Fair Market Base Rent means the annual Base Rent which Landlord could reasonably expect to obtain from a third party for the Premises if Landlord put the same on the market for lease for a term corresponding to the term offered hereunder, taking into account all relevant factors, including adjustments (if any) to the base years for Operating Expenses and Taxes, and the presence or absence of tenant fit-up costs, tenant improvement allowances, rent concessions, brokerage commissions, reasonable attorneys’ fees, and the like.
Fair Market Base Rent means the price that a ready and willing tenant would pay, as of the Extended Term commencement date, as a base rent to a ready and willing landlord of premises comparable to the Premises, in terms of size, quality and comparable term, in their then-improved state, in the Portland, Oregon market, if such premises were exposed for lease on the open market for a reasonable period of time; including any rent increases over the Extended Term. In no event shall there be deducted from such fair market rental the value of any concessions, including without limitation, tenant improvements, commission and/or “down time.”
Fair Market Base Rent. As defined in SCHEDULE 3.1. Fair Market Value of the Capital Addition: The amount by which the Fair Market Value of the Leased Property upon the completion of a particular Capital Addition exceeds the Fair Market Value of the Leased Property just prior to the construction of the particular Capital Addition. Fair Market Value of the Leased Property: The fair market value of the Leased Property, including all Capital Additions, and including the Land and all other portions of the Leased Property, and (a) assuming the same is unencumbered by this Lease, (b) determined in accordance with the appraisal procedures set forth in Section 18.2 or in such other manner as shall be mutually acceptable to the Lessor and the Lessee (including, without limitation, as a negotiated percentage of total project costs) and (c) not taking into account any reduction in value resulting from any Lien to which the Leased Property is subject and which Lien the Lessee or the Lessor is otherwise required to remove at or prior to closing of the transaction. However, the positive or negative effect on the value of the Leased Property attributable to the interest rate, amortization schedule, maturity date, prepayment provisions and other terms and conditions of any Lien on the Leased Property which is not so required or agreed to be removed shall be taken into account in determining the Fair Market Value of the Leased Property. The Fair Market Value of the Leased Property shall be determined as the overall value based on due consideration of the "income" approach, the "comparable sales" approach, and the "replacement cost" approach. Fair Market Value of the Material Structural Work: The amount by which the Fair Market Value of the Leased Property upon the completion of any particular Material Structural Work exceeds the Fair Market Value of the Leased Property just prior to the construction of the applicable Material Structural Work.
Examples of Fair Market Base Rent in a sentence
Fair Market Base Rent shall be determined as follows: Landlord shall, within thirty (30) days after receipt of the Extension Notice propose in writing to Tenant the Fair Market Base Rent to be paid by Tenant during the Extension Term (the “Rent Proposal”).
If Tenant delivers the Objection Notice, Landlord and Tenant shall engage in discussions regarding the Fair Market Base Rent for a period of up to thirty (30) days.
The determination of the third broker shall be made on the basis of which Proposed Determination submitted by the first two brokers is closest to what the third broker believes the Fair Market Base Rent should be, and such determination of the third broker must be made only by his or her selecting one of the Proposed Determinations previously submitted in writing by the first two brokers.
The brokers selected by Landlord and Tenant shall each prepare their own determination of the figure that should be the Fair Market Base Rent (the “Proposed Determination”) and submit their respective Proposed Determinations in writing to the third broker promptly after the third broker is chosen.
If the parties are unable to agree upon the Fair Market Base Rent during the Initial Rent Determination Period, then within fifteen (15) days after termination of the Initial Rent Determination Period, each party shall deliver to the other party a notice specifying the name, address and professional qualifications of the person designated to act as arbitrator on its behalf.
More Definitions of Fair Market Base Rent
Fair Market Base Rent shall be as reasonably determined by the Lessor to be the annual rental charge on a so-called "triple net" basis (including without limitation Base Rent and Additional Charges) as of the applicable Rent Adjustment Date, for new leases then being negotiated or executed for comparable assisted living facilities in the area surrounding Princeton, New Jersey for terms commencing on or about the date of commencement of each Extension Term. In determining Fair Market Base Rent, the Lessor shall take into consideration the size of the premises, location of the premises, lease term, condition and location of the applicable assisted living facility, services and amenities provided by the Lessor, rental concessions and other comparable factors. Bona fide written offers to lease comparable space received by the Lessor from third parties (at arm's length) may be used by the Lessor as an indication of the Fair Market Base Rent. The Lessor shall notify the Lessee of its determination of Fair Market Base Rent within ten (10) days after the Lessor's receipt of the Lessee's notice exercising its option to extend and the Lessor shall furnish data in support of such determination. If the Lessor does not receive written notice from the Lessee of the Lessee's disagreement with the Lessor's determination of the Fair Market Base Rent within ten (10) days after the Lessee's receipt of said determination, the Lessee shall be deemed to have accepted said determination by the Lessor. If the Lessee disagrees with the Lessor's determination of the Fair Market Base Rent, the Lessee shall have the right, by written notice given to the Lessor within thirty (30) days after the Lessee has received notice of the Lessor's determination, to request that such Fair Market Base Rent be determined by appraisal in accordance with the provisions of this EXHIBIT 3.1. In such event, the Fair Market Base Rent shall be determined by impartial MAI appraisers, one to be chosen by the Lessor, one to be chosen by the Lessee (collectively, the "Initial Appraisers"), and, if necessary, a third to be selected as provided below. The Lessor and the Lessee shall each notify the other of its selected appraiser within ten (10) days following giving of the Lessee's request for appraisal as provided above. Each appraiser shall be independent, have at least five (5) years experience with commercial properties in the area, and be familiar with assisted living facilities and leases and rents in Princeton, New Jersey (a...
