Prevailing Market Rate Sample Clauses

Prevailing Market Rate. The Base Rent payable by Tenant for the Premises during an Extension Term shall be the Prevailing Market Rate (as defined below) for the Premises, valued as of the commencement of such Extension Term, determined in the manner hereinafter provided. As used herein, the term “Prevailing Market Rate” shall mean the annual Base Rent that a willing tenant would pay, and that a willing landlord would accept, at arm’s length, for space comparable to the Premises within other comparable first class office buildings having more than two (2) stories located in the area including and bounded by South San Francisco to the north and Sunnyvale to the south (the “Comparable Buildings”), based upon binding lease transactions for tenants in Comparable Buildings (“Comparable Leases”). Comparable Leases shall include renewal and new non-renewal tenancies, but shall exclude subleases and leases of space subject to another tenant’s expansion rights. Rent rates payable under Comparable Leases shall be adjusted to account for variations between this Lease and the Comparable Leases with respect to: (a) the length of the Extension Term compared to the lease term of the Comparable Leases; (b) the rental structure, including, without limitation, rental rates per rentable square foot (including whether gross or net, and if gross, adjusting for base year or expense stop), additional rental, all other payments and escalations; (c) the size of the Premises compared to the size of the premises of the Comparable Leases; (d) the location, floor levels and efficiencies of the floor(s) of the Premises compared to the premises of the Comparable Lease; (e) free rent, moving expenses and other cash payments, allowances or other monetary concessions affecting the rental rate; (f) the age and quality of construction of the Building compared to the Comparable Building; (g) the leasehold improvements and/or allowances, including the amounts thereof in renewal leases, and taking into account, in the case of renewal leases (including this Lease), the value of existing leasehold improvements to the renewal tenant, (h) access and proximity to Caltrain, (i) the amenities available to tenants in the Building compared to amenities available to tenants in Comparable Buildings; (j) the energy efficiencies and environmental elements of the Building compared to Comparable Buildings, including improvements required for the U.S. Green Building Council’s Leadership in Energy and Environmental Design (“LEED”) cert...
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Prevailing Market Rate. The first sentence of Paragraph 38(B) of the Original Lease is hereby deleted and replaced with the following: “The determination of Prevailing Market Rate, regardless of whether made by agreement between Landlord and Tenant or by the Appraisal Process, shall be based on lease terms and rental rates in Class “A” buildings of at least five (5) stories within a twenty (20) mile radius of the Building, which are comparable in services, amenities, quality and build out as those in the Building and Leased Premises, and shall take into account (1) the definition of rentable area or net rentable area, as the case may be, with respect to which the Prevailing Market Rate is computed, so that comparable useable area is being compared; (2) rental concessions then customarily being given or offered (such as, but not limited to, abatements, cost contributions, lease assumptions or take-overs, payment of moving or other expenses and construction allowances or leasehold improvements; (3) applicable distinctions between “gross” leases and “net” leases; (4) base year or base amounts used in calculating any pass-through of costs and expenses to tenants; and (5) customary brokerage commissions.”
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Prevailing Market Rate. The term "prevailing market rate" shall mean the prevailing market rate on the commencement date of the applicable Extension (i) for leases for a comparable term to the Extension of comparable space within the Project or (ii) if no such comparable leases have been entered into during the prior twelve (12) months, for leases for a term equal to the term of the Extension of comparable space within similar buildings within the City of San Diego Scientific Research Zoning Ordinance, entered into during the preceding twelve (12) months, in either case giving appropriate consideration to rental rates per rentable square foot, rental escalations, rental abatements, tenant improvement allowances and other terms that would directly affect the economic terms of a Lease. Landlord and Tenant shall commence negotiation of the prevailing market rate within fifteen (15) days after Tenant delivers a written notice to Landlord of its exercise of an Option. If Landlord and Tenant do not agree, after good faith negotiations, within twenty (20) days, then each party shall submit to the other a proposal containing the prevailing market rate the submitting party believes to be correct ("Extension Proposal"). If either party fails to timely submit an Extension Proposal, the other party's submitted proposal shall determine the Basic Rent for the Extension.
Sample 1
