Prevailing Market Rental means the annual per rentable square foot rental rate then being charged in new leases consummated within six (6) months prior to the date of Landlord's Option Notice, which such leases are for Class A office premises comparable to the Premises and located in office buildings comparable to the Building within a ten (10) mile radius of the Building (excluding the Town Center, Columbia). In the determination of the "Prevailing Market Rental," the following factors shall be used in making any such determination (i) consideration of annual rental rates per rentable square foot; (ii) total rentable square feet leased; (iii) types of escalation clauses (including without limitation operation expense stops, real estate tax stops, and Consumer Price Index adjustments); (iv) length of relevant term; (viii) utilities or services included within the base rent for the comparable premises (including by way of example and not by way of limitation electricity); and (v) the brokerage commissions with respect to such comparable premises. Notwithstanding the foregoing, the comparable leases shall (i) have at least a five (5) or three (3) year term depending on the length of the Renewal Term elected by Tenant, (ii) contain at least 10,000 square feet of space, and (iii) be in a building which is not newer than the Building. Tenant shall exercise the foregoing right of first option by delivering written notice thereof to Landlord within ten (10) business days of Tenant's receipt of Landlord's Option Notice. In the event Tenant shall exercise its right of first option granted herein, Landlord and Tenant shall enter into an amendment to this Lease within forty-five (45) days of Landlord's Option Notice, which amendment shall set forth the base rent payable by Tenant for the Option Area, and such other agreements, if any, with respect to the Option Area. In the event (a) Tenant is then in default under the terms of this Lease beyond the expiration of any applicable cure period at the time of exercising such right, or (b) Tenant fails to deliver the requisite notice to Landlord exercising such right within the ten (10) day period above-provided, or (c) Tenant fails to execute an amendment to this Lease for the Option Area within the aforesaid forty-five (45) day calendar period, or (d) Tenant declines to exercise its right of first option as to all or any portion of the Option Area, then Tenant's right of first option for the specified space shall terminate without affecting Tena...
Prevailing Market Rental for the Premises shall mean the Base Rent that Landlord could obtain for the Option Term from a third party desiring to lease the Premises for the Option Term taking into account (1) the quality and condition of the Building and the Premises, (2) the services provided under the terms of this Lease, (3) the responsibility for repair and maintenance of the Premises and responsibility for payment of Impositions as set forth herein, (3) the base rent and all other monetary payments then being obtained for new leases of space comparable to the Premises in the Building or, in the event that no other rentable areas of the Building are leased to other tenants, other buildings of comparable quality and condition as the Building and having comparable uses and located in the vicinity of the Building, and the services and allocation of responsibility for repair and maintenance and payment of taxes under such other leases, and (4) allowances for the construction of tenant improvements provided for such comparable space, the payment of leasing commissions or moving expenses, rental abatement concessions, if any, being granted such tenants in connection with such comparable space, and other reasonable monetary and nonmonetary tenant inducements being granted such tenants in connection with such comparable space.
Prevailing Market Rental means and include all rental and other monetary payments, together with all escalations, including, without limitation, consumer price indexing, which the Landlord could obtain from a third party desiring to lease the Premises for the Option Term, taking into account the age of the Building, the size, location and floor level of the Premises, the quality of construction of the Building and the Premises, the services provided under the terms of the Lease, the rental then being obtained for new leases of space comparable to the Premises in the San Mateo County area and all other factors that would be relevant to such third party; provided, however, that Prevailing Market Rental shall be stated net of any free rent concessions included in such market rental and no allowance or credit for the construction of tenant improvements (or reduction in rental as a result of the absence of such allowance or credit) shall be taken into account in determining Prevailing Market Rental.
Examples of Prevailing Market Rental in a sentence
For purposes hereof, “Prevailing Market Rental Rate” shall mean the arm’s-length fair market annual rental rate under renewal leases entered into on or about the date on which the Prevailing Market Rental Rate is being determined hereunder for space comparable to the Premises in the Marina and in buildings comparable to the Building.
If Lessee rejects Lessors proposal and Lessee and Lessor have not agreed on a Prevailing Market Rental Rate for the extended term within fifteen (15) business days of such notice, Lessee may withdraw its extension notice and this Lease shall terminate at the end of the primary term or first extension term, as applicable, or Lessee may elect to invoke the appraisal process to determine the Prevailing Market Rental Rate.
Upon notification from Lessee of the exercise of this renewal option, Lessor shall, within fifteen (15) business days thereafter, notify Lessee in writing of the proposed Prevailing Market Rental Rate for the renewal term; Lessee shall, within fifteen (15) business days following receipt of same, notify Lessor in writing of its acceptance or rejection of the proposed Prevailing Market Rental Rate by Lessee.
Upon agreement upon such Prevailing Market Rental Rate payable as Base Rent during the Extension Term, Tenant shall provide Landlord with a Binding Extension Notice and Landlord and Tenant shall enter into the Lease Extension Amendment in accordance with the terms and conditions hereof.
Within ten (10)) days of selection of the Arbitrator, Landlord and Tenant each shall state, in writing, their determination of the Prevailing Market Rental Rate supported by the reasons therefor and shall make counterpart copies for each other and the Arbitrator, under an arrangement for simultaneous exchange of the determinations.
