Common use of Renewal Rent and Other Terms Clause in Contracts

Renewal Rent and Other Terms. (a) The Renewal Term shall constitute an extension of the initial Term of this Lease and shall be upon all of the same terms and conditions as the initial Term, except that: (i) there shall be no right or option to extend the term of this Lease for any period of time beyond the expiration of the Renewal Term; (ii) (a) the Base Year for Expenses, if applicable, shall mean the Expenses for the calendar year in which the Renewal Term commences; provided, that, if the first day of the Renewal Term is more than 6 months into a calendar year, the Base Year shall mean the Expenses for the following calendar year, and (b) the Base Tax Amount shall mean the Taxes, as finally determined, payable for the Fiscal Year in which the Extension Term commences; provided, that, if the first day of the Extension Term is more than 6 months into a Fiscal Year, the Base Tax Amount shall mean the Taxes, as finally determined, payable for the following Fiscal Year; (iii) Tenant shall not be entitled to any inducements, work allowance, concessions or free rent; and (iv) the Base Rent for the Renewal Term shall be payable at a rate per annum equal to the Fair Market Rent of the Premises as of the Renewal Term Commencement Date. “Fair Market Rent” means the fixed annual rent that a willing lessee would pay and a willing lessor would accept for the Premises during the Renewal Term, taking into account all relevant factors.