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 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 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 Expansion Space leased by Tenant (the "EXPANSION RENT") shall be equal to the rent including all escalations, at which, as of the commencement of Tenant's proposed lease of the Expansion Space, tenants are leasing non-sublease, non-encumbered, non-equity space comparable in size, location and quality to the Premises, for a term equal to the then remaining Lease Term, which comparable space is located in the Project, 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 such space, such value to be based upon the age, quality and layout of the improvements and the extent to which the same can be utilized by a general office user, and further provided that any such allowances shall be prorated to reflect the actual term of Tenant's lease of the Expansion Space.
Expansion Rent. The fourth (4th) sentence of Section 7(c) of Exhibit E to the Lease through the end of said paragraph is hereby deleted in its entirety and replaced with the following: “Notwithstanding the foregoing, through the expiration of the Second Expansion Option, as such date may be extended pursuant to Tenant’s option rights set forth in Special Stipulation 4 above, the market-based land price with respect to the Second Expansion Space shall be One Hundred Thousand and No/100 Dollars ($100,000.00) per acre.”
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.
Expansion Rent. The Rent payable by Tenant for Expansion Space leased by Tenant (the “Expansion Rent”) shall be equal to % of the for such space (as defined in Section 2.2.1.3 of the Office Lease, as amended by the terms of Section 8 of this Amendment).
Expansion Rent. In the event that the notice to expand is provided during the first 15 months of the lease term, the additional monthly rent shall equal the actual cost of expansion (including all hard and soft costs but excluding land acquisition costs), multiplied by a factor of 10 1/2% and divided by 12 months. In the event that the notice to expand is provided during the second 15 months of the Lease Term, the return factor shall be 11%. The rent shall be subject to the same escalations as set forth above. Prior to commencement of construction, Landlord and Tenant shall work together to develop a mutually approved site plan, construction specifications and a final budget for the expansion. The cost of the project shall be determined on an "open book basis", with Landlord obtaining at least three competitive bids from qualified general contractors. The construction contract for the expansion shall contain a fixed price or a guaranteed maximum price, and such contract shall be subject to Tenant's reasonable approval. All change orders, and any other revisions to the project that would change the fixed price or guaranteed maximum price, shall also be subject 18 to Tenant's reasonable approval. There will be no development fee included in the project cost. If for any reason whatsoever (other than Tenant's willful default), the expansion space is not ready for Tenant's occupancy by the date that is three (3) months after the Expansion Complete Date, Tenant shall have the option to a) terminate this Lease, b) require Landlord to pursue completion of the expansion or c) to cause Landlord to cause the parcel split to occur in accordance with Paragraph 6.1 and terminate this Lease with respect to the Expansion Land. Renewal Options Tenant will have two (2) renewal options of five (5) years each. Tenant shall provide Landlord with at least nine (9) months prior written notice in the event that it elects to renew the Lease Term. The rental rate during the option periods will be the market rent at the time of extension as determined by good faith negotiation or arbitration if necessary. In no event will the rent be less than the Base Rent in effect at the end of the original Lease Term or previous extension period. The established Base Rent shall be subject to 5% increases every thirty (30) months. The Base Rent during each renewal period will be equivalent to the then current market rate for comparable space in the Nevada Pacific Industrial Park, Lyon County, Nevada ("Market Rat...
