Fair Market Rental. The fair market rental of the Leased Property means the rental which a willing tenant not compelled to rent would pay a willing landlord not compelled to lease for the use and occupancy of the Leased Property pursuant to the Lease for the Term in question, (a) assuming that Lessee is not in default thereunder and (b) determined in accordance with the appraisal procedures set forth in Article XXXIII or in such other manner as shall be mutually acceptable to Lessor and Lessee.
Fair Market Rental. If Tenant exercises the right to extend the term, then the Monthly Base Rent shall be adjusted to equal the Fair Market Rental for the premises as of the date of the commencement of such Extended Term, pursuant to the procedures hereinafter set forth. The term “Fair Market Rental” means the Monthly Base Rent chargeable for the Leased Premises based upon the following factors applicable to the Leased Premises or any comparable premises:
Fair Market Rental. If Lessee exercises the right to extend the Term then the Minimum Rent shall be adjusted to equal the Fair Market Rental for the Leased Premises as of the date of the commencement of the Renewal Term, pursuant to the procedures hereinafter set forth. The term "Fair Market Rental" means the Minimum Rent chargeable for the Leased Premises based upon the following factors applicable to the Leased Premises or any comparable premises:
Fair Market Rental. If it becomes necessary to determine the Fair Market Rental of the Property for any purpose under this Lease, Landlord and Tenant shall first attempt to agree on such Fair Market Rental. If Landlord and Tenant are unable to so agree within a reasonable period of time not to exceed thirty (30) days, then Landlord and Tenant shall have twenty (20) days to attempt to agree upon a single Appraiser to make such determination. If the parties so agree upon a single Appraiser, such Appraiser shall, within forty-five (45) days of being engaged, determine the Fair Market Rental as of the relevant date (giving effect to the impact, if any, of inflation from the date of its decision to the relevant date), and such determination shall be final and binding upon the parties. If Landlord and Tenant are unable to agree upon a single Appraiser within such twenty (20) days, then each party shall have ten (10) days in which to provide the other with the name of a person selected to act as Appraiser on its behalf. Each such Appraiser shall, within forty-five (45) days of being engaged, determine the Fair Market Rental as of the relevant date (giving effect to the impact, if any, of inflation from the date of its decision to the relevant date). If the difference between the amounts so determined does not exceed ten percent (10%) of the lesser of such amounts, then the Fair Market Rental shall be the average of the amounts so determined, and such average shall be final and binding upon the parties. If the difference between the amounts so determined exceeds ten percent (10%) of the lesser of such amounts, then such two Appraisers shall have twenty (20) days to appoint a third Appraiser. If the first Appraisers fail to appoint a third Appraiser within such twenty (20) days, either Landlord or Tenant may apply to any court having jurisdiction to have such appointment made by such court. Such third Appraiser, shall, within forty-five (45) days of being selected or appointed, determine the Fair Market Rental as of the relevant date (giving effect to the impact, if any, of inflation from the date of its decision to the relevant date). The determination of the Appraiser which differs most in terms of dollar amount from the determinations of the other two Appraisers shall be excluded, and the Fair Market Rental shall be the average of the amounts of the two remaining determinations, and such average shall be final and binding upon the parties. If either party fails to select an Apprais...
Fair Market Rental. 1. If Tenant exercises the right to extend the term, then the Minimum Monthly Rent shall be adjusted to equal the Fair Market Rental for the premises as of the date of the commencement of such Extended Term, pursuant to the procedures hereinafter set forth. The term “
Fair Market Rental. For purposes of this Section 2, "
Fair Market Rental. (a) The term “
Fair Market Rental. As used herein, “Fair Market Rental” means the highest fixed rent per annum which Landlord could reasonably expect to obtain from a third party for the Premises if Landlord put the Premises on the market for lease in “as is” condition for a term corresponding to the Extension Term. If Tenant gives Landlord Tenant’s Extension Notice advising Landlord of the exercise of its option to renew and extend the term of this Lease for the Extension Term as contained herein, and Landlord and Tenant are unable to reach a written agreement as to the Fair Market Rental ninety (90) days prior to the beginning of the Extension Term, such dispute shall be resolved exclusively by resort to the Arbitration (as hereinafter defined). Pending the initiation or outcome of the Arbitration, Tenant shall not withhold any rents demanded by Landlord.
Fair Market Rental. Right of way use agreements along the federal interstate system are required to generate fair market rent. Because of this requirement, real estate staff must establish a fair market rent for R/W use agreements. Fair market rental rates shall be determined by one of two methods: 1) public bidding for the right to use or operate the site; or, 2) a detailed appraisal prepared by an experienced and qualified appraiser that documents the market rent to be collected. If public bidding is chosen as the method to arrive at fair market rent, the request for FHWA and BTS-RE concurrence must include the documented estimate of the high bid. Current fair market value must be charged for the use or disposal of all real estate property interests if those real property interests were obtained with Title 23, United States Code, funding, except as provided below: When the grantee shows that an exception is in the overall public interest based on social, environmental, or economic benefits, or is for a nonproprietary governmental use. The grantee’s R/W manual or RAMP must include criteria for evaluating disposals at less than fair market value, and a method for ensuring the public will receive the benefit used to justify the less than fair market value disposal.
Fair Market Rental. For purposes of determining the Minimum Monthly Rent for the Sublease Premises for the Period commencing September 1, 2002 and ending August 31, 2005 ("FMR Period"), the parties shall meet, no earlier than January 1, 2002 nor later than March 1, 2002, and endeavor to agree upon the fair market rental of the Sublease Premises for the FMR Period, including, without limitation, any annual rent escalations applicable during the FMR Period. In determining the fair market rental for the Sublease Premises, the parties shall consider comparable buildings of a similar quality and size with similar improvements located in the counties of Santa Clarx xxx San Mateo, California. If the parties cannot agree upon the fair market rental for the Sublease Premises by March 31, 2002, the parties shall submit the matter to binding appraisal in accordance with the following procedures: On or before April 15, 2002, the parties shall either (a) jointly appoint an appraiser for this purpose or (b) failing joint action, separately designate a disinterested appraiser. The parties shall each pay one-half (1/2) of the fees and expenses of the jointly appointed appraiser or, if the parties separately designate disinterested appraisers, the parties shall pay the fees and expenses of the appraiser so appointed by said party. No person shall be appointed or designated an appraiser unless he or she is an M.A.I. appraiser with at least five (5) years experience in appraising major commercial properties located in the counties of Santa Clarx xxx San Mateo, California. If the two (2) appraisers thus appointed cannot reach agreement on the question presented within thirty (30) days after their appointment, then the appraisers thus appointed shall appoint a third (3rd) disinterested appraiser having like qualifications. If, within thirty (30) days after the third (3rd) appraiser has been chosen, a majority of the appraisers cannot reach agreement on the question presented, then the average of the two (2) closest appraisals shall determine the fair market rental and shall be binding and conclusive upon the parties. Each party shall pay one-half (1/2) of the fees and expenses of the third (3rd) appraiser. If the two (2) appraisers appointed by the parties cannot agree on the appointment of the third (3rd) appraiser, either or both of them shall give notice of such failure to the parties, and if the parties fail to agree upon the selection of such third (3rd) appraiser within ten (10) days after ...
