Market Rate. Employees in job classifications that move down in Market Rate will 39 retain their rate of pay (hourly rate) at the time of the change.
Market Rate. Market Rate means the approximate cost of a good or service under present circumstances if such cost were negotiated at arms’ length, as estimated by the Manager in good faith, based on reasonable assumptions.
Market Rate. ‘Market Rate’ shall be the rate as decided by the Engineer-in-charge on the basis of the cost of materials and labour at the site including applicable taxes, duties and also the transportation charge to where the work is to be executed plus the percentage mentioned in schedule `F’ to cover all overheads and profits.
Market Rate. If Landlord and Tenant have not agreed on the Prevailing Market rate within 30 days after Tenant’s Initial Extension Notice, then the Prevailing Market rate will be 100% of the then-fair market rental value of the Leased Premises as determined below. The “then-fair market rental value of the Leased Premises” means the amount that a landlord under no compulsion to lease the Leased Premises and a tenant under no compulsion to lease the Leased Premises would determine as rent for the Extension Term as of the commencement of such Extension Term, taking into consideration the uses permitted under this Lease, the quality, size, design, tenant finish, brokerage commissions, and location of the Leased Premises, and the rent for comparable office buildings located in the area. Landlord and Tenant will each appoint a real estate appraiser with at least 10 years’ full time commercial appraisal experience in the area in which the Leased Premises are located to appraise the then-fair market rental value of the Leased Premises. If either Landlord or Tenant does not appoint an appraiser within 10 days after the other has given notice of the name of its appraiser, the single appraiser appointed will be the sole appraiser and will set the then-fair market rental value of the Leased Premises. If two appraisers are appointed pursuant to this paragraph, they will meet promptly and attempt to set the then-fair market rental value of the Leased Premises. If they are unable to agree within 30 days after the second appraiser has been appointed, they will attempt to elect a third appraiser meeting the qualifications stated in this paragraph within 10 days after the last day the two appraisers are given to set the then-fair market rental value of the Leased Premises. If they are unable to agree on the third appraiser, either Landlord or Tenant, by giving 10 days’ prior notice to the other, can apply to the then presiding Judge of the County Court in which the Leased Premises is located for the selection of a third appraiser who meets the qualifications stated in this paragraph. Landlord and Tenant will bear one-half of the cost to appoint a third appraiser and one-half of the cost of the third appraiser’s fee. The third appraiser, however selected, must be a person who has not previously acted in any capacity for either Landlord or Tenant. Within 30 days after the selection of the third appraiser, the majority of the appraisers will set the then-fair market rental value of the Leas...
Market Rate. The Base Rent stated in Section 3.1 shall be subject to renegotiation upon receipt of Lessee’s written notice exercising the option to extend the lease by another 10 years. Promptly following such a notice, the parties shall negotiate in good faith for a renegotiated Base Rent for the forthcoming rent period beginning on July 1, 2027. Unless expressly provided to the contrary in another paragraph of this Lease, such renegotiated Base Rent shall be the fair market rental value of the Property. The value of any improvements to the Property, financed by Lessee at no cost to the Port, shall be excluded in determining the fair market rental value of the Property. In the Port’s initial offer during renegotiation of Base Rent, the Port may rely on appraisals of properties that the Port deems comparable.
3.2.2.1. In the event that the parties cannot agree on the Base Rent prior to one hundred twenty (120) days before July 1, 2027 for renegotiated rent, the Base Rent shall be determined by three arbitrators, each of whom shall be an MAI real estate appraiser in the Seattle Chapter of the Appraisal Institute. Each MAI real estate appraiser will need to have been active, over the five (5) year period ending on the effective date for renegotiated rent, in the evaluation of similar space in the same market area of the Property subject to this Lease. The appraisal arbitration shall be based on an approach to valuation consistent with the standards of professional appraisal practice and shall include reference to the fair market rental value of comparable properties. The selection of comparable properties and the application of appropriate valuation methodology, is to be determined by the arbitrators as a panel. The arbitration panel may ask questions and request further information from each party and will issue a conclusion with regard to valuation. Each party shall select an appraiser to be a member of the arbitration panel prior to sixty (60) days before the effective date for renegotiated rent and each party shall compensate the appraiser selected by the party. The third arbitrator shall be selected by the other two members of the panel and be compensated in equal shares by the parties. If either party fails to timely select its appraiser prior to sixty (60) days before the effective date for renegotiated rent, and the other party timely selects its appraiser, the selected appraiser shall select the other two members of the panel. Each party shall cooperate to exped...
Market Rate. As a clarification of Paragraph 4(ix) of the Master ----------- Agreement, the "market rate" for the Service is understood to refer to the market rate for such services available in comparable hotels, either individually or collectively.
Market Rate. As used herein "Market Rate" shall mean the then prevailing market rate for full service base rent (and with any charges for parking only to the extent parking charges are then levied in market leases, which parking charges shall be included within the determination of Market Rate herein) for tenants of comparable quality for leases in buildings of comparable size, use and location in the Hartford, Connecticut Area, taking into consideration the extent of the availability of space as large as the Premises in the marketplace and all other economic terms then customarily prevailing in such leases in said marketplace.
Market Rate. Within thirty (30) days following receipt of the Lessee’s exercise of the option to extend, the Base Rent stated in Section 3.1 shall be subject to renegotiation effective at the end of the 60th month following the commencement of this Lease in the event that the Port gives to Lessee written notice of the Port’s election to renegotiate the Base Rent applicable to the forthcoming rent period not less than 180 nor more than 270 days prior to an effective date of the commencement of the rent period. In the absence of such notice, the Base Rent applicable for the prior rent period shall apply to the forthcoming rent period also. Promptly following such a notice of renegotiation, the parties shall negotiate in good faith for a renegotiated Base Rent for the forthcoming rent period. Unless expressly provided to the contrary in another paragraph of this Lease, such renegotiated Base Rent shall be the fair market rental value of the Premises (determined on a square footage or other appropriate basis customarily used for comparable properties) as compared with such rental value being obtained on other premises for similar use in the Greater Seattle area. The value of any improvements to the Premises financed by Lessee at no cost to the Port shall be excluded in determining the fair market rental value of the Premises. In the event that the parties cannot agree on the Base Rent prior to sixty (60) days before the effective date for rent renegotiation, the Base Rent shall be determined, according to the foregoing formula, by three arbitrators, each of whom shall be a member of either the Society of Industrial Realtors or of the Washington-British Columbia Chapter of the American Institute of Real Estate Appraisers and shall be experienced in the evaluation of the type of premises subject to this Lease. Each party shall select and fully compensate one of these arbitrators, and the third arbitrator shall be selected by the other two and compensated in equal shares by the parties.
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Market Rate. A. "Market Rental Rate" shall mean annual amount per ----------- rentable square foot and other rental charges for the portion of the term in question equivalent to the period for which the Market Rental Rate is being determined beginning the first (1st) day of the subject period that a willing, credit-worthy, non-equity tenant leasing space comparable to the space to be leased would pay and a willing landlord of an office building comparable to the Building in the Chicago central business district office market (the "Market") would accept at arm's length. Appropriate consideration will be given to base net rent, rent escalations, tenant concessions (e.g. free rent, tenant improvements and other cash allowances), length of term, size and location of the premises being leased, tenant improvement allowances, brokerage commissions and other generally applicable terms and conditions prevailing for comparable space in comparable buildings located in the Market, as evidenced by then recently completed renewals, or new leases or similar expansion leases (in the event of an expansion option), within the Market.
