Extension Term Rent a) Tenant’s exercise of an Option to Extend will not affect any terms or conditions of the Lease except that: (i) the Lease Term shall be extended as provided above; (ii) the cap on Management Fees (as provided in Section 4.08) may be adjusted upwards (at Landlord’s election) to reflect the Fair Market Management Fee Cap as defined below; and (iii) Base Rent for the initial twelve (12) months of each Extension Term will be the Fair Market Rent as determined below, and the Base Rent will increase on an annual basis by three percent (3%) starting on each anniversary of commencement of the Extension Term. No tenant improvements or rental abatements will be provided by Landlord in connection with the exercise of an Option to Extend, which shall be considered in the determination of Fair Market Rent.
b) If Tenant has properly exercised an Option to Extend, Landlord will, not later than thirty (30) days after receipt by Landlord of Tenant’s Extension notice (“Extension Rent Notice Deadline”) provide Tenant with written notice of the adjustment made by Landlord, if any, to the cap on Management Fees and the monthly Base Rent payable during the first twelve (12) month period of the applicable Extension Term (“Extension Rent Notice”) based on the current fair market base monthly rent for the Premises (“Fair Market Rent”) and, if election is made to adjust the cap on Management Fees the current fair market cap on the management fee percentage of Rent which a tenant and a landlord would accept for Comparable Transactions (“Fair Market Management Fee Cap”). If Landlord fails to provide the Extension Rent Notice by the Extension Rent Notice Deadline, Tenant will notify Landlord within thirty (30) days of Landlord’s failure to provide the Extension Rent Notice, and Landlord will have an additional thirty (30) days to provide the Extension Rent Notice after receiving Tenant’s notice. Fair Market Rent shall mean the monthly base rent amount per rentable square foot which a tenant would pay and which a willing landlord would accept for space in industrial warehouse projects, within the Fairfield/Xxxxxxxx/Benicia metropolitan area, of standards comparable to the Premises (except as set forth below), for the period for which such rental is to be paid and for a lease on terms substantially identical to those of the Lease (including, without limitation, those applicable to Additional Rent), based on prevailing market conditions in such similar projects at the time such determi...
Extension Term Rent. During the First Extension Term for which the Original Term of this Lease may be extended as set forth in Section 1.2 above the fixed rent payable hereunder shall be adjusted so as to equal the greater of (a) $1,576,750.00 per annum; or (b) ninety five percent (95%) of the "fair market rent" as mutually determined by Landlord and Tenant through the process of negotiation or as otherwise herein set forth; and
Extension Term Rent. Within 365 days of any Extension Term, the Parties shall determine any additional rent due to Lessor from Lessee during any Extension Term, the timing of rental payments, and any late charges associated with delayed payment, and other terms relating to rent, which shall be set forth in a writing signed by authorized representatives of the Parties.
Extension Term Rent. (1) The Extension Term shall be upon and subject to all of the terms, covenants and conditions of this Lease; provided, however, that the Base Rent for the Extension Term shall be equal to the Prevailing Market Rental for space comparable to the Premises in the Salt Lake City, Utah area as of the date of commencement of the Extension Term. The term "Prevailing Market Rental" shall mean the base annual rental for such comparable space, taking into account any additional rental and all other monetary payments and escalations payable hereunder and by tenants under leases of such comparable space, and any tenant improvements and other concessions granted to Tenant and tenants under leases of such comparable space. Such Base Rent shall be determined by Landlord not later than five (5) months prior to the commencement of the Extension Term. If Tenant disputes Landlord's determination of the Prevailing Market Rental for the Extension Term, Tenant shall send to Landlord a notice, within twenty (20) days after the date of Landlord's notice setting forth the Prevailing Market Rental for the Extension Term, which notice shall state that Tenant either (x) agrees with Landlord's determination of Prevailing Market Rental for the Extension Term or (y) disagrees with Landlord's determination of Prevailing Market Rental for the Extension Term and elects to resolve the disagreement as provided in Section 43.b(2)(iii) below. If Tenant does not send to Landlord a notice as provided in the previous sentence, Landlord's determination of the Prevailing Market Rental shall be determinative. Until the disagreement is resolved as provided in Section 43.b(2)(iii) below, Tenant's monthly payments of Base Rent shall be in an amount not less than the Base Rent payable for the twelve (12) month period immediately preceding the commencement of the Extension Term. Within ten (10) business days following the resolution of such dispute by the parties or the decision of the brokers, as applicable, Tenant shall pay to Landlord the amount of any deficiency in the Base Rent theretofore paid. Notwithstanding anything to the contrary set forth in this Section 43, in no event shall the Base Rent for any Extension Term be less than the effective Base Rent payable for immediately preceding the commencement of the Extension Term. Tenant shall in any event pay all applicable additional charges with respect to the Premises, in the manner and at the times provided in this Lease, effective upon the comme...
Extension Term Rent. The Extension Term Rent is that specified in Paragraph 7.(c.) of the Fundamental Lease Provisions.
Extension Term Rent. The Base Rent during each of the Extension Terms shall be adjusted to equal ninety percent (90%) of the fair market rental rate (“Fair Market Rental Rate”) for the Leased Premises as of each of the following dates (individually referred to as the “Market Adjustment Date”): (a) the first day of the eleventh (11th) year of the Term; (b) the first day of the sixteenth (16th) year of the Term; and (c) the first day of the twenty-first (21st) year of the Term.
Extension Term Rent. During any Extension Term with respect to the Base Premises or Suite 600, as applicable, Subtenant shall pay to Sublandlord base rent, in lawful money of the United States of America, without any deduction, offset, prior notice or demand, in advance on the first date of each month of such Extension Term, in an amount equal to the Base Rent payable by Sublandlord to Master Landlord under the Master Lease for such term with respect to the Base Premises or Suite 600, as applicable (“Extension Term Rent”).
Extension Term Rent. During the Extension Term, Subtenant shall pay to Shire base rent, in lawful money of the United States of America, without any deduction, offset, prior notice or demand, in advance on the first day of each full month of the Extension Term, in an amount equal to the lump sum rate of $43,475 as set forth in the 10931 Amendment for Suite 600 and the 10931 Premises combined.
Extension Term Rent. If Tenant timely provides notice of its intent to exercise its option to extend the Initial Term or first Extension Term, then no later than thirty (30) days following receipt of Tenant’s notice, Landlord shall notify Tenant in writing of Landlord’s determination of the Rent for the Extension Term (“Landlord’s Rental Notice”). For the purposes of this section, Rent for the Extension Term shall reflect Landlord’s reasonable determination of the fair market value that would be agreed upon between a landlord and a tenant entering into a new lease on or about the date on which the Extension Term is to begin for a comparable term and for space comparable to the Premises in the Building and buildings comparable to the Building in the market area. If Tenant objects to Landlord’s determination of Rent for the Extension Term, the parties shall use commercially reasonable efforts to agree upon the Rent for the Extension Term, provided, however, if the parties cannot agree upon the Rent sixty (60) days prior to the expiration of the Initial Term or first Extension Term, then the Initial Term or first Extension Term shall not be extended and Tenant’s rights under this section shall terminate and be of no further force or effect. If the parties agree upon the Rent for the Extension Term, the Landlord and Tenant shall execute a document evidencing the extension which shall be contingent upon formal approval of the members of the Board.
Extension Term Rent. Beginning with the first Extension Term, Base Rent for each Extension Term shall be the then current fair market rent for the Premises. As used herein, “Fair Market Rent” means an amount equal to the then prevailing rate for similar space in a comparable building located in a comparable location within Snohomish County, Washington during the previous six (6) month period. In the event that Landlord and Tenant are unable to agree upon the Fair Market Rent within thirty (30) days after the date of Tenant’s Extension Notice, then Fair Market Rent shall be determined by appraisal as set forth below in this Section 5.2:
