Open Market Rent Sample Clauses

Open Market Rent. The following definition applies in this clause 8:
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Open Market Rent. The Open Market Rent will be the annual rent at which the Premises might be expected to be let in the open market on the Review Date: 2.1 as a whole by a single lease; 2.2 by a willing landlord to a willing tenant; 2.3 with vacant possession; 2.4 following the expiry of any period at the beginning of the term which might be negotiated in the open market for the purpose of fitting out only, during which no rent or a concessionary rent is payable; 2.5 without a fine or premium; 2.6 for a term of 5 years commencing on the Review Date with a tenant’s break option at the end of the second and third years; 2.7 otherwise on the same terms (other than as to the amount of the Yearly Rent but including provisions for rent review at 5 yearly intervals) as contained in this Lease; 2.8 on the assumptions that: (a) the Premises are ready to receive the willing tenants fitting out works but are otherwise fit and available for immediate occupation and use; (b) all obligations contained in this Lease on the part of the Landlord and the Tenant have been fully complied with; (c) if the Premises or any premises of which they form part or any part of them have been damaged or destroyed they have been fully reinstated; (d) the Premises may be lawfully used for the Permitted Use; 2.9 but disregarding any effect on rent of: (a) the fact that the Tenant or any undertenant or any of their respective predecessors in title or any other occupier of the Premises has been or is in occupation of the Premises; (b) any goodwill attaching to the Premises by reason of any business carried on at the Premises the Tenant or any permitted undertenant or other permitted occupier of the Premises or any predecessor in title to such business; (c) any effect on rent attributable to the existence of any alteration or improvement to the Premises completed at the expense of the Tenant or a permitted undertenant or any of their respective predecessors in title or any other authorised occupier (including the Tenant’s fit out works) with the consent of the Landlord during the Term or prior to the Term under an agreement for the grant of this lease and not in pursuance of an obligation to the Landlord or its predecessors in title provided that any obligation in any licence for alterations requiring the work thereby permitted to be carried out to a certain standard or regulating the manner or the time within which such works are to be carried out or obligations requiring compliance with any statute, order or...
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Open Market Rent. The sum to be determined by the arbitrator must be the sum at which he decides the Premises might reasonably be expected to be let in the open market at the Review Date making the Assumptions but disregarding Disregards.
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Open Market Rent. The prevailing market rent shall be agreed by the Landlord and the Tenant at least three months before the new rent shall become payable and in default of agreement as aforesaid, it shall be determined by an independent professional valuer, to be appointed jointly by the parties hereto in writing or in default of agreement to be appointed by the Chairman for the time being of the Hong Kong Institute of Surveyors who shall act as an expert and not as an arbitrator and whose decision shall be final and binding on the parties hereto. Prior to the decision of such valuer, the Tenant shall continue to pay monthly, on account of the rent to be decided, the same basic rent as payable hereunder and adjustment on the rent (if applicable) shall be made upon the prevailing market rent (inclusive as aforesaid) having been determined as aforesaid. The valuer’s costs involved in such determination shall be borne by the parties hereto in equal shares.
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Open Market Rent. 17 29 PROCEDURE...............................................................................................18 30 DELAYED REVIEW..........................................................................................19 31 RESTRICTIONS............................................................................................19 32 MEMORANDA...............................................................................................20 33 RECOVERY OF MONEY.......................................................................................20 34 USER....................................................................................................20 35 EASEMENTS...............................................................................................20 36 COVENANTS...............................................................................................20 37 NOTICE..................................................................................................21 38 RIGHT OF RE-ENTRY.......................................................................................21 39 INSOLVENCY..............................................................................................21 40 INTRODUCTION............................................................................................22 41 GUARANTOR'S COVENANT....................................................................................22 SCHEDULE 1 Rights SCHEDULE 2 Exceptions and Reservations SCHEDULE 3 Incumbrances SCHEDULE 4 Authorised Guarantee Agreement
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Open Market Rent. The sum to be determined by the expert must be the sum at which, acting as an expert and not as an arbitrator or quasi-arbitrator, he decides the Premises might reasonably be expected to be let in the open market at the relevant review date making the Assumptions but disregarding the Disregards. 43 {1}-2.4 CONDUCT OF THE DETERMINATION
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Open Market Rent. 2.1 The Open Market Rent shall be the best yearly rent at which the Premises might be expected to be let in the open market:- 2.1.1 for a term commencing on the relevant Review Date and of a length equal to the unexpired residue of the contractual term of this Lease as the relevant Review Date or 10 years (whichever is longer); 2.1.2 as between a willing landlord and a willing tenant; 2.1.3 without the landlord taking a fine or premium; 2.1.4 as a whole; 2.1.5 with vacant possession; 2.1.6 upon the assumptions set out in paragraph 2.2; 2.1.7 disregarding the matters set out in paragraph 2.3; 2.1.8 by a lease in the same terms in all other respects as this Lease (save as to the amount of the Yearly Rent and any rent free period allowed to the Tenant, but
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Open Market Rent. 7.6.1 The open market rent may be agreed between the Landlord and the Tenant at any time before it is determined by the Surveyor. 7.6.2 If the open market rent is determined by the Surveyor, it shall be the amount that the Surveyor determines is the best annual rent (exclusive of any VAT) at which the Property could reasonably be expected to be let: (a) in the open market; (b) at the relevant Review Date; (c) on the assumptions listed in clause 7.6.3; and (d) disregarding the matters listed in clause 7.6.4. 7.6.3 The assumptions are: (a) the Property is available to let in the open market: (i) by a willing lessor to a willing lessee; (ii) as a whole; (iii) with vacant possession; (iv) without a fine or a premium; (v) for a term equal to the unexpired residue of the Contractual Term at the relevant Review Date or a term of 5 years commencing on the relevant Review Date, if longer; and (vi) otherwise on the terms of this lease other than as to the amount of the Basic Rent but including the provisions for review of the Basic Rent; (b) the Property may lawfully be used, and is in a physical state to enable it to be lawfully used, by the willing lessee (or any potential undertenant or assignee of the willing lessee) for any purpose permitted by this lease; (c) the Tenant has fully complied with its obligations in this lease; (d) if the Property, or any means of access to it or any Service Media serving the Property, has been destroyed or damaged, it has been fully restored; (e) no work has been carried out on the Property that has diminished its rental value other than work carried out in compliance with clause 3.5; (f) the willing lessee and its potential assignees and undertenants shall not be disadvantaged by any actual or potential exercise of an option to tax under Part 1 of Schedule 10 to the VATA 1994 in relation to the Property. 7.6.4 The matters to be disregarded are: (a) any effect on rent of the fact that the Tenant or any authorised undertenant has been in occupation of the Property; (b) any goodwill attached to the Property by reason of any business carried out there by the Tenant or by any authorised undertenant or by any of their predecessors in business; (c) save in relation to the works to be undertaken pursuant to the Licence to Carry out Work any effect on rent attributable to any physical improvement to the Property carried out before or after the date of this lease, by or at the expense of the Tenant or any authorised undertenant with all n...
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Open Market Rent 
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Related to Open Market Rent

