Common use of Extension Period Rent Clause in Contracts

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. 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.