Three Broker Method definition

Three Broker Method shall operate as follows: The FMR shall be based upon the current fair market rental rate expressed in terms of rent per square of rentable area of the Premises for comparable space in comparable buildings in the Reston, Virginia area, (taking into account concessions which are being offered in the marketplace for renewals) which shall be determined by a board of three (3) licensed real estate brokers, one of whom shall be named by Landlord, one by Tenant, and the two so appointed shall select a third broker. Each member of the board of brokers shall be licensed in Virginia as a real estate broker, specializing in the field of commercial office leasing in the Reston area of Virginia, having no less than ten (10) years' experience in such field, and recognized as ethical and reputable within the field. Landlord and Tenant agree to make their appointments promptly after Landlord and Tenant are unable to agree upon the FMR. The two (2) brokers selected by Landlord and Tenant shall Select the third broker within ten (10) days after they both have been appointed, and each broker, within fifteen (15) days after the third broker is elected, shall submit his or her determination of the FMR. The FMR shall be the determination of the broker that is not the highest or the lowest (or, if two brokers reach an identical determination, the determination of such two brokers). Landlord and Tenant shall each pay the fee of the broker selected by it, and they shall equally share the payment of the fee of the third broker. The FMR shall be the Base Rent with respect to the Premises during the first year of the Renewal Term and shall thereafter escalate during the remainder of the Renewal Term at three percent (3%) per annum over the prior year's Base Rent.

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Three Broker Method means three Broker Method as defined in Section 2.5(d).

Three Broker Method shall operate as follows: The FMR shall be based upon one hundred percent (100%) of the current fair market rental rate for renewals of comparable, space, in comparable office buildings in the Mountain View, California area, taking into, account appropriate allowances and, concessions, which shall be determined by a board of three (3) licensed real estate brokers, one of whom shall be named by Lessor, one by Lessee, and the two so appointed shall select a third broker. Each member of the board shall be licensed in California as a real estate broker, specializing in the field of commercial office leasing in the Mountain View area of California having no less than ten (10) years’ experience in such field and recognized as, ethical and reputable within the field. Lessor and Lessee agree to make their appointments within five (5) days after Lessor and Lessee are unable to agree upon the FMR. The two (2) brokers selected by Lessor, and Lessee shall select the third broker within ten (10) days after they both have been appointed, and each broker within ten (10) days after the third broker is elected shall submit his or her determination of the FMR. The FMR shall be the determination of the broker that is not the highest or the lowest. (or, if two brokers reach an identical determination, the, determination of such two brokers). Lessor and Lessee shall each pay the fee of the brokers selected by it, and they shall equally share payment of the fee of the third broker.

Examples of Three Broker Method in a sentence

• In the event that Landlord and Tenant cannot agree on terms however Tenant still elects to lease such space, then the parties shall then proceed to arbitration based on the Three Broker Method.

• In the event of a disagreement between the parties as to prevailing market rate, such rate will be resolved by arbitration using the "Three Broker Method" as utilized in connection with Tenant's renewal option.

• The FMR shall be determined by Landlord and Tenant by mutual agreement; however, if Landlord and Tenant cannot agree in writing on the FMR within thirty (30) days after Tenant's notice of its election to renew, the Renewal Notice shall be deemed null and void, unless Tenant, within ten (10) days after the expiration of said thirty (30) day period, elects, by notifying Landlord in writing, to have the FMR determined by the Three Broker Method set forth below.

• The FMR shall be determined by Landlord and Tenant by mutual agreement; however, if Landlord and Tenant cannot agree in writing on the FMR within thirty (30) days after Tenant’s notice of its election to extend, the FMR shall be determined by the Three Broker Method set forth below.

• If Tenant does not deliver the Building 3 Expansion Withdrawal Notice prior to the expiration of the aforesaid 45-day period without execution of such a Lease amendment, then the aforesaid Building 3 Expansion Notice shall become irrevocable and Current Market Rent shall be determined pursuant to the Three Broker Method.

