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 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, without limitation, the condition of the space; provided that with respect to this Section 7, only, market rate improvement allowance shall be deemed to be the Fourth 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 Third Extension Term, or (ii) the date of Landlord’s delivery to Tenant of the Fourth Extension Term Rate Notice with respect to the Fourth Extension Term, or (B) the later of (i) the date that is fifteen (15) months prior to the expiration of the Fourth Extension Term, or (ii) the date of Landlord’s delivery to Tenant of the Fifth Extension Term Rate Notice with respect to the Fifth 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 the Lease; or (b) elect to have the Market Base Rental Rate for the applicable Extension Term determined by arbitration in accordance with subsection 7.11 below; 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 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, 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.). It is agreed that written offers to lease comparable space located elsewhere in the Building may be used by Landlord as an indication of Market Base Rental Rate.
Examples of Market Base Rental Rate in a sentence
In no event may either Landlord or Tenant elect not to extend the Lease based upon the Market Base Rental Rate established in accordance herewith.
If they are unable to agree on the Market Base Rental Rate within twenty (20) days after the date the second appraiser has been appointed, they shall elect a third appraiser meeting the qualifications stated in this paragraph within seven (7) days after the last day the two (2) appraisers are to set the Market Base Rental Rate.
The appraisers appointed by the parties shall meet promptly and attempt to set the Market Base Rental Rate.
If the Market Base Rental Rate is not established for the extended term prior to its commencement, Tenant shall continue to pay the applicable Base Rent required for the last full month of the Lease term until the appraisers have made their determination.
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.
More Definitions of Market Base Rental Rate
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...
Market Base Rental Rate means the annual amount per Rentable Square Feet that a willing tenant would pay and a willing landlord would accept in arm’s length, bona fide negotiations for the Premises to be executed at the time of determination and to commence at the beginning of the Option Period, as determined by Landlord in good faith based upon comparable lease transactions (i.e., lease renewals, and expansions) made in the Building and in buildings of comparable quality located in the Fort Lauderdale Metropolitan Area within the previous one-year period taking into account any special conditions applicable to such spaces and leases for location, length of term, amount of space, tenant credit, outside broker involvement, improvement allowance and other rental concessions justified by the market. Within thirty (30) days after receipt of Tenant’s notice of exercise of the Option, Landlord will notify Tenant in writing of its determination of the Market Base Rental Rate for the Premises for the Option Period. If Tenant disagrees with Landlord’s determination, Tenant shall have a period of thirty (30) days after receipt of Landlord’s notice to exercise Tenant’s option to have the Market Base Rental Rate determined pursuant to Section D below by written notice to Landlord. If Tenant does not give such notice, and Tenant does not advise Landlord, in writing, that Tenant accepts Landlord’s determination of Market Base Rental Rate within thirty (30) days from receipt of Landlord’s determination, Tenant shall be conclusively deemed to have rejected the Market Base Rental Rate determined by Landlord as the Base Rent for the Renewal Term and be deemed to have elected not to exercise the Option.
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 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.
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.
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 Interlocken Business Park 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 payments; (iii) current rental escalators; and (iv) rental concessions, if any, as applicable to market renewals of leases.
Market Base Rental Rate means the then Base Rental Rate for comparable first class single tenant office buildings of comparable size, location and age in the County of Boulder, Colorado, at such time, taking into account the following factors (1) rent per rentable square foot; (2) operating expenses and real estate tax payments; (3) current rental escalators and (4) rental concessions, if any. If any portion of the Market Base Rental Rate is attributable to improvements made by Tenant at Tenant's expense, then the Market Base Rental Rate shall specifically exclude any adjustment made by reason of such alterations.