Market Base Rental Rate means the net effective rate per square foot of net rentable area at which a willing lessor and a willing lessee would agree to lease comparable space to that for which the Market Base Rental Rate is being determined in comparable office buildings in the West Loop/Galleria area of Houston, Texas, which rate shall take into account all relevant economic and non-economic factors, including but not limited to: the credit-worthiness, reputation and other qualities of such lessee, the quality and reputation of the management of the building in question, the amount of space being offered for lease, the location within the building of such offered space, whether the space being offered is a full floor or a portion of a multi-tenant floor, the quality and finish of the offered space as it then exists, the age and quality of such building, the lease term and renewal options, the scheduled or actual commencement date, add-on factors, basis for paying operating expenses, parking charges and market inducements, such as free rent, moving expenses, and architectural, construction and lease assumption allowances.
Market Base Rental Rate means the annual amount per rentable square foot that Landlord is then quoting as base rent to existing third party tenants who are renewing leases within the Building, for space comparable to the space for which the Market Base Rental Rate is being determined (taking into consideration use, location and/or floor level within the applicable building, the definition of Rentable Floor Area, leasehold improvements provided, remodeling credits or allowances granted, quality, age and location of the applicable building, rental concessions [such as abatements or lease assumptions], the provision of free or paid unassigned parking, the time the particular rate under consideration became effective, size of tenant, relative operating expenses, relative services provided, etc.
Market Base Rental Rate means the market annual net rental rate (exclusive of expense pass-through additions, whether characterized as such or not, which are similar to the categories described in Sections 6.1.B. and C. below) per rentable square foot of each segment of Premises (Existing Renovated Office Space, Lab Space, New Office Space and Put-Back Space) and for the time period as to which such rate is being determined, that a willing tenant would pay and a willing landlord would accept, in arm’s length bona fide negotiations (taking into consideration all relevant factors including, without limitation, the following factors: rent being charged in other first class lab, office and warehouse buildings located in the Center, for leases then being entered into for comparable space to the Premises for which the Market Base Rental Rate is being determined; location, quality, amenities, age and reputation of the buildings in which the space being compared is located; use and size of the space under comparison; location and/or floor level of the Premises and any comparison space within their respective buildings, including view, elevator lobby exposure, etc.; definition of “net rentable area” applicable to the spaces; distinction (if any) between “gross” and “net” rental rates and type, base year or dollar amount for escalation purposes (both operating costs and real estate taxes) if the comparison is on a “gross” lease basis; any other adjustments (including through use of an index) to base rental; extent of services provided or to be provided; extent and condition of leasehold improvements in the Premises and in any comparison space; abatements pertaining to the Premises and to any comparison space (including with respect to base rental, operating expense and/or real estate taxes); inclusion of parking charges in rental, if applicable; lease takeovers/assumptions by the landlord of the comparison space, if applicable; moving allowances granted, if any, in connection with the Premises and with respect to any comparison space; relocation allowances granted, if any, in connection with the Premises and with respect to any comparison space; club memberships granted, if any; construction, refurbishment and repainting allowances granted, if any, in connection with the Premises and with respect to any comparison space; any other concessions or inducements in connection with the Premises and with respect to any comparison space; term or length of lease of Premises and of any comparison sp...
Examples of Market Base Rental Rate in a sentence
Any determination of the Fair Market Base Rental Rate, whether by Landlord or Tenant, shall include a statement of the elements of rent included in such determination (whether tenant improvement allowances, free rent, common area cost allowances, or otherwise) sufficient to permit a calculation of the effective rent for the Premises.
Within twenty (20) days of Tenant's exercise of its Extension Option, Landlord agrees to provide Tenant with Landlord's determination ("Landlord's Determination") of the Fair Market Base Rental Rate.
The Market Base Rental Rate in question, when finally determined by the appraisers, shall be retroactive to the commencement of the extension term, and the first Base Rent payment becoming due after the determination of the applicable Market Base Rental Rate shall include the retroactive amounts of monthly Base Rent installments accrued and unpaid.
All determinations of Market Base Rental Rate shall be subject to the limitations on Market Base Rental Rate set forth in the first paragraph of this Section.
The appraisers appointed by the parties shall meet promptly and attempt to set the Market Base Rental Rate.
More Definitions of Market Base Rental Rate
Market Base Rental Rate as of any date shall mean the annual net (excluding that portion of the rate associated with operating expenses) rental rate per square foot of net rentable area which a willing landlord under no compulsion would agree to accept as of such date from a tenant having the creditworthiness of Tenant, and such a willing tenant under no compulsion would agree to pay as of such date, under new leases (based on the projected Term) of space in comparable office buildings located in the Buckhead area of Atlanta, Georgia comparable to the space for which the Market Base Rental Rate is being determined and on a comparable basis (taking into consideration use, location and/or floor level within the applicable building, definition of rentable floor area, leasehold improvements provided, remodeling credits or allowances granted, quality, age and location of the applicable building, rental concessions [such as abatements, free rent or lease assumptions], the time the particular rate under consideration became effective, size of tenant, relative operating expenses, relative services provided, etc.). If Landlord and Tenant are unable to agree upon the applicable Market Base Rental Rate prior to the date which is twelve (12) months before the commencement of the Extended Term, either party may demand arbitration as hereinafter provided:
Market Base Rental Rate means the amount of cash which a landlord would receive annually by then renting the space in question assuming the landlord to be a prudent person willing to lease but being under no compulsion to do so, assuming the tenant to be a prudent person willing to lease but being under no compulsion to do so, and assuming a lease containing the same terms and provisions as those herein contained. Market Base Rental Rate shall take into consideration all relevant factors including the condition of the space and the Second Extension Term Allowance. During the sixty (60) day period (the “Negotiation Period”) commencing on (A) the later of (i) the date that is fifteen (15) months prior to the expiration of the First Extension Term, or (ii) the date of Landlord’s delivery to Tenant of the Second Extension Term Rate Notice with respect to the Second Extension Term, or (B) the later of (i) the date that is fifteen (15) months prior to the expiration of the Second Extension Term, or (ii) the date of Landlord’s delivery to Tenant of the Third Extension Term Rate Notice with respect to the Third Extension Term, Landlord and Tenant shall each be available to meet with the other on a regular basis to determine whether they can agree on the Market Base Rental Rate for the Premises for the applicable Extension Term. If they fail to reach agreement, Tenant may, by written notice to Landlord given at any time prior to the date that is twenty (20) days after the last day of the Negotiation Period (a) elect to rescind the Tenant’s Exercise Notice theretofore given by Tenant with respect to the applicable Extension Term, in which case the rights of Landlord and Tenant under the Lease shall continue just as though Tenant’s Exercise Notice had never been given and the Term of the Lease shall expire at the end of the then current Term of this Lease; or (b) elect to have the Market Base Rental Rate for the applicable Extension Term determined by arbitration in accordance with this Exhibit G; if within said twenty (20) day period Tenant does not in writing elect option (b), Tenant will be conclusively deemed to have elected option (a).
Market Base Rental Rate means the then Base Rental Rate for comparable first class multi-tenant office buildings of comparable size, location and age in Broomfield, Colorado, at such time, taking into account the following factors: (i) rent per rentable square foot; (ii) operating expenses and real estate tax 35 41 payments; (iii) current rental escalators; and (iv) rental concessions, if any, as applicable to market renewals of leases.
Market Base Rental Rate means the amount of cash which a landlord would receive annually by then renting the space in question assuming the landlord to be a prudent person willing to lease but being under no compulsion to do so, assuming the tenant to be a prudent person willing to lease but being under no compulsion to do so, and assuming a lease containing the same terms and provisions as those herein contained. Market Base Rental Rate shall take into consideration all relevant factors including the condition of the space. If Tenant elects to lease Available Space offered to Tenant in accordance with this Exhibit J, but does not accept Landlord’s reasonable estimate of the Market Base Rental Rate for such space, and if Tenant and Landlord cannot agree to the Market Base Rental Rate on or before the date that is thirty (30) days after Tenant’s receipt of the Available Space Notice given by Landlord with respect to such Available Space, either party may by written notice to the other initiate the determination of such rate by arbitration in accordance with the following provisions: The determination of the Market Base Rental Rate will be determined by an arbitration board consisting of three reputable real estate professionals with experience with first-class office buildings in the Minneapolis-St. Xxxx metropolitan area, each of whom shall be a Member of the Appraisal Institute with the designation of “MAI.” Within twenty (20) days after initiation of arbitration, each party shall appoint one arbitrator who shall have no material financial or business interest in common with the party making the selection and shall not have been employed by such party for a period of three years prior to the date of selection. If a party fails to give notice of appointment of its arbitrator within the twenty (20) day period specified above, then upon two (2) business days notice the other party may appoint the second arbitrator. The arbitrators selected by the parties shall attempt to agree upon a third arbitrator. If the first two arbitrators are unable to agree on a third arbitrator within thirty (30) days after the appointment of the second arbitrator, then such third arbitrator shall be appointed by the presiding Judge of the Hennepin County District Court, or by any person to whom such presiding judge formally delegates the matter or, if such methods of appointment fail, by the American Arbitration Association. The parties will submit to the arbitrators the definition of the Market Base Ren...
Market Base Rental Rate means the amount of cash which a landlord would receive annually by then renting the space in question assuming the landlord to be a prudent person willing to lease but being under no compulsion to do so, assuming the tenant to be a prudent person willing to lease but being under no compulsion to do so, and assuming a lease containing the same terms and provisions as those herein contained. Market Base Rental Rate shall take into consideration all relevant factors including the condition of the space and the Second Extension Term Allowance.
Market Base Rental Rate as of any date shall mean the annual net (excluding that portion of the rate associated with operating expenses) rental rate per square foot of net rentable area which a willing landlord under no compulsion would agree to accept as of such date, and such a willing tenant under no compulsion would agree to pay as of such date, for renewal leases (based on a five [5] year term) of space in comparable office buildings located in Broomfield, Colorado area comparable to the space for which the Market Base Rental Rate is being determined and on a comparable basis (taking into consideration all relevant factors), and including any applicable annual escalation of rates during such Extended Term. Unless Landlord and Tenant shall agree upon the applicable Market Base Rental Rate prior to the date which is nine (9) months before the commencement of the Extended Term, Landlord and Tenant shall begin to negotiate the amount of Market Base Rental Rate promptly following the date which is eight (8) months before the commencement of the Extended Term. In the event Landlord and Tenant are unable to agree upon the applicable Market Base Rental Rate prior to the date which is seven (7) months before the commencement of the Extended Term, either party may demand arbitration as hereinafter provided:
Market Base Rental Rate means Lessor's determination of the annual net rental rate per square foot (exclusive of expense pass-through additions for Operating Costs and Real Estate Taxes) of rentable space then being asked by Lessee within the Building.