Extension Rent. If Tenant exercises its option to extend the Term provided above, the Base Rent schedule for the Option Term shall be equal to the then Fair Market Rent, but not less than the immediately preceding Base Rent. As used herein “Fair Market Rent” shall mean the market rent for a 5 year term for comparable space located in the Boulder Colorado market and is understood to mean the rents which a landlord would receive annually by then renting the space in question assuming the landlord to be a prudent person willing to lease but being under no compulsion to do so, assuming the tenant to be a prudent person willing to lease but under no compulsion to do so, and assuming a lease containing the same terms and provisions as those herein contained. Fair Market Rent shall take into consideration the condition of the space and other terms and conditions of the Lease. Tenant’s estimation of the Fair Market Rent shall be included with Tenant’s option exercise notice. Landlord shall give Tenant notice of Landlord’s estimation of the Fair Market Rent within 15 days after receiving Tenant’s Rent Proposal but not earlier than 4 months prior to the start of the Option Term. If there is a disagreement on the Fair Market Rent, the parties shall promptly meet and negotiate in good faith to attempt to resolve their differences. If the differences are not resolved within 30 days, then Landlord and Tenant shall each select a real estate appraiser with an MAI designation and at least 5 years full-time commercial real estate appraisal experience in the area in which the Premises are located and those two appraisers shall meet and work in good faith to reach agreement on the Fair Market Rent. If they reach agreement, then their decision shall be binding on the parties. If the two appraisers aren’t able to reach agreement within 30 days, then the first two appraisers shall (a) put in writing their determination of the Fair Market Rent (the “Landlord’s Rent Proposal” and the “Tenant’s Rent Proposal”, respectively), and (b) jointly select a third appraiser with the qualifications described above. The job of the third appraiser will be to determine which of the first two appraiser’s determinations most closely approximately what the third appraiser believes to be the Fair Market Rent. The Fair Market Rent established by the third appraiser shall be determined no later than 30 days engagement and shall be binding on the parties. Each party shall pay the cost of its appraiser and half the co...
Extension Rent. The Rent and Additional Charges during the -------------- first extension period will be the Market Rental Value of the Premises (as defined and determined pursuant to Section 32.3) for that period.
Extension Rent. The annual Base Rent payable during any Option Term shall be the greater of (x) ninety-five percent (95%) of the Market Rent as determined in the manner set forth in Section 22.03, 22.04 and 22.05, below, or (y) $27.05 per rentable square foot per annum. If the annual Base Rent for any Option Term has not been determined by the commencement date of such Option Term, Tenant shall pay Base Rent at the last annual rental rate in effect for the expiring Term until such time as annual Base Rent for the Option Term has been determined. Upon such determination, the Base Rent for the Premises shall be retroactively adjusted to the commencement of the Option Term. If such adjustment results in an underpayment of Base Rent by Tenant, Tenant shall pay Landlord the amount of such underpayment within 30 days after the determination thereof. If such adjustment results in an overpayment of Base Rent by Tenant, Landlord shall credit such overpayment against the next installment of Base Rent due under the Lease and, to the extent necessary, any subsequent installments, until the entire amount of such overpayment has been credited against Base Rent.
Extension Rent. If Tenant exercises its option to extend the term provided above, the Base Rent for the Option Term shall be the then asking rate for comparable space in Boulder market. Landlord will notify Tenant of the applicable rate and if the rate is not acceptable to Tenant, Tenant shall have 10 days after receipt of Landlord’s notice to notify Landlord that it withdraws its exercise of the option. If the exercise if not withdrawn, the new rate shall take effect at the start of the Option Term.
Extension Rent. (a) Notwithstanding anything to the contrary contained in the Lease, the term of the Lease as it affects the Temporary Premises shall expire, unless terminated earlier pursuant to the Lease, on February 28, 2022 (the “Amended Termination Date”).
(b) Tenant shall continue to pay, through the Amended Termination Date, all amounts due and owing under the Lease including, without limitation, Base Rent and Operating Expenses as provided under the Lease. Commencing on March 1, 2021 (the “Adjustment Date”), Base Rent shall be increased by multiplying the Base Rent payable immediately before such Adjustment Date by 3% and adding the resulting amount to the Base Rent payable immediately before such Adjustment Date.
(c) Tenant shall voluntarily surrender the Temporary Premises on or before the Amended Termination Date. Tenant agrees to cooperate reasonably with Landlord in all matters, as applicable, relating to (i) surrendering the Temporary Premises in accordance with the surrender requirements and in the condition required pursuant to the Lease, and (ii) all other matters related to restoring the Temporary Premises to the condition required under the Lease.
(d) Any and all rights of Tenant to extend the term of the Lease with respect to the Temporary Premises beyond the Amended Termination Date are hereby revoked, and Tenant shall have no further rights to extend the term of the Lease with respect to the Temporary Premises after the Amended Termination Date. Nothing herein shall excuse Tenant from its obligations under the Lease prior to the Amended Termination Date.
(e) The parties agree and acknowledge that Tenant’s right to terminate the Temporary Premises on the Early Temporary Premises Termination Date is hereby revoked and of no further force or effect.
Extension Rent. All of the terms, provisions, covenants, and conditions of this Lease shall continue to apply during the Extension Period, except that the Annual Base Rent shall be the fair market rent being paid in the vicinity of the Premises in Cambridge, Massachusetts, for leases with five-year terms commencing 12 as of the beginning of the Extension Period, for space comparable to the Premises, used for the Permitted Uses and with rights and obligations comparable to those of Tenant under this Lease (the "Extension Rent").
Extension Rent. 23 32.3 Rent Notice by Landlord....................................................................23 32.4 Fair Market Value Rent.....................................................................23 32.5
Extension Rent. 13 2.3.3 Procedure for Establishing Extension Rent.................13 2.3.4 Conditions Precedent to Extension Option..................16 2.4
Extension Rent. 11 2.3.3 PROCEDURE FOR ESTABLISHING EXTENSION RENT ............... 12 2.3.4 CONDITIONS PRECEDENT TO EXTENSION OPTION ................ 15 2.4
Extension Rent. If Tenant exercises its option to extend the Term provided above, the Base Rent for the Option Term shall be the then asking rate for comparable space in the Building. Landlord will notify Tenant of the applicable rate and if the rate is not acceptable to Tenant, Tenant shall have 10 days after receipt of Landlord’s notice to notify Landlord that it withdraws its exercise of the option. If the exercise if not withdrawn, the new rate shall take effect at the start of the Option Term.
