Rent for Extended Term. The rent for the Extended Term shall be Ninety-five Percent (95%) of the Fair Market Rental Value of the Premises, as defined in Section 4.4. On or before the date which is Fourteen (14) months prior to the Expiration Date, Landlord shall notify Tenant in writing of Landlord's determination of Fair Market Rental Value. Tenant may, at its election, either accept such determination of Fair Market Rental Value or attempt to reach an alternative determination of Fair Market Rental Value by mutual agreement with Landlord. If Landlord and Tenant are unable to agree on the Fair Market Rental Value within thirty (30) days after Tenant's receipt of the Landlord's Notice, then the Fair Market Rental Value shall be determined in accordance with the following procedure: Within forty (40) days after Tenant's receipt of Landlord's notice, Landlord and Tenant shall jointly appoint an arbitrator and an alternate arbitrator in accordance with the commercial arbitration rules of the American Arbitration Association. Such arbitrator and alternate arbitrator shall be experienced with matters involving real estate appraisals in the area in which the Premises are located. Concurrent with such appointments, Landlord and Tenant shall each submit to such arbitrator their respective determination of the Fair Market Rental Value and such arbitrator shall select the one of such two submitted determinations that is closest to such arbitrator's own appraisal of the Fair Market Rental Value. Such arbitrator shall have no discretion to make any determination other than the selection of either Landlord or Tenant's determination of Fair Market Rental Value. The cost of such arbitrator shall be shared equally by Landlord and Tenant. Landlord and Tenant shall each proceed expeditiously with the arbitration in order to permit the arbitrator's decision to be issued at least Three hundred forty (340) days prior to the Expiration Date. If the arbitrator's decision has not been received by the Tenant and the Landlord three hundred forty (340) days prior to the Expiration Date it shall be void unless the parties agree in writing otherwise, and Landlord and Tenant shall each, three hundred and thirty (330) days prior to the Expiration Date, submit to the alternate arbitrator their respective determination of Fair Market Rental Value and the alternate arbitrator shall select the one of such two submitted determinations that is closest to such alternate arbitrator's own appraisal of the Fair Market
Rent for Extended Term. Xxxxxx agrees to pay to Lessor annually as rent for the Premises during the Extended Term the annual sum of $29,048.00 (approximately 227 acres at approximately $128.00 per acre). The payment of the rental amounts during the Extended Term shall be paid in two (2) separate and equal installments of $14,524.00, with the first installment being due on or before May 31, 2024, and the second installment being due on or before September 30, 2024. All rental payments must be payable to Williamson County, Texas and be hand delivered or mailed to: Williamson County Parks & Recreation Department ATTN: Parks Director 219 Xxxxx Xxxxxxxx Leander, TX 78641
Rent for Extended Term. Lease Year Rent Per Annum Monthly Installment ONE through Four, MARCH 1, 2010 through and including FEBRUARY 28, 2014 $ 396,000.00 $ 33,000.00
Rent for Extended Term. The parties agree that the rentable square footage of the Premises for the purposes of this Addendum is Twelve Thousand Four Hundred Fifteen square feet' (12,415). Tenant shall pay to Landlord the Basic Rent for the Extended Term as follows:
Rent for Extended Term. Rent for each year of the First Extended Term and the Second Extended Term shall be calculated using the formula established in paragraph 3(c) of this Lease.
Rent for Extended Term. Tenant shall pay to Landlord Annual Rent for the Extended Term based upon the last sum of Basic Annual Rent (for February 1, 2006 through January 31, 2007), increased by Four Percent (4.0%) for the first twelve (12) months of the Extended Term, each twelve (12) months thereafter, the Basic Annual Rent shall be increased by an additional Four Percent (4.0%) over the last year’s Basic Annual Rent.
Rent for Extended Term. The Base Rent for the Extended Term shall be at 95% of the then prevailing market rental value. The prevailing market rental value shall be determined as follows:
Rent for Extended Term. If Lessee desires to exercise the Extension Option, then Lessee shall give notice to Lessor not earlier than twelve (12) months nor later than nine (9) months prior to the expiration of the Original Lease Term of Lessee's request for Lessor's quotation of the "Market Rent" for the Premises as of the commencement date of the Extended Term. For the purposes of this Rider Paragraph 3 the term "Market Rent" shall mean the monthly amount per square foot in the Premises that a willing, non-equity, tenant would pay and a willing landlord would accept at arm's length from a comparable tenant for space in a comparable building or buildings, with comparable tenant improvements, in a comparable location, giving appropriate consideration to monthly rental rates per square foot, the presence or absence of rent escalation clauses such as operating expense and tax pass-throughs, length of lease term, size and location of premises being leased, if any, and other generally applicable terms and conditions of tenancy for a similar building or buildings; provided, that the value of any improvements made or to be made to the Premises by Lessee at Lessee's expense shall not be considered for the purpose of valuing the Market Rent of the Premises and in no event shall the Market Rent for the Extended Term be less than the monthly Base Rent for the last month of the Original Lease Term.
Rent for Extended Term. Base Rent for the Extended Term shall be an amount equal to the fair market rental value of the Premises in relation to market condi-
Rent for Extended Term. The Base Rent for each year of the Extended Term shall be at 95% of the then prevailing market rental rate, but in no case shall the Base Rent be Less than the base rent for the rental period just prior. Base Rent during the Extended Term shall increase annually at each anniversary date of this Lease by two and one-half percentage points(2 1/2%). There shall be no additional rent for the Extended Term. The prevailing market rental value shall be determined as follows;