Prevailing Market Rate. As used herein, the term "Prevailing Market Rate" shall mean the amount of monthly minimum rent determined from leases, excluding subleased space, of Comparable Space (1) which have been executed within the period between six (6) months and eighteen (18) months before the commencement of the Option Term or (2) where the prevailing market rent in a lease of Comparable Space has been determined within the period between six (6) months and eighteen (18) months before the commencement of the Option Term in order to determine option rent for such lease in connection with the exercise of an option to extend the term of such lease. The determination of Prevailing Market Rate shall take into account and adjust, when it is appropriate to do so, for the following items of comparability:
Sample 1
Prevailing Market Rate. As soon as practical after the enactment of Universal Childcare Legislation, City will notify Tenant in writing of City’s good faith determination of the Prevailing Market Rate for the Premises. “Prevailing Market Rate” for the Premises means the rent and all other payments and escalations, including consumer price indexing, that City could obtain from a third party desiring to lease the Premises for the permitted Use taking into account the age of the Building, the size, location, and floor levels of the Premises, the quality of construction of the Building and the Premises, the services provided under the terms of this Lease, the rent then being obtained for new childcare leases of space comparable to the Premises in the same general area as the Building, and all other factors that would be relevant to a third party desiring to lease the Premises in determining the rent the third party would be willing to pay in its As Is condition. (i) Within fifteen (15) days after receiving City’s determination of the Prevailing Market Rate, Tenant will notify City in writing either of (A) Tenant’s acceptance of the determination, in which case that determination will constitute the new Base Rent as of the commencement of an amendment to the Lease, or (B) Tenant’s own good faith determination of the Prevailing Market Rate, including written justification for its determination. In no event shall Tenant’s good faith determination be less than six percent (6%) of Tenant’s new projected revenues under the Universal Childcare Legislation. (ii) If Tenant provides City with its determination of the Prevailing Market Rate under Section 27.2(b) above, then within thirty (30) days after Xxxxxx’s notice to City, the parties will attempt in good faith to meet no less than two (2) times, at a mutually agreeable time and place, to attempt to resolve any disagreement on the Prevailing Market Rate. The parties may mutually agree in writing to extend the thirty (30) day consultation period for a reasonable period to resolve their disagreement if the parties are negotiating in good faith and would be unable to resolve their differences within thirty (30) days. (iii) If, within the consultation period, City and Tenant cannot reach agreement on the Prevailing Market Rate, then City shall have the right to terminate this Lease by providing written notice to Tenant and the Lease shall terminate on the date which is one hundred eighty (180) day following City’s notice of termination.
Sample 1
Prevailing Market Rate. The Prevailing Market Rate for the Expansion Space shall be determined in a manner consistent with the determination of Prevailing Market Rate under Section 33.3 and Section 33.4 above; provided, however, that (i) references to "the Premises" in Section 33.3 and Section 33.4 shall be replaced by "the Expansion Space," (ii) references to "the Extension Term" shall be replaced by "the Expansion Term," (iii) the Prevailing Market Rate shall be valued as of the date of delivery of the Expansion Space, (iv) references to "the Extension Option" shall be replaced by "the Expansion Option," and (v) the Prevailing Market Rent for the Expansion Space shall take into account whether based on then market conditions, Tenant should obtain a tenant improvement allowance for the Expansion Space, and if so, the amount of such allowance.
Sample 1
Prevailing Market Rate. (a) As used in this Lease, "Prevailing Market Rate" shall mean the rate being charged for comparable space in comparable office buildings in the Centxxx Xxxxxxxx Xxxxxxxx xx Xxxxxxx, Xxxxxxxxxx xx of the date of commencement of
Sample 1
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Prevailing Market Rate. The Basic Rental payable by Tenant for the Premises during an Extension Term shall be the “prevailing market rate” (as defined below) for the Premises, valued
Sample 1
Prevailing Market Rate. For purposes hereof, Prevailing Market rate shall mean the annual rental rate per square foot for space comparable to the particular Offering Space in Building 223 and office buildings comparable to Building 223 in the central Perimeter submarket in Atlanta, Georgia under leases and renewal and expansion amendments being entered into at or about the time that Prevailing Market is being determined, giving appropriate consideration to tenant concessions, brokerage commissions, tenant improvement allowances, and the method of allocating operating expenses and taxes (which items, if any, shall be provided to Tenant to the extent considered in determining Prevailing Market rate). Notwithstanding the foregoing, space leased under any of the following circumstances shall not be considered to be comparable for purposes hereof: (i) the term is for less than the term of the Offering Space, (ii) the space is encumbered by the option rights of another tenant, or (iii) the space has a lack of windows and/or an awkward or unusual shape or configuration. The foregoing is not intended to be an exclusive list of space that will not be considered to be comparable.
Sample 1

