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 succeeding installments of fixed rent in an amount equal to the overpayment.
Appears in 2 contracts
Samples: Lease (Lazard Group LLC), Lease (Lazard LTD)
Renewal Term Rent. The fixed rent annual Base Rent payable during each the Renewal Term shall be equal to the greater of (i) 100% of the annual Fair Market Value (as hereinafter defined) of the Leased Premises as of commencement of the Renewal Term Commencement Date in (the “Calculation Date”), and (ii) the annual Base Rent and Additional Rent payable with respect of such to the twelve (12) months immediately preceding said Renewal Term. “Fair Market Value” shall mean the fair market annual rental value of the Renewal Leased Premises as of the applicable Renewal Term Commencement Calculation 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)Term, based on comparable laboratory space in the Building and the 600 Building (as applicable)Project, and or on comparable space in Comparable Buildingscomparable buildings located in the Seaport District of Boston, Massachusetts, including all of Landlord’s services provided for in this Lease, and with (i) the Renewal Leased 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 occursDate. The calculation of Fair Market Value shall also be adjusted to take into account all other relevant factors, whether favorable to Landlord or Tenant. Landlord shall advise Tenant (a the “Rent Notice”) of Landlord’s determination of Fair Market Value at least 180 days prior to the Renewal Term Commencement Date in questionDate. If Tenant disputes or is deemed to dispute Landlord’s determination of Fair Market Value in respect Value, then Tenant shall give notice (a “Dispute Notice”) to Landlord of a Renewal Termsuch dispute within ten (10) Business Days after delivery of the Rent Notice, the and such dispute shall be resolved by arbitration as provided below. Time is of the essence of the giving of said Dispute Notice. Failure on the part of Tenant to timely submit a Dispute Notice shall constitute a waiver of the right of Tenant to dispute the Fair Rental Value determined by Landlord, and in Section 8(c)such event the Base Rent for the Renewal Term shall be as set forth in the Rent Notice. If the fixed rent Base Rent payable during a the Renewal Term is not determined prior to the Renewal Term Commencement Date in questionDate, then Tenant shall pay fixed rent in respect of such Renewal Term Base Rent in an amount equal to the sum of one-half of the Fair Market Value for the Renewal Leased 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 Base Rent for the Renewal Term in questionTerm, Tenant shall commence paying such fixed rent Base Rent as so determined, and within 30 ten (10) days after such determination Tenant shall pay any deficiency in prior payments of fixed rent Base Rent or, if the fixed rent Base Rent as so determined shall be less than the Interim Rent, Tenant shall be entitled to a credit against the next succeeding installments of fixed rent Base Rent in an amount equal to the overpaymentdifference between each installment of Interim Rent and the Base Rent as so determined which should have been paid for such installment until the total amount of the over payment has been recouped.
Appears in 2 contracts
Samples: Lease Agreement (Entrada Therapeutics, Inc.), Lease (Entrada Therapeutics, Inc.)
Renewal Term Rent. The fixed rent If the Term shall be renewed as provided in Section 29.1, the annual Fixed Rent payable during each the Renewal Term shall be equal to the greater of (a) the annual fair market rental value of the Premises (the "Fair Market Value (as hereinafter definedValue") as of the Renewal Term Commencement Date in respect of such Renewal Term. “Fair Market Value” shall mean day immediately following the fair market annual rental value expiration of the Renewal Premises as of initial Term (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"Calculation Date"), and on comparable space in Comparable Buildings, with (ib) the Renewal Premises considered as vacant, and in “as is” condition existing on amount of Fixed Rent payable by Tenant during the Renewal Term Commencement Date in question, (ii) the Base Real Estate Taxes being the R. E. Tax Share last year of the Real Estate Taxes for initial Term. Any dispute between 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 parties as 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 annual fair market rental value shall be resolved by arbitration as provided in Section 8(c29.3 hereof. For purposes hereof, the "Fair Market Value" shall mean the rent at which tenants, as of the commencement of the Renewal Term, will be leasing non-sublease space on a "triple-net" basis comparable in size, location and quality to the Premises, for a comparable term, and considering all other factors relevant to the determination of Fair Market Value, which comparable space is located in Comparable Buildings. Within 30 days following Landlord's receipt of the Exercise Notice, Landlord shall advise Tenant in writing of Landlord's determination of Fair Market Value (the "Rent Notice"). Within 30 days of Tenant's receipt of Landlord's Rent Notice, Tenant shall advise Landlord in writing whether Tenant accepts Landlord's determination of Fair Market Value, elects to rescind Tenant's exercise of the renewal option or elects to have the determination of Fair Market Value be resolved by arbitration as provided in Section 29.3 hereof. Tenant's failure to so advise Landlord of its election within such 30-day period shall constitute Tenant's acceptance of Landlord's determination of Fair Market Value. If Tenant timely elects to rescind its exercise of the renewal option, the Term of this Lease shall end on the Expiration Date. If the fixed rent Fixed Rent payable during a the Renewal Term is has not been determined prior to the Renewal Term Commencement Date in questioncommencement thereof, Tenant shall pay fixed rent in respect of such Renewal Term Fixed Rent in an amount equal to the sum of one-half of the Fair Market Value fair market rental 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 Fixed Rent for the Renewal Term in questionTerm, Tenant shall commence paying such fixed rent Fixed Rent as so determined, and within 30 10 days after such determination Tenant shall pay any deficiency in prior payments of fixed rent Fixed Rent or, if the fixed rent Fixed Rent as so determined shall be less than the Interim Rent, Tenant shall be entitled to a credit against the next succeeding installments of fixed rent Fixed Rent in an amount equal to the overpaymentdifference between each installment of Interim Rent and the Fixed Rent as so determined which should have been paid for such installment until the total amount of the over payment has been recouped.
Appears in 1 contract
Renewal Term Rent. The fixed rent annual Base Rent payable during each the Renewal Term shall be equal to 100% of the annual Fair Market Value (as hereinafter defined) of the Premises as of commencement of the Renewal Term Commencement Date in respect of such Renewal Term(the “Calculation Date”). “Fair Market Value” shall mean the fair market annual rental value of the Renewal Leased Premises as of the applicable Renewal Term Commencement Calculation 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)Term, based on comparable space in the Building and the 600 Building (as applicable)Project, and or on comparable space in Comparable Buildingscomparable buildings located in the Seaport District of Boston, Massachusetts, including all of Landlord’s services provided for in this Lease, and with (i) the Renewal Leased 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 occursDate. The calculation of Fair Market Value shall also be adjusted to take into account all other relevant factorsfactors including, whether favorable to Landlord without limitation, the Permitted Use, free rent, tenant improvement allowances and fees then being paid for comparable space in the Project, or Tenanton comparable space in comparable buildings located in the Seaport District of Boston, Massachusetts. Landlord shall advise Tenant (a the “Rent Notice”) of Landlord’s determination of Fair Market Value at least 180 days twelve (12) months prior to the Renewal Term Commencement Date in questionDate. If Tenant disputes or is deemed to dispute Landlord’s determination of Fair Market Value Value, then Tenant shall either withdraw its exercise of its right to renew the Term of the Lease by notice to Landlord, in respect which event Tenant’s right to renew shall be irrevocably be extinguished, or give notice (a “Dispute Notice”) to Landlord of a Renewal Termsuch dispute within thirty (30) days after delivery of the Rent Notice, the and such dispute shall be resolved by arbitration as provided below. Time is of the essence of the giving of said Rent Notice and Dispute Notice. Failure on the part of Tenant to timely submit a Dispute Notice shall constitute a waiver of the right of Tenant to dispute the Fair Rental Value determined by Landlord, and in Section 8(c)such event the Base Rent for the Renewal Term shall be as set forth in the Rent Notice. If the fixed rent Base Rent payable during a the Renewal Term is not determined prior to the Renewal Term Commencement Date in questionDate, then Tenant shall pay fixed rent in respect of such Renewal Term Base Rent in an amount equal to the sum of one-half of the Fair Market Value for the Renewal Leased 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 Base Rent for the Renewal Term in questionTerm, Tenant shall commence paying such fixed rent Base Rent as so determined, and within 30 ten (10) days after such determination Tenant shall pay any deficiency in prior payments of fixed rent Base Rent or, if the fixed rent Base Rent as so determined shall be less than the Interim Rent, Tenant shall be entitled to a credit against the next succeeding installments of fixed rent Base Rent in an amount equal to the overpaymentdifference between each installment of Interim Rent and the Base Rent as so determined which should have been paid for such installment until the total amount of the over payment has been recouped.
Appears in 1 contract
Renewal Term Rent. The fixed rent If the Term shall be renewed as provided in Section 34.1, the annual Fixed Rent payable during each the Renewal Term shall be equal to one hundred percent (100%) of the annual fair market rental value of the Premises (the "Fair Market Value (as hereinafter definedValue") as of the Renewal Term Commencement Date in respect of such Renewal Termday immediately following the originally-scheduled Expiration Date. “For purposes hereof, the "Fair Market Value” " shall mean the fair market annual rental value rent at which tenants, as of the commencement of the Renewal Premises as of Term, will be leasing non-sublease space on a "triple-net" basis comparable in size, location and quality to the applicable Renewal Term Commencement Date in question Premises, for a term equal comparable term, and considering all other factors relevant to the Renewal Term in question (provided such term shall be deemed to be 10 years for the purposes determination of determining the Fair Market Value), based on which comparable space is located in first-class office buildings comparable to the Building and the 600 Building in Cupertino, California. Within thirty (as applicable), and on comparable space in Comparable Buildings, with (i30) 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 days following Landlord's receipt 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 occursExercise Notice, 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”) in writing of Landlord’s 's determination of Fair Market Value at least 180 (the "Rent Notice"). Within thirty (30) days prior of Tenant's receipt of Landlord's Rent Notice, Tenant shall advise Landlord in writing whether Tenant accepts Landlord's determination of Fair Market Value, elects to rescind Tenant's exercise of the Renewal Term Commencement Date in question. If Tenant disputes renewal option or is deemed elects to dispute Landlord’s have the determination of Fair Market Value in respect of a Renewal Term, the dispute shall be resolved by arbitration as provided in Section 8(c)34.3 hereof. Tenant's failure to so advise Landlord of its election within such thirty-(30-) day period shall constitute Tenant's acceptance of Landlord's determination of Fair Market Value. If Tenant timely elects to rescind its exercise of the renewal option, the Term of this Lease shall end on the Expiration Date. If the fixed rent Fixed Rent payable during a the Renewal Term is has not been determined prior to the Renewal Term Commencement Date in questioncommencement thereof, Tenant shall pay fixed rent in respect of such Renewal Term Fixed Rent 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 Fixed Rent for the Renewal Term in questionTerm, Tenant shall commence paying such fixed rent Fixed Rent as so determined, and within 30 ten (10) days after such determination Tenant shall pay any deficiency in prior payments of fixed rent Fixed Rent or, if the fixed rent Fixed Rent as so determined shall be less than the Interim Rent, Tenant shall be entitled to a credit against the next succeeding installments of fixed rent Fixed Rent in an amount equal to the overpaymentdifference between each installment of Interim Rent and the Fixed Rent as so determined which should have been paid for such installment until the total amount of the over payment has been recouped.
Appears in 1 contract
Samples: Lease (Portal Software Inc)
Renewal Term Rent. The fixed rent annual Fixed Rent payable during each the Renewal Term shall be equal to the greater of (a) the annual Fair Market Value (as hereinafter defined) as of the Renewal Term Commencement Date and (b) the annual Fixed Rent then in respect effect at the expiration of such Renewal Termthe initial term of this Lease. “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)Term, based on comparable space in the Building and the 600 Building (as applicable)Building, and or on comparable space in Comparable Buildings, including all of Landlord’s services provided for in this Lease, and with (i) the Renewal Premises considered as vacant, and in “as is” condition existing on the Renewal Term Commencement Date in questionDate, and (ii) the Base Real Estate Taxes Tax Year being the R. E. Tax Share of the Real Estate Taxes for the Tax Year beginning commencing 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 be adjusted to take into account all other relevant factors, whether favorable to Landlord or Tenant. Landlord shall advise Tenant (a the “Rent Notice”) of Landlord’s determination of Fair Market Value at least 180 days prior to the Renewal Term Commencement Date in questionDate. If Tenant disputes or is deemed to dispute Landlord’s determination of Fair Market Value, Tenant shall provide its determination of Fair Market Value within 10 days after Landlord delivers the Rent Notice and in respect of a Renewal Term, such event the dispute shall be resolved by arbitration as provided in Section 8(c)31.3. If the fixed rent Fixed Rent payable during a the Renewal Term is not determined prior to the Renewal Term Commencement Date in questionDate, Tenant shall pay fixed rent in respect of such Renewal Term Fixed Rent 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 Fixed Rent for the Renewal Term in questionTerm, Tenant shall commence paying such fixed rent Fixed Rent as so determined, and within 30 10 days after such determination Tenant shall pay any deficiency in prior payments of fixed rent Fixed Rent or, if the fixed rent Fixed Rent as so determined shall be less than the Interim Rent, Tenant shall be entitled to a credit against the next succeeding installments of fixed rent Fixed Rent in an amount equal to the overpaymentdifference between each installment of Interim Rent and the Fixed Rent as so determined which should have been paid for such installment until the total amount of the over payment has been recouped.
Appears in 1 contract
Samples: Lease Agreement (2U, Inc.)
Renewal Term Rent. The fixed rent annual Fixed Rent payable during each a Renewal Term shall be equal to the annual Fair Market Value (as hereinafter defined) of the Premises as of the commencement date for such Renewal Term. The term “Renewal Term Commencement Date in respect of such Date” shall mean, individually, either the commencement date for the First Renewal Term or the commencement date for the Second Renewal Term, as applicable. “Fair Market Value” shall mean the fair market annual rental Fixed Rent 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)Term, based on comparable space in the Building and the 600 Building (as applicable)Building, and or on comparable space in Comparable Buildings, including all of Landlord’s services provided for in this Lease and 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 occursDate. The calculation of Fair Market Value shall also be adjusted to take into account any Landlord Concessions (as defined below), if any, and all other relevant factors. Landlord, whether favorable to Landlord or Tenant. Landlord within twenty (20) days following its receipt from Tenant of the Renewal Notice, shall advise Tenant in writing of (a a) detailed concession terms, including any rental abatement or improvement allowances, that Landlord is willing to offer in its good faith determination (the “Rent NoticeLandlord Concessions”) of relating to the Renewal Term and (b) Landlord’s determination of Fair Market Value at least 180 (the “Rent Notice”). Tenant, within thirty (30) days prior of its receipt of the Rent Notice, in writing (the “Rent Dispute Notice”) shall notify Landlord if Tenant disputes Landlord’s determination of Fair Market Value. Notwithstanding anything to the Renewal Term Commencement Date in questioncontrary herein. Tenant shall have no right to object to or make counteroffers concerning the Landlord Concessions, if any. If Tenant disputes properly delivers a Rent Dispute Notice to Landlord, during the thirty (30) day period following Landlord’s receipt of such notice, Tenant and Landlord shall negotiate in good faith to reach a mutually acceptable determination of the Fair Market Value. If Landlord and Tenant have not reached a mutually acceptable determination of the Fair Market Value within such thirty (30) day period evidenced by a written instrument executed by both Landlord and Tenant, Tenant may terminate such negotiations by giving written notice to Landlord on or is before the 3rd Business Day after the expiration of such thirty (30) day period in which event the Renewal Option shall thereafter be null and void and of no further force and effect. If Tenant does not timely and validly exercise its termination option as stated in the preceding sentence, the Fair Market Value shall be determined by arbitration as provided in Section 29.6. If Tenant fails to timely deliver a proper Rent Dispute Notice. Landlord shall deliver a second Rent Notice to Tenant. If Tenant delivers a Rent Dispute Notice to Landlord within three (3) Business Days after Tenant’s receipt of the second Rent Notice from Landlord, then during the ten (10) day period following Landlord’s receipt of such notice, Tenant and Landlord shall negotiate in good faith to reach a mutually acceptable determination of the Fair Market Value. If Landlord and Tenant have not reached a mutually acceptable determination of the Fair Market Value within ten (10) days after Landlord’s receipt of the Rent Dispute Notice as evidenced by a written instrument executed by Landlord and Tenant. Tenant may terminate such negotiations by giving written notice to Landlord on or before the 3rd Business Day after the expiration of such ten (10) day period in which event the Renewal Option shall thereafter be null and void and of no further force and effect. If Tenant does not timely and validly exercise its termination option as stated in the preceding sentence, the Fair Market Value shall be determined by arbitration as provided in Section 29.6. If Tenant fails to timely deliver a proper Rent Dispute Notice within three (3) Business Days after Tenant’s receipt of the second Rent Notice. Fixed Rent shall be as set forth in the second Rent Notice and Tenant shall be deemed to dispute have accepted Landlord’s determination of Fair Market Value as set forth in respect of a Renewal Term, the second Rent Notice and waived the right to dispute shall be resolved by arbitration as provided in Section 8(c)and demand arbitration. If the fixed rent Fixed Rent payable during a the Renewal Term is not determined prior to the Renewal Term Commencement Date in question, Date. Tenant shall pay fixed rent in respect of such Renewal Term Fixed Rent 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 Fixed Rent for the Renewal Term in questionTerm, Tenant shall commence paying such fixed rent Fixed Rent as so determined, and within 30 thirty (30) days after such determination Tenant shall pay any deficiency in prior payments of fixed rent Fixed Rent or, if the fixed rent Fixed Rent as so determined shall be less than the Interim Rent, Tenant shall be entitled to a credit against the next succeeding installments of fixed rent Fixed Rent in an amount equal to the overpaymentdifference between each installment of Interim Rent and the Fixed Rent as so determined which should have been paid for such installment until the total amount of the over payment has been recouped.
Appears in 1 contract
Samples: Lease Agreement (BTHC VII Inc)
Renewal Term Rent. The fixed rent If, as of the respective Renewal Term Commencement Date, Tenant occupies less than 125,000 rentable square feet in the Building and in One Xxxxxx Street (collectively), then the annual Fixed Rent payable during each the Renewal Term shall be equal to 100% of the annual Fair Market Value (as hereinafter defined) of the Premises as of commencement of the Renewal Term (the “Calculation Date”). If, as of the respective Renewal Term Commencement Date Date, Tenant occupies 125,000 or more rentable square feet in respect the Building and One Xxxxxx Street (collectively), then the annual Fixed Rent payable during the Renewal Term shall be equal to 95% of such Renewal Termthe annual Fair Market Value of the Premises as of commencement of the Calculation Date. “Fair Market Value” shall mean the fair market annual rental value of the Renewal Premises as of the applicable Renewal Term Commencement Calculation 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)Term, based on comparable space in the Building and the 600 Building (as applicable)Building, and or on comparable space in Comparable Buildings, including all of Landlord’s services provided for in this Lease, and with (ia) the Renewal Premises considered as vacant, and in “as is” condition existing on the Renewal Term Commencement Date in questionDate, (iib) the Base Real Estate Taxes Tax Year being the R. E. Tax Share of the Real Estate Taxes for the Tax Year beginning commencing on the July 1st of the calendar year in which prior to the Renewal Term Commencement Date in question occursDate, and (iiic) the Base Com Expense Year being the O.E. Share of the Cost of Operation and Maintenance for the Computation Comparison Year beginning ending on the January 1st of the calendar year in which December 31st prior to the Renewal Term Commencement Date in question occursDate. The calculation of Fair Market Value shall also be adjusted to take into account all other relevant factors, whether favorable to Landlord or Tenant. Landlord shall advise Tenant (a the “Rent Notice”) of Landlord’s determination of Fair Market Value at least 180 days prior to the Renewal Term Commencement Date in questionDate. If Tenant disputes or is deemed to dispute Landlord’s determination of Fair Market Value in respect Value, then Tenant shall give notice (a “Dispute Notice”) to Landlord of a Renewal Termsuch dispute within ten (10) Business Days after delivery of the Rent Notice, the and such dispute shall be resolved by arbitration as provided in Section 8(c)28.3. Time is of the essence of the giving of said Dispute Notice. In the event that Tenant shall not deliver the Dispute Notice within such ten (10) Business Day period, Tenant shall be deemed to have delivered the Dispute Notice. If the fixed rent Fixed Rent payable during a the Renewal Term is not determined prior to the Renewal Term Commencement Date in questionDate, then Tenant shall pay fixed rent in respect of such Renewal Term Fixed Rent in an amount equal to the sum of one-half one hundred ten percent (110%) of the Fair Market Value for the amount payable immediately prior to such Renewal Premises as determined by Landlord plus one-half of the Fair Market Value for the Renewal Premises as determined by Tenant Term Commencement Date (the “Interim Rent”). Upon final determination of the fixed rent Fixed Rent for the Renewal Term in questionTerm, Tenant shall commence paying such fixed rent Fixed Rent as so determined, and within 30 thirty (30) days after such determination Tenant shall pay any deficiency in prior payments of fixed rent Fixed Rent or, if the fixed rent Fixed Rent as so determined shall be less than the Interim Rent, Tenant shall be entitled to a credit against the next succeeding installments of fixed rent Fixed Rent in an amount equal to the overpaymentdifference between each installment of Interim Rent and the Fixed Rent as so determined which should have been paid for such installment until the total amount of the over payment has been recouped.
Appears in 1 contract
Samples: Lease Agreement (Pegasystems Inc)
Renewal Term Rent. The fixed rent annual Base Rental payable during each the Renewal Term shall be equal to [*] of the annual Fair Market Value (as hereinafter defined) of the Leased Premises as of commencement of the Renewal Term Commencement Date in respect of such Renewal Term(the “Calculation Date”). “Fair Market Value” shall mean the fair market annual rental value of the Renewal Leased Premises as of the applicable Renewal Term Commencement Calculation 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)Term, based on comparable space in the Building and the 600 Building (as applicable)Project, and or on comparable space in Comparable Buildingscomparable buildings located in the Seaport District of Boston, Massachusetts, including all of Landlord’s services provided for in this Lease, and with (i) the Renewal Leased 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 occursDate. The calculation of Fair Market Value shall also be adjusted to take into account all other relevant factors, whether favorable to Landlord or Tenant. Landlord shall advise Tenant (a the “Rent Notice”) of Landlord’s determination of Fair Market Value at least 180 days no later than nine (9) months prior to the Renewal Term Commencement Date in questionDate. If Tenant disputes or is deemed to dispute Landlord’s determination of Fair Market Value in respect Value, then Tenant shall give notice (a “Dispute Notice”) to Landlord of a Renewal Termsuch dispute within ten (10) Business Days after delivery of the Rent Notice, the and such dispute shall be resolved by arbitration as provided below. Time is of the essence of the giving of said Dispute Notice. Failure on the part of Tenant to timely submit a Dispute Notice shall constitute a waiver of the right of Tenant to dispute the Fair Rental Value determined by Landlord, and in Section 8(c)such event the Base Rental for the Renewal Term shall be as set forth in the Rent Notice. If the fixed rent Base Rental payable during a the Renewal Term is not determined prior to the Renewal Term Commencement Date in questionDate, then Tenant shall pay fixed rent in respect of such Renewal Term Base Rental in an amount equal to the sum of one-half of the Fair Market Value for the Renewal Leased 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 Base Rental for the Renewal Term in questionTerm, Tenant shall commence paying such fixed rent Base Rental as so determined, and [ * ] Indicates that information has been omitted and filed separately with the Securities and Exchange Commission pursuant to a request for confidential treatment. within 30 ten (10) days after such determination Tenant shall pay any deficiency in prior payments of fixed rent Base Rental or, if the fixed rent Base Rental as so determined shall be less than the Interim Rent, Tenant shall be entitled to a credit against the next succeeding installments of fixed rent Base Rental in an amount equal to the overpaymentdifference between each installment of Interim Rent and the Base Rental as so determined which should have been paid for such installment until the total amount of the over payment has been recouped.
Appears in 1 contract
Samples: Lease Agreement (Boston Beer Co Inc)
Renewal Term Rent. The fixed rent If the Term shall be renewed as provided in this Article 28, the annual Fixed Rent payable during each the Renewal Term shall be equal to ninety-five percent (95%) of the annual Fair Market Value (Value, as hereinafter defined) as of . As used herein, the Renewal Term Commencement Date in respect of such Renewal Term. term “Fair Market Value” shall mean the fair market annual rental value Fixed Rent of the Renewal Premises as of the applicable commencement date of the Renewal Term Commencement Date in question (the “Calculation Date”), 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)Term, based on comparable space in the Building and the 600 Building (as applicable)Building, and or on comparable space in Comparable Buildingsfirst-class office buildings of comparable age and quality in the Wxxx Xxxx xxxxxxxx xxxx xx Xxxxxxx, Xxxxxxxx, including all of Landlord’s services provided for in this Lease, and 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 as 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 occursCalculation Date. The calculation of Fair Market Value shall also be adjusted to take into account all other relevant factorsany Landlord Concessions (as defined below), whether favorable to Landlord or if any. Within thirty (30) days following Landlord’s receipt of Tenant. ’s notice in which Tenant exercises Tenant’s renewal option, Landlord shall advise Tenant in writing (a the “Rent Notice”) of (x) Landlord’s determination of Fair Market Value at least 180 days prior Value, and (y) any concessions, allowances or other benefits Landlord is willing to offer Tenant for the Renewal Term Commencement Date in question(the “Landlord Concessions”). If Tenant disputes or is deemed to dispute shall disagree with 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 questionValue, Tenant shall pay fixed rent have the right to rescind its earlier exercise of its renewal right by notifying Landlord in respect writing within thirty (30) days of such Renewal Tenant’s receipt of Landlord’s Rent Notice, whereupon the Term in an amount equal to the sum of one-half of the Fair Market Value for Lease shall end on the Renewal Premises as determined by Landlord plus one-half Expiration Date. If Tenant shall fail to timely exercise such rescission right, the Term of the Fair Market Value for the Renewal Premises as determined by Tenant (the “Interim Rent”). Upon final determination of the fixed rent this Lease shall be extended for the Renewal Term upon the terms and conditions set forth 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 succeeding installments of fixed rent in an amount equal to the overpaymentRent Notice.
Appears in 1 contract
Samples: Lease Agreement (Affirmative Insurance Holdings Inc)
Renewal Term Rent. The fixed rent If, as of the respective Renewal Term Commencement Date, Tenant occupies less than 125,000 rentable square feet in the Building and in One Xxxxxxx Park (collectively), then the annual Fixed Rent payable during each the Renewal Term shall be equal to 100% of the annual Fair Market Value (as hereinafter defined) of the Premises as of commencement of the Renewal Term (the “Calculation Date”). If, as of the respective Renewal Term Commencement Date Date, Tenant occupies 125,000 or more rentable square feet in respect the Building and One Xxxxxxx Park (collectively), then the annual Fixed Rent payable during the Renewal Term shall be equal to 95% of such Renewal Termthe annual Fair Market Value of the Premises as of commencement of the Calculation Date. “Fair Market Value” shall mean the fair market annual rental value of the Renewal Premises as of the applicable Renewal Term Commencement Calculation 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)Term, based on comparable space in the Building and the 600 Building (as applicable)Building, and or on comparable space in Comparable Buildings, including all of Landlord’s services provided for in this Lease, and with (ia) the Renewal Premises considered as vacant, and in “as is” condition existing on the Renewal Term Commencement Date in questionDate, (iib) the Base Real Estate Taxes Tax Year being the R. E. Tax Share of the Real Estate Taxes for the Tax Year beginning commencing on the July 1st of the calendar year in which prior to the Renewal Term Commencement Date in question occursDate, and (iiic) the Base Com Expense Year being the O.E. Share of the Cost of Operation and Maintenance for the Computation Comparison Year beginning ending on the January 1st of the calendar year in which December 31st prior to the Renewal Term Commencement Date in question occursDate. The calculation of Fair Market Value shall also be adjusted to take into account all other relevant factors, whether favorable to Landlord or Tenant. Landlord shall advise Tenant (a the “Rent Notice”) of Landlord’s determination of Fair Market Value at least 180 days prior to the Renewal Term Commencement Date in questionDate. If Tenant disputes or is deemed to dispute Landlord’s determination of Fair Market Value in respect Value, then Tenant shall give notice (a “Dispute Notice”) to Landlord of a Renewal Termsuch dispute within ten (10) Business Days after delivery of the Rent Notice, the and such dispute shall be resolved by arbitration as provided in Section 8(c)28.3. Time is of the essence of the giving of said Dispute Notice. In the event that Tenant shall not deliver the Dispute Notice within such ten (10) Business Day period, Tenant shall be deemed to have delivered the Dispute Notice. If the fixed rent Fixed Rent payable during a the Renewal Term is not determined prior to the Renewal Term Commencement Date in questionDate, then Tenant shall pay fixed rent in respect of such Renewal Term Fixed Rent in an amount equal to the sum of one-half one hundred ten percent (110%) of the Fair Market Value for the amount payable immediately prior to such Renewal Premises as determined by Landlord plus one-half of the Fair Market Value for the Renewal Premises as determined by Tenant Term Commencement Date (the “Interim Rent”). Upon final determination of the fixed rent Fixed Rent for the Renewal Term in questionTerm, Tenant shall commence paying such fixed rent Fixed Rent as so determined, and within 30 thirty (30) days after such determination Tenant shall pay any deficiency in prior payments of fixed rent Fixed Rent or, if the fixed rent Fixed Rent as so determined shall be less than the Interim Rent, Tenant shall be entitled to a credit against the next succeeding installments of fixed rent Fixed Rent in an amount equal to the overpaymentdifference between each installment of Interim Rent and the Fixed Rent as so determined which should have been paid for such installment until the total amount of the over payment has been recouped.
Appears in 1 contract
Samples: Lease Agreement (Pegasystems Inc)
Renewal Term Rent. The fixed rent If the Term shall be renewed as provided in Section 33.1, the annual Fixed Rent payable during each the Renewal Term shall be equal to 95% of the annual fair market rental value of the Premises (the “Fair Market Value (as hereinafter definedValue”) as of the Renewal Term Commencement Date in respect of such Renewal Term. “Fair Market Value” shall mean day immediately following the fair market annual rental value expiration of the Renewal Premises as initial Term, or the expiration 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 First Renewal Term, as the case may be (in each case, the “Calculation Date”). Any dispute between the parties as to the annual fair market rental value shall be resolved by arbitration as provided in Section 8(c30.3 hereof. Within 30 days following Landlord’s receipt of each applicable Exercise Notice, Landlord shall advise Tenant in writing of Landlord’s determination of Fair Market Value (the “Rent Notice”). Within 30 days of Tenant’s receipt of Landlord’s Rent Notice, Tenant shall advise Landlord in writing whether Tenant accepts Landlord’s determination of Fair Market Value or elects to have the determination of Fair Market Value be resolved by arbitration as provided in Section 30.3 hereof. Tenant’s failure to so advise Landlord of its election within such 30-day period shall constitute Tenant’s rejection of Landlord’s determination of Fair Market Value. If the fixed rent Fixed Rent payable during a each Renewal Term is has not been determined prior to the Renewal Term Commencement Date in questioncommencement thereof, Tenant shall pay fixed rent in respect of such Renewal Term Fixed Rent in an amount equal to the sum of one-half of the Fair Market Value fair market rental 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 Fixed Rent for the each Renewal Term in questionTerm, Tenant shall commence paying such fixed rent Fixed Rent as so determined, and within 30 10 days after such determination Tenant shall pay any deficiency in prior payments of fixed rent Fixed Rent or, if the fixed rent Fixed Rent as so determined shall be less than the Interim Rent, Tenant shall be entitled to a credit against the next succeeding installments of fixed rent Fixed Rent in an amount equal to the overpaymentdifference between each installment of Interim Rent and the Fixed Rent as so determined which should have been paid for such installment until the total amount of the over payment has been recouped.
Appears in 1 contract
Samples: Lease Agreement (DemandTec, Inc.)
Renewal Term Rent. The fixed rent If the Term shall be renewed as ----------------- provided in Section 34.1, the annual Fixed Rent payable during each the Renewal Term shall be equal to one hundred percent (100%) of the annual fair market rental value of the Premises (the "Fair Market Value (as hereinafter definedValue") as of the Renewal Term Commencement Date in respect of such Renewal Termday immediately following the originally-scheduled Expiration Date. “For purposes hereof, the "Fair Market Value” " shall mean the fair market annual rental value rent at which tenants, as of the commencement of the Renewal Premises as of Term, will be leasing non-sublease space on a "triple-net" basis comparable in size, location and quality to the applicable Renewal Term Commencement Date in question Premises, for a term equal comparable term, and considering all other factors relevant to the Renewal Term in question (provided such term shall be deemed to be 10 years for the purposes determination of determining the Fair Market Value), based on which comparable space is located in first-class office buildings comparable to the Building and the 600 Building in Cupertino, California. Within thirty (as applicable), and on comparable space in Comparable Buildings, with (i30) 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 days following Landlord's receipt 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 occursExercise Notice, 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”) in writing of Landlord’s 's determination of Fair Market Value at least 180 (the "Rent Notice"). Within thirty (30) days prior of Tenant's receipt of Landlord's Rent Notice, Tenant shall advise Landlord in writing whether Tenant accepts Landlord's determination of Fair Market Value, elects to rescind Tenant's exercise of the Renewal Term Commencement Date in question. If Tenant disputes renewal option or is deemed elects to dispute Landlord’s have the determination of Fair Market Value in respect of a Renewal Term, the dispute shall be resolved by arbitration as provided in Section 8(c)34.3 hereof. Tenant's failure to so advise Landlord of its election within such thirty-(30-) day period shall constitute Tenant's acceptance of Landlord's determination of Fair Market Value. If Tenant timely elects to rescind its exercise of the renewal option, the Term of this Lease shall end on the Expiration Date. If the fixed rent Fixed Rent payable during a the Renewal Term is has not been determined prior to the Renewal Term Commencement Date in questioncommencement thereof, Tenant shall pay fixed rent in respect of such Renewal Term Fixed Rent 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 Fixed Rent for the Renewal Term in questionTerm, Tenant shall commence paying such fixed rent Fixed Rent as so determined, and within 30 ten (10) days after such determination Tenant shall pay any deficiency in prior payments of fixed rent Fixed Rent or, if the fixed rent Fixed Rent as so determined shall be less than the Interim Rent, Tenant shall be entitled to a credit against the next succeeding installments of fixed rent Fixed Rent in an amount equal to the overpaymentdifference between each installment of Interim Rent and the Fixed Rent as so determined which should have been paid for such installment until the total amount of the over payment has been recouped.
Appears in 1 contract
Samples: Lease (Portal Software Inc)
Renewal Term Rent. The fixed rent If the Term shall be renewed as provided in Section 3.4, the Annual Base Rent payable during each the Renewal Term shall be equal to the annual fair market rental value of the Leased Premises included in the Renewal Term (the “Fair Market Value (as hereinafter definedValue”) as of the Renewal day immediately following the expiration of the initial Term Commencement Date in respect of such Renewal Term(the “Calculation Date”). “The Fair Market Value” Value of the Leased Premises shall mean be based upon 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 other 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 consideration the fact that the Annual Base Rent payable under this Lease is a full service rent and that there will be no free rent, tenant improvement allowance or 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 concessions during 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, but shall not take into consideration the value of any alterations installed in the Leased Premises at Tenant’s expense. Any dispute between the parties as to the annual fair market rental value shall be resolved by arbitration as provided in Section 8(c3.6 hereof. Within thirty (30) days following Landlord’s receipt of the Exercise Notice, Landlord shall advise Tenant in writing of Landlord’s determination of Fair Market Value (the “Rent Notice”). Within thirty (30) days of Tenant’s receipt of Landlord’s Rent Notice, Tenant shall advise Landlord in writing whether Tenant (a) accepts Landlord’s determination of Fair Market Value, or (b) elects to have the determination of Fair Market Value be resolved as provided in Section 3.6 hereof. Tenant’s failure to so advise Landlord of its election within such 30-day period shall constitute Tenant’s acceptance of Landlord’s determination of Fair Market Value. If the fixed rent Annual Base Rent payable during a the Renewal Term is has not been determined prior to the Renewal Term Commencement Date in questioncommencement thereof, Tenant shall pay fixed rent in respect of such Renewal Term Annual Base Rent in an amount equal to the sum of one-half of the Fair Market Value fair market rental value for the Renewal Leased 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 Annual Base Rent for the Renewal Term in questionTerm, Tenant shall commence paying such fixed rent Annual Rent as so determined, and within 30 days after such determination Tenant shall pay any deficiency in prior payments of fixed rent Annual Base Rent in installments of equal amount over the first twelve (12) months of the Renewal Term or, if the fixed rent Annual Base Rent as so determined shall be less than the Interim Rent, Tenant shall be entitled to a credit against the next succeeding installments of fixed rent Annual Base Rent in an amount equal to the overpaymentdifference between each installment of Interim Rent and the Annual Base Rent as so determined which should have been paid for such installment until the total amount of the over payment has been recouped.
Appears in 1 contract
Samples: Office Lease Agreement (Roblox Corp)