Base Rent During Option Term. If Tenant exercises its Option to Extend, the Base Rent for the Premises during the Option Term shall be equal to the then current fair market rent for the Premises based on rents then being charged for space in Comparable Buildings, as reasonably determined by Landlord.
Base Rent During Option Term. The Base Rent payable during the Option Term shall be adjusted to equal the fair rental renewal value (as herein defined) for the Premises as of the date of the commencement of the Option Term pursuant to the procedures set forth herein.
Base Rent During Option Term. The Base Rent during the Option ---------------------------- Term ("OPTION TERM BASE RENT") shall be an amount equal to the greater of (i) ninety five percent (95%) of the then fair market rental value of the Demised Premises ("FAIR MARKET RENTAL VALUE"), as stated on a monthly basis and determined pursuant to this Section 3.2, or (ii) the Base Rent during the last month of the Initial Term, multiplied by 1.05. The Option Term Base Rent shall be increased to an amount equal to 1.04 times the then applicable Option Term Base Rent, as may have been previously adjusted pursuant to this Section 3.2, every twenty-four (24) months during the Option Term. Upon receipt by Landlord of Tenant's Extension Notice under Section 1.2, above, Landlord and Tenant shall meet in an effort to negotiate, in good faith, the Option Term Base Rent which shall become effective as of the first day of the Option Term ("OPTION TERM COMMENCEMENT DATE"). If Landlord and Tenant have not agreed upon the Option Term Base Rent within thirty (30) days after the delivery of Tenant's Extension Notice, the Option Term Base Rent shall be determined as follows:
Base Rent During Option Term. In the event that Tenant elects to exercise its Option to extend the Term of this Lease in accordance with the terms of Section 3.2, the Base Rent for the Option Term shall be equal to the then-market rate for similarly improved space in comparable buildings for comparable use in the South Seattle/Tukwila region; provided,however, that in no event shall the Base Rent during the Option Term be less than the Base Rent for the last year of the initial Lease Term. The adjusted Base Rent shall commence on and be payable on the first day of the Option Term and shall continue thereafter throughout the Option Term.
Base Rent During Option Term. The Base Rent payable by Tenant, on an annual per rentable square foot basis during each Option Term, if applicable (the “Option Rent”), shall be equal to the Office Fair Market Rent Rate (as defined hereinbelow). The “Office Fair Market Rent Rate” for purposes of determining the Option Rent for the Renewal Premises during the Option Term shall be equal to the Base Rent, calculated on an annual per rentable square foot basis, including all escalations, at which tenants, as of the commencement of the Option Term, are leasing non-sublease, non-encumbered, non-equity, non-renewal, non-expansion, fully permitted office space comparable in size, location and quality to the Renewal Premises, for a lease term of five (5) years or longer, for general office use, in an arm’s length transaction, which comparable space is located in the Project and in the Comparable Buildings (as defined hereinbelow) (collectively, the “Comparable Office Transactions”), and which Comparable Office Transactions have been entered into within the nine (9) month period prior to Landlord’s delivery of the Rent Notice (as defined below). The Office Fair Market Rent Rate shall be determined taking into consideration (i) the measurement standard used to determine the rentable area in the Comparable Office Transactions as compared to the measurement standard used under the Lease and (ii) the following concessions (collectively, the “Concessions”): (a) rental abatement concessions, if any, being granted such tenants in connection with such comparable space; (b) tenant improvements or allowances provided or to be provided for such comparable space, and taking into account the value of the existing improvements in the subject space, such value to be based upon the age, condition, design, quality of finishes and layout of the improvements and the extent to which the same could be utilized by a general office user; and (c) other reasonable monetary concessions being granted such tenants in connection with such comparable space. Such Concessions, at Landlord’s election, either (A) shall be reflected in the effective rental rate payable by Tenant (which effective rental rate shall take into consideration the total dollar value of such Concessions as amortized on a straight-line basis over the applicable term of the comparable transaction), in which case such Concessions evidenced in the effective rental rate shall not be granted to Tenant, or (B) shall be granted to Tenant in kind. For purposes of t...
Base Rent During Option Term. If Tenant exercises either Option to Extend, the Base Rent for the Premises during each Option Term shall be equal to 95% of the then prevailing market rental rate in Comparable Buildings (the "PMRR"); the PMRR shall not take into account any leasehold improvement work paid for by Tenant, and no rate "floor" will be established. Within thirty days after the date that Landlord receives written notice of Tenant's interest in exercising its Option to Extend, Landlord shall give Tenant written notice of its determination of the PMRR and the Base Rent for the Option Term. If Tenant does not accept the Base Rent proposed by Landlord, the parties agree to negotiate in good faith for a period not to exceed thirty days. Provided that Tenant has given Landlord written notice of its interest in exercising its option at least sixteen months prior to the expiration of the then current Term, if Tenant believes that agreement cannot be reached, Tenant shall have the right, within forty days after receipt of Landlord's determination of Base Rent for the Option Term to demand that the PMRR be determined by appraisal, in which case, Landlord and Tenant shall each select a Qualified Appraiser to determine the PMRR, and if the two appraisals are no more than 10% apart the PMRR shall be the average of the two, and if the difference is greater than 10%, the two appraisers shall select a third Qualified Appraiser and the PMRR shall be the average of the two appraisals that are closest (or if neither is closer to the third appraisal, the PMRR shall be based on the third appraisal). The first two appraisals shall be completed within thirty days, and if a third appraisal is required, it shall be completed within thirty days thereafter. Each party shall be responsible for the timely completion of the appraisal by its selected appraiser. If either party fails to designate a Qualified Appraiser within ten days after notice, the first party may request its appraiser to designate the second appraiser. Nothing herein shall be deemed to have extended the time within which Tenant must exercise its Option to Extend, provided, however, Tenant shall have the right to withdraw the exercise of its Option to Extend with respect to the Option Term by written notice to Landlord within thirty days after the determination of the PMRR (time being of the essence), provided that the Term of the Lease shall continue for a period of twelve months after Tenant withdraws such option exercise, and during th...
Base Rent During Option Term. (s). As of the commencement of each Option Term (the "Option Term Commencement Date"), Base Rent shall be adjusted as set forth in this Paragraph 51.1. During the first Option Term, Base Rent shall be payable as follows: months 1-12, $3150; and months 13-24, $3307. LESSOR AND LESSEE HAVE CAREFULLY READ AND REVIEWED THIS LEASE AND EACH TERM AND PROVISION HEREIN, AND BY THE EXECUTION OF THIS LEASE SHOW THEIR INFORMED AND VOLUNTARY CONSENT THERETO. THE PARTIES HEREBY AGREE THAT, AT THE TIME THIS LEASE IS EXECUTED, THE TERMS OF THIS LEASE ARE COMMERCIALLY REASONABLE AND EFFECTUATE THE INTENT AND PURPOSE OF LESSOR AND LESSEE WITH RESPECT TO THE PREMISES. FURTHER, EXPERTS SHOULD BE CONSULTED TO EVALUATE THE CONDITION OF THE PROPERTY AS TO THE POSSIBLE PRESENCE OF ASBESTOS, STORAGE TANKS OR HAZARDOUS SUBSTANCES. NO REPRESENTATION OR RECOMMENDATION IS MADE BY THE REAL ESTATE BROKER (S) OR THEIR AGENTS OR EMPLOYEES AS TO THE LEGAL SUFFICIENCY, LEGAL EFFECT, OR TAX CONSEQUENCES OF THIS LEASE OR THE TRANSACTION TO WHICH IT RELATED; THE PARTIES SHALL RELY SOLELY UPON THE ADVICE OF THEIR OWN COUNSEL AS TO THE LEGAL AND TAX CONSEQUENCES OF THIS LEASE. The parties hereto have executed this Lease at the place on the dates specified above to their respective signatures. Executed at 1836 Lapham Drive, Executed at Woodridge Il. 60510 Xxxxxxx, XX 95356 on March 24, 2006 xx Xxxxx 00, 0006 LESSOR LESSEE ARCO Securities, Inc. ACMI, Inc. A California corporation A Utah Corporation By: /s/ David Noland By: /s/ Ed Rensi Name: Davxx Xxxxxx Xxme: Ed Rensi Title: President Title: XXX Xxxxess: 1800 Xxxxxx Xxive Address:6805 Hobson Valley Xx., Xxxesto, CA 95354 Xxx. 000 Xxxxxxxxx, Xx. 00000 Xxxxxxone: 209-529-0150 Xxxxxxxxx: 000-000-0000
Base Rent During Option Term. Base Rent shall be adjusted as of the commencement of the Option Term (the "Base Rent Adjustment Date") to equal the then "Fair Market Rental Value" of the Premises determined in the following manner: Not later than one hundred fifty (150) days prior to the Base Rent Adjustment Date, Landlord and Tenant shall meet in an effort to negotiate in good faith the Fair Market Rental Value of the Premises as of the Base Rent Adjustment Date. If Landlord and Tenant have not agreed upon the Fair Market Rental Value of the Premises at lease one hundred twenty (120) days prior to the Base Rent Adjustment Date, the Fair Market Rental Value shall be determined by the following appraisal method:
Base Rent During Option Term. 3.1 Notwithstanding any term or provision of the Sublease to the contrary, including without limitation the terms and conditions of paragraph 5.2 of the Sublease, Xxxx expressly agrees that, unless and until Apple exercises the First Option with respect to the Valley Green 5 Building, as provided in paragraph 1.5, above, Apple shall pay, as Base Monthly Rent for the Premises under the Sublease for the First Extended Term (as that term is defined in the Sublease), the amount of One Hundred Thirty-Three Thousand Seven Hundred Thirty-One Dollars and Forty Cents ($133,731.40) per month.
Base Rent During Option Term. (a) During the first year of each Option Term, if it occurs, Tenant shall pay to Landlord Base Rent equal to “Market Rent” (as defined below) for the Premises determined as of the commencement date of such Option Term adjusted annually during the Option Term as provided below in this Section 8. As used herein, “
