Market Base Rent definition

Market Base Rent means the average (mean) of the annual base rental rates then being charged to renewing tenants for space located in the Vancouver, Washington metropolitan area and comparable to the Premises, taking into consideration all relevant factors including, without limitation, use, location, floor level within the applicable building, size, parking rights (to the extent that parking rights are a factor in determining base rental rates in the then current marketplace). It is agreed that bona fide written offers to lease the Premises or similar premises in the Building made to Landlord by third parties (at arms- length) may be used by Landlord as an indication of Market Base Rent. Notwithstanding any provision to the contrary set forth herein, in no event shall the Market Base Rent for the Renewal Term be less than the Base Rent then currently payable by Tenant immediately prior to the commencement of the Renewal Term.
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Market Base Rent for the purposes of this paragraph 8 shall mean the then current market base rental rate (taking into consideration market concessions, inducements and allowances) for comparable space for comparable terms in comparable condition in office building comparable to the Building in the North Suburban Chicago Market (in the vicinity of the ▇▇▇▇▇ Expressway), as reasonably determined by Landlord. Landlord shall deliver its estimated Market Base Rent to Tenant within thirty (30) days after Landlord's receipt of Renewal Notice. In the event that Tenant disagrees with Landlord's estimate of such Market Base Rent, then Tenant may rescind its Renewal Notice, by written notice to Landlord within ten (10) days after receipt for Landlord's estimate.
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Market Base Rent means an aggregate annual base rent for the sixth to the tenth years
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Examples of Market Base Rent in a sentence

  • If Tenant provides Landlord with a Rejection Notice, Landlord and Tenant shall work together in good faith to agree upon the Prevailing Market Base Rent rate for the Premises during the Renewal Term.

  • Fair Market Base Rent shall be determined as follows: Landlord shall, within thirty (30) days after receipt of the Extension Notice propose in writing to Tenant the Fair Market Base Rent to be paid by Tenant during the Extension Term (the “Rent Proposal”).

  • The determination of the third broker shall be made on the basis of which Proposed Determination submitted by the first two brokers is closest to what the third broker believes the Fair Market Base Rent should be, and such determination of the third broker must be made only by his or her selecting one of the Proposed Determinations previously submitted in writing by the first two brokers.

  • If Tenant delivers the Objection Notice, Landlord and Tenant shall engage in discussions regarding the Fair Market Base Rent for a period of up to thirty (30) days.

  • The brokers selected by Landlord and Tenant shall each prepare their own determination of the figure that should be the Fair Market Base Rent (the “Proposed Determination”) and submit their respective Proposed Determinations in writing to the third broker promptly after the third broker is chosen.

  • In the event Tenant properly exercises its Extension Option as described herein, Landlord and Tenant agree to enter into an amendment to this Lease incorporating the Extension Term into this Lease, but the failure of the parties to execute such an amendment shall have no effect on the effectiveness of the extension of the Term to include the Extension Term or the Fair Market Base Rent associated therewith.

  • Notwithstanding any provision to the contrary set forth herein, in no event shall the Market Base Rent for the Renewal Term be less than the Base Rent then currently payable by Tenant immediately prior to the commencement of the Renewal Term.

  • The Market Base Rent for the Premises as determined pursuant to the immediately preceding sentence shall be the Market Base Rent used in determining Base Rent during the Renewal Term.

  • In the event said difference is in excess of ten percent (10%), then the appraisers shall mutually select a third appraiser who shall render a written decision of the Effective Market Base Rent Rate within twenty (20) days of his/her selection.

  • If the parties are unable to agree upon the Fair Market Base Rent during the Initial Rent Determination Period, then within fifteen (15) days after termination of the Initial Rent Determination Period, each party shall deliver to the other party a notice specifying the name, address and professional qualifications of the person designated to act as arbitrator on its behalf.


More Definitions of Market Base Rent

Market Base Rent means market rents, Tenant improvements, rent concessions for renewing tenants in similar Class A office space in Maitland, Florida
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Market Base Rent means the prevailing base rental, expressed in dollars per rentable square foot, that would be received by landlords renting comparable space (i.e., quality, size and existing condition) in comparable buildings in equally desirable parts of downtown Washington, D.
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Market Base Rent for the Renewal Term shall mean the annual Base Rent that a willing tenant would pay, and a willing landlord would accept, to lease the Premises in its “as is” condition pursuant to the Lease, taking into consideration all relevant factors, including, without limitation, such factors as credit-worthiness of Tenant, the duration of the term, any rental or other concessions granted, whether a broker’s commission or finder’s fee will be paid, and responsibility for Expenses. Landlord shall notify Tenant of its initial determination of Market Base Rent no later than thirty (30) days after receipt of Tenant’s Renewal Notice. Tenant shall have thirty (30) days after Landlord’s delivery of notice to Tenant of its determination of Market Base Rent to deliver notice to Landlord accepting Landlord’s determination, or objecting to Landlord’s determination and proposing its own Market Base Rent. If Tenant fails to deliver such notice within such thirty (30) day period, Tenant shall be deemed to have revoked Tenant’s Renewal Notice and forever waived its right to exercise the Renewal Option. If Tenant delivers notice with a Market Base Rent different from Landlord’s determination, then Landlord and Tenant shall, for fifteen (15) days, negotiate in good faith to agree on a Market Base Rent. If Landlord and Tenant shall fail to agree upon the Market Base Rent for the Renewal Term within fifteen (15) days after Tenant’s timely notice to Landlord that it objects to Landlord’s determination, Landlord and Tenant each shall give notice to the other setting forth the name and address of an arbitrator designated by such party within fifteen (15) days thereafter. If either party shall fail to give notice of such designation within such fifteen (15) day period, then the arbitrator chosen by the party giving such notice shall make the determination alone. If two arbitrators shall have been designated, such two arbitrators shall make their determination of Market Base Rent for the Renewal Term in writing and give notice thereof to each other and to Landlord and Tenant within twenty (20) days of their designation The two arbitrators shall have ten (10) days after the receipt of notice of each other’s determination to confer with each other and to attempt to reach agreement as to the determination of Market Base Rent for the Renewal Term. If such two arbitrators shall fail to concur, then such two arbitrators shall immediately designate a third arbitrator. If such two arbitrators sha...
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Related to Market Base Rent

  • Monthly Base Rent The monthly rent specified in Section 1.01(8).

  • Annual Base Rent means the business’s annual lease payment minus taxes, insurance and operating or maintenance expenses.

  • Base Rent Period Annual Rate Per Square Foot Monthly Base Rent

  • Net Rent means all rental Landlord actually receives from any reletting of all or any part of the Premises, less any indebtedness from Tenant to Landlord other than Rent (which indebtedness is paid first to Landlord) and less the Re-entry Costs (which costs are paid second to Landlord).

  • Monthly Rent means the monthly installment of Minimum Annual Rent plus the monthly installment of estimated Annual Operating Expenses payable by Tenant under this Lease.