Rent During Second Extended Term Clause Samples

Rent During Second Extended Term. Annual Rent per rentable square foot for the Second Extended Term shall be an amount equal to “Fair Market Base Rental Rate”. As used herein the term “Fair Market Base Rental Rate” shall be the fair market annual rental of the Premises mutually determined by Landlord and Tenant based on comparable annual rental rates being charged in the market area for space comparable to the Premises, taking into account the quality and age of the Building; the location, the floor level, quality of tenant improvements provided and other relevant factors and assuming that such annual rental is a “net” rental pursuant to a lease providing for a pass through of taxes and operating expenses on a proportionate basis. Notwithstanding anything to the contrary set forth herein, the foregoing Option to Renew shall not apply to any renewal or extension of the current lease of the Premises or to any offer to lease or any new lease entered into with the current tenant of the Premises or with such tenant’s successors or assigns. In the event of any conflict between this paragraph and Section 18 of the Lease, the provisions of Section 18 shall prevail.

Rent During Second Extended Term. The Base Rent for the Leased Premises during the Second Extended Term shall be the Fair Market Net Rent for the Leased Premises for the Second Extended Term. The Fair Market Net Rent shall be determined by Landlord with notice given to Tenant no later than one hundred and twenty (120) days prior to the commencement of the Second Extended Term subject to the Tenant’s right to demand appraisal pursuant to the provisions of Section 7.01. Failure on the part of the Landlord to give such notice in a timely manner shall not vitiate the right to require an adjustment of the Base Rent, but within thirty (30) days after the determination of the Base Rent for the Second Extended Term the parties shall make appropriate adjustments (if any) for any underpayment or overpayment retroactive to the commencement of the Second Extended Term. Failure on the part of Tenant to demand appraisal within thirty (30) days after receipt of notice from Landlord of Landlord’s determination of Fair Market Net Rent shall constitute a waiver of Tenant’s right to demand appraisal, and shall bind Tenant to the Fair Market Net Rent as determined by Landlord. If Tenant elects to exercise its right to demand appraisal and if the appraisal process shall not have been concluded prior to the Second Extended Term, then Landlord’s estimate of the Fair Market Net Rent shall be temporarily applicable for purposes of determining Tenant’s obligation to pay the Base Rent. However, once the new rate is in fact agreed upon or determined pursuant to Section 7.01, if it is higher or lower than the rate paid by Tenant during the period such rate should have been in effect, then Landlord or Tenant (as the case may be) shall pay to the other party, within ten (10) days after agreement upon or determination of the new rate, an amount sufficient to result in Landlord’s having been paid rental at the new rate from the commencement of the portion of the term during which such rate was to have been in effect, together with the interest at the so-called prime rate of interest from time to time published in the Wall Street Journal with respect to any portion of such rent not paid when due because of the operation of this paragraph, from the date payment was due to the date paid.