Market Rent. If Tenant gives Landlord timely notice of its intention to extend the then-current Term of this Lease, whether for the First Extension Term or the Alternative Extension Term, then at least nineteen (19) months before the end of the then-scheduled expiration Term, Landlord shall give Tenant written notice of the then applicable market rent for Tenant’s space, based on similar space in similar Class A office and laboratory buildings in the Seaport District or the Longwood Medical Area (excluding owner-occupied space) of the City of Boston, Massachusetts (such buildings, the “Comparable Properties,” and such rent, the “Market Rent”), taking into account all of the factors that a landlord and tenant would consider in negotiating an arms-length rent for a lease (including without limitation whether or not a brokerage fee is payable in connection therewith). Base Rent for any Extension Term shall be established as [***] of the Market Rent. Within thirty (30) days after Tenant receives such notice, Tenant shall notify Landlord of its agreement with or objection to Landlord’s determination of the Market Rent, whereupon, if the Tenant objects to such determination, the Market Rent shall be determined in the manner set forth below. If Tenant does not notify Landlord within such thirty (30) day period of Tenant’s agreement with or objection to Landlord’s determination of the Market Rent, then the Market Rent for the applicable Extension Period shall be deemed to be Landlord’s determination of the Market Rent as set forth in the notice from Landlord described in this subsection and Tenant shall be irrevocably bound to lease the Premises for the applicable Extension Term. In the event Tenant’s notice objects to such determination, from the date Tenant provides such notice through the date that is seventeen (17) months before the end of the then scheduled expiration Term (the “Decision Date”), Landlord and Tenant shall negotiate in an attempt to reach agreement on the Base Rent for the applicable Extension Period. Prior to the Decision Date, Tenant shall send a notice rescinding its exercise of the right to extend or requesting arbitration pursuant to Section 3.03(d) below (a “Decision Notice”). If Tenant fails to send such Decision Notice prior to the Decision Date or sends a notice requesting arbitration pursuant to Section 3.03(d) below, then Tenant shall be irrevocably bound to lease the Premises for the applicable Extension Term and the Market Rent for such Extensi...
Market Rent. 5.1.2.1.1. Rent shall be adjusted to Market Value, based on the findings of a Rent Study, five years from the date of execution of the Agreement, and every five years thereafter. If the Lessor has not obtained a Rent Study before the five-year term for Market Value Adjustment has passed, then the rent shall be adjusted to Market Value in the next calendar month after a Rent Study is obtained.
Market Rent. If a situation arises under this Lease where the determination of the "then market rates for the Building" (herein "Market Rent") becomes necessary, Lessor and Lessee shall, for a period of twenty (20) days after written notice from one party to the other that such a determination is needed ("Negotiation Period"), attempt to negotiate the Market Rent. In the even that Lessor and Lessee are unable to do so, Lessor and Lessee agree that Market Rent shall be determined by binding arbitration conducted in accordance with the following provisions:
(i) within ten (10) days after the end of the Negotiation Period, Lessee shall give written notice to Lessor of Lessee's appointment of a person as arbitrator on its behalf together with Lessee's determination of Market Rent ("Lessee's Market Rent"). Within the same ten (10) day period, Lessor by written notice to Lessee, shall appoint a second person as arbitrator on its behalf together with Lessor's determination of Market Rent ("Lessor's Market Rent"). The arbitrators thus appointed shall within ten (10) days after appointment of the first and second arbitrators appoint a third person and the three (3) arbitrators shall, within twenty (20) days, determine the Market Rent only by (x) making their own independent determination of the actual Market Rent for the Premises based upon the above specified definition, standards and requirements and thereafter (y) if the three (3) arbitrators are unable to reach a consensus on the Market Rent, each will submit his own separate determination and they shall take the average of the two (2) closest arbitrators' Market Rent figures and give notice of such averaged Market Rent to both Lessor and Lessee, which amount shall be the Market Rent for all purposes of this Paragraph 7. If either the Lessee's or the Lessor's arbitrator shall not have been appointed within the ten (10) day period set forth above, then the other party shall have the sole right to designate the Market Rent, and if the two (2) arbitrators as appointed by the parties shall be unable to agree within ten (10) days after their appointment upon the third arbitrator, they shall give written notice to the parties of such failure to agree and if the parties fail to agree upon the selection of such third arbitrator within ten (10) days after the arbitrators appointed by the parties gave notice as specified above, then within ten (10) days thereafter, either of the parties upon notice to the other party may request in w...
Market Rent. The rent payable by Tenant during the Option Term (the “Option Rent”) shall be equal to the Market Rent for the Premises. For purposes of this Lease, “Market Rent” 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 commencement of the Option Term, are leasing non-sublease, non-encumbered, non-equity space comparable in size, location and quality to the Premises (or the First Offer Space/First Refusal Space, as applicable) for a term of five (5) years, which comparable space is located in the Building and in “Comparable Buildings,” as that term is defined, below (“Comparable Transactions”), in either event 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 Premises (or the First Offer Space/First Refusal Space, as applicable), 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) other reasonable economic concessions being granted such tenants in connection with such comparable space; provided, however, that in calculating the Market Rent, no consideration shall be given to (i) 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 Premises during the Option Term, or (ii) 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 Market 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 during the Option Term. Such determination shall be made by reviewing the extent of financial security then generally being imposed in Comparable 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-exi...
