First Offer Rent. The rent payable by Tenant for the Existing Building First Offer Space (the “First Offer 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 1.4.5, below, are leasing non-sublease, non-encumbered, non-equity space comparable in size, location and quality to the Existing Building First Offer Space for a similar lease term, which comparable space is located in the Project, taking into consideration only the following concessions (collectively, the “RFO Concessions”): (a) rental abatement concessions, if any, being granted such tenants in connection with such comparable space, and (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 Existing Building 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 general office user. Notwithstanding anything to the contrary in the foregoing, in no event shall the base rent component of the First Offer Rent be less than the sum of (i) the Base Rent on an annual, per rentable square foot basis under this Lease for the Initial Premises as of the “First Offer Commencement Date,” as that term is defined in Section 1.4.4 below, including all applicable escalations to the Base Rent made or to be made during the Lease Term, and (ii) the amount of Tenant’s Share of Direct Expenses, as that term is defined in Section 4.2.2 below, payable by Tenant on an annual, per rentable square foot basis for the Premises immediately prior to such commencement date (collectively, the “Prior Base Rent”). In the event that the base rent component of the First Offer Rent is the Prior Base Rent, then (A) the new “Base Year,” as that term is defined in Section 4.2.1, below, with respect to the Existing Building First Offer Space only shall be the calendar year in which the First Offer Commencement Date occurs with respect to the Existing Building First Offer Space, and (B) the concessions granted to Tenant in connection with the Existing Building First Offer Space shall be equal to the RFO Concessions.
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 annual Rent payable by Tenant for the Offer Space leased by Tenant (the “First Offer Rent”) shall be equal to one hundred percent (100%) of the annual Fair Market Rent of the Offer Space as of the First Offer Commencement Date.
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. 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," 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. Notwithstanding anything to the contrary in Section 43(a), the First Offer Rent set forth in the First Offer Notice for the portion of the Available First Offer Space comprising the 331 Premises only shall be equal to the Base Rent hereunder for the initial Lease Term set forth herein. If the term of the Available First Offer Space extends beyond the initial Lease Term set forth herein, then for the period of time commencing on the date immediately following the expiration of the initial Lease Term herein through the expiration of the term set forth in the First Offer Notice, the base rent for the 331 Premises shall equal the base rent for the remainder of the Available First Offer Space. Except for the First Offer Rent as set forth herein, all other terms of the First Offer Notice shall apply to the entirety of the Available First Offer Space, including the 331 Premises.
First Offer Rent. The Base Rent payable by Tenant for the First Offer Space (the "First Offer Rent") shall be equal to the greater of (i) the Base Rent rate per rentable square foot payable by Tenant for the initial Premises, subject to adjustment at the same time as and pursuant to the same schedule for the initial Premises as set forth in Section I.D of the Lease and Section I of this Exhibit E, or (ii) the Prevailing Market for First Offer Space (defined in Section II.H below). If Landlord determines in the First Offer Notice that the First Offer Rent shall be the Prevailing Market for First Offer Space, then concurrent with Tenant's delivery of Tenant's Election Notice exercising such right of first offer, Tenant may object in writing to Landlord's determination of the Prevailing Market for First Offer Space set forth in the First Offer Notice, in which case the Prevailing Market for First Offer Space shall be determined in accordance with the procedures set forth in Section II.I below. If Tenant does not timely object in writing to Landlord's determination of the Prevailing Market for First Offer Space, then Tenant shall be deemed to have accepted such determination and the procedures in Section II.I below shall not apply.
First Offer Rent. If Tenant leases any First Offer Space hereunder, during the First Offer Term, Tenant shall pay Tenant's Share of increases in Operating Expenses for such First Offer Space pursuant to the provisions of Article 6 below, with Tenant's Share for such First Offer Space to be equal to the percentage calculated by dividing the Rentable Area of such First Offer Space by the total Rentable Area within the Building. The annual Base Rent payable by Tenant for any First Offer Space leased by Tenant hereunder (the "First Offer Rent") shall be determined as follows:
