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. The Rent payable by Tenant for Expansion Space leased by Tenant (the “EXPANSION RENT”) shall be equal to the then “Fair Market Rent,” as that term is defined in SECTION 2.2.1.1, below, for the applicable Expansion Space.
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. From and after the 180th day after the Fifth Amendment Effective Date (the “Expansion Rent Commencement Date”), Tenant will pay Basic Rent on the Expansion Space in the following amounts: Tenant will also pay Landlord Additional Rent and all other charges for the Expansion Space under the same terms, and conditions described in Section 4(b) of the Original Lease; as amended by the First Amendment, except that (i) the Expense Stop for the Expansion Space will be Operating Costs of the Expansion Space for the calendar year 2020 (grossed up as provided in Section 4(b)(6) of the Original Lease) and (ii) the Base Tax Year for the Expansion Space will be the calendar year 2020.
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 payable by Lessee for Expansion Space leased by Lessee (the "EXPANSION RENT"), which Expansion Rent shall also include a comparable escalation to the Rent made and to be made during the Lease Term for the remainder of the Premises, shall be reasonably determined by Lessor and shall be equal to the greater of (i) the same rate at which Rent is payable by Lessee under the Lease as of the "Expansion Space Commencement Date," as that term is defined in Section 1.5 of this Rider, and (ii) the face or stated rent then being quoted by Lessor for the lease of comparable space in the Buildings to be occupied as of the time of the Expansion Space Commencement Date, excluding, for purposes of calculating the Expansion Rent, rental inducements and concessions then being offered to tenants, and brokerages commissions payable by landlords, shall be disregarded unless the same are then being offered by Lessor to other potential tenants for similar space, in which case such inducements then being offered shall be included within such calculation.
Expansion Rent. The Rent payable by Tenant for Expansion --------------- Space leased by Tenant (the "EXPANSION RENT") shall be the same rate at which Rent is then payable by Tenant under this Lease as of the applicable "Expansion Space Commencement Date," as that term is defined in SECTION 20.3.7 of this -------------- Lease, which Expansion Rent shall include all applicable escalations to the Rent -92- TISHMAN WARNER CENTER VENTURE, LLC [20th Century Industries; 6303 Owensmouth] made and to be made during the Lease Term, and shall include the same Annual Direct Expense Allowance as is applicable to the initial Premises.
Expansion Rent. Commencing as of Substantial Completion of the Additional Space, the Minimum Annual Rent for the Additional Space (the “Expansion Rent”) shall be an amount equal to the Total Project Cost (as hereinafter defined) multiplied by the greater of (i) eight and one-half percent (8.5%), or (ii) a percentage equal to the yield, as of the date the amendment referred to in subsection (a) above is fully executed, on the ten (10) year U. S. Treasury Bond having the most recent issue date prior to the date of such execution (based on the rate set forth in the Wall Street Journal on that date) plus 450 basis points.