Fair Market Rental Value or "Fair Market Sales Value" of the Airframe or ------------------------ ----------------------- any Engine shall mean the value that would be obtained in an arms'-length transaction between an informed and willing lessee-user or buyer-user (other than a lessee currently in possession or a used equipment dealer) under no compulsion to lease or buy, as the case may be, and an informed and willing lessor or seller, as the case may be, under no compulsion to lease or sell, as the same shall be specified by agreement between the Lessor and the Lessee or, if not agreed to by the Lessor and the Lessee within a period of 15 days after either party requests a determination, then as specified in an appraisal prepared and delivered in New York City mutually agreed to by two recognized independent aircraft appraisers, one of which shall be appointed by the Lessor and the other of which shall be appointed by the Lessee, or, if such appraisers cannot agree on such appraisal, an appraisal arrived at by a third independent recognized appraiser chosen by the mutual consent of the two aircraft appraisers. If either party should fail to appoint an appraiser within 15 days of receiving notice of the appointment of an appraiser by the other party, then such appraisal shall be made by the appraiser appointed by the first party. If the two appraisers cannot agree on such appraisal and fail to appoint a third independent recognized aircraft appraiser within 15 days after the appointment of the second appraiser, then either party may apply to the American Arbitration Association to make such appointment. The appraisal shall be completed within 30 days of the appointment of the last appraiser appointed. In determining Fair Market Rental Value or Fair Market Sales Value by appraisal or otherwise, it will be assumed that the Aircraft, Airframe or Engine is in the condition, location and overhaul status in which it is required to be returned to the Lessor pursuant to Section 12 of the Lease and that the Lessee has removed all Parts which it is entitled to remove pursuant to Section 7 of the Lease and that the Aircraft is not encumbered by the Lease. Except as otherwise expressly provided in the Lease, all appraisal costs will be shared equally by the Lessor and the Lessee; provided that if the Lessee elects not to renew the Lease or -------- purchase the Aircraft following the conclusion of such appraisal, the Lessee shall pay all appraisal costs. Notwithstanding the foregoing, for p...
Fair Market Rental Value means the fair market rental value of the Leased Premises for the relevant Renewal Term determined in accordance with the procedure specified in Paragraph 29.
Examples of Fair Market Rental Value in a sentence
If each party appoints an arbitrator in a timely manner, but the two (2) arbitrators fail to agree on and appoint a third arbitrator within the required period, the arbitrators shall be dismissed without delay and the issue of Fair Market Rental Value shall be submitted to binding arbitration under the real estate arbitration rules of JAMS, subject to the provisions of this section.
The provisions of this Section shall apply in any instance in which this Lease provides that the Fair Market Rental Value is to apply.
If each party makes a timely determination of the Fair Market Rental Value, those determinations shall be submitted to arbitration in accordance with subsection (c).
Within thirty (30) days after the appointment of the third arbitrator, the three (3) arbitrators shall decide whether the parties will use Landlord’s or Tenant’s submitted Fair Market Rental Value and shall notify Landlord and Tenant of their decision.
Whenever Fair Market Rental Value or Fair Market Sales Value of the Aircraft is required to be determined by an appraisal under this Section 17, Lessee and Lessor shall appoint a mutually satisfactory Appraiser to conduct such appraisal.
More Definitions of Fair Market Rental Value
Fair Market Rental Value of the Premises shall be defined to mean the fair market rental value of the Premises as of the time the option is exercised, taking into consideration all relevant factors, including length of term, the uses permitted under the Lease, the quality, size, design and location of the Premises, and the monthly base rent paid by tenants for premises comparable to the Premises located in the same general area as the Premises. Within thirty (30) days after Lessee has given such notice, each party, at its sole cost and by giving notice to the other party, shall appoint a real estate appraiser with at least five years' full-time commercial appraisal experience in the area in which the Premises are located to appraise and set the then fair market rental value of the Premises. If a party does not appoint an appraiser within this time period, the single appraiser appointed shall be the sole appraiser and shall set the then fair market rental value of the Premises. If two appraisers are appointed by the parties, they shall meet promptly and attempt to set the then fair market rental value of the Premises. If they are unable to agree within thirty (30) days after the second appraiser has been appointed, they shall attempt to elect a 'third appraiser meeting the requisite qualifications within five (5) days. If they are unable to agree on the third appraiser, either of the parties to this Lease, by giving five (5) days notice to the other party, can apply to the then president of the real estate board for the city in which the Premises are located, or the then Presiding Judge of the Santa Xxxxx County Superior Court, for the selection of a third appraiser who meets the qualifications stated in this paragraph. Each of the parties shall bear one-half (1/2) of the cost of appointing the third appraiser and of paying the third appraiser's fee. The third appraiser however selected shall be a person who has not previously acted in any capacity for either party. Within twenty (20) days after the election of the third appraiser, a majority of the appraiser shall set the then fair market rental value of the Premises. If a majority of the appraisers are unable to set the then fair market value of the Premises within the stipulated period of time, the three appraisals shall be added together and their total divided by three (3); subject to the next sentence, the resulting quotient shall be the then fair market rental value of the Premises. If, however, the low appraisal and/or high...
Fair Market Rental Value means the fair market rental value, as of the date the determination is made, that would be obtained in an arm’s-length net lease (i.e., net of all operating expenses, real estate taxes, utilities and other pass-throughs) between an informed and willing tenant (other than a tenant in possession) and an informed and willing landlord, neither of whom is under any compulsion to enter into such transaction, for space in Comparable Buildings that is comparable in size, location and quality to the Leased Premises, for a comparable term. Such Fair Market Rental Value shall be calculated assuming that (i) the Leased Premises are in the condition and state of repair required under the Lease, (ii) Tenant is in compliance with the requirements of the Lease and (iii) Tenant will accept the Leased Premises in “AS-IS” condition. In determining the Fair Market Rental Value for Property, the Appraiser shall give due consideration, to and make any necessary adjustments to the rentals paid at Comparable Buildings in light of, the following factors: (i) Tenant will not receive, and Landlord will not pay, any tenant improvement, relocation, moving or other allowance, rent abatement or other reduced or free rent period or any other allowance or concession in connection with Tenant’s leasing of the Leased Premises, (ii) except as expressly provided herein with respect to Expansion Space, Tenant’s obligation to pay Rent commences on the date possession of the Leased Premises are delivered to Tenant, (iii) Landlord will not pay any brokers’ fee or commission in connection with Tenant’s leasing of the Leased Premises, (iv) the Landlord’s inclusion, and Tenant’s payment, of amortized capital expenditures in Operating Expenses to the extent provided in this Lease and (v) the creditworthiness of Tenant and the tenants at Comparable Buildings. For Short Term Expansion Space only, the Fair Market Rental Value shall be determined without regard to the value added by any alterations or improvements made to such space by Tenant after it was added to the Lease Premises as provided in Article X.
Fair Market Rental Value means the fair market rental value in Dollars for the Aircraft that would apply in an arm's-length transaction between an informed and willing lessee under no compulsion to lease, and an informed and willing lessor under no compulsion to lease, the Aircraft, for the applicable Renewal Lease Term, assuming that (a) the Aircraft has been maintained in accordance with, and is in the condition required by, the Lease, (b) payments of rent would be made semiannually, and (c) the Aircraft would be leased during any such Renewal Lease Term on the same terms and conditions as are set forth in the Lease with respect to the Base Lease Term.
Fair Market Rental Value means the fair market rental value of the Leased Property or any Substitute Property, (a) assuming the same is unencumbered by this Lease, (b) determined in accordance with the appraisal procedures set forth in Article XXVIII or in such other manner as shall be mutually acceptable to Lessor and Lessee, and (c) not taking into account any reduction in value resulting from an indebtedness to which the Leased Property or Substitute Property may be subject.
Fair Market Rental Value means the actual periodic rental payment for comparable rental property to which a willing landlord and a willing tenant would agree. In determining the fair‑market rental value, the court may consider appraisals offered by the tenant, landlord, realty experts, licensed appraisers, and other relevant evidence;
Fair Market Rental Value means ninety-five percent (95%) of the then prevailing market rate for tenants of comparable quality for new leases in buildings of comparable size, age, use location and quality in the greater Reno, Nevada area, and all other economic terms then customarily prevailing in such new leases in said marketplace including any tenant improvement allowance determined to be consistent with the prevailing market rate, taking into account the size of the Lease, brokerage commissions, costs of improvements performed by Landlord, moving allowances, and rent concessions. If Landlord and Tenant agree upon the Fair Market Rental Value for an Option Term, Landlord and Tenant shall execute an amendment to lease evidencing the Fair Market Rental Value for the Option Term and the Term of this Lease shall be extended for five (5) years with the Base Rent being the amount agreed to by Landlord and Tenant or the Base Rent in effect during the Lease Year immediately preceding such Option Term as provided in Section 3.3. If Landlord and Tenant are unable to agree upon the Fair Market Rental Value for any Option Term, on or before One Hundred Twenty (120) days prior to the expiration of the primary Term or the Option Term then in effect (the “Negotiation Period”), then within ten (10) Business Days after the last day of the Negotiation Period, Tenant may, by written notice to Landlord (the “Notice of Exercise”), irrevocably elect to exercise such Extension Option. In order for Tenant to exercise such Extension Option, Tenant shall send the Notice of Exercise to Landlord stating (i) that Tenant is irrevocably exercising its right to extend the Term pursuant to section 2.2; and (ii) Landlord and Tenant shall be irrevocably bound by the determination of Fair Market Rental Value set forth hereinafter in this Exhibit “B-1”. If Tenant shall fail to deliver the Notice of Exercise on or before ten (10) Business Days after the last day of the Negotiation Period, then Tenant shall have waived any right to exercise any Extension Option. In the event any date referenced in this Exhibit “B-1” falls on a day other than a Business Day, such date shall be deemed to be the next following Business Day. If Tenant timely delivers the Notice of Exercise to Landlord, Landlord and Tenant shall each simultaneously present to the other party their final determinations of the Fair Market Rental Value for the Extension Term (the “Final Offers”) within twenty (20) business days after the last day of the Nego...
Fair Market Rental Value means the value that would be obtained in an arm's-length transaction between an informed and willing seller or lessor, as the case may be, and an informed and willing buyer or lessee, as the case may be, both under no compulsion to sell and purchase or to lease (and other than a lessee in possession or a used equipment scrap dealer), as the case may be, as such value is determined by an appraisal which assumes: (i) that such Aircraft, such Airframe, such Engine or such Part is unencumbered by this Lease (or any sublease) or any of the other Operative Documents or any of the Financing Documents and the terms thereof; (ii) that such Aircraft, Airframe, Engine or Part has been maintained in all respects in accordance with the terms of this Lease (whether or not in fact in such condition), (iii) that such Aircraft, Airframe, Engine or Part meets the return conditions specified in Section 16 and Exhibit E (whether or not in fact meeting such conditions) and (iv) that Lessee has removed the Removable Parts entitled to be removed under Section 9(b) (it being agreed that no such removal is permitted in connection with an appraisal pursuant to Section 18) and replaced any part which was removed from the Aircraft as a result of such Removable Part being installed; provided, however, that costs of removal from the location of current use and costs of sale shall not be a consideration in determining such value except in connection with any determination of "fair market sales value" or "fair market rental value" pursuant to Section 18; and provided, further, that any determination of "fair market sales value" or "fair market rental value" pursuant to Section 18 shall be on an "as is, where is" basis in its actual condition and