Prevailing Rental Rate means the prevailing rental rate that a willing tenant would pay, and a willing landlord would accept (both having reasonable knowledge of the relevant factors), for a renewal of a lease of space that is of equivalent quality, size, utility and location as the space in question and that is located in a comparable building within the Dallas, Texas submarket, taking into consideration (1) the location, quality and age of the Building; (2) the use and size of the space in question; (3) the location of the space in question; (4) the amount of any tenant improvement allowances, abatement of rental, or other tenant inducements for the space in question, if any; (5) the fact that a lease may be a “triple net”, “base year” or “gross” lease for the space in question; (6) the amount of any brokerage commissions; (7) the credit standing of the tenant; (8) the length of the term for the space in question; (9) the fact that Tenant will not incur any moving or relocation expenses, and the fact that Tenant will not incur any loss of business while relocating to another space; and (10) the tenant improvements located in the space in question. Within 30 days after receipt of Tenant’s notice to renew, Landlord shall deliver to Tenant written notice of the Prevailing Rental Rate and shall advise Tenant of the required adjustment to Base Rent, if any, and the other terms and conditions offered. Tenant shall, within ten days after receipt of Landlord’s notice, notify Landlord in writing whether Tenant accepts or rejects Landlord’s determination of the Prevailing Rental Rate. If Tenant timely notifies Landlord that Tenant accepts Landlord’s determination of the Prevailing Rental Rate, then, on or before the commencement date of the extended Term, Landlord and Tenant shall execute an amendment to the Lease extending the Term on the same terms provided in the Lease, except as follows:
Prevailing Rental Rate means the average per square foot rental rate for all renewal leases for renewal periods approximately as long as the Option Period, executed by tenants for similar uses and lengths of time for comparable space in the 0000 Xxxxxxxxx Xxxxxxxxx, Xxxx and West Buildings during the six (6) months immediately prior to the date upon which such Prevailing Rental Rate is to become effective, where such renewal rates were not set by the terms of such leases. If no such comparable space has been renewed during such six (6) month period, the rental rates used for purposes of this provision shall be adjusted to the amounts Lessor would have used had leases for such comparable space been renewed. In all cases, such Prevailing Rental Rates shall be net of any free rent periods and improvements allowances. If the parties are unable to agree on the Prevailing Rental Rate prior to the commencement of the Option Period, either party may request that the Prevailing Rental Rate be determined by arbitration and such determination shall be binding upon the parties. Provided however that notwithstanding anything to the contrary, in no event shall the Basic Rent during the Option Period ever be less than 100% of the Basic Rent during the final year of the Extended Lease Term (i.e. Lease Year 1998), regardless of the Prevailing Rental Rate. If Lessee shall fail to exercise the option herein provided, said option shall terminate, and shall be null and void and of no further force and effect. Lessee's exercise of said option shall not operate to cure any default by Lessee of any of the terms or provisions in the Leases, nor to extinguish or impair any rights or remedies of Lessor arising by virtue of such default. If the Leases or Lessee's right to possession of the Premises shall terminate in any manner whatsoever before Lessee shall exercise the option herein provided, or if Lessee shall have subleased or assigned all or any portion of the Premises, then immediately upon such termination, sublease or assignment, the option herein granted to extend the Term, shall simultaneously terminate and become null and void. Such option is personal to Lessee. Under no circumstances whatsoever shall the assignee under a complete or partial assignment of the Leases, or a subtenant under a sublease of the Premises, have any right to exercise the option to extend granted herein, except that a corporation affiliated with Lessee may do so with notice to Lessor, provided however that, in such event,...
Prevailing Rental Rate means the prevailing rental rate for renewals of leases for space of similar quality, size, utility and location, with the length of the Renewal Term and credit standing of Tenant to be taken into account. Promptly following the notice of the exercise of the extension option, Landlord will calculate the Prevailing Rental Rate and notify Tenant of such calculation.
Examples of Prevailing Rental Rate in a sentence
Tenant shall, within ten (10) days after receipt of Landlord’s notice, notify Landlord in writing whether Tenant accepts or rejects Landlord’s determination of the Prevailing Rental Rate.
