Market Value Rent means the highest annual fixed rent that a willing tenant would pay and a willing landlord would accept in an arm's length lease of the Demised Premises for the first year of a six-year term commencing as of the first day of the Second Renewal Term taking into account the highest and best use of the Demised Premises, provided however the Market Value Rent determined under this Article shall in no event be less than $6,200.00 per month. As used herein, the term "the Exercise Date" shall mean the date on which Landlord receives a notice of the exercise of the option to renew for the Second Renewal Term which complies with the provisions of this Article II. In the event Landlord and Tenant fail to agree upon the Market Value Rent within thirty (30) days after the Exercise Date, Landlord and Tenant shall each promptly thereafter give the other notice in writing which sets forth their respective determinations of the Market Value Rent which shall not be less than $6,200.00 ("the Determination Notice"), and (except as set forth in Section (b) of this Article) either party may apply to the American Arbitration Association or any successor thereto for the designation of an arbitrator satisfactory to both parties who shall render a determination of the Market Value Rent. The arbitrator shall be a real estate appraiser, consultant, broker, developer or manager who shall have at least fifteen years' continuous experience in and familiarity with commercial rentals for properties similar to the Demised Premises in the same or similar areas of Sarasota, Florida. The arbitrator shall conduct such hearings and investigations as the arbitrator shall deem appropriate and shall within sixty (60) days after having been appointed choose either the Market Value Rent set forth in the Landlord's Determination Notice or the Market Value Rent set forth in Tenant's Determination Notice. Such choice shall be the only choice which the arbitrator shall make. The arbitrator shall not determine a Market Value Rent which is not set forth in the Landlord's or Tenant's Determination Notice or which is less than $6,200.00 per month. The arbitrator's choice of Market Value Rent as set forth in the respective Determination Notices shall be final and binding upon Landlord and Tenant and specifically enforceable in any Court of competent jurisdiction. Landlord and Tenant shall each pay its own counsel fees and expenses, if any, in connection with the arbitration under this subparagraph (a) and t...
Market Value Rent means the most probable rent which municipal land or a facility should bring in a competitive and open market under conditions requisite to a fair agreement;
Market Value Rent shall take into account all relevant factors and shall be based upon the rents that an unaffiliated third party would be willing to pay to Landlord to a term comparable to the applicable Extension Term for the applicable Extension Premises on all of the same terms and conditions which the Extension Premises will be leased to Tenant pursuant to the terms of this Article 36, including, without limitation, the provisions of the Amended and Restated Lease provided that Tenant's shall pay its proportionate share of increases in Taxes and Operating Expenses over a base year (i.e., as opposed to paying same on a net basis).
Examples of Market Value Rent in a sentence
If Lessee disputes Lessor’s determination of Fair Market Value Rent, the dispute shall be resolved by arbitration as provided in Section 3.05.
On the Adjustment Date that is the first day of the ______ (__th) and _____ (__th) Extension Terms, Base Annual Rental shall reset to the Fair Market Value Rent (or the Interim Rent as provided in Section 3.04, if applicable) and thereafter, on each subsequent Adjustment Date during such Extension Term, the Base Annual Rental shall increase by an amount equal to the Rental Adjustment.
For the first year of the _____ (__th) and ____ (__th) Extensions, the Fair Market Value Rent as determined in Article III and thereafter 1.5% per annum, as described in Section 4.02.
If the two appraisers cannot agree upon the Fair Market Value Rent for the Leased Premises within twenty (20) days after their appointment, then, within ten (10) days after the expiration of such twenty (20) day period, the two appraisers shall select a third appraiser meeting the above criteria.
If the parties agree on the Market Value Rent for the extended term during that period, they shall immediately execute an amendment to this Lease stating the Market Value Rent for the extended term.
More Definitions of Market Value Rent
Market Value Rent means the amount payable to lease the Premises without any incentives or increases taken into account as stated in Item 9 and varied from time to time under this Lease.
Market Value Rent means the annual Base Rent and annual increases that a willing Lessee would pay and a willing Lessor would accept to an arm's length lease of the Premises as of the Exercise Date.
