Fair Market Basic Rent will have the meaning set forth in Section 1.2.5.1.
Fair Market Basic Rent as used herein shall mean the annual Basic Rent (projected to the date of the commencement of, and payable throughout the applicable Extended Term, without any periodic escalation) that Tenant would expect to pay and Landlord would expect to receive under triple net leases similar to this Lease for campus corporate headquarters of comparable size and quality, and on other terms and conditions comparable to this Lease, constituting premises similar to the Premises in comparable real estate markets as the market in which the Premises are located and having tenants with credit status comparable to Tenant's then credit status, adjusted to fairly reflect the square footage of the Buildings and the size and quality of the Improvements of the Premises compared to comparable premises.
Fair Market Basic Rent means that net annual basic 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 that a willing landlord would accept in an arms length bona fide negotiation for space comparable to the Premises in condition, quality, size and location, with neither party under a compulsion for the appropriate term. In determining “Fair Market Basic Rent,” the parties shall consider rental rates, rent concessions, and other economic terms that a comparable landlord, acting reasonably and in good faith, is then offering or would then offer, to a lessee similar to Tenant for a similar term. In the event that Landlord and Tenant fail to agree upon the Fair Market Basic Rent within 90 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.
Examples of Fair Market Basic Rent in a sentence
The parties will then attempt in good faith to agree upon the Fair Market Basic Rent.
Subject to the previous sentence, if the Deciding Appraiser timely receives one party’s submittal, but not both, the Deciding Appraiser must designate the submitted proposal as the Fair Market Basic Rent for the applicable extension of the Term.
Within seven (7) days of the appointment (by either method) of the Deciding Appraiser, Landlord and Tenant will submit to the Deciding Appraiser their respective determinations of Fair Market Basic Rent and any related information.
Any determination of Fair Market Basic Rent made by the Deciding Appraiser in violation of the provisions of this section shall be beyond the scope of authority of the Deciding Appraiser and shall be null and void.
If the determination of Fair Market Basic Rent is made by a Deciding Appraiser, Landlord and Tenant will each pay, directly to the Deciding Appraiser, one-half ( 1/2) of all fees, costs and expenses of the Deciding Appraiser.
More Definitions of Fair Market Basic Rent
Fair Market Basic Rent means the fair market base rental rate for the Premises for the applicable extension period in relation to comparable (in quality, location and size) space located in the Building and/or the Indianapolis, Indiana area, with due consideration given to the following factors regarding the Premises and Tenant, on the one hand, and the comparable space(s) and tenant(s), on the other hand: (a) the financial condition of the tenant; (b) the location, quality and age of the building(s); (c) the extent and quality of leasehold improvements (existing or to be provided) in the premises; (d) rent abatements, if any; (e) the location of the premises within the building; (f) the length of the term; (g) the nature and extent of services provided by the landlord; (h) expense stops, if any; (i) any other concessions given; and (j) other pertinent factors.
Fair Market Basic Rent for the Premises shall be the rental rate, including all escalations, at which tenants lease comparable space as of the commencement of the Option Term. For this purpose, "comparable space" shall be (i) office space without specialized laboratory improvements, (ii) which is not subleased, nor subject to another tenant's expansion rights, (iii) which is located in comparable buildings in the Stanford Industrial Park, and (iv) leased for a term comparable to the Option Term.
