Option Rent. As set forth in Exhibit "I" attached hereto and incorporated herein.
Option Rent. If Lessee duly exercises its option to extend this Lease as provided in Section 3.05 above, the rent payable during the Option Term, each annual CPI adjustment will have a cap of 5% but no less than 3%.
Option Rent shall be deemed to mean the “25th Floor Must-Take Rent”, (ii) “Option Term” shall be deemed to mean the “25th Floor Must-Take Term”, and (iii) the “Outside Agreement Date” shall be deemed to mean the date that is forty-five (45) days after the date Landlord delivers the Landlord 25th Floor Must-Take Notice to Tenant; and (B) in the event that the 25th Floor Must-Take Rent shall not have been determined pursuant to the terms of Section 2.2.4 of the Lease prior to the commencement of the 25th Floor Must-Take Term, Tenant shall be required to pay Base Rent for the 25th Floor Must-Take Space based on the Annual Rental Rate per Rentable Square Foot then in effect for the Expansion Space, and upon the final determination of the 25th Floor Must-Take Rent, the payments made by Tenant shall be reconciled with the actual amounts due, and the appropriate party shall make any corresponding payment to the other party within thirty (30) calendar days after the 25th Floor Must-Take Rent has finally been determined. The terms of Section 3.2 of the Lease shall be inapplicable in connection with the 25th Floor Must-Take Space. If Tenant fails to timely deliver a Tenant’s 25th Floor Must-Take Rent Calculation, the 25th Floor Must-Take Rent shall be as set forth in the 25th Floor Must-Take Notice delivered by Landlord.
Examples of Option Rent in a sentence
If Tenant does not withdraw its exercise of the extension option, each party shall make a separate determination of the Option Rent, as the case may be, within ten (10) days after the Outside Agreement Date, and such determinations shall be submitted to arbitration in accordance with Sections 2.2.3.1 through 2.2.3.7, below.
If Tenant fails to object to Landlord’s determination of the Option Rent within the time period set forth herein, then Tenant shall be deemed to have accepted Landlord’s determination of Option Rent.
In the event Tenant timely and appropriately exercises an option to extend the Lease Term, Landlord shall notify Tenant of Landlord’s determination of the Option Rent within thirty (30) days thereafter.
If Tenant, on or before the date which is ten (10) days following the date upon which Tenant receives Landlord’s determination of the Option Rent, in good faith objects to Landlord’s determination of the Option Rent, then Landlord and Tenant shall attempt to agree upon the Option Rent using their best good-faith efforts.
In the event Tenant timely and appropriately objects to the Option Rent, Landlord and Tenant shall attempt to agree upon the Option Rent using their best good-faith efforts.
More Definitions of Option Rent
Option Rent has the meaning assigned to such term in Section 2.3.1.
Option Rent. The monthly rental rate of the option period shall be established at the Fair Market Rent (FMR) for space in comparable class buildings in the same submarket. In the event Lessor and Lessee are unable to agree on a FMR rental rate, the Lessor shall hire, at its own expense, an independent rent appraiser to determine FMR. Should Lessee disagree with the rent appraisal, Lessee will then hire its own independent rent appraiser to establish the FMR lease rate. The resulting two appraisals shall be averaged, yielding the proposed lease rate. Should Lessor and Lessee disagree as to this Value, the two shall mutually select a third rent appraiser who shall, at its option, decide between the two values previously established, or conduct an investigation to establish its own value. The decision rendered by the third rent appraiser will be the final base lease rate for the first year of the Option period. A schedule for annual rent adjustments shall be negotiated to reflect conditions in the market at the time each option is exercised.
Option Rent using their good faith efforts. If Landlord and Tenant fail to reach agreement on the Option Rent within twenty (20) days following Tenant’s receipt of Landlord’s Option Rent Response, then within three (3) business days after demand by either Landlord or Tenant, each party shall simultaneously present to the other and certify to each other such party’s final offer regarding the Option Rent for the Extension Term (each, a “Last Offer”). If the parties fail to agree on the Option Rent within such twenty (20) day period following Tenant’s receipt of Landlord’s Option Rent Response, such Last Offers shall be submitted to arbitration by Landlord and/or Tenant (the “Arbitration Demand”) in accordance with Section 54(b)(i) through (b)(viii), below and in accordance with the then existing Rules for Commercial Arbitration of the American Arbitration Association, or its successor. The following rules shall apply to such arbitration, in addition to (and controlling over) the then existing Rules for Commercial Arbitration of the American Arbitration Association, or its successor:
Option Rent in this Section 2.2.3 shall be deemed to refer to Option Rent, Expansion Rent or First Offer Rent, as applicable. Within ten (10) days following its receipt of the Landlord Response Notice, Tenant shall notify Landlord in writing whether it accepts or objects to the Option Rent set forth in Landlord’s Response Notice. In the event that Tenant in good faith objects to Landlord’s determination of the Option Rent, then Landlord and Tenant shall meet and attempt to agree upon the Option Rent using their best good-faith efforts. If Landlord and Tenant fail to reach agreement on or before the date that is ninety (90) days (A) prior to the expiration of the initial Lease Term (B) prior to the applicable Expansion Space Commencement Date, or (C) following Tenant’s objection to the First Offer Rent set forth in a First Offer Notice, as applicable (each, an “Outside Agreement Date”), then the Option Rent shall be determined by arbitration pursuant to the terms of this Section 2.2.3. Each party shall make a separate determination of the Option Rent, within five (5) days following the Outside Agreement Date, and such determinations shall be submitted to arbitration in accordance with Section 2.2.3.1 through Section 2.2.3.4, below. The determination of the arbitrators shall be made by taking into consideration all Comparable Transactions as calculated under the Constant Rate Equivalent Approach.
Option Rent is defined in Section 22.2.
Option Rent shall be deemed to mean the “First Offer Rent”, (ii) “Option Term” shall be deemed to mean the applicable First Offer Space Term, and (iii) the “Outside Agreement Date” shall be deemed to mean the date that is forty-five (45) days after the date Landlord delivers the applicable Landlord’s First Offer Rent Notice to Tenant, and the Market Rent shall be determined in accordance with the terms of Section 2.2.4 below assuming that all other applicable Economic Terms for the subject First Offer Space are as provided in the First Offer Notice (subject to the requirements of this Section 1.3) and are used in the calculation of Market Rent. The terms of Section 3.2 of this Lease shall be inapplicable in connection with the subject First Offer Space.
Option Rent is defined in Section 3.2.