Market rate of rent definition

Market rate of rent means Landlord’s good faith determination of the prevailing rental rate (taking into account all tenant concessions, which may include, for example, free rent, tenant improvements, a design allowance, or a brokerage commission) typically furnished for renewals of tenancies of similar size, renewal term and location in the Center and/or renewal rents for comparable tenancies in comparable buildings or office parks in the vicinity of the Center, commencing on or about the commencement date of the Renewal Term. Such prevailing rental rate shall be adjusted in order to reconcile any differences in the manner of charging operating costs, taxes or other items of escalation or utilities, and to reconcile differences in square footage, term, commencement date and location. Landlord’s good faith determination shall be based upon rents being obtained by Landlord for renewal tenancies that are to commence at approximately the commencement date of the Renewal Term as well as previous renewal rental rates obtained by Landlord for the Building or the Center and/or renewal rents for comparable tenancies in comparable buildings, subject to the adjustments as set forth above. Landlord agrees to give Tenant written notice setting forth the Market Rate of Rent within thirty (30) days after Tenant has timely and properly exercised its option to extend the Renewal Term. Tenant shall have thirty (30) days after its receipt of written notice from Landlord to withdraw its exercise of its option to extend for the Renewal Term if said Market Rate of Rent is unacceptable. Tenant’s failure to give said notice within the foregoing thirty (30) day period shall automatically be deemed to be Tenant’s acceptance of Landlord’s determination of the Market Rate of Rent for the Renewal Term.
Sample 1
Market rate of rent means the greater of (i) the then-escalated rate of Rent for the Premises as of the last year of the initial Term (the "Existing Rental Rate") and (ii) the prevailing market rental rate that a willing, comparable property would accept, in an arm's length transaction, as of the commencement of the Renewal Term, for comparable premises, taking into account the annual rental rates per rentable square foot, the standard of measurement by which the rentable square footage is measured, the type of escalation clause, the extent of the tenant's liability under the lease, abatement provisions reflecting free rent and/or no rent during the period of construction or subsequent to the commencement date as to the space in question, the brokerage commission which would be payable by the landlord in similar transactions, the length of the lease term, improvement costs borne by the landlord, allowances and other concessions to the tenant, and the size and location of the premises being leased. The Base Rent payable during the Renewal Term shall be subject to adjustment during the Renewal Term as provided in Landlord's written notice setting forth the market rate of rent (or, if the market rate of rent is the Existing Rental Rate, the Base Rent shall increase by 3% per annum during each year of the Renewal Term, commencing with the first day of the second year of the Renewal Term). There shall be no abatement of Base Rent or Adjustment Rent for the Premises during the Renewal Term, except as may be specifically provided in Landlord's written notice setting forth the market rate of rent.
Sample 1
Market rate of rent means the total rate of rent, including component parts of such rate of rent such as net rent, fixed and/or indexed rental adjustments and all rental adjustments for Property Taxes and Operating Expenses for the Building, and taking into account tenant concessions, if any, such as rent abatements and improvements allowances, which Landlord is offering to third party tenants for office space in the Building (taking into account, among other things, the lengths of the terms and the sizes of the spaces and levels of improvement of the spaces demised under such leases to third party tenants).
Sample 1