• If Tenant does not deliver the First Offer Right Withdrawal Notice prior to the expiration of the aforesaid 45-day period without execution of such a Lease amendment, then the aforesaid Acceptance Notice shall become irrevocable and Current Market Rent shall be determined pursuant to the Three Broker Method.

• Upon determination of the Market Terms pursuant to the Three Broker Method, the parties shall promptly execute an amendment to the Lease stating the Market Terms and other applicable terms for the Post-Commencement Expansion Space and the Lease shall continue in full force and effect.

• For a Stub Period of more than two years, if the parties have not executed a Lease amendment reflecting the economic terms for the Non-Expansion Space by the later of (i) 30 days after delivery of the Acceptance Notice, or (ii) 6 months prior to the expiration of the 10th Lease Year, then the Current Market Rent shall be determined pursuant to the Three Broker Method.

• If Tenant elects to lease the Option Space with the Current Market Rent to be determined by the Three Broker Method, then the rent for such Option Space shall be determined in accordance with the following procedure (the “Three-Broker Method”): Landlord and Tenant shall each appoint one real estate broker, and the two brokers so appointed shall select a third broker.

• Landlord and Tenant agree that the fair market rental rate applicable under clause (ii)(B), above shall (1) include both base rental and Additional Rent, and (2) shall be determined under the Renewal Parameters as defined herein, and using either the Three Broker Method substantially as described in Section 51 of this Lease, or by a court of competent jurisdiction, as Landlord may elect in its sole discretion.

More Definitions of Three Broker Method

Three Broker Method shall operate as follows: The FMR shall be determined by a board of three (3) licensed real estate brokers, one of whom shall be named by Landlord, one by Tenant, and the two so appointed shall select a third broker. Each member of the board of brokers shall be licensed in the State of Georgia as a real estate broker, specializing in the field of commercial office leasing in the metropolitan area of Atlanta, Georgia, having no less than ten (10) years’ experience in such field, and recognized as ethical and reputable within the field. Landlord and Tenant agree to make their appointments promptly after Landlord and Tenant are unable to agree upon the FMR. The two (2) brokers selected by Landlord and Tenant shall select the third broker within ten (10) days after they both have been appointed, and each broker, within fifteen (15) days after the third broker is elected, shall submit his or her determination of the FMR. The FMR shall be the average of the two (2) closest determinations of the FMR. Landlord and Tenant shall each pay the fee of the broker selected by it, and they shall equally share the payment of the fee of the third broker.

Three Broker Method shall operate as follows: The Prevailing Market Rate shall be based upon the current fair market rental rate for comparable space in comparable buildings in the Atlanta, GA "perimeter" area, (taking into account concessions which are being offered in the marketplace) which shall be determined by a board of three (3) licensed real estate brokers, one of whom shall be named by Landlord, one by Tenant, and the two so appointed shall select a third broker. Each member of the board of brokers shall be licensed in Georgia as a real estate broker, specializing in the field of commercial office leasing in the Atlanta, Georgia area, having no less than ten (10) years' experience in such field, and recognized as ethical and reputable within the field. Landlord and Tenant agree to make their appointments within five (5) days after Landlord and Tenant are unable to agree upon the Prevailing Market Rate. The two (2) brokers selected by Landlord and Tenant shall select the third broker within ten (10) days after they both have been appointed, and each broker, within fifteen (15) days after the third broker is elected, shall submit his or her determination of the Prevailing Market Rate. The Prevailing Market Rate shall be the determination of the broker that is not the highest or the lowest (or, if two brokers reach an identical determination, the determination of such two brokers). Landlord and Tenant shall each pay the fee of the broker selected by it, and they shall equally share the payment of the fee of the third broker.

Three Broker Method means each party appoints its own broker. If the two (2) representatives can agree on the market rate for the Annual Rental, that figure will be binding on the parties. If not, the two (2) will agree on a third, impartial broker, who then either makes an independent determination of the market rate that is binding on the Parties, or some calculation is done to average two (2) or all three (3) of the brokers’ proposed Annual Rental rates.