Expansion Rent. The annual “Rent,” as that term is defined in Section 4.1 of this Lease, payable by Tenant for Expansion Space leased by Tenant (the “Expansion Rent”) shall be calculated as of the “Expansion Space Rent Commencement Date,” as that term is defined in Section 1.3.5 of this Lease, as follows: (i) the base rent component of the Expansion Rent on an annual, per rentable square foot basis shall be equal to the Base Rent for the 6th Floor Premises on an annual, per rentable square foot basis under this Lease as of the Expansion Space Commencement Date, including all applicable escalations to the Base Rent made and to be made during the Lease Term; and (ii) for purposes of calculating Tenant’s obligations under Article 4 of this Lease, (a) Tenant’s Share shall be equal to 8.04% with respect to the Expansion Space, and (b) the “Base Year,” as that term is defined in Section 4.2.1, below, with respect to the Expansion Space only, shall be determined as set forth in Section 5 of the Summary.
Expansion Rent. Notwithstanding anything to the contrary set forth in this First Amendment, prior to the Expansion Space Lease Commencement Date, Tenant shall pay “Rent” (as defined in Section 4.1 of the Original Lease) for the Premises in accordance with the terms of the Lease. Subject to the terms of the last sentence of Section 1.3.2 of the Original Lease, commencing on the “Expansion Space Rent Commencement Date” (as defined in Section 1.3.5 of the Original Lease), Tenant shall also pay to Landlord the “Expansion Rent” (as defined in Section 1.3.3 of the Original Lease). Tenant’s Share and the Base Year with respect to the Expansion Space shall be determined as set forth in Section 1.3.3 of the Original Lease. Construction in the Expansion Space shall be subject to the terms and conditions set forth in Section 1.3.4 of the Original Lease (including, without limitation, the provision of the Expansion Improvement Allowance).
Expansion Rent. The annual “Base Rent,” as that term is defined in Section 3.1 of this Lease, payable by Tenant for Expansion Space leased by Tenant (the “Expansion Rent“) shall be equal to (i) $51.50 with respect to Expansion Space 1, (ii) $53.05 with respect to Expansion Space 2, and (iii) $57.96 with respect to Expansion Space 3. The foregoing Base Rent amounts shall be increased by three percent (3%) on each anniversary of the “Expansion Space Commencement Date,” as that term is defined in Section 1.3.6 of this Lease, below, as applicable to each such Expansion Space. With respect to each Expansion Space leased by Tenant, Tenant shall also pay to Landlord Tenant’s Share of Direct Expenses pursuant to Article 4 of the Lease; provided that (a) Tenant’s Share with respect to each such Expansion Space shall be a percentage, which percentage shall be equal to a fraction, the numerator of which is the rentable square feet of the applicable Expansion Space and the denominator of which is the rentable square feet of the Building, and (b) the Base Year with respect to each such Expansion Space shall be calendar year in which Landlord delivers each such Expansion Space to Tenant. In addition, in the event that Tenant exercises its right to lease particular Expansion Space, then (x) the “L-C Amount,” as that term is defined in Article 21 of this Lease, below, shall thereafter be increased by an amount equal to the product of (A) an amount equal to $40.50 for each rentable square foot in the applicable Expansion Premises, and (B) a percentage, which may be expressed as a fraction, the numerator of which shall be the number of Base Rent payments Tenant shall be required to make during the initial Lease Term with respect to the Expansion Premises, and denominator of which shall be ninety-six (96), and (y) Tenant shall deliver to Landlord, concurrently with Tenant’s execution of the applicable amendment to this Lease with respect to such Expansion Space, an additional L-C which, when combined with the L-C then being held by Landlord totals the full L-C Amount then required under Article 21 and this Section 1.3.
Expansion Rent. Tenant shall pay to Landlord an initial base rent (the "Expansion Rent") for the Expansion Premises during the term of the Expansion Lease in an amount that provides to Landlord a return on the total investment of Landlord in the Expansion Premises, including, without limitation: (a) land acquisition costs for the Expansion Parcel at the current market cost of land when Tenant exercises its Expansion Option in accordance with the terms and conditions of this Exhibit (including closing and due diligence costs); (b) leasing commissions; (c) design, construction, and development costs; and (d) costs to finance the acquisition, construction, and development (including loan commissions and fees for the construction loan, debt service on the construction loan until 45 days after the Expansion Completion Date (as defined in Section 9 of this Exhibit), and the loan commissions and fees for the first permanent loan) (the "Landlord Investment"); with such return on the Landlord Investment being equal to the market "cap rate" required by institutional real estate investors at the time of the Expansion Completion Date from comparable distribution/warehouse projects leased to tenants of creditworthiness comparable to Tenant; provided that, in no case shall such return on the total investment be less than 11.4% per annum. The initial Expansion Rent, as determined in accordance with the terms and conditions of this Section and Sections 4 and 6 of this Exhibit, shall be increased whenever, during the Initial Lease Term or any Extension Term, Base Rent increases for the Leased Premises, on a compounded basis, to reflect a 2% annual increase. The Expansion Rent shall be payable in equal monthly installments and in accordance with the terms and conditions set forth in Section 3 of the Lease.
Expansion Rent. The Rent payable by Tenant for the Expansion Space (the "EXPANSION RENT") shall be equal to the Fair Market Rental Rate for such Expansion Space, as defined in Section 2.2.2 of this Lease.
Expansion Rent. The rent payable by Tenant for the Expansion Space (the “Expansion Rent”) shall be the then Market Rent for the Expansion Space, but in no event less than the then current rent then payable for the Premises per rentable square foot.
Expansion Rent. The "Rent," as that term is defined in Section 4.1, below, payable by Tenant for the Expansion Space 1 or the Expansion Space 2, as the case may be (the "EXPANSION RENT"), shall be as set forth in this Section 1.4.3.
1.4.3.1 EXPANSION SPACE 1.
Expansion Rent. The “Rent,” as that term is defined in Section 4.1 of this Lease, below, payable by Tenant for Expansion Space leased by Tenant (the “Expansion Rent”) shall be equal to the rent at which Landlord is leasing comparable space in the Project in recently completed transactions of similar size and term as of the time of the Expansion Space Commencement Date, including the base year in connection therewith, taking into consideration the following concessions: (a) rental abatement concessions, if any, being granted such tenants in connection with such comparable space, (b) tenant improvements or allowances provided or to be provided for such comparable space, taking into account, and deducting the value of, the existing improvements in the Expansion Space, such value to be based upon the age, design, quality of finishes, and layout of the improvements and the extent to which the same could be utilized by a general office user, and (c) all other monetary and non-monetary concessions, if any, being granted such tenants in connection with such comparable space.
Expansion Rent. The annual “Rent,” as that term is defined in Section 4.1 of this Lease, payable by Tenant for Expansion Space leased by Tenant (the “Expansion Rent”) shall be equal to the same rate (on a per square foot basis) then applicable to the Premises including annual adjustments thereto.
Expansion Rent. The "Rent," as such term is defined in Section 4.1 of this Lease, payable by Tenant for the Expansion Space leased by Tenant (the "EXPANSION RENT") per rentable square foot shall be the sum of Tenant's Share of Direct Expenses for the Expansion Space, and the Base Rent, which Base Rent shall be in an amount equal to (i) $3.50 per rentable square foot of the Expansion Space, which amount shall be increased by four percent (4%) on the first day of each Lease Year for the Lease Term commencing on the first day of the third Lease Year, and then shall be reduced by (ii) $0.882 per rentable square foot of the Expansion Space and the appropriate Additional Promissory Note payment per rentable square foot of the Expansion Space to produce the Base Rent per rentable square foot of the Expansion Space for each Lease Year of the Lease Term. For example, if the Expansion Space Commencement Date occurs during the second Lease Year of the Lease Term, the Base Rent for the Expansion Space shall be $3.50 per rentable square foot of the Expansion Space, which amount shall be increased by 4% commencing on the first day of the third Lease Year, and then reduced by $0.882 and reduced by the appropriate Additional Promissory Note payment per rsf of the Expansion Space to produce the appropriate Base Rent per rsf of the Expansion Space for such Lease Year of the Lease Term.
