Fair Market Rental Rate. The phrase “Fair Market Rental Rate” shall mean the fair market value annual rental rate per square foot of Rentable Area that Landlord and its Affiliates and the owners of comparable office building projects in the Xxxx Xxxxx Airport submarket have recently accepted in lease transactions between non-affiliated parties with non-equity tenants for comparable space, for a comparable period of time (“Comparable Transactions”). In any determination of Comparable Transactions, appropriate consideration shall be given to annual rental rates per square foot of Rentable Area, the type of escalation clauses (e.g., whether increases in additional rent are determined on a net or gross basis, and if gross, whether such increases are determined according to a base year or a base dollar amount expense stop), taking into account all rental and other concessions granted in such Comparable Transactions (as well as such concessions to which Tenant may be entitled in this Lease), length of the lease term, size and location of premises being leased, base, shell and core delivery conditions, building standard work letter and/or tenant improvement or refurbishment allowances, if any (taking into account the level of existing Base Building Improvements and tenant improvements in the Premises), free rent periods for construction of new tenant improvements and other generally applicable conditions of tenancy for such Comparable Transactions. The intent is that the Fair Market Rental Rate will reflect the rent and other economic benefits and concessions that Landlord or its Affiliates (and other landlords of comparable office building projects in the Xxxx Xxxxx Airport submarket) have otherwise given in recent Comparable Transactions, as adjusted to reflect the level and type of economic concessions that Landlord may elect to give Tenant hereunder during the Renewal Term, so that Tenant will pay and Landlord will receive a net effective rent equal to the net effective rental rate in Comparable Transactions, after adjusting for any differences between the economic concessions that Landlord is making to Tenant hereunder and the economic concession that Landlord or its Affiliates (and other landlords of comparable office building projects in the Xxxx Xxxxx Airport submarket) have otherwise made in current Comparable Transactions. If, for example, after applying the criteria set forth above, a Comparable Transaction provides a comparable non-equity tenant with comparable space at a bas...
Fair Market Rental Rate. The “Fair Market Rental Rate” shall be equal to the Base Rent (on a rentable square foot basis), including escalations, extrapolated to the commencement of the applicable Renewal Term, that willing third party tenants would pay, and willing landlords of comparable Class “A” quality office buildings would accept from such third party tenants, in a lease of non-sublease, non-equity, non-expansion (unless the rent for such expansion space was determined in accordance with a comparable definition of Fair Market Rental Rate, if such determination is reasonably available to the Parties) office space comparable in size, location and quality to the 2-4-7 Floor Premises (taking into account the quality and layout of existing tenant improvements in the 2-4-7 Floor Premises), for a similar lease term, in an arms-length transaction, which comparable space is located in the Project or in Comparable Buildings in comparable projects in the Market Area (“Comparable Transactions”), in either case taking into consideration the differences in project amenities, parking rates (with the cost of any such parking being included as a factor in determining the Fair Market Rental Rate), operating expense protections and type of lease, as well as the following concessions: (a) rental abatement concessions, if any, being granted such tenants in connection with such comparable space, (b) tenant improvements or allowances provided or to be provided for such comparable space, taking into account and, as applicable, adjusting for the fact that the 2-4-7 Floor Premises will be “second generation” space at that time, and (c) all other monetary concessions, if any, being granted such tenants in Comparable Transactions. The Fair Market Rental Rate shall in all events, provide for a new “Base Year,” which shall be the calendar year in which the Renewal Term commences (or if the Renewal Term commences at a time when there are less than 6 months remaining in the calendar year, the calendar year following the calendar year in which the Renewal Term commences); provided, however, that in any event the new Base Year shall be factored into the determination of the Fair Market Rental Rate. If in determining the Fair Market Rental Rate for an Renewal Term, Tenant is deemed to be entitled to a dollar allowance for the refurbishment of the 2-4-7 Floor Premises (the “Renewal Term Allowance”), Landlord may, at Landlord’s sole option, elect any or a portion of the following: (A) to grant some or all of th...
Fair Market Rental Rate. Landlord shall determine the Fair Market ----------------------- Rental Rate using its good faith judgment. Landlord shall use its best efforts to provide written notice of such amount within thirty (30) days (but in no event later than sixty (60) days) after Tenant sends the Option Notice to Landlord exercising a Renewal Option. Tenant shall have fifteen (15) days (the "Tenant's Review Period") after receipt of Landlord's notice of the new rental within which to accept such rental or to reasonably object thereto in writing. In the event Tenant objects, Landlord and Tenant shall attempt to agree upon such Fair Market Rental Rate, using their best good faith efforts. If Landlord and Tenant fail to reach agreement within fifteen (15) days following Tenant's Review Period (the "Outside Agreement Date"), then each party shall place in a separate sealed envelope their final proposal as to Fair Market Rental Rate and such determination shall be submitted to arbitration in accordance with subsections (a) through (e) below. Failure of Tenant to so elect in writing within Tenant's Review Period shall conclusively be deemed its rejection of the new rental determined by Landlord. In the event that Landlord fails to timely generate the initial written notice of Landlord's opinion of the Fair Market Rental Rate which triggers the negotiation period of this provision, then Tenant may commence such negotiations by providing the initial notice, in which event Landlord shall have fifteen (15) days ("Landlord's Review Period") after receipt of Tenant's notice of the new rental within which to accept such rental. In the event Landlord does not give its written consent to Tenant's proposed rental in timely fashion, such proposed rental shall be deemed rejected and Landlord and Tenant shall attempt in good faith to agree upon such Fair Market Rental Rate, using their best good faith efforts. If Landlord and Tenant fail to reach agreement within fifteen (15) days following Landlord's Review Period (which shall be, in such event, the "Outside Agreement Date" in lieu of the above definition of such date), then each party shall place in a separate sealed envelope its final proposal as to Fair Market Rental Rate and such determination shall be submitted to arbitration in accordance with subsections (a) through (e) below.
Fair Market Rental Rate. The “Fair Market Rental Rate” shall be equal to the annual Base Rent, at which tenants, as of the commencement of the applicable Option Term, are, pursuant to brokered transactions completed within the twelve (12) month period prior to the exercise of the applicable option, leasing non-renewal, non-equity, non-affiliated space for a comparable use (based on the use to which Tenant is then putting the Premises) that is comparable in size, location and quality to the Premises, for a similar lease term, in an arms length transaction, which comparable space is located in the Irvine area (“Comparable Transactions”), taking into consideration all monetary and non-monetary concessions, if any, being granted such tenants in connection with such Comparable Transactions and the financial condition and credit history of Tenant and the other tenants in such Comparable Transactions, and taking into account the fact that rental increases during the Option Term are already provided for in this Lease, but excluding the value of any improvements installed or paid for by Tenant.
Fair Market Rental Rate. H-1 GAAP ..................................................................................................13
Fair Market Rental Rate. This Rider No. 2 is made and entered into by and between TREA PACIFIC PLAZA, LLC, a Delaware limited liability company (“Landlord”), and TANDEM DIABETES CARE, INC., a Delaware corporation (“Tenant”), as of the day and year of the Lease between Landlord and Tenant to which this Rider is attached. Landlord and Tenant hereby agree that, notwithstanding anything contained in the Lease to the contrary, the provisions set forth below shall be deemed to be part of the Lease and shall supersede any inconsistent provisions of the Lease. All references in the Lease and in this Rider to the “Lease” shall be construed to mean the Lease (and all exhibits and Riders attached thereto), as amended and supplemented by this Rider. All capitalized terms not defined in this Rider shall have the same meaning as set forth in the Lease.
Fair Market Rental Rate. The term "fair market rental rate" as used in this Addendum shall mean the annual amount per rentable square foot, projected during the relevant period, that a willing, comparable, non-equity, renewal tenant (excluding sublease and assignment transactions) would pay, and a willing, comparable, institutional landlord of a comparable quality industrial building located in the Renton, Tukwila and North Kent, Washington area North of 000xx Xxxxxx ("Comparison Area") would accept, at arm's length (what Landlord is accepting in current transactions for other buildings within the Development may be considered), for space comparable in size and quality as the leased area at issue taking into account the age, quality and layout of the existing improvements in the leased area at issue and taking into account items that professional real estate brokers customarily consider, including, but not limited to, rental rates, industrial space availability, tenant size, tenant improvement allowances, parking, loading, power, ceiling height, sprinkler capacity, and any other economic matters then being charged by Landlord or the lessors of such similar industrial buildings. In no event will Monthly Base Rent decrease from that payable in the last year of the original Lease Term as a result of the fair market rental rate determination provided for in this Paragraph 41. In no event will any consideration be given, in the fair market rental rate determination, to any amounts to be paid by Tenant during the Option Term as repayment of the Above Standard Allowance described in Paragraph 5(b) of the Work Letter Agreement.
Fair Market Rental Rate. The Monthly Rent for each month during each Option Period shall equal (a) the Fair Market Rental Rate (defined in Section 30.1.4.3) (expressed as a base rent per rentable square foot per month) for a five (5) year lease of space of a size comparable to the Extension Premises in question in a nonequity, nonrenewal, nonexpansion and nonsublease transaction in the Market (defined below) as of the commencement date of such Option Period, multiplied by (b) the number of rentable square feet to be contained in the Extension Premises in question.
Fair Market Rental Rate. For the purposes of determining the rental rate and other considerations during the Extension Period, the term “Fair Market Rental Rate” shall mean the annual amount per square foot that comparable lessors have accepted in then current transactions between non-affiliated parties from non-equity lessees of comparable credit-worthiness, for comparable industrial facilities, for a comparable use, and for a comparable period of time (“Comparable Transactions”) within the South Bay Industrial Market of Los Angeles County (the “Market Area”). In any determination of Comparable Transactions, appropriate consideration shall be given to the extent of Lessee’s liability under the lease (including Lessor’s payment obligations of casualty insurance premiums and Real Property Taxes hereunder), length of the lease term, and the size and location of premises being leased. Corresponding consideration must be given to abatement provisions reflecting free rent and/or no rent during the period of construction or subsequent to the commencement date, Lessee improvement allowances, brokerage commissions, if any, all of which would be payable by Lessor in similar transactions, but which would be offset by the actual cost to Lessee of relocating its business operations from the Premises to other property or properties (including, without limitation, moving costs, additional construction costs, employee relocation costs, negotiation costs, administrative expenses, and costs of business down-time). The determination of Fair Market Rental Rate shall also include the determination of any periodic rental adjustments in methodology, frequency, and amount during the Extension Period. The intent is that Lessee will receive the same effective net economic benefit in the exercise of the Extension Option that Lessee would receive if Lessee should decide to enter into a Comparable Transaction.
Fair Market Rental Rate. The Fair Market Rental Rate shall mean the annual amount of rental that a willing tenant would pay and a willing landlord would accept in arm’s length, bona fide negotiations for a renewal or expansion 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 comparable lease transactions made concerning the Building and other Class A Buildings within northwest and far northwest submarkets, taking into consideration all relevant terms and conditions of such comparable leasing transactions, including, without limitation: (i) location, quality and age of the building: (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) amenities, including fitness centers, restaurants and the like; (ix) relocation allowances; (x) refurbishment and repainting allowances; (xi) any and all other concessions or inducements consistent with the applicable submarket (including rental abatement); (xii) distinction between “gross” and “net” lease; (xiii) extent of services provided or to be provided; (xiv) base year or dollar amount for escalation purposes (both operating costs and ad valorem/real estate taxes); (xv) credit standing and financial stature of the tenant or subtenant; (xvi) any other adjustments (including by way of indexes) to base rental; and (xvii) length of term.