Market Rent. If the Renewal Option is properly exercised pursuant to the terms and conditions of this Section 2.2, the initial Lease Term shall be extended for the Renewal Term and all of the provisions of this Lease shall continue to apply during the Renewal Term, except that the rent payable by Tenant during the Renewal Term shall be equal to the “Market Rent”. “Market Rent” shall mean the applicable base rent, and all escalations, direct expenses, additional rent and other charges at which tenants, as of the commencement of the Renewal Term, are entering into leases for non-sublease space which is not encumbered by expansion rights and which is comparable in size, location and quality to the Premises in renewal transactions for a term comparable to the Renewal Term, which comparable space is located in the Building or in Comparable Buildings, with appropriate adjustments to account for the age, quality, scale, services and amenities, quality of construction and appearance, location and submarket of the applicable building, taking into consideration the value of the existing improvements in the Premises to Tenant, as compared to the value of the existing improvements in such comparable space, with 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 Tenant with consideration given to the fact that the improvements existing in the Premises are specifically suitable to Tenant.
Market Rent. 5.1.2.1.1. Rent shall be adjusted to Market Value, based on the findings of a Rent Study, five years from the date of execution of the Agreement, and every five years thereafter. If the Airport has not obtained a Rent Study before the five year term for market value adjustment has passed, then the rent shall be adjusted to Market Value in the next calendar month after a Rent Study is obtained. Consumer Price Index (CPI)
5.1.2.1.2. Annual rent adjustments shall be made based on the percentage change (each year) in CPI. The term “CPI” as used herein shall mean the Consumer Price Index for All Urban Consumers (CPI-U) for the Midwest Region, published monthly by the United States Department of Labor, Bureau of Labor Statistics (1982-84=100).
5.1.2.1.3. If CPI is discontinued or modified during the duration of this Agreement, such other government index or computation with which it is replaced shall be used in order to obtain substantially the same result as would be obtained if CPI had not been discontinued or modified.
Market Rent. The rent per square foot per year which a Person not affiliated with either Landlord or Tenant would pay as Basic Rent as of the time of determination (i) for the same number of square feet Rentable Area as the Premises, located in the Building (or a comparable building comparably located), (ii) assuming similar terms and concessions, if any, to those prevailing at the time, (iii) for a term of years equal to that for which the determination is being made and (iv) for space which is finished in a manner similar to that of the Premises. For purposes of determining Market Rent, space in the Park leased to tax-exempt organizations or tenants sponsored by Commonwealth BioVentures, Inc. will not be considered comparable. All Additional Rent, such as Taxes and Operating Expenses, will be in addition to the rent per square foot so determined.
Market Rent. For purposes of Article 48 above, “Market Rent” shall be the annual net rental rate per square foot of rentable area which a tenant renewing its lease would agree to pay, and a landlord would agree to accept, as of the date in question, for the term in question, for the space in question in its then existing condition, assuming reasonably prudent persons, each being fully knowledgeable in all the facts, and each being willing to deal but neither being under any compulsion to deal, and assuming a lease containing all of the terms, covenants and conditions of this Lease Agreement. Such Market Rent shall be based on prevailing rental rates being charged to tenants in comparable buildings in the Minneapolis/St. Pxxx area, including the Building. Market Rent shall be determined giving due consideration to whether or not improvement allowances, Leasing Commissions or other lease concessions (collectively, the “Lease Concessions”) are then customarily being offered in connection with the renewal of existing leases, it being the intention of the parties that Landlord shall provide Lease Concessions that are consistent with and determined contemporaneously with the determination of Market Rent.
Market Rent. If Tenant gives Landlord timely notice of its election to extend the then current term of this Lease, then within thirty (30) days thereafter, Landlord shall give Tenant written notice of Landlord’s estimate of the then applicable market rent for Tenant’s space, based on the rent for similar space in the Property and rent for similar space in similar first class suburban office buildings in Waltham area (the “Market Rent”) for the Premises in its then as-is condition (or such better condition as Tenant shall be required to maintain under this Lease), taking into account all of the factors that a landlord and tenant would consider in negotiating an arms-length rent (however, in no event shall the determination of Market Rent treat any portion of the Premises as being used for research or laboratory purposes, but rather that said determination of Market Rent shall treat the entire Premises as being used for office purposes for the purposes of determining such Market Rent). For each year of an Option Term after the first year of such Option Term, Base Rent shall never be decreased below that paid in the prior lease year, but may or may not, on account of the determination of Market Rent, increase.
Market Rent. The term “Market Rent” shall mean the going market rental as of the date of the commencement of the Extended Term for similar space in the area where the Premises are located, taking into consideration the location, size and condition of the Premises, the existing improvements to the Premises, and the permitted uses of the Premises for a tenant proposing to sign a five year lease. The “Market Rent” shall be expressed as an amount of Base Monthly Rent for the first year of such Extended Term which shall then be increased by a 1.8% factor each 12 months during the Extended Term in the same manner as provided in Section 1 of this Lease on each anniversary of the commencement of the Extended Term.