Market Value Rent shall be based on the rent on a per rentable square foot basis then being paid by tenants to landlords for comparable space on comparable terms in Comparable Buildings taking into account all relevant factors, including any step up in rents over leases of comparable terms, a then standard tenant inducement package of free rent and tenant improvement allowance, and the fact that Tenant will be paying its pro rata share of Operating Expenses and Taxes on a net basis (as opposed to its pro rata share of increases in Operating Expenses and Taxes over a base year). Upon commencement of the applicable Extension Term, Landlord shall provide Tenant with such a tenant inducement package comparable to those given by landlords of Comparable Buildings, but taking into account the size of the Premises, which inducement package shall be payable to Tenant, at Landlord’s option, in kind, in cash or with a rent credit upon the commencement of the applicable Extension Term; provided, that, if paid in cash, Tenant shall not be required to invest same in the Premises.
Market Value Rent means the annual fair market rental value as of the Determination Date (defined below) for a renewal lease for Premises for a five (5) year term assuming (i) the Base Tax Year and Base Expense Year will be as set forth above, (ii) the Premises shall be demised as improved for Tenant’s use in its then current “as is” condition and (iii) all other relevant factors. For purposes hereof, the “Determination Date” shall mean the date which shall occur six (6) months prior to the initial Expiration Date.
Market Value Rent means the fixed rent then being charged to tenants under other leases or offers for leases in the Building owned by Landlord or its affiliates or under common managment with the management company then managing the Building. In addition, beginning on the “Adjusted Rent Commencement Date”, Tenant shall pay, as Additional Rent, in addition to the escalation payments presently provided for under this Lease, its proportionate share of such other escalation payments which Landlord is then charging tenants under other leases or offers for leases in the Building owned by Landlord or its affiliates or under common management with the management company then managing the Building. For purposes hereof, the “Adjusted Rent Commencement Date” shall mean the day of the first option term. Addendum to Lease Page 2 The initial determination of Market Value Rent shall be made by Landlord. Landlord shall give notice to Tenant of the proposed Market Value Rent within thirty (30) days after Landlord’s receipt of Tenant’s written notice to extend the term of this Lease. Tenant shall have thirty (30) days from Landlord’s notice to review and respond to Landlord’s proposal. If Landlord and Tenant fail to agree upon the Market Value Rent proposed by the Landlord within sixty (60) days after Tenant’s receipt of Landlord’s written notice, then Tenant’s option to extend the term of this Lease will be null and void. During said sixty (60) day period, Landlord and Tenant agree to negotiate in good faith. PARAMUS PLAZA IV ASSOCIATES [ILLEGIBLE] By MALVERN X. XXXXXXXXX As to Landlord Malvern X. Xxxxxxxxx, Landlord Managing Partner [ILLEGIBLE] By XXXX XXXXXXX, As a Tenant NU VIM INCORPORATED Tenant Xxxx Xxxxxxx, President & CEO ADDENDUM II TO LEASE Dated the Eighth day of December 0000 Xxxxxxx Xxxxxxx Xxxxx IV Associates, Landlord and Nu Vim, Incorporated, Tenant Notwithstanding anything contained elsewhere in the above referenced lease, the following sections are modified as follows:
Market Value Rent means the annual rental rate for the Premises charged to non-renewing/non-extending tenants for space of comparable size and conditions in Comparable Buildings, further taking into consideration the following: the location in a business park/campus and amenities available to tenants, quality, condition and age of the building; the use, location, size and floor level(s) of the space in question; the definition of “rentable area”; the extent of leasehold improvements; leasehold improvement allowances; abatements (including with respect to basic rental, operating expenses and real estate taxes); lease takeovers/assumptions; relocation/moving allowances; space planning/interior architecture and engineering allowances; refurbishment and repainting allowances; club memberships; other concessions or inducements including, without limitation, signage and parking charges; extent of services provided or to be provided; distinction between “gross” and “net” lease; base year or dollar amount for escalation purposes (both operating expenses and ad valorem/real estate taxes); any other adjustments (including by way of indexes) to basic rental; credit standing and financial stature of the tenant; term or length of lease; the time the particular rental rate under consideration was agreed upon and became or is to become effective; the payment of a leasing commission and/or fees/bonuses in lieu thereof, whether to Landlord, any person or entity affiliated with Landlord, or otherwise; and any other relevant term or condition in making such Market Value Rent determination.
Market Value Rent has the meaning provided in Section 33.4.