Base Rent Determination Sample Clauses

Base Rent Determination. Anything in the Option Agreement to the contrary notwithstanding including, without limitation, Section 4.2 thereof, the Parties acknowledge and agree that the provisions of this Section 4 shall apply with respect to the Fair Market Rental Value determination process for Base Rent under the 2054 Lease and Fixed Rent under the LAFC Lease for the Extension Terms (the “Rent Determination Process”) with respect to the Option and/or the applicable Extension Term under the LAFC Lease and/or the 2054 Lease, as the case may be. At any time during the Rent Determination Notice Period in the table set forth on Schedule 1 attached hereto, Optionee may (or, if USC is the Optionee and USC shall then have the obligation under the LAFC Lease to pursue exercise of the applicable extension option under the Option Agreement or the 2054 Lease, at the written request of LAFC, USC shall) deliver a written notice to the other Parties hereto requesting the commencement of the Rent Determination Process (the “Rent Determination Notice”) with respect to the applicable Extension Option in the table set forth on Schedule 1. A Rent Determination Notice of any kind under this Tri-Party Agreement will in no event be deemed an option exercise notice of any kind under the LAFC Lease, the Option Agreement or the 2054 Lease. If District receives a Rent Determination Notice under this Section 4 during an LAFC Effective Period, then District and USC agree that the “meet and confer” provisions of Section 4.2(a) of the Option Agreement shall include LAFC in all aspects of the Rent Determination Process including, without limitation, (1) with respect to the negotiations of the Parties to arrive at a mutually acceptable Fair Market Rental Value without having to employ the appraisal process provided therein (the “Negotiated Rate”), or (2) with respect to the determination of Fair Market Rental Value pursuant to the appraisal process in said Section 4.2(a) (the “Appraised Rate” which, together with the Negotiated Rate is sometimes generically referred to herein as the “Determined Rate”), it being expressly understood and agreed that LAFC shall have the right to deliver an Appraiser Selection Notice and, if the Parties are unable to agree on a single Qualified Appraiser, then LAFC will have the right to select its own Qualified Appraiser and the terms of Sections 4.2(b), (c) and (d) shall be modified accordingly to account for an additional appraiser in the Rent Determination Process. The date the...
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Base Rent Determination. The Base Rent payable by Tenant for the Premises during the Option Term shall be determined as follows:
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Base Rent Determination. The Base Rent payable by Tenant for the Premises during each Renewal Term shall be determined as follows:
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Base Rent Determination. The Base Rent starting on the Commencement Date of each Extension Period and continuing for sixty (60) months thereafter will be ninety-five percent (95%) of the then-prevailing market rate for new leases for comparable life sciences office and lab space to the Premises in comparable buildings to the Buildings in the Market Area (defined below) that a willing, comparable, non-equity tenant (excluding sublease and assignment transactions) would pay, and a willing, comparable landlord would accept, at arm’s length, for a similar life sciences laboratory and research space in a first-class or “Class A” property (“Fair Market Rent”); provided, however, in no event shall the Fair Market Rent rate per month for the first year of each Extension Period be less than 103% of the Base Rent rate for the last month of the immediately preceding portion of the Term. Thereafter, escalations in the Base Rent shall be established using standard market escalations in the determination of Fair Market Rent, but in no event shall escalations in Base Rent be increased by less than three percent (3%) on each annual anniversary of the Commencement Date of the Extension Term. Fair Market Rent will reflect all monetary and non-monetary considerations and other relevant factors taken into account for comparable transactions, including, without limitation, the location of the Premises, age, quality and layout of the existing improvements in the Premises, brokerage commissions, improvements paid for by tenant improvement allowances, moving allowances, and all other relevant tenant concessions. Fair Market Rent will be adjusted to take into account the size of the Premises, the length of the Extension Period, and the credit of Tenant. The term “Market Area” means the real estate market area that includes Carlsbad, Sorrento Valley, Sorrento Mesa, University Town Center, and Dxxxxx Heights.
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Base Rent Determination. Within 10 days after the expiration of the 20-day negotiation period described in Section 5.1, Landlord and Tenant shall mutually appoint a commercial real estate broker (on an agreed fee basis) having at least 10 years of experience in office leasing in the Boulder area (the “Appointed Broker”). If within such 10-day period, Landlord and Tenant have been unable to agree upon a mutually acceptable Appointed Broker, they will each appoint a commercial real estate broker having at least 10 years of experience in office leasing in the Boulder area and will instruct such brokers to jointly select the Appointed Broker. Within five days after appointment of the Appointed Broker, Landlord and Tenant each shall deliver to the Appointed Broker their respective determinations of the Base Rent for the Renewal Term based on the Market Rental Rate (respectively, “Landlord’s Rent Determination” and “Tenant’s Rent Determination”). Within 10 days after receiving Landlord’s Rent Determination and Tenant’s Rent Determination, the Appointed Broker shall prepare an estimate of the Base Rent for the Renewal Term based on the Market Rental Rate and immediately notify Landlord and Tenant of such estimate (the “Independent Appraisal”). The Base Rent determined by the Appointed Broker shall be added to whichever of Landlord’s Rent Determination or Tenant’s Rent Determination is closest in amount to the Independent Appraisal, the sum of such amount shall be divided by two and the resulting quotient shall be the Base Rent applicable for the Renewal Term. In the event that the difference between the Independent Appraisal and
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Related to Base Rent Determination