More Definitions of Prevailing Market Rental
Prevailing Market Rental means the rental and all other monetary payments and escalations that Lessor could obtain from a third party lessee desiring to lease the Premises for the Option Term, taking into account the age of the Project, the size of the Premises, the type and quality of construction of the Office Building Project and the Premises, and all other factors that would be
Prevailing Market Rental means the annual per rentable square foot rental rate then being charged in new leases consummated within six (6) months prior to the date of Tenant's Notice, which such leases are for Class A office premises comparable to the Premises and located in office buildings comparable to the Building within a ten (10) mile radius of the Building (excluding the Town Center, Columbia). In the determination of the "Prevailing Market Rental," the following factors shall be used in making any such determination (i) consideration of annual rental rates per rentable square foot; (ii) total rentable square feet leased; (iii) types of escalation clauses (including without limitation operation expense stops, real estate tax stops, and Consumer Price Index adjustments); (iv) length of relevant term; (viii) utilities or services included within the base rent for the comparable premises (including by way of example and not by way of limitation electricity); and (v) the brokerage commissions with respect to such comparable premises. Notwithstanding the foregoing, the comparable leases shall (i) have at least a five (5) or three (3) year term depending on the length of the Renewal Term elected by Tenant, (ii) contain at least 10,000 square feet of space, and (iii) be in a building which is not newer than the Building. All rent payable with respect to the Renewal Term shall be payable in the same manner set forth in Section 5.1
Prevailing Market Rental means the base annual rental for such comparable space, taking into account any additional rental and all other monetary payments and escalations payable hereunder and by tenants under leases of such comparable space, and any tenant improvements and other concessions granted to Lessee and tenants under leases of such comparable space. Such rent shall be determined by Lessor not later than four (4) months prior to the commencement of the applicable Renewal Term. If Lessee disputes Lessor's determination of the Prevailing Market Rental for the applicable Renewal Term, Lessee shall, within twenty (20) days after the date of Lessor's notice setting forth the Prevailing Market Rental for the applicable Renewal Term, send to Lessor a notice stating that Lessee either (x) elects to terminate its exercise of the applicable Renewal Option, in which event such Renewal Option shall lapse and this Lease shall terminate on the expiration date of the preceding term in the manner provided herein, or (y) disagrees with Lessor's determination of Prevailing Market Rental for the applicable Renewal Term and elects to resolve the disagreement as provided in Paragraph 51(d) below. If Lessee does not send to Lessor a notice as provided in the previous sentence, Lessor's determination of the Prevailing Market Rental shall be determinative. Until the disagreement is resolved as provided in Paragraph 51(d) below, Lessee's monthly payments of rent shall be in an amount not less than the rent payable for the twelve (12) month period immediately preceding the applicable Renewal Commencement Date. Within ten (10) business days following the resolution of such dispute by the parties or the decision of the brokers, as applicable, Lessee shall pay to Lessor the amount of any deficiency in the rent theretofore paid.
Prevailing Market Rental for the Premises shall mean the rental and all other monetary payments and escalations that Landlord could obtain from a third party desiring to lease the Premises for the relevant Option Term, taking into account the age of the Project, the size of the Premises, the type and quality of tenant improvements, the location and floor levels of the Premises, the quality of construction of the Project and the Premises, the services provided under the terms of this Lease, the rental then being obtained for new leases of space comparable to the Premises in the locality of the Project and all other factors that would be relevant to a third party desiring to lease the Premises for the Option Term in determining the rental such party would be willing to pay therefor such as free rent, moving allowances, lease assumptions and other
Prevailing Market Rental for the Premises shall mean the rental and all other monetary payments that Lessor could obtain for each month of the Option Term from a third party desiring to lease the Premises for a five (5)-year term commencing at the commencement of the Option Term, taking into account costs that Lessor would incur in re-letting the Premises, the characteristics of the Building and its telecommunications facilities, the size, location and floor levels of the Leased Premises, the quality of construction of the Building and the Leased Premises, the services provided under the terms of this Lease, the rental and any escalations and adjustments thereto (including without limitation Consumer Price Indexing) then being obtained for new leases of space comparable to the Premises in the City and County of San Francisco, and all other factors, such as rental concessions and tenant improvement allowances, moving allowances, that would be relevant to a third party desiring to lease the Premises for a five (5)-year term commencing at the commencement of the Option Term in determining the rental such party would be willing to pay therefor, expressly excluding from such consideration the value of Lessee's Utility Installations.
Prevailing Market Rental means the rental and all other monetary payments and escalations that Landlord could obtain from a third party tenant comparable to Tenant desiring to lease the Premises for the Option Term, taking into account the age of the Project, the size of the Premises, the location and floor levels of the Premises, the quality of construction of the Project, the services provided under the terms of the Lease, the rental and brokers commissions then being paid for the renewal of leases of space comparable to the Premises in the City of E1 Segundo and all other factors that would be relevant to a third party in determining the rental such party would be willing to pay to lease the Premises for the Option Term; provided, however, that in no event shall the determination of the Prevailing Market Rental be affected by the absence of a tenant improvement allowance or free rent period for the Option Term and in no event shall the Prevailing Market Rental be less than the Basic Rental payable by Tenant to Landlord at the expiration of the Initial Term. If (i) Tenant is in default under any of the terms, covenants, or conditions of this Lease or (ii) Tenant does not occupy all of the Premises, either at the time Tenant exercises the Option or at any time thereafter prior to the commencement date of the Option Term (the "Option Commencement Date"), then in each case, Tenant's exercise of the Option shall be of no force and effect and Tenant shall have no rights hereunder to extend the Initial Term.
Prevailing Market Rental for the Premises shall mean the annual rental, payments for Expenses and Taxes, and all other monetary payments that Landlord could obtain for the applicable Option Term from a third party desiring to lease the Premises for the applicable Option Term taking into account the age and condition of the Building and the Premises, the services provided under the terms of this Lease, the annual rental, payments for Expenses and Taxes, the obligation, or lack thereof, to pay tenant improvement costs and leasing commissions in connection with such renewal and all other monetary payments then being obtained for new leases of first class space comparable to the Premises in the locality of the Building.