Terms Applicable to Premises During Renewal Term. 1. The initial Base Rent rate per rentable square foot for the Premises during the Renewal Term shall equal the Prevailing Market (hereinafter defined) rate per rentable square foot for the Premises. Base Rent during the Renewal Term shall increase, if at all, in accordance with the increases assumed in the determination of Prevailing Market rate. Base Rent attributable to the Premises shall be payable in monthly installments in accordance with the terms and conditions of Section 4 of the Lease.
2. Tenant shall pay Additional Rent (i.e. Taxes and Expenses) for the Premises during the Renewal Term in accordance with Section 4 of the Lease, and the manner and method in which Tenant reimburses Landlord for Tenant’s share of Taxes and Expenses and the Base Year, if any, applicable to such matter, shall be some of the factors considered in determining the Prevailing Market rate for the Renewal Term.
Terms Applicable to Premises During Renewal Term. 1. The initial Base Rent rate per rentable square foot for the Premises during the Renewal Term shall equal 95% of the Prevailing Market (hereinafter defined) rate per rentable square foot for the Premises. Base Rent during the Renewal Term shall increase, if at all, in accordance with the increases assumed in the determination of Prevailing Market rate. Base Rent attributable to the Premises shall be payable in monthly installments in accordance with the terms and conditions of Section 4 of the Lease.
2. Tenant shall pay Additional Rent (i.e. Taxes and Expenses) for the Premises during the Renewal Term in accordance with Section 4 of the Lease, and the manner and method in which Tenant reimburses Landlord for Tenant’s Proportionate Share of Tax Excess and Expense Excess and the Base Year, if any, applicable to such matter, shall be some of the factors considered in determining the Prevailing Market rate for the Renewal Term. Notwithstanding the foregoing, the Base Year for the Renewal Term shall be the calendar year of 2012.
Terms Applicable to Premises During Renewal Term. The initial Base Rent rate per rentable square foot of the Premises during the Renewal Term shall equal the Prevailing Market (hereinafter defined) rate per rentable square foot for the Premises. Base Rent during the Renewal Term shall increase, if at all, in accordance with the increases assumed in the determination of Prevailing Market rate. Tenant shall pay Expenses, Taxes and Insurance Expenses for the Premises during the Renewal Term in accordance with the terms of the Lease.
Terms Applicable to Premises During Renewal Term. 1. The initial Rent rate per rentable square foot for the Premises during the Renewal Term shall equal 95% of the Prevailing Market (hereinafter defined) rate per rentable square foot for the Premises. Rent during the Renewal Term shall increase in accordance with the increases assumed in the determination of Prevailing Market rate. Rent attributable to the Premises shall be payable in monthly installments in accordance with the terms and conditions of the Lease.
2. Tenant shall pay Additional Rent (i.e. Operating Expenses) for the Premises during the Renewal Term in accordance with Paragraph 7 of the Lease, and the manner and method in which Tenant reimburses Landlord for Tenant’s Proportionate Share of Operating Expenses shall be one of the factors considered in determining the Prevailing Market rate for the Renewal Term.
Terms Applicable to Premises During Renewal Term. 1. The initial Base Rent rate per rentable square foot for the Premises during the Renewal Term shall equal the Prevailing Market (hereinafter defined) rate per rentable square foot for the Premises. Base Rent during the Renewal Term shall increase, if at all, in accordance with the increases assumed in the determination of Prevailing Market rate. Base Rent attributable to the Premises shall be payable in monthly installments in accordance with the terms and conditions of Section 4 of the Lease.
2. Tenant shall pay Additional Rent (i.e. Taxes and Expenses) for the Premises during the Renewal Term in accordance with Section 4 of the Lease, and the manner and method in which Tenant reimburses Landlord for Tenant’s share of Taxes and Expenses and the Base Year, if any, or whether such Base Year is reset for the Renewal Term, applicable to such matter, shall, without limitation, be some of the factors considered in determining the Prevailing Market rate for the Renewal Term.
Terms Applicable to Premises During Renewal Term. The base rental payable during such extension shall be equal of the fair market rental (“FMV”) for comparable buildings in the same general area as the Building. FMV shall mean the base rental rate for which Landlord and other Landlords are entering into new leases with new tenants for office space taking into consideration a) fair market annual increases, b) value of existing tenant improvements to the general tenant population (but accounting for age, usefulness, quality other than those tenant improvements that Tenant put into the Premises, c) the value of other monetary or nonmonetary concessions being granted in comparable transactions including free rent, relocation allowances, and other inducement concessions. In the event Landlord and Tenant cannot agree to the FMV for the renewal term within thirty (30) days after delivery of Tenant’s Renewal Notice, then both Landlord and Tenant shall have ten (10) days to select a qualified commercial real estate broker (defined as a broker with no less than ten (10) years commercial real estate experience in the San Francisco, Peninsula and / or Silicon Valley) to determine the FMV. Said brokers shall render their decisions within 20 days after the date of their selection. If the difference between the high FMV estimate and the low FMV (expressed as an NPV) estimate is 3 % or less of the low estimate, then the FMV shall be the average between the low FMV estimate and the high FMV estimate and the base rental payable shall be such FMV. If the difference is in excess of 3%, then the brokers shall mutually select a third qualified broker who shall render a written decision of the FMV within 20 days of his / her selection. The base rental payable during the renewal term shall the FMV established by the third qualified broker; provided that the FMV (expressed as an NPV) shall not be greater than the initial high estimate or less than the initial low estimate. Notwithstanding the above, if either party disagrees with the 3rd brokers’ written decision, then such disagreeing party shall have the right to rescind Tenant’s exercise of such renewal option or the right not to accept such renewal option (depending on whether the Tenant or the Landlord, respectively, is disagreeing) by delivering written notice to the other party within 15 days after the parties receive notice of the 3rd brokers’ written decision. If the renewal option is not exercised or accepted, then the Term shall expire on the Lease Expiration date as o...
Terms Applicable to Premises During Renewal Term. The initial Base Rent rate per RSF of the Premises during the Renewal Term shall equal the Fair Market Rent (hereinafter defined) for the Premises. Base Rent during the Renewal Term shall increase, if at all, in accordance with the increases assumed in the determination of Fair Market Rent. Tenant shall pay Operating Expenses and Taxes for the Premises during the Renewal Term in accordance with the terms of the Lease, subject to the adjustment of the Base Year described below.
Terms Applicable to Premises During Renewal Term. (a) The initial Minimum Monthly Rent rate per rentable square foot for the Premises during the Renewal Term shall be equal to the Prevailing Market (hereinafter defined) rate per rentable square foot for the Premises, with the Prevailing Market rate being subject to adjustment during the Renewal Term, in accordance with the determination of the Prevailing Market rate described in Section 33.3 below; provided, however, that in no event shall the Minimum Monthly Rent during the Renewal Term be less than the Minimum Monthly Rent payable immediately prior to the Termination Date. Minimum Monthly Rent during the Renewal Term shall increase, if at all, in accordance with the increases assumed in the determination of Prevailing Market rate. Minimum Monthly Rent attributable to the Premises shall be payable in monthly installments in accordance with the terms and conditions of Article 5 of this Lease.
(b) Tenant shall pay Additional Rent for the Premises during the Renewal Term in accordance with Article 6 of this Lease, and the manner and method in which Tenant reimburses Landlord for Tenant's share of Operating Costs, Taxes and Insurance, shall be some of the factors considered in determining the Prevailing Market rate for the Renewal Term.
Terms Applicable to Premises During Renewal Term. 1. The initial Base Rent rate per rentable square foot for the Premises during the Renewal Term shall equal the Prevailing Market rate {hereinafter defined} per rentable square foot for the Premises. Base Rent during the Renewal Term shall increase, if at all, in accordance with the increases assumed in the determination of Prevailing Market rate. Base Rent attributable to the Premises shall be payable in monthly installments in accordance with the terms and conditions of Article IV of the Lease.
2. Tenant shall pay Additional Rent (i.e. Taxes and Expenses) for the Premises during the Renewal Term in accordance with the terms of Article IV of the Lease (provided that the Base Year shall be adjusted to be the calendar year in which the first day of the Renewal Term occurs).
Terms Applicable to Premises During Renewal Term. 1. The initial Base Rent rate per rentable square foot for the Premises during the Renewal Term shall equal the Prevailing Market (hereinafter defined) rate per rentable square foot for the Premises. Base Rent during the Renewal Term shall increase, if at all, in accordance with the increases assumed in the determination of Prevailing Market rate. Base Rent attributable to the Premises shall be payable in monthly installments in accordance with the terms and conditions of Article 4 of the Lease.
2. Tenant shall pay Expenses for the Premises during the Renewal Term in accordance with Article 4 of the Lease, and the manner and method in which Tenant reimburses Landlord for Expenses shall be some of the factors considered in determining the Prevailing Market rate for the Renewal Term.
