Fair Rental Value as used in this Lease, shall be equal to the annual rent per rentable square foot (including additional rent and considering any “base year” or “expense stop” applicable thereto), including all escalations, at which tenants (pursuant to leases consummated within the twelve (12) month period preceding the first day of the Option Term), are leasing non-sublease, non-encumbered, non-equity space which is not significantly greater or smaller in size than the subject space, with a comparable level of improvements (excluding any property that Tenant would be allowed to remove from the Premises at the termination of the Lease), for a comparable lease term, in an arm’s length transaction, which comparable space is located in the “Comparable Buildings,” as that term is defined in this Section 2.2.2, below (transactions satisfying the foregoing criteria shall be known as the “Comparable Transactions”), taking into consideration the following concessions (the “Concessions”): (a) rental abatement concessions, if any, being granted such tenants in connection with such comparable space; (b) tenant improvements or allowances provided or to be provided for such comparable space, and taking into account the value, if any, of the existing improvements in the subject space, such value to be based upon the age, condition, design, quality of finishes and layout of the improvements and the extent to which the same can be utilized by a general office/lab user other than Tenant; and (c) other reasonable monetary concessions being granted such tenants in connection with such comparable space; provided, however, that in calculating the Fair Rental Value, no consideration shall be given to the fact that Landlord is or is not required to pay a real estate brokerage commission in connection with Tenant’s exercise of its right to extend the Lease Term, or the fact that landlords are or are not paying real estate brokerage commissions in connection with such comparable space. The Concessions shall be reflected in the effective rental rate (which effective rental rate shall take into consideration the total dollar value of such Concessions as amortized on a straight-line basis over the applicable term of the Comparable Transaction (in which case such Concessions evidenced in the effective rental rate shall not be granted to Tenant)) payable by Tenant. The term “Comparable Buildings” shall mean the Building and those other life sciences buildings which are comparable to the Building in te...
Fair Rental Value of the Premises means the current market rental value of the Premises as of the commencement of the Extended Term, taking into consideration all relevant factors, including length of term, the uses permitted under the Lease, the quality, size, design and location of the Premises, including the condition and value of existing tenant improvements, and the monthly base rent paid by tenants for premises comparable to the Premises, and located in the competitive market area of the Premises, as reasonably determined by Landlord. If Landlord and Tenant are unable to agree on the Fair Rental Value for the Extended Term within ten (10) business days of receipt by Landlord of the Option Notice for the Extended Term, Landlord and Tenant each, at its cost and by giving notice to the other party, shall appoint a competent and impartial commercial real estate broker (hereinafter “broker”) with at least five (5) years’ full-time commercial real estate brokerage experience in the geographical area of the Premises to set the Fair Rental Value for the Extended Term. If either Landlord or Tenant does not appoint a broker within ten (10) days after the other party has given notice of the name of its broker, the single broker appointed shall be the sole broker and shall set the Fair Rental Value for the Extended Term. If two (2) brokers are appointed by Landlord and Tenant as stated in this paragraph, they shall meet promptly and attempt to set the Fair Rental Value. If the two (2) brokers are unable to agree upon the Fair Rental Value within ten (10) days after the second broker has been appointed, the two (2) brokers shall attempt to select a third broker, meeting the qualifications stated in this paragraph within ten (10) days after the last day the two (2) brokers are given to set the Fair Rental Value. If the two (2) brokers are unable to agree on the third broker, either Landlord or Tenant by giving ten (10) days’ notice to the other party, can apply to the Presiding Judge of the Superior Court of the county in which the Premises is located for the selection of a third broker who meets the qualifications stated in this paragraph. Landlord and Tenant each shall bear one-half (½) of the cost of appointing the third broker and of paying the third broker’s fee. The third broker, however selected, shall be a person who has not previously acted in any capacity for either Landlord or Tenant. Within fifteen (15) days after the selection of the third broker, the third broker shal...
Fair Rental Value means the price that a ready and willing tenant would pay, as of the applicable Rental Adjustment Date, as monthly rent to a ready and willing landlord of property comparable to the Property (in the condition it was in on the date of the Lease, not on the Rental Adjustment Date, so that Fair Rental Value shall be based on the value of the Property without taking into account the value of the improvements installed by Tenant) if such property were exposed for lease on the open market for a reasonable period of time and taking into account all of the purposes for which such property may be used and taking into account the term of the Extension. If a single Appraiser is chosen, then such Appraiser shall determine the Fair Rental Value of the Property. Otherwise, the Fair Rental Value of the Property shall be the arithmetic average of the two (2) of the three (3) appraisals which are closest in amount, and the third appraisal shall be disregarded. Landlord and Tenant shall instruct the Appraiser(s) to complete the determination of the Fair Rental Value not later than thirty (30) days prior to the applicable Rental Adjustment Date. If the Fair Rental Value is not determined prior to the applicable Rental Adjustment Date, then Tenant shall continue to pay to Landlord the Base Rent applicable to the Property immediately prior to such Extension, until the Fair Rental Value is determined. When the Fair Rental Value of the Property is determined, Landlord shall deliver notice thereof to Tenant, and if the Fair Rental Value is higher than the Base Rent, Tenant shall pay to Landlord, within ten (10) days after receipt of such notice, the difference between the Base Rent actually paid by Tenant to Landlord and the new Base Rent determined hereunder. In no event shall the rent payable during any year of the Extension be less than the Base Rent during the tenth year of the Lease. Landlord: JETEX GROUP, INC. Tenant: GENETIC VECTORS, INC. By: /s/ Jaime E. Suarez By: /s/ Richard H. Tullis
Examples of Fair Rental Value in a sentence
The parties hereto have agreed and determined that the Fair Rental Value of the Property, even if Parcel A were excluded therefrom, is not less than $ as of the Closing Date.
