Market Rent Adjustment. The Minimum Annual Rent for each Extension Term shall be an amount equal to the Minimum Annual Rent then being quoted by Landlord to prospective new tenants of the Building for space of comparable size and quality and with similar or equivalent improvements as are found in the Building, and if none, then in similar buildings in the vicinity provided, however, that in no event shall the Minimum Annual Rent during the Extension Term be less than the highest Minimum Annual Rent payable during the Lease Term. The Minimum Monthly Rent shall be an amount equal to one-twelfth (1/12) of the Minimum Annual Rent for the Extension Term and shall be paid at the same time and in the same manner as provided in the Lease.
Market Rent Adjustment. Four months prior to the commencement of the Option Period, if the selected Rent Adjustment Alternative is the Market Rent Adjustment, the Parties shall negotiate in good faith to determine the Base Rent for the Option Period. If agreement cannot be reached within thirty days, then Landlord and Tenant shall each, no later then 90 days prior to the commencement of the Option Period, make a reasonable determination of the fair market rental for the Premises for the Option Period and submit such determination, in writing, to arbitration in accordance with the following provisions:
(i) No later then 90 days prior to the commencement of the Option Period, Landlord and Tenant shall each select an industrial leasing broker to act as an arbitrator. The two arbitrators so appointed shall, no later then 75 days prior to the commencement of the Option Period, select a third mutually acceptable industrial leasing broker to act as a third arbitrator.
(ii) The three arbitrators, acting by a majority, shall no later then 75 days prior to the commencement of the Option Period, determine the actual fair market rental for the Premises for the Option Period. The decision of a majority of the arbitrators shall be binding on the Parties. The fair market rental determination of Landlord or Tenant which is closest to the fair market rental as determined by the arbitrators shall be the Base Rent for the Option Period.
(iii) If either of the Parties fails to appoint an arbitrator within the period required by this Addendum, the arbitrator timely appointed shall determine the Base Rent for the Option Period.
(iv) The entire cost of such arbitration shall be paid by the party whose fair market rental submission is not selected. LANDLORD: TENANT: KEEP YOUR DAY JOB, LLC XXXXXXXXXXX.XXX By: MANSFIELD LAND LLC Name: a Massachusetts limited liability company Title: Its: Manager By: NDNE REALTY, INC. a Massachusetts corporation Its: Manager By: ___________________ Name: Its: AMB PROPERTY, L.P. a Delaware limited partnership By: AMB PROPERTY CORPORATION a Maryland corporation By: _________________________ Name: Xxxxxxx X. Xxxxxx Its: Vice President KEEP YOUR DAY JOB, LLC, A DELAWARE LIMITED LIABILITY COMPANY INDUSTRIAL MULTI-TENANT LEASE EARLY POSSESSION AND INDUCEMENT RECAPTURE ADDENDUM This Early Possession and Inducement Recapture Addendum is a part of the Lease dated _______________________________, by and between KEEP YOUR DAY JOB, LLC ("Landlord") and XXXXXXXXXXX.XXX ("Tenant") for t...
Market Rent Adjustment. The Minimum Annual Rent for the applicable Extension Term shall be adjusted to reflect a new Minimum Annual Rent for the Leased Premises at the “Fair Market” Base Rent rate as reasonably determined pursuant to the terms of this Section 1(B). For this purpose, the “Fair Market” Base Rent rate shall mean the annual rate per rentable square foot for the 5- year extension term equal to the annual base rent rates per rentable square foot then being charged for office/warehouse space in Dallas, Texas, in buildings of comparable size, age and quality in comparable arms-length renewal leases (taking into account any differences in comparison transactions in the location of the leased premises, creditworthiness of the tenant, rental concessions, tenant improvement allowances and other economic concessions, and the lease provisions regarding rent increases, real estate taxes and operating and utility costs of the property) for a 5-year term entered into within six months prior to the date Tenant exercises this option. In no event shall the Minimum Annual Rent during any Extension Term be less than the highest Minimum Annual Rent payable during the immediately preceding Lease Term. The monthly rent shall be an amount equal to one-twelfth (1/12) of the Minimum Annual Rent for the applicable Extension Term and shall be paid at the same time and in the same manner as provided in the Lease.
Market Rent Adjustment. The Minimum Annual Rent for the Original Premises for the Extension Term shall be Four Dollars and Seventy-Two Cents ($4.72) per rentable square foot of the Original Premises. The Minimum Annual Rent for the Additional Space for the Extension Term shall be Seven Dollars and Twenty-Five Cents ($7.25) per rentable square foot of the Additional Space. The Minimum Monthly Rent shall be an amount equal to one-twelfth (1/12) of the Minimum Annual Rent for the Extension Term and shall be paid at the same time and in the same manner as provided in the Lease.
Market Rent Adjustment. The Market Rent Adjustment shall be an amount equal to the Minimum Annual Rent then being quoted by Landlord to prospective new tenants of the Building for space of comparable size and quality and with similar or equivalent improvements as are found in the Building, and if none, then in similar buildings in the vicinity, excluding free rent and other concessions; provided, however, that if Tenant delivers to Landlord a written objection to Landlord's calculation of the Market Rent Adjustment and the parties cannot agree on a Market Rent Adjustment within ten (10) days after Tenant's written objection then within ten (10) days thereafter the parties shall each appoint a member of the Cincinnati Board of Realtors or Northern Kentucky Board of Realtors who is either a MAI appraiser or licensed real estate broker and who is knowledgeable in industrial rentals in the Northern Kentucky market. The two appraisers and/or brokers shall together appoint a third MAI appraiser or a licensed real estate broker with the same qualifications. The three appraisers and/or brokers shall then each determine within thirty (30) days the then fair market value rental rate (excluding leasehold improvements allowances) for such space and for parking, taking into consideration the industrial rental market in Northern Kentucky for comparable space and parking and the rental rates then being quoted to prospective tenants for comparable space and parking in the Building and other industrial buildings in the Northern Kentucky area. The average of the two closest determinations shall be used as the Minimum Annual Rent for the Leased Premises during the renewal term. Landlord and Tenant shall each bear the cost of its appraiser or broker and shall share the cost of the third.
Market Rent Adjustment. The Minimum Annual Rent for the applicable Extension Term shall be an amount equal to the current market rate for buildings of comparable size and quality and with similar or equivalent improvements as are found in the buildings located in the industrial area of Brooklyn Park, Minnesota. The Minimum Monthly Rent shall be an amount equal to one-twelfth (1/12) of the Minimum Annual Rent for the Extension Term and shall be paid at the same time and in the same manner as provided in the Lease.
Market Rent Adjustment. The Minimum Annual Rent for the Extension Term shall be an amount equal to the Minimum Annual Rent then being quoted by Landlord to prospective new tenants of the Building for space of comparable size and quality and with similar or equivalent improvements as are found in the Building, and if none, then in similar buildings in the Park.
Market Rent Adjustment. The Annual Base Rent for the Extension Term shall be an amount equal to the Annual Base Rent then being quoted by Landlord to prospective new tenants of the Building for space of comparable size and quality and with similar or equivalent improvements as are found in the Building, and if none, then in similar buildings in the Park, excluding free rent and other concessions; provided, however, that in no event shall the Annual Base Rent during the Extension Term be less than the highest Annual Base Rent payable during the Original Term. The Minimum Monthly Rent shall be an amount equal to one-twelfth (1/12) of the Annual Base Rent for the Extension Term and shall be paid at the same time and in the same manner as provided in the Lease.
Market Rent Adjustment. Four months prior to the commencement of each Adjustment Period, if the selected Rent Adjustment Alternative is the Market Rent Adjustment, the Parties shall negotiate in good faith to determine the Base Rent for the Adjustment Period. If agreement cannot be reached within thirty days, Landlord and Tenant shall each, no later than 90 days prior to the commencement of the Adjustment Period, make a reasonable determination of the fair market rental for the Premises for the Adjustment Period and submit such determination, in writing, to arbitration in accordance with the following provisions:
(1) No later than 90 days prior to the commencement of the. Adjustment Period, Landlord and Tenant shall each select an industrial leasing broker to act as an arbitrator. The two arbitrators so appointed shall, no later than 75 days prior to the commencement of the Adjustment Period, select a third mutually acceptable industrial leasing broker to act as a third arbitrator.
(2) The three arbitrators, acting by a majority, shall no later than 75 days prior to the commencement of the Adjustment Period, determine the actual fair market rental for the Premises for the Adjustment Period. The decision of a majority of the arbitrators shall be binding on the Parties. The fair market rental determination of Landlord or Tenant which is closest to the fair market rental as determined by the arbitrators shall be the Base Rent for the Adjustment Period.
(3) If either of the Patties fails. to appoint an arbitrator within the period required by this Addendum, the arbitrator timely appointed shall determine the Base Rent for the Adjustment Period.
(4) The entire cost of such arbitration shall be paid by the party whose fair market rental submission is not selected.
Market Rent Adjustment. The Minimum Annual Rent for the applicable ---------------------- Extension Term shall be an amount equal to the Minimum Annual Rent then being quoted by Lessor to prospective tenants of the Building for space of comparable size and quality and with similar or equivalent improvements as are found in the Building, and if none, then in similar buildings in the vicinity; provided, however, that in no event shall the Minimum Annual Rent during any Extension Term be less than the highest Minimum Annual Rent payable during the immediately preceding Term. The Minimum Monthly Rent shall be an amount equal to one-twelfth (1/12) of the Minimum Annual Rent for the Extension Term and shall be paid at the same time and in the same manner as provided in the Lease. metered), expenses associated with the fire suppression system, driveways, access roads and parking areas (including resealing, repatching of the parking lot and snow, trash and ice removal), security systems, lighting facilities, landscaped areas, walkways, directional signage, curbs, drainage strips, sewer lines, roof, painting, inspection fees, and all charges assessed against the Building pursuant to any applicable easements, covenants or development standards, and management fees (equal annually to fifteen percent (15%) of the total Operating Expenses for the Building for such year). Operating Expenses shall not include the costs for capital improvements unless such costs result in a decrease in the Operating Expenses of the Building, are required by any governmental authority. The proportionate share to be paid by Lessee shall be a percentage based upon the proportion that the square footage of the Leased Premises bears to the total square footage of the Building, which proportion shall be the amount set forth as the Building Expense Percentage in Item C of the Basic Lease Provisions. Lessor shall be entitled to estimate the total amount of Additional Rent to be paid by Lessee during each calendar year and, upon notice to Lessee of such estimate, to collect such estimate in twelve (12) equal installments, each such installment due with thc Monthly Rental Installment payable under this Lease. Within a reasonable-time after the end of such calendar year, Lessor shall submit to Lessee a statement of the actual amount of Operating Expenses and the Additional Rent due from Lessee hereunder, and within thirty (30) days after receipt or such statement, Lessee shall pay any deficiency between the actual amount o...
