Rent Determination. The Rent payable by Tenant for the Premises during the Renewal Term shall be determined as follows:
(i) If Tenant provides Landlord with its written notice of exercise pursuant to Section (b) above, then, within thirty (30) days of receipt of such notice, Landlord shall deliver to Tenant either (i) a good faith written proposal of the Market Rate, or (ii) notice that Landlord has determined in good faith that the Market Rate is less than Rent Floor and, therefore, the Rent for the Renewal Term shall be equal to the Rent Floor. Within twenty-one (21) days after receipt of Landlord’s proposal, Tenant shall notify Landlord in writing (1) that Tenant accepts Landlord’s proposal, (2) that Tenant elects to submit the determination of Market Rate to arbitrate in accordance with Subsections (iii) and (iv) below, or (3) that Tenant rejects Landlord’s proposal and, upon such rejection, Tenant’s exercise of its Renewal Option shall be deemed null and void and shall be of no force or effect whatsoever and the Term of this Lease shall expire on the Ending Date set forth in Section 1.7 above. If Tenant does not give Landlord a timely notice in response to Landlord’s proposal, Landlord’s proposal of Market Rate shall be binding upon Tenant.
(ii) If Tenant timely elects to submit the determination of Market Rate to arbitration, Landlord and Tenant shall first negotiate in good faith in an attempt to determine the Market Rate. If Landlord and Tenant are able to agree within thirty (30) days following the delivery of Tenant’s notice to Landlord electing arbitration (or if Tenant accepts Landlord’s initial proposal), then such agreement shall constitute a determination of Market Rate for purposes of this Section, and the parties shall immediately execute an amendment to this Lease stating the Rent for the Renewal Term. If Landlord and Tenant are unable to agree on the Market Rate within such negotiating period, then within fifteen (15) days after the expiration of such negotiating period, the parties shall meet and concurrently deliver to each other in envelopes their respective good faith estimates of the Market Rate (set forth on a net effective rentable square foot per annum basis). If the higher of such estimates is not more than one hundred five percent (105%) of the lower, then the Market Rate shall be the average of the two. Otherwise, the dispute shall be resolved by arbitration in accordance with Subsections (iii) and (iv) below.
(iii) Within seven (7) days after th...
Rent Determination. The rental amount is based on one of two Housing Authority-designated methods as listed below:
Rent Determination. The parties shall have thirty (30) days after Lessor receives the option notice in which to agree on the Market Value Rent during the extended term. Within the thirty (30) day period after Lessor receives the option notice, Lessor and Lessee shall meet and each shall simultaneously provide to the other its written opinion of the Market Value Rent for the Premises for the renewal term (the Lessor and Lessee Determination Notices, respectively). If the parties agree on the Market Value Rent for the extended term during that period, they shall immediately execute an amendment to this Lease stating the Market Value Rent for the extended term. If the parties are unable to agree on the Market Value Rent for the extended term within that period, then within fifteen (15) days after the expiration of that period, each party, at its costs and by giving notice to the other party, shall appoint a real estate agent of broker "agent/broker") with at least five (5) years' full-time commercial real estate brokerage experience in the area in which the Premises are located, to determine and set the Market Value Rent fr the extended term. f a party does not appoint a real estate agent/broker within fifteen (15) days after the other party has given notice of the name of its agent/broker, the single agent/broker appointed shall be the sole determiner of and shall set the Market Value Rent for the extended term. If the two real estate agent/brokers are appointed by the parties as stated in this paragraph, they shall meet promptly and attempt to set the Market Value Rent for the extended term. If they are unable to agree within thirty (30) days after the second real estate agent/broker has been appointed, they shall attempt to select a third real estate agent/broker meeting the qualifications stated in this paragraph, within fifteen (15) days after the last day the two agent/brokers are given to set the Market Value Rent. If they are unable to agree on the third real estate agent/broker, either of the parties to this Lease, by giving fifteen (15) days' notice to the other party can apply to the then president of the San Xxxx Board of Realtors or to the presiding judge of the superior Court of Santa Xxxxx County for the selection of a third real estate agent/broker who meets the qualifications stated in this paragraph. Each of the parties shall bear one-half (1/2) of the cost of appointing the third real estate agent/broker and of paying the third agent/broker's fee. The third ag...
Rent Determination. Tenant agrees to pay to Landlord each year during the Term (as the Term may be adjusted pursuant to Section 3.2 or 3.
Rent Determination. The Base Rent for the Option Period shall be the then Fair Market Rental Rate. This Option shall not be personal to Lessee and may be exercised by any assignee of the Lessee permitted under the terms of the Lease. The Option shall be applicable to all space leased by the Lessee pursuant to the Lease.
Rent Determination. The Options granted hereunder shall be upon the terms and conditions contained in the Lease except (i) options to extend, following the Options granted in this Section, and rights of first offer or abilities to request expansion space shall not be applicable, (ii) no Landlord's contributions, tenant allowances or similar concessions shall be applicable, (iii) no leasing commissions shall be payable by Landlord, (iv) the Base Year for the First Option shall be the last year of the initial Lease Term and the Base Year for the Second Option shall be the last year of the First Option Term, (v) the restriction on increases in the Capped Operating Expenses shall not apply during either Option Term, and (vi) the Rent to be paid by Tenant to Landlord during the Option shall be equal to 95% of the then Market Rate, as hereinafter defined; provided, however, that in no event shall the
Rent Determination. 8.1. The monthly rent for the rental unit shall be determined by an agreement between the parties.
Rent Determination. The Initial Rent shall be calculated by taking the sum of the following:
(i) An amount ("Mortgage Payment") equal to the monthly payment due on that certain loan ("Loan") made by Lessee to Lessor for an amount equal to Costs, as defined below, amortized over 30 years at an interest rate of 9 l/2%, payable monthly in advance.
(ii) The Guaranteed Cash Flow, as defined below. Notwithstanding that Initial Rent is calculated based on Mortgage Payment and Guaranteed Cash Flow, as defined below, Initial Rent shall not be affected when the Loan or Loans as provided herein have been fully amortized. Initial Rent shall not be reduced when the Loan or Loans are fully amortized but shall continue as adjusted by Paragraph l only. EXAMPLE: - Xxxxxx funds Loan at 9.5% amortized over 30 years. - Xxxxxx exercises options and continues to occupy building at start of year 31. -Cost = $8,000,000.00 Initial Rent = $82,080.00 x 107% --------------- Rent 6th Year = $87,826.00 x 107% --------------- Rent 11th Year = $93,973.00 x 107% --------------- Rent 16th Year = $100,551.00 x 107% --------------- Rent 21st Year = $107,590.00 x 107% --------------- Rent 26th Year = $115,121.00 x 107% --------------- Rent 31st Year = $123,794.00 Etc.
Rent Determination. Fair Market Rent shall be determined in the following manner:
Rent Determination. All provisions of the Lease and this Addendum shall continue in full force and effect during the Option Period; provided, however, that the Base Rent for the first year of the Option Period shall be set at the "Prevailing Market Rent" (as such term is defined below), but in no event less than the Base Rent in effect during the final month of the Original Term. Lessor and Lessee shall have thirty EXHIBIT 10.8.1