Within 30 days after receipt of Tenant’s notice to renew, Landlord shall deliver to Tenant written notice of the Prevailing Rental Rate and shall advise Tenant of the required adjustment to Basic Rent, if any, and the other terms and conditions offered.
If they cannot agree within thirty (30) calendar days, each shall appoint an appraiser who shall arrive at an estimate of the Prevailing Rental Rate within thirty (30) calendar days.
Tenant shall, within ten (10) days after receipt of Landlord’s notice, time being of the essence with respect thereto, notify Landlord in writing whether Tenant accepts or rejects Landlord’s determination of the Prevailing Rental Rate.
This program employs three (3) staff, who report to the Executive Director.
More Definitions of Prevailing Rental Rate
Prevailing Rental Rate means the prevailing rental rate for renewals of leases for space of similar quality, size, utility and location, with the length of the Renewal Term and credit standing of Tenant to be taken into account Promptly following the notice of the exercise of the extension option, Landlord will calculate the Prevailing Rental Rate and notify Tenant of such calculation. The Landlord shall, in good faith, calculate the rate based upon information available to Landlord. If, within the prior twelve (12) months, there have been renewals of leases in the Building which are similar to the Renewal Term, only renewals in the Building will be considered. If there have not been any such renewals, then Landlord shall utilize other downtown Class A office buildings for the calculation. At the time of the execution of this Lease, only the Building and Bank of America Building, 300 Convent, San Antonio, Texas are considered Class A office buildings. If Tenant, in good faith, does not accept the calculation and Landlord and Tenant cannot agree upon the calculation of Prevailing Rental Rate, then Tenant shall have the right to accept the calculation of Landlord or revoke the exercise of the Renewal Option. Upon the request of Tenant, Landlord shall advise Tenant of the Prevailing Rental Rate so that Tenant will know the Prevailing Rental Rate price.
Prevailing Rental Rate means the average per rentable square foot rental rate per year for new leases and renewal leases or lease extensions executed by tenants for similar uses and lengths of time for similar class “A” creative office buildings in the Xxxxxxxx/West Xxxxx submarket during the six (6) months immediately prior to the date upon which such Prevailing Rental Rate is to be determined), where such rates were not set by the terms of such leases. In all cases, such rates shall take into consideration all relevant factors.
Prevailing Rental Rate means the average per square foot rental rate per month for all renewal leases for renewal periods approximately as long as the Extension Period, executed by tenants for similar uses and lengths of time for comparable space in the Building and comparable buildings in the vicinity of the Building during the six (6) months immediately prior to the date upon which such Prevailing Rental Rate is to become effective, where such renewal rates were not fixed in advance by the terms of such leases, subject to reasonable adjustments for comparable space on more or less desirable floors or areas of the Property. In all cases, such rates shall be based on the average net effective rate then being charged for similar spaces and for similar terms by landlords (after taking into account any "free rent" or periods of reduced rent, then generally being provided by landlords for similar deals). Notwithstanding anything to the contrary herein, for purposes of determining the Prevailing Rental Rate, Tenant shall not be entitled to any credit on account of any tenant improvement allowance recoupment component of prevailing rents paid generally by other tenants. Landlord agrees to make (or provide an allowance for) certain cosmetic improvements to the Premises such as painting, recarpeting, patching of walls, repair of doors, and replacement of ceiling tile, where same is necessary to generally make the Premises appear in "like new condition." Under no circumstances will Landlord be required to in any way reconfigure the Premises or do any other work other than the cosmetic work described above. If the parties are unable to agree on the Prevailing Rental Rate within sixty (60) days after the commencement of the Extension Period (the "Outside Agreement Date"), the Prevailing Rental Rate shall be determined by arbitration in accordance with Paragraphs (i) to (vii) below.
