Extension Period Rent Clause Samples
The Extension Period Rent clause defines the rental rate that will apply if a tenant exercises an option to extend the lease beyond its original term. Typically, this clause specifies how the rent will be calculated during the extension period, such as referencing a predetermined rate, a percentage increase, or the current market rate at the time of extension. Its core function is to provide both parties with clarity and predictability regarding future rental obligations, thereby reducing the potential for disputes or uncertainty when the lease is extended.
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Extension Period Rent. Tenant shall pay to Landlord, as Basic Rent during the Extension Period, the Fair Market Rental Value of the Premises. “Fair Market Rental Value” means the annual basic rent for each year of the relevant period for which, on the terms and conditions of this Lease, a willing landlord would rent the Premises to a willing tenant with neither party being compelled to rent and after appropriate exposure of the Premises to the market for a reasonable period of time. Notwithstanding the forgoing, in no event will the Fair Market Rental Value be less than the Basic Rent plus the Additional Rent payable for the year immediately preceding the commencement of the Extension Period. Fair Market Rental Value will not include the cost of improvements or alterations to the Premises which were paid for by Tenant and not reimbursed by Landlord.
Extension Period Rent. If the Extension Period is approved by County, the Rent for the initial Lease Year of the Extension Period shall be subject to adjustment to reflect current market rent for the Premises (“Adjusted Rent”), but in no event shall the Rent be adjusted to an amount less than the Rent for the prior Lease Year, plus one hundred three percent (103.0%). The Adjusted Rent shall be subject to a three percent (3.0%) upward adjustment beginning on the first day of the second year of the Extension Period and on the first day of each Lease Year thereafter until the expiration of the Term or the earlier termination of this Lease. The Adjusted Rent shall be confirmed in a written Notice sent from County to Lessee.
Extension Period Rent. If an option is exercised in a timely fashion, the Lease shall be extended for the term of the applicable Extension Period upon all of the terms and conditions of this Lease, provided that the Base Monthly Rent: (a) for each of the first twelve (12) months of the First Extension Period shall equal one hundred three percent (103%) of the Base Monthly Rent in effect on the last day of the Initial Extension Term, and shall similarly be increased by three percent (3%) annually throughout the first Extension Period, and (b) for each of the first twelve (12) months of the Second Extension Period shall equal one hundred three percent (103%) of the Base Monthly Rent in effect on the Building 3
Extension Period Rent. (1) As used herein, the following terms shall have the following meanings:
Extension Period Rent. With respect to the First Extension Period and the Second Extension Period, an annual rental due to Landlord in the amount of One Million Dollars ($1,000,000.00) per year.
Extension Period Rent. Tenant shall pay to Landlord, as Basic Rent during each Extension Period, the Fair Market Rental Value of the Premises. “Fair Market Rental Value” means the annual basic rent, as escalated for each year of the relevant Extension Period, for which, on the terms and conditions of this Lease, a landlord would renew a premises similar to the Premises in a class-A office building located in the Princeton submarket similar to the Building for a term equal to the applicable Extension Period. Notwithstanding the forgoing, in no event will the Fair Market Rental Value for the first year of an Extension Period be less than the Basic Rent plus the Additional Rent payable for the year immediately preceding the commencement of such Extension Period.
Extension Period Rent. The rent for ▇▇▇▇▇▇’s occupancy and use of the Premises for the extension period(s) shall be as follows:
Extension Period Rent. (a) Tenant shall pay to Landlord, as Basic Rent during the Extension Period, the Fair Market Rental Value of the Premises. “Fair Market Rental Value” means the annual basic rent for each year of the relevant period for which, on the terms and conditions of this Lease, a willing landlord would rent the Premises to a willing tenant with neither party being compelled to rent and after appropriate exposure of the Premises to the market for a reasonable period of time taking into account all relevant factors, including, without limitation, the resetting of the Base Period, and rent concessions and refitting allowances, if any, and the fact that Landlord is not obligated to perform any work to prepare the Premises for Tenant’s occupancy with respect to the Extension Period. Notwithstanding the forgoing, in no event will the Fair Market Rental Value be less than the Basic Rent plus the Additional Rent payable for the year immediately preceding the commencement of the Extension Period.
Extension Period Rent. Pursuant to Paragraph 21 (c) of the Lease, commencing January 1, 2002, Lessee’s base monthly rental shall be adjusted to $26,092.30 with the annual CPI adjustments.
Extension Period Rent. Tenant shall pay to Landlord, as Basic Rent during the Extension Period, the Fair Market Rental Value of the Premises.