Common use of Prevailing Market Rent Clause in Contracts

Prevailing Market Rent. All terms and conditions of this Lease shall be applicable during the Renewal Period except that the amount of Base Rent charged for the Renewal Period shall be the then “Prevailing Market Rent”. The term “Prevailing Market Rent” shall mean the annual amount per rentable square foot that a tenant has paid and Landlord has accepted in transactions during the period of eighteen (18) months and twelve (12) months prior to the commencement of the Renewal Period between non-affiliated parties from new, non-expansion, non-renewal and non-equity tenants of comparable credit-worthiness, for comparable space, for a comparable use for a comparable period of time (“Comparable Transactions”) in the Building, or if there are not a sufficient number of Comparable Transactions in the Building, what a comparable landlord of comparable buildings in the Sunnyvale submarket of California with comparable vacancy factors would accept in Comparable Transactions. In any determination of Comparable Transactions consideration shall be given to the annual rental rates per rentable square foot, the standard of measurement by which the rentable square footage is measured, the ratio of rentable square feet to usable square feet, the type of escalation clause (e.g., whether increases in additional rent are determined on a net or gross basis, and if gross, whether such increases are determined according to a base year or a base dollar amount expense stop), abatement provisions reflecting free rent and/or no rent during the period of construction or subsequent to the commencement date as to the space in question, brokerage commissions, if any, which would be payable by Landlord in similar transactions, length of the lease term, size and location of premises being leased, building standard work letter and/or tenant improvement allowances, if any, the value of the existing tenant improvements to the typical prospective tenant and ignoring the fact that the existing improvements were built out for Tenant, and other generally applicable conditions of tenancy for such Comparable Transactions. The intent is that Xxxxxx will obtain the same rent and other economic benefits that Landlord would otherwise give in Comparable Transactions and that Landlord will make, and receive the same economic payments and concessions that Landlord would otherwise make, and receive in Comparable Transactions. If, for example, after applying the criteria set forth above, Comparable Transactions provide a new tenant with comparable space at Thirty-Two Dollars ($32) per rentable square foot, with a Ten Dollar ($10) base amount expense stop, three (3) months at no rent to construct improvements, four (4) months’ free rent, Fifty Dollars ($50) per usable square foot tenant improvement allowance, a lease takeover obligation in the amount of One Hundred Thousand Dollars ($100,000.00), a brokerage commission of Fifty Thousand Dollars ($50,000), and certain other generally applicable economic terms, the Prevailing Market Rent for Tenant shall not be Thirty-Two Dollars ($32) per rentable square foot only, but shall be the equivalent of Thirty-Two Dollars ($32) per rentable square foot, a Ten Dollar ($10) base amount expense stop, three (3) months at no rent to construct improvements or three (3) months’ additional free rent in lieu of such construction, an additional four (4) months’ free rent, Fifty Dollars ($50) per usable square foot tenant improvement allowance or payment in lieu of such allowance, a lease takeover obligation in the amount of One Hundred Thousand Dollars ($100,000.00), a payment to Tenant’s then broker of a Fifty Thousand Dollar ($50,000) brokerage commission (or if Tenant is not then represented by a broker, Tenant shall receive a rent credit in the amount of the brokerage commission that Landlord would have otherwise been required to pay) and such other generally applicable economic terms. If within thirty (30) days following delivery of Tenant’s notice, Landlord and Tenant have not mutually agreed on the Prevailing Market Rent for the Renewal Period in question, then the parties shall use the following method to determine the Prevailing Market Rent (the “Three Broker Method”): within ten (10) business days after the expiration of such thirty-day period, each party shall give written notice to the other setting forth the name and address of a Broker (as hereinafter defined) selected by such party who has agreed to act in such capacity, to determine the Prevailing Market Rent. If either party has failed to select a Broker as aforesaid, the Prevailing Market Rent shall be determined by the Broker selected by the other party. Each Broker shall thereupon independently make his or her determination of the Prevailing Market Rent within twenty (20) days after the appointment of the second Broker. If the two Brokers’ determinations are not the same, but the higher of such two values is not more than one hundred five percent (105%) of the lower of them, then the Prevailing Market Rent shall be deemed to be the average of the two values. If the higher of such two values is more than one hundred five percent (105%) of the lower of them, then the two Brokers shall jointly appoint a third Broker within ten (10) days after the second of the two determinations described above has been rendered. The third Broker shall independently make his determination of the Prevailing Market Rent within twenty (20) days after his appointment. The highest and the lowest determinations of value among the three Brokers shall be disregarded and the remaining determination shall be deemed to be the Prevailing Market Rent.

Prevailing Market Rent. All terms and conditions of this Lease shall be applicable during the Renewal Period except that the amount of Base Rent charged for the Renewal Period shall be the then The prevailing market rental rate (“Prevailing Market Rate”) is defined as the Basic Rent”. The term “Prevailing Market Rent” shall mean , together with any increases thereof during the annual amount per extension period, ,and other economic terms then being accepted by Landlord for a 60-month lease of comparable space in the Project in excess of 50,000 rentable square foot that feet to a tenant has paid and Landlord has accepted in transactions during the period of eighteen (18) months and twelve (12) months prior to the commencement of the Renewal Period between non-affiliated parties from new, non-expansionsublease, non-renewal and non-equity expansion (except for extensions by tenants of comparable credit-worthiness, for comparable space, for whose leases contain a comparable use fair market extension right, whether or not exercised, and for expansions pursuant to an option right at a comparable period fair market rate)as of time the commencement of the applicable extension term (“Comparable Transactions”) in ). To the Building, or if extent there are not a sufficient number of Comparable Transactions in the BuildingProject, then Comparable Transactions will also include what a comparable landlord of comparable buildings in the Sunnyvale submarket of California with comparable vacancy factors in comparable locations in the vicinity of the Project (“Comparable Buildings”) would accept in Comparable Transactions, taking into account and adjusting for historic rental differentials between the Comparable Buildings and the Project. In any determination of Comparable Transactions appropriate consideration shall be given to the annual rental rates per rentable square foot, the standard of measurement by which the rentable square footage is measured, the ratio of rentable square feet to usable square feet, the type of escalation clause (e.g., whether increases in additional rent are determined on a net or gross basis, and if gross, whether such increases are determined according to a base year or a base dollar amount expense stop), parking rights and obligations (it being specifically understood that because Tenant is granted free parking hereunder, Landlord shall be entitled to an economic credit if other tenants of the Project and Comparable Buildings are then paying for parking), roof/antenna and other license rights, signage rights, abatement provisions reflecting free rent and/or no rent during the period of construction or subsequent to the commencement date as to the space in question, brokerage commissions, commissions (but only if any, which would be payable by Tenant has engaged the services of a broker or Landlord in similar transactionsis otherwise required to pay a commission with respect to a renewal), length of the lease term, size and location of premises being leased, building standard work letter and/or tenant improvement improvements allowances, if any, the value condition of the base building and the Landlord’s responsibility with respect thereto, the value, if any, of the existing tenant improvements to the typical prospective tenant and ignoring the fact that the existing improvements were built out for Tenantimprovements, all other relevant economic considerations and other generally applicable conditions of tenancy for such Comparable Transactions. The intent is that Xxxxxx Tenant will obtain (and pay) the same rent and receive the other economic benefits that Landlord would otherwise give in Comparable Transactions and that Landlord will make, make and receive the same economic payments and concessions that Landlord would otherwise make, make and receive in Comparable Transactions. If, for example, after applying the criteria set forth above, Comparable Transactions provide a new tenant with comparable space at Thirty-Two Dollars ($32) per rentable square foot, with a Ten Dollar ($10) base amount expense stop, three (3) months at no rent to construct improvements, four (4) months’ free rent, Fifty Dollars ($50) per usable square foot tenant improvement allowance, a lease takeover obligation in the amount of One Hundred Thousand Dollars ($100,000.00), a brokerage commission of Fifty Thousand Dollars ($50,000), and certain other generally applicable economic terms, the Prevailing Market Rent for Tenant shall not be Thirty-Two Dollars ($32) per rentable square foot only, but shall be the equivalent of Thirty-Two Dollars ($32) per rentable square foot, a Ten Dollar ($10) base amount expense stop, three (3) months at no rent to construct improvements or three (3) months’ additional free rent in lieu of such construction, an additional four (4) months’ free rent, Fifty Dollars ($50) per usable square foot tenant improvement allowance or payment in lieu of such allowance, a lease takeover obligation in the amount of One Hundred Thousand Dollars ($100,000.00), a payment to Tenant’s then broker of a Fifty Thousand Dollar ($50,000) brokerage commission (or if Tenant is not then represented by a broker, Tenant shall receive a rent credit in the amount of the brokerage commission that Landlord would have otherwise been required to pay) and such other generally applicable economic terms. If within thirty (30) days following delivery of Tenant’s notice, Landlord and Tenant have not mutually agreed on the Prevailing Market Rent for the Renewal Period in question, then the parties shall use the following method to determine the Prevailing Market Rent (the “Three Broker Method”): within ten (10) business days after the expiration of such thirty-day period, each party shall give written notice to the other setting forth the name and address of a Broker (as hereinafter defined) selected by such party who has agreed to act in such capacity, to determine the Prevailing Market Rent. If either party has failed to select a Broker as aforesaid, the Prevailing Market Rent shall be determined by the Broker selected by the other party. Each Broker shall thereupon independently make his or her determination of the Prevailing Market Rent within twenty (20) days after the appointment of the second Broker. If the two Brokers’ determinations are not the same, but the higher of such two values is not more than one hundred five percent (105%) of the lower of them, then the Prevailing Market Rent shall be deemed to be the average of the two values. If the higher of such two values is more than one hundred five percent (105%) of the lower of them, then the two Brokers shall jointly appoint a third Broker within ten (10) days after the second of the two determinations described above has been rendered. The third Broker shall independently make his determination of the Prevailing Market Rent within twenty (20) days after his appointment. The highest and the lowest determinations of value among the three Brokers shall be disregarded and the remaining determination shall be deemed to be the Prevailing Market Rent.

Prevailing Market Rent. All terms and conditions of this Lease shall be applicable during the Renewal Period except that the amount of The Base Rent charged payable by Tenant for the Renewal Period Premises during an Extension Term shall be the then “Prevailing Market Rent”Rate (as defined below) for the Premises, valued as of the commencement of such Extension Term, determined in the manner hereinafter provided. The As used herein, the term “"Prevailing Market Rent” Rate" shall mean the annual amount per rentable square foot Base Rent that a willing tenant has paid would pay, and Landlord has accepted in transactions during the period of eighteen (18) months and twelve (12) months prior that a willing landlord would accept, at arm's length, for space comparable to the commencement of Premises within other comparable first class office buildings having more than two (2) stories located in the Renewal Period between non-affiliated parties from newarea including and bounded by South San Francisco to the north and Sunnyvale to the south (the "Comparable Buildings"), non-expansion, 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 non-equity tenants leases of comparable credit-worthiness, for comparable space, for a comparable use for a comparable period of time (“space subject to another tenant's expansion rights. Rent rates payable under Comparable Transactions”) in the Building, or if there are not a sufficient number of Comparable Transactions in the Building, what a comparable landlord of comparable buildings in the Sunnyvale submarket of California with comparable vacancy factors would accept in Comparable Transactions. In any determination of Comparable Transactions consideration Leases shall be given 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 annual lease term of the Comparable Leases; (b) the rental structure, including, without limitation, rental rates per rentable square foot, the standard of measurement by which the rentable square footage is measured, the ratio of rentable square feet to usable square feet, the type of escalation clause foot (e.g., including whether increases in additional rent are determined on a net gross or gross basisnet, and if gross, whether such increases are determined according to a adjusting for base year or a base dollar amount expense stop), abatement provisions reflecting 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 and/or no rent during rent, moving expenses and other cash payments, allowances or other monetary concessions affecting the period rental rate; (f) the age and quality of construction or subsequent of the Building compared to the commencement date as to Comparable Building; (g) the space in question, brokerage commissions, if any, which would be payable by Landlord in similar transactions, length of the lease term, size and location of premises being leased, building standard work letter leasehold improvements and/or tenant improvement allowances, if anyincluding the amounts thereof in renewal leases, and taking into account, in the case of renewal leases (including this Lease), the value of the existing tenant leasehold improvements to the typical prospective tenant renewal tenant, (h) access and ignoring proximity to Caltrain, (i) the fact that amenities available to tenants in the existing improvements were built out for Tenant, and other generally applicable conditions of tenancy for such Comparable Transactions. The intent is that Xxxxxx will obtain the same rent and other economic benefits that Landlord would otherwise give Building compared to amenities available to tenants in Comparable Transactions Buildings; (j) the energy efficiencies and that Landlord will makeenvironmental elements of the Building compared to Comparable Buildings, including improvements required for the U.S. Green Building Council's Leadership in Energy and receive Environmental Design ("LEED") certification, (k) the same economic payments brokerage commissions and concessions that Landlord would otherwise make, and receive in Comparable Transactions. If, for example, after applying (l) the criteria set forth above, Comparable Transactions provide a new tenant with comparable space at Thirty-Two Dollars ($32) per rentable square foot, with a Ten Dollar ($10) base amount expense stop, three (3) months at no rent to construct improvements, four (4) months’ free rent, Fifty Dollars ($50) per usable square foot tenant improvement allowance, a lease takeover obligation in the amount availability of One Hundred Thousand Dollars ($100,000.00), a brokerage commission of Fifty Thousand Dollars ($50,000), and certain other generally applicable economic termsparking, the Prevailing Market Rent for Tenant shall not be Thirty-Two Dollars ($32) per rentable square foot only, but shall be the equivalent of Thirty-Two Dollars ($32) per rentable square foot, a Ten Dollar ($10) base amount expense stop, three (3) months at no rent to construct improvements or three (3) months’ additional free rent in lieu of such construction, an additional four (4) months’ free rent, Fifty Dollars ($50) per usable square foot tenant improvement allowance or payment in lieu of such allowance, a lease takeover obligation in the amount of One Hundred Thousand Dollars ($100,000.00), a payment to Tenant’s then broker of a Fifty Thousand Dollar ($50,000) brokerage commission (or if Tenant is not then represented by a broker, Tenant shall receive a rent credit in the amount of the brokerage commission that Landlord would have otherwise been required to pay) parking ratio and such other generally applicable economic terms. If within thirty (30) days following delivery of Tenant’s notice, Landlord and Tenant have not mutually agreed on the Prevailing Market Rent for the Renewal Period in question, then the parties shall use the following method to determine the Prevailing Market Rent (the “Three Broker Method”): within ten (10) business days after the expiration of such thirty-day period, each party shall give written notice to the other setting forth the name and address of a Broker (as hereinafter defined) selected by such party who has agreed to act in such capacity, to determine the Prevailing Market Rent. If either party has failed to select a Broker as aforesaid, the Prevailing Market Rent shall be determined by the Broker selected by the other party. Each Broker shall thereupon independently make his or her determination of the Prevailing Market Rent within twenty (20) days after the appointment of the second Broker. If the two Brokers’ determinations are not the same, but the higher of such two values is not more than one hundred five percent (105%) of the lower of them, then the Prevailing Market Rent shall be deemed to be the average of the two values. If the higher of such two values is more than one hundred five percent (105%) of the lower of them, then the two Brokers shall jointly appoint a third Broker within ten (10) days after the second of the two determinations described above has been rendered. The third Broker shall independently make his determination of the Prevailing Market Rent within twenty (20) days after his appointment. The highest and the lowest determinations of value among the three Brokers shall be disregarded and the remaining determination shall be deemed to be the Prevailing Market Rentparking charges.

Prevailing Market Rent. All terms and conditions of this Lease shall be applicable The prevailing market rental rate ("PREVAILING MARKET RENT") is defined as the Base Rent, together with any increases thereof during the Renewal Period except that extension period, and other economic terms then being accepted by Landlord for a 60-month lease of comparable space in the amount Project in excess of Base Rent charged for the Renewal Period shall be the then “Prevailing Market Rent”. The term “Prevailing Market Rent” shall mean the annual amount per 50,000 rentable square foot feet (the parties acknowledge that any transaction in excess of 50,000 rentable square feet will be a tenant has paid "comp" because they understand that there may be no 600,000 square feet deals and Landlord has accepted in transactions during the period of eighteen (18) months and twelve (12) months prior to the commencement that one or two 600,000 square feet deals may reflect a distorted picture of the Renewal Period between non-affiliated parties from market place) to a new, non-expansionsublease, non-renewal and non-equity expansion tenant (except for extensions by tenants of comparable credit-worthiness, for comparable space, for whose leases contain a comparable use fair market extension right, whether or not exercised, and for expansions pursuant to an option right at a comparable period fair market rate) as of time the commencement of the applicable extension term (“Comparable Transactions”) in "COMPARABLE TRANSACTIONS"). To the Building, or if extent there are not a sufficient number of Comparable Transactions in the BuildingProject, then Comparable Transactions will also include what a comparable landlord of comparable buildings in the Sunnyvale submarket of California with comparable vacancy factors in comparable locations in the vicinity of the Project ("COMPARABLE BUILDINGS") would accept in Comparable Transactions, taking into account and adjusting for historic rental differentials between the Comparable Buildings and the Project. In any determination of Comparable Transactions appropriate consideration shall be given to the annual rental rates per rentable square foot, the standard of measurement by which the rentable square footage is measured, the ratio of rentable square feet to usable square feet, the type of escalation clause (e.g., whether increases in additional rent are determined on a net or gross basis, and if gross, whether such increases are determined according to a base year or a base dollar amount expense stop), parking rights and obligations (it being specifically understood that because Tenant is granted free parking hereunder, Landlord shall be entitled to an economic credit if other tenants of the Project and Comparable Buildings are then paying for parking), roof/antenna and other license rights, signage rights, abatement provisions reflecting free rent and/or no rent during the period of construction or subsequent to the commencement date as to the space in question, brokerage commissions, commissions (but only if any, which would be payable by Tenant has engaged the services of a broker or Landlord in similar transactionsis otherwise required to pay a commission with respect to the renewal), length of the lease term, size and location of premises being leased, building standard work letter and/or tenant improvement improvements allowances, if any, the value condition of the base building and the Landlord's responsibility with respect thereto, the value, if any, of the existing tenant improvements to the typical prospective tenant and ignoring the fact that the existing improvements were built out for Tenantimprovements, all other relevant economic considerations and other generally applicable conditions of tenancy for such Comparable Transactions. The intent is that Xxxxxx Tenant will obtain (and pay) the same rent and receive the other economic benefits that Landlord would otherwise give in Comparable Transactions and that Landlord will make, make and receive the same economic payments and concessions that Landlord would otherwise make, make and receive in Comparable Transactions. If, for example, after applying the criteria set forth above, Comparable Transactions provide a new tenant with comparable space at Thirty-Two Dollars ($32) per rentable square foot, with a Ten Dollar ($10) base amount expense stop, three (3) months at no rent to construct improvements, four (4) months’ free rent, Fifty Dollars ($50) per usable square foot tenant improvement allowance, a lease takeover obligation in the amount of One Hundred Thousand Dollars ($100,000.00), a brokerage commission of Fifty Thousand Dollars ($50,000), and certain other generally applicable economic terms, the Prevailing Market Rent for Tenant shall not be Thirty-Two Dollars ($32) per rentable square foot only, but shall be the equivalent of Thirty-Two Dollars ($32) per rentable square foot, a Ten Dollar ($10) base amount expense stop, three (3) months at no rent to construct improvements or three (3) months’ additional free rent in lieu of such construction, an additional four (4) months’ free rent, Fifty Dollars ($50) per usable square foot tenant improvement allowance or payment in lieu of such allowance, a lease takeover obligation in the amount of One Hundred Thousand Dollars ($100,000.00), a payment to Tenant’s then broker of a Fifty Thousand Dollar ($50,000) brokerage commission (or if Tenant is not then represented by a broker, Tenant shall receive a rent credit in the amount of the brokerage commission that Landlord would have otherwise *** Confidential treatment has been required to pay) and such other generally applicable economic terms. If within thirty (30) days following delivery of Tenant’s notice, Landlord and Tenant have not mutually agreed on the Prevailing Market Rent requested for the Renewal Period in question, then the parties shall use the following method to determine the Prevailing Market Rent (the “Three Broker Method”): within ten (10) business days after the expiration redacted text of such thirty-day period, each party shall give written notice to the other setting forth the name and address of a Broker (as hereinafter defined) selected by such party who has agreed to act in such capacity, to determine the Prevailing Market Rentthis document. If either party has failed to select a Broker as aforesaid, the Prevailing Market Rent shall be determined by the Broker selected by the other party. Each Broker shall thereupon independently make his or her determination of the Prevailing Market Rent within twenty (20) days after the appointment of the second Broker. If the two Brokers’ determinations are not the same, but the higher of such two values is not more than one hundred five percent (105%) of the lower of them, then the Prevailing Market Rent shall be deemed to be the average of the two values. If the higher of such two values is more than one hundred five percent (105%) of the lower of them, then the two Brokers shall jointly appoint a third Broker within ten (10) days after the second of the two determinations described above The confidential redacted text has been rendered. The third Broker shall independently make his determination of omitted and filed separately with the Prevailing Market Rent within twenty (20) days after his appointment. The highest Securities and the lowest determinations of value among the three Brokers shall be disregarded and the remaining determination shall be deemed to be the Prevailing Market RentExchange Commission.