Option Term Rent. Tenant shall pay the following rent for the Leased Premises: Landlord and Tenant will attempt to agree upon a Fair Market Rental Value of the Leased Premises satisfactory to both parties within thirty (30) days of Tenant’s exercise of its option. If no agreement can be reached by the parties during that period, then the Base Monthly Rental for the Option Term shall be determined by the Fair Market Rental Value of the Leased Premises as determined by comparison to premises of similar size located in or near the City of Fort Xxxxxxx, Colorado, having comparable development, use and density capability and such other characteristics as may be deemed relevant by a subject appraiser whose selection is outlined herein. Landlord shall select an independent commercial real estate broker with at least ten (10) years’ experience in the City of Fort Xxxxxxx, Colorado (a “Qualified Broker”). The Qualified Broker selected by the Landlord shall be referred to as the “Landlord’s Broker”. Within thirty (30) days of being selected by the Landlord, the Landlord’s Broker shall determine the Fair Market Rental Value of the Leased Premises in accordance with the appraisal standards set forth above and shall immediately give the Landlord and the Tenant written notification of his determination. If the Tenant agrees with the Landlord’s Broker’s determination of the Fair Market Rental Value, the new Base Monthly Rental shall become effective beginning with the first month of the Option Term. If the Tenant does not agree with the Landlord’s Broker’s determination of Fair Market Rental Value, the Tenant shall have the right to select its own Qualified Broker to determine the Fair Market Rental Value. If the Tenant does elect to appoint a Qualified Broker (the “Tenant’s Broker”), the Tenant shall select the Tenant’s Broker within thirty (30) business days after receiving the Landlord’s Broker’s determination of the Fair Market Rental Value. The Tenant’s Broker shall make his own determination of the Fair Market Rental Value in accordance with the provisions set forth above, within thirty (30) business days of being selected by the Tenant and shall immediately give the Landlord and the Tenant written notice of his determination. If the Fair Market Rental Values as determined by the Landlord’s Broker and the Tenant’s Broker, respectively, differ by an amount which is equal to or less than 5% of the Fair Market Rental Value determined by the Landlord’s Broker, then the arithmetic mean o...
Option Term Rent. (a) The Base Rent for the first (1st) year of the Option Term, (" FMV Adjustment Date"), shall be subject to adjustment as set forth in Paragraph 52 of this Addendum, payable in advance on the first day of each month thereafter.
(b) The Base Rent for year two (2) of the Option Term shall not be adjusted but shall be the same as Base Rent for year one (1) of the Option Term.
(c) Base Rent for the third, fourth and fifth year of the Option Term shall be adjusted as set forth in Paragraphs 50. 1 (b) through 50. 1 (c) of this Addendum at the commencement of the third, fourth and fifth year of the Option Term, ("COL Adjustment Date").
(d) At the commencement of the sixth year of the Option Term, ("FMV Adjustment Date"), the then current monthly Base Rent for the Premises shall be adjusted to the fair market rental value for the Premises in the manner provided in Paragraph 52 below, payable in advance on the first day of each month thereafter.
(e) The Base Rent for year seven (7) of the Option Term shall not be adjusted but shall be the same as Base Rent for year six (6) of the Option Term.
(f) At the commencement of the eighth, ninth, and tenth year of the term, ("COL Adjustment Date") the then current monthly Base Rent for the Premises shall be subject to a cost of living adjustment in the manner set forth in Paragraphs 50. 1 (b) through 50. 1 (c) above.
Option Term Rent. The minimum rental for the five (5) year option term beginning October 1, 2018, and ending September 30, 2023, shall be market rent Lessee shall notify Lessor by April 1, 2018, if it intends to exercise the
Option Term Rent. The Basic Rent payable during each of ---------------- the Option Terms shall be ninety-five percent (95%) of the Fair Market Rent as defined in Section 36.3 below for the Property for the Option Term in question.
Option Term Rent. If the option is exercised, rent shall be increased as determined by use of the U.S. Bureau of Labor Statistics, Consumer Price Index for All Urban Consumers (CPI-U), U.S. City Average, or a similar type index if the CPI-U is not maintained. The increase shall be based on the index difference between the base year (December 1, 2001) and the index as of the last year of the lease term (November 30, 2006). For example, if the base year index is 180 and at the end of the least term the index is 183, the increase in the index is 3.0. Rent for the option term shall be calculated by multiplying the base year rent ($4,250.00) by 103% or $4,377.50 per month. In no event shall the rent decrease below $4,700.00 per month should the index difference evidence a decrease.
Option Term Rent. Basic rent under Section 4.1 hereof shall, during the Option Term, be equal to the basic rent payable at the expiration of the initial term of this Lease, subject to periodic adjustment during the Option Term in accordance with Section 4.3 hereof.
Option Term Rent. The Option Term Base Rent for the Premises for the Option Term shall mean the greater of (a) the Base Annual Rent payable by Tenant under this Lease for the twelve (12) month period immediately prior to the commencement of the Option Term (the Preceding Base Rent ); or (b) the Market Base Rent, which as used herein shall mean the amount of Base Annual Rent, including any annual or other periodic escalations, that Landlord, under commercially reasonable circumstances, could obtain from a third party desiring to lease the Premises under a lease containing terms and conditions substantially identical to those of this Lease, including without limitation additional rent payable by Tenant with respect to Building Costs, Project Costs, Taxes and Additional Taxes pursuant to Article 3 of the Lease, for the Option Term under market leasing conditions then existing, and taking into account the following: the length of term; the size, location, configuration and floor levels of the Premises; the type and quality of improvements in or amenities available to the Premises, Building and Project; age and location 39
Option Term Rent. The rent for the Lease Extension Option Term effective from November 1, 2011 through June 30, 2015 shall be Three Hundred Fifteen Thousand Six Hundred Dollars ($315,600.00) annually, payable Twenty Six Thousand Three Hundred Dollars ($26,300.00) monthly, fully net.
Option Term Rent. If Tenant exercises the option to extend this Lease in the manner provided under Paragraph 4, then the annual rent last determined to be payable by Tenant shall be decreased by the amount of the Consumer Price Index increase determined in the following manner. The Consumer Price Index for the purpose of this Lease shall be deemed to be the U.S. Department of Labor Consumer Price Index: U.S. city average, all urban consumers (CPI-U), 1967 = 100, all items. The base Consumer Price Index shall be that determined for the month of January, 1988. The new base shall be determined to be the Consumer Price Index for the month of January immediately preceding completion of the term then in effect. The amount determined to be the difference between the new base Consumer Price Index and the base Consumer Price Index divided by the base Consumer Price Index shall constitute the increase in Consumer Price Index for the purpose of this Lease. Landlord shall give Tenant notice of the Consumer Price Index increase and the new amount of rent then due as soon as practicable. maintain the exterior and structural parts of the building, including but not limited to, the roof, the walls (except interior painting or decorating, and excepting any plate glass), floors (except floor covering), foundation, canopy, sewers and utility services, unless any such repair or replacement thereof is occasioned by reason of acts or neglect of Tenant, its agent, servants or employees.
Option Term Rent. Notwithstanding the provisions of Section 3.1 above, the Annual Fixed Rent payable during each Option Term exercised shall be the fair market value for the Leased Premises during such Option Term, which shall be based on the fixed annual rent that landlords of comparable buildings in East Cambridge have agreed to accept, and sophisticated nonaffiliated tenants of comparable buildings have agreed to pay, in current arms-length transactions for comparable premises, for a term equal to the Option Term and commencing on or about the first day of the Option Term and taking into account all relevant factors and concessions. The determination of such fair market value shall be by mutual agreement of the Parties. If the Parties cannot agree on the determination of such fair market value within thirty (30) days following Tenant’s written notice exercising such Option Term, the Parties shall together select an independent licensed real estate broker to determine such fair market value. If the Parties cannot agree on the selection of such an independent licensed real estate broker within thirty (30) days following the initial thirty (30) period set forth in the preceding sentence, then each Party shall select one independent licensed real estate broker, who together shall select a third independent licensed real estate broker, whose determination of such fair market value shall be made within thirty (30) days thereafter and shall be binding on the Parties.