Prevailing Rental Rate means the average per rentable square foot rental rate per month for all leases for comparable space and approximately the same number of months, executed by tenants in the Office Section for office space expansions during the six (6) months immediately prior to the date upon which such Prevailing Rental Rate is to become effective and payable under the terms of this Lease, where the rates for such expansions were not set in such leases, subject to reasonable adjustments for comparable space on more desirable, or less desirable, floors or areas of the Property. If no such comparable space has been leased during such six (6) month period, the rental rates used for purposes of this provision shall be adjusted to the rental rates for comparable leases in comparable Class A mixed use buildings in downtown Chicago, subject to the foregoing adjustments. In all cases, such rates shall be determined without regard to any free rent periods, improvement allowances, take-over lease obligations, or other economic incentives; however, any such economic incentives generally provided by Landlord in such comparable expansion leases shall also be provided to Tenant. In addition, if such comparable expansion leases include base years, stop levels or other provisions respecting taxes or operating expenses, or include any other economic provisions, such as but not limited to consumer price index provisions, utility reimbursements or fixed rent increases, the same shall be included in the expansion terms provided to Tenant.
Prevailing Rental Rate means the total rental then being quoted by landlords for "Comparable Deals" in the San Francisco Financial District. "Comparable Deals" shall mean leases which are approximately as long, and commencing approximately at the same time, as the Extension Period, and are for comparable space in comparable institutionally- owned buildings (with occupancy rates not varying more than fifteen percent 15% from that of the Building), subject to reasonable adjustments for (i) the desirability of the applicable floor or location in the applicable building, and (ii) the desirability of the geographic location of the applicable building with the San Francisco Financial District. Notwithstanding the foregoing, Comparable Deals shall not include lease transactions where (i) the Landlord of the subject building is in default of its mortgage or other indebtedness on the building, or (ii) the Landlord of the subject building is currently, or has within the prior six months, been involved in foreclosure proceedings on the applicable building, or (iii) where the Tenant has some form of equity ownership or equity participation in the applicable building or lease.
Prevailing Rental Rate means the average per square foot rental rate per year for all leases for periods approximately as long as the term of the leasing of the Expansion Space or applicable portion thereof, executed by tenants of similar size, credit, quality or stature for similar uses and lengths of time for similar multi-story buildings in the vicinity of the Property during the twelve (12) months immediately prior to the date upon which such Prevailing Rental Rate is to become effective where such rates were not set by the terms of such leases. In all cases, such rates shall take into consideration the location, quality and age of the building, floor level, extent of leasehold improvements (existing or to be provided), rental abatements, lease takeovers/assumptions, parking charges, commissions, tenant procurement costs, moving expenses and other concessions for the benefit of Tenant, term of lease, extent of services to be provided, distinction between “gross” and “net” lease, base year or amount allowed by Landlord for payment of building operating expenses (expense stop), and the time the particular rental rate under consideration became or is to become effective, or any other relevant term or condition. If the parties are unable to agree on the Prevailing Rental Rate within sixty (60) days prior to the commencement of the leasing of the Expansion Space, either party may request that the Prevailing Rental Rate be determined by the Appraisal Method set forth in Article 37. Such determination shall be final and binding upon the parties.
Prevailing Rental Rate means the annual prevailing rental rate (which shall include annual increases) for the applicable periods, for leases of space in comparable buildings in the Burlington, Massachusetts area, of comparable quality, size, utility and location (including proximity to amenities), with the length of the extended Term and the credit standing of Tenant to be taken into account. Within thirty (30) days after receipt of Tenant’s Extension Notice, Landlord shall deliver to Tenant written notice of the Prevailing Rental Rate and shall advise Tenant of the required adjustment to Base Rent and the other terms and conditions offered. Tenant shall, within five (5) business days after receipt of Xxxxxxxx’s notice, notify Landlord in writing whether Xxxxxx accepts or rejects Xxxxxxxx’s determination of the Prevailing Rental Rate and calculation of the Base Rent for the extended Term (“Landlord’s Determination”). If Tenant fails to respond to Xxxxxxxx’s Determination within such five (5) business day period, then Tenant shall be deemed to have rejected Landlord’s Determination. If Tenant timely notifies Landlord that Xxxxxx accepts Landlord’s Determination, then, on or before the commencement date of the extended Term, Landlord and Tenant shall execute an amendment to this Lease extending the Term on the same terms provided in this Lease, except as follows: