Determination of Base Rent. The Base Rent for each Option shall be 95% of the fair market value rent determined as follows:
(i) Landlord and Tenant will have thirty (30) days after Landlord receives the Extension Notice within which to agree on the fair market rental value of the Premises as of the commencement date of the Option Period, as defined in subsection (ii) below. If they agree on the Base Rent within thirty (30) days, they will amend this Lease by stating the Base Rent.
(ii) If Landlord and Tenant are unable to agree on the Base Rent for the Option Period within thirty (30) days, the Base Rent for the Option Period will be 95% of the fair market rental value of the Premises as of the Extension Notice as determined in accordance with subsection (iii) hereof. As used in this Lease, the “fair market rental value of the Premises” means what a landlord under no compulsion to lease the Premises, and a tenant under no compulsion to lease the Premises, would determine as Base Rent (including initial monthly rent and rental increases) for the Option Period, as of the Extension Notice, taking into consideration the uses permitted under this Lease, the quality, size, design and location of the Premises, and the rent for comparable buildings located in the vicinity of the Project.
(iii) Within thirty (30) days after the expiration of the thirty (30) day period set forth in subparagraph (ii) above, Landlord and Tenant shall each appoint one licensed real estate appraiser, and the two appraisers so appointed shall jointly attempt to determine and agree upon the then fair market rental value of the Premises. If they are unable to agree, then each appraiser so appointed shall set one value, and notify the other appraiser, of the value set by him or her, concurrently with such appraiser’s receipt of the value set by the other appraiser. The two appraisers then shall, together, select a third licensed appraiser, who shall make a determination of the then fair market rental value, after reviewing the reports of the first two appraisers appointed by the parties, and after doing such independent research as he/she deems appropriate. The value determined by the third appraiser shall be the then fair market rental value of the Premises. Landlord and Tenant shall be responsible for the cost of the appraiser each appoints and shall share equally in the cost of the third appraiser, if applicable.
Determination of Base Rent. If the difference between the dollar amount of Lessor’s Appraisal and the dollar amount of Lessee’s Appraisal is equal to or less than 10%, then the Land Value shall be deemed to be the mathematical average of the two appraisals. See the following example of a scheduled Market Adjustment for a 50,000 square foot lease, at a 6% lease rate with two different appraisal values: Lessor Appraisal = $6.50 per square foot Lessee Appraisal = $6.10 per square foot Land Value= $6.30 per square foot New Annual Base Rent = $6.30 x 50,000 (or applicable square footage) x 6% (or applicable Lease Rate) = $18,900. If the difference between the dollar amount of Lessor’s Appraisal and the dollar amount of Lessee’s Appraisal is greater than 10%, then:
Determination of Base Rent. In the event that Tenant exercises an Option, the Base Rent for each Option Period shall be upon an annual rental rate equal to the Fair Market Rent (as defined in Exhibit “B”).
Determination of Base Rent. Tenant shall pay to Landlord during the Initial Term, annual Base Rent of Two Million Nine Hundred Thirteen Thousand One Hundred Eight Dollars ($2,913,108.00), in monthly installments of Two Hundred Forty-Two Thousand Seven Hundred Fifty-Nine Dollars ($242,759) (“Base Rent”). Tenant’s obligations under this Lease commence as of the Commencement Date. The Base Rent during any Renewal Term shall be as agreed by the parties. In the event that the parties cannot mutually agree upon Base Rent for any Renewal Term within sixty (60) calendar day’s of Tenant’s Notice of Exercise pursuant to Section 3.3, then the Base Rent shall be the fair market Base Rent determined as follows: each party shall submit to the other party a writing stating such party’s figure for fair market Base Rent; each party shall designate a commercial real estate agent with at least five (5) years real estate experience in the Nampa area; the two (2) agents shall agree upon a third agent with at least five (5) years real estate experience in the Nampa area; and such third agent shall identify which figure such agent believes is closest to the fair market Base Rent. Base Rent shall be the figure designated by the third agent as the fair market Base Rent. The parties shall share equally the cost of such third agent. If the two (2) agents cannot agree on such third agent, then either party may apply to the Canyon County or Ada County Court to select such third agent. Notwithstanding the forgoing, the Base Rent per square foot for any Renewal Term will not be less than the Base Rent per square foot for the Initial Term except as set forth in Section 1.6.2 below.
Determination of Base Rent. In the event that Tenant exercises its option to extend the term of this lease, the Landlord shall provide written notice to Tenant of the amount which, in Landlord’s reasonable opinion, represents the FMR for the upcoming Option Term. Tenant shall have twenty (20) days from receipt of said written notice to respond to Landlord in writing as to whether or not Tenant agrees with Landlord’s determination of the FMR. Tenant’s failure to respond within said twenty (20) day period shall be deemed to be Tenant’s agreement with the Landlord’s determination of Base Rent. In the event Tenant disagrees with the Landlord’s determination, the following procedure shall be used in determining the FMR for the Option Term:
4.2.1 As used in this Section 4, the term “FMR” shall mean the annual fair market rental value of the Premises in its condition on the Rent Appraisal Date and the term “Rent Appraisal Date” shall mean the first day of the Renewal Term.
Determination of Base Rent. Lessee shall pay Lessor a minimum guaranteed rental (the "BASE RENT") with respect to each month during the Term determined in accordance with the following schedule (PROVIDED, HOWEVER, that the Base Rent for any partial month during the Term shall be prorated in accordance with the ratio of the number of days of such month within the Term to the total number of days of such month): During the Term, but Amount equal to interest on the Total Lessor before Full Base Rent Investment (as hereinafter defined) during such Commencement Date(2) period at a rate equal to the Agreed Rental Factor (as hereinafter defined) During the Initial Term, $10,000 per month (1) but after Full Base Rent Commencement Date(2) During the Renewal Terms $10,000 per month (1) plus CPI Increase (as hereinafter defined)
(1) Adjusted to 12% of Total Lessor Investment (as hereinafter defined) if Total Lessor Investment is less than $1,000,000.00.
(2) The FULL BASE RENT COMMENCEMENT DATE shall mean THE EARLIER TO OCCUR OF (i) the date Lessee first derives revenues from the sale of food and beverages in the ordinary course of its Restaurant business upon the Leased Premises OR (ii) 180 days after Lessee first commences LESSEE'S WORK (defined below).
Determination of Base Rent. The Base Rent for the Option shall be determined as follows:
(i) Landlord and Tenant will have thirty (30) days after Landlord receives the Extension Notice within which to agree on the fair market rental value of the Premises as of the commencement date of the Option Period, as defined in subsection (ii) below. If they agree on the Base Rent within thirty (30) days, they will amend this Lease by stating the Base Rent.
(ii) If Landlord and Tenant are unable to agree on the Base Rent for the Option Period within thirty (30) days, the Base Rent for the Option Period will be the greater of (i) the fair market rental value of the Premises as of the commencement date of the Option Period as determined in accordance with subsection (iii) hereof, and (ii) the last Base Rent set forth in the Basic Lease
Determination of Base Rent. (i) Base Rent shall be equal to (x) for the period prior to the Full Vacate Date, Six Dollars ($6) per annum per rentable square foot of the Premises multiplied by the rentable square feet occupied by Tenant on the Commencement Date, and (y) thereafter, Seven Dollars and Fifty Cents ($7.50) per annum per rentable square foot of the Premises multiplied by the rentable square feet occupied by Tenant as of the Full Vacate Date.
(ii) Base Rent shall increase annually by Two Percent (2%) per annum during the Initial Term, commencing on the first anniversary of the Full Vacate Date.
(iii) If Tenant performs the Optional Work (as defined in Section 13.01(b)) and expands the footprint and rentable square feet of the Building (the “Building Expansion”), then Base Rent shall be increased by an amount equal to the Base Rent for the Premises (as then escalated under clause (a)(ii) above) multiplied by the rentable square feet of the Building Expansion, as the case may be.
Determination of Base Rent. The monthly Base Rent for the Premises during an Extension Period shall be determined on a full service gross basis. The monthly Base Rent shall be adjusted annually pursuant to the provisions of this Section 1.3.3. The monthly Base Rent for the first twelve (12) months of the Extension Period shall be an amount equal to ninety-five (95%) of the “fair market Monthly Base Rent’, as said term is defined and determined below, and thereafter the monthly Base Rent shall increase annually by three percent (3%). Upon the written request by Tenant to Landlord received by Landlord no earlier one (1) month prior to the first day on which Tenant can exercise its Right to Extend, Landlord shall give Tenant written notice of Landlord’s good faith opinion of the fair market Monthly Base Rent for the Premises for the Extension Period. Thereafter, upon the written request of Tenant, Landlord and Tenant shall enter into good faith negotiations for thirty (30) days in an effort to reach agreement on the fair market monthly Base Rent for the Premises on a full service basis as of the commencement date of Extension Period, and the annual adjustments to the monthly Base Rent for the Premises after the first year of the Extension Period. If Tenant timely exercises its Right to Extend and the parties did not reach agreement as to the fair market Monthly Base Rent in the manner set forth in the preceding paragraph, then the fair market Monthly Base Rent will be determined as follows:
Determination of Base Rent. Tenant shall pay Landlord base rent ("Base Rent") as follows:
a. For the initial Term, annual Base Rent, based upon the Budget (as defined in the Work Letter), and a 10.80% lease constant, shall be: Lease Annual Base Rent Years (2.5% annual increases) Monthly Base Rent ----- ----------------------- ----------------- 1 $1,156,560.00 $ 96,380.00 2 $1,185,474.00 $ 98,789.50 3 $1,215,110.85 $101,259.24 4 $1,245,488.62 $103,790.72 5 $1,276,625.84 $106,385.49 6 $1,308,541.48 $109,045.12 7 $1,341,225.02 $111,771.25 8 $1,374,786.40 $114,565.53 9 $1,409,156.05 $117,429.67 10 $1,444,384.95 $120,365.41
b. For the First Renewal Term (Lease Years 11 through 15), annual Base Rent shall equal 95% of "Market Rate" (as defined below; provided, however, the annual Base Rent for the First Renewal Term shall be no less than the annual Base Rent in Lease Year 10.
c. For the Second Renewal Term Lease Years 16 through 20), annual Base Rent shall equal 95% of Market Rate; provided, however, the annual Base Rent for the Second Renewal Term shall be no less than the annual Base Rent in Lease Year 15.
d. For the Third Renewal Term (Lease Years 21 through 25), annual Base Rent shall equal 95% of Market Rate; provided, however, the annual Base Rent for the Third Renewal Term shall be no less than the annual Base Rent in Lease Year 20.
e. The annual Base Rent set forth in Section 3.1. above has been calculated by applying an agreed lease constant of 10/80% (the "Lease Constant") to the amount of $10,70,898.00 set forth on the Budget attached to the Work Letter. Such amount set forth on the Budget is referred to herein and in the Work Letter as the "Guaranteed Maximum Price" or "GMP". The GMP shall be adjusted as set forth in the Work Letter (as so adjusted, the "Adjusted "GMP"). Upon Substantial Completion, the annual Base Rent for the first Lease Year shall be recalculated such that same shall be equal to the result obtained by multiplying the Lease Constant by the sum (the "Rent Calculation Amount") of (i) the "Actual Total