Fair Market Basic Rent means that net annual basic 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 that a willing landlord would accept in an arms’ length bona fide negotiation for space comparable to the Premises in condition, quality, size and location, with neither party under a compulsion for the appropriate term. In determining “Fair Market Basic Rent,” the parties shall consider all relevant factors that a comparable landlord, acting reasonably and in good faith, is then offering or would then offer, to a lessee similar to Tenant for a similar term, including without limitation the presence or absence of rent concessions and other tenant inducements in the transaction. If Landlord and Tenant fail to agree within the 30 day time period set forth in this subparagraph, then Tenant may elect in a written notice delivered to Landlord prior to the expiration of said 30 day time period to either (a) rescind the exercise of its option to extend this Lease for the Extension Term or (b) have the Fair Market Basic Rent of the Premises for the Extension Term be determined by arbitration in the manner set forth in Section 1.2.4 (“Arbitration”) below. If Tenant fails to timely deliver said written notice to Landlord, then Tenant shall be deemed to have elected to rescind the exercise of its option to extend this Lease for the Extension Term. If Tenant elects to have Fair Market Basic Rent determined by Arbitration, then the arbitrators shall be directed to determine the Fair Market Basic Rent for the Premises as above provided and in determining the same said appraisers shall be instructed to make said appraisal independently, without consulting with each other. Any determination by arbitration or any agreement reached by the parties hereto with respect to such Fair Market Basic Rent and resulting Basic Rent of the Premises for such Extension Term shall be expressed in writing and shall be executed by the parties hereto. 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 then 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 Basic Rent means the fair market base rental rate for the Premises for the applicable extension period in relation to comparable (in quality, location and size) space located in the Building and/or the North Las Vegas, Nevada submarket in non-renewal, non-equity transactions, with due consideration given to the following factors regarding the Premises and Tenant, on the one hand, and the comparable space(s) and tenant(s), on the other hand: (a) the financial condition of the tenant; (b) the location, quality and age of the building(s); (c) the extent and quality of leasehold improvements (existing or to be provided) in the premises; (d) rent abatements, if any; (e) the location of the premises within the building; (f) the length of the term; (g) the nature and extent of services provided by the landlord; (h) expense stops, if any; (i) any other concessions given; and (j) other pertinent factors.
Fair Market Basic Rent means the Basic Rent, as determined by Landlord and Tenant on the basis of the then prevailing market rental rates and economic terms for office space in Comparable Buildings for tenants seeking to lease approximately the same amount of rentable area as that of the Premises then leased by Tenant pursuant to this Lease. In determining the Fair Market Basic Rent for the Premises, the parties shall consider all elements affecting the proposed lease transaction including, but not limited to, those factors set forth in Section 1.2.6(c).
Fair Market Basic Rent means the fair market base rental rate for the Premises for the Extension in relation to comparable (in quality, location and size) buildings and premises in the South of Market area of San Francisco, California, with due consideration given to the following factors regarding the Premises and Tenant, on the one hand, and the comparable buildings and tenants), on the other hand: (a) the financial condition of the tenant; (b) the location, quality and age of the building(s); (c) the extent and quality of leasehold improvements (existing or to be provided by the landlord) in the premises; (d) rent abatements, if any; (e) the location of the premises and proximity to public transportation; (f) the length of the term; (g) the nature and extent of services provided by the landlord; (h) expenses paid by tenants, if any; (i) any other concessions given; and (j) other pertinent factors. The Fair Market Basic Rent may include annual escalations.
Fair Market Basic Rent means the fair market base rental rate for the Premises for the applicable extension period in relation to comparable (in quality, location and size) space located in the Building and/or the Lewisville, Texas submarket, with due consideration given to the following factors regarding the Premises and Tenant, on the one hand, and the comparable space(s) and tenant(s), on the other hand: (a) the financial condition of the tenant; (b) the location, quality and age of the building(s); (c) the extent and quality of leasehold improvements (existing or to be provided) in the premises; (d) rent abatements, if any; (e) the location of the premises within the building; (f) the length of the term; (g) the nature and extent of services provided by the landlord; (h) expense stops, if any; (i) any other concessions given; and (j) other pertinent factors. The Basic Rent for the extension term shall be equal to 95% of the Fair Market Basic Rent. In no event will the Basic Rent for an extension of the Lease term be less than the Basic Rent (exclusive of temporary abatements) payable by Tenant for the Lease Year immediately prior to commencement of the applicable extension period. If Tenant elects to exercise its right of extension, all of the terms of this Lease shall apply except that the Basic Rent shall be adjusted as provided in this Section 1.2. These extension rights may not be assigned or transferred in any manner except in connection with an approved or otherwise permitted assignment of this Lease under Article 13.