Base Rent During Option Term. If Tenant exercises its Option to Extend, the Base Rent for the Premises during the Option Term shall be equal to the then current fair market rent for the Premises based on rents then being charged for space in Comparable Buildings, as reasonably determined by Landlord.
Base Rent During Option Term. The Base Rent payable during the Option Term shall be adjusted to equal the fair rental renewal value (as herein defined) for the Premises as of the date of the commencement of the Option Term pursuant to the procedures set forth herein.
Base Rent During Option Term. The Base Rent payable by Tenant during the Option Term shall be equal to the Fair Market Rent for the Premises as of the commencement date of the Option Term. The "Fair Market Rent" shall be equal to the rent, including all escalations, at which tenants, as of the commencement of the Option Term are leasing non-sublease, non-encumbered, non-equity space comparable in size, location and quality to the Premises, for a similar lease term, in an arm's length transaction, which comparable space is located in the Project and in the "Comparable Buildings," as that term is defined hereinbelow (collectively, the "Comparable Transactions"), and which Comparable Transactions have been entered into within the twelve (12) month period prior to Landlord's delivery of the "Rent Notice," as that term is defined in Section 4.3 below, taking into consideration only the following concessions (the "Concessions"): (i) rental abatement concessions, if any, being granted such tenants in connection with such comparable space, and (ii) tenant improvements or allowances provided or to be provided for such comparable space, such value to be based upon the age, condition, design, quality of finishes, and layout of the improvements ; provided, however, that notwithstanding anything to the contrary herein, no consideration shall be given to (x) the fact that Landlord is or is not required to pay a real estate brokerage commission in connection with Tenant's exercise of its right to lease the Premises during the Option Term or the fact that the Comparable Transactions do or do not involve the payment of real estate brokerage commissions, and (y) any period of rental abatement, if any, granted to tenants in Comparable Transactions in connection with the design, permitting and construction of tenant improvements in such comparable spaces. If in determining the Base Rent a tenant improvement allowance is granted under item (ii) above, Landlord may, at Landlord's sole option, elect any or a portion of the following: (A) to grant some or all of the tenant improvement allowance to Tenant in the form as described above (i.e., as an improvement allowance), and (B) to adjust the rental rate component of the Base Rent to be an effective rental rate which takes into consideration the total dollar value of the tenant improvement allowance (in which case the tenant improvement allowance evidenced in the effective rental rate shall not be granted to Tenant). For purposes of this Lease, the term "Comp...
Base Rent During Option Term. The initial Base Rent during the Option Term (“Option Term Base Rent”) shall be an amount equal to the greater of (i) the then fair market rental value of the Demised Premises (“Fair Market Rental Value”), as stated on a monthly basis and determined pursuant to this Section 3.2, or (ii) 103% of the Base Rent during the last month of the Initial Term. The initial Option Term Base Rent payable during the Option Term shall thereafter be increased as of the first day of the 13th month of the Option Term and every 12 months thereafter during the Option Term (i.e., as of the first day of the second, third, fourth and fifth years of the Option Term) by factor of three percent (3%). Upon receipt by Landlord of Tenant’s Extension Notice under Section 1.2, above, Landlord and Tenant shall meet in an effort to negotiate, in good faith, the Option Term Base Rent which shall become effective as of the first day of the Option Term (“Option Term Commencement Date”). If Landlord and Tenant have not agreed upon the Option Term Base Rent within thirty (30) days after the delivery of Tenant’s Extension Notice, the Option Term Base Rent shall be determined as follows:
Base Rent During Option Term. In the event that Tenant elects to exercise its Option to extend the Term of this Lease in accordance with the terms of Section 3.2, the Base Rent for the Option Term shall be equal to the then-market rent for similarly improved space in comparable buildings for comparable use in the lower Xxxxx Xxxx region as determined by Landlord; provided, however, that in no event shall the Base Rent during the Option Term be less than the Base Rent for the last year of the initial Lease Term. The adjusted Base Rent shall commence on and be payable on the first day of the Option Term and shall continue thereafter throughout the Option Term.
Base Rent During Option Term. The Base Rent during each Option Term (the "Option Term Base Rent") shall be an amount equal to the greater of (i) ninety-five percent (95%) of the then fair market rental value of the Demised Premises as then configured (the "Fair Market Rental Value"), as stated on a monthly basis and determined pursuant to subsection (i), below, or (ii) the Base Rent during the last year of the Initial Term (or the prior Option Term, if applicable), multiplied by 1.065. On the 31st month of each Option Term, the Option Term Base Rent shall be increased to an amount equal to the then applicable Option Term Base Rent, multiplied by 1.
Base Rent During Option Term. The Base Rent payable by Tenant during the Option Term shall be equal to the Fair Market Rent for the Premises as of the commencement date of the Option Term. The "Fair Market Rent" shall be equal to the rent, including all escalations, at which tenants, as of the commencement of the Option Term are leasing non-sublease, non-encumbered, non-equity space comparable in size, location and quality to the Premises, for a similar lease term, in an arm's length transaction, which comparable space is located in the Project and in the "Comparable Buildings," as that term is defined hereinbelow (collectively, the "Comparable Transactions"), and which Comparable Transactions have been entered into within the twelve (12) month period prior to Landlord's delivery of the "Rent Notice," as that term is defined in Section 4.3 below, taking into consideration only the following concessions (the "Concessions"): (i) rental abatement concessions, if any, being granted such tenants in
Base Rent During Option Term. The Base Rent payable during the Option Term shall be equal to One Dollar and Eighty Cents ($1.80) per square foot per month, multiplied by the rentable square footage of the Sublet Premises, or Thirty Three Thousand Eight Hundred Seventy Six Dollars ($33,876.00) per month.
Base Rent During Option Term. If Tenant exercises its Option to extend the term of this Lease as provided in Section 2.01 above, Base Rent for the Option Term shall be determined by the parties based on the market rate then prevailing (including commissions, tenant concessions and construction allowance) in the Southeast Denver metropolitan area for leases of space of similar size and finish in commercial properties of similar size and condition to the Property for three-year or five-year leases, as applicable ("Market Rate"). Landlord and Tenant shall endeavor in good faith to agree upon Base Rent for the Option Term within thirty (30) days after Landlord receives the Extension Notice provided in Section 2.01 above. If the parties agree on Base Rent for the Option Term within such period, they shall immediately execute an amendment to this Lease stating the Base Rent for the Option Term. If the parties are unable to agree on Base Rent for the Option Term within such period, Landlord and Tenant shall promptly thereafter jointly select three licensed real estate brokers experienced in the leasing of commercial real estate in the Southeast Denver metropolitan area who shall advise Landlord and Tenant in writing of their opinion of Market Rate, and Base Rent for the Option Term shall be established accordingly. In no event shall Base Rent during the Option Term be less than Base Rent for the last year of the initial Lease Term.
Base Rent During Option Term. In the event that Tenant elects to exercise its Option to extend the Term of this Lease in accordance with the terms of Section 3.2, the Base Rent for the Option Term shall be equal to the then-market rate for similarly improved space in comparable buildings for comparable use in the South Seattle-Tukwila region; provided, however, that in no event shall the Base Rent during the Option Term be less than the Base Rent for the last year of the initial Lease Term. The adjusted Base Rent shall commence on and be payable on the first day of the Option Term and shall continue thereafter throughout the Option Term. The market rate shall be determined on a triple net basis by analyzing comparable lease transactions and lease renewals in the South Seattle/Tukwila office market. In analyzing comparable transactions, all reasonable factors affecting rent only shall be taken into consideration, including, but not limited to, the office building age, size, style and condition and the date of the comparable lease. If Landlord and Tenant cannot agree on a market rate for the Option Term prior to one hundred twenty (120) days before Lease termination, then both parties agree to use the appraisal process, outlined as follows: Each party will hire an MAI appraiser. Each appraiser must have a minimum of five (5) years appraisal experience in the South Seattle/Tukwila area. Each appraiser shall complete his/her appraisal within thirty (30) days. If the appraisers' opinion of the market rate differs by less than ten percent (10%) of the amount of the higher appraisal; then the market rate shall be the average of the two appraisals. If the appraiser's opinion of market rate differs by more than ten percent (10%) of the higher appraisal then a third MAI appraiser satisfying the same qualifications shall be mutually hired and paid for by both parties. The third appraiser will evaluate the market using the same parameters outlined in the preceding paragraph. The market rate estimate of the third appraiser shall be averaged with the market rate estimate of the appraiser closest to it. The Base Rent for the Option Term shall be the higher of the resultant average rent utilizing this process or the Base Rent being paid at the time of the renewal.
