Market Base Rent definition

Market Base Rent for the purposes of this paragraph 8 shall mean the then current market base rental rate (taking into consideration market concessions, inducements and allowances) for comparable space for comparable terms in comparable condition in office building comparable to the Building in the North Suburban Chicago Market (in the vicinity of the Xxxxx Expressway), as reasonably determined by Landlord. Landlord shall deliver its estimated Market Base Rent to Tenant within thirty (30) days after Landlord's receipt of Renewal Notice. In the event that Tenant disagrees with Landlord's estimate of such Market Base Rent, then Tenant may rescind its Renewal Notice, by written notice to Landlord within ten (10) days after receipt for Landlord's estimate.
Sample 1Sample 2
Market Base Rent means the average (mean) of the annual base rental rates then being charged to renewing tenants for space located in the Vancouver, Washington metropolitan area and comparable to the Premises, taking into consideration all relevant factors including, without limitation, use, location, floor level within the applicable building, size, parking rights (to the extent that parking rights are a factor in determining base rental rates in the then current marketplace). It is agreed that bona fide written offers to lease the Premises or similar premises in the Building made to Landlord by third parties (at arms- length) may be used by Landlord as an indication of Market Base Rent. Notwithstanding any provision to the contrary set forth herein, in no event shall the Market Base Rent for the Renewal Term be less than the Base Rent then currently payable by Tenant immediately prior to the commencement of the Renewal Term.
Sample 1Sample 2
Market Base Rent for the Renewal Term shall mean the annual Base Rent that a willing tenant would pay, and a willing landlord would accept, to lease the Premises in its “as is” condition pursuant to the Lease, taking into consideration all relevant factors, including, without limitation, such factors as credit-worthiness of Tenant, the duration of the term, any rental or other concessions granted, whether a broker’s commission or finder’s fee will be paid, and responsibility for Expenses. Landlord shall notify Tenant of its initial determination of Market Base Rent no later than thirty (30) days after receipt of Tenant’s Renewal Notice. Tenant shall have thirty (30) days after Landlord’s delivery of notice to Tenant of its determination of Market Base Rent to deliver notice to Landlord accepting Landlord’s determination, or objecting to Landlord’s determination and proposing its own Market Base Rent. If Tenant fails to deliver such notice within such thirty (30) day period, Tenant shall be deemed to have revoked Tenant’s Renewal Notice and forever waived its right to exercise the Renewal Option. If Tenant delivers notice with a Market Base Rent different from Landlord’s determination, then Landlord and Tenant shall, for fifteen (15) days, negotiate in good faith to agree on a Market Base Rent. If Landlord and Tenant shall fail to agree upon the Market Base Rent for the Renewal Term within fifteen (15) days after Tenant’s timely notice to Landlord that it objects to Landlord’s determination, Landlord and Tenant each shall give notice to the other setting forth the name and address of an arbitrator designated by such party within fifteen (15) days thereafter. If either party shall fail to give notice of such designation within such fifteen (15) day period, then the arbitrator chosen by the party giving such notice shall make the determination alone. If two arbitrators shall have been designated, such two arbitrators shall make their determination of Market Base Rent for the Renewal Term in writing and give notice thereof to each other and to Landlord and Tenant within twenty (20) days of their designation The two arbitrators shall have ten (10) days after the receipt of notice of each other’s determination to confer with each other and to attempt to reach agreement as to the determination of Market Base Rent for the Renewal Term. If such two arbitrators shall fail to concur, then such two arbitrators shall immediately designate a third arbitrator. If such two arbitrators sha...
Sample 1

Examples of Market Base Rent in a sentence

  • Fair Market Base Rent shall be determined as follows: Landlord shall, within thirty (30) days after receipt of the Extension Notice propose in writing to Tenant the Fair Market Base Rent to be paid by Tenant during the Extension Term (the “Rent Proposal”).

  • Thereafter, in respect of the Subsequent Period, the Base Rent will be the higher of the Market Base Rent, which is to be determined by a jointly appointed professional independent property valuer, and the Reference Average Rent (as defined below).

  • If Tenant delivers the Objection Notice, Landlord and Tenant shall engage in discussions regarding the Fair Market Base Rent for a period of up to thirty (30) days.

  • The determination of the third broker shall be made on the basis of which Proposed Determination submitted by the first two brokers is closest to what the third broker believes the Fair Market Base Rent should be, and such determination of the third broker must be made only by his or her selecting one of the Proposed Determinations previously submitted in writing by the first two brokers.

