Fair Rental Value Adjustment Sample Clauses
Fair Rental Value Adjustment. The Base Rent shall be increased on the first day of the N/A month(s) of the _______________ Extension(s) of the Lease Term (the "Rental Adjustment Date(s)") to the "fair rental value" of the Premises, determined in the following manner:
(1) Not later than one hundred (100) days prior to any applicable Rental Adjustment Date, Landlord and Tenant shall meet in an effort to negotiate, in good faith, the fair rental value of the Premises as of such Rental Adjustment Date. If Landlord and Tenant have not agreed upon the fair rental value of the Premises at least ninety (90) days prior to the applicable Rental Adjustment Date, the fair rental value shall be determined by appraisal, as follows (INDICATE YOUR CHOICE UPON EXECUTION OF THE LEASE): Appraisal by Appraiser / / Appraisal by Broker / /
(2) If Landlord and Tenant are not able to agree upon the fair rental value of the Premises within the prescribed time period, then Landlord and Tenant shall attempt to agree in good faith upon a single appraiser or broker, as indicated above, not later than seventy-five (75) days prior the applicable Rental Adjustment Date. If Landlord and Tenant are unable to agree upon a single appraiser/broker within such time period, then Landlord and Tenant shall each appoint one appraiser or broker, as indicated above, not later than sixty-five (65) days prior to the applicable Rental Adjustment Date. Within ten (10) days thereafter, the two (2) appointed appraisers/brokers shall appoint a third appraiser or broker, as indicated above. If either Landlord or Tenant fails to appoint its appraiser/broker within the prescribed time period, the single appraiser/broker appointed shall determine the fair rental value of the Premises. If both parties fail to appoint appraisers/brokers within the prescribed time periods, then the first appraiser/broker thereafter selected by a party shall determine the fair rental value of the Premises. Each party shall bear the cost of its own appraiser or broker and the parties shall share equally the cost of the single or third appraiser or broker, if applicable. If appraisers are used, such appraisers shall have at least five (5) years' experience in the appraisal of commercial/industrial real property in the area in which the Premises is located and shall be members of professional organizations such as MAI or equivalent. If brokers are used, such brokers shall have at least five (5) years' experience in the sales and leasing of commercial/industrial r...
Fair Rental Value Adjustment. The rent shall be increased on the first day of the particular Extension to the "Fair Rental Value" of the Property, determined in the following manner:
a. If the Landlord and Tenant have not been able to agree on the Fair Rental Value Adjustment prior to the date the option is required to be exercised, the rent for the Extension shall be determined as follows: Within fifteen (15) days following the exercise of the option, Landlord and Tenant shall endeavor in good faith to agree upon a single appraiser. If Landlord and Tenant are unable to agree upon a single appraiser within said fifteen (15) day period, each shall then, by written notice to the other, given within ten (10) days after said fifteen (15) day period, appoint one appraiser. The two appraisers appointed by Landlord and Tenant shall be required to be first approved by the then president of the Greater Dallas Board of REALTORS Inc. as qualified to determine rental applicable to the Property. Within ten (10) days after the two appraisers are appointed, they shall appoint a third appraiser. If either Landlord or Tenant fails to appoint its appraiser within the prescribed time period the single appraiser appointed shall determine the Fair Rental Value of the Property. If the two appointed appraisers fail to agree on the third appraiser, he shall be appointed by the then president of the Greater Dallas Board of Realtors. Each party shall bear the cost of the appraiser appointed by it and the parties shall share equally the cost of the third appraiser.
Fair Rental Value Adjustment. (Section B.2, below) as determined by appraiser or broker. Rental Adjustment Date(s): The first day of the first (1st) month(s) of first and second Extension(s) of the Lease Term.
Fair Rental Value Adjustment. The Base Rent shall be increased on the date(s) specified in Section B.2, above (the “Rental Adjustment Date(s)”) to the “fair rental value” of the Property, determined in the following manner:
Fair Rental Value Adjustment. The Base Rent shall be increased on the first day of the first month of the Extension (the "Rental Adjustment Date") to ninety- five percent (95%) of the "fair rental value" of the Premises, determined in the following manner:
(i) Not later than one hundred (100) days prior to the Rental Adjustment Date, Lessor and Lessee shall meet in an effort to negotiate, in good faith, the fair rental value of the Premises as of such Rental Adjustment Date. If Lessor and Lessee have not agreed upon the fair rental value of the Premises at least ninety (90) days prior to the Rental Adjustment Date, the fair rental value shall be determined by appraisal, by one or more brokers (herein called "Brokers"), as provided in Subparagraph (ii), below. Such Broker(s) shall have at least five (5) years' experience in the sales and leasing of commercial/industrial real property in the area in which the Premises is located and shall be members of professional organizations such as the of American Industrial Real Estate Association, or equivalent.
Fair Rental Value Adjustment. The Base Rent shall be increased on the first day of the first month(s) of the first and second Extension(s) of the Lease Term (the "Rental Adjustment Date(s)") to the "fair rental value" of the Property, determined in the following manner:
(a) Not later than one hundred (100) days prior to any applicable Rental Adjustment Date, Landlord and Tenant shall meet in an effort to negotiate in good faith, the fair rental value of the Property as of such Rental Adjustment Date. If Landlord and Tenant have not agreed upon the fair rental value of the Property at least ninety (90) days prior to the applicable Rental Adjustment Date, the fair rental value shall be determined by appraisal, as follows (INDICATE YOUR CHOICE UPON EXECUTION OF THE LEASE):
Fair Rental Value Adjustment. The Base Rent shall be adjusted on the first day of the first month of each Extension of the Lease Term (the "FRV RENTAL ADJUSTMENT DATES") to the "fair rental value" of (a) the Base Building Shell Improvements (as defined in Section 14.01) upon and including the Building Premises (exclusive of any (i) Common Area Improvements, other than those included in the Base Building Shell Plans and located on the Building Premises [but expressly excluding the ESFR System]), and (ii) any other onsite or offsite improvements located thereon or associated therewith, other than those included in the Base Building Shell Plans [as defined in Section 14.01]), and (b) the land comprising the Additional Land (as if vacant, and without any buildings, other structures or onsite or offsite improvements located thereon or associated therewith) (collectively, the "APPRAISED PREMISES"), determined in the manner that follows. The fair rental value of the Appraised Premises shall equal the Base Rent on the applicable FRV Rental Adjustment Date and shall be the sum total of (a) of the fair rental value of the Base Building Shell Improvements upon and including the Building Premises, as if the Building Shell Improvements were comprised solely and exclusively of the Base Building Shell Improvements and had been constructed upon the Building Premises on the Building Shell Substantial Completion Date as reflected in the Base Building Shell Plans, without any of the Building Modifications (as defined in Section 14.01), exclusive of any (i) Common Area Improvements, other than those included in the Base Building Shell Plans and located on the Building Premises (but expressly excluding the ESFR System), and (ii) any other onsite or offsite improvements located thereon or associated therewith, other than those included in the Base Building Shell Plans, and (b) the fair rental value of the land comprising the Additional Land, as if vacant land, without any buildings, other structures or onsite or offsite improvements located thereon or associated therewith, all appraised in accordance with the provisions of Section 2.05(c)(1)(iii) below.
(i) Not later than two hundred fifty (250) days prior to any applicable FRV Rental Adjustment Date, Landlord and Tenant shall meet in an effort to negotiate, in good faith, the fair rental value of the Appraised Premises as of such FRV Rental Adjustment Date. If Landlord and Tenant have not agreed upon the fair rental value of the Appraised Premises at least...
Fair Rental Value Adjustment. The Base Rent shall be increased on the first day of the first month(s) of the first and second Extension(s) of the Lease Term (the "Rental Adjustment Date(s)") to the "fair rental value" of the Property, determined in the following manner:
(a) Not later than one hundred (100) days prior to any applicable Rental Adjustment Date, Landlord and Tenant shall meet in an effort to negotiate, in good faith, the fair rental value of the Property as of such Rental