Fair Market Rental Rate. The phrase “Fair Market Rental Rate” shall mean the fair market value annual rental rate per square foot of Rentable Area that Landlord and its Affiliates and the owners of comparable office building projects in the Xxxx Xxxxx Airport submarket have recently accepted in lease transactions between non-affiliated parties with non-equity tenants for comparable space, for a comparable period of time (“Comparable Transactions”). In any determination of Comparable Transactions, appropriate consideration shall be given to annual rental rates per square foot of Rentable Area, the type of escalation clauses (e.g., whether increases in additional rent are determined on a net or gross basis, and if gross, whether such increases are determined according to a base year or a base dollar amount expense stop), taking into account all rental and other concessions granted in such Comparable Transactions (as well as such concessions to which Tenant may be entitled in this Lease), length of the lease term, size and location of premises being leased, base, shell and core delivery conditions, building standard work letter and/or tenant improvement or refurbishment allowances, if any (taking into account the level of existing Base Building Improvements and tenant improvements in the Premises), free rent periods for construction of new tenant improvements and other generally applicable conditions of tenancy for such Comparable Transactions. The intent is that the Fair Market Rental Rate will reflect the rent and other economic benefits and concessions that Landlord or its Affiliates (and other landlords of comparable office building projects in the Xxxx Xxxxx Airport submarket) have otherwise given in recent Comparable Transactions, as adjusted to reflect the level and type of economic concessions that Landlord may elect to give Tenant hereunder during the Renewal Term, so that Tenant will pay and Landlord will receive a net effective rent equal to the net effective rental rate in Comparable Transactions, after adjusting for any differences between the economic concessions that Landlord is making to Tenant hereunder and the economic concession that Landlord or its Affiliates (and other landlords of comparable office building projects in the Xxxx Xxxxx Airport submarket) have otherwise made in current Comparable Transactions. If, for example, after applying the criteria set forth above, a Comparable Transaction provides a comparable non-equity tenant with comparable space at a bas...
Fair Market Rental Rate. The “Fair Market Rental Rate” shall be equal to the rent (including additional rent), including all escalations, at which tenants, pursuant to leases or related agreements (i) which are executed not less than three (3) months nor more than eighteen (18) months prior to the commencement of the Option Term, and (ii) which have a term which is reasonably anticipated to commence within the six (6) month period immediately preceding or after the commencement of the Option Term, are leasing non-sublease, non-equity, non-renewal (but renewals are only excluded to the extent tenants are not represented by a real estate broker with respect to the subject option), non-encumbered, non-expansion space comparable in size (deals in excess of 100,000 rentable square feet shall be deemed comparable in size), location, amenities and quality to the Renewal Premises for a similar lease term, in an arms length transaction, which comparable space is located in the Project and in the Comparable Buildings (“Comparable Transactions”) taking into consideration the following concessions: (a) rental abatement concessions, if any, being granted such tenants in connection with such comparable space, (b) tenant improvements or allowances provided or to be provided for such comparable space, (c) base year and/or expense stop or similar operating expense protections, (d) the amount and type of available parking for Tenant, and (e) all other monetary and non-monetary concessions, if any, being granted such tenants in connection with such Comparable Transactions; provided, however, that notwithstanding anything to the contrary herein, no consideration shall be given to (1) the fact that Landlord is or is not required to pay a real estate brokerage commission in connection with the applicable term or the fact that the Comparable Transactions do or do not involve the payment of real estate brokerage commissions, and (2) any period of rental abatement, if any, granted to tenants in Comparable Transactions in connection with the design, permitting and construction of tenant improvements in such comparable spaces. In analyzing such comparable spaces, the arbitrators shall give due consideration to the method by which the square footage of such space has been calculated and all other relevant factors which may be different between Comparable Transactions, including, without limitation, the value, if any, of Tenant’s signage as compared to signs granted to tenants in Comparable Transactions. The ...
Fair Market Rental Rate. For the purposes of paragraphs (b) and (c) above, the term “Fair Market Rental Rate” shall mean a rate comprised of the prevailing base rental rate per square foot of rentable area available in the Charlotte, North Carolina market for renewals, as determined by Landlord in good faith, taking into account leases for improved space which are comparable to the Premises in reputation, quality, use, age, size, location, and level and quality of services (the foregoing factors not being exclusive in identifying comparable buildings). Landlord shall notify Tenant of Landlord’s determination of the Fair Market Rental Rate within thirty (30) days after Landlord’s receipt of Tenant’s election to extend the term of the Lease (“Landlord’s Fair Market Rate Notice”). Within fourteen (14) days following the date upon which Landlord gives Tenant Landlord’s Fair Market Rate Notice, Tenant shall, by written notice to Landlord, either (i) accept Landlord’s determination of the Fair Market Rental Rate, or (ii) reject Landlord’s determination of the Fair Market Rental Rate and proceed as set forth in the following paragraph. In the absence of timely written notice from Tenant, Tenant shall be deemed to have chosen option (ii). If the monthly Fair Market Rental Rate is determined to be lower than the monthly rent paid by Tenant to Landlord during the 12-month period concluding the preceding term (though which preceding term shall be the then-current term at the time of calculation; the “Preceding Rent Rate”), then the Fair Market Rental Rate shall be deemed to equal the Preceding Rent Rate. If Tenant rejects Landlord's determination of the Fair Market Rental Rate, then within thirty (30) days after receipt of Landlord’s Fair Market Rate Notice, Tenant shall have the right to submit to Landlord an appraisal (“Tenant’s Fair Market Rate Notice”) by a Qualified Real Estate Appraiser of Fair Market Rental Rate effective as of the commencement date of the applicable Renewal Period. If the higher estimate (as between Landlord’s Fair Market Rate Notice and Tenant’s Fair Market Rate Notice) is not more than one hundred five percent (105%) of the lower estimate, the Fair Market Rental Rate shall be established as the average of the two rates. If the higher rate is more than one hundred five percent (105%) of the lower rate, Landlord and Tenant shall, within fifteen (15) days after Tenant’s Fair Market Rate Notice has been submitted, each select a Qualified Real Estate Appraiser (which fo...
Fair Market Rental Rate. The “Fair Market Rental Rate” shall be equal to the annual Base Rent, at which tenants, as of the commencement of the applicable Option Term, are, pursuant to brokered transactions completed within the twelve (12) month period prior to the exercise of the applicable option, leasing non-renewal, non-equity, non-affiliated space for a comparable use (based on the use to which Tenant is then putting the Premises) that is comparable in size, location and quality to the Premises, for a similar lease term, in an arms length transaction, which comparable space is located in the Irvine area (“Comparable Transactions”), taking into consideration all monetary and non-monetary concessions, if any, being granted such tenants in connection with such Comparable Transactions and the financial condition and credit history of Tenant and the other tenants in such Comparable Transactions, and taking into account the fact that rental increases during the Option Term are already provided for in this Lease, but excluding the value of any improvements installed or paid for by Tenant.
Fair Market Rental Rate. H-1 GAAP ..................................................................................................13
Fair Market Rental Rate. This Rider No. 2 is made and entered into by and between TREA PACIFIC PLAZA, LLC, a Delaware limited liability company (“Landlord”), and TANDEM DIABETES CARE, INC., a Delaware corporation (“Tenant”), as of the day and year of the Lease between Landlord and Tenant to which this Rider is attached. Landlord and Tenant hereby agree that, notwithstanding anything contained in the Lease to the contrary, the provisions set forth below shall be deemed to be part of the Lease and shall supersede any inconsistent provisions of the Lease. All references in the Lease and in this Rider to the “Lease” shall be construed to mean the Lease (and all exhibits and Riders attached thereto), as amended and supplemented by this Rider. All capitalized terms not defined in this Rider shall have the same meaning as set forth in the Lease.
Fair Market Rental Rate. The term "fair market rental rate" as used in this addendum shall mean the annual amount per rentable square foot, projected during the relevant period, that a willing, comparable, non-equity, renewal tenant (excluding sublease and assignment transactions) would pay, and a willing institutional landlord of a comparable quality industrial building located in the Renton, Tukwila and North Kent, Washington area North of 000xx Xxxxxx ("Comparison Area") would accept, at arm's length (what Landlord is accepting in current transactions for other buildings within the Development may be considered), for space comparable in size and quality as the leased area at issue taking into account the age, quality and layout of the existing improvements in the leased area at issue and taking into account items that professional real estate brokers customarily consider, including, but not limited to, rental rates, industrial space availability, tenant size, tenant improvement allowances, parking, loading, power, ceiling height, sprinkler capacity, and any other economic matters then being charged by Landlord or the lessors of such similar industrial buildings. In no event will Monthly Base Rent decrease from that payable in the last year of the immediately preceding Lease Term as a result of the fair market rental rate determination provided for in this Paragraph 41. In no event will any consideration be given, in the fair market rental rate determination, to any amounts to be paid by Tenant during the Option term as repayment of the Above Standard Allowance described in Paragraph 5(b) of the Work Letter Agreement.
Fair Market Rental Rate. For the purposes of determining the rental rate and other considerations during the Extension Periods, the term "Fair Market Rental Rate" shall mean the annual amount per square foot that comparable landlords have accepted in then current transactions between non-affiliated parties from non-equity tenants of comparable credit-worthiness, for comparable industrial facilities, for a comparable use, and for a comparable period of time ("Comparable Transactions") within the South Bay Industrial Market of Los Angeles County (the "Market Area"). In any determination of Comparable Transactions, appropriate consideration shall be given to the extent of Tenant's liability under the lease (including Landlord's payment obligations of casualty insurance premiums and Real Property Taxes hereunder), length of the lease term, and the size and location of premises being leased. Corresponding consideration must be given to abatement provisions reflecting free rent and/or no rent during the period of construction or subsequent to the commencement date, tenant improvement allowances, brokerage commissions, if any, all of which would be payable by Landlord in similar transactions, but which would be offset by the actual cost to Tenant of relocating its business operations from the Property to other property or properties (including, without limitation, moving costs, additional construction costs, employee relocation costs, negotiation costs, administrative expenses, and costs of business down-time). The determination of Fair Market Rental Rate shall also include the determination of any periodic rental adjustments in methodology, frequency, and amount during the Extension Periods. The intent is that Tenant will receive the same effective net economic benefit in the exercise of an Extension Option that Tenant would receive if Tenant should Tenant decide to enter into a Comparable Transaction.
Fair Market Rental Rate. The Fair Market Rental Rate shall mean the annual amount of rental that a willing tenant would pay and a willing landlord would accept in arm’s length, bona fide negotiations for a renewal or expansion lease of the subject premises to be executed at the time of determination and to commence on the commencement of the subject lease term, based upon other comparable lease transactions made concerning the Building and other Class A Buildings within northwest and far northwest submarkets, taking into consideration all relevant terms and conditions of such comparable leasing transactions, including, without limitation: (i) location, quality and age of the building: (ii) use and size of the space in question; (iii) location and/or floor level within the building; (iv) extent of leasehold improvement allowances (considering existing improvements); (v) the amount of any abatement of rental or other charges; (vi) parking charges or inclusion of same in rental; (vii) lease takeovers/assumptions; (viii) amenities, including fitness centers, restaurants and the like; (ix) relocation allowances; (x) refurbishment and repainting allowances; (xi) any and all other concessions or inducements consistent with the applicable submarket (including rental abatement); (xii) distinction between “gross” and “net” lease; (xiii) extent of services provided or to be provided; (xiv) base year or dollar amount for escalation purposes (both operating costs and ad valorem/real estate taxes); (xv) credit standing and financial stature of the tenant or subtenant; (xvi) any other adjustments (including by way of indexes) to base rental; and (xvii) length of term.
Fair Market Rental Rate. The Monthly Rent for each ----------------------- month during each Option Period shall equal (a) the Fair Market Rental Rate (defined in Section 30.1.4.3) (expressed as a base rent per rentable square ---------------- foot per month) for a five (5) year lease of space of a size comparable to the Extension Premises in question in a nonequity, nonrenewal, nonexpansion and nonsublease transaction in the Market (defined below) as of the commencement date of such Option Period, multiplied by (b) the number of rentable square feet to be contained in the Extension Premises in question.
