Common use of Fair Rental Value Clause in Contracts

Fair Rental Value. Sublease Payments shall be paid by District in consideration of the right of possession of, and the continued quiet use and enjoyment of, the Project and the Site during the Term, as well as payment for any tenant improvements made by the Lessor which title to the tenant improvements shall vest progressively in the District as such tenant improvements are built and paid for pursuant to the Construction Services Agreement. Full ownership of the Project shall occur at the end of the Term of this Sublease and payment of any amounts owed under this Sublease, unless this Sublease, the Site Lease or Construction Services Agreement is terminated in accordance with their respective terms and conditions. The parties hereto have agreed and determined that such total rental is not in excess of the fair rental value of the Project and the Site. In making such determination, consideration has been given to the fair market value of the Project and the Site, that title to the improvements completed and paid for by District as to which the District shall have the right to possess, occupy and use, the uses and purposes which may be served by the Project and the Site and the benefits therefrom which will accrue to the District and the general public, the ability of the District to make additions, and modifications and improvements to the Project and the Site which are not inconsistent with the Construction Services Agreement (Exhibit “C” to Site Lease) and which do not interfere with the Lessor’s work on the Project and the Site.

Fair Rental Value. Sublease Payments shall be paid by District in consideration of the right of possession of, and the continued quiet use and enjoyment of, the Project Projects and the Site Sites during the Term, as well as payment for any tenant improvements made by the Lessor which title to the tenant improvements shall vest progressively in the District as such tenant improvements are built and paid for pursuant to the Master Construction Services Agreement. Full ownership of each phase of the Project shall occur at the end of the Term of this Master Sublease and payment of any amounts owed under this Master Sublease, unless this Master Sublease, the Master Site Lease or Master Construction Services Agreement is terminated in accordance with their respective terms and conditions. The parties hereto have agreed and determined that such total rental is not in excess of the fair rental value of the Project Projects and the SiteSites. In making such determination, consideration has been given to the fair market value of the Project Projects and the SiteSites, that title to the improvements completed and paid for by District as to which the District shall have the right to possess, occupy and use, the uses and purposes which may be served by the Project Projects and the Site Sites and the benefits therefrom which will accrue to the District and the general public, the ability of the District to make additions, and modifications and improvements to the Project Projects and the Site Sites which are not inconsistent with the Master Construction Services Agreement (Exhibit “C” to Master Site Lease) and which do not interfere with the Lessor’s work on the Project Projects and the SiteSites.