, they have been fully restored; (D) the Premises are to be let with vacant possession and subject to the provisions of this Lease for a term commensurate with the respective Renewal Period. Market Rental Value shall take into account market rents then being charged for leases of comparable square footage and comparable space in other similar office buildings in comparable locations, rent escalation provisions then prevailing, rental abatements, build-out allowances and other concessions then customarily granted, any savings in brokerage commissions by Landlord, and other terms customarily agreed to in market leases entered into at such times.
Examples of Market Rental Value in a sentence
If each party appoints an arbitrator in a timely manner, but the two (2) arbitrators fail to agree on and appoint a third arbitrator within the required period, the arbitrators shall be dismissed without delay and the issue of Fair Market Rental Value shall be submitted to binding arbitration under the real estate arbitration rules of JAMS, subject to the provisions of this section.
The provisions of this Section shall apply in any instance in which this Lease provides that the Fair Market Rental Value is to apply.
If each party makes a timely determination of the Fair Market Rental Value, those determinations shall be submitted to arbitration in accordance with subsection (c).
Within thirty (30) days after the appointment of the third arbitrator, the three (3) arbitrators shall decide whether the parties will use Landlord’s or Tenant’s submitted Fair Market Rental Value and shall notify Landlord and Tenant of their decision.
Whenever Fair Market Rental Value or Fair Market Sales Value of the Aircraft is required to be determined by an appraisal under this Section 17, Lessee and Lessor shall appoint a mutually satisfactory Appraiser to conduct such appraisal.
More Definitions of Market Rental Value
Market Rental Value means the yearly rack rent which would reasonably be expected to become payable in respect of the Demised Premises after the expiry of a rent free period for fitting out purposes and/or after the giving of such inducements in lieu thereof as would (in either such case) be negotiated in the open market between a willing lessor and a willing lessee upon a letting of the same as a whole by a willing landlord to a willing tenant in the open market at the relevant Review Date for a term of ten years commencing on the relevant Review Date with vacant possession without fine or premium or other capital sum and on the following further assumptions:
Market Rental Value means the estimated amount for which an interest in the land should be leased on the valuation date between a willing lessor and a willing lessee on appropriate lease terms in an arm’s length transaction, after proper marketing and where the parties had each acted knowledgeably, prudently and without compulsion;
Market Rental Value means the rent at which the Premises might reasonably be expected to be let on the relevant Review Date as a whole, on the relevant Review Date on the terms of a Hypothetical Lease making the Assumptions and disregarding the Disregards;
Market Rental Value. The rental rate per rentable square foot per month (taking into account additional rent and all other monetary payments and considering any base year or expense stop applicable thereto), including all escalations, for all leases for comparable, unencumbered space for approximately the same lease term, executed at the Project and/or any other comparable Class A building in terms of size, quality, level of services, amenities, age and appearance located within the Southern Marin County area from the northern border of Corte Madera and Larkspur south to the Golden Gate Bridge (collectively, “Comparable Buildings”), during the twelve (12) month period immediately preceding the date upon which the determination of Fair Market Rental Value is made, and having a commencement date within six (6) months of the date that the Fair Market Rental Value will commence under this Lease, and taking into account any free rent, tenant improvements, tenant improvement allowances, moving allowances and other concessions granted to tenants under leases of such comparable space in Comparable Buildings and the value, if any, of the existing tenant improvements (with such value being judged with respect to the utility of such existing tenant improvements to the general business office user and not this particular Tenant), The Fair Market Rental Value shall be determined in accordance with the terms and provisions of this Lease below.
Market Rental Value means the annual rack rent of the Demised Premises having the benefit of (for the avoidance of doubt) the car parking rights referred to in the First Schedule at the relevant Rent Review Date
Market Rental Value calculated in accordance with the following:
Market Rental Value shall become the new base rent for purposes of Paragraph 4 (c) (1) below. The Base Rent during the option period shall be adjusted using the method indicated below: