Option Rent Notice. (as defined below), are entering into leases for 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 Temecula, California 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, w it h 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.
Option Rent Notice to Tenant setting forth the Landlord’s determination of the Base Rent for the applicable Extension Term. Within ten (10) business days after receipt of the Option Rent Notice, Tenant shall provide Landlord with irrevocable written notice (“Tenant’s Acceptance”) exercising the Option and stating either (a) that Tenant accepts Landlord’s determination of Base Rent in the Option Rent Notice, or (b) that Tenant objects to Landlord’s determination of Base Rent and elects to determine Market Rent in accordance with Section 38.4. Time is of the essence hereof and late delivery of the Interest Notice shall not be effective. Failure of Tenant to provide Tenant’s Acceptance shall be deemed Tenant’s election of option (b) above. If Tenant does not give an Interest Notice on or before the date specified above, Tenant shall be deemed to have irrevocably waived the right to exercise the Option. Landlord shall not be required to give effect to the Option if an Event of Default is outstanding beyond applicable notice and cure periods as the date of the Interest Notice. The rights contained in this Section shall be personal to the original Tenant (and any Permitted Transferee which is an assignee of Tenant’s then-remaining entire interest in this Lease) and may only be exercised by the original Tenant (and any Permitted Transferee which is an assignee of Tenant’s then-remaining entire interest in this Lease) (and not any other assignee, sublessee or other transferee of the original Tenant’s interest in this Lease).
Option Rent Notice to Tenant setting forth the Option Rent; and (D) 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. 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. If Tenant timely and properly exercises its Option, the Lease Term shall be extended for the Option Term upon all of the terms and conditions set forth in this Lease, except that the rent for the Option Term shall be as indicated in the Option Rent Notice unless Tenant, concurrently with Tenant's Acceptance, objects 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.
Examples of Option Rent Notice in a sentence
In the event Tenant timely and appropriately exercises its option to extend the Lease but rejects the Option Rent set forth in the Option Rent Notice pursuant to Section 2.2.3, above, then Landlord and Tenant shall attempt to agree upon the Option Rent using their best good-faith efforts.
If Tenant exercises its option to extend the Lease but fails to accept or reject the Option Rent set forth in the Option Rent Notice, then Tenant shall be deemed to have accepted the Option Rent set forth in the Option Rent Notice.
If Tenant timely objects to the Option Rent Notice or fails to timely respond to the Option Rent Notice, then the parties shall follow the procedure, and the Option Rent shall be determined, as set forth in Section 2.3.5 below.
If Tenant timely and properly exercises its Option, the Term shall be extended for the Option Term upon all of the terms and conditions set forth in this Lease, except that the rent for the Option Term shall be as indicated in the Option Rent Notice.
If Tenant exercises its option to extend the Lease but fails to accept or reject the Option Rent set forth in the Option Rent Notice or withdraw Tenant’s exercise of the option right, then Tenant shall be deemed to have accepted the Option Rent set forth in the Option Rent Notice.
More Definitions of Option Rent Notice
Option Rent Notice. (as defined below), are entering into leases with comparable landlords of comparable buildings in the vicinity of the Project for non-sublease, non-equity (i.e., not being offered equity in the building), non-expansion, and non-affiliated tenants for comparable space, for a comparable use, and for a comparable term, with the determination of Market Rent to take into account all relevant factors, including, without limitation, the following to the extent applicable: (i) rental abatement (exclusive of construction periods), (ii) lease takeovers/ assumptions by the landlord, (iii) relocation/moving allowances, (iv) tenant improvement allowances, and (v) any other concessions or inducements.
Option Rent Notice is defined in Section 22.3.
Option Rent Notice. (as defined below), are entering into leases for 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 Torrance, California, taking into consideration market conditions at the time including the payment or non-payment of tenant improvement allowances (with reference to the condition of the applicable spaces), brokerage commissions, the granting of rent abatement, and the amount of base rent, and escalations.
Option Rent Notice to Tenant setting forth the Landlord’s determination of the Market Rent for the Extended Term. Within ten (10) business days after receipt of the Option Rent Notice, Tenant shall provide Landlord with irrevocable written notice (“Tenant’s Response”) stating either (a) that Tenant accepts Landlord’s determination of Market Rent in the Option Rent Notice, or (b) that Tenant objects to Landlord’s determination of Market Rent and elects to determine Market Rent as set for the below. If Tenant fails to timely deliver a Tenant’s Response, Tenant shall be deemed to have objected to the Base Rent in the Option Rent Notice and elected to determine Market Rent as set forth below. Time is of the essence hereof and late notice shall not be effective. If Tenant’s Response elects to determine Market Rent under this provision, Landlord and Tenant shall negotiate in good faith to attempt to agree upon the Market Rent. If Landlord and Tenant do not reach agreement within ten (10) business days after delivery of Tenant’s Response to Landlord (“Outside Agreement Date”), then each party shall make a separate determination of the Market Rent (which determination may include periodic adjustments) which shall be submitted to each other and to arbitration in accordance with the following terms. The parties shall deliver their separate determinations of Market Rent simultaneously on the Outside Agreement Date. The determination of the arbitrators shall be limited solely to deciding whether Landlord’s or Tenant’s submitted Market Rent schedule is the closest to the actual Market Rent as determined by the arbitrators and the arbitrators shall have no ability to amend this Lease, modify the definition of Market Rent or to propose a middle ground.
Option Rent Notice. (as defined below), are entering into leases for 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 immediate vicinity of the Project, taking into consideration rental abatement concessions and all other concessions and also 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. In addition, the Market Rent shall take into consideration that Tenant shall be entitled to a refurbishment allowance for each Option Term in the amount of One Dollar ($1.00) per rentable square foot of the Premises, which refurbishment allowance may be used by Tenant only for costs of permanently affixed improvements within the Premises.
Option Rent Notice was “First Offer Notice,” and (iv) the terms “Premises,” “Tranche” or “floor” was “First Offer Space.”
Option Rent Notice means that notice delivered by Landlord to Tenant in connection with the Option Term (as that term is defined in Section 1.3(D), below), pursuant to the terms of Section 1.3(D).