Common use of Option Rent Clause in Contracts

Option Rent. The rent payable by Tenant during the Option Term (“Option Rent”) shall be equal to the Market Rent (defined below). “Market Rent” shall mean the applicable Monthly Basic Rental, including all escalations, Direct Costs, Utilities Costs, additional rent and other charges at which tenants, as of the commencement of the Option Term, are leasing non-renewal, non-sublease, non-equity space comparable in size, location and quality to the Premises (or Expansion Space, as applicable) for a term comparable to the Option Term (or the term of Tenant’s lease of the Expansion Space, as applicable), which comparable space is located in office buildings comparable to the Project in Thousand Oaks, California, 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.

Option Rent. The rent payable by Tenant during the Option Term (“Option Rent”) shall be equal to 100% of the “Market Rent Rent” (defined below). “Market Rent” shall mean the applicable Monthly Basic Rental, including and all escalations, Direct Costs, Utilities Costs, additional rent and other charges at which tenants, as of the commencement of the Option Term, are leasing entering into leases for non-renewal, non-sublease, non-equity sublease office space which is not encumbered by expansion rights and which is comparable in size, location and quality to the Premises (or Expansion Space, as applicable) in renewal transactions for a term comparable to the Option Term (or the term of Tenant’s lease of the Expansion Space, as applicable)Term, which comparable space is located in office buildings comparable to the Project in Thousand OaksSan Diego, California, taking into consideration free rent, escalations, tenant improvements and brokerage commissions, and also 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.

Option Rent. The rent payable by Tenant during the Option Term (“Option Rent”) shall be equal to the “Market Rent Rent” (defined below). “Market Rent” shall mean the applicable Monthly Basic Rental, including all escalations, Direct Costs, Utilities Operating Costs, additional rent and other charges at which tenants, as of the commencement of the applicable Option Term, are leasing non-renewal, non-sublease, non-equity encumbered, space comparable in size, location and quality to the Premises (or Expansion Space, as applicable) in renewal transactions for a term comparable to the Option Term (or the term of Tenant’s lease of the Expansion Space, as applicable), which comparable space is located in office buildings comparable to the Project Building in Thousand Oaks, Californiathe immediate geographic vicinity, 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, and further provided that in no event shall the Market Rent be less than the amount payable by Tenant during the last month of its then-existing occupancy, as calculated on a per rentable square foot basis.

Option Rent. The rent Base Rent payable by Tenant during the Option Term (the “Option Rent”) shall be equal to the Fair Market Rent (defined below)Rental Rate for the entire Premises. As used herein, the “Fair Market RentRental Rate” shall mean the applicable Monthly Basic Rental, including all escalations, Direct Costs, Utilities Costs, additional annual base rent and other charges at which non-equity renewal tenants, as of the commencement of the Option Term, are will be leasing non-renewal, non-sublease, non-equity unencumbered renewal space comparable in size, location and quality to the entire Premises (or Expansion Space, as applicable) for a comparable term comparable to as the Option Term (or the term of Tenant’s lease of the Expansion Space, as applicable)Term, which comparable space is located in the Building and in other comparable first-class office buildings comparable to the Project in Thousand Van Nuys and Xxxxxxx Oaks, CaliforniaCalifornia (the “Comparable Buildings”), taking into consideration all free rent and other out-of-pocket concessions generally being granted at such time for such comparable space for the value of the existing improvements in the Premises to TenantOption Term (including, as compared to the value of the existing improvements in without limitation, any tenant improvement allowance provided for such comparable space, with the amount of such value tenant improvement allowance to be based upon provided for the Premises during the Option Term to be determined after taking into account the age, quality and layout of the tenant improvements and in the extent to which entire Premises as of the same could be utilized by Tenant commencement of the Option Term with consideration given to the fact that the improvements existing in the Premises are specifically suitable to Tenant).

Option Rent. The rent payable by Tenant during the Option Term (“Option Rent”) shall be equal to the “Market Rent Rent” (defined below). “Market Rent” shall mean the applicable Monthly Basic RentalBase Rent, including and all escalations, Direct CostsExpenses, Utilities CostsAdditional Rent, additional rent and other charges and concessions at which tenants, as of the commencement of the Option Term, are leasing entering into leases for non-renewal, non-sublease, non-equity sublease space which is not encumbered by expansion rights and which is comparable in size, location location, quality and quality amenities to the Premises (or Expansion Spacein renewal transactions, as applicable) for a term comparable to the Option Term (or the term of Tenant’s lease of the Expansion Space, as applicable)Term, which comparable space is located in high-quality office buildings comparable to the Project in Thousand Oaksthe Sorrento Valley/Sorrento Mesa submarket of San Diego, California, 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 any improvements existing in the Premises that are specifically suitable to Tenant.

Option Rent. The rent Basic Rental payable by Tenant during the Option Term (“Option Rent”) shall be equal to the “Market Rent Rent” (defined below). “Market Rent” shall mean the applicable Monthly Basic Rental, including all escalations, Direct Costs, Utilities Costs, additional rent and other charges at which tenants, as of the commencement time of the Landlord’s “Option TermRent Notice” (as defined below), are leasing entering into leases for non-renewal, non-sublease, non-equity sublease space which is not encumbered by expansion rights and which is comparable in size, location and quality to the Premises (or Expansion Space, as applicable) in renewal transactions for a term comparable to the Option Term (or the term of Tenant’s lease of the Expansion Space, as applicable), which comparable space is located in the Project and office buildings comparable to the Project in Thousand OaksSan Diego, CaliforniaCalifornia (as reasonably determined by Landlord), 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.

Option Rent. The rent payable by Tenant during the Option Term (“Option Rent”) shall be equal to the “Market Rent Rent” (defined below). “Market Rent” shall mean the applicable Monthly Basic Rentalmonthly Base Rent, including all escalations, Direct Costs, Utilities CostsProject Expenses, additional rent and other charges (all projected during the relevant period) at which tenants, as of the commencement time of the Landlord’s “Option TermRent Notice” (as defined below), are leasing non-renewal, entering into leases for non-sublease, non-equity encumbered, biology/chemistry laboratory space comparable in size, location and quality to the Premises (or Expansion Space, as applicable) in renewal transactions for a term comparable to the Option Term (or the term of Tenant’s lease of the Expansion Space, as applicable), which comparable biology/chemistry laboratory space is located in office buildings comparable to the Project Building in Thousand Oaks, California, the Central San Diego area 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.

Option Rent. The rent payable by Tenant during the Option Term (“"Option Rent”") shall be equal to the "Market Rent Rent" (defined below). “"Market Rent” " shall mean the applicable Monthly Basic Rental, including and all escalations, Direct Costs, Utilities Costs, additional rent and other charges at which tenants, as of the commencement of the Option Term, are leasing entering into leases for non-renewal, non-sublease, non-equity sublease space which is not encumbered by expansion rights and which is comparable in size, location and quality to the Premises (or Expansion Space, as applicable) in renewal transactions for a term comparable to the Option Term (or the term of Tenant’s lease of the Expansion Space, as applicable), which comparable space is located in the Development and in office buildings comparable to the Project in Thousand Oaksthe Xxxx Xxxxx Airport Area of Irvine, California, 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.. (c)

Option Rent. The rent payable by Tenant during the Option Term Terms ----------- (“Option Rent”"OPTION RENT") shall be equal to ninety-seven percent (97%) of the "Market Rent Rent" (defined below), but in no event shall the Option Rent be less than Tenant is paying under the Lease on the month immediately preceding the Option Term for monthly Base Rent plus Escalated Rent. “The Option Rent shall include periodic escalations to the extent indicated in the Market Rent” . "MARKET RENT" shall mean the applicable Monthly Basic RentalBase Rent, including all escalations, Direct Costs, Utilities CostsExpenses, additional rent and other charges at which tenants, as of the commencement time of the Landlord's "Option TermRent Notice" (as defined below), are leasing non-renewal, entering into leases for non-sublease, non-equity encumbered, laboratory space comparable in size, location and quality to the Premises (or Expansion Space, as applicable) in renewal transactions for a term comparable to the Option Term (or the term of Tenant’s lease of the Expansion Space, as applicable)Term, which comparable laboratory space is located in office buildings comparable to the Project Building in Thousand Oaksthe Sorrento Mesa area of San Diego, California, 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.

Option Rent. The rent payable by Tenant during the Option Term (“"Option Rent”") shall be equal to the "Market Rent Rent" (defined below). “"Market Rent” " shall mean the applicable Monthly Basic Rental, including all escalations, Direct Costs, Utilities Costs, additional rent and other charges at which tenants, as of the commencement time of the Landlord's "Option TermRent Notice" (as defined below), are leasing non-renewal, entering into leases for non-sublease, non-equity encumbered, space comparable in size, location and quality to the Premises (or Expansion Space, as applicable) in renewal transactions for a term comparable to the Option Term (or the term of Tenant’s lease of the Expansion Space, as applicable)Term, which comparable space is located in office buildings comparable to the Project in Thousand Oaksthe immediate vicinity of the Project, in San Diego, California, 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.

Option Rent. The rent payable by Tenant during the Option Term (“Option Rent”) shall be equal to the “Market Rent Rent” (defined below). “Market Rent” shall mean the applicable Monthly Basic Rental, including all escalations, Direct Costs, Utilities Costs, additional rent and other charges at which tenants, as of the commencement time of the Landlord’s “Option TermRent Notice” (as defined below), are leasing non-renewal, entering into leases for non-sublease, non-equity encumbered, space comparable in size, location and quality to the Premises (or Expansion Space, as applicable) in renewal transactions for a term comparable to the Option Term (or the term of Tenant’s lease of the Expansion Space, as applicable)Term, which comparable space is located in office buildings comparable to the Project in Thousand Oaksthe immediate vicinity of the Project, in San Diego, California, 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.

Option Rent. The rent Basic Rental payable by Tenant during the Option Term (“Option Rent”) shall be equal to the “Market Rent Rent” (defined below), but in no event shall the Option Rent be less than Tenant is paying under the Lease on the month immediately preceding the Option Term for Monthly Basic Rental, including all escalations, Direct Costs, additional rent and other charges. “Market Rent” shall mean the applicable Monthly Basic Rental, including all escalations, Direct Costs, Utilities Costs, additional rent and other charges at which tenants, as of the commencement of the Option Term, are leasing non-renewal, non-sublease, non-equity sublease space which is not encumbered by expansion rights and which is comparable in size, location and quality to the Premises (or Expansion Space, as applicable) in renewal transactions for a term comparable to the Option Term (or the term of Tenant’s lease of the Expansion Space, as applicable)Term, which comparable space is located in the Project and office buildings comparable to the Project in Thousand OaksBeverly Hills, CaliforniaCalifornia (as reasonably determined by Landlord), 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...