Fair Market Value Rent means the per annum minimum rent which would be payable monthly in advance for the applicable Property or the Leased Property (as the case may be) in its then current condition and for its then current use, on the terms and conditions of this Agreement (including, without limitation, the obligation to pay Additional Rent).
Fair Market Value Rent means the most probable rent, as of a specific date, in cash or in terms equivalent to cash, for which the property to be leased, under the terms and conditions of the lease, should rent for its highest and best permitted use after reasonable exposure in a competitive market under all conditions requisite to a fair leasing opportunity, with the lessor and the lessee each acting prudently, knowledgeably, and for self-interest, and assuming that neither is under undue duress. Determinations of fair market value rent under this part are to be made taking into account the considerations stated in § 18.5.
Fair Market Value Rent means the most probable rent, as of a specific date, in cash or in terms equivalent to cash, for which a Residential Unit to be leased, under the terms and conditions of the Lease, should rent for its highest and best permitted use after reasonable exposure in a competitive market under all conditions requisite to a fair leasing opportunity, with the Lessee and the Sublessee each acting prudently, knowledgeably, and for self-interest, and assuming that neither is under undue duress.
Examples of Fair Market Value Rent in a sentence
An appraisal or similar determination to confirm the Fair Market Value Rent for the Initial Improvements will be completed by the NPS on or before the Lease Execution Date.
To confirm (with respect to the Initial Phase of the Phased Improvements) or reconfirm (with respect to subsequent phases of the Phased Improvements) the Fair Market Value Rent NPS will require that the appraisal or similar determination take into consideration the applicable Scope of Development to be completed as part of such phase and the requirements of the leasing regulations (36 CFR Part 18, as amended, revised or superseded) and NPS guidelines as adopted and as amended, revised or superseded.
An appraisal or similar determination may be conducted by the NPS as part of each phase of the Phased Improvements to reconfirm that the rent is consistent with Fair Market Value Rent.
With respect to any Fair Market Value Rent reconfirmation conducted in connection with phases of the Phased Improvements subsequent to completion of the Initial Improvements, if no material change is made in the type of activities authorized by Section 6.1 of the Lease, conducted by the Developer under the Lease in any part of the Premises, then any such Fair Market Value Rent determination will be limited to the increment of such additional phase of the Phased Improvements.
More Definitions of Fair Market Value Rent
Fair Market Value Rent is defined and shall have the meaning specified in the Basic Lease Information.
Fair Market Value Rent means the annual fair market net rental rate for the Stadium Component, being the most probable annual rent estimated in terms of money that a willing landlord reasonably would be capable of obtaining by leasing the Stadium Component for the term for which the determination is being made, to a willing tenant, if exposed for rental in the open market, allowing for a reasonable period of time to find a tenant, neither landlord nor tenant acting under compulsion, both having knowledge of the highest and best use of the Stadium within the scope of uses permitted by this Lease and taking into account all other terms, benefits and obligations of this Lease, and both exercising intelligent judgement, in circumstances where no inducements, rent free periods, special improvements for the benefit of the tenant or other inducements are provided by the landlord, and which, for clarity, shall take into account the Stadium Component as improved by the Stadium Improvements;
Fair Market Value Rent means the annual fair market net rental rate of the Retail Lands, being the most probable annual rent estimated in terms of money that a willing landlord reasonably would be capable of obtaining by leasing the Retail Lands to a willing tenant on the terms set out in this Lease for the balance of the Term remaining, taking into account any extension terms remaining under Section 2.3, if exposed for rental in the open market, allowing for a reasonable period of time to find a tenant, neither landlord nor tenant acting under compulsion, both having knowledge of the highest and best use of the Retail Lands within the scope of restrictive uses permitted by this Lease and taking into account the requirements of Cooperative Integration, and both exercising intelligent judgement, in circumstances where no inducements, rent free periods, special improvements for the benefit of the tenant or other inducements are provided by the landlord and without taking into account the value of any improvement on the Retail Lands constructed and paid for by the Tenant;
Fair Market Value Rent means the fair market annual rental value of the Property as of the Adjustment Date that is the first day of the _____ (__th) and _____ (__th) Extension Terms for lease of a Property with the following characteristics: a triple net lease for a five year term with no more than, as applicable, none or one (1) five-year extension option of comparable restaurant space in a comparable traffic location located within a radius of fifteen (15) miles of the Property, with the Property considered as vacant and in its then “as is” condition but with all of Lessee’s Property removed, with Lessor providing no services to Lessee, and an annual one percent (1.5%) increase in base rent after the first year of the term. The calculation of Fair Market Value Rent shall also take into account all other reasonable relevant factors. Lessor shall advise Lessee (the “Rent Notice”) of Lessor’s determination of Fair Market Value Rent within sixty (60) days of Lessee’s delivery of the Extension Notice for the _______ (__th) and ____ (__th)
Fair Market Value Rent. With respect to each Property, the fair market annual rental value of the Property as of the first day of each Extension Term with the following characteristics: an absolute net lease for a five year term with no more than one (1) five-year extension option of comparable healthcare facility space, with the Leased Property considered as vacant and in its then “as is” condition but with all of Lessee’s Personal Property removed, with Lessor providing no services to Lessee, and an annual increase in base rent after the first year of the term equal to the Escalator. The calculation of Fair Market Value Rent shall also take into account all other reasonable relevant factors. Lessor shall advise Lessee (the “Rent Notice”) of Lessor’s determination of Fair Market Value Rent within sixty (60) days following Lessee’s exercise of the extension option for the applicable Extension Term. If Lessee disputes Lessor’s determination of Fair Market Value Rent, the dispute shall be resolved by arbitration as provided in Section 40.27. If the Allocable Base Rent payable during the applicable Extension Term is not determined prior to the first day of such Extension Term, then, commencing on the first Business Day of such Extension Term, Lessee shall pay Allocable Base Rent in an amount equal to the Allocable Base Rent payable by Lessee during the last year of the Fixed Term or the prior Extension Term, as applicable, as increased by the Escalator (the “Interim Rent”). Upon final determination of the Allocable Base Rent for each Extension Term (if this occurs after the commencement of such Extension Term), Lessee shall commence paying such Allocable Base Rent as so determined, and within thirty (30) days after such determination Lessee shall pay any deficiency in prior payments of Allocable Base Rent.
Fair Market Value Rent means the then prevailing annual fair market rent which a willing new tenant unrelated to Landlord would pay for the Premises in its then existing condition for the Extension Term, on a non-renewal, non-expansion basis and subject to the terms and conditions of this Lease (including, without limitation, Article 5, but excluding the Extension Option and Exhibit C), and taking into account the: (i) base rentals at which leases are being concluded for comparable space in the Building and in comparable buildings in the same rental area as the Building, (ii) the new Base Tax Year (which shall be the Tax Year in which the Extension Term Commencement Date shall occur), (iii) the cumulative amount of the operating expense escalation set forth in Article 7, (iv) absence of a work allowance and/or rent concession and cash contribution, (v) physical condition, size, location and configuration of the Premises at the time of commencement of the term valued as a whole single block of space, (vi) payment of a full brokerage commission that Landlord would be required to pay in connection with Tenant's Exercise of its Extension Option, if paid by Landlord, and (vii) such other relevant factors. Landlord shall notify Tenant in writing of Landlord's determination of Fair Market Value Rent at least six (6) months prior to the Extension Term Commencement Date. Tenant shall notify Landlord in writing within thirty (30) days after such notice from Landlord whether Tenant agrees or disagrees with Landlord's determination. If Tenant disagrees with Landlord's determination, such written notice shall set forth the name and address of an appraiser (the "Tenant's Appraiser") to act on behalf of Tenant in connection with the determination of Fair Market Value Rent as set forth below. If Tenant shall fail to send such notice within the time period and in the manner prescribed above, and such failure shall continue thereafter for a further period of five (5) days after Tenant's receipt of a second notice (which second notice shall specify such failure and make reference to this Subsection (c), then Landlord's determination of Fair Market Value Rent shall govern. If Tenant shall have given such notice in accordance with the foregoing requirements, Fair Market Value Rent shall be determined as follows:
Fair Market Value Rent means the monthly rent charged tenants for space in comparable buildings (age, number of stories, total size, comparable location) in the area in which the Premises are located, taking into account all financial terms, including without limitation, base rent, free rent, escalations, refurbishment or new construction costs funded by the respective parties, credit worthiness of the Tenant, allowances, and leasing and brokerage commissions. The foregoing option to renew shall terminate if this Lease is assigned or the Premises sublet to any entity other than a Related Entity.