  • The brokers selected by Landlord and Tenant shall each prepare their own determination of the figure that should be the Fair Market Base Rent (the “Proposed Determination”) and submit their respective Proposed Determinations in writing to the third broker promptly after the third broker is chosen.

  • In the event said difference is in excess of ten percent (10%), then the appraisers shall mutually select a third appraiser who shall render a written decision of the Effective Market Base Rent Rate within twenty (20) days of his/her selection.

  • If the parties are unable to agree upon the Fair Market Base Rent during the Initial Rent Determination Period, then within fifteen (15) days after termination of the Initial Rent Determination Period, each party shall deliver to the other party a notice specifying the name, address and professional qualifications of the person designated to act as arbitrator on its behalf.

  • The sale of Kommunekreditt in 2009 is presented as discontinued operations.

  • The minerals research laboratory may accept public and private gifts or funds and may enter into cooperative agreements for the purpose of applied research in the metallic and nonmetallic minerals of this State.

  • If the difference between the high appraisal and the low appraisal is ten percent (10%) or less of the low appraisal, then the Effective Market Base Rent Rate shall be the average between the low appraisal and the high appraisal and the Minimum Annual Base Rent for the Additional Space Extension Term shall be ninety-five percent (95%) thereof.


More Definitions of Market Base Rent

Market Base Rent means the prevailing base rental, expressed in dollars per rentable square foot, that would be received by landlords renting comparable space (i.e., quality, size and existing condition) in comparable buildings in equally desirable parts of downtown Washington, D.C. to private sector tenants as of the date a determination of Market Base Rent is required, adjusted to reflect any and all rental abatements and other such inducements of landlords then prevailing, including construction allowances and architectural allowances. In determining Market Base Rent the parties shall (x) not take into account or give credit to Lessee for any savings to Lessor that may be attributable to the avoidance of "downtime" for marketing, and/or construction, and (y) consider and analyze all of the components of the Lease (as well as the number of months in the future that the renewal or expansion, as applicable, will occur), and apply to them for the current market factors.
Sample 1
Market Base Rent means an aggregate annual base rent for the sixth to the tenth years
Sample 1
Market Base Rent means market rents, Tenant improvements, rent concessions for renewing tenants in similar Class A office space in Maitland, Florida
Sample 1

Related to Market Base Rent

  • Monthly Base Rent The monthly rent specified in Section 1.01(8).

  • Annual Base Rent means the business’s annual lease payment minus taxes, insurance and operating or maintenance expenses.

  • Base Rent As defined in Section 3.1.

  • Net Rent means all rental Landlord actually receives from any reletting of all or any part of the Premises, less any indebtedness from Tenant to Landlord other than Rent (which indebtedness is paid first to Landlord) and less the Re-entry Costs (which costs are paid second to Landlord).

  • Monthly Rent means the monthly installment of Minimum Annual Rent plus the monthly installment of estimated Annual Operating Expenses payable by Tenant under this Lease.

  • Gross Rent means the rent for a set-aside unit, including any applicable utility allowances, in compliance with the rent limits applicable to the property for 2020. Gross rent does include optional fees included in the household’s lease, including but not limited to, washer/dryer, cable, parking, etc., as long as they are included in the lease or addendums to the lease. In addition, when a utility that is purchased from or through a local utility company by the Development, who in turn bills residents for actual consumption of the utility will also be eligible when the applicable utility allowance for the Development includes a deduction for the utility and the household’s lease specifies that the resident is responsible for the utility.

  • Base Rental means the sum of Seven Hundred Nineteen Thousand Two Hundred Sixty-Eight and NO/100 Dollars ($719,268.00), payable by Tenant to Landlord in sixty (60) monthly installments as follows:

  • Market Rent means the price that a ready and willing tenant would pay, at commencement of the Option Term, as monthly base rent to a ready and willing landlord of similar space in the geographical area of San Diego County known as Del Mar Heights if such office space were offered for lease on the open market for a reasonable period of time and be the product of the fair market annual rental rate per rentable square foot multiplied by the Rentable Area of the Premises (as set forth in the Basic Lease Information), determined as follows: (a) as mutually agreed by Landlord and Tenant within ten (10) days of Landlord’s delivery to Tenant of Landlord’s opinion of the Market Rent for the first year of the Option Term (“Landlord Rent Notice”, which shall be Verus Lease v06 -4- February 2, 2005 (8:51 pm) delivered to Tenant within ten (10) days of receipt of Tenant’s written Extension Notice; or (b) in the event that Landlord and Tenant are unable to so agree, the Market Rent shall be determined by concurrent appraisals pursuant to Section 4.01(c) below. In determining Market Rent, appraisers shall take into account the duration of the Option Term, the quality, condition and prestige of the Building and Premises (as tenant improvements are maintained as required by the terms and conditions of this Lease), recent monthly rental rates and annual base rent escalations for buildings of similar size and location imputed to the commencement of the Option Term, condition and quality of comparable tenant improvements in buildings of similar quality and location and all relevant economic terms of this Lease, including free rent and other economic inducements, it being the intent that Market Rent, as so determined, should reflect the total economic package which would be offered at the time of commencement of the Option Term to a new tenant for the Premises, or substantially similar space in a building of similar quality, condition, and location and with similar tenant improvements under a lease with substantially the same terms and provisions as the applicable terms and provisions of this Lease (“Market for Similar Space”) without discounting the rent for the creditworthiness of the Tenant or for the cost of real estate leasing commissions. Landlord’s Rent Notice, and any determination of Market Rent by appraisal as described herein, shall also set forth the market annual base rent escalation rate then prevailing in the relevant marketplace, which shall be used for purposes of determining Base Rent adjustments during the Option Term in accordance with Section 4.03 below.

  • Basic Rent means Basic Rent as defined in Paragraph 6.

  • Lease Year means each consecutive twelve-month period beginning with the Commencement Date, except that if the Commencement Date is not the first day of a calendar month, then the first Lease Year shall be the period from the Commencement Date through the final day of the twelve months after the first day of the following month, and each subsequent Lease Year shall be the twelve months following the prior Lease Year.

  • Base Monthly Rent means the fixed monthly rent payable by Tenant pursuant to Section 3.1 which is specified in Section K of the Summary.

  • Fixed Rent shall have the meaning set forth in Section 1.1 hereof.

  • Renewal Rent for the Aircraft means the rent payable therefor in respect of a Renewal Lease Term determined pursuant to Section 17.2.2 of the Lease.

  • Minimum Rent means the sum of Sixty-Six Million One Hundred Seventy-Six Thousand Five Hundred and Twenty-Six Dollars ($66,176,526) per annum; subject, in each case, to adjustment as provided in Section 3.1.1(b).

  • Net Rentable Area means, with respect to any Real Estate, the floor area of any buildings, structures or other improvements available for leasing to tenants determined in accordance with the Rent Roll for such Real Estate, the manner of such determination to be reasonably consistent for all Real Estate of the same type unless otherwise approved by the Administrative Agent.

  • Annual Rent means the amount payable by Tenant to Landlord in respect of each year of the Term under Article 4.01.

  • Rent as used in this Section 21 shall be deemed to be and to mean all sums of every nature required to be paid by Tenant pursuant to the terms of this Lease, whether to Landlord or to others. As used in Sections 21(c)(ii)(A) and (B), above, the “worth at the time of award” shall be computed by allowing interest at the Default Rate. As used in Section 21(c)(ii)(C) above, the “worth at the time of award” shall be computed by discounting such amount at the discount rate of the Federal Reserve Bank of San Francisco at the time of award plus 1%.

  • Additional Rent means any and all amounts, other than Basic Rent, required to be paid by the Tenant under this Lease, whether or not same are designated “Additional Rent” or whether or not the same are payable by Landlord;

  • Rentable Area of the Premises The amount of square footage set forth in Section 1.01(10).

  • Rental Rate means the average annualized composite rate for United States treasury bonds issued for periods of ten years and longer plus two percent. The rental rate shall not exceed ten and three-quarters percent nor fall below eight and one-quarter percent.

  • Open Market Rent means the yearly rent which one would expect to be payable if the Property were let as a whole in the open market at the relevant Open Market Review Date:

  • Percentage Rent As defined in Subsection 3.1(b).

  • Rentable Area when applied to the Premises, is that area equal to the usable area of the Premises, plus an equitable allocation of Rentable Area within the Building that is not then utilized or expected to be utilized as usable area, including that portion of the Building devoted to corridors, equipment rooms, restrooms, elevator lobby, atrium and mailroom.

  • Interim Rent means the pro-rata portion of Rent due for the period from the Commencement Date through but not including the first day of the first full Rent Interval included in the Initial Term.

  • Additional Rental has the meaning set forth in Section 4.03.

  • Excess Rent means the excess of (a) all consideration received by Tenant from a Transfer over (b) Rent payable under this Lease after deducting reasonable tenant improvements paid for by Tenant, reasonable attorneys’ fees and any other reasonable out-of-pocket costs paid by Tenant as a result of the Transfer (but specifically excluding any Rent paid to Landlord while the Premises is vacant).