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. (1) As used herein, the following terms shall have the following meanings:
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. 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. 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, unextended Lease 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 last day of the First Extension Period, and shall similarly be increased by three percent (3%) annually throughout the second Extension Period.
Extension Period Rent. The amount of the Rent for the Extension Period will be subject to negotiation. If Tenant elects to extend the term of this Lease pursuant to Section 3(b) of the Lease, Landlord will give Tenant notice of the need to negotiate within 15 (fifteen) days after Landlord's receipt of Tenant's election to exercise the option to extend the Lease. In the absence of such notice, the rent applicable for the prior rent period shall apply to the forthcoming rent period also. Promptly following the notice of negotiation, the parties shall negotiate in good faith for a negotiated rent for the forthcoming rent period. Unless expressly provided to the contrary in another paragraph of this Lease, such negotiated rent shall be (100%) of the fair market rental value of the Premises (determined on a square footage or other appropriate basis customarily used for comparable properties) as compared with such rental value being obtained on other premises for similar use in the Greater Seattle area. In the event that the parties cannot agree on the rent within ninety (90) days before the effective date of the Extension Period, the rent shall be determined, according to the foregoing formula, by three arbitrators, each of whom shall be a member of the Washington-British Columbia Chapter of the American Institute of Real Estate Appraisers and shall be experienced in the evaluation of the type of Premises subject to this Lease ("Third-Party Determination"). Each party shall select and fully compensate one of these arbitrators, and the third arbitrator shall be selected by the other two and compensated in equal shares by the parties. The Third-Party Determination of fair market rental value as set forth in this Section 5(c) shall be final, conclusive and binding on the parties.
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. (a) Tenant shall pay to Landlord, as Basic Rent during each Extension Period, ninety-five percent (95%) of the Fair Market Rental Value of the Premises. "
Extension Period Rent. Tenant shall pay to Landlord, as Basic Rent during the Extension Period, the Fair Market Rental Value of the Premises.
