Base Rent During Option Term. (a) During the first year of each Option Term, if it occurs, Tenant shall pay to Landlord Base Rent equal to “Market Rent” (as defined below) for the Premises determined as of the commencement date of such Option Term adjusted annually during the Option Term as provided below in this Section 8. As used herein, “Market Rent” shall mean the price that a ready and willing tenant would pay, at commencement of the Option Term, as monthly base rent to a ready and willing landlord of similar space in the geographical area of San Diego County known as Del Mar Heights if such office space were offered for lease on the open market for a reasonable period of time and be the product of the fair market annual rental rate per rentable square foot multiplied by the Rentable Area of the Premises (as set forth in the Basic Lease Information), determined as follows: (a) as mutually agreed by Landlord and Tenant within ten (10) days of Landlord’s delivery to Tenant of Landlord’s opinion of the Market Rent for the first year of the Option Term (“Landlord Rent Notice”, which shall be delivered to Tenant within ten (10) days of receipt of Tenant’s written Extension Notice; or (b) in the event that Landlord and Tenant are unable to so agree, the Market Rent shall be determined by concurrent appraisals pursuant to Section 8(b) below. In determining Market Rent, appraisers shall take into account the duration of the Option Term, the quality, condition and prestige of the Building and Premises (as tenant improvements are maintained as required by the terms and conditions of this Lease), recent monthly rental rates and annual base rent escalations for buildings of similar size and location imputed to the commencement of the Option Term, condition and quality of comparable tenant improvements in buildings of similar quality and location and all relevant economic terms of this Lease, including free rent and other economic inducements, it being the intent that Market Rent, as so determined, should reflect the total economic package which would be offered at the time of commencement of the Option Term to a new tenant for the Premises, or substantially similar space in a building of similar quality, condition, and location and with similar tenant improvements under a lease with substantially the same terms and provisions as the applicable terms and provisions of this Lease (“Market for Similar Space”) without discounting the rent for the creditworthiness of the Tenant or for the cost of ...
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 applicable 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 applicable Option Term pursuant to the procedures set forth herein.
(i) Fair rental renewal value shall mean the monthly Base Rent per square foot of rentable area prevailing for lease renewals for “Comparable Renewal Space” as of the date the applicable Option Term commences, multiplied by the rentable area of the Premises.
(ii) Comparable Renewal Space means space in the surrounding area within a five (5) mile radius of the Project, so long as such space remains within the City of Mountain View, that is comparable to the Premises, the lease for which is then being or has recently been renewed by the owner of the Building in which the Comparable Renewal Space is located.
(iii) In determining fair rental renewal value, the following factors shall be taken into account: (a) the amount of tenant improvement allowances (but only to the extent the quality level of the improvements in the Comparable Renewal Space is comparable to those in the Premises) and other concessions (i.e., among other things, free rent, free parking, moving and other allowances) provided for with respect to the Comparable Renewal Space; (b) the usability of the existing improvements in the Premises in comparison with the usability of the existing improvements in the Comparable Renewal Space; (c) the size, location and the floor level of the Premises compared with the Comparable Renewal Space; (d) the size, age, location, quality and condition of the Building and its improvements compared with the building and improvements in which the Comparable Renewal Space is located; (e) escalations and pass throughs of operating expenses, insurance, utilities and taxes for the Comparable Renewal Space; and (f) the duration of the Option Term in relationship to the duration of the renewal term for the Comparable Renewal Space.
(iv) Landlord shall notify Original Tenant of its determination of fair rental renewal value no less than sixty (60) days prior to the commencement of the applicable Option Term. If Original Tenant in good faith disputes Landlord’s determination of fair rental renewal value and if such dispute is not resolved by negotiation between the parties within thirty (30) days after Landlord’s notice is given, fair rental renewal value shall be as determined by appraisal as provided below. Original...
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.
(i) Fair rental renewal value shall mean the monthly Base Rent per square foot of rentable area prevailing for lease renewals for “Comparable Renewal Space” as of the date the Option Term commences, multiplied by the rentable area of the Premises.
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.
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. 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. (s). As of the commencement of each Option Term (the "Option Term Commencement Date"), Base Rent shall be adjusted as set forth in this Paragraph 51.
1. During the first Option Term, Base Rent shall be payable as follows: months 1-12, $3150; and months 13-24, $3307.
Base Rent During Option Term. (a) The final sentence of the first paragraph of Section 36.3 of the Lease is hereby replaced and amended in its entirety to read as follows: “In no event shall the monthly Base Rent for any period of the Extended Term, as determined pursuant to this Section 36.3, be less than $263,787.48.”
(b) Notwithstanding anything in Section 3 of this Amendment to the contrary, during the Extended Term the Management Fee set forth in Section 6.1.5 of the Lease shall be an amount equal to three percent (3%) of the monthly Base Rent during the Extended Term.
Base Rent During Option Term. The Base Rent payable by Tenant, on an annual per rentable square foot basis during each Option Term, if applicable (the "Option Rent"), shall be equal to 95% of the Office Fair Market Rent Rate (as defined hereinbelow). "95% of the Office Fair Market Rent Rate" for purposes of determining the Option Rent for the Renewal Premises during the Option Term shall be equal to ninety five percent (95%) of the base rent, calculated on an annual per rentable square foot basis, including all escalations, at which tenants, as of the commencement of the Option Term, are leasing non-sublease, non-encumbered, non-equity, non-renewal, non-expansion, fully permitted office space comparable in size, location and quality to the Renewal Premises, for a lease term of three (3) years or longer, for general office use, in an arm’s length transaction, which comparable space is located in the Project and in the Comparable Buildings (as defined hereinbelow) (collectively, the "Comparable Office Transactions"), and which Comparable Office Transactions have been entered into within the nine (9) month period prior to Landlord's delivery of the Rent Notice (as defined below). The Office Fair Market Rent for purposes of this Lease, the term "Comparable Buildings" shall mean other buildings containing offices, which buildings are located in the proximity of the Project and possess similar attributes.
