Definition of Prevailing Market Rent Sample Clauses

Definition of Prevailing Market Rent. “Prevailing Market Rent” for purposes of this ARTICLE 43 shall mean the rent (base rent and additional rent adjusted, if necessary, to reflect the base years to be used for the applicable period) per rentable square foot for similar office space in the Building and in comparable buildings as reasonably located in the City of Boston (i) taking into account (A) any difference in the base years between the Offering Space and the compared space for measurement of additional rent on account of taxes and expenses, (B) the magnitude of any free rent or buildout allowance included in rent for the compared space, (C) length of lease, (D) building amenities in the respective buildings, (E) the location and floor levels of the Offering Space and the compared space, (F) services provided in the respective buildings, (G) surrender rights, if any, in the compared space (H) parking rights and obligations, (I) free rent, tenant allowances or other concessions in the compared space and (J) all other relevant market factors and (iii) taking into account the brokerage commissions, if any, to be paid in connection with the leasing the respective spaces.
Sample 1Sample 2Sample 3See All (5)
AutoNDA by SimpleDocs
Definition of Prevailing Market Rent. The monthly Base Rent payable during each Renewal Term pursuant to Paragraph 49.01 above shall be an amount equal to ninety-five percent (95%) of the Prevailing Market Rent (as hereinafter defined), multiplied by the number of rentable square feet in the Buildings constituting the Premises (as specified in the Basic Lease Information). “Prevailing Market Rent” shall mean the prevailing rental rate per rentable square foot that comparable landlords of commercial buildings in the Englewood, Colorado submarket with a similar character and stature as the Buildings would accept in arms-length transactions from new, non-expansion, non-renewal and non-equity tenants, for comparable improved space of similar size and comparable location within the Buildings for a comparable use and for comparable duration and otherwise upon substantially equivalent economic terms as this Lease, for a term commencing on or about the commencement of the Renewal Term, taking into full consideration any concessions or inducements, including, without limitation, tenant improvement allowances, free rent, lease take-over obligations, or moving costs, that may be paid to other tenants.
Sample 1
Definition of Prevailing Market Rent. “Prevailing Market Rent” shall mean the annual fair market rental value of the Premises or the applicable expansion premises in connection Tenant’s exercise of its options under Section 2.4.1, Article XI or Article XII, as applicable, of the Lease. Such annual fair market rental value determination (a) may include provision for annual increases in rent during the Lease Term or the Extended Term, as applicable, if so determined, (b) shall take account of, and be expressed in relation to, the payment in respect of taxes and operating costs and provisions for paying for so-called tenant electricity as contained in this Lease, (c) shall be based on comparable office lease transactions with third party tenants for office space in the Building and in comparable first class office buildings in the Route 128 West Suburban Class A market (the “Market Area”), including premises within the Complex if at the time such quotation is requested such premises shall be available for rent, and (d) shall take into account all relevant factors as determined by the brokers selected in accordance with the provisions hereof, including, without limitation, the base years for Landlord’s Operating Expenses and Taxes.
Sample 1
Definition of Prevailing Market Rent. “Prevailing Market Rent” shall mean the annual fair market rental value of the Premises in connection Tenant’s exercise of its options under Section 3.2, Section 2.4 or Section 18.3 as applicable of the Lease. Such annual fair market rental value determination (a) may include provision for annual increases in rent during the Lease Term or the Extended Term, as applicable, if so determined, (b) shall take account of, and be expressed in relation to, the payment in respect of taxes and operating costs and provisions for paying for so-called tenant electricity as contained in this Lease, (c) shall be based on comparable office lease transactions with third party tenants for office space in the Building and in comparable first class office buildings in the Market Area, and (d) shall take into account all relevant factors as determined by the brokers selected in accordance with the provisions hereof.
Sample 1
Definition of Prevailing Market Rent. For purposes of Paragraphs 31(a) and 31(b), the term “Prevailing Market Rent” shall mean the fair-market, monthly rental rate per rentable square foot being charged (including the applicable periodic adjustments thereto) in “arms’ length” direct leases (i.e., excluding subleases), on a net basis (i.e., excluding “full service” leases and “gross” leases for similarly sized office/research buildings located in the Relevant Market, as defined below (“Comparable Buildings”); accordingly, for such purposes, any Comparable Transaction (defined below) used in order to determine Prevailing Market Rent which is a “full service” or “gross” lease, shall be appropriately adjusted to reflect the economic terms under such Comparable Transactions if such Comparable Transaction were a “triple net” lease). Prevailing Market Rent shall be determined based upon leases for comparable transactions for comparable space entered into on or about the date on which the Prevailing Market Rent is being determined hereunder, for space in that portion of North San Xxxx that is within a twenty (20) block radius of the intersection of North First Street and Montague Expressway, excluding any portion of such radius that falls within the City of Santa Xxxxx (“Comparable Transactions” and the “Relevant Market”, respectively). If sufficient transactions regarding Comparable Buildings are not available for comparison purposes, adjustments shall be made in the determination of Prevailing Market Rent to reflect the age and quality of the Building (or the Other Building) as contrasted to other buildings used for comparison purposes, taking into consideration size, location, proposed term of the lease, extent of services to be provided, and the time that the particular rate under consideration became or is to become effective. The intent of the parties is that Tenant will obtain the same rent and other economic benefits that landlords would otherwise give in Comparable Transactions and that Landlord will make and receive the same economic payments and concessions that landlords would otherwise make and receive in Comparable Transactions. The determination of Prevailing Market Rent shall take into account any material economic differences between the terms of this Lease or the Other Building Lease, as appropriate and any comparison lease or amendment, such as rent abatements, tenant improvement allowances and other concessions, and the manner, if any, in which the landlord under any such lease is ...
Sample 1

Related to Definition of Prevailing Market Rent

  • Definition of Prevailing Market For purposes of this Extension Option, “Prevailing Market” shall mean the arms-length, fair-market, annual rental rate per rentable square foot under extension and renewal leases and amendments entered into on or about the date on which the Prevailing Market is being determined hereunder for space comparable to the Premises in the Building and office buildings comparable to the Building in the San Mateo, California area. The determination of Prevailing Market shall take into account any material economic differences between the terms of the Lease and any comparison lease or amendment, such as rent abatements, construction costs and other concessions, and the manner, if any, in which the landlord under any such lease is reimbursed for operating expenses and taxes. The determination of Prevailing Market shall also take into consideration any reasonably anticipated changes in the Prevailing Market rate from the time such Prevailing Market rate is being determined and the time such Prevailing Market rate will become effective under the Lease.

  • Determination of Market Rent If Tenant timely and appropriately objects to the Market Rent in Tenant’s Acceptance, Landlord and Tenant shall attempt to agree upon the Market Rent using their best good-faith efforts. If Landlord and Tenant fail to reach agreement within twenty-one (21) days following Tenant’s Acceptance (“Outside Agreement Date”), then each party shall make a separate determination of the Market Rent which shall be submitted to each other and to arbitration in accordance with the following items (i) through (vii):

  • Fair Market Rent In the event that it becomes necessary to determine the Fair Market Rent of any Facility for any purpose of this Master Lease, and the parties cannot agree among themselves on such Fair Market Rent within twenty (20) days after the first request made by one of the parties to do so, then either party may notify the other of a person selected to act as appraiser (such person, and each other person selected as provided herein, an “Appraiser”) on its behalf. Within fifteen (15) days after receipt of any such Notice, the other party shall by notice to the first party appoint a second person as Appraiser on its behalf. The Appraisers thus appointed, each of whom must be a member of The Appraisal Institute/American Institute of Real Estate Appraisers (or any successor organization thereto, or, if no such organization exists, a similarly nationally recognized real estate appraisal organization) with at least ten (10) years of experience appraising properties similar to the Facilities, shall, within forty-five (45) days after the date of the notice appointing the first appraiser, proceed to appraise the applicable Facility to determine the Fair Market Rent thereof as of the relevant date; provided, that if one Appraiser shall have been so appointed, or if two Appraisers shall have been so appointed but only one such Appraiser shall have made such determination within fifty (50) days after the making of the initial appointment, then the determination of such Appraiser shall be final and binding upon the parties. If two (2) Appraisers shall have been appointed and shall have made their determinations within the respective requisite periods set forth above and if the difference between the amounts so determined shall not exceed ten percent (10%) of the lesser of such amounts, then the Fair Market Rent shall be an amount equal to fifty percent (50%) of the sum of the amounts so determined. If the difference between the amounts so determined shall exceed ten percent (10%) of the lesser of such amounts, either party may request the appointment of Experts pursuant to Article XXXIV.

  • Definition of Rent All costs and expenses which Tenant assumes or agrees to pay to Landlord under this Lease shall be deemed additional rent (which, together with the Base Rent is sometimes referred to as the "Rent"). The Rent shall be paid to the Building manager (or other person) and at such place, as Landlord may from time to time designate in writing, without any prior demand therefor and without deduction or offset, in lawful money of the United States of America.

  • Common Areas - Definition The term "Common Areas" is defined as all areas and facilities outside the Premises and within the exterior boundary line of the Industrial Center that are provided and designated by the Lessor from time to time for the general non-exclusive use of Lessor, Lessee and of other lessees of the Industrial Center and their respective employees, suppliers, shippers, customers and invitees, including parking areas, loading and unloading areas, trash areas, roadways, sidewalks, walkways, parkways, driveways and landscaped areas.

  • Calculation of Rent All calculation of Rent payable hereunder shall be computed based on the actual number of days elapsed over a year of three hundred sixty (360) days or, to the extent such Rent is based on the Prime Lending Rate, three hundred sixty-five (365) (or three hundred sixty-six (366), as applicable) days.

  • Determination of Option Rent In the event Tenant timely and appropriately exercises an option to extend the Lease Term, Landlord shall notify Tenant of Landlord’s determination of the Option Rent within thirty (30) days thereafter. If Tenant, on or before the date which is ten (10) days following the date upon which Tenant receives Landlord’s determination of the Option Rent, in good faith objects to Landlord’s determination of the Option Rent, then Landlord and Tenant shall attempt to agree upon the Option Rent using their best good-faith efforts. If Landlord and Tenant fail to reach agreement within ten (10) days following Tenant’s objection to the Option Rent (the “Outside Agreement Date”), then Tenant shall have the right to withdraw its exercise of the option by delivering written notice thereof to Landlord within five (5) days thereafter, in which event Tenant’s right to extend the Lease pursuant to this Section 2.2 shall be of no further force or effect. If Tenant does not withdraw its exercise of the extension option, each party shall make a separate determination of the Option Rent, as the case may be, within ten (10) days after the Outside Agreement Date, and such determinations shall be submitted to arbitration in accordance with Sections 2.2.3.1 through 2.2.3.7, below. If Tenant fails to object to Landlord’s determination of the Option Rent within the time period set forth herein, then Tenant shall be deemed to have objected to Landlord’s determination of Option Rent.

  • Real Property Tax Definition As used herein, the term "REAL PROPERTY TAXES" shall include any form of real estate tax or assessment, general, special, ordinary or extraordinary, and any license fee, commercial rental tax, improvement bond or bonds, levy or tax (other than inheritance, personal income or estate taxes) imposed upon the Industrial Center by any authority having the direct or indirect power to tax, including any city, state or federal government, or any school, agricultural, sanitary, fire, street, drainage, or other improvement district thereof, levied against any legal or equitable interest of Lessor in the Industrial Center or any portion thereof, Lessor's right to rent or other income therefrom, and/or Lessor's business of leasing the Premises. The term "REAL PROPERTY TAXES" shall also include any tax, fee, levy, assessment or charge, or any increase therein, imposed by reason of events occurring, or changes in Applicable Law taking effect, during the term of this Lease, including but not limited to a change in the ownership of the Industrial Center or in the improvements thereon, the execution of this Lease, or any modification, amendment or transfer thereof, and whether or not contemplated by the Parties. In calculating Real Property Taxes for any calendar year, the Real Property Taxes for any real estate tax year shall be included in the calculation of Real Property Taxes for such calendar year based upon the number of days which such calendar year and tax year have in common.

  • Interest Rate Determination and Protection (a) The Eurodollar Rate for each Interest Period for Eurodollar Rate Loans shall be determined by the Administrative Agent two (2) Business Days before the first day of such Interest Period.

  • Definitions and Principles of Interpretation The following definitions in clause 1.1 shall be replaced as follows:

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!