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.
Appears in 4 contracts
Samples: Office Lease (Artiva Biotherapeutics, Inc.), Office Lease (Artiva Biotherapeutics, Inc.), Office Lease (Artiva Biotherapeutics, Inc.)
