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 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
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.
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 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.
The Current Market Rent (Notional Rent) for the review effective 10 August 2013 has been agreed with the District Valuer in the sum of £53,550 per annum (as abated).
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 fine or premium as between a willing Lessor and a willing Lessee and with vacant possession for a term (commencing on the Review Date) equal to the greater of fifteen years or the residue then unexpired of the term hereby granted and on the same terms and conditions in all other respects as this present Lease (other than the amount of rent hereby reserved but including the provision for five yearly rent reviews) and upon the supposition (if not a fact) that the covenants on the part of the Lessee herein have been fully performed and observed and that in the event of the demised premises having being destroyed or damaged by any of the insured risks the same shall then have been fully rebuilt, repaired or reinstated (as the case may be) in a good and substantial manner there being disregarded:
3.1.2.1 any effect on rent of the fact the Lessee has been in occupation of the demised premises and any goodwill attached to the demised premises by reason of the carrying on therein of the business of the Lessee;
3.1.2.2 any effect on rent of any improvement (whether or not within the meaning of the Landlord and Tenant Acts, 1931 to 1994 or any Acts amending or extending or re enacting the same) of the demised premises or any part thereof carried out by the Lessee with the licence of the Lessor at the Lessee's own expense (otherwise than in pursuance of any obligation to the Lessor) and carried out prior to or during the currency of this Lease including (without limitation) any mezzanine installed in the Demised Premises by the Lessee with the consent of the Lessor;
3.1.2.3 any diminution of the rental value of the demised premises caused by works carried out thereon by the Lessee its sub-tenants or predecessors in title during the term.
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 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 for purposes of this Lease shall mean the prevailing market rent as of the date such market rent is to go into effect for renewal leases of other comparable office space of the same quality, size, location, level of finish, and lease term in the Building and in other comparable office buildings located in the northern Virginia metropolitan area, for a tenant of credit-worthiness comparable to that of Tenant, taking into account all relevant factors, including the building's age and condition, any significant renovation of the Building or the leased space, all components of rent, including base rent, the number, type and base year for various rent escalations, base year and pass-throughs for operating expenses and real estate taxes, and any "Concessions" (as defined below). The determination of Current Market Rent shall include establishing new Lease terms consistent with market terms at such time relating to base rent, base year, rent escalations, and pass throughs of real estate taxes and operating expenses, to modify or replace as appropriate the then existing terms contained in this Lease relating to such items. The term "Concessions" means any free or reduced rent periods, construction allowances or other concessions.