Comparable Leases definition

Comparable Leases means fully executed leases that (A) subject to adjustment as provided below, are for premises utilized for office purposes, located entirely or substantially entirely within the Comparable Buildings and including at least one full floor and not less than forty thousand (40,000) rentable square feet, excluding areas subject to expansion options (the “Size Threshold”), (B) subject to adjustment as provided below, have lease execution dates within the twelve (12) month period beginning on the date six (6) months prior to the date Lessee exercises the applicable Option (the “Comparison Period”) and lease term commencement dates that occur within thirty (30) months after such execution date, (C) have a term of not less than eight (8) years and not more than twelve (12) years (excluding extension or renewal options), (D) are not sublease transactions (except in cases where the master lease is a ground lease or a lease entered into for financing purposes), (E) do not involve a tenant that owns an equity interest in the landlord or in the Comparable Building, (F) are not renewals or extensions or expansions of an existing lease (except as permitted below), (G) are not executed by an institutional lender in possession following a foreclosure by such institutional lender (except as permitted below), and (H) are not for space at a property that was, at the time such lease was executed, subject to a deed of trust that was being foreclosed (except as permitted below) (the criteria in the preceding items (A) through (H) are referred to herein collectively as the “Comparable Lease Criteria”). Initial Review: Initially, Lessor and Lessee shall review leases within the Comparable Buildings meeting the Size Threshold and executed during the Comparison Period in an effort to identify at least six (6) Comparable Leases (as defined utilizing the Comparable Lease Criteria) (each lease so identified shall be referred to herein as a “Qualifying Comparable Lease” and the initial review conducted by Lessee and Lessor shall be referred to herein as the “Initial Review”).
Sample 1Sample 2Sample 3
Comparable Leases means those leases then being entered into with office tenants of comparable size and credit to Tenant in the Comparable Buildings for improved space that is comparable in size and quality to the premises for which Current Market Rate is being determined and for a term approximately as long as the period for which the Current Market Rate is being
Sample 1
Comparable Leases means leases which are approximately of the same term as the Renewal Term and are for similar space in similar projects (with occupancy rates similar to the Building) located within the Sawgrass Xxxxx Area Submarket. In determining the Fair Market Rental Rate, the rental rate for Comparable Leases shall be reasonably adjusted for the following: (a) similarity of interior common area improvements; (b) similarity of location in the Submarket; (c) access to public transportation and proximity to car parking spaces; (d) similarity of construction materials and amenities; and (e) applicable allowances for leasehold improvements, brokerage commissions, or other then prevailing market concessions, but without regard to any time during which the applicable space is taken off the market for repairs, upgrades or improvements. Comparable Leases shall not include: (i) any transactions where the landlord of the subject building is in default of its mortgage or other indebtedness on the building, or is currently, or has been in the prior twelve months, in foreclosure proceedings relating to the applicable building or the landlord acquired title to the building by foreclosure or deed-in-lieu of foreclosure; and (ii) transactions in which the tenant has some form of equity participation in the building or lease transaction.
Sample 1

Examples of Comparable Leases in a sentence

  • Comparable Leases shall include renewal and new non-renewal tenancies, but shall exclude subleases and leases of space subject to another tenant’s expansion rights.

  • Comparable Leases shall include renewal and new non-renewal tenancies, but shall exclude subleases and leases of space subject to another tenant's expansion rights.

  • If there were no leases executed in the Building during such six (6) month period, then Comparable Leases in the twelve (12) months prior to the date of the Option Exercise Notice will be used to determine the average prevailing Base Rent per rentable square foot in the Building.

  • Leases in the Comparable Buildings that are not Comparable Leases shall not be considered without the prior consent of each of Lessor and Lessee.

  • These results are clearly not what Congress contemplated, and states who have voiced support for these newly created exceptions to coverage in the IFR have provided no basis for why a subset of low-income older adults and people with disabilities should be deprived of coverage.

  • If there are fewer than six (6) Comparable Leases satisfying all of the foregoing criteria specified in this subparagraph 4(c)(ii), then the Comparison Period shall be expanded in steps of two (2) months, for each step adding one month at each end of the Comparison Period (providing the maximum Comparison Period shall be twenty-four (24) months), until there are at least six (6) leases that satisfy the foregoing criteria, or the maximum Comparison Period is reached.

  • All Comparable Leases, including any “new” Comparable Leases (i.e., those not yet executed at the beginning of the process of determining Fair Market Rental Value subsequently executed during such process), satisfying all of the foregoing criteria specified in this subparagraph 4(c)(ii) may be considered by the parties and the appraisers until such time as there is a final determination of the Fair Market Rental Value.

  • Expansions, contractions and strategic short-term renewals are excluded from the Comparable Lease pool.2 Rent Spread is calculated for Comparable Leases, a subset of the total population of leases for the period defined.

  • The adjustments in this Schedule 4(c) provide a methodology for comparing the “Adjusted Value of the Premises’ Tenant Improvements” (as defined below) with the value of the “Comparable Lease Tenant Improvement Package” (as defined below) under each Comparable Lease, and adjusting the effective rental rates under the Comparable Leases so that such rental rates are based on a tenant improvement package that is comparable to the Adjusted Value of the Premises’ Tenant Improvements.

  • Given these tenancy agreements are located in or close proximity to the respective Properties with similar functions of industrial purposes, we are of the view that these copies of tenancy agreements among the Comparable Leases are fair and representative samples.


More Definitions of Comparable Leases

Comparable Leases shall have the meaning set forth in Exhibit A.
Sample 1

Related to Comparable Leases

  • Eligible Lease means, as of any date of determination, a Lease for a Property that satisfies all of the following:

  • Space Leases means any and all leases, subleases, lettings, licenses, concessions, operating agreements, management agreements, and all other agreements affecting the Trust Estate that Trustor has entered into, taken by assignment, taken subject to, or assumed, or has otherwise become bound by, now or in the future, that give any person the right to conduct its business on, or otherwise use, operate or occupy, all or any portion of the Site or Improvements and any leases, agreements or arrangements permitting anyone to enter upon or use any of the Trust Estate to extract or remove natural resources of any kind, together with all amendments, extensions, and renewals of the foregoing entered into in compliance with this Deed of Trust, together with all rental, occupancy, service, maintenance or any other similar agreements pertaining to use or occupation of, or the rendering of services at the Site, the Improvements or any part thereof.

  • Leases means any and all leases, subleases, tenancies, options, concession agreements, rental agreements, occupancy agreements, franchise agreements, access agreements and any other agreements (including all amendments, extensions, replacements, renewals, modifications and/or guarantees thereof), whether or not of record and whether now in existence or hereafter entered into, affecting the use or occupancy of all or any portion of any Real Property.

  • Operating Leases means all real or personal property leases under which any Company is bound or obligated as a lessee or sublessee and which, under GAAP, are not required to be capitalized on a balance sheet of such Company; provided that Operating Leases shall not include any such lease under which any Company is also bound as the lessor or sublessor.

  • Master Leases means the PropCo Master Leases and each other Material Master Lease.

  • Comparable Buildings means the Building and those other life sciences buildings which are comparable to the Building in terms of age (based upon the date of completion of construction or major renovation of to the building), quality of construction, level of services and amenities, size and appearance, and are located in South San Francisco, California and the surrounding commercial area.

  • comparables means information that compares an issuer to other issuers;

  • Ground Leases Those certain leases with respect to real property that is a portion of the Leased Property, pursuant to which Landlord is a tenant and which leases have either been approved by Tenant or are in existence as of the date hereof and listed on Schedule A hereto.

  • Tenant Leases means leases, subleases, licenses or other use agreements between Seller and tenants with respect to Real Property, if any.

  • FF&E Leases means all leases of any FF&E and other contracts permitting the use of any FF&E at the Improvements that are assumed by Buyer.

  • Real Property Leases means the leases, subleases, licenses or other agreements, including all amendments, extensions, renewals, guaranties or other agreements with respect thereto, under which the Company or any of its Subsidiaries uses or occupies or has the right to use or occupy any real property.

  • New Leases means, collectively, any lease for space at the Property entered into between the Commencement Date and the Closing Date.

  • Company Leases shall have the meaning set forth in Section 3.12(a).

  • Sub-Lease means the sub-lease entered into following the approval of an Approved Sub-lease;

  • Equipment Leases has the meaning set forth in Section 2.1.9.

  • Operating Lease means, as applied to any Person, any lease (including, without limitation, leases which may be terminated by the lessee at any time) of any Property (whether real, personal or mixed) which is not a Capital Lease other than any such lease in which that Person is the lessor.

  • Real Estate Leases has the meaning set forth in Section 2.1(d)(ii).

  • Space Lease The space or occupancy lease pursuant to which any Borrower holds a leasehold interest in the related Mortgaged Property, together with any estoppels or other agreements executed and delivered by the lessor in favor of the lender under the related Mortgage Loan(s).

  • Lease Agreements shall have the meaning set forth in Section 3.14.

  • Real Property Lease has the meaning set forth in Section 3.9(b).

  • Property Agreements means all agreements, grants of easements and/or rights-of-way, reciprocal easement agreements, permits, declarations of covenants, conditions and restrictions, disposition and development agreements, planned unit development agreements, parking agreements, party wall agreements or other instruments affecting the Property, including, without limitation any agreements with Pad Owners, but not including any brokerage agreements, management agreements, service contracts, Space Leases or the Loan Documents.

  • Subleases means the Sublease(s) of even date herewith by and between the District and Contractor together with any duly authorized and executed amendment hereto under which the District subleases the Site from the Contractor.

  • Assumed Leases has the meaning set forth in Section 2.6(b).

  • the Lease means the lease of the said land to be granted by the Lessor to the Lessee pursuant to clause 2.1;

  • Finance Leases means any finance leases, to the extent the arrangement is or would have been treated as a finance or a capital lease in accordance with the Accounting Principles applicable on the First Issue Date (a lease which in the accounts of the Group is treated as an asset and a corresponding liability), and for the avoidance of doubt, any leases treated as operating leases under the Accounting Principles as applicable on the First Issue Date shall not, regardless of any subsequent changes or amendments of the Accounting Principles, be considered as a finance lease.

  • Material Leases has the meaning set forth in Section 4.21.