Fair Market Base Rent means that net annual base rent per rentable square foot of the Premises as of the commencement of the Next Extension Term that a willing credit-worthy tenant would pay and a willing landlord would accept in an arms length bona fide negotiation for space comparable to the Premises in condition, quality, size and location in the Plymouth, Minnesota area, with neither party under a compulsion for the appropriate term. Tenant shall notify Landlord of its desire to extend the term for the Next Extension Term by notifying Landlord in writing (“Extension Notification”) at least nine (9) months prior to commencement of the Next Extension Term. Upon Landlord’s receipt of the Extension Notification, Landlord and Tenant shall make a good faith effort to agree upon the Fair Market Base Rent of the Premises for the Next Extension Term. In the event that Landlord and Tenant fail to agree upon the Fair Market Base Rent within forty-five (45) days of Landlord’s receipt of the Extension Notification, then Tenant’s extension right shall automatically terminate. Tenant’s option to extend as set forth in this Section shall be contingent upon this Lease being in full force and effect and Tenant not being in default in the performance of any of the terms, covenants and conditions herein contained in respect to a matter as to which notice of default has been given hereunder which has not been remedied within the time limited in this Lease.
Fair Market Base Rent has the meaning defined in Appendix 3 attached hereto.
Fair Market Base Rent means the monthly base rental amount per rentable square foot of the Premises that a willing tenant would pay and a willing landlord of comparable property in the relevant market area would accept at arm's length for space in a comparable building or buildings, with comparable tenant improvements and in a comparable location and for a comparable term, and giving appropriate consideration to all other applicable market conditions and factors. Such Fair Market Base Rent shall be determined as described below in Paragraph (i) hereof.
Fair Market Base Rent means the price that a ready and willing tenant would pay, as of the Extended Term commencement date, as a base rent to a ready and willing landlord of industrial premises comparable to the Premises, in terms of size, quality and comparable term, in their then-improved state (excluding the value of Tenant’s Work, other than any base building improvements), in the Portland, Oregon market, if such premises were exposed for lease on the open market for a reasonable period of time; including any rent increases over the Extended Term. In no event shall there be deducted from such fair market rental the value of any concessions, including without limitation, commission and/or “down time.”
Fair Market Base Rent means that net annual base rent per rentable square foot of the Premises as of the commencement of the Extension Term that a willing credit-worthy tenant would pay and a willing landlord would accept in an arms length bona fide negotiation for space comparable to the Premises in condition, quality, size and location in the Minneapolis, Minnesota area, with neither party under a compulsion for the appropriate term. Tenant shall notify Landlord of its desire to extend the term for the Extension Term by notifying Landlord in writing no later than April 1, 2008. Upon such notification, Landlord and Tenant shall make a good faith effort to agree upon the Fair Market Base Rent of the Premises for the Extension Term. In the event that Landlord and Tenant fail to agree upon the Fair Market Base Rent by June 1, 2008, then Tenant’s extension right shall automatically terminate and the Lease shall terminate effective as of September 30, 2008. This extension right is personal to Tenant and may not be assigned. Upon an assignment of the Lease by Tenant, this Section is null and void. Tenant currently leases 32,735 square feet from Landlord, pursuant to a lease dated September 3, 2002 (as amended, the “Northgate Lease”), of the office/warehouse property known as “Northgate I,” located at 0000 Xxxxxxxx Xxxxx, Xxxxx Xxxxx, XX (the “Northgate Property”). If Tenant extends the term of the Lease pursuant to this Section 1.9, Tenant may then elect to terminate this Lease (the “Early Termination Option”) as of January 15, 2010 (the “Early Termination Date”), by giving Landlord prior written notice on or before November 3, 2009 (“Tenant’s Early Termination Notice”). Tenant’s right to exercise this Early Termination Option is conditioned on: (a) Tenant having first irrevocably extended and expanded the Northgate Lease, such that Tenant is the sole tenant of the Northgate Property effective on or before the Early Termination Date; (b) Tenant having paid Landlord all amounts due and owing under the Lease; (c) there being no uncured Event of Default at the time of exercise of the Early Termination Option or on the Early Termination Date; and (d) Tenant not having vacated the Premises, or having subleased or assigned its interest under the Lease, as of the date of exercise of the Early Termination Option or on the Early Termination Date. If this Early Termination Option is timely exercised, Tenant will deliver possession of the Premises to Landlord on the Early Termination Date in a...
Fair Market Base Rent means the price that a ready and willing tenant that is renewing its lease would pay, as of the Option Term commencement date, as a base rent to a ready and willing landlord of premises comparable to the Premises, in terms of size, quality and comparable term, in their then- improved state, in the Vancouver, Washington market.