Prevailing Market Rent means the rental that a landlord would be able to obtain from a third party desiring to lease the Leased Premises for the extension term taking into account the age of the building, the size and location of the Leased Premises, the services provided, the terms of the Lease, and all other relevant factors. If TENANT disagrees with LANDLORD'S determination of the Prevailing Market Rent, TENANT may challenge such determination in the following manner, provided however, TENANT may challenge such determination only after TENANT has irrevocably exercised its extension option. TENANT shall give notice to LANDLORD of TENANT's intent to submit the matter to the appraisal process described below within thirty (30) days after TENANT exercises its extension option. If TENANT so elects, then within fifteen (15) days after the date of TENANT's notice of its election to submit the matter to the appraisal process, each party, at its cost, shall engage a real estate appraiser to act on its behalf in determining the Prevailing Market Rent for the Leased Premises for the extension term. The appraisers shall have at least five (5) years' commercial experience in the Boston metropolitan area, be designated as MAI appraisers, and shall be persons who would qualify as expert witnesses over objection to give opinion testimony on the issue of the Prevailing Market Rent in a court of competent jurisdiction. If a party does not appoint an appraiser within fifteen (15) days after the other party has given notice of the name of its appraiser, the single appraiser appointed shall be the sole appraiser and shall set the Prevailing Market Rent. If the two appraisers are appointed by the parties as stated in this Section, such appraisers shall meet promptly and attempt to set the Prevailing Market Rent. If such appraisers are unable to agree within thirty (30) days after appointment of the second appraiser, the appraisers shall elect a third appraiser meeting the qualifications stated in this paragraph within ten (10) days after the last date the two appraisers are given to set the Prevailing Market Rent. Within thirty (30) days after the selection of the third appraiser, each appraiser shall render a separate appraisal. The rental values and terms arrived at by the three appraisers shall be averaged, and the resulting average shall be deemed the Prevailing Market Rent. However, in the event that there are three appraisals and the Prevailing Market Rent arrived at in any of the appraisals...
Prevailing Market Rent is defined in Exhibit C.
Prevailing Market Rent means the most probable rent (as determined pursuant to the appraisal procedure hereinafter set forth) at which the Premises would be leased in a comparable and open market, under all conditions requisite to a fair lease, the Landlord and Tenant each acting prudently, knowledgeable, and assuming the rent is not affected by undue stimulus. Implicit in this definition is the consummation of the lease of such space beginning on the commencement date of the lease of the Premises under conditions whereby:
Examples of Prevailing Market Rent in a sentence
Prevailing market rent is estimated based on independent values view of recent lettings, within the subject properties and other comparable properties.
Prevailing market rent refers to the base lot rent charged in manufactured home communities comparable to WHISPERWOOD, or the base lot rent or fee willingly paid from time to time by new residents of WHISPERWOOD.
Prevailing market rent is estimated based on independent valuer’s view of recent lettings, within the subject properties and other comparable properties.
Prevailing market rent report of the property to support the price quoted, not more than 6 months prior to the date of issue of this RFP/BID DOCUMENT.
More Definitions of Prevailing Market Rent
Prevailing Market Rent means the rental rate that would be authorized pursuant to 42 U.S.C.A. 1437 (f), as calculated by the United States Department of Housing and Urban Development pursuant to Part 888 of Title 24 of the Code of Federal Regulations.
Prevailing Market Rent shall have the meaning ascribed to it in Clause 2.5.3.
Prevailing Market Rent for purposes of this ARTICLE 43 shall mean the rent (base rent and additional rent adjusted, if necessary, to reflect the base years to be used for the applicable period) per rentable square foot for similar office space in the Building and in comparable buildings as reasonably located in the City of Boston (i) taking into account (A) any difference in the base years between the Offering Space and the compared space for measurement of additional rent on account of taxes and expenses, (B) the magnitude of any free rent or buildout allowance included in rent for the compared space, (C) length of lease, (D) building amenities in the respective buildings, (E) the location and floor levels of the Offering Space and the compared space, (F) services provided in the respective buildings, (G) surrender rights, if any, in the compared space (H) parking rights and obligations, (I) free rent, tenant allowances or other concessions in the compared space and (J) all other relevant market factors and (iii) taking into account the brokerage commissions, if any, to be paid in connection with the leasing the respective spaces.
Prevailing Market Rent means the base monthly rent per rentable square foot (net of all expenses) for direct leases from the landlord (as opposed to subleases) of space of comparable size and location to the Premises and in buildings similar in age and quality to the Premises for a comparable term, taking into account any additional rent and all other payments or escalations then being charged and allowances and economic concessions being given in the Midpoint Technology Center for such comparable space over a comparable term. The Prevailing Market Rent shall be determined by Landlord and Landlord shall give Tenant written notice of such determination not later than thirty (30) days after delivery by Tenant of Tenant’s notice of exercise of the Renewal Option. If Tenant disputes Landlord’s determination of the Prevailing Market Rent, Tenant shall so notify Landlord within ten (10) business days following Landlord’s notice to Tenant of Landlord’s determination and, in such case, the Prevailing Market Rent shall be determined as follows:
Prevailing Market Rent means the base monthly rent (net of all expenses) for space of comparable size and location to the Premises and in buildings similar in age and quality to the Buildings, taking into account any additional rent and all other payments or escalations then being charged (including charging rent for parking) and allowances and economic concessions being given in the market area for such comparable space over a comparable term. The Prevailing Market Rent shall be determined by Landlord and Landlord shall give Tenant written notice of such determination not later than thirty (30) days after delivery by Tenant of Tenant’s notice of exercise of the Option. If Tenant disputes Landlord’s determination of the Prevailing Market Rent, Tenant shall so notify Landlord within ten (10) days following Landlord’s notice to Tenant of Landlord’s determination and, in such case, the Prevailing Market Rent shall be determined as follows:
Prevailing Market Rent shall have the meaning ascribed to it in Paragraph 4 of the Sixth Schedule;
Prevailing Market Rent means the monthly unit rent (expressed in per square foot or per square metre) at which the Premises might reasonably be expected to be let in the open market on the Parties' Rent Review Date, the Appointed Valuer's Rent Review Date or the Approved Valuer's Rent Review Date, as the case may be. ASSUMING