Extension Right. For the avoidance of doubt, the Extension Rights granted to Tenant pursuant to Section 40(a) of the Lease shall apply to Building 6. Notwithstanding anything to the contrary contained in Section 40(a), if Tenant elects to exercise any Extension Right(s) for Building 6 pursuant to Section 40(a), upon the commencement of the applicable Extension Term, Base Rent for Building 6 shall be payable at the Building 6 Market Rate (as defined below). Base Rent for Building 6 shall thereafter be adjusted on each anniversary of the commencement date of such Extension Term by a percentage as determined by Landlord and agreed to by Tenant at the time the Building 6 Market Rate is determined (or as part of the determination of Building 6 Market Rate as provided in Section 40(b) if the parties are unable to agree on the Building 6 Market Rate). As used herein, “Building 6 Market Rate” shall mean the rate that comparable landlords of comparable buildings have accepted in current transactions from non-equity (i.e., not being offered equity in the buildings), nonrenewal, non-expansion and nonaffiliated tenants of similar financial strength for space of comparable size, quality (based on the Building Shell and the depreciated amount of the Building 6 Tenant Improvements paid for with the Building 6 TI Allowance (assuming a 38-year amortization schedule) and the land value for Building 6 agreed upon by the parties (for the avoidance of doubt, the “land value” for Building 6 shall mean that portion of the Project allocated to or required for Building 6 along with the parking required pursuant to applicable Legal Requirements in connection with Building 6 (which may include the land upon which the P1 Parking Structure is located) and not any excess land), parking spaces allocated to Building 6 and floor height in first class office/research and development buildings (with a manufacturing component, if applicable), as applicable, in the University Towne Center area of San Diego for a comparable term, with the determination of the Building 6 Market Rate to take into account all relevant factors, including tenant inducements, leasing commissions, allowances or concessions, if any. If the allowances, free rent and/or other economic concessions granted with respect to Building 6 pursuant to this Section 11 differ from those granted in the comparable transactions, an adjustment to the applicable Building 6 Market Rate shall be made on a basis consistent with the adjustments commonly made in the market for comparable differences in concession packages. For the avoidance of doubt, in no event shall the Building 6 Market Rate include the cost of any tenant improvements or other alterations to Building 6 paid for solely by Tenant.
Appears in 1 contract
Samples: Lease Agreement (Illumina Inc)
Extension Right. For A. Tenant shall have the avoidance right (the "Extension Right") to extend the Term for three (3) periods of doubt, five (5) years following the expiration of the Term (the "Extension Period") on the condition that:
(1) Tenant shall exercise the Extension Rights granted to Tenant pursuant to Section 40(aRight by giving Landlord written notice (the "Extension Notice") of the Lease shall apply Tenant's election to Building extend at least six (6. Notwithstanding anything ) months prior to the contrary contained in Section 40(a), if Tenant elects to exercise any Extension Right(s) for Building 6 pursuant to Section 40(a), upon the commencement of the applicable Extension TermPeriod (an "Extension Period"), Base and there exists no event of default under the Lease; and
(2) if the Extension Right is exercised by Tenant as set forth in Subsection 33.A(l) hereof, the Extension Period shall commence on the expiration of the Tenth (10th) Year or the Fifth (5th) Year of the prior Extension Period; and
(3) all terms and conditions of the Lease, including those containing the right and remedy of Landlord to confess judgment for possession, shall be applicable during the Extension Periods except that Minimum Rent for Building 6 the Extension Periods shall be payable at the Building 6 Market Rate (as defined below). Base Rent for Building 6 shall thereafter be adjusted on each anniversary of the commencement date of such Extension Term by a percentage as determined by Landlord and agreed to by Tenant at the time the Building 6 Market Rate is determined (or as part of the determination of Building 6 Market Rate as provided in Section 40(b33.B hereof.
B. If the Tenant exercises the Extension Right as provided in this Section 33, then during each Extension Period the Minimum Rent shall be equal to the product of the "Fair Rental Value" (hereinafter defined) if on a square footage basis multiplied by the parties then square footage of the Premises (exclusive of any Storage Space). "Fair Rental Value" means what Landlord and Tenant agree to be the fair rental value of the Premises during the subject Extension Period taking into consideration (i) prevailing rental market conditions (including concessions such as "free rent" and other allowances) for commercial office space comparable to the Premises located in the Building and elsewhere in the Center City area of Philadelphia, Pennsylvania; (ii) the fact that Tenant would remain in occupancy of the Premises (e.g., no "down time" or loss of rental income, no payment of brokerage commissions for a new tenant, no construction or fit-up expense to prepare the space for a new tenant, and no moving or other expenses incurred by Tenant in connection with a relocation); and, (iii) a step up of the Base Years for the OMC Sum and Taxes (i.e., Subsections x.X(2) and l.L(2)] to the most recent calendar year prior to the commencement of the subject Extension Period. If Landlord and Tenant are unable to agree on the Building 6 Market Rate). As used hereinMinimum Rent for the Extension Period within thirty (30) days after Tenant gives Landlord the Extension Notice, “Building 6 Market Rate” the Minimum Rent for the Extension Period shall mean be determined by appraisal as hereinafter set forth; provided that Tenant shall have the rate that comparable landlords right to revoke its exercise of comparable buildings have accepted the Extension Right for the Extension Period by written notice to Landlord at any time during such thirty (30) day period and, in current transactions from non-equity (i.e.which event, not being offered equity in the buildings), nonrenewal, non-expansion and nonaffiliated tenants of similar financial strength for space of comparable size, quality (based Term shall expire on the Building Shell and the depreciated amount expiration date of the Building 6 Term. In the event the Minimum Rent for the Extension Period is required to be established by appraisal, if Landlord and Tenant Improvements paid for with cannot agree on an appraiser, then Landlord and Tenant each shall nominate one (1) real estate appraiser (MAI or equivalent) located in the) City of Philadelphia to appraise and determine the Building 6 TI Allowance air Rental Value of the Premises during the Extension Period. If the two (assuming a 38-year amortization schedule2) appraisers nominated and the land value for Building 6 agreed upon appointed by the parties shall differ in judgment as to such Fair Rental value, then they shall appoint a third (for 3rd) reputable and impartial real estate appraiser MAI or equivalent) located in the avoidance City of doubtPhiladelphia to determine such Fair Rental Value. If the appraisers selected by Landlord and Tenant are unable to agree on a third (3rd) appraiser, the “land value” for Building 6 third appraiser shall mean that portion be selected by the President of the Project allocated to American Institute of Real Estate Appraisers or required for Building 6 along with if not in existence at the parking required pursuant to applicable Legal Requirements time in connection with Building 6 (which may include the land upon which the P1 Parking Structure is located) question, an equivalent successor person and not any excess landorganization), parking spaces allocated to Building 6 and floor height in first class office/research and development buildings (with a manufacturing component, if applicable), as applicable, in the University Towne Center area of San Diego for a comparable term, with the . The determination of the Building 6 Market Rate appraisers as to take into account all relevant factorsthe Fair Rental Value of the Premises for the Extension Period shall be final and binding on Landlord and Tenant, including tenant inducements, leasing commissions, allowances or concessions, if anyand the Minimum Rent during the Extension Period shall be so determined. If The cost of the allowances, free rent and/or other economic concessions granted with respect to Building 6 appraisal shall be borne equally by Landlord and Tenant. In the event the Minimum Rent for the Extension Period has not been determined pursuant to this Section 11 differ 33.B prior to the commencement of the Extension Period, Tenant shall continue to pay Landlord the rent payable for the Premises pursuant to this Lease for the Year immediately preceding until the Minimum Rent for the Extension Period is determined. The Minimum Rent for the Extension Period shall be payable retro-actively from those granted the commencement of the Extension Period notwithstanding the fact that the Minimum Rent for the Extension Period may not be determined as of that time. Within thirty (30) days after the determination is made and Tenant has received notice thereof [or, if later, on or before the first day of the month following the end of the thirty (30) day period] Tenant shall pay to Landlord, if the Minimum Rent for the Extension Period is determined to be higher than that payable during the preceding Year, the amount of the difference; but if the same is lower, the amount of the resulting overpayment in the comparable transactions, an adjustment to the applicable Building 6 Market Rate interim shall be made on a basis consistent with credited against the adjustments commonly made in the market for comparable differences in concession packages. For the avoidance next succeeding installments of doubt, in no event shall the Building 6 Market Rate include the cost of any tenant improvements or other alterations to Building 6 paid for solely Minimum Rent payable by Tenant.
Appears in 1 contract
Samples: Office Lease (Pennsylvania Real Estate Investment Trust)
Extension Right. For On the avoidance conditions, which conditions Landlord may waive, at its election, by written notice to Tenant at any time, that Tenant is not in default of doubtits covenants and obligations under the Lease beyond and applicable notice and cure period, both as of the time of option exercise described herein and as of the commencement of the hereinafter described additional term, Tenant shall have the option to extend the Term of the Lease for one (1) period of three (3) years commencing on February 1, 2027 through and including January 31, 2030. Tenant may exercise such option to extend by giving Landlord written notice on or before November 30, 2018. Upon the timely giving of such notice, the Extension Rights granted to Tenant pursuant to Section 40(a) Term of the Lease shall apply to Building 6. Notwithstanding anything to the contrary contained in Section 40(a), if Tenant elects to exercise any Extension Right(s) for Building 6 pursuant to Section 40(a), be deemed extended upon the commencement all of the applicable Extension Termterms and conditions of the Lease, Base except that Landlord shall have no obligation to construct or renovate the Premises, or provide any additional allowance or credit therefor, and that Basic Rent for Building 6 the entire Premises during such additional term shall be payable at the Building 6 Market Rate (as defined below). Base Rent for Building 6 shall thereafter be adjusted on each anniversary of the commencement date of such Extension Term by a percentage as determined by Landlord and agreed to by Tenant at the time the Building 6 Market Rate is determined (or as part of the determination of Building 6 Market Rate as provided in Section 40(b) if the parties are unable to agree on the Building 6 Market Rate). As used herein, “Building 6 Market Rate” shall mean the rate that comparable landlords of comparable buildings have accepted in current transactions from non-equity (i.e., not being offered equity in the buildings), nonrenewal, non-expansion and nonaffiliated tenants of similar financial strength for space of comparable size, quality (calculated based on the Building Shell Basic Rent rate per rentable square foot of Premises as shown on Exhibit H attached hereto. If Tenant fails to timely exercise its rights hereunder, then within ten (10) days of Landlord’s written request therefor, Tenant shall execute and deliver to Landlord a certification, in recordable form, confirming the depreciated amount of Tenant’s failure to exercise (or waiver of) such right, and Tenant’s failure to so execute and deliver such certification shall (without limiting Landlord’s remedies on account thereof) entitle Landlord to execute and deliver to any third party, and record, an affidavit confirming the Building 6 failure or waiver, which affidavit shall be binding on Tenant Improvements paid for with and may be conclusively relied on by third parties. Tenant’s Renewal Option as outlined in the Building 6 TI Allowance (assuming a 38-year amortization schedule) Lease as Exhibit J remains in full force and the land value for Building 6 agreed upon by the parties (for the avoidance of doubt, the “land value” for Building 6 shall mean that portion of the Project allocated effect and is hereby expanded to or required for Building 6 along with the parking required pursuant to applicable Legal Requirements in connection with Building 6 (which may include the land upon which the P1 Parking Structure is located) and not any excess land), parking spaces allocated to Building 6 and floor height in first class office/research and development buildings (with a manufacturing component, if applicable)applicable Expansion Premises, as applicable, in the University Towne Center area of San Diego for a comparable term, with the determination of the Building 6 Market Rate to take into account all relevant factors, including tenant inducements, leasing commissions, allowances or concessions, if any. If the allowances, free rent and/or other economic concessions granted with respect to Building 6 pursuant to this Section 11 differ from those granted in the comparable transactions, an adjustment and to the applicable Building 6 Market Rate shall be made on a basis consistent with extent same is included within the adjustments commonly made in the market for comparable differences in concession packagesPremises as provided herein. For the avoidance of doubt, in the event that Tenant exercises its option to extend the Term of the Lease in accordance with this Section 10, Tenant’s Renewal Option as outlined in the Lease as Exhibit J shall apply at the end of the Term as extended hereby; provided, however, that such Exhibit J is hereby amended as follows:
a. The phrase “Tenant is occupying the entire Premises” in the first line of the first textual paragraph of Exhibit J is hereby deleted and replaced with the following phrase: “Tenant itself, or a Permitted Transferee, is occupying at least fifty percent (50%) all of the Premises then demised to Tenant”;
b. The sentence “In no event shall the Building 6 Market Basic Rent payable for each month of the extended Term be less than the Basic Rent for the last twelve (12) months of the initial Term of the Lease.” is hereby deleted in its entirety;
c. The time limit for Tenant to respond to Landlord’s determination of the Prevailing Rental Rate shall be extended from “ten (10) days” to “fifteen (15) days”;
d. For avoidance of doubt, the language “pursuant to Section 10.G” in Subsection (2) of the last textual paragraph of Exhibit J shall be deemed to mean Section 10.G as amended by this Eighth Amendment (e.g., to include the cost expanded definition of any tenant improvements or other alterations Permitted Transferee); and
e. Subsection (4) of the last textual paragraph of Exhibit J is hereby deleted and the word “or” is hereby moved to Building 6 paid for solely by Tenantbetween Subsection (2) and (3).
Appears in 1 contract
Extension Right. For (i) Tenant shall have 1 right (the avoidance of doubt, “Extension Right”) to extend the Extension Rights granted to Tenant pursuant to Section 40(a) term of the Lease shall apply for a period of 5 years (the “Extension Term”) on the same terms and conditions as the Lease (other than with respect to Building 6. Notwithstanding anything Base Rent and the Improvement Allowance) by giving Landlord written notice of its election to exercise the Extension Right at least 12 months prior, and no earlier than 15 months prior, to the contrary contained in Section 40(a), if Tenant elects to exercise any Extension Right(sThird Amendment Expiration Date.
(ii) for Building 6 pursuant to Section 40(a), upon Upon the commencement of the applicable Extension Term, Base Rent for Building 6 shall be payable at the Building 6 Market Rate (as defined below). Base Rent for Building 6 shall thereafter be adjusted on each annual anniversary of the commencement date of such the Extension Term by a percentage as determined agreed upon by Landlord and agreed to by Tenant at the time the Building 6 Market Rate is determined (or as part of the determination of Building 6 Market Rate as provided in Section 40(b) if the parties are unable to agree on the Building 6 Market Rate)determined. As used herein, “Building 6 Market Rate” shall mean the rate for space that Landlord and affiliates of Landlord have accepted at the Project and at comparable laboratory/office projects in the Xxxxxx Xxxxx submarket during the 12-month period prior to Tenant’s exercise of the Extension Right from non-equity (i.e., not being offered equity in the buildings) and nonaffiliated tenants of similar financial strength (the “Portfolio Comps”); provided, however, if Landlord determines, in its reasonable discretion, that there are no Portfolio Comps at a market rate, then the Market Rate shall be the rate that comparable landlords of comparable buildings have accepted in current transactions from non-equity (i.e., not being offered equity in the buildings), nonrenewal, non-expansion ) and nonaffiliated tenants of similar financial strength for strength. In determining the Market Rate, the comparable space shall be of comparable size, quality (based on including the Building Shell Premises Improvements, Alterations and the depreciated amount of the Building 6 Tenant Improvements paid for with the Building 6 TI Allowance (assuming a 38-year amortization scheduleother improvements) and the land value for Building 6 agreed upon by the parties (for the avoidance of doubt, the “land value” for Building 6 shall mean that portion of the Project allocated to or required for Building 6 along with the parking required pursuant to applicable Legal Requirements in connection with Building 6 (which may include the land upon which the P1 Parking Structure is located) and not any excess land), parking spaces allocated to Building 6 and floor height in first class officecomparable laboratory/research and development office buildings (with a manufacturing component, if applicable), as applicable, in the University Towne Center area Xxxxxx Xxxxx submarket (including those owned by Landlord or affiliates of San Diego Landlord) for a comparable term, with the determination of the Building 6 Market Rate to take into account all relevant factors, including tenant inducements, views, available amenities (including, without limitation, the Amenities), age of the Buildings, age of mechanical systems serving the Premises, parking costs, leasing commissions, allowances or concessions, if any. If Landlord shall notify Tenant in writing of Landlord’s determination of the allowances, free rent and/or other economic concessions granted with respect to Building 6 pursuant to this Section 11 differ from those granted in the comparable transactions, an adjustment to the applicable Building 6 Market Rate shall be made on a basis consistent with the adjustments commonly made in the market for comparable differences in concession packages. For the avoidance of doubt, in no event shall the Building 6 Market Rate include the cost of any tenant improvements or other alterations to Building 6 paid for solely by within 30 days after Tenant’s written request therefor.
Appears in 1 contract
Samples: Lease Agreement (ImmunityBio, Inc.)
Extension Right. For Section 33 entitled “Extension Right” is hereby added to this Lease: 33. EXTENSION RIGHT.
A. Tenant shall have the avoidance right (the “Extension Right”) to extend the Term for three (3) periods of doubt, five (5) years following the expiration of the Term (the “Extension Period”) on the condition that: (1) Tenant shall exercise the Extension Rights granted to Tenant pursuant to Section 40(aRight by giving Landlord written notice (the “Extension Notice”) of the Lease shall apply Tenant’s election to Building extend at least six (6. Notwithstanding anything ) months prior to the contrary contained in Section 40(a), if Tenant elects to exercise any Extension Right(s) for Building 6 pursuant to Section 40(a), upon the commencement of the applicable Extension TermPeriod (an “Extension Period”), Base and there exists no event of default under the Lease; and (2) if the Extension Right is exercised by Tenant as set forth in Subsection 33.A(1) hereof, the Extension Period shall commence on the expiration of the Tenth (10th) Year or the Fifth (5th) Year of the prior Extension Period; and (3) all terms and conditions of the Lease, including those containing the right and remedy of Landlord to confess judgment for possession, shall be applicable during the Extension Periods except that Minimum Rent for Building 6 the Extension Periods shall be payable at the Building 6 Market Rate (as defined below). Base Rent for Building 6 shall thereafter be adjusted on each anniversary of the commencement date of such Extension Term by a percentage as determined by Landlord and agreed to by Tenant at the time the Building 6 Market Rate is determined (or as part of the determination of Building 6 Market Rate as provided in Section 40(b33.B hereof.
B. If the Tenant exercises the Extension Right as provided in this Section 33, then during each Extension Period the Minimum Rent shall be equal to the product of the “Fair Rental Value” (hereinafter defined) if on a square footage basis multiplied by the parties then square footage of the Premises (exclusive of any Storage Space). “Fair Rental Value” means what Landlord and Tenant agree to be the fair rental value of the Premises during the subject Extension Period taking into consideration (i) prevailing rental market conditions (including concessions such as “free rent” and other allowances) for commercial office space comparable to the Premises located in the Building and elsewhere in the Center City area of Philadelphia, Pennsylvania; (ii) the fact that Tenant would remain in occupancy of the Premises (e.g., no “down time” or loss of rental income, no payment of brokerage commissions for a new tenant, no construction or fit-up expense to prepare the space for a new tenant, and no moving or other expenses incurred by Tenant in connection with a relocation); and, (iii) a step up of the Base Years for the OMC Sum and Taxes (i.e., Subsections x.X(2) and l.L(2)] to the most recent calendar year prior to the commencement of the subject Extension Period. If Landlord and Tenant are unable to agree on the Building 6 Market Rate). As used hereinMinimum Rent for the Extension Period within thirty (30) days after Tenant gives Landlord the Extension Notice, “Building 6 Market Rate” the Minimum Rent for the Extension Period shall mean be determined by appraisal as hereinafter set forth; provided that Tenant shall have the rate that comparable landlords right to revoke its exercise of comparable buildings have accepted the Extension Right for the Extension Period by written notice to Landlord at any time during such thirty (30) day period and, in current transactions from non-equity (i.e.which event, not being offered equity in the buildings), nonrenewal, non-expansion and nonaffiliated tenants of similar financial strength for space of comparable size, quality (based Term shall expire on the Building Shell and the depreciated amount expiration date of the Building 6 Term. In the event the Minimum Rent for the Extension Period is required to be established by appraisal, if Landlord and Tenant Improvements paid for with cannot agree on an appraiser, then Landlord and Tenant each shall nominate one (1) real estate appraiser (MAI or equivalent) located in the) City of Philadelphia to appraise and determine the Building 6 TI Allowance air Rental Value of the Premises during the Extension Period. If the two (assuming a 38-year amortization schedule2) appraisers nominated and the land value for Building 6 agreed upon appointed by the parties shall differ in judgment as to such Fair Rental value, then they shall appoint a third (for the avoidance of doubt, the “land value” for Building 6 shall mean that portion of the Project allocated to 3rd) reputable and impartial real estate appraiser MAI or required for Building 6 along with the parking required pursuant to applicable Legal Requirements in connection with Building 6 (which may include the land upon which the P1 Parking Structure is locatedequivalent) and not any excess land), parking spaces allocated to Building 6 and floor height in first class office/research and development buildings (with a manufacturing component, if applicable), as applicable, located in the University Towne Center area City of San Diego for a comparable term, with the determination of the Building 6 Market Rate Philadelphia to take into account all relevant factors, including tenant inducements, leasing commissions, allowances or concessions, if anydetermine such Fair Rental Value. If the allowancesappraisers selected by Landlord and Tenant are unable to agree on a third (3rd) appraiser, free rent and/or other economic concessions granted with respect to Building 6 pursuant to this Section 11 differ from those granted the third appraiser shall be selected by the President of the American Institute of Real Estate Appraisers or if not in existence at the comparable transactionstime in question, an adjustment to the applicable Building 6 Market Rate shall be made on a basis consistent with the adjustments commonly made in the market for comparable differences in concession packages. For the avoidance of doubt, in no event shall the Building 6 Market Rate include the cost of any tenant improvements or other alterations to Building 6 paid for solely by Tenant.equivalent successor person and
Appears in 1 contract
Samples: Office Lease (Pennsylvania Real Estate Investment Trust)
Extension Right. For Tenant shall have 1 right (the avoidance “Extension Right”) to extend the Base Term for five (5) years (the “Extension Term”) on the same terms and conditions as this Lease (other than with respect to Base Rent) by giving Landlord written notice of doubt, its election to exercise the Extension Rights granted Right at least 9 months prior to Tenant pursuant to Section 40(a) the expiration of the Lease shall apply to Building 6Base Term of the Lease. Notwithstanding anything to the contrary contained in Section 40(a), if Tenant elects to exercise any Extension Right(s) for Building 6 pursuant to Section 40(a), upon Upon the commencement of the applicable Extension Term, Base Rent for Building 6 shall be payable at the Building 6 Market Rate (as defined below). Base Rent for Building 6 shall thereafter be adjusted on each annual anniversary of the commencement date of such Extension Term by a percentage as determined by Landlord and agreed to by Tenant at the time the Building 6 Market Rate is determined (determined, or as part of the determination of Building 6 Market Rate as provided in determined by arbitration pursuant to Section 40(b39(b) if the parties are unable to agree on the Building 6 Market Rate)below. As used herein, “Building 6 Market Rate” shall mean the arm’s length fair market annual rental rate per rentable square foot rate that comparable landlords of comparable buildings have accepted in current transactions from non-equity (i.e., not being offered equity in the buildings), nonrenewal, non-expansion ) and nonaffiliated tenants of similar financial strength for space of comparable size, quality (based on the Building Shell including all tenant improvements, Alterations and the depreciated amount of the Building 6 Tenant Improvements paid for with the Building 6 TI Allowance (assuming a 38-year amortization scheduleother improvements) and the land value for Building 6 agreed upon by the parties (for the avoidance of doubt, the “land value” for Building 6 shall mean that portion of the Project allocated to or required for Building 6 along with the parking required pursuant to applicable Legal Requirements in connection with Building 6 (which may include the land upon which the P1 Parking Structure is located) and not any excess land), parking spaces allocated to Building 6 and floor height in first class officeClass A laboratory/research and development office buildings (with a manufacturing component, if applicable), as applicable, in the University Towne Center area of San Diego Txxxxx Xxxxx for a comparable term, with the determination of the Building 6 Market Rate to take into account all relevant factors, including tenant inducements, views, parking costs, age of the building and mechanical systems serving the Premises, leasing commissions, allowances or concessions, if any. If If, on or before the allowancesdate which is 180 days prior to the expiration of the Base Term of this Lease, free Tenant has not agreed with Landlord’s determination of the Market Rate and the rent and/or other economic concessions granted with respect escalations during the Extension Term after negotiating in good faith, Tenant shall be deemed to Building 6 pursuant have elected arbitration as described in Section 39(b). Tenant acknowledges and agrees that, if Tenant has elected to exercise the Extension Right by delivering notice to Landlord as required in this Section 11 differ from those granted in 39(a), Tenant shall have no right thereafter to rescind or elect not to extend the comparable transactions, an adjustment to term of the applicable Building 6 Market Rate shall be made on a basis consistent with Lease for the adjustments commonly made in the market for comparable differences in concession packages. For the avoidance of doubt, in no event shall the Building 6 Market Rate include the cost of any tenant improvements or other alterations to Building 6 paid for solely by TenantExtension Term.
Appears in 1 contract