Option Rent definition
Option Rent. As set forth in Exhibit "I" attached hereto and incorporated herein.
Option Rent. If Lessee duly exercises its option to extend this Lease as provided in Section 3.05 above, the rent payable during the Option Term, each annual CPI adjustment will have a cap of 5% but no less than 3%.
Option Rent. The Base Rent payable by Lessee during the Option Term (the "Option Term") shall be the "Fair Market Rental Rate" for the premises. The term "Fair Market Rental Rate" shall mean the annual amount per rentable square foot that a willing, non-equity, non-sublease tenant would pay and a wiling landlord would accept on a non-sublease, non-renewal basis, at arm's length, for unencumbered space comparable to the Premises in the Building and in comparable first-class office buildings in the Studio City, Valley Village Market or within three (3) miles of 4705 Laurel Canyon Boulevard.
Examples of Option Rent in a sentence
The determination of the arbitrators shall be limited solely to the issue of whether Landlord’s or Tenant’s submitted Option Rent is the closest to the actual Option Rent, taking into account the requirements of Section 2.2.2 of this Lease, as determined by the arbitrators.
If Tenant does not withdraw its exercise of the extension option, each party shall make a separate determination of the Option Rent, as the case may be, within ten (10) days after the Outside Agreement Date, and such determinations shall be submitted to arbitration in accordance with Sections 2.2.3.1 through 2.2.3.7, below.
If Tenant, on or before the date which is ten (10) days following the date upon which Tenant receives Landlord’s determination of the Option Rent, in good faith objects to Landlord’s determination of the Option Rent, then Landlord and Tenant shall attempt to agree upon the Option Rent using their best good-faith efforts.
If Tenant fails to object to Landlord’s determination of the Option Rent within the time period set forth herein, then Tenant shall be deemed to have accepted Landlord’s determination of Option Rent.
In the event Tenant timely and appropriately exercises an option to extend the Lease Term, Landlord shall notify Tenant of Landlord’s determination of the Option Rent within thirty (30) days thereafter.
More Definitions of Option Rent
Option Rent in this Section 2.2.3 shall be deemed to refer to Option Rent, Expansion Rent or First Offer Rent, as applicable. Within ten (10) days following its receipt of the Landlord Response Notice, Tenant shall notify Landlord in writing whether it accepts or objects to the Option Rent set forth in Landlord’s Response Notice. In the event that Tenant in good faith objects to Landlord’s determination of the Option Rent, then Landlord and Tenant shall meet and attempt to agree upon the Option Rent using their best good-faith efforts. If Landlord and Tenant fail to reach agreement on or before the date that is ninety (90) days (A) prior to the expiration of the initial Lease Term (B) prior to the applicable Expansion Space Commencement Date, or (C) following Tenant’s objection to the First Offer Rent set forth in a First Offer Notice, as applicable (each, an “Outside Agreement Date”), then the Option Rent shall be determined by arbitration pursuant to the terms of this Section 2.2.3. Each party shall make a separate determination of the Option Rent, within five (5) days following the Outside Agreement Date, and such determinations shall be submitted to arbitration in accordance with Section 2.2.3.1 through Section 2.2.3.4, below. The determination of the arbitrators shall be made by taking into consideration all Comparable Transactions as calculated under the Constant Rate Equivalent Approach.
Option Rent. The rent payable by Tenant during the Option Term ("Option Rent") shall be equal to ninety-five percent (95%) of the "Market Rent" (defined below). "Market Rent" shall mean the applicable Monthly Basic Rental, including all escalations, Direct Costs, additional rent and other charges at which tenants, as of the commencement of the Option Term, are leasing non-sublease, non-encumbered, non-equity, 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 El Segundo/Los Angeles Airport area of California. EXERCISE OF OPTIONS. The Option shall be exercised by Tenant only in the following manner: (i) Tenant shall not be in default, and shall not have been in default, and shall not have been in default under this Lease more than once, on the delivery date of the Interest Notice and Tenant's Acceptance; (ii) Tenant shall deliver written notice ("Interest Notice") to Landlord not less than nine (9) months prior to the expiration of the Lease Term, stating that Tenant is interested in exercising the Option, (iii) within fifteen (15) business days of Landlord's receipt of Tenant's written notice, Landlord shall deliver notice ("Option Rent Notice") to Tenant setting forth the Option Rent; and (iv) if Tenant desires to exercise such Option, Tenant shall provide Landlord written notice within fifteen (15) business days after receipt of the Option Rent Notice ("Tenant's Acceptance") and upon, and concurrent with such exercise, Tenant may, at its option, object to the Option Rent contained in the Option Rent Notice, in which case the parties shall follow the procedure, and the Option Rent shall be determined, as set forth in Section 31(d) below. Tenant's failure to deliver the Interest Notice or Tenant's Acceptance on or before the dates specified above shall be deemed to constitute Tenant's election not to exercise the Option.
Option Rent has the meaning assigned to such term in Section 2.3.1.
Option Rent using their good faith efforts. If Landlord and Tenant fail to reach agreement on the Option Rent within twenty (20) days following Tenant’s receipt of Landlord’s Option Rent Response, then within three (3) business days after demand by either Landlord or Tenant, each party shall simultaneously present to the other and certify to each other such party’s final offer regarding the Option Rent for the Extension Term (each, a “Last Offer”). If the parties fail to agree on the Option Rent within such twenty (20) day period following Tenant’s receipt of Landlord’s Option Rent Response, such Last Offers shall be submitted to arbitration by Landlord and/or Tenant (the “Arbitration Demand”) in accordance with Section 54(b)(i) through (b)(viii), below and in accordance with the then existing Rules for Commercial Arbitration of the American Arbitration Association, or its successor. The following rules shall apply to such arbitration, in addition to (and controlling over) the then existing Rules for Commercial Arbitration of the American Arbitration Association, or its successor:
Option Rent is defined in Section 3.2.
Option Rent. Lease Year Annually Monthly 4 $80,684.40 $6,723.70 5 $83,496.00 $6,958.00 6 $86,847.20 $7,237.27
Option Rent is defined in Section 22.2.