In making such determination of Fair Rental Value, consideration has been given to the uses and purposes which may be served by the Property and the benefits therefrom that will accrue to the County and the general public.
More Definitions of Fair Rental Value
Fair Rental Value means rent which is of comparable value with that of other rental
Fair Rental Value means the direct costs to the District, plus the amortized costs of the college facilities or grounds used for the duration of the activity authorized. (ref §82542(f).
Fair Rental Value means the amount of periodic rent that would be payable for any specified Equipment in an arm's length transaction between an informed and willing lessee and an informed and willing lessor, neither under compulsion to lease. Such amount shall not be reduced by the costs of removing such Equipment from its current location or moving it to a new location.
Fair Rental Value as used in this Lease, shall be equal to the annual rent per rentable square foot (including additional rent and considering any “base year” or “expense stop” applicable thereto), including all escalations, at which tenants (pursuant to leases consummated within the twelve (12) month period preceding the first day of the Option Term), are leasing non-sublease, non-encumbered, non-equity space which is not significantly greater or smaller in size than the subject space, with a comparable level of improvements (excluding any property that Tenant would be allowed to remove from the Premises at the termination of the Lease), for a comparable lease term, in an arm’s length transaction, which comparable space is located in the “Comparable Buildings,” as that term is defined in this Section 2.2.2, below (transactions satisfying the foregoing criteria shall be known as the “Comparable Transactions”), taking into consideration the following concessions (the “Concessions”): (a) rental abatement concessions, if any, being granted such tenants in connection with such comparable space; (b) tenant improvements or allowances provided or to be provided for such comparable space, and taking into account the value, if any, of the existing improvements in the subject space, such value to be based upon the age, condition, design, quality of finishes and layout of the improvements and the extent to which the same can be utilized by a general office/lab user other than Tenant; and (c) other reasonable monetary concessions being granted such tenants in connection with such comparable space; provided, however, that in calculating the Fair Rental Value,
Fair Rental Value means the fair market rental rate for the Sublease Premises calculated based on the following criteria: Fair Rental Value shall be based upon the square footage of the Sublease Premises and market conditions in Denver, Colorado, for space similar to the Sublease Premises in comparable buildings; shall take into account the fact that Sublessor has already provided a tenant improvement allowance and free rent and other rental concessions, and paid brokerage commissions and leasing fees based upon the full term of the Sublease which includes the period for which the Fair Rental Value is being determined; and any calculation of Fair Rental Value shall take into account Sublessee's obligations under Section 6.2 of this Sublease to pay a share of the costs and expenses which Sublessor is required to pay under the Master Lease and a comparison of such obligation with the amount of operating costs and expenses which tenants in comparable buildings are required to pay. Fair Rental Value shall be determined in accordance with the provisions of Section 5.3 of this Sublease. If Sublessee shall have achieved on or before the first anniversary of the Commencement Date an EBITDA Coverage Ratio (as defined below) of not less than 1.25 to 1 and shall have maintained such EBITDA Coverage Ratio throughout the first five years of the Lease, then the Monthly Base Rent shall not adjust to the Fair Rental Value on the Adjustment Date. In such event, Sublessor and Sublessee shall execute an amendment to this Sublease to reflect that the Monthly Base Rent for each month of the remainder of the Sublease Term shall be as set forth in the table below, in each case based on the annual rate per square foot of Rentable Area set forth in the table below multiplied by the estimated number of square feet of Rentable Area of the Sublease Premises. The actual Monthly Base Rent shall be adjusted, as appropriate, upon determination of the actual Rentable Area of the Sublease Premises. "EBITDA" shall mean net profits before tax plus interest expense (net of capitalized interest expense), depreciation expense, amortization expense and leasehold expense under this Sublease. "EBITDA Coverage Ratio" shall be calculated annually at Sublessee's fiscal year end and shall mean EBITDA divided by the aggregate of total interest expense plus the prior period current maturity of long-term debt, the prior period current maturity of subordinated debt and the prior period leasehold expense under this Sublease...
Fair Rental Value means the average rental rate in the community for available dwelling units of similar size and features;
Fair Rental Value means (and all appraisers and other persons involved in the determination of the Fair Rental Value will be so advised) the annual rent, as determined in accordance with this Annex, that would be agreed upon between a willing tenant, under no compulsion to lease, and a willing landlord, under no compulsion to lease, for unimproved land comparable in size and location to the Land, exclusive of any Improvements but assuming that there is no higher and better use for such land than as a site for improvements of comparable size and utility to the Improvements, at the time a determination is required under hereunder and taking into consideration the condition of the Land, the encumbrances affecting the title to the Land and all applicable zoning, land use approvals and other governmental permits relating to the Land at the time of such determination; and