  • Consent; Determination or Discretion When the consent or approval of a party is required under this Agreement, such consent or approval shall be obtained in writing and unless expressly otherwise provided, shall not be unreasonably withheld or delayed. When a determination or decision is to be made by a party under this Agreement, that party shall make such determination or decision in its reasonable discretion unless expressly otherwise provided.

  • Expert Determination If a Dispute relates to any aspect of the technology underlying the provision of the Goods and/or Services or otherwise relates to a financial technical or other aspect of a technical nature (as the Parties may agree) and the Dispute has not been resolved by discussion or mediation, then either Party may request (which request will not be unreasonably withheld or delayed) by written notice to the other that the Dispute is referred to an Expert for determination. The Expert shall be appointed by agreement in writing between the Parties, but in the event of a failure to agree within ten (10) Working Days, or if the person appointed is unable or unwilling to act, the Expert shall be appointed on the instructions of the relevant professional body. The Expert shall act on the following basis: he/she shall act as an expert and not as an arbitrator and shall act fairly and impartially; the Expert's determination shall (in the absence of a material failure to follow the agreed procedures) be final and binding on the Parties; the Expert shall decide the procedure to be followed in the determination and shall be requested to make his/her determination within thirty (30) Working Days of his appointment or as soon as reasonably practicable thereafter and the Parties shall assist and provide the documentation that the Expert requires for the purpose of the determination; any amount payable by one Party to another as a result of the Expert's determination shall be due and payable within twenty (20) Working Days of the Expert's determination being notified to the Parties; the process shall be conducted in private and shall be confidential; and the Expert shall determine how and by whom the costs of the determination, including his/her fees and expenses, are to be paid.

  • Base Rent Adjustment (a) The BASE RENT (subject to adjustment as set forth in Section 1.08(a) above) payable during the EXTENDED TERM, subject to the provisions of part (b) of this Section 3.03, shall be increased from the BASE RENT payable immediately prior to the first month of the EXTENDED TERM to the then fair market rental rate determined in connection with part (b) of this Section 3.03.

  • Determination of Market Rent If Tenant timely and appropriately objects to the Market Rent in Tenant’s Acceptance, Landlord and Tenant shall attempt to agree upon the Market Rent using their best good-faith efforts. If Landlord and Tenant fail to reach agreement within twenty-one (21) days following Tenant’s Acceptance (“Outside Agreement Date”), then each party shall make a separate determination of the Market Rent which shall be submitted to each other and to arbitration in accordance with the following items (i) through (vii):

  • Rental Adjustment The lesser of (i) 2.00%, or (ii) 1.25 times the change in the Price Index, as described in Section 4.02.

  • Termination Date Determination Seller will not designate the Termination Date (as defined in the Receivables Sale Agreement), or send any written notice to Originator in respect thereof, without the prior written consent of the Agent, except with respect to the occurrence of such Termination Date arising pursuant to Section 5.1(d) of the Receivables Sale Agreement.

  • Fee Determination Detail The Administrative Agent, and any Lender, shall provide reasonable detail to Borrower regarding the manner in which the amount of any payment to the Administrative Agent and the Lenders, or that Lender, under Article 3 has been determined, concurrently with demand for such payment.

  • Base Rent Adjustments Base Rent shall be increased on each annual anniversary of the first day of the first full month during the Term of this Lease (each an “Adjustment Date”) by multiplying the Base Rent payable immediately before such Adjustment Date by the Rent Adjustment Percentage and adding the resulting amount to the Base Rent payable immediately before such Adjustment Date. Base Rent, as so adjusted, shall thereafter be due as provided herein. Base Rent adjustments for any fractional calendar month shall be prorated.

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