Related to Prevailing Market Rate

  • Definition of Prevailing Market For purposes of this Extension Option, “Prevailing Market” shall mean the arms-length, fair-market, annual rental rate per rentable square foot under extension and renewal leases and amendments entered into on or about the date on which the Prevailing Market is being determined hereunder for space comparable to the Premises in the Building and office buildings comparable to the Building in the San Mateo, California area. The determination of Prevailing Market shall take into account any material economic differences between the terms of the Lease and any comparison lease or amendment, such as rent abatements, construction costs and other concessions, and the manner, if any, in which the landlord under any such lease is reimbursed for operating expenses and taxes. The determination of Prevailing Market shall also take into consideration any reasonably anticipated changes in the Prevailing Market rate from the time such Prevailing Market rate is being determined and the time such Prevailing Market rate will become effective under the Lease.

  • 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.

  • PREVAILING RIGHTS All rights, privileges, and working conditions enjoyed by the employees at the present time which are not included in this Agreement shall remain in full force, unchanged and unaffected in any manner, during the term of this Agreement unless changed by mutual consent.

  • PREVAILING WAGE RATES The contractor shall comply with prevailing wage rates as defined by the United States Department of Labor Xxxxx-Xxxxx Wage Determination at xxxx://xxx.xxx.xxx/whd/contracts/dbra.htm and at the Wage Determinations website xxx.xxxx.xxx for Xxxxxx County, Texas (WD-2509).

  • Negotiation of alternative rate of interest If the Agent’s notice under Clause 5.6 is served after an Advance is made, the Borrower, the Agent and the Lenders or (as the case may be) the Affected Lender shall use reasonable endeavours to agree, within the 30 days after the date on which the Agent serves its notice under Clause 5.6 (the “Negotiation Period”), an alternative interest rate or (as the case may be) an alternative basis for the Lenders or (as the case may be) the Affected Lender to fund or continue to fund their or its Contribution to the relevant Advance or Advances during the Interest Period concerned.

  • Prevailing Party In the event any person initiates or defends any legal action or proceeding to enforce or interpret any of the terms of this Agreement, the prevailing party in any such action or proceeding shall be entitled to recover its reasonable costs and attorney’s fees (including its reasonable costs and attorney’s fees on any appeal).

  • Prevailing Language The Agreement is drawn up in English and in Czech language versions. In case of any dispute Czech language version shall prevail.

  • Alternate Rate of Interest If prior to the commencement of any Interest Period for a Eurodollar Borrowing: (a) the Administrative Agent determines (which determination shall be conclusive absent manifest error) that adequate and reasonable means do not exist for ascertaining the Adjusted LIBO Rate or the LIBO Rate, as applicable, for such Interest Period; or (b) the Administrative Agent is advised by the Required Lenders that the Adjusted LIBO Rate or the LIBO Rate, as applicable, for such Interest Period will not adequately and fairly reflect the cost to such Lenders (or Lender) of making or maintaining their Loans (or its Loan) included in such Borrowing for such Interest Period; then the Administrative Agent shall give notice thereof to the Borrower and the Lenders by telephone or telecopy as promptly as practicable thereafter and, until the Administrative Agent notifies the Borrower and the Lenders that the circumstances giving rise to such notice no longer exist, (i) any Interest Election Request that requests the conversion of any Revolving Borrowing to, or continuation of any Revolving Borrowing as, a Eurodollar Borrowing shall be ineffective and (ii) if any Borrowing Request requests a Eurodollar Revolving Borrowing, such Borrowing shall be made as an ABR Borrowing; provided that if the circumstances giving rise to such notice affect only one Type of Borrowings, then the other Type of Borrowings shall be permitted.

  • Calculation of default rate of interest The rates referred to in Clause 6.2 are: (a) the rate applicable to the overdue principal amount immediately prior to the relevant date (but only for any unexpired part of any then current Interest Period applicable to it); (b) the Margin plus the Mandatory Cost plus, in respect of successive periods of any duration (including at call) up to 3 months which the Lender may select from time to time: (i) LIBOR; or (ii) if the Lender determines that Dollar deposits for any such period are not being made available to it by leading banks in the London interbank market in the ordinary course of business, a rate from time to time determined by the Lender by reference to the cost of funds to it from such other sources as the Lender may from time to time determine.

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