  • Fair Market Rent Approximately thirty (30) days after receipt of Tenant’s Extension Exercise Notice, Landlord shall notify Tenant in writing of Landlord’s estimate of the Base Monthly Rent for the first year of the applicable extension period, and the estimate of annual increases based upon the Landlord’s determination of the same. For purposes hereof, “Fair Market Rent” shall mean collectively, (1) Base Monthly Rent for the first year of the applicable extension period, which shall reflect the then-current rate for renewals of space in comparable Class A buildings (including the Building) in the Sunnyvale, Santa Xxxxx and Mountain View, California submarket (“Comparable Buildings”) in direct transactions with owners of Comparable Buildings (thus excluding any subleases or other indirect transactions), and (2) the annual increases determined at the time Base Monthly Rent for the first year is determined. Within thirty (30) days after receipt of such notice from Landlord, Tenant shall have the right either to (i) accept Landlord’s estimate of Fair Market Rent or (ii) elect to arbitrate the Fair Market Rent against Landlord, such arbitration to be conducted pursuant to the provisions hereof. Failure on the part of Tenant to require arbitration of Fair Market Rent within such thirty (30) day period shall constitute acceptance of the Fair Market Rent for the applicable extension period. If Tenant elects to compel arbitration, the parties agree to use good faith efforts to have the arbitration concluded within ninety (90) days after the date of Tenant’s election, subject to extension for an additional period if a third arbitrator is required and does not act in a timely manner. To the extent that arbitration has not been completed prior to the expiration of any preceding period for which Base Monthly Rent has been determined, Tenant shall pay Base Monthly Rent at the rate calculated by Landlord, with the potential for an adjustment to be made once Fair Market Rent is ultimately determined by arbitration.

  • Rental Rate The Lessee shall pay rent to the Lessor for the premises at the following rate: Payment shall be made at the end of each month upon submission of properly executed vouchers.

  • Net Rent It is the intent of the Landlord and Tenant that this Lease shall yield, net to Landlord, the Base Rent specified and all Additional Rent and charges in each month during the term of the Lease, and that all costs, expenses and obligations of every kind relating to the Leased Premises shall be paid by the Tenant, unless expressly assumed by the Landlord.

  • Rental Rates Schedules for (i) proposed rental rates on heavy construction equipment, and (ii) proposed wage rates of operating engineers. The Design-Builder firm shall certify that the proposal for rental rates and proposal for wage rates comply with the Contract Documents.

  • Rental Value Lessor shall also obtain and keep in force during the term of this Lease a policy or policies in the name of Lessor, with loss payable to Lessor and any Lender(s), insuring the loss of the full rental and other charges payable by all lessees of the Building to Lessor for one year (including all Real Property Taxes, insurance costs, all Common Area Operating Expenses and any scheduled rental increases). Said insurance may provide that in the event the Lease is terminated by reason of an insured loss, the period of indemnity for such coverage shall be extended beyond the date of the completion of repairs or replacement of the Premises, to provide for one full year's loss of rental revenues from the date of any such loss. Said insurance shall contain an agreed valuation provision in lieu of any co-insurance clause, and the amount of coverage shall be adjusted annually to reflect the projected rental income, Real Property Taxes, insurance premium costs and other expenses, if any, otherwise payable, for the next 12-month period. Common Area Operating Expenses shall include any deductible amount in the event of such loss.

  • Option Rent The annual Rent payable by Tenant during the Option Term (the “Option Rent”) shall be equal to the “Fair Rental Value,” as that term is defined below, for the Premises as of the commencement date of the Option Term. The “Fair Rental Value,” as used in this Lease, shall be equal to the annual rent per rentable square foot (including additional rent and considering any “base year” or “expense stop” applicable thereto), including all escalations, at which tenants (pursuant to leases consummated within the twelve (12) month period preceding the first day of the Option Term), are leasing non-sublease, non-encumbered, non-equity space which is not significantly greater or smaller in size than the subject space, with a comparable level of improvements (excluding any property that Tenant would be allowed to remove from the Premises at the termination of the Lease), for a comparable lease term, in an arm’s length transaction, which comparable space is located in the “Comparable Buildings,” as that term is defined in this Section 2.2.2, below (transactions satisfying the foregoing criteria shall be known as the “Comparable Transactions”), taking into consideration the following concessions (the “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, and taking into account the value, if any, of the existing improvements in the subject space, such value to be based upon the age, condition, design, quality of finishes and layout of the improvements and the extent to which the same can be utilized by a general office/lab user other than Tenant; and (c) other reasonable monetary concessions being granted such tenants in connection with such comparable space; provided, however, that in calculating the Fair Rental Value, 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 exercise of its right to extend the Lease Term, or the fact that landlords are or are not paying real estate brokerage commissions in connection with such comparable space. The Concessions shall be reflected in the effective rental rate (which effective rental rate shall take into consideration the total dollar value of such Concessions as amortized on a straight-line basis over the applicable term of the Comparable Transaction (in which case such Concessions evidenced in the effective rental rate shall not be granted to Tenant)) payable by Tenant. The term “Comparable Buildings” shall mean the Building and those other life sciences buildings which are comparable to the Building in terms of age (based upon the date of completion of construction or major renovation of to the building), quality of construction, level of services and amenities, size and appearance, and are located in South San Francisco, California and the surrounding commercial area.

  • Fair Rental Value If a loss covered under Section I makes that part of the "residence premises" rented to oth- ers or held for rental by you not fit to live in, we cover the fair rental value of such premises less any expenses that do not continue while it is not fit to live in. Payment will be for the shortest time required to repair or replace such premises.

  • Base Rent Lessee shall pay Base Rent and other rent or charges, as the same may be adjusted from time to time, to Lessor in lawful money of the United States, without offset or deduction, on or before the day on which it is due under the terms of this Lease. Base Rent and all other rent and charges for any period during the term hereof which is for less than one full month shall be prorated based upon the actual number of days of the month involved. Payment of Base Rent and other charges shall be made to Lessor at its address stated herein or to such other persons or at such other addresses as Lessor may from time to time designate in writing to Lessee.

  • Base Rental (a) Lessee hereby agrees to pay to Lessor, without setoff or deduction whatsoever, in accordance with the Schedule of Base Rent attached hereto as EXHIBIT D ("Base Rental). Lessee shall also pay, as additional rent [or Forecast Additional Rent ], all such other sums of money as shall become due from and payable by Lessee to Lessor under this Lease (Base Rental, any adjustment thereto pursuant to Section 4 hereof, and all such other sums of money due from and payable by Lessee pursuant to this Lease are sometimes hereinafter collectively called "rent"), for the nonpayment of which Lessor shall be entitled to exercise all such rights and remedies as are herein provided in the case of the nonpayment of Base Rental. The annual Base Rental, together with any adjustment or increase thereto then in effect, shall be due and payable in advance in twelve (12) equal installments on the first 1st day of each calendar month during the term of this Lease, and Lessee hereby agrees so to pay such Base Rental and any adjustment or increase thereto to Lessor at Lessor's address provided herein (or such other address as may be designated by Lessor in writing from time to time) monthly, in advance, and without demand. If the term of this Lease commences on a day other than first (1st) day of a month or terminates on a day other than the last day of a month, then the installments of Base Rental and any adjustments thereto for such month or months shall be prorated, and the installment or installments so prorated shall be paid in advance. (b) In the event any installment of the Base Rental, or any other sums which may become owing by Lessee to Lessor under the provisions hereof are not received within Five (5) days after the due date thereof (without in any way implying Lessor's consent to such late payment), Lessee, to the extent permitted by law, agrees to pay, in addition to said installment of the Base Rental or such other sums owed, a late payment charge equal to ten percent (10%) (Late Fee) of the installment of the Base Rental or such other sums owed. Notwithstanding the foregoing, the foregoing late charges shall not apply to any sums which have been advanced by Lessor to or for the benefit of Lessee pursuant to the provisions of this Lease, it being understood that such sums shall bear interest, which Lessee hereby agrees to pay to Lessor, at the lesser of fifteen percent (15%) per annum or the maximum rate of interest permitted by law to be charged Lessee for the use or forbearance of such money.

  • Normal Work Day The normal work day shall be eight (8) hours and the normal work week shall be forty (40) hours, Monday through Friday, provided however that nothing herein shall be construed as guaranteeing any EMPLOYEE eight (8) hours of work per day or forty (40) hours per week. A single shift shall consist of eight (8) hours of continuous employment, except for unpaid lunch period, between the hours of 7:00 a.m. and 6:00 p.m.

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