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 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 monthly Rent payable by Tenant for any First Offer Space leased by Tenant hereunder, including Base Rent and Additional Rent payable therefor and the parking charges, if any, for the parking spaces available for Tenant's use with respect to such First Offer Space as described in Section 1.6.7 below (the "FIRST OFFER SPACE RENT"), shall be determined as follows:
1.6.4.1 In the event the applicable First Offer Space Commencement Date specified by Landlord in Landlord's First Offer Notice is scheduled to occur prior to the first (1st) anniversary of the Lease Commencement Date as set forth in Landlord's First Offer Notice, (i) the Base Rent component of the First Offer Space Rent payable by Tenant for the First Offer Space leased by Tenant shall initially be equal to the product of $1.447 multiplied by the rentable square feet contained in the First Offer Space, (ii) Tenant shall pay Additional Rent for such the First Offer Space pursuant to the applicable provisions of this Lease (with Tenant's Share of Direct Expenses for such the First Offer Space calculated by dividing the number of rentable square feet of such First Offer Space by the total rentable square feet in the building in which such space is located, and stating such amount as a percentage), (iii) the refurbishment allowance for the First Offer Space shall be as set forth in Section 1.6.5(i) below, and (iv) Tenant shall not be obligated to pay any parking charges for the parking spaces used by Tenant for such the First Offer Space during the initial First Offer Space Term. Such Base Rent component of the First Offer Space Rent set forth in clause (i) hereinabove shall increase by the same dollar amount per rentable square foot of First Offer Space and at the same times as the Base Rent increases for the Initial Premises as set forth in Section 8:1 of the Summary. There shall be no abatement of the First Offer Space Rent, and the abatement provisions of Section 3.2 below shall not apply with respect to any First Offer Space.
1.6.4.2 In the event that the applicable First Offer Space Commencement Date specified by Landlord in Landlord's First Offer Notice is scheduled to occur after the first (1st) anniversary of the Lease Commencement Date as set forth in Landlord's First Offer Notice, the First Offer Space Rent payable by Tenant for the First Offer Space leased by Tenant shall be as determined pursuant to Section 1.6.3 above (i.e., upon the Terms set forth in the First Offer Notice if Tenant ...
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," as that term is defined in Section 1.2(B)(5), below, are, pursuant to transactions completed within the prior twelve (12) months, leasing non-renewal, non-sublease, non-encumbered, non-equity, non-expansion space unless such space was leased pursuant to a definition of "fair market" comparable to the definition of First Offer Rent 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 in Section 3.4(C) 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 the following concessions: (a) any operating expense and tax protection granted in connection with such comparable space (e.g., "base year" or "expense stop" protection, (b) rental abatement concessions, if any, being granted such tenants in connection with such comparable space, (c) 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 (d) 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, and (e) all other monetary and non-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 leasing of the First Offer Space or the fact that the comparable deals do or do not involve the payment of real estate brokerage commissions but only transactions where a tenant is represented by a real estate ...
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 Section 2.2.2 of this Lease, for the First Offer Space, pursuant to transactions consummated within the nine (9)-month period preceding 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 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 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 payable by Tenant for the First Offer Space (which shall also be referred to herein as the “First Offer Rent”) shall be equal to the “Market Rent” (as that term is defined in Section 2.2.2 of the Original Lease), for the First Offer Space as such Market Rent is determined pursuant to Exhibit H attached to the Original Lease. The calculation of the “Market Rent” hereunder shall be derived from a review of, and comparison to, the “Net Equivalent Lease Rates” of the “Comparable Transactions,” as provided for in Exhibit H, and thereafter, the Market Rent shall be stated as a “Net Equivalent Lease Rate” for each year of the subject First Offer Term.
