First Offer Space Rent. The “Rent,” as that term is defined in Section 4.1, below, payable by Tenant for the First Offer Space (the “First Offer Rent”) shall be equal to the “Fair Rental Value”, as defined in Section 2.2.2, below, as of the “First Offer Commencement Date,” as that term is defined in Section 1.3.5, below.
First Offer Space Rent. The rent payable by Tenant for the 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, 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 (“Comparable First Offer Transactions”), which comparable space is located in the Building and in “Comparable Buildings,” as that term is defined in Section 2.3.2, below, taking into consideration only the following 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 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 Rent shall additionally include a 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 000 XXXXXXXX XXXXXXXXX obligations with respect to the First Offer Space. Such determination shall be made by reviewing the extent of financial security then generally being imposed in Comparable First Offer Transactions from tenants of comparable financial condition and credit history to the then existing financial condition and credit history of Tenant (with appropriate adjustments to account for differences in the then-existing financial condition of Tenant and such other tenants).
First Offer Space Rent. The Rent payable by Tenant for the First Offer Space (the “First Offer Rent”) shall be as set forth in the First Offer Notice.
First Offer Space 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 Rent agreed between Landlord and Tenant, or, if Tenant timely delivers an Irrevocable Exercise Notice, then the “Fair Rental Value,” as that term is defined in Section 2.2.2 of this Lease, for the First Offer Space, as of the “First Offer Commencement Date,” as that term is defined in Section 1.3.5 of this Lease.
First Offer Space Rent. The Rent payable by Tenant for the First Offer Space (the “First Offer Rent”) shall be equal to the “Market Rent,” as that term is defined in, and determined pursuant to, Exhibit H attached hereto, for the First Offer Space.
First Offer Space Rent. The "Rent," as that term is defined in Section 4.1, below, payable by Tenant for the First Offer Space (the "First Offer Rent") shall be equal to the "Market Rent," as that term is defined below, for such First Offer Space. For purposes of this Lease, the term "Market Rent" shall mean the rent (including additional rent and considering any "base year" or "expense stop" applicable thereto), including all escalations, at which tenants, pursuant to transactions completed during the "Market Rent Review Period," as that term is defined in this Section 1.3.3, below, are leasing non-sublease, non-encumbered, non-equity space comparable in size, location and quality to the First Offer Space, or, in connection with the Option Term, the Premises, as the case may be, for a "Comparable Term," as that term is defined, below (the "Comparable Deals"), which comparable space is located in the Building and the "Comparable Buildings," as that term is defined in this Section 1.3.3, below, giving appropriate consideration to the annual rental rates per rentable square foot, the standard of measurement by which the rentable square footage is measured, the ratio of rentable square feet to usable square feet, and taking into consideration only, and granting only, the following concessions (collectively, the "Rent Concessions"): (a) rental abatement concessions, if any, being granted such tenants in connection with such Comparable Deals; (b) tenant improvements or allowances provided or to be provided for such Comparable Deals, but deducting therefrom the value of the existing improvements in the First Offer Space, or Premises, as the case may be, 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 general office users, (c) the condition of the "Base Building," as that term is defined in Section 8.2, below, as compared to the condition of the base building provided to tenants in Comparable Deals, and (d) all other economic concessions, if any, being granted such tenants in connection with such Comparable Deals; provided, however, that notwithstanding anything to the contrary herein, no consideration shall be given to (x) the fact that Landlord is or is not required to pay a real estate brokerage commission in connection with the applicable term or the fact that the Comparable Deals do or do not involve the payment of real estate brokerage commissions, and (y) only in connection with the calculation of t...
First Offer Space Rent. The Rent payable by Tenant for the ---------------------- First Offer Space (the "FIRST OFFER RENT") shall be equal to the Fair Market Rental Rate for the First Offer Space, as defined in the Extension Option Rider attached hereto. 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 Fair Market Rental Rate set forth in Landlord First Offer Notice, in which case the Fair Market Rental Rate shall be determined in accordance with the appraisal procedures set forth in Section 4 of the Extension Option Rider. If Tenant does not timely object in writing to Landlord's determination of the Fair Market Rental Rate, then Tenant shall be deemed to have rejected such determination and the appraisal procedures in Section 4 of the Extension Option Rider shall apply.
First Offer Space Rent. The “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 “Market Rent,” as that term is defined in Section 2.2.2 of this Lease, for the First Offer Space (as such Market Rent is determined in accordance with, and pursuant to the terms of, Section 2.2.2 of this Lease). If Tenant exercises the right of first offer in accordance with Section 1.3.2 above, but concurrently with such exercise, in good faith objects to Landlord’s determination of the First Offer Rent, then Landlord and Tenant shall attempt to agree upon the First Offer Rent using reasonable good-faith efforts, and if Landlord and Tenant fail to reach such agreement within thirty (30) days after Landlord’s receipt of Tenant’s exercise notice objecting to Landlord’s determination of the First Offer Rent, then each party shall, within ten (10) business days following the First Offer Rent Outside Agreement Date, make a separate determination of the First Offer Rent (respectively, “Landlord’s First Offer Rent Calculation” and “Tenant’s First Offer Rent Calculation”) by submitting the same to the other party, and such determinations shall be submitted to arbitration in accordance with Sections 2.2.4.1 through 2.2.4.5, below.
First Offer Space Rent. The Base Rent payable by Tenant for the First Offer Space (the “First Offer Rent”) shall be consistent with comparable transactions consummated in the Building within the nine (9) month period preceding the “First Offer Commencement Date,” as that term is defined in Section 8.5 of this Second Amendment.
First Offer Space 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 “Market Rent,” as that term is defined in Exhibit F attached hereto, for the First Offer Space. In the event Tenant timely and appropriately exercises its option to extend the Lease but rejects the First Offer Rent set forth in the First Offer Notice pursuant to Section 1.2.2, above, then Landlord and Tenant shall attempt to agree upon the First Offer Rent using their best good-faith efforts. If Landlord and Tenant fail to reach agreement upon the First Offer Rent applicable to the First Offer Term on or before the date that is thirty (30) days after Tenant’s delivery of Tenant’s First Offer Exercise Notice (the “First Offer Rent Outside Agreement Date”), then the First Offer Rent shall be determined by arbitration pursuant to the terms of Section 2.2.4 below. Each party shall make a separate determination of the First Offer Rent, within five (5) business days following the First Offer Rent Outside Agreement Date, and such determinations shall be submitted to arbitration in accordance with Sections 2.2.4.1 through 2.2.4.4, below.
