Terms and Conditions of Extension of Term Sample Clauses

Terms and Conditions of Extension of Term. If Tenant duly and timely exercises the Option to Extend, then this Lease shall remain in full force and effect for such additional three (3) year period, except that the Basic Monthly Rent will adjust as of the first day of the Extension Term such that for the first year of the Extension Term the Basic Monthly Rent shall be equal to the then prevailing base rental rate (ignoring tenant improvement and similar refurbishment or construction allowances, free rent, and other similar concessions–it being acknowledged that the Option to Extend reflects Tenant’s negotiated right to defer its decision whether to initially lease the Premises for such longer period of time, as opposed to Tenant’s right to enter into a new lease) for new leases of comparable Class A office space in the Solana Beach, as projected for the first day of the applicable Extension Term and determined pursuant to Paragraph 3.2.5, below (the “Then-Prevailing Rate”). The Basic Monthly Rent will thereafter increase in accordance with the provisions of attached Addendum No.1
Sample 1
AutoNDA by SimpleDocs
Terms and Conditions of Extension of Term. If Tenant exercises ----------------------------------------- the Option to Extend for the Extension Term, then the Base Rent for the first year of the Extension Term shall adjust to an amount equal to the prevailing base rental rate for new leases of comparable office space in the Project. Furthermore, the Base Monthly Rent will continue to increase annually pursuant to Paragraph 3 above.
Sample 1Sample 2
Terms and Conditions of Extension of Term. If Tenant exercises the Option to Extend for the Extension Term, then the Base Rent for the first year of the Extension Term shall adjust to an amount equal to the prevailing base rental rate for new leases (including new leases with existing tenants, but excluding leases pursuant to options) of comparable office space in the Project, including annual rent increases pursuant to the terms of such new leases. If there have been fewer than two new leases (including new leases with existing tenants, but excluding leases pursuant to options) for comparable office space accepted by Landlord at the Project during the period commencing 6 months prior to Tenant’s notice of exercise of its option, then the “fair rental value” of the Premises shall be determined in the following manner. (a) Not later than 120 days prior to the commencement of the Extension Term, Landlord and Tenant shall meet in an effort to negotiate, in good faith, the fair rental value of the Premises for the Extension Term. If Landlord and Tenant have not agreed upon the fair rental value of the Premises at least 90 days prior to the commencement of the Extension Term, then the fair rental value shall be determined by appraisal as described below. (b) If Landlord and Tenant are not able to agree upon the fair rental value of the Premises within the time period described above, then Landlord and Tenant shall attempt to agree in good faith upon a single appraiser not later than 75 days prior to the commencement of the Extension Term. If Landlord and Tenant are unable to agree upon a single appraiser within such time period, then Landlord and Tenant shall each appoint an appraiser not later than 65 days prior to the commencement of the Extension Term. If Landlord and Tenant agrees upon a single appraiser, or if either Landlord or Tenant fails to appoint its appraiser within the prescribed time period, the single appraiser appointed shall determine the fair rental value of the Premises pursuant to this Addendum Paragraph 4.4. If both parties fail to appoint appraisers within the prescribed time periods, then the first appraiser thereafter selected by a party shall determine the fair rental value of the Premises pursuant to this Addendum Paragraph 4.4. Each party shall bear the cost of its own appraiser and the parties shall share equally the cost of the single appraiser if applicable. Each such appraiser must have at least five years experience in the appraisal of commercial/industrial real property ...
Sample 1
Terms and Conditions of Extension of Term. If Tenant exercises the Option to Extend for the Extension Term, then this Lease shall remain in full force and effect for such additional five year period, except that the Basic Monthly Rent will adjust as of the first day of the Extension Term such that for the first year of the Extension Term the Basic Monthly Rent shall be equal to the greater of (i) the then-prevailing base rental rate for new leases of comparable office space in the Sorrento Mesa market place (the “Then-Prevailing Rate”), or the Basic Monthly Rent which would be payable If the then existing Base Monthly Rent were increased in the same manner as is provided in Paragraph 7.2. The Basic Monthly Rent will thereafter increase annually pursuant to Paragraph 7.2, below.
Sample 1
Terms and Conditions of Extension of Term. If Tenant duly and timely exercises an Option to Extend, then this Lease shall remain in full force and effect for such additional five-year period, except that the Basic Monthly Rent rental rate will adjust as of the first day of the Extension Term such that for the first year of the Extension Term the Basic Monthly Rent rental rate shall be equal to the then prevailing rental rate for renewal leases of comparable Class A office space in the central San Diego rental market (which shall mean the areas from, and including, the I-15 corridor on the east to, and including, the I-5 corridor on the west, and from, and including, the Mission Valley submarket on the south to, and including, the Sorrento Mesa submarket/Highway 56 corridor on the north), as projected for the first day of the applicable Extension Term and determined pursuant to Paragraph 3.2.5, below and in determining the rental rate of renewal leases of comparable Class A office space in the central San Diego rental market, the parties shall take into account (if, but only if, they are then applicable in renewal lease negotiations) rental abatement concessions, parking charges, tenant improvements or allowances, adjustments to base years, the value of existing improvements in the Premises as compared to the value of improvements in such comparable space, based on the age, quality, and layout of the improvements, and all other monetary and nonmonetary concessions, if any, being granted to tenants in connection with renewal leases for comparable space (the "Then-Prevailing Rate"). The Basic Monthly Rent will thereafter increase annually during such Extension Term by the prevailing rental increase rate for new leases of comparable Class A office space in the central San Diego rental market, if any, at the time determined pursuant to Paragraph 3.2.5, below (the "Then-Prevailing Increase Rate").
Sample 1
Terms and Conditions of Extension of Term. If Tenant exercises the Option to Extend for the Extension Term, then this Lease shall remain in full force and effect for such additional five year period, except that the Basic Monthly Rent will adjust as of the first day of the Extension Term such that for the first year of the Extension Term the Basic Monthly Rent shall be equal to the then prevailing base rental rate (ignoring tenant improvement allowances typically associated with a new lease—it being acknowledged that the Option to Extend reflects Tenant’s negotiated right to defer its decision whether to initially lease the Premises for such longer period of time, as opposed to Tenant’s right to enter into a new lease) for new leases of comparable office space in the Project, as projected for the first day of the Extension Term and determined pursuant to Paragraph 3.2.4, below (the “Then-Prevailing Rate”). The Basic Monthly Rent will thereafter increase annually by the prevailing rental increase rate for new leases of comparable office space in the Kearny Mesa submarket at the time determined pursuant to Paragraph 3.2.4, below (the “Then-Prevailing Increase Rate”) pursuant to Paragraph 7.2, below.
Sample 1
Terms and Conditions of Extension of Term. If Tenant duly and timely exercises the Option to Extend for an Extension Term, then this Lease shall remain in full force and effect for such additional three (3) year period, except that the Basic Monthly Rent will adjust as of the first day of the first Extension Term such that for the first year of the first Extension Term the Basic Monthly Rent shall be equal to the then prevailing base rental rate (adjusted to account for tenant improvement and similar refurbishment or construction allowances, free rent, periods and other tenant benefits/concessions typically associated with a renewal lease) for renewal leases of comparable Class A office space of comparable size, location, quality, views and Project amenities (i.e., staffed fitness center, conference center, daycare center and multiple food and beverage offerings) in the Carmel Valley/Del Mar Heights submarket, as projected for the first day of the applicable Extension Term and determined pursuant to Paragraph 3.2.5, below (the "Then-Prevailing Rate").
Sample 1
AutoNDA by SimpleDocs

Related to Terms and Conditions of Extension of Term

  • Terms and Conditions of Use NASCAR shall have the right to use and sublicense PROMOTER’s Marks in connection with publicity, promotion or advertising of the Event and the NASCAR Sprint Cup Series, and the exploitation of Live Broadcast Rights and Ancillary Rights, provided, however, that NASCAR shall not, without the prior written consent of PROMOTER, use or sublicense the use of PROMOTER’s Marks on the branding of any retail package product, unless otherwise expressly permitted in this Agreement.

  • General Terms and Conditions of the Notes Section 201.

  • TERMS AND CONDITIONS OF AGREEMENT INSURANCE REQUIREMENTS: During the term of this Agreement, consultant/contractor shall maintain insurance documentation per the limits and requirements outlined:

  • Waiver of Terms and Conditions Failure to enforce any of the terms or conditions of this Agreement shall not constitute a waiver of any such terms or conditions, or of any other terms or conditions.

  • VARIATION OF TERMS AND CONDITIONS The Bank may at any time amend or vary any of these terms and conditions governing the operation or use of the TBS. The Bank shall notify the Account Holder of any changes. If the Account Holder continues to use or operate the TBS after the Bank has given such notice of change, the Account Holder shall be deemed to have accepted and agreed to such changes without reservation.

  • Terms and Conditions of Sale This Price List supersedes all previous price lists.

  • Terms and Conditions of Sales Shares shall be offered for sale only in those jurisdictions where they have been properly registered or are exempt from registration or for which appropriate notice filings have been made, and only to those groups of people which the Board may from time to time determine to be eligible to purchase such shares.

  • Acceptance of Terms and Conditions Seller, by signing this Agreement, or delivering the supplies or performing the services identified herein, agrees to comply with all the terms and conditions and all specifications and other documents that this Agreement incorporates by reference or attachment. Company hereby objects to any terms and conditions contained in any acknowledgment of this Agreement that are different from or in addition to those mentioned in this document. Failure of Company to enforce any of the provisions of this Agreement shall not be construed as evidence to interpret the requirements of this Agreement, nor a waiver of any requirement, nor of the right of Company to enforce each and every provision. All rights and obligations shall survive final performance of this Agreement.

  • Survival of Terms and Conditions The Parties understand and agree that all terms and conditions of the Agreement that require continued performance, compliance, or effect beyond the termination date of the Agreement shall survive such termination date and shall be enforceable in the event of a failure to perform or comply.

  • SPECIAL TERMS AND CONDITIONS OF TRUST The following special terms and conditions are hereby agreed to: 1. The Bonds listed in the Schedule hereto have been deposited in trust under this Trust Agreement. 2. The fractional undivided interest in and ownership of a Trust represented by each Unit thereof is a fractional amount, the numerator of which is one and the denominator of which is the amount set forth under "Summary of Essential Financial Information--General Information--Number of Units" in the Prospectus Part I for such Trust. 3. The aggregate number of Units described in Section 2.03(a) for a Trust is that number of Units set forth under "Summary of Essential Financial Information--General Information--Number of Units" in the Prospectus Part I for such Trust.

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!