Determination of Base Rent. If the difference between the dollar amount of Lessor’s Appraisal and the dollar amount of Lessee’s Appraisal is equal to or less than 10%, then the Land Value shall be deemed to be the mathematical average of the two appraisals. See the following example of a scheduled Market Adjustment for a 50,000 square foot lease, at a 6% lease rate with two different appraisal values: Lessor Appraisal = $6.50 per square foot Lessee Appraisal = $6.10 per square foot Land Value= $6.30 per square foot New Annual Base Rent = $6.30 x 50,000 (or applicable square footage) x 6% (or applicable Lease Rate) = $18,900. If the difference between the dollar amount of Lessor’s Appraisal and the dollar amount of Lessee’s Appraisal is greater than 10%, then:
Determination of Base Rent. The Base Rent for the Option Period shall be determined as follows:
Determination of Base Rent. The Base Rent for the Option shall be determined as follows:
Determination of Base Rent. The Base Rent for each Option shall be 95% of the fair market value rent determined as follows:
Determination of Base Rent. In the event that Tenant exercises an Option, the Base Rent for each Option Period shall be upon an annual rental rate equal to the Fair Market Rent (as defined in Exhibit “B”).
Determination of Base Rent. In the event Tenant exercises its option to extend but objects to Landlord's determination of the Base Rent concurrently with its exercise of the option to extend (in the case where Landlord's determination of Base Rent is based on Fair Market Rent), Landlord and Tenant shall attempt to agree in good faith upon the Base Rent. If Landlord and Tenant fail to reach agreement within twenty (20) days following Tenant's delivery of the Option Notice (the "Outside Agreement Date"), then each party shall make a separate determination of the Base Rent, within five (5) business days after the Outside Agreement Date, concurrently exchange such determinations and such determinations shall be submitted to arbitration in accordance with Sections 4.4(a) through (g) below.
Determination of Base Rent. Tenant shall pay to Landlord during the Initial Term, annual Base Rent of Two Million Nine Hundred Thirteen Thousand One Hundred Eight Dollars ($2,913,108.00), in monthly installments of Two Hundred Forty-Two Thousand Seven Hundred Fifty-Nine Dollars ($242,759) (“Base Rent”). Tenant’s obligations under this Lease commence as of the Commencement Date. The Base Rent during any Renewal Term shall be as agreed by the parties. In the event that the parties cannot mutually agree upon Base Rent for any Renewal Term within sixty (60) calendar day’s of Tenant’s Notice of Exercise pursuant to Section 3.3, then the Base Rent shall be the fair market Base Rent determined as follows: each party shall submit to the other party a writing stating such party’s figure for fair market Base Rent; each party shall designate a commercial real estate agent with at least five (5) years real estate experience in the Nampa area; the two (2) agents shall agree upon a third agent with at least five (5) years real estate experience in the Nampa area; and such third agent shall identify which figure such agent believes is closest to the fair market Base Rent. Base Rent shall be the figure designated by the third agent as the fair market Base Rent. The parties shall share equally the cost of such third agent. If the two (2) agents cannot agree on such third agent, then either party may apply to the Canyon County or Ada County Court to select such third agent. Notwithstanding the forgoing, the Base Rent per square foot for any Renewal Term will not be less than the Base Rent per square foot for the Initial Term except as set forth in Section 1.6.2 below.
Determination of Base Rent. In the event that Tenant exercises its option to extend the term of this lease, the Landlord shall provide written notice to Tenant of the amount which, in Landlord’s reasonable opinion, represents the FMR for the upcoming Option Term. Tenant shall have twenty (20) days from receipt of said written notice to respond to Landlord in writing as to whether or not Tenant agrees with Landlord’s determination of the FMR. Tenant’s failure to respond within said twenty (20) day period shall be deemed to be Tenant’s agreement with the Landlord’s determination of Base Rent. In the event Tenant disagrees with the Landlord’s determination, the following procedure shall be used in determining the FMR for the Option Term:
Determination of Base Rent. Tenant shall pay Landlord base rent ("Base Rent") as follows:
Determination of Base Rent. (i) The Base Rent for the first year of the applicable Option Period shall be ninety-five percent (95%) of the greater of (i) the Base Rent being paid by Tenant at the end of the then existing expiring term of this Lease; or (ii) the fair market value of the Premises as of the commencement date of the applicable Option Period, as determined in subsection (ii) and (iii) below. The Lease will be amended to state the Base Rent, as determined in this Paragraph 51.
