Fair Market Rate definition
Fair Market Rate means the market rate for rent chargeable for the Leased Premises based upon the following factors applicable to the Leased Premises or any comparable premises: rent, escalation, term, size, expense stop, tenant allowance, existing tenant finishes, parking availability, and location and proximity to services. Within thirty (30) days of Option Notice, Tenant shall notify Landlord of Tenant’s option of Fair Market Rate for the applicable renewal period. If Landlord disagrees with Tenant’s opinion of the Fair Market Rate, Landlord shall notify Tenant of Landlord’s opinion of Fair Market Rate within fifteen (15) days after receipt of Tenant’s opinion of Fair Market Rate (“Landlord’s Value Notice”). If the parties are unable to resolve their differences within thirty (30) days thereafter, Landlord or Tenant, at its sole option, may terminate this Lease, effective as of the last day of the then-current Rental Term. Alternatively, Tenant and Landlord may mutually agree to submit the determination of Fair Market Rate to a “Market Assessment Process,” as provided in Exhibit “F” – Market Assessment Process.
Fair Market Rate means the amount per rentable square foot of the then Premises that a willing, comparable tenant would pay and a willing, comparable landlord would accept in an arm’s length transaction, for delivery on or about the expiration of the initial Lease Term for comparable non-renewal, non-expansion space in the Building and other comparable buildings within a radius of six (6) blocks from the Building, taking into account all relevant economic terms pertinent to each lease transaction, including, without limitation, lease concessions, broker representation, improvement allowances, rent abatements, moving allowances, the amount of rentable space covered thereby, the length of the lease term, and whether or not the lease is a gross or net lease, as well as the location, age, functionality, amenities and quality of each such building at the time of the commencement of the Renewal Term. In no event shall the Fair Market Rate impute a value upon leasehold improvements or fixtures constructed or installed in the Premises by Tenant at its expense. Landlord shall have no obligation to determine the Fair Market Rate and other terms and conditions of the Renewal Term, or to notify Tenant thereof, any earlier than sixty (60) days after Landlord’s receipt of the Renewal Notice. If Tenant does not accept Landlord’s determination of the Fair Market Rate of the Renewal Term within fifteen (15) days after Tenant’s receipt of Landlord’s written determination of the Fair Market Rate, then Tenant may retract the Renewal Notice, whereupon Tenant’s right to exercise the Option to Renew hereunder shall automatically terminate and be null and void and of no further force or effect, and the Lease shall automatically expire on the expiration of the initial Lease Term. NOTWITHSTANDING ANYTHING TO THE CONTRARY CONTAINED IN THIS PARAGRAPH 2, (a) Tenant’s rights pursuant to this Paragraph 2 are personal to Tenant and nontransferable and shall automatically terminate if Tenant assigns the Lease, as amended, or any of Tenant’s rights under the Lease, as amended, to any person or entity (other than pursuant to a Permitted Disposition) or subleases all or any portion of the Premises to any person or entity (other than pursuant to a Permitted Disposition); and (b) Tenant’s rights pursuant to this Paragraph 2 shall automatically terminate if, on the date of any Renewal Notice or as of the last day of the initial Lease Term, a default or breach by Tenant under the Lease has occurred and is contin...
Fair Market Rate shall have the meaning given to it in Section 2.3(A) and shall take into account any and all allowances, and all references in said Section 2.3 to the “Extended Term” shall be deemed to mean the term with respect to the Third Expansion Premises.
Examples of Fair Market Rate in a sentence
HUD Fair Market Rent (FMR) Methodology HUD Fair Market Rate (FMR) Method - This method uses HUD FMR rental amounts as a proxy for housing costs.
If the higher of such estimates is not more than one hundred five percent (105%) of the other estimate, then the Fair Market Rate shall be the average of the two estimates.
Within thirty (30) days of Option Notice, Tenant shall notify Landlord of Tenant’s option of Fair Market Rate for the applicable renewal period.
Once the Final Arbitrator has been selected as provided for above, then, as soon thereafter as practicable, but in any case within fourteen (14) days after his or her appointment, the arbitrator shall determine the Fair Market Rate by selecting either the Landlord’s estimate of Fair Market Rate or the Tenant’s estimate of Fair Market Rate.
If Landlord disagrees with Tenant’s opinion of the Fair Market Rate, Landlord shall notify Tenant of Landlord’s opinion of Fair Market Rate within fifteen (15) days after receipt of Tenant’s opinion of Fair Market Rate (“Landlord’s Value Notice”).
More Definitions of Fair Market Rate
Fair Market Rate means the rental rate (including the base rental rate, periodic rental rate adjustments and other charges and increases, if any) for space comparable in size, location and quality to the premises in question which are under primary lease (and not sublease) to new or renewing tenants of comparable financial standing to Tenant, for a term comparable to the Proposed Expansion Term or Renewal Term, as applicable, with a tenant improvement allowance, as applicable, and taking into consideration existing improvements. The New Lease shall be on the Fair Market Terms (as determined pursuant to Landlord and Tenant executing the New Lease in the Expansion Space Negotiation Period or pursuant to the arbitration provisions described below) and shall comply with the following provisions:
Fair Market Rate means the projected fully serviced fair market rental rate at the commencement of the Extended Term for space in the Building and in comparable first-class office buildings of similar size and stature in downtown Seattle, Washington, for a comparable term and with a comparable base year. landlord and Tenant shall seek to agree as to the Fair Market Rate within 30 days after Tenant gives landlord notice of its election to renew this Lease. If landlord and Tenant shall not agree as to the FMR within such 30-day period the FMR shall be determined by appraisal as follows: Within 5 days after the expiration of the above mentioned 30-days waiting period an arbitrator shall be mutually selected who is an MAI-designated appraiser in the City of Seattle with at least 10 years' experience in appraising commercial office buildings in the Seattle central business district. The arbitration shall be conducted as a "baseball" arbitration whereby landlord and tenant shall each submit to the arbitrator a specific fair market rate, and the arbitrator shall be obligated select from he two rates submitted by the parties the one rate most closely related to FMR (and the arbitrator shall not be allowed to compromise or otherwise determine different amount). The arbitration shall be completed within 10 business days following selection of an arbitrator. If the parties are unable to agree upon a mutually acceptable arbitrator, then either party may request that the president of the Seattle Chapter of the Appraisal Institute (or its successor) designate a qualified arbitrator to so serve. The costs of nay arbitrator shall be evenly split between Landlord and Tenant. The arbitrators decision shall be delivered in writing and Landlord and Tenant and shall be binding upon Landlord and Tenant, not subject to appeal.
Fair Market Rate means the average of the annual -rental rates then being charged in the Foothill Ranch submarket for comparable space for leases commencing on or about the time of Tenant's exercise of the applicable Renewal Option, taking into consideration use, location and floor level of the applicable building, the location, quality and age of the building, leasehold improvements or allowances provided, rental concessions (such as abatements, lease assumptions or takeovers and moving expenses), the date that the particular rate under consideration became effective, the term of the lease under consideration, the extent of services provided thereunder, applicable distinctions between "gross" leases and "net" leases and any other relevant term or condition in making such evaluation.
Fair Market Rate is defined as the Generic General Obligation Fair Market Yield for Baa rated Low/Medium Coupon General Municipal Obligations at the time of the computation as reported on Bloomberg, with a maturity most nearly equal to the period between cancellation and final redemption of such series of Non-redeemable Preferred Stock. The period between cancellation and redemption refers to the period between the Closing Date and: (A) August 1, 2002, with respect to the Series CC Preferred Stock, (B) March 1, 1999, with respect to the Series GG Preferred Stock, (C) May 1, 2001, with respect to the Series QQ Preferred Stock, and (D) October 16, 2018, with respect to the Series UU Preferred Stock. The amount by which the aggregate amount payable pursuant to this Section 2.1(c)
Fair Market Rate means the fair market rental rate for lease transactions for comparable space in Comparable Buildings. In determining the Fair Market Rent, all relevant factors will be taken into consideration, including without limitation, the applicable lease term, base year, lease rates, escalations, the then-existing condition of the space in question (i.e., existing improvements within the space used in comparison and within the subject space), improvement allowance, free rent and other concessions then offered in the relevant market. For purposes hereof, “Market Concessions” shall mean the tenant improvement allowance, rent abatement and other economic terms (other than base rent) for lease transactions for comparable space in Comparable Buildings. In determining the Market Concessions, all relevant factors will be taken into consideration, including without limitation, the applicable lease term, base year, lease rates, escalations, and the then-existing condition of the space in question (i.e., existing improvements within the space used in comparison and within the subject space).
Fair Market Rate means the average of the annual rental rates then being charged in the office market sector of the area where the Building is situated, for comparable space for leases commencing on or about the time of the commencement of the lease term to which this definition applies, taking into consideration use, location and floor level of the applicable building, the location, quality and age of the building, leasehold improvements or allowances provided, rental concessions (such as abatements, lease assumptions or takeovers and moving expenses), the date that the particular rate under consideration became effective, the term of the lease under consideration, the extent of services provided thereunder, applicable distinctions between "gross" leases and "net" leases, base year figures for escalation purposes, brokerage fees saved due to the renewal, the period for which space would be vacant if Tenant were to vacate the space rather than to renew, the creditworthiness and quality of Tenant, and other adjustments to the base rental and any other relevant term or condition in making such evaluation, including bonfide written offers made to Landlord by unrelated third parties at an arms-length basis to lease the same comparable space. Tenant shall determine the amount of space that shall be subject to renewal and Tenant shall give Landlord no less than twelve (12) months notice of Tenant's space requirements prior to the expiration of the then initial term. Landlord shall notify Tenant of the Base Rent for the renewal term within one (1) month of receiving Tenant's notice. Landlord and Tenant shall agree upon the Base Rent and renewal terms by March 1, 2004, or this Lease shall automatically expire upon the Lease Expiration Date. If this Renewal Option is exercised, the Lease Expiration Date shall mean the last day of the renewed Lease Term.
Fair Market Rate means, as of the date in question, the base rental rate (including escalations) which a landlord willing but not obligated to lease, would accept for the premises at issue and which a tenant, willing but not obligated to lease, would pay therefor in an arm's length transaction, such determination to be made with reference to other comparable lease transactions in the Building's marketplace (a "Reference Lease") and shall take into account all relevant factors, including without