Common use of Fair Market Value Rent Clause in Contracts

Fair Market Value Rent. The Market Rental Value of the Premises will be the fair market rent and all additional charges and additional rent for the Premises determined as of the date that the extension of the Term is to commence, taking into consideration the rental rates then being obtained by Landlord for comparable space in the Project and the rates being obtained by other landlords in other projects in San Diego, California of the same approximate vicinity, age, quality, condition and level of amenities, as adjusted on account of pertinent differences such as the heights of the floors in question, incentives for initial occupancy such as free rent, existing lease takeover and assumption costs, brokerage commissions and demolition and improvement costs (or the inapplicability of such incentives in the case of renewals or extensions), size of space, length of term and anticipated commencement date with respect to such renewal and any other economic concessions; provided, however, that in no event shall the Market Rental Value be less than the Rent in effect under this Lease immediately prior to the commencement of the Extension Term. Landlord's determination of Market Rental Value shall be final and binding unless Tenant, within thirty (30) calendar days and by notice to Landlord, withdraws its exercise of the extension option or gives notice to Landlord that it will, and promptly thereafter does submit such determination of Market Rental Value to arbitration pursuant to Section 30.18 of this Lease. In the event of such submission, the Market Rental Value shall be determined by the arbitrators, whose determination shall be based upon the same factors set forth in this Section 32.4.

Fair Market Value Rent. The Market Rental Value of the Premises will be the fair market rent and all additional charges and additional rent for the Premises determined as of the date that the extension of the Term is to commenceLandlord's Notice, taking into consideration the rental rates then being obtained by Landlord for comparable space in the Project and the rates being obtained by other landlords in other projects in San Diego, California of the same approximate vicinity, age, quality, condition and level of amenities, as adjusted on account of pertinent differences such as the heights of the floors in question, incentives for initial occupancy such as free rent, existing lease takeover and assumption costs, brokerage commissions and demolition and improvement costs (or the inapplicability of such incentives in the case of renewals or extensions), size of space, length of term and anticipated commencement date with respect to such renewal and any other economic concessions; provided, however, that in no event shall the Market Rental Value be less than the Rent in effect under this Lease immediately prior to the commencement of the Extension Term. Landlord's determination of Market Rental Value shall be final and binding unless Tenant, within thirty forty five (3045) calendar days and by notice to Landlord, withdraws its exercise of the extension option or gives notice to Landlord that it will, and promptly thereafter does submit such determination of Market Rental Value to arbitration pursuant to Section 30.18 of this Lease. In the event of such submission, the Market Rental Value shall be determined by the arbitrators, whose determination shall be based upon the same factors set forth in this Section 32.4.

Fair Market Value Rent. The Market Rental Value of the ---------------------- Premises will be the fair market rent and all additional charges and additional rent for the Premises determined as of the date that the extension of the Term is to commence, taking into consideration the rental rates then being obtained by Landlord for comparable space in the Project and the rates being obtained by other landlords in other projects in San Diego, California of the same approximate vicinity, age, quality, condition and level of amenities, as adjusted on account of pertinent differences such as the heights of the floors in question, incentives for initial occupancy such as free rent, existing lease takeover and assumption costs, brokerage commissions and demolition and improvement costs (or the inapplicability of such incentives in the case of renewals or extensions), size of space, length of term and anticipated commencement date with respect to such renewal and any other economic concessions; provided, however, that in no event shall the Market Rental Value be less than the Rent in effect under this Lease immediately prior to the commencement of the Extension Term. Landlord's determination of Market Rental Value shall be final and binding unless Tenant, within thirty (30) calendar days and by notice to Landlord, withdraws its exercise of the extension option or gives notice to Landlord that it will, and promptly thereafter does submit such determination of Market Rental Value to arbitration pursuant to Section 30.18 of this Lease. In the event of such submission, the Market Rental Value shall be determined by the arbitrators, whose determination shall be based upon the same factors set forth in this Section 32.4.

Fair Market Value Rent. The Market Rental Value of the Premises ---------------------- will be the fair market rent and all additional charges and additional rent for the Premises determined as of the date that the extension of the Term is to commenceLandlord's Notice, taking into consideration the rental rates then being obtained by Landlord for comparable space in the Project and the rates being obtained by other landlords in other projects in the Sorrento Valley / Sorrento Mesa area of San Diego, California of the same approximate vicinity, age, quality, condition and level of amenities, as adjusted on account of pertinent differences such as the heights of the floors in question, incentives for initial occupancy such as free rent, existing lease takeover and assumption costs, interruption in occupancy, brokerage commissions and demolition and improvement costs and allowances (or the inapplicability of such incentives in the case of renewals or extensions), size of space, length of term and anticipated commencement date with respect to such renewal and any other economic concessions; provided, however, that in no event shall the Market Rental Value be less than the Rent in effect under this Lease immediately prior to the commencement of the applicable Extension Term. Landlord's determination of Market Rental Value shall be final and binding unless Tenant, within thirty (30) calendar days and by notice to Landlord, withdraws its exercise of the extension option or gives notice to Landlord that it will, and promptly thereafter does submit such determination of Market Rental Value to arbitration pursuant to Section 30.18 of this Lease. In the event of such submission, the Market Rental Value shall be determined by the arbitrators, whose determination shall be based upon the same factors set forth in this Section 32.4Section.