Extension Term Base Rent. Base Rent for each year of the Extension Term shall be established as the higher of (x) one hundred percent (100%) of the Market Rent (as defined in Section 3.03(c)) or (y) the Base Rent last in effect for the last Lease Year prior to the Extension Term. If Tenant gives Landlord timely notice of its exercise of the Extension Term option, then Landlord shall give Tenant written notice of Landlord’s determination of Market Rent for the Premises for the Extension Term no later than three (3) months prior to the expiration of the Initial Term. Within ten (10) days after Tenant receives such notice, Tenant shall notify Landlord of its agreement with or objection to Landlord’s determination of the Market Rent, whereupon in the case of Tenant’s objection, Market Rent shall be determined by arbitration conducted in the manner set forth below. If Tenant does not notify Landlord within such ten (10) day period of Tenant’s agreement with or objection to Landlord’s determination of the Market Rent, then the Market Rent for the Extension Term shall be conclusively deemed to be Landlord’s determination of the Market Rent as set forth in Landlord’s notice to Tenant.
Extension Term Base Rent. The Base Rent for the Premises specified in § 1.5 of the Lease as heretofore amended shall be the amounts specified as Monthly Base Rent in the Table above for the various periods and spaces set forth in the Table from and after the Effective Date.
Extension Term Base Rent. Base Rent for the Extension Term(s) shall be the Fair Market Rent of the Premises (as defined below). Fair market rent of the Premises (the “Fair Market Rent”) for the Extension Term shall be based upon leases or agreements to lease then being negotiated or executed with respect to comparable first-class office/laboratory space in the Building or in comparable buildings in Watertown and other comparable inner suburban and suburban lab markets (excluding Xxxxxxx Square but including the Alewife section of Cambridge) with walkable urban amenities. In determining Fair Market Rent, all relevant factors shall be taken into account, including size, location and condition of premises, lease term (including renewal options), tenant’s obligations with respect to operating expenses and taxes, tenant improvement allowances, other inducements then being offered by landlords, condition of building, and services and amenities provided by the landlord. Fair Market Rent shall include provisions for increases or other adjustments during the Extension Term for which such determination is being made.
Extension Term Base Rent. Base Rent for the Extension Term(s) shall be the Fair Market Rent of the Premises (as defined below), but in no event shall the annual Base Rent as so determined be less than the amount of Base Rent payable by Tenant hereunder during the first Lease Year of the Initial Term. Fair market rent of the Premises (the “Fair Market Rent”) for the Extension Term shall be based upon leases or agreements to lease then being negotiated or executed with respect to comparable space located in the Development, or if no such leases or agreements to lease are then being negotiated or executed with respect to comparable space in the Development, the Fair Market Rent shall be determined by reference to leases or agreements to lease then being negotiated or executed with respect to comparable first-class laboratory/R&D space in in comparable first-class lab buildings with walkable retail amenities in Watertown and other comparable inner suburban and suburban lab/R&D markets (excluding Xxxxxxx Square, but including Allston/Brighton and West Cambridge). In determining Fair Market Rent, all relevant factors shall be taken into account, including size, location and age and condition of premises, lease term (including renewal options), tenant’s obligations with respect to operating expenses and taxes, tenant improvement allowances, other inducements then being offered by landlords, condition of building, and services and amenities provided by the landlord. Fair Market Rent shall include provisions for increases or other adjustments during the Extension Term for which such determination is being made.
Extension Term Base Rent. (i) If Tenant exercises an Extension Option, the Base Rent payable by Tenant during the applicable Extension Term (the "Extension Term Base Rent") shall equal ninety five percent (95%) of the Fair Market Rental Rate (as defined in Section 2.2(d)(ii) below) for the Premises as of the commencement of such Extension Term.
Extension Term Base Rent. Base Rent for the Extension Term shall be the greater of (A) the Fair Market Rent (as defined in Section 2.6(b)(iii) ------------------- below) based on a five (5) year term to begin on the first day of the Extension Term (the "Extension Term Adjustment Date"), or (B) the Base Rent in effect on the last day of the Initial Term.
Extension Term Base Rent. Notwithstanding Section 4.3.1, in connection with each of the three (3) Extension Options that Tenant may choose to exercise, Base Rent will be adjusted to the then-prevailing fair market rental rate (the “Fair Market Rent”) for the Usable Property considering similarly situated industrial property in reasonable proximity to the Property to be delivered to a new tenant as of the applicable Adjustment Date. The Fair Market Rent shall be determined considering: (i) the then-current use of the Property and not the highest and best use if the Property were undeveloped or redeveloped or rezoned, (ii) as though in the condition of the Property at the time this Agreement initially commenced (as abandoned residential property that Tenant plans to reclaim and improve), (iii) that the Property cannot be subordinated to any debt, (iv) the credit worthiness of the tenant, and (v) the size of the Usable Property; provided, however, in no event shall the Property be considered so unique that either the Port or Tenant is considered a captive owner or tenant without reasonable market transaction alternatives. The value of any improvements made to the Property by Tenant shall not be considered in establishing the Fair Market Rent. The Fair Market Rent adjustments will be effective on the commencement of the twenty-first (21st), thirty-first (31st), and forty-first (41st) Agreement Years with Base Rent adjustments to the then applicable Base Rent to occur at the beginning of the twenty-sixth (26th), thirty-sixth (36th), and forty-sixth (46th) Agreement Years, as applicable, following the method stated in Section 4.3.1 above. In no event will the Fair Market Rent adjustments be less than Base Rent for the immediately prior 5-year period.
Extension Term Base Rent. Base Rent for the initial year of the Extension Term shall be determined in accordance with the appraisal method set forth in Subsection 4.4, and shall be adjusted during the Extension Term in accordance with the provisions set forth in Subsections 4.3 and 4.4.
Extension Term Base Rent. Effective October 1, 2008 and continuing unchanged throughout the Extension Term, the Base Rent will be as shown on the table below. Notwithstanding any other provision in the Lease, Base Rent during the Extension Term will not be subject to any escalation or other adjustments, but shall be fixed at the rates shown below. Demised Premises Rentable Square Feet Extension Term Base Rental Rate Quarterly Base Rent Annual Base Rent LF/LH-l 37,200 $ 43.00 $ 399,900.00 $ 1,599,600.00 L00l 1,397 $ 18.75 $ 6,548.44 $ 26,193.75 L037 370 $ 18.75 $ 1,734.38 $ 6,937.50 PCI2I& PC123 318 $ 29.75 $ 2,365.13 $ 9,460.50 PF/NE (inside) 4,556 $ 38.35 $ 43,680.65 $ 174,722.60 PF/NE (outside) 1,991 $ 8.60 $ 4,280.65 $ 17,122.60 Generator Pad 270 $ 0.00 $ 0.00 $ 0.00 TOTALS: 46,102 $ 458,509.25 $ 1,834,036.95 The total Base Rent to be paid for the Demised Premises for the Extension Term shall be Five Million Eight Hundred Twenty-six Thousand Fifty-seven and 59/100 Dollars ($5,826,057.59), payable in equal quarterly installments of Four Hundred Fifty-eight Thousand Five Hundred Nine and 25/100 Dollars ($458,509.25), as summarized above and as explained in further detail below in subparagraphs 4-A, B, C, D, E, F, and G. The quarterly invoices are dated and released on or about the first working day of February, May, August, and November per annum. Each quarterly invoice encompasses the charges for Base Rent and Additional Rent for a calendar quarter, where, for example, the February 2009 invoice (the 1a-2009 Invoice) will cover these charges for January, February, and March 2009. Each quarterly invoice also encompasses Optional Services -Usage charges reported for the previous three (3) months. The 4Q-2008 Invoice to be dated November 2008, covering October, November, and December 2008, will reflect the Base Rent amounts at the new rates specified in this 15th Amendment. The Base Rent payment for the last partial quarter of the Extension Term (October 1, 2011 through December 4, 2011) shall be Three Hundred Twenty-three Thousand Nine Hundred Forty-six and 74/100 Dollars ($323,946.74).
Extension Term Base Rent. During the period (the “Base Rent Abatement Period”) between the Extension Term Commencement Date and the date that is six (6) months after the Extension Term Commencement Date, Tenant shall have no obligation to pay Base Rent, Tenant’s Share of Operating Expenses (except to the extent provided in the following sentence), or the Property Management Fee for the Premises. Notwithstanding the foregoing, Tenant shall be obligated to pay to Landlord as Additional Rent during the Base Rent Abatement Period Tenant’s Share of Operating Expenses with respect to utilities only. Initial monthly and annual installments of Base Rent for the Premises as of the Extension Term Commencement Date, subject to adjustment under this Lease, are as follows: Dates Square Feet of Rentable Area Base Rent per Square Foot of Rentable Area Monthly Base Rent Annual Base Rent 9/1/2016 -2/28/2017 104,678 $0.00 annually $ 0.00 $ 0.00 * 3/1/2017 -8/31/2017 104,678 $68.00 annually $ 593,175.33 $ 3,559,052.00 * *Pro-rated for partial year. During the Extension Term, Base Rent shall be subject to an annual upward adjustment of three percent (3%) of the then-current Base Rent. The first such adjustment shall become effective commencing on the first (1st) annual anniversary of the Extension Term Commencement Date, and subsequent adjustments shall become effective on every successive annual anniversary for so long as this Lease continues in effect.