More Definitions of Market rate of rent

Market rate of rent means the total rate of rent, including component parts of such rate of rent such as net rent, fixed and/or indexed rental adjustments and all rental adjustments for Property Taxes and Operating Expenses for the Building, and taking into account Tenant concessions, if any, such as rent abatements and improvement allowances, which Landlord is offering to third party tenants for office space in the Building (taking into account, among other things, the lengths of the terms and the sizes of the spaces and levels of improvement of the spaces demised under such leases to third party tenants); and (y) the Base Rent payable during the Renewal Term shall be subject to adjustment during the Renewal Term as provided in Landlord's written notice setting forth the market rate of rent. There shall be no abatement of Base Rent or Tax and Operating Expense Adjustment for the Premises during the Renewal Term.
Sample 1
Market rate of rent means the total rate of rent, as reasonably determined by Landlord, including component parts of such rate of rent such as base rent, fixed and/or indexed rental adjustments and all rental adjustments for Taxes and Operating Expenses for the Building, taking into account Landlord contributions, if any, to Taxes and Operating Expenses for the Building (and base years or stops), and tenant concessions, if any, such as rent abatements and tenant improvement allowances, which Landlord is offering to third party tenants for office space in the Building comparable to the Expansion Space (taking into account the lengths of the terms and the sizes and levels of improvement of the spaces). The Base Rent payable for the Expansion Space shall be subject to adjustment during the Terms as provided in Landlord's written notice setting forth the market rate of rent. There shall be no abatement of Base Rent or Additional Rent for the Expansion Space, except as may be specifically included in the market rate of rent for the Expansion Space.
Sample 1
Market rate of rent means the total rate of base rent, as reasonably determined by Landlord, including component parts of such rate of rent such as the initial base rent, fixed and/or indexed rental adjustments and all rental adjustments for Taxes and Expenses, taking into account landlord contributions, if any, to taxes and expenses (i.e., any “base year” or “stop”) and tenant concessions, if any, such as rent abatements and tenant improvement allowances, which Landlord and landlords of comparable buildings in the Reston/Herndon, Virginia submarket are offering to new third party tenants for office space comparable to the Premises (taking into account the window-line and view, the length of the term and the size and level of improvements of the spaces). The Base Rent payable during the Extension Term shall be subject to adjustment during the Extension Term as provided in Landlord’s written notice setting forth the market rate of rent. There shall be no abatement of Base Rent or Adjustment Rent for the Premises during the Extension Term, except as may be specifically provided in Landlord’s written notice setting forth the market rate of rent.
Sample 1
Market rate of rent means 95% of the rate of Base Rent (including component parts of such rate of Base Rent such as fixed and/or indexed rental adjustments and taking into account tenant concessions, if any, such as rent abatements and tenant improvement allowances), plus 100% of the rental adjustments for Taxes and Expenses for the Building, which landlords of comparable buildings in Schaumburg, Illinois are offering to third party tenants for office space comparable to the Premises (taking into account the lengths of the terms and the sizes and levels of improvement of the spaces demised under such leases to third party tenants). The Base Rent payable during the Extension Term shall be subject to adjustment during the Extension Term as provided in Landlord's written notice setting forth the market rate of rent. There shall be no abatement of Base Rent or Adjustment Rent for the Premises during the Extension Term, except as may be specifically provided in Landlord's written notice setting forth the market rate of rent.
Sample 1
Market rate of rent means 95% of the total rate of rent, including component parts of such rate of rent such as base rent, fixed and/or indexed rental adjustments and all rental adjustments for Taxes and Expenses for the Building, taking into account Landlord contributions, if any, to Taxes and Expenses for the Building, and tenant concessions, if any, such as rent abatements and tenant improvement allowances, which landlords of comparable office buildings in Schaumburg, Illinois are offering to third party tenants for office space comparable to the Premises (taking into account the lengths of the terms and the sizes and levels of improvement of the spaces demised under such leases to third party tenants). The Base Rent payable during the Extension Term shall be subject to adjustment during the Extension Term as provided in the market rate of rent. There shall be no abatement of Base Rent or Adjustment Rent for the Premises during the Extension Term, except as may be specifically included in the market rate of rent or unless Landlord and Tenant otherwise agree. Upon Tenant's exercise of an Extension Option, Landlord shall provide Tenant with written notice of Landlord's determination of the "market rate of rent." Such notice shall be given not later than the last to occur of (i) 30 days after Tenant exercises the Extension Option or (ii) 12 months prior to the Commencement Date of the Extension Term. Tenant shall have 20 days ("Tenant's Review Period") after receipt of Landlord's notice of the proposed "market rate of rent" within which to accept such proposed "market rate of rent" or to object thereto in writing. If Tenant so objects, Landlord and Tenant shall attempt to agree upon such "market rate of rent" using their best good faith efforts. If Landlord and Tenant fail to reach agreement by the date that is 20 days following the expiration of Tenant's Review Period (the "Outside Agreement Date"), then each party's good faith determination of "market rate of rent" for the Extension Term shall be submitted by sealed bid to arbitration in accordance with the following procedure:
Sample 1
Market rate of rent means the greater of (i) 95% of Fair Market Rent for the applicable space (as defined in Section 28B) and (ii) the then-escalated rate of Rent for the Premises as of the last year of the Initial Term or the First Renewal Term, as applicable (the "Existing Rental Rate"). The Base Rent payable during the Renewal Term shall be subject to adjustment during the Renewal Term as provided in Landlord's written notice setting forth the market rate of rent (or, if the market rate of rent is the Existing Rental Rate, the Base Rent shall increase by 3% during each year of the Renewal Term, commencing with the first day of the first year of the Renewal Term). There shall be no abatement of Base Rent or Adjustment Rent for the Premises during the Renewal Term, except as may be specifically provided in Landlord's written notice setting forth the market rate of rent. If Landlord and Tenant fail to agree in writing upon the market rate of rent for the Renewal Term within 30 days of Tenant's exercise of the Renewal Option, as Tenant's sole option and remedy, Tenant may elect to rescind Tenant's exercise of the Renewal Option by written notice to Landlord during such 30-day period (if Tenant fails to timely deliver such notice of rescission and the parties have failed to agree in writing upon the market rate of Rent, Landlord's determination of the market rate of rent shall be binding upon Landlord and Tenant).
Sample 1

Related to Market rate of rent

  • Fair Market Rental Rate means the Monthly Base Rent equal to the monthly base rental per rentable square foot which a tenant would pay and which a willing landlord would accept for space comparable to the Premises in the Building and in other buildings of class A standards in Seaport Centre and along the Highway 101 corridor in Redwood City, Redwood Shores, San Cxxxxx and Belmont (the “Applicable Market”) for the period for which such rental is to be paid and for a lease on terms substantially similar to those of the Lease (including, without limitation, those applicable to Taxes, Operating Expenses and exclusions, but also considering so-called net and triple net leases, and leases utilizing operating expense stops or base years, and making appropriate adjustment between such leases and this Lease, as described below), based on prevailing market conditions in the Applicable Market at the time such determination is made (“Comparable Transactions”). Without limiting the generality of the foregoing, Comparable Transactions shall be for a term similar to the term of tenancy and for space comparable in use, floor levels, view and orientation, square footage and location within the Building and in the Applicable Market as the transaction for which Fair Market Rental Rate is being determined; however, leases of unusual or odd shaped spaces shall not be considered. In any determination of Fair Market Rental Rate, the stated or contract monthly net or base rental in Comparable Transactions shall be appropriately adjusted to take into account the different terms and conditions prevailing in such transactions and those present in the Lease, including, without limitation: (a) the extent to which average annual expenses and taxes per rentable square foot payable by tenants in Comparable Transactions vary from those payable by Tenant under the Lease, and so, for example, if the Lease provides for payment of Rent Adjustments and/or certain Operating Expenses on the basis of increases over a base year, then the rate of Monthly Base Rent under the Lease shall be based upon a step-up to change the calendar year which serves as the base year for calculation of the base for such Operating Expenses for the Option Term to be the full calendar year in which the Option Term commences, and such step-up shall be considered in the determination of the Fair Market Rental Rate; (b) tenant improvements, value of existing tenant improvements, the concessions, if any, being given by landlords in Comparable Transactions, such as parking charge abatement, free rent or rental abatement applicable after substantial completion of any tenant improvements (and no adjustment shall be made for any free or abated rent during any construction periods), loans at below-market interest rates, moving allowances, space planning allowances, lease takeover payments and work allowances, as compared to any tenant improvement, refurbishment or repainting allowance given to Tenant under the Lease for the space for which Fair Market Rental Rate is being determined; (c) the brokerage commissions, fees and bonuses payable by landlords in Comparable Transactions (whether to tenant’s agent, such landlord or any person or entity affiliated with such landlord), as compared to any such amounts payable by Landlord to the broker(s) identified with respect to the transaction for which Fair Market Rental Rate is being determined; (d) the time value of money; (e) any material difference between the definition of rentable area and the ratio of project rentable to useable square feet in Comparable Transactions, as compared to such figures applicable to the space for which Fair Market Rental Rate is being determined; and (f) the extent to which charges for parking by tenants in Comparable Transactions vary from those payable by Tenant under the Lease.

  • Market Rