Extended Term Base Rent. Base Rent of the Premises payable during the Extended Term as of the Extended Term commencement date shall be equal to the Market Rate (as hereinafter defined) adjusted annually, beginning the second year of the Extended Term, using as the basis for calculating the adjustment, the rate of April to April change in the Consumer Price Index (CPI) for All Urban Consumers San Francisco-Oakland-Hayward Metropolitan Area, not to exceed three percent (3%) per year. City shall, in response to and within thirty (30) days of City's receipt of Xxxxxx's notice of its intent to exercise the Option, give Lessee written notice of the applicable Market Rate, as reasonably determined in good faith by City.
Extended Term Base Rent. Monthly Base Rent during the Extended Term shall be adjusted at the times and to the amounts set forth below: April 1, 2012 – March 31, 2013 $[…***…] NNN * All Base Rental Rates are “triple net”, and Lessee shall be responsible for its pro rata share of all Common Area Operating Expenses for the project, including without limitation common area expenses, real property taxes and required insurance.
Extended Term Base Rent. The Base Rent during each Extended Term will be the annual Fair Market Rent for comparable size office space in multi-tenant Class B office buildings located east of Highway 101 in Burlingame, California leased on comparable terms and conditions. Landlord will give Tenant notice of Landlord’s estimation of such Market Rent within 10 days after receiving Tenant’s notice exercising its option to extend. If Tenant disagrees with such estimate, it will notify Landlord in writing thereof within 10 days of Tenant’s receipt of its notice. If Tenant fails to notify Landlord that it disagrees with the estimation within said 10-day period, Tenant will be deemed to have agreed to the Fair Market Rent proposed by Landlord. If there is a disagreement on such estimation, the parties will promptly meet to attempt to resolve their differences. If the differences as to Fair Market Rent are not resolved within 25 days of the date Tenant receives the Landlord’s initial estimate of Fair Market Rent, then the parties will submit the matter to appraisal in accordance with the next Section so that Fair Market Rent is determined before the first day of the Extended Term, or Tenant may give Landlord written notice within 3 business days after expiration of the 25-day period that Tenant withdraws the notice exercising its right of renewal and this Lease will expire as of the expiration of the then-existing Term.
Extended Term Base Rent. The Base Rent payable for each month during each year of the First Extended Term, the Second Extended Term, and the Third Extended Term, in accordance with paragraph 4.1 shall be adjusted as of the date of the commencement of the First Extended Term and as of the date of the commencement of the Second Extended Term, and as of the date of the commencement of the Third Extended Term (each such date being herein referred to as the "Adjustment Date") to reflect fifty percent (50%) of the change, if any, in the Consumer Price Index (herein referred to as the CPI") for the calendar month immediately preceding such Adjustment Date from the CPI for January 1, 1993 (such months being herein referred to as the "Comparison Months"). The CPI shall be that published by the Bureau of Labor Statistics of the U.S. Department of Labor for all Urban Consumers for Phoexxx, Xxxxxxx (0000-0000 = 000). In the event that the publication of such Index shall be discontinued or changed, then an alternate Index or other method of adjustment shall be utilized which would most closely reflect the same change in the cost of living between January 1, 1993 and the Adjustment Dates as the CPI would. In the event that Lessor and Lessee cannot agree on such alternate Index, then the matter shall be submitted to decision by the American Arbitration Association in accordance with the then rules of said association and the decision of the arbitrators shall be binding upon the parties. The cost of said arbitrators shall be paid equally by Lessor and Lessee. The adjustment in the Base Rent to be made on each Adjustment Date shall be calculated as follows: the Base Rent payable each month during the year prior to the Adjustment Date shall be multiplied by a fraction, and the denominator of which shall be the CPI for JANUARY 1, 1993, and the numerator which shall be an amount equal to: (1) the CPI for JANUARY 1, 1993, plus (2) fifty percent (50%) of the difference between the CPI for JANUARY 1, 1993 AND THE CPI FOR THE APPLICABLE COMPARISON MONTH. The sum so calculated shall be the new monthly Base Rent payable in accordance with paragraph 4.1 during the First Extended Term, the Second Extended Term, or the Third Extended Term, as the case may be, commencing on such Adjustment Date but in no event shall such new monthly rent be less than the Base Rent payable for the month immediately preceding such Adjustment Date.
Extended Term Base Rent. During the 2-3 Extended Term, Tenant shall pay monthly installments of Base Rent with respect to Floors 2-3 as follows:
Extended Term Base Rent. During each Extended Term, Base Rent shall be payable with respect to the Premises on the first day of each calendar quarter, in advance, and, subject to the credits described in Section 9.1(c), without abatement, offset, deduction, or prior notice, in the amount of seven percent (7%) of the appraised Fair Market Value of the Premises as of the first day of each Extended Term.
Extended Term Base Rent. During the first four (4) months of the Extended Term, the monthly Base Rent owed by Tenant shall remain $9,250. Commencing on January 1, 2022 and continuing through the remainder of the Extended Term, the monthly Base Rent owed by Tenant shall be $9,500. Nothing in this Second Amendment shall be deemed to modify Tenant’s Base Rent obligations prior to the Extended Term Commencement Date.
Extended Term Base Rent. In the event Tenant exercises an option to extend, all the terms and conditions of this Lease shall continue to apply except that the Base Rent payable by Tenant during each such Extended Term shall be equal to ninety percent (90%) of Fair Market Rent (as defined below) and as determined in accordance with Section 3.04 below. “Fair Market Rent” shall mean the effective rate being charged (including periodic adjustments thereto as applicable during the period of the Extended Term), for comparable space in similar buildings in the vicinity (i.e. of a similar age and quality considering any recent renovations or modernization, and floor plate size) or, if such comparable space is not available, adjustments shall be made in the determination of Fair Market Rent to reflect the age and quality of the Building and Premises as contrasted to other buildings used for comparison purposes, with similar amenities, taking into consideration: size, location, floor level, leasehold improvements or allowances provided or to be provided, term of the lease, extent of services to be provided, the time that the particular rate under consideration became or is to become effective, and any other relevant terms or conditions applicable to both new and renewing tenants.
Extended Term Base Rent. 2.1. The Base Rent payable by Lessee during the Extended Term shall be $59,500 per month from July 1, 2011 through June 30, 2012 (subject to the Base Rent abatement provisions of Paragraph 2.2 below), $60,988 per month from July 1, 2012 through June 30, 2013, $62,512 per month from July 1, 2013 through June 30, 2014, $64,075 per month from July 1, 2014 through June 30, 2015, and $65,677 per month from July 1, 2015 through August 31, 2016.
2.2. Subject to the provisions of Paragraph 13.3 of the Lease Agreement, the Base Rent (but no other monetary obligations of Lessee) shall be fully abated during period July 1, 2011 through August 31, 2011.
2.3. Lessee shall continue to pay during the Extended Term all categories of expenses that Lessee was obligated to pay during the Original Term, including without limitation Insurance Cost Increases during the Extended Term in excess of the Base Premium that was payable during the Original Term, and Tax Increases during the Extended Term in excess of the Real Property Taxes that were payable during the fiscal year in which the Commencement Date of the Original Term occurred.
Extended Term Base Rent. Base Rent for the first Extended Term shall continue to be $277,564.92 per annum or $23,130.41 per month. For each of the second Extended Term and the third Extended Term, the Base Rent shall be the Fair Market Rent as determined for such Extended Term in accordance with the terms hereof. Landlord and Tenant will sign a Memorandum for each of the second Extended Term and the third Extended Term stating the amount of Fair Market Rent for the applicable Extended Term. For the purpose of implementing this Section 4.3, Fair Market Rent shall be determined by the following procedure:
