Renewal Term Rent. The fixed rent payable during each Renewal Term shall be equal to the annual Fair Market Value (as hereinafter defined) as of the Renewal Term Commencement Date in respect of such Renewal Term. “Fair Market Value” shall mean the fair market annual rental value of the Renewal Premises as of the applicable Renewal Term Commencement Date in question for a term equal to the Renewal Term in question (provided such term shall be deemed to be 10 years for the purposes of determining the Fair Market Value), based on comparable space in the Building and the 600 Building (as applicable), and on comparable space in Comparable Buildings, with (i) the Renewal Premises considered as vacant, and in “as is” condition existing on the Renewal Term Commencement Date in question, (ii) the Base Real Estate Taxes being the R. E. Tax Share of the Real Estate Taxes for the Tax Year beginning on the July 1st of the calendar year in which the Renewal Term Commencement Date in question occurs, and (iii) the Base Com being the O.E. Share of the Cost of Operation and Maintenance for the Computation Year beginning on the January 1st of the calendar year in which the Renewal Term Commencement Date in question occurs. The calculation of Fair Market Value shall also take into account all other relevant factors, whether favorable to Landlord or Tenant. Landlord shall advise Tenant (a “Rent Notice”) of Landlord’s determination of Fair Market Value at least 180 days prior to the Renewal Term Commencement Date in question. If Tenant disputes or is deemed to dispute Landlord’s determination of Fair Market Value in respect of a Renewal Term, the dispute shall be resolved by arbitration as provided in Section 8(c). If the fixed rent payable during a Renewal Term is not determined prior to the Renewal Term Commencement Date in question, Tenant shall pay fixed rent in respect of such Renewal Term in an amount equal to the sum of one-half of the Fair Market Value for the Renewal Premises as determined by Landlord plus one-half of the Fair Market Value for the Renewal Premises as determined by Tenant (the “Interim Rent”). Upon final determination of the fixed rent for the Renewal Term in question, Tenant shall commence paying such fixed rent as so determined, and within 30 days after such determination Tenant shall pay any deficiency in prior payments of fixed rent or, if the fixed rent as so determined shall be less than the Interim Rent, Tenant shall be entitled to a credit against the next succee...
Renewal Term Rent. To establish a fair market Minimum Rent for the Premises during the Renewal Terms, the Minimum Rent for the Renewal Terms shall be reset and expressed as an annual amount equal to the greater of: (i) one hundred three percent (103%) of the Minimum Rent due for the immediately preceding Lease Year, or (ii) the Fair Market Rent of the Premises on the Exercise Date as established pursuant to Exhibit B, provided, however, in no event shall the Minimum Rent for the Premises during the first Lease Year of such Renewal Term(s) be greater than one hundred ten percent (110%) of the Minimum Rent and Additional Rent for the immediately preceding Lease Year. The Minimum Rent for the Premises during the fourth Renewal Term, if any, shall be reset and expressed as an annual amount equal to the Fair Market Rent of the Premises on the Exercise Date. Commencing with the second (2nd) Lease Year of a Renewal Term and continuing each Lease Year of such Renewal Term thereafter, “Additional Rent” shall be calculated as provided in Section 2.1 and as so calculated shall be payable in monthly installments throughout the remainder of such Renewal Term.
Renewal Term Rent. To establish a fair market Rent for the Premises during the Renewal Term, the Rent for the Renewal Term shall be reset and expressed as an annual amount equal to the greater of (a) the Fair Market Rental of the Premises as established pursuant to Exhibit C-1, or (b) one hundred two percent (102%) of the Rent due for the immediately preceding Sublease Year. Commencing with the second (2nd) Sublease Year of the Renewal Term, the Rent due each Sublease Year shall equal the amount of the Rent payable for the immediately preceding Sublease Year as increased by two percent (2%).
Renewal Term Rent. The annual Base Rent payable during any Renewal Term shall be equal to 100% of Fair Market Value (as hereinafter defined) of the Renewal Premises, as of the day that is six (6) months prior to commencement of the applicable Renewal Term (each a “Calculation Date”). “Fair Market Value” shall mean the fair market annual rent (including additional rent and considering any “base year” or “expense stop” applicable thereto), taking into account all escalations, at which, as of the applicable Calculation Date, tenants are leasing non-sublease, non-encumbered, non-equity, non-expansion space comparable in size, location and quality to the Renewal Premises for a term of five (5) years, in an arm’s-length transaction, which comparable space is located in the Building or in the Comparable Buildings, and which comparable transactions (collectively, the “Comparable Transactions”) have been entered into within the six (6) month period immediately preceding the Calculation Date, taking into consideration the following concessions (the “Concessions”): (a) rental abatement concessions, if any, being granted such tenants in connection with such comparable space; and (b) tenant improvements or allowances provided or to be provided for such comparable space, taking into account, and deducting the value of, the existing improvements in the Renewal Premises, such value to be based upon the age, condition, design, quality of finishes and layout of the improvements and the extent to which the same can be utilized by a tenant; (c) other reasonable monetary concessions being granted such tenants in connection with such comparable space; and (d) the fact that Landlord is or is not required to pay a real estate brokerage commission in connection with Tenant’s exercise of its right to lease the Renewal Premises during the Renewal Term, as the case may be, or in connection with the Comparable Transactions or the fact that landlords are or are not paying real estate brokerage commissions in connection with such comparable space, provided, however, that in calculating the Fair Market Value, no consideration shall be given to any period of rental abatement granted to tenants in Comparable Transactions in connection with the design, permitting and construction of tenant improvements in such comparable spaces.
Renewal Term Rent. To establish a fair market Base Rent for the Premises during the Renewal Term, the Base Rent for the Renewal Term shall be reset and expressed as an annual amount equal to the greater of (a) the Fair Market Rental of the Premises as established pursuant to Exhibit C-1, or (b) one hundred two and one-half percent (102.5%) of the Base Rent due for the immediately preceding Sublease Year. Commencing with the second (2nd) Sublease Year of the Renewal Term, the Base Rent due each Sublease Year shall equal the amount of the Base Rent payable for the immediately preceding Sublease Year as increased by two and one-half percent (2.5%).
Renewal Term Rent. To establish a fair market Minimum Rent for the Premises during the Renewal Terms, the Minimum Rent for each Renewal Term shall be reset and expressed as an annual amount equal to the greater of (a) the total of the Minimum Rent and Additional Rent due for the last Lease Year of the immediately preceding Term, multiplied by one hundred three percent (103.0%), or (b) the product of: (i) the “Fair Market Value” of the Premises on the Exercise Date as established pursuant to Exhibit C, and (ii) a percentage equal to fifty percent (50%) of the sum of (A) the immediately preceding twenty (20) day trading average of the Ten (10) Year U.S. Treasury Notes plus five hundred fifty (550) basis points, plus (B) the immediately preceding twenty (20) day average dividend yield on the common stock of NHP plus two hundred (200) basis points. Commencing with the second (2nd) Lease Year and continuing thereafter during each Renewal Term, “Additional Rent” shall be due and payable and calculated as provided in Section 2.1.
Renewal Term Rent. The annual increases in Rent for any 12-month period under the 5-year Renewal Term under this Lease will be 2.5% of the annual Rent charged during the immediately preceding twelve (12) month period.
Renewal Term Rent. To establish a fair market Minimum Rent for the Premises ----------------- during the Renewal Terms, the Minimum Rent for each Renewal Term shall be reset --- and expressed as an annual amount equal to the greater of (A) the total of the Minimum Rent and Additional Rent due for the last Lease Year of the immediately preceding Term, multiplied by ONE HUNDRED THREE PERCENT (103.0%), or (B) the product of: (I) the "FAIR MARKET VALUE" of the Premises on the Exercise Date as established pursuant to Exhibit C, and (II) a percentage equal to fifty percent --------- (50%) of the sum of (A) the immediately preceding twenty (20) day trading average of the Ten (10) Year U.S. Treasury Notes plus five hundred fifty (550) basis points, plus (B) the immediately preceding twenty (20) day average dividend yield on the common stock of Nationwide Health Properties, Inc. ("NHP") plus two hundred (200) basis points. Commencing with the second (2nd) Lease Year and continuing thereafter during each Renewal Term, "ADDITIONAL RENT" shall be due and payable and calculated as provided in Section 2.1. ----------- RENT CAPS AND FLOORS. -------------------- Notwithstanding any of the other terms of this Master Lease, in no event shall the Minimum Rent in the first (1st) Lease Year of any Renewal Term exceed ONE HUNDRED FIFTEEN PERCENT (115%) of the Minimum Rent due for the last Lease Year of the Initial Term or preceding Renewal Term, as the case may be. Notwithstanding any of the other terms of this Master Lease, in no event shall the Minimum Rent in the first (1st) Lease Year of any Renewal Term be less than ONE HUNDRED THREE PERCENT (103%) of the Minimum Rent due for the last Lease Year of the Initial Term or preceding Renewal Term, as the case may be. PAYMENT TERMS. All Rent and other payments to Landlord shall be paid by WIRE ------------- TRANSFER OR ACH (AUTOMATED CLEARING HOUSE) ONLY. Minimum Rent and Additional -- Rent shall be paid in advance in equal monthly installments on or before the -- tenth (10th) day of each calendar month. --
Renewal Term Rent. A. The Base Rent for each Renewal Term shall be 95% of the then “Market Base Rental Rate” (defined herein), but not less than the Bxxx Rent in effect for the last year of the initial Term or current Renewal Term, as applicable subject to the adjustment in Subsection C. below. As used in this Lease, “Market Base Rental Rate” shall mean the market annual net rental rate (exclusive of expense pass-through additions, whether characterized as such or not, which are similar to the categories described in Sections 6.1.B. and C. below) per rentable square foot of each segment of Premises (Existing Renovated Office Space, Lab Space, New Office Space and Put-Back Space) and for the time period as to which such rate is being determined, that a willing tenant would pay and a willing landlord would accept, in arm’s length bona fide negotiations (taking into consideration all relevant factors including, without limitation, the following factors: rent being charged in other first class lab, office and warehouse buildings located in the Center, for leases then being entered into for comparable space to the Premises for which the Market Base Rental Rate is being determined; location, quality, amenities, age and reputation of the buildings in which the space being compared is located; use and size of the space under comparison; location and/or floor level of the Premises and any comparison space within their respective buildings, including view, elevator lobby exposure, etc.; definition of “net rentable area” applicable to the spaces; distinction (if any) between “gross” and “net” rental rates and type, base year or dollar amount for escalation purposes (both operating costs and real estate taxes) if the comparison is on a “gross” lease basis; any other adjustments (including through use of an index) to base rental; extent of services provided or to be provided; extent and condition of leasehold improvements in the Premises and in any comparison space; abatements pertaining to the Premises and to any comparison space (including with respect to base rental, operating expense and/or real estate taxes); inclusion of parking charges in rental, if applicable; lease takeovers/assumptions by the landlord of the comparison space, if applicable; moving allowances granted, if any, in connection with the Premises and with respect to any comparison space; relocation allowances granted, if any, in connection with the Premises and with respect to any comparison space; club memberships gr...
Renewal Term Rent. Beginning on the first (1st) day of the first (1st) Renewal Term the annual Rent for the first year of such renewal term shall be equal to 125% of the annual rent amount of the prior lease year and the rent for the remainder of such Renewal Term shall be the same as the annual rent of the first year of such Renewal Term. All such rent during Renewal Term(s), if applicable, shall be paid in equal annual installments, in advance.
(ii) Beginning on the first (1st) day of the second (2nd) Renewal Term and any subsequent five-year Renewal Term, the annual Rent for the first year of such renewal term shall be equal to 105% of the annual rent amount of the prior lease year and the rent for the remainder of such Renewal Term shall be the same as the annual rent of the first year of such Renewal Term. All such rent during Renewal Term(s), if applicable, shall be paid in equal annual installments, in advance.
