Prevailing Market Rate definition
Prevailing Market Rate means the then prevailing market rate for base minimum rental calculated on a per square foot per annum basis for leases containing comparable terms, covering space comparable to the Demised Premises, with improvements of comparable age and nature within buildings comparable to the Building located in the area (hereinafter referred to as the "Market Area") designated as "Joliet, Illinois Market Area". The Prevailing Market Rate shall be determined by an appraisal procedure as follows: In the event that Tenant notifies Landlord that Tenant elects to extend the Term for any one or more of the Renewal Terms in accordance with Section 3.5 of this Lease, Landlord and Tenant shall negotiate in good faith for a period of thirty (30) calendar days after the timely giving of the written notice from Tenant required by Section 3.5 to reach mutual agreement regarding the Prevailing Market Rate. Each of Landlord and Tenant shall submit to the other during such thirty (30) day period at least one written proposal for the Prevailing Market Rate. If Landlord and Tenant are unable to reach agreement during the thirty (30) day period, each of Landlord and Tenant shall, by written notice to the other within ten (10) business days after expiration of the thirty (30) day period, select a real estate appraiser. For a period of ten (10) business days after designation of the second appraiser, the two appraisers so designated shall attempt to reach mutual agreement regarding the Prevailing Market Rate. If the two appraisers are unable to reach agreement, each of the two appraisers shall, not later than the twentieth (20th) business day following the designation of the second appraiser, render a separate written determination of the Prevailing Market Rate. The two appraisers shall also select a third appraiser prior to the end of the period when their separate appraisals must be rendered. Within twenty (20) business days after the appointment of the third appraiser, the third appraiser shall render a written determination of the Prevailing Market Rate. From the three appraisals, the appraisal which is the farthest from the median appraisal shall be disregarded and the average of the remaining two appraisals shall conclusively constitute the Prevailing Market Rate. All appraisers selected in accordance with this paragraph shall have at least ten years experience in the commercial leasing market in the Market Area and shall be members of the American Institute of Real Estate Apprais...
Prevailing Market Rate means the annual Base Rent that a willing tenant would pay, and that a willing landlord would accept, at arm’s length, for space comparable to the Premises within other comparable first class office buildings having more than two (2) stories located in the area including and bounded by South San Francisco to the north and Sunnyvale to the south (the “Comparable Buildings”), based upon binding lease transactions for tenants in Comparable Buildings (“Comparable Leases”). Comparable Leases shall include renewal and new non-renewal tenancies, but shall exclude subleases and leases of space subject to another tenant’s expansion rights. Rent rates payable under Comparable Leases shall be adjusted to account for variations between this Lease and the Comparable Leases with respect to: (a) the length of the Extension Term compared to the lease term of the Comparable Leases; (b) the rental structure, including, without limitation, rental rates per rentable square foot (including whether gross or net, and if gross, adjusting for base year or expense stop), additional rental, all other payments and escalations; (c) the size of the Premises compared to the size of the premises of the Comparable Leases; (d) the location, floor levels and efficiencies of the floor(s) of the Premises compared to the premises of the Comparable Lease; (e) free rent, moving expenses and other cash payments, allowances or other monetary concessions affecting the rental rate; (f) the age and quality of construction of the Building compared to the Comparable Building; (g) the leasehold improvements and/or allowances, including the amounts thereof in renewal leases, and taking into account, in the case of renewal leases (including this Lease), the value of existing leasehold improvements to the renewal tenant, (h) access and proximity to Caltrain, (i) the amenities available to tenants in the Building compared to amenities available to tenants in Comparable Buildings; (j) the energy efficiencies and environmental elements of the Building compared to Comparable Buildings, including improvements required for the U.S. Green Building Council’s Leadership in Energy and Environmental Design (“LEED”) certification, (k) the brokerage commissions, (l) the availability of parking, the parking ratio and parking charges, and (m) the relative market rent rates within the geographic area referenced in the definition of Comparable Buildings.
Prevailing Market Rate means a reasonable estimate of the price for a recyclable material that will be paid by a collection facility serving the area within the boundaries of a responsible unit during the year for which an application for assistance is sub- mitted.
Examples of Prevailing Market Rate in a sentence
If either party fails to deliver its Determination in a timely manner, then the Prevailing Market Rate shall be the amount specified by the other party.
Landlord’s Determination may be more or less than its initial proposal of Prevailing Market Rate.
The Prevailing Market Rate shall be determined as set forth below, each party being bound to its Determination and such Determinations establishing the only two choices available to the Arbitration Panel (as hereinafter defined).
If the higher of such Determinations is not more than one hundred five percent (105%) of the lower of such Determinations, then the Prevailing Market Rate shall be the average of the two Determinations.
If the Prevailing Market Rate is not resolved by exchange of the Determinations, the Prevailing Market Rate shall be determined as follows, each party being bound to its Determination and such Determinations constituting the only two choices available to the Appraisal Panel (as hereinafter defined).
More Definitions of Prevailing Market Rate
Prevailing Market Rate means the then prevailing market rate for lease renewals in the Office Building and in similar buildings in the vicinity of the Office Building comparable to the Lease and the Premises, which shall be determined by Landlord in its sole and absolute discretion. If Landlord and Tenant are unable to reasonably agree upon the Prevailing Market Rate within such 10-day period after Tenant’s receipt of Landlord’s proposal, then Tenant’s exercise of the Extension Option shall be null and void and of no further force and effect.
Prevailing Market Rate means a rate that is tethered to the value of the
Prevailing Market Rate means the rental then being paid by tenants in buildings of comparable quality, condition and age on renewal terms including concessions for space of approximately the same size and taking into consideration the amenities available in the Project and whether Landlord will be obligated to pay any brokerage commissions in connection with such transaction.
Prevailing Market Rate means the rate of base rental rate being charged by Landlord to new tenants having a financial condition comparable to that of Tenant for comparable space within the Building for a comparable term as of the date of Tenant's exercise of the Option. For purposes of this Exhibit, the phrase "new tenants" shall mean (i) tenants who executed comparable leases within six (6) months prior to Tenant's exercise of the applicable Option or (ii) if no comparable lease exists within that six (6) month period, tenants who have executed comparable leases within twelve (12) months prior to Tenant's exercise of that Option. Landlord shall notify Tenant of the then prevailing market rate ("Rate Notice") promptly after Tenant's exercise of the Option; and if such rate is not acceptable to Tenant, then Tenant has the right to rescind its exercise of the Option by providing a written revocation notice to Landlord within ten (10) days of Tenant's receipt of Landlord's Rate Notice. In such case Tenant will have no further right to renew this Lease under Exhibit "E".
Prevailing Market Rate means prevalent rate of rent of private or other building situated in the vicinity where an Evacuee Trust Property is located.
Prevailing Market Rate means the prevailing market rate applicable to the Extension Option Period for base minimum rental calculated on a per square foot basis for leases covering premises comparable to the Premises (as adjusted for any variances between such premises and the Premises, including without limitation age, location, setting, type of building, HVAC, parking, irrigation systems, roof status and market tenant improvement allowances) located in the relevant market area.
Prevailing Market Rate means the current market rental rate for the Premises as determined by Landlord but shall not be more than the rate at which Landlord would offer such space or space of approximately the same size and location of a third party, provided however that if said third party were to receive any construction and/or tenant improvement allowance them the Prevailing Market Rate shall take into account Landlord’s cost of provided the same. In no event, however, shall the Annual Basic Rent during the Second Renewal Term be less than the Annual Basic Rent reserved under the Lease for the Rental Year immediately preceding the Second Renewal Term for which the determination is being made. In order to exercise the option granted herein, Tenant shall notify Landlord, in writing, so earlier than eighteen (18) months nor later than twelve (12) months prior to the expiration of the Renewal Term. On receipt of such notice, Landlord will, in writing, not later than thirty (30) days after receipt of the notice from Tenant, quote to Tenant what the new Annual Basic Rent will be for the Second Renewal Term. Tenant shall then notify Landlord, in writing, not later than fifteen (15) days after notice received of such Annual Basic Rent, as to whether or not it will exercise the option herein granted and if no such notice of exercise of the option is received, the option shall be deemed waived. In the event Tenant exercises the option, Landlord and Tenant shall execute a modification to the Lease acknowledging such renewal and setting forth the new Annual Basic Rent. The option shall be void if, at the time of execution of such option, Tenant is not in possession of the Premises or if there is an Event of Default under the Lease or if Tenant fails to deliver the requisite notice thereof within the time period specified above. The option granted herein shall not be severed from this Leases, separately sold, assigned or transferred.