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, ADDENDUM TO OFFICE LEASE 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 h...
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 Second Expansion Premises.
Examples of Fair Market Rate in a sentence
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”).
The Base Monthly Rent during the first year of each extension periods shall be the lesser of: (i) the then current Fair Market Rate (as defined) for comparable space within the Project, and (ii) the Base Monthly Rent then in effect for the Leased Premises during the last month of the initial Rental Term (increasing each year thereafter by 3%, compounded).
Rental rates will be at then Fair Market Rate, but, in no case, less than the current Base Rent then in effect for the Premises.
If the arbitration is conducted by three arbitrators, each arbitrator will submit his or her determination(s) of the Fair Market Rate applicable during the period in question in a sealed envelope by the thirtieth (30th) day following appointment of the last arbitrator, and any determinations not submitted by such time shall be disregarded.
More Definitions of Fair Market Rate
Fair Market Rate means the room rate, as defined in California Business & Professions Code §17561, that is or otherwise made available to the public for hotel accommodations, including any promotional, volume, loyalty or other discounts that are generally available to the public.
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 rate shall mean the arm's length fair market annual rental rate per square foot under new and renewal leases and amendments entered into on or about the date on which the Fair Market Rate is being determined hereunder for space comparable to the Extension Premises in Comparable Buildings. The determination of Fair Market Rate shall take into account items that professional real estate brokers customarily consider, including, but not limited to, rental rates, space availability, tenant size, tenant improvement allowances, parking charges and any other lease considerations, if any, then being charged or granted by landlords of similar buildings, such as rent abatements, construction costs and other concessions and the manner, if any, in which operating expenses, insurance and taxes are paid or reimbursed.
Fair Market Rate means the annual amount per rentable square foot that a willing, comparable, non-equity, non-renewal, non-expansion, new tenant would pay and a willing, comparable landlord for comparable space of a warehouse/office building in San Antonio, Texas (the "Comparison Area") would accept at arm's length, giving appropriate consideration to, without limiting the scope thereof, annual rental rates per rentable square foot, the type of lease escalation clauses (including, but without limitation, operating expense, real estate taxes, CPI), the extent of liability under the escalation clauses (e.g., whether determined on a "net lease" basis or by
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
Fair Market Rate means that rate, expressed on a per square foot per annum basis, that is equal to the fair market value of the Fixed Minimum Rent (as such term is defined and used in this Lease) during the Renewal Term for industrial space: (i) equivalent in size to the Premises; (ii) leased for a term equivalent to the Renewal Term (with escalation factors, per market) and otherwise on terms and conditions identical to the terms and conditions of this Lease (including, without limitation, the terms and conditions of this Exhibit D and the other terms and conditions of this Lease governing payment by Tenant to Landlord of Rent); and (iii) located in a building in the Wilsonville, Oregon area equivalent in quality to the Building.
Fair Market Rate means the monthly amount per Net Rentable Area that a willing, comparable, new non-expansion, non-equity tenant would pay, and a willing, comparable landlord of a comparable class A office building with comparable vacancy within a five (5) mile radius of the Building would accept, at arm's length for a comparable amount of space for a comparable period of time giving appropriate consideration to the monthly rental rates per rentable square feet, the type of operating expenses escalation clauses typically granted tenants, abatement of rent if any, length of lease term, size and location of the premises being leased, tenant improvement allowance in pre-improved space if any, and other generally applicable conditions of tenancy of a multi-floor tenant. Landlord and Tenant shall commence negotiations to agree upon the Fair Market Rate ("FMR") upon the 42 Real Estate/Newport Beach Lease(3) delivery of a FMR by the Landlord. If both parties are unable to reach agreement of FMR within fifteen (15) business days after delivery by Landlord, the FMR shall be determined in accordance with the sub-sections (a) through (c) below: