Prevailing Market Rent. For purposes of Section 3, Prevailing Market Rent” means an annual amount per square foot for each year of the renewal term that a willing, creditworthy tenant leasing comparable space for a comparable purposes would pay and a wiling landlord of an offce/research/laboratory building comparable to the Building in the Woodridge/Will County area (“Market”) would accept at arm's length, giving appropriate consideration to anual rental rate per square foot, length of lease term, size and location of the premises being leased, and other generally applicable terms and conditions prevailing for comparable space in comparable buildings located in the Market. Landlord will notity Tenant of Landlord's reasonable, good faith determination of the Prevailing Market Rent within 30 days after Landlord receives Tenant's notice to renew this Lease. Landlord's estimate shall be accompanied by a market rent evaluation report prepared by a licensed real estate brokerage company in the Chicago metropolitan area that has at least 10 years experience in providing brokerage services. If Tenant notifies Landlord within 20 days after receipt of Landlord's determination of Prevailing Market Rent that Tenant disagrees with Landlord's determination, Tenant shall provide written notice to Landlord as to Tenant's estimate of the prevailing market rent which shall also be accompanied by an evaluation report prepared by a licensed real estate brokerage company. If Landlord and Tenant cannot agree upon such Prevailing Market Rent, then, at the option of Landlord or Tenant, Landlord and Tenant shall institute an appraisal procedure to determine the Prevailing Market Rent by jointly nominating and appointing, within 10 days after receipt of notice from the other part, one appraiser who shall make a determination of the Prevailing Market Rent of the Building. If Landlord and Tenant fail to jointly agree on the nomination and appointment of one appraiser within the 10 day period, each part shall then nominate and appoint one appraiser within 15 days after the end of the initial 10 day period and give notice of the appointment to the other party. The two appraisers shall jointly make a determination of the Prevailing Market Rent of the Premises. If either pary fails to appoint an appraiser within the 15 day period, the appraiser appointed by the other part shall make the determination of the Prevailing Market Rent. If the two appraisers are unable to agree upon a determination of the Prevailing ...
Prevailing Market Rent. The "Prevailing Market Rent" shall be equal to the rental per square foot of Rentable Square Footage per year as of the date which is six months prior to the expiration of the Term of the Lease, including any previously exercised extensions thereof, at which Landlord is actually leasing comparable improved space in the Building for a term comparable to the period of the extension permitted by exercise of the option, multiplied by the Rentable Square Footage of the Premises; provided, however, that in no event shall the Prevailing Market Rent be less than the rent in effect under this Lease immediately prior to the commencement of the Option Term. If there is no such comparable improved space in the Building offered to prospective tenants by Landlord for a comparable term, then the Prevailing Market Rent shall be based upon the rent as of six months prior to the end of the Term as aforesaid, prevailing for comparable improved office space in first class office buildings located in the business district in the University Towne Centre area of San Diego, California. In determining the Prevailing Market Rent, whether for comparable improved space within the Building or in the business district, the following factors shall be taken into account:
Prevailing Market Rent. As used in this Lease, the term “Prevailing Market Rent” shall mean the fixed rents being charged by landlords of comparable mixed use buildings in the Fenway, Longwood, Back Bay and Cambridge areas of the Boston market that landlords have agreed to accept, and sophisticated nonaffiliated tenants of comparable buildings have agreed to pay, in current arms-length, nonequity (i.e., not being offered equity in the building), transactions for comparable space (in terms of use, condition, improvements, floor location, view and floor height) of a comparable size, for a renewal term and a nonrenewal term equal to the applicable Extended Term and taking into account all other then relevant factors, including, without limitation, adjustments for annual increases in rent during said Extended Term if so determined, the use as a combination laboratory and office, the condition of the Premises, operating expenses and taxes in excess of a base year, brokerage commissions, tenant improvement allowances, and rent concessions. Exhibit H EXHIBIT I
Prevailing Market Rent. The "Prevailing Market Rent" shall mean the annual amount per square foot that a willing, comparable tenant would pay and a willing, comparable landlord of a comparable building in the immediate area would accept at "arm's length", giving appropriate consideration to the credit of the Tenant, free rent and other tenant inducements then being offered for comparable space, length of lease term, size and location of premises being leased, tenant improvement allowances, if any, and other generally applicable terms and conditions of tenancy for comparable space. Further, the base year for operating expenses and taxes shall be amended to the calendar year in which the renewal term occurs. In determining the Prevailing Market Rent, whether for comparable improved space within the Building or in the business district, the following factors shall be taken into account:
Prevailing Market Rent. The Base Rent payable by Tenant for the Premises during an Extension Term shall be the Prevailing Market Rate (as defined below) for the Premises, valued as of the commencement of such Extension Term, determined in the manner hereinafter provided. As used herein, the term "Prevailing Market Rate" shall mean the annual Base Rent that a willing tenant would pay, and that a willing landlord would accept, at arm's length, for space comparable to the Premises within other comparable first class office buildings having more than two (2) stories located in the area including and bounded by South San Francisco to the north and Sunnyvale to the south (the "Comparable Buildings"), based upon binding lease transactions for tenants in Comparable Buildings ("Comparable Leases"). Comparable Leases shall include renewal and new non-renewal tenancies, but shall exclude subleases and leases of space subject to another tenant's expansion rights. Rent rates payable under Comparable Leases shall be adjusted to account for variations between this Lease and the Comparable Leases with respect to: (a) the length of the Extension Term compared to the lease term of the Comparable Leases; (b) the rental structure, including, without limitation, rental rates per rentable square foot (including whether gross or net, and if gross, adjusting for base year or expense stop), additional rental, all other payments and escalations; (c) the size of the Premises compared to the size of the premises of the Comparable Leases; (d) the location, floor levels and efficiencies of the floor(s) of the Premises compared to the premises of the Comparable Lease; (e) free rent, moving expenses and other cash payments, allowances or other monetary concessions affecting the rental rate; (f) the age and quality of construction of the Building compared to the Comparable Building; (g) the leasehold improvements and/or allowances, including the amounts thereof in renewal leases, and taking into account, in the case of renewal leases (including this Lease), the value of existing leasehold improvements to the renewal tenant, (h) access and proximity to Caltrain, (i) the amenities available to tenants in the Building compared to amenities available to tenants in Comparable Buildings; (j) the energy efficiencies and environmental elements of the Building compared to Comparable Buildings, including improvements required for the U.S. Green Building Council's Leadership in Energy and Environmental Design ("LEED") cert...
Prevailing Market Rent. The “Prevailing Market Rent” shall mean the fixed annual rent (which may provide for annual increases in rent during said Extended Term) that a willing lessee would pay and a willing lessor would accept in an arms’ length negotiation for comparable space in comparable research and development buildings in the Market Area during the Extended Term, and shall take into account all relevant factors, including, without limitation, improvement allowances, brokerage commissions and all other applicable terms and conditions of the tenancy in question. Landlord shall have no obligation to make or pay for any improvements to the Premises or to pay any allowances or inducements of any kind, provided that any absence of such improvements, allowances or inducements shall be reflected in the determination of Prevailing Market Rent.
Prevailing Market Rent. The “Prevailing Market Rent” shall mean the fixed annual rent (which may provide for annual increases in rent during said Extended Term) that a willing lessee would pay and a willing lessor would accept in an arms’ length negotiation for comparable space, for a tenant of comparable credit, in comparable office buildings in the Market Area during the Extended Term, and shall take into account all relevant factors, including, without limitation, improvement allowances, brokerage commissions and all other applicable terms and conditions of the tenancy in question provided, however, that in no event shall the Prevailing Market Rent be less than the Annual Fixed Rent due from Tenant to Landlord in the last year of the initial Term. Landlord shall have no obligation to make or pay for any improvements to the Premises or to pay any allowances or inducements of any kind, and any such concessions shall merely be reflected in the determination of Prevailing Market Rent.
Prevailing Market Rent. As used in this Lease, the phrase “Prevailing Market Rate” means the amount that a landlord under no compulsion to lease the Property, and a tenant under no compulsion to lease the Property, would agree upon at arm’s length as monthly rent for the Property for the Extension Term, as of the commencement of the Extension Term. The Prevailing Market Rate shall be based upon non-sublease, non-encumbered, non-equity lease transactions recently entered into for space in comparable properties in Las Vegas, Nevada (“Comparison Leases”) and may include periodic increases. Rental rates payable under Comparison Leases shall be adjusted to account for variations between this Lease and the Comparison Leases with respect to: (i) the length of the Extension Term compared to the lease term of the Comparison Leases; (ii) rental structure, including additional rent, and taking into consideration any “base year” or “expense stops”; (iii) the size of the Property compared to the size of the property under the Comparison Leases; (iv) utility, location, floor levels, views and efficiencies of the floor(s) of the Property compared to the property under the Comparison Leases; (v) the age and quality of construction of the improvements on the Property; and (vi) the value of existing leasehold improvements to Tenant.
Prevailing Market Rent. The “Prevailing Market Rent” shall be equal to the rental per square foot of Rentable Area per year as of the date which is six months prior to the expiration of the initial Term of the Lease at which Landlord is then offering to lease comparable space in the Building for a term comparable to the period of the extension permitted by exercise of this Option, multiplied by the Rentable Area of the Premises. If there is no such comparable space in the Building offered to prospective tenants by Landlord for a comparable term, then the Prevailing Market Rent shall be based upon the rent as of six months prior to the end of the initial Term of the Lease prevailing for comparable office space in first class office buildings in the Westwood area of Los Angeles, California. In determining the Prevailing Market Rent, whether for comparable space within the Building or in the Westwood area, the following factors shall be taken into account:
Prevailing Market Rent. The "Prevailing Market Rent" shall be equal to the rental per square foot of Rentable Area per month as of the date which is approximately six (6) to nine (9) months prior to the expiration of the initial Term of the Lease, prevailing for comparable office space in the Monrovia, California area. In determining the Prevailing Market Rent, whether for comparable space within the Building or in the Monrovia, California area, the following factors shall be taken into account:
