Base Rent During Renewal Term Clause Samples
The 'Base Rent During Renewal Term' clause defines how the rent amount will be determined if a lease is extended beyond its original term. Typically, this clause specifies whether the rent will remain the same, increase by a fixed percentage, or be recalculated based on market rates at the time of renewal. For example, it may state that the base rent during the renewal period will be 105% of the previous year's rent or set according to an appraisal of comparable properties. The core function of this clause is to provide both parties with clarity and predictability regarding rental costs during any renewal period, thereby reducing the potential for disputes or misunderstandings about future financial obligations.
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Base Rent During Renewal Term. Base Rent during the Renewal Term shall be an amount mutually agreed upon in writing by Landlord and Tenant within fifteen (15) days after Tenant gives the Option Notice, but in no event less than the Base Rent then currently payable by Tenant immediately prior to the commencement of the Renewal Term.
Base Rent During Renewal Term. Base Rent during the Renewal Term shall be the fair market rental value for the Premises, which shall be determined by mutual agreement of Landlord and Tenant at least nine (9) months prior to the commencement of the Renewal Term (the period from Landlord’s receipt of the Option Notice through the date that is nine (9) months prior to the commencement of the Renewal Term being referred to herein as the “Negotiation Period”), but in no event less than the Base Rent then currently payable by Tenant immediately prior to the commencement of the Renewal Term. If Landlord and Tenant cannot agree on the fair market rental value for the Premises, the fair market rental value shall be determined in accordance with Paragraph 24.3 below. If, for any reason, Base Rent for the Renewal Term is not determined prior to the beginning of the Renewal Term, then Tenant shall continue to pay the Base Rent amount in effect immediately preceding the commencement of the Renewal Term and, upon final determination of Base Rent for the Renewal Term, Tenant shall pay to Landlord a cash payment equal to the sum of such amounts as may be necessary to adjust each monthly Base Rent payment which has been made hereunder to the Base Rent effective as of the Renewal Term.
Base Rent During Renewal Term. The monthly Base Rent during the Renewal Term shall be as follows: 09/01/01 to 08/31/02 - $6,890.00 per month ($1.65 s/f) 09/01/02 to 08/31/03 - $7,100.00 per month ($1.70 s/f) 09/01/03 to 08/31/04 - $7,300.00 per month ($1.75 s/f) The above rent schedule does not include utilities or janitorial service. Tenant shall continue to be responsible for all utilities and janitorial service.
Base Rent During Renewal Term. During the renewal term(s), the monthly base rent shall be ADJUSTED AS SET FORTH IN PARAGRAPH 2.2 OF THE LEASE.
Base Rent During Renewal Term. During the Renewal Term, Tenant shall pay to Landlord as Monthly Base Rent an amount equal to the greater of (i) one-twelfth (1/12th) of the annual fair market rental value of the Property for each year during the Renewal Term, or (ii) the Monthly Base Rent payable in the last month of the Initial Term. If the parties are unable to reach agreement before the 120th day prior to the commencement of the Renewal Term, the annual fair market rental value of the Property for each year during the Renewal Term shall be determined by arbitration.