Renewal Rental. If Tenant exercises an option to extend the Term of this Lease as set forth in Subsection 30.1 hereof, the Minimum Rent for the Premises throughout a given Renewal Term shall equal ninety-five percent (95%) of the Market Rental Rate (as hereinafter defined) in effect at the commencement of that Renewal Term. For purposes of this Lease, the term "Market Rental Rate" shall be defined as the rate of annual minimum rent being quoted by Landlord to prospective tenants of the Building or being charged to tenants whose leases have commenced within the preceding six months, for terms of similar length for comparable space (considering size and location) in the Building (or which would be quoted if comparable space were available). Landlord shall determine the Market Rental Rate for the Renewal Term in question and give Tenant notice thereof (a "Rental Notice") in each case following Tenant's exercise of its option to renew (and not later than thirty (30) days following receipt of written request from Tenant following Tenant's exercise of its option to renew). Should Tenant disagree with Landlord's determination, Landlord and Tenant agree to negotiate reasonably and in good faith to attempt to reach agreement for a period of seventy five (75) days following Tenant's receipt of the Rental Notice; provided, however, that Tenant may elect, by written notice delivered to Landlord within seventy-five (75) days after receipt of the Rental Notice, to either rescind its election to enter into a Renewal Term or to have the Market Rental Rate for such Renewal Term determined by appraisal in accordance with the following procedures, the results of which shall be binding upon both Landlord and Tenant. Should Landlord and Tenant not reach agreement as to the Market Rental Rate, and Tenant fails to deliver written notice of such election to Landlord within such seventy-five (75) day period, Tenant shall be deemed to have irrevocably elected to rescind its election to enter into the Renewal Term. Within ten (10) days after Tenant notifies Landlord of Tenant's election to determine Market Rental Rate by appraisal, each of Landlord and Tenant shall, by written notice to the other, designate an appraiser having at least ten (10) years experience as a licensed Pennsylvania real estate broker or MAI appraiser doing a substantial amount of business in the Center City, Philadelphia area. Within ten (10) days following the appointment of the second of such appraisers, the two appraisers ...
Renewal Rental. Section 10.1 and Appendix 3 of the Permit are hereby amended to include the following: Effective as of the commencement of the first Renewal Term on January 1, 2026, the Annual Fee shall increase to $47,975.34 per year. Thereafter, the Annual Fee shall increase on the annual anniversary to an amount equal to 103% of the Annual Fee payable for the immediately preceding year.
Renewal Rental. 8 Rent.........................................................................9
Renewal Rental. During each respective Lease Year of the Renewal Term, the Tenant agrees to pay to Landlord as Basic Annual Rental for the Demised Premises, the amount specified for that Lease Year in the following table, said amount to be due and payable in equal monthly installments of Basic Monthly Rental during such Lease Year in advance and without deduction, set off or demand, except as may otherwise be provided herein, on the first (1st) day of each calendar month in such Lease Year, namely: Lease Year Basic Monthly Rental Basic Annual Rental 1 $ 58,033.00 $ 696,396.00 2 $ 59,774.00 $ 717,288.00 3 $ 61,567.00 $ 738,804.00 4 $ 63,414.00 $ 760,968.00 5 $ 65,317.00 $ 783,804.00 In addition to the Basic Monthly Rental, Tenant shall pay to Landlord, at the time and in the manner indicated in the Lease, the Operating Expenses, other items of Additional Rent, and all other sums required to be paid by Tenant pursuant to the terms of the Lease, as modified by this Amendment.
Renewal Rental. (a) (i) The Annual Rental for the Renewal Term shall be the greater of ninety (90%) percent of the Fair Rental Value (hereafter defined) or the Annual Rental in effect for the year preceding the first year of the Renewal Term.
Renewal Rental. (Article 36) The Minimum Rent for all renewal options will increase if the option is exercised fifteen percent (15%) for each five year period after the original term or the CPI Index whichever is lower.
Renewal Rental. The terms and conditions of the renewal shall be the same as those contained in this Lease except for the Minimum Rent. Said Minimum Rent shall be negotiated in good faith once the notice contemplated in section 40.1 is given by Lessee to Lessor and shall be based on then applicable market values calculated so that Lessee benefits from leasehold incentives then available in the Montreal office leasing market. Notwithstanding the foregoing, it is agreed that the net effective rental rate for the Lessor shall in no way be less than eight dollars ($8.00) per leaseable square foot with said rate to take into consideration, among other matters usually considered in calculating net effective rates in such circumstances, all costs to be incurred by Lessor in connection with the transaction and a discount rate equal to the interest then chargeable by Lessor’s bank on a mortgage having the same term as the renewal period in question.
Renewal Rental. 29(B) Rent.......................................................................1(F) Rent Commencement Date.....................................................1(B) Revised Preliminary Plans..................................................2(E)
Renewal Rental. Annual Rental for the Renewal Term shall be in accordance with Renewal Term Rental Rate as indicated in Exhibit C. ARTICLE FIVE - SERVICES
