First Offer Rent. The rent payable by Tenant for the applicable First Offer Space (the “First Offer Rent”) shall be equal to the “Fair Market Rent,” as that term is defined in this Section 1.2.3, for the applicable First Offer Space. The “Fair Market Rent” shall be equal to the rent (including additional rent and considering any “base year” or “expense stop” applicable thereto), including all escalations, at which tenants, as of the “First Offer Commencement Date,” as that term is defined in Section 1.2.5, below, are leasing non-sublease, non-encumbered, non-equity, non-renewal, non-expansion space comparable in size, location and quality to the applicable First Offer Space, for a similar lease term, in an arms length transaction, in transactions consummated within the six (6) month period preceding Landlord’s delivery of the First Offer Notice, and which comparable space is located in the Project (the “Comparable Transactions”), taking into consideration only the following concessions (the “Concessions”): (i) rental abatement concessions, if any, being granted such tenants in connection with such comparable space, (ii) tenant improvements or allowances provided or to be provided for such comparable space, taking into account, and deducting the value of, the existing improvements in the First Offer Space, such value to be based upon the age, condition, design, quality of finishes, and layout of the improvements and the extent to which the same can be utilized by a general office user, and (iii) other reasonable monetary concessions, if any, being granted such tenants in connection with such comparable space, provided, however, that notwithstanding anything to the contrary herein, no consideration shall be given to the fact that Landlord is or is not required to pay a real estate brokerage commission in connection with Tenant’s exercise of its right to lease the First Offer Space or in connection with the Comparable Transactions. The Fair Market Rent shall additionally include a determination (the “Financial Security Determination”) as to whether, and if so to what extent, Tenant must provide Landlord with financial security, such as a letter of credit or guaranty, for Tenant’s rent obligations in connection with Tenant’s lease of the Premises during the “First Offer Term,” as that term is defined in Section 1.2.5, below. Such determination shall be made by reviewing the extent of financial security then generally being imposed in Comparable Transactions from tenants of comp...
First Offer Rent. The annual Rent payable by Tenant for the Offer Space leased by Tenant (the “First Offer Rent”) shall be equal to the “Fair Rental Value”, as that term is defined and determined in Section 2.3.2 and Section 2.3.4 below, for the Offer Space during the First Offer Term.
First Offer Rent. The rent payable by Tenant for the First Offer Space (the “First Offer Rent”) shall be equal to rent, including all escalations, at which tenants, as of the First Offer Commencement Date are leasing non-sublease, non-encumbered, non-equity space comparable in size, location and quality to the First Offer Space for a similar lease term, which comparable space is located in the Building and in “Comparable Buildings,” as that term is defined, below (“Comparable First Offer Transactions”), in either event taking into consideration only the following concessions (the “First Offer 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, taking into account, and deducting the value of, the existing improvements in the First Offer Space, such value to be based upon the age, quality and layout of the improvements and the extent to which the same could be utilized by a typical general office user, and (c) 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. The First Offer Concessions shall be reduced on a proportionate basis to the extent the length of the term of Tenant’s lease of the subject First Offer Space shall be shorter than the length of the term of the Comparable First Offer Transactions. If First Offer Concessions are granted to Tenant, Landlord may, at Landlord’s sole option, elect either (A) to grant some or all of the First Offer Concessions to Tenant in the form as described above (i.e., as free rent or as an improvement allowance), or (B) to adjust the rental rate component of the First Offer Rent to be an effective rental rate which takes into consideration the total dollar value of the applicable First Offer Concessions (in which case the subject First Offer Concessions evidenced in the effective rental rate shall not be granted to Tenant). Tenant shall pay Tenant’s Pro Rata Share of Expenses and Taxes in connection with any First Offer Space leased by Tenant in accordance with the terms of the Lease, as amended hereby (i.e., on a “triple net” basis), provided that Tenant’s Pro Rata Share with respect to the First Offer Space shall be calculated by dividing the rentable square footage
First Offer Rent. The rent payable by Tenant for the First Offer Space (the "First Offer Rent") shall be equal to one hundred percent (100%) of the then Market Rent.
First Offer Rent. The rent payable by Tenant for the applicable First Offer Space (the “First Offer Rent”) shall be “Fair Market Rent” for such First Offer Space, as determined in accordance with the terms of Section 2.2.3 of this Lease as if (i) the term “Option Term” was “First Offer Term” (as defined below), (ii) the term “Option Rent” was “First Offer Rent,” (iii) the term “Option Rent Notice” was “First Offer Notice,” and (iv) the terms “Premises,” “Tranche” or “floor” was “First Offer Space.”
First Offer Rent. The annual "Rent," as that term is defined in Section 4.1 of this Lease, payable by Tenant for the First Offer Space (the "First Offer Rent") shall be equal to the "Fair Rental Value," as that term is defined in Section 2.2.3 of this Lease, for the First Offer Space for the "First Offer Term," as that term is defined in Section 1.4.5 of this Lease.
First Offer Rent. The "Rent," as that term is defined in Section 4.1 of the Office Lease, payable by Tenant for the First Offer Space (the "First Offer Rent") shall be equal to the Market Rent, as applicable to the First Offer Space.
First Offer Rent. PAGE(s) ------- First Offer Waiver Period..
First Offer Rent. If Tenant shall exercise its First Offer Right the rent payable by Tenant for the First Offer Space (the "First Offer Rent") shall be at the then existing rental rate for Tenant's existing space, i.e., $1.50 s/f, or $1.55 s/f.
First Offer Rent. The Rent payable by Tenant for the Accepted Space (the "FIRST OFFER RENT") shall be equal to the greater of (i) the same per rentable square foot rate at which "Rent" is payable by Tenant under this Lease as of the "First Offer Commencement Date" (as that term is defined below), which per rentable square foot Rent rate shall also include all applicable escalations made or to be made during the Term (but expressly excluding all abatements, allowances and concessions), or (ii) the face or stated rent (and all other tenant payments) being quoted by Landlord per rentable square foot (excluding all abatements, allowances and concessions) for the lease of comparable space in the Building to be occupied as of the time of the First Offer Commencement Date, including the initial year and all applicable escalations being quoted by Landlord in connection therewith. Tenant expressly acknowledges that the "First Offer Rent" payable with respect to the Accepted Space includes Base Rent, as well as also including all payments and pass-throughs for Additional Rent for all other items payable by Tenant under this Lease (including, without limitation, the Tax Amount, Tenant's cost for electricity (at Landlord's discretion, either by submetering and/or by an additional ERIF charge), the Expense Escalation and the Operating Expense Amount, as such items are applicable to, and will be applied on a per rentable square foot basis to, the Accepted Space), plus all other sums or amounts as may be set forth in the applicable First Offer Notice.
