Current Market Rent definition
Current Market Rent for property means the consideration (including rent and any other form of valuable consideration) that a lessee might reasonably be expected to pay under a lease of the property, if it were unoccupied and offered for renting, expressed as a rate of rent per annum;
Current Market Rent means the best rent that can be obtained for the Leased Premises in an open market by a willing but not anxious lessor with or without vacant possession and on the following conditions:
Current Market Rent means the rent as assessed by the valuer appointed by the Scottish Government for the purposes of valuing dental premises for the purposes of reimbursement of rental costs under this Determination;
Examples of Current Market Rent in a sentence
In the event that a party fails to appoint an appraiser within such thirty (30) days and has failed to remedy such failure within five (5) days of written notice thereof from the other party, then the Annual Base Rent shall be the Current Market Rent for the Premises, as determined by the sole appraiser.
If the Annual Base Rent payable during an Extension Term is not agreed upon at least three (3) months prior to the commencement of such Extension Term, then each party shall, within thirty (30) days thereafter, mandate an appraiser licensed in the Province where the Premises are located, to determine the Current Market Rent for the Premises.
If two appraisers are appointed, in the event that the higher of the amounts so determined by one appraiser does not exceed the lower so determined by the other appraiser by more than 15%, then the Annual Base Rent shall be the average of the two, otherwise, the two appraisers shall jointly name a third appraiser licensed in the Province of Ontario who shall be mandated to determine the Current Market Rent for the Premises.
Where the Review Method for any Review Date is a Market Review, then the Rent must be reviewed to the Current Market Rent.
Month to month leases maintain the original terms except the rent automatically increases to the Current Market Rent without notice, plus a $50 Month-to-Month addition fee.
More Definitions of Current Market Rent
Current Market Rent means that rent that would be paid for improved industrial space in industrial buildings of similar age and class in the vicinity where the Premises are located, as between persons dealing in good faith and at arms’ length, without reduction for any cash payment, leasehold improvement allowance, rent-free period or other inducement.
Current Market Rent means the gross full market rent without any deduction whatsoever at which the demised premises might reasonably be expected to be let at the nearest Review Date in the open market without a fine or premium as between a willing Lessor and a willing Lessee and with vacant possession for the term of this Lease and on the same terms and conditions in all other respects as this present Lease (including the provision for five yearly rent reviews) and upon the supposition (if not a fact) that the Tenant has complied with all the obligations as to repair and decoration herein imposed and that in the event of the demised premises having been destroyed or damaged the same shall then have been fully re-built repaired or re-instated (as the case may be) in a good and substantial manner there being disregarded:
2.1.2.1. any effect on rent of the fact that the Tenant has been in occupation of the demised premises and any good will attached to the demised premises by reason of the carrying on therein of the business of the Tenant.
2.1.2.2. any effect on rent of any improvement (whether within the meaning of the Landlord and Tenant Acts 1931 to 1980 or any Acts amending or extending or re-enacting same) of the demised premises or any part thereof or any alteration, addition or other work made or carried out by the Tenant with the license of the Landlord at the Tenant's own expense (otherwise than in pursuance of any obligation to the Landlord whether pursuant to the provisions of this Lease or otherwise) and carried out during the currency of this Lease.
Current Market Rent means the rent obtainable for the Land in a free and open market on the basis that the Land is unoccupied and offered for rental for a use for which the Land is permitted pursuant to this Lease and on the same terms and conditions contained in this Lease, BUT will not include:
Current Market Rent means the annual rent that can reasonably be obtained for the Premises in the open market by a willing but not anxious lessor but adjusted to reflect the following conditions:
Current Market Rent means the gross full market rent without any deduction whatsoever at which the demised premises might reasonably be expected to be let at the nearest Review Date in the open market without a fine or premium and with vacant possession thereof by a willing Landlord to a willing Tenant for a term equal to the term of this Lease but having regard to any statutory rights of the Tenant of renewal under a Lease on the same terms and conditions in all other respects as this present Lease and upon the supposition (if not a fact) that the Tenant has complied with all the obligations as to repair and decoration herein imposed there being disregarded:
(1) any effect on rent of the fact that the Tenant has been in occupation of the demised premises and any goodwill attached to the demised premises by reason of the carrying on thereat of the business of the Tenant
(2) any effect on rent of any improvement (whether within the meaning of the Landlord and Tenant Acts, 1967 to 1989 or any Acts amending extending or re-enacting same) of the demised premises or any part thereof carried out by the tenant with the Licence of the Landlord at the Tenant's own expense (otherwise than in pursuance of any obligation to the Landlord) and carried out during the term of this Lease.
Current Market Rent means the current annual market rental value of the Premises agreed or determined in accordance with clause 4.
Current Market Rent will be the prevailing market rent (including reimbursements of operating expense increases and of property tax increases, and other periodic rental adjustments) per square foot per year as of the date on which Tenant exercises its option to extend, for comparable space in the Building and for a comparable (to the five (5) year extended term) lease term. If there is no such comparable space in the Building either under lease or being offered to prospective tenants for a comparable lease term, the Current Market Rent shall be based upon the then current (i.e., as of the date on which Tenant exercises its option to extend) prevailing market rent (including reimbursements of operating expense increases and of property tax increases, as well as other periodic rental adjustments) for comparable space and lease term in one of the other buildings (if any) on the Property. Regardless of whether the proposed new basic rent (to be charged for the Premises during either of the five (5) year extended terms) is based upon the prevailing market rent for comparable space and lease term in the Building or based upon the prevailing market rent for comparable space and lease term in one of the other buildings (on the property), items 1-5 below shall apply (in either instance):
1. In determine "comparable office space," the particular floor in question shall be relevant.
2. If the comparable space being used (for determining Current Market Rent) is vacant, then the rent being proposed to prospective tenants for such space (for a comparable lease term) shall be used. However, if occupied space is used for such purpose, only rent which has been set or adjusted during the six (6) month period immediately preceding the expiration date for the initial Lease term shall be considered "prevailing" or "current".
3. In no event shall the new annual basic rent for the five (5) year extended terms be less than the annual basic rent for the final year of the initial Lease term 4. The reimbursements for operating expense increases and property tax increases shall be made during either of the five (5) year extended terms pursuant to Article III.2 and Article III.3 of this Lease, except that the "stops" (or base year, whichever the case may be) shall be those included in Owner's notice to Tenant of the Current Market Rent for said extended term.