Common use of Extension Term Rent Clause in Contracts

Extension Term Rent. The annual Fixed Rent payable during the Extension Term shall be the annual Extension Rate for the Premises as of the commencement of the Extension Term (the “Extension Calculation Date”), with such Extension Rate being escalated annually on each anniversary of the Extension Calculation Date by the market escalation rate that shall be determined as part of the determination of the Extension Rate. “Extension Rate” shall mean the fair market annual full service, net of electric rental value of the Premises as of the Extension Calculation Date for a lease extension term equal to the Extension Term; based on comparable space in the Building or on comparable space in Comparable Buildings; including all of Landlord’s services provided for in this Lease; with the Premises considered as vacant and in “as is” condition as of the Extension Term Commencement Date (but excluding the cost of Tenant’s Alterations, including without limitation, the Tenant Improvements, in excess of Landlord’s Contribution); with Tenant being required to make Tenant’s Tax Payment and Tenant’s Operating Payment pursuant to the terms of the Lease, but with the Base Year being the calendar year in which the Extension Term commences; assuming the extension term rent is not set forth in the lease between the parties; and assuming that the leased premises is unencumbered (e.g., the leased premises is not subject to another party’s superior expansion right) and is leased under a prime lease and not a sublease. In determining Extension Rate, the parties shall not take into account or give credit to Tenant for any savings to Landlord that may be attributable to the avoidance of “downtime” for marketing and/or construction. Subject to the provisions of this Article, the calculation of the Extension Rate shall take into account all relevant factors. If the Extension Rate includes any out-of-pocket monetary concession (such as a tenant improvement allowance) to be provided by Landlord, Landlord shall have the option to either directly provide such monetary concession or indirectly provide such monetary concession by equitably reducing the Extension Rate by the economic value of such concession over the then remaining Term. In no event shall the Extension Rate be determined more than fifteen (15) months prior to the Extension Term.

Extension Term Rent. The annual Fixed Rent payable during the Extension Term shall be equal to the then-applicable annual Fair Market Value (as hereinafter defined) of the Extension Rate for the Premises as of the commencement of the Extension Term (the “Extension Calculation Date”), with such Extension Rate being escalated annually on each anniversary of the Extension Calculation Date by the market escalation rate that shall be determined as part of the determination of the Extension Rate. “Extension RateFair Market Value” shall mean the fair market annual full service, net of electric rental value of the Extension Premises as of the Extension Calculation Date for a lease extension term equal to the Extension Term; , based on comparable space in the Building or on comparable space and in Comparable Buildings; , including all of Landlord’s services provided for in this Lease; , and with the Extension Premises considered as vacant vacant, and in “as is” condition as of existing on the Extension Term Commencement Date (but excluding the cost of Tenant’s Alterations, including without limitation, the Tenant Improvements, in excess of Landlord’s Contribution); with Tenant being required to make Tenant’s Tax Payment and Tenant’s Operating Payment pursuant to the terms of the Lease, but with the Base Year being the calendar year in which the Extension Term commences; assuming the extension term rent is not set forth in the lease between the parties; and assuming that the leased premises is unencumbered (e.g., the leased premises is not subject to another party’s superior expansion right) and is leased under a prime lease and not a subleaseDate. In determining Extension Rate, the parties shall not take into account or give credit to Tenant for any savings to Landlord that may be attributable to the avoidance of “downtime” for marketing and/or construction. Subject to the provisions of this Article, the The calculation of the Extension Rate Fair Market Value shall also be adjusted to take into account all relevant factors. If Landlord shall advise Tenant (the “Rent Notice”) of Landlord’s determination of Fair Market Value not later than thirty (30) days after delivery by Tenant of the Extension Rate includes any out-of-pocket monetary concession Notice. If Tenant disputes Landlord’s determination of Fair Market Value, then Tenant shall give notice (such as a tenant improvement allowance“Dispute Notice”) to be provided Landlord of such dispute within ten (10) Business Days after delivery of the Rent Notice and the parties do not resolve such dispute within thirty (30) days after the delivery of the Dispute Notice, then either party may, by delivery of a notice (an “Arbitration Notice”) to the other party, submit said dispute concerning the Fair Market Value to arbitration in accordance with Section 29.3. Time is of the essence of the giving of said Dispute Notice. Failure on the part of Tenant to timely submit a Dispute Notice shall constitute a waiver of the right of Tenant to dispute the Fair Rental Value determined by Landlord, Landlord shall have and in such event the option to either directly provide such monetary concession or indirectly provide such monetary concession by equitably reducing Fixed Rent for the Extension Rate by Term shall be as set forth in the economic value of such concession over Rent Notice. If the then remaining Term. In no event shall Fixed Rent payable during the Extension Rate be Term is not determined more than fifteen (15) months prior to the Extension Term Commencement Date, then Tenant shall pay Fixed Rent in an amount equal to the Fair Market Value for the Premises as determined by Landlord (the “Interim Rent”). Upon final determination of the Fixed Rent for the Extension Term, Tenant shall commence paying such Fixed Rent as so determined, and within thirty (30) days after such determination Tenant shall pay any deficiency in prior payments of [***] Certain information in this document has been omitted from this exhibit because it is both (i) not material and (ii) would be competitively harmful if publicly disclosed. Fixed Rent or, if the Fixed Rent as so determined shall be less than the Interim Rent, Tenant shall be entitled to a credit against the next succeeding installments of Fixed Rent in an amount equal to the difference between each installment of Interim Rent and the Fixed Rent as so determined which should have been paid for such installment until the total amount of the over payment has been recouped.

Extension Term Rent. The annual Fixed Rent payable during the Extension Term shall be the annual Extension Rate for the Premises as of the commencement of the Extension Term (the “Extension Calculation Date”), with such Extension Rate being escalated annually on each anniversary of the Extension Calculation Date by the market escalation rate that shall be determined as part of the determination of the Extension Rate. “Extension Rate” shall mean the fair market annual full service, net of electric service rental value of the Premises as of the Extension Calculation Date for a lease extension term equal to the Extension Term; based on comparable space in the Building or on comparable space in Comparable Buildings; including all of Landlord’s services provided for in this Lease; with the Premises considered as vacant and in “as is” condition as of the Extension Term Commencement Date (but excluding the cost of Tenant’s Alterations, including without limitation, the Tenant Improvements, in excess of Landlord’s Contribution)Date; with Tenant being required to make Tenant’s Tax Payment and Tenant’s Operating Payment pursuant to the terms of the Lease, but with the Base Year being the calendar year in which the Extension Term commences; assuming the extension term rent is not set forth in the lease between the parties; and assuming that the leased premises is unencumbered (e.g., the leased premises is not subject to another party’s superior expansion right) and is leased under a prime lease and not a sublease. In determining Extension Rate, the parties shall not take into account or give credit to Tenant for any savings to Landlord that may be attributable to the avoidance of “downtime” for marketing and/or construction. Subject to the provisions of this Article, the calculation of the Extension Rate shall take into account all relevant factorsfactors including, without limitation the creditworthiness of Tenant. If the Extension Rate includes any out-of-pocket monetary concession (such as a tenant improvement allowance) to be provided by Landlord, Landlord shall have the option to either directly provide such monetary concession or indirectly provide such monetary concession by equitably reducing the Extension Rate by the economic value of such concession over the then remaining Term. In no event shall the Extension Rate be determined more than fifteen (15) months prior to the Extension Term.

Extension Term Rent. The annual Fixed Rent payable during the Extension Term shall be an amount equal to the then-applicable annual Extension Rate for Fair Market Value (as hereinafter defined) of the Premises as of the commencement of the Extension Term (the “Extension Calculation Date”), with such Extension Rate being escalated annually on each anniversary of the Extension Calculation Date by the market escalation rate that shall be determined as part of the determination of the Extension Rate. “Extension RateFair Market Value” shall mean the fair market annual full service, net of electric rental value of the Premises as of the Extension Calculation Date for a lease extension term equal to the Extension Term; , based on comparable space in the Building Building, or on comparable space in Comparable Buildings; , including all of Landlord’s services provided for in this Lease; , and with (a) the Premises considered as vacant vacant, and in “as is” condition as of existing on the Extension Term Commencement Date Date, (but excluding the cost of Tenant’s Alterations, including without limitation, the Tenant Improvements, in excess of Landlord’s Contribution); with Tenant being required to make Tenant’s Tax Payment and Tenant’s Operating Payment pursuant to the terms of the Lease, but with b) the Base Tax Year being the calendar year in which Tax Year commencing on the July 1st prior to the Extension Term commences; assuming Commencement Date, and (c) the extension term rent is not set forth in Base Expense Year being the lease between Comparison Year ending on the parties; and assuming that the leased premises is unencumbered (e.g., the leased premises is not subject to another party’s superior expansion right) and is leased under a prime lease and not a sublease. In determining Extension Rate, the parties shall not take into account or give credit to Tenant for any savings to Landlord that may be attributable December 31st prior to the avoidance of “downtime” for marketing and/or constructionExtension Term Commencement Date. Subject to the provisions of this Article, the The calculation of the Extension Rate Fair Market Value shall also be adjusted to take into account all relevant factors. If the Extension Rate includes any out-of-pocket monetary concession (such as a tenant improvement allowance) to be provided by Landlord, Landlord shall have advise Tenant (the option to either directly provide such monetary concession or indirectly provide such monetary concession by equitably reducing the Extension Rate by the economic value “Rent Notice”) of such concession over the then remaining Term. In no event shall the Extension Rate be determined more than fifteen (15) months Landlord’s determination of Fair Market Value prior to the Extension Term Commencement Date. If Tenant disputes Landlord’s determination of Fair Market Value, then Tenant shall give notice (a “Dispute Notice”) to Landlord of such dispute within ten (10) Business Days after delivery of the Rent Notice and the parties do not resolve such dispute within thirty (30) days after the delivery of the Dispute Notice, then either party may, by delivery of a notice (an Arbitration Notice”) to the other party, submit said dispute concerning the Fair Market Value to arbitration in accordance with Section 28.3. Time is of the essence of the giving of said Dispute Notice. Failure on the part of Tenant to timely submit a Dispute Notice shall constitute a waiver of the right of Tenant to dispute the Fair Rental Value determined by Landlord, and in such event the Fixed Rent for the Extension Term shall be as set forth in the Rent Notice. If the Fixed Rent payable during the Extension Term is not determined prior to the Extension Term Commencement Date, then Tenant shall pay Fixed Rent in an amount equal to the Fair Market Value for the Premises as determined by Landlord (the “Interim Rent”). Upon final determination of the Fixed Rent for the Extension Term, Tenant shall commence paying such Fixed Rent as so determined, and within ten (10) days after such determination Tenant shall pay any deficiency in prior payments of Fixed Rent or, if the Fixed Rent as so determined shall be less than the Interim Rent, Tenant shall be entitled to a credit against the next succeeding installments of Fixed Rent in an amount equal to the difference between each installment of Interim Rent and the Fixed Rent as so determined which should have been paid for such installment until the total amount of the over payment has been recouped.