Examples of Prevailing Market in a sentence
If Landlord gives Tenant a Landlord’s Rejection Notice, Landlord and Tenant shall work together in good faith to agree in writing upon the Prevailing Market rate for the Extension Term.
If, within 30 days after delivery of a Landlord’s Rejection Notice, the parties fail to agree in writing upon the Prevailing Market rate, the provisions of Section 3.3.B below shall apply.
For purposes of this Section 5, “Prevailing Market” means the arms-length, fair-market, annual rental rate per rentable square foot, under renewal and expansion leases and amendments entered into on or about the date on which the Prevailing Market is being determined hereunder, for space comparable to the Offering Space in the Building and office buildings comparable to the Building in the Foster City, California area.
If, within 30 days after delivery of a Landlord’s Rejection Notice, the parties fail to agree in writing upon the Prevailing Market rate, Landlord and Tenant, within five (5) days thereafter, shall each simultaneously submit to the other, in a sealed envelope, its good faith estimate of the Prevailing Market rate for the Fourth Extension Term (for purposes of Matter ID: AR120723.1 Pixelworks-3A this Section 10, collectively, the “Estimates”).
Within 30 days after receiving the Extension Notice, Landlord shall give Tenant written notice of Lxxxxxxx’s estimate of the Prevailing Market rate for the Extension Term (“Landlord’s Estimate”).