Rent During Extended Term. The Monthly Rent during the first year of the Extended Term shall be the fair-market rent of the Premises as Tenant and Landlord shall reasonably agree, but in no event less than the Monthly Rent payable immediately prior to the Extended Term. If Landlord and Tenant are unable to establish the fair-market rent prior to thirty (30) days in advance of the commencement of the Extended Term, the fair-market rent shall be determined by a single MAI certified real estate appraiser ("Appraiser") jointly selected by Landlord and Tenant. If they cannot in good faith agree to a single Appraiser by commencement of the Extended Term, the fair-market value shall be determined by a majority of three Appraisers, one selected by Landlord, one selected by Tenant, and one selected by the two previously selected Appraisers. After commencement of the Extended Term, Landlord and Tenant each shall give notice of its selection of a Appraiser to the other party. If either Landlord or Tenant fails or refuses to select an Appraiser within fifteen (15) days after receipt of written notice of the other party's selection of an Appraiser, the fair-market rent shall be determined by the single Appraiser selected. The Appraiser (or Appraisers) shall determine the fair-market rent as soon as possible. If a majority of the three Appraisers are unable to agree upon the fair-market rent within thirty (30) days after the appointment of the first Appraiser, the fair-market rent shall be an amount equal to the average of the three values determined by the Appraisers, excluding any fair-market rent which is ten percent (10%) greater than or ten percent (10%) less than the middle value. As used herein, "fair-market rent" shall mean the price that a ready and willing tenant would pay as Monthly Rent to a ready and willing landlord if the Premises were offered for lease on the open market for a reasonable period of time and shall be the product of the fair-market monthly rental rate per rentable square foot multiplied by the rentable area of the Premises. The fair-market rent shall be determined by (a) the quality and prestige of the Premises, including all improvements to the Premises, (b) recent monthly rental rates for buildings of similar quality, size and location, (c) the duration of the term, and (d) the financial strength of the tenant and any guarantors. Landlord and Tenant each shall pay for the Appraiser so appointed by such party, with both Tenant and Landlord jointly paying for any joi...
Rent During Extended Term. If Tenant elects to extend the Lease Term pursuant to Paragraph 3.5 above, the monthly base Rent for the first year of the Extended Term shall be in an amount equal to ninety-five percent (95%) of the fair market rental value of the Premises in relation to market conditions at the time of the commencement of the Extended Term (including, but not limited to, rental rates for comparable space with comparable tenant improvements in Santa Xxxxx County as of the commencement of the Extended Term and taking into consideration any adjustments to rent based upon direct costs (operating expenses) and taxes, load factors, and/or cost of living or other rental adjustments; the relative strength of the tenants; the size of the space; and any other factors which affect market rental values at the time of the commencement of the Extended Term); however, the monthly base Rent during the first year of the Extended Term shall in no event be lower than Seventy-eight Thousand One Hundred Twenty Dollars ($78,120) (NNN) per month.
Rent During Extended Term. Rent for any extended term will be as set forth in Section 2.3.
Rent During Extended Term. If Tenant exercises its option to extend the term pursuant to the terms and conditions of Section 29.a., then the Base Monthly Rent for the Extended Term shall be one hundred percent (100%) of the fair market rental value of the Premises (“Market Rent”), as defined below; provided, however, that the Base Monthly Rent for the first year of the Extended Term shall not be less than the Base Monthly Rent in effect during the last lease year of the expiring initial term or first Extended Term, as the case may be, and Base Monthly Rent for the first year of the first Extended Term shall not be increased by more than eighteen percent (18%) of the Base Monthly Rent in effect during the last lease year of the expiring initial term. There are no limits to an increase in Base Monthly Rent for the first year of the second Extended Term.
Rent During Extended Term. At the commencement of each Extended Term, if any, Sublessor shall have the right to increase the rental to be paid by Subtenant during each such renewal period. The monthly rental due during each renewal period of the Extended Term shall be increased by multiplying the annual base rental for the Initial Term by a fraction, the numerator of which is the Consumer Price Index, as defined hereinbelow, which increase shall not exceed two percent (2%), for the last full calendar month immediately preceding such renewal period, and the denominator of which is the Consumer Price Index for the month of the Sublease Commencement Date. In no event, however, shall any percentage decrease in the Consumer Price Index cause the monthly rent amount during any period of the Extended Term to be decreased, it being the intention of the parties hereto that the rental increases for each five-year renewal period throughout the Extended Term be cumulative and in addition to the increases for the preceding renewal periods of the Extended Term.
Rent During Extended Term. The parties shall have thirty (30) days after Landlord receives the Option Notice in which to agree on rent during the Extended Term. If the parties agree on rent for the Extended Term during that period, they shall immediately execute an amendment to this Lease stating the rent. If the parties are unable to agree on rent for the Extended Term within that period, then within ten (10) days after the expiration of that period each party, at its cost and by giving notice to the other party, shall appoint a real estate appraiser with at least five (5) years full-time commercial appraisal experience in Sonoma County to appraise and set the monthly rent for the Extended Term ("Fair Market Rental"). If a party does not appoint an appraiser within ten (10) days after the other party has given notice of the name of its appraiser, the single appraiser appointed shall be the sole appraiser and shall set the Fair Market Rental. If the two appraisers are appointed by the parties as stated in this paragraph, they shall meet promptly and attempt to set the Fair Market Rental. If they are unable to agree within thirty (30) days after the second appraiser has been appointed, they shall attempt to elect a third appraiser meeting the qualifications stated in this paragraph within ten (10) days after the last day the two appraisers are given to set the Fair Market Rental. If they are unable to agree on the third appraiser, either of the parties to this Lease may apply to the American Arbitration Association (or any successor thereto) for the appointment of an arbitrator in Sonoma County to act as the third appraiser. Each of the parties shall bear one-half (1/2) of the cost of appointing this third appraiser and of the third appraiser's fee. The third appraiser, however selected, shall be a person who has not previously acted in any capacity for either party. Within thirty (30) days after the election of the third appraiser, a majority of the appraisers shall set the Fair Market Rental. If a majority of the appraisers are unable to set the Fair Market Rental within this thirty (30) day period, the Fair Market Rental shall be determined to be the average of the opinions of the two appraisers whose estimates of Fair Market Rental are most nearly the same. If the Fair Market Rental has not been established by the commencement of the Extended Term, Tenant shall continue to pay the monthly rental in effect on the last day before the commencement of the Extended Term and Landlord a...
Rent During Extended Term. In the event Tenant exercises its Extension Option as herein provided, commencing on the first day of the Extended Term, Tenant shall pay to Landlord for the Premises then leased by Tenant annual Base Rent as set forth on the Summary of Basic Terms, and, in any event, shall continue to pay Additional Rent as set forth in Section 5(b).
Rent During Extended Term. The base rent during each Renewal Term shall be the fair rental value of the premises. The parties shall first attempt to agree on fair rental value. In the event that the parties shall fail to agree on fair rental value within ninety (90) days after the beginning of each Renewal Term, the matter shall be submitted to arbitration under the rules of the American Arbitration Association. Each party shall choose as an arbitrator a licensed real estate broker whose principal business is the leasing of commercial real estate in the greater Boston Area, and the two arbitrators shall choose a third arbitrator with similar qualifications. The decision of two arbitrators shall be binding on the parties. The arbitrators shall attempt to reach a decision before the commencement of the extended term. In the event that they have not reached a decision by that time, the Lessee shall pay the same rent as in the last year of the previous term and pay any additional rent due within ten (10) days of the arbitrator's decision. The arbitrators shall determine fair rental value by considering the age and condition of the building, market location and other customary factors of the Leased Premises compared to properties of similar size and location. The Lessee shall pay to the Lessor Base Rent annually during each Renewal Term in equal monthly installments on the first day of each month unless the Lessor and Lessee agree to a different payment schedule.
Rent During Extended Term. Upon the timely and valid exercise of an option to extend, the Base Monthly Rent for the Extended Term shall be the greater of (i) the lesser of Base Monthly Rent at One Dollar ($1.00) per square foot or One Hundred Percent of the Base Monthly Rent for the last full month of the term prior to the Extended Term created by exercise of the option or (ii) One Hundred Percent (100%) of the then fair market rent determined as of the commencement of the Extended Term in question based upon like buildings used for office and R&D (no value given to the fab installed by Tenant) in the area located within two miles of the Premises (in each case, including such periodic increases as the parties agree or the appraisers determine to be a part of fair market monthly rent). If the parties are unable to agree in writing on the fair market monthly rent including any increases for the Premises for the Extended Term at least ninety (90) days prior to the commencement of the Extended Term, then the fair market monthly rent shall be determined by binding appraisal conducted pursuant to the terms and provisions of Subparagraph F hereof.
Rent During Extended Term. The monthly Base Rent during each such extended term of this Lease shall initially be equal to the fair market rent of the Premises as of the commencement date of such extended term. Such fair market rent shall take into account the rent adjustment mechanism to be employed during such extended term. The parties shall have thirty (30) days after Landlord receives notice of Tenant's exercise of its right to extend the term in which to agree on minimum monthly Base Rent during the extended term. If the parties agree on the minimum monthly Base Rent for the extended term during such thirty (30) day period, they shall immediately execute an amendment to this Lease stating the minimum monthly Base Rent for such extended term. If the parties are unable to agree on the minimum monthly Base Rent for the extended term within such thirty (30) day period, then within said thirty (30) days each party, at its cost and by giving notice to the other party, shall appoint an appraiser with at least five (5) years' full time commercial appraisal or brokerage experience in the Sunnyvale area to appraise and set the minimum monthly Base Rent for the extended term. Said appraisers shall be instructed to determine the fair market rent for the Premises within thirty (30) days after their appointment, and to base their determination on the rent which will be applicable as of the commencement of the applicable extended term for comparable space in comparable buildings in comparable geographic areas leased on terms comparable to this Lease, taking into account the rent adjustment mechanism to be employed during such extended term. Such rent determination shall not take into account improvements to
