Prevailing Market Rental Rate means, as to any space subject to this Lease Agreement for which it is being determined (the “Subject Premises”), the annual amount of “gross” rental that a willing tenant would pay in a similar type transaction (i.e., renewal) and a willing landlord would accept in arm’s length, bona fide negotiations for lease of the Subject Premises to be executed at the time of determination and to commence on the commencement of the subject lease term, based upon other lease transactions made in the Building and other comparable office buildings in the Gulf Freeway/Clear Lake area of Houston, Texas, taking into consideration all relevant terms and conditions of any comparable leasing transactions, including, without limitation: (i) location, quality and age of the building (taking into consideration renovations); (ii) use and size of the space in question; (iii) location and/or floor level within the building; (iv) extent of leasehold improvement allowances (considering existing improvements); (v) the amount of any abatement of rental or other charges; (vi) parking charges or inclusion of same in rental; (vii) lease takeovers/assumptions; (viii) club memberships; (ix) relocation allowances; (x) refurbishment and repainting allowances; (xi) any and all other concessions or inducements; (xii) extent of services provided or to be provided; (xiii) distinction between “gross” and “net” lease; (xiv) base year or dollar amount for escalation purposes (both operating costs and ad valorem/real estate taxes); (xv) any other adjustments (including by way of indexes) to base rental; (xvi) credit standing and financial stature of the tenant or subtenant; and (xvii) length of term.
Prevailing Market Rental Rate means the then prevailing per rentable square foot market rental rate per annum for Base Rent i.e., net of the Tax Amount and Operating Expense Amount) for the Premises based on buildings situated in Lake County, Illinois which are comparable to the Building in age and quality, (but excluding any leases where a tenant has an equity interest in the property), for a 5-year term commencing on or about the first day of the Renewal Term. Prevailing Market Rental Rate shall also be determined by taking into consideration the present value of the amount of any then market brokers’ commissions and any then market tenant improvement, free rent or other concession which would be available to a third party tenant. Base Rent shall increase each Lease Year during the Renewal Term by the then prevailing market escalations, if any, in Lake County, Illinois for buildings which are comparable to the Building in age and quality, and such escalations shall be taken into account in calculating the Prevailing Market Rental Rate. Tenant’s obligation to pay the Tax Amount the Operating Expense Amount pursuant to the terms hereof shall continue during the Renewal Term. If the parties hereto cannot agree on the Prevailing Market Rental Rate and escalations within thirty (30) days after Tenant’s exercise of the Renewal Option, each party shall select an independent real estate broker authorized to do business in the State of Illinois with substantial presence within Lake County, Illinois. Those two brokers shall, in turn, within ten (10) days after the last is so appointed mutually agree upon a third real estate broker licensed to do business in the State of Illinois with a substantial presence in Lake County, Illinois (the “Arbitrating Broker”). The Arbitrating Broker shall within thirty (30) days after his or her appointment determine the prevailing Market Rental Rate and prevailing market escalations, if any, to be applicable during a respective Renewal Option, and such determination by the Arbitrating Broker shall be binding on Landlord and Tenant for all purposes hereof.
Prevailing Market Rental Rate means, as to any space subject to this Lease Agreement for which it is being determined (the “Subject Premises”), the annual amount of “gross” rental that a willing tenant would pay in a similar type transaction (i.e., renewal) and a willing landlord would accept in arm’s length, bona fide negotiations for lease of the Subject Premises to be executed at the time of determination and to commence on the commencement of the subject lease term, based upon other lease transactions made in the Building and other comparable office buildings in the Katy Freeway West area of Houston, Texas, taking into consideration all relevant terms and conditions of any comparable leasing transactions, including, without limitation: (i) location, quality and age of the building (taking into consideration renovations); (ii) use and size of the space in question; (iii) location and/or floor level within the building; (iv) extent of leasehold improvement allowances (considering existing improvements); (v) the amount of any abatement of rental or other charges; (vi) parking charges or inclusion of same in rental; (vii) lease takeovers/assumptions; (viii) club memberships; (ix) relocation allowances;
Examples of Prevailing Market Rental Rate in a sentence
The determination of the Prevailing Market Rental Rate shall take into account any material economic differences between the terms of this Lease and any comparison lease, such as rent abatements, construction costs, other concessions, and the manner, if any, in which the landlord under any such lease is reimbursed for operating expenses and taxes.
Notwithstanding the foregoing, if Landlord and Tenant are unable to agree upon the Prevailing Market Rental Rate payable as Base Rent during the Extension Term within thirty (30) days after the date on which Tenant provides Landlord with a Rejection Notice, Landlord and Tenant agree to obtain an appraisal to determine the Prevailing Market Rental Rate in accordance with the terms and conditions contained in Section 27.03(c) below.
If Landlord and Tenant are unable to agree upon the Prevailing Market Rental Rate within thirty (30) days after receipt of a written request by either party for a determination thereof, Landlord and Tenant each shall, within ten (10) business days, select a Qualified Appraiser (as hereinafter defined).
If Tenant provides Landlord with a Rejection Notice, Landlord and Tenant shall work together in good faith to agree upon the Prevailing Market Rental Rate payable as Base Rent during the Extension Term.
The three (3) Qualified Appraisers shall determine the Prevailing Market Rental Rate payable as Base Rent during the Extension Term and notify Landlord and Tenant of their determination within thirty (30) days following the appointment of the third Qualified Appraiser.
More Definitions of Prevailing Market Rental Rate
Prevailing Market Rental Rate means the annual amount per square foot that a willing tenant would pay and a willing landlord would accept for Base Rent following arms-length negotiations with respect to an Assumed Lease (defined below) under the circumstances then pertaining. Assumed Lease means (i) a lease or renewal having a commencement date within 6 months of Tenant’s Notice for space of approximately the same size as the Premises, located in a portion of the Building or a Comparable Building (defined below), for a term equal in length to the Option Term; (ii) a real estate commission is payable with respect to such renewal or extension of the term to the extent a third-party commission with respect to such extension or renewal is agreed or obligated to be paid by Landlord; and (iii) taking into consideration and making adjustments to reflect that additional Rent is paid and allowances, if any, as provided in Landlord’s Notice. "Comparable Building" means any then-existing building in a 5-mile radius of the Building that is of a size, location, quality and prestige comparable to, and with a size and efficiency of floor plate, and amenities reasonably comparable with the Building, provided that appropriate adjustments shall be made to adjust for differences in the size, location, age, efficiency of floorplate, factoring out any specialized improvements to the Premises installed and paid for by Tenant, and quality of any Comparable Building and the Building.
Prevailing Market Rental Rate means the rental rate as would be accepted by a willing prospective tenant, taking into account the tenant's creditworthiness and the size of space to be leased, and accepted by a willing landlord for office space in the building and in other office buildings of like quality and size within a ten (10) mile radius of the Building. In determining the Prevailing Market Rental Rate, the appraiser or appraisers shall take into account that this Lease is a gross lease. Such appraiser or appraisers shall also take into account any additional services provided to Tenant, the cost of such services which are not included currently under the Lease or the increase in real estate taxes. The Prevailing Market Rental Rate shall be established by the following procedure:
Prevailing Market Rental Rate means the base monthly rental (net of all expenses) for space of comparable size and location to the Premises and in buildings similar in age and quality to the Building in the Stanford Research Park, taking into account any additional rental and all other payments or escalations then being charged and allowances being given in the Stanford Research Park for such comparable space over a comparable term and excluding the value of any Alterations made by Tenant and the excess costs of the Tenant Improvement Work paid by Tenant. If Tenant timely exercises its Renewal Option, the Prevailing Market Rental Rate shall be determined by Landlord and Landlord shall give Tenant written notice of such determination not later than eleven (11) months prior to the expiration of the initial term or the preceding Renewal Term, as applicable. If Tenant disputes Landlord's determination of the Prevailing Market Rental Rate, 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 Rental Rate shall be determined as follows:
Prevailing Market Rental Rate means the annual rental rate per rentable square foot less Operating Costs included in such rental rate then being paid under leases, including both original lease transactions and those resulting from renewals, in the Glenhardie Corporate Center in space comparable to the Premises. The Prevailing Market Rental Rate shall be determined as follows:
Prevailing Market Rental Rate means the fixed base rent per annum which, on such date, a willing landlord under no compulsion would agree to accept from a tenant, having the creditworthiness of Tenant, and such a willing tenant under no compulsion would agree to pay, for a lease of such space for such period, on all of the terms and conditions of this Lease to be applicable including (i) any construction allowance and/or free rent period to which Tenant will be entitled, or the absence of such allowance and/or free rent period, as the case may be, (ii) Tenant's obligation to pay additional rent based upon operating expenses and taxes and/or the base year or amount to be applicable to such obligation, (iii) all other economic concessions, and (iv) all applicable market brokerage commissions paid in the downtown Chicago market. The Prevailing Market Rental Rate shall be ascertained on a "net effective" or "level pay" basis by (a) calculating the net present value of (i) the net rental rate; (ii) any rent adjustments other than for increases in operating expenses and real estate taxes; (iii) Landlord concessions including but not limited to demolition, tenant improvement contributions, lease assumptions, credits for rent, operating expenses or real estate taxes; and (iv) brokerage commissions; and then (b) amortizing the net present value amount over the remaining term of the Lease (or renewal period) at a market interest rate utilized by other landlords of similar properties in downtown Chicago.
Prevailing Market Rental Rate means an annual amount per rentable square foot determined by Landlord for a term equivalent to the period for which Prevailing Market Rental Rate is being determined beginning with the first (la) day of the subject period that a creditworthy, non equity tenant leasing comparable renewal space to Tenant would pay, and a willing, comparable landlord of an office building comparable to the Building located in the immediate X'Xxxx office market ("Market") would accept at arms length, giving appropriate consideration to annual rental rate per rentable square foot, rental escalations (including type, base year and stops), length of lease term, size and location of the premises being leased, allowances, concessions and other generally applicable terms and conditions prevailing for comparable space in comparable buildings located in the market. Notwithstanding anything herein which may be to the contrary, in the event Tenant fails to elect to exercise any Right of First Offer, and Landlord desires to lease such space to a third party within three (3) months of such rejection at a rate less than ninety percent (90%) of that offered to Tenant, Tenant's Right of First Offer shall be reinstated.
Prevailing Market Rental Rate means the annual amount per rentable square foot that a willing tenant would pay and a willing landlord would accept for Base Rent following arm’s length negotiations with respect to an Assumed Lease (defined below) under the circumstances then obtaining. Assumed Lease means (i) a lease or renewal having a commencement date within 6 months of Tenant's Notice for space of approximately the same size as the Leased Premises, located in a Comparable Building (defined below) or portion thereof, for a term equal in length to the Option Term; (ii) a real estate commission is payable with respect to such extension to the extent a third party commission with respect to extension is agreed or obligated to be paid by Landlord; and (iii) taking into consideration allowances, if any, as provided in Landlord's Notice. Comparable Building means any then-existing building having a similar configuration and otherwise similar to the Building in comparable “Class A” office buildings in the immediate area of the Building, commonly known as the Maitland Center business district, and that is of a size, location, quality and prestige comparable to the Building, provided that appropriate adjustments shall be made to adjust for differences in the size, location, age, efficiency of floorplate, and quality of any Comparable Building and the Building. 14 O1037432.2 5/9/2014 (g) After exercise with respect to the last Option Term, or failure to exercise the Option as to any Option Term, Tenant shall have no further rights to extend the Term. (h) The provisions of this Section 8 amend and restate in their entirety the provisions of Section 12.4 of the Original Lease and Section 10 of the Second Amendment. (i) The Option of Tenant described in in this Section 8 is personal to Tenant and any assignees that were either consented to or deemed consented to by Landlord, or are Affiliates and are non-transferable to any other assignee or sublessee. If all or a portion of the Leased Premises in excess of one (1) full floor has been sublet to any third party other than an Affiliate, the Option of Tenant shall be deemed null and void and Tenant and/or any such sublessee shall not have the right to exercise such Option of Tenant. (j) If the Option of Tenant applies to only a part of the Premises, then the provisions of Section 4(c) shall be triggered so that Tenant shall no longer have the right to provide the Tenant Maintenance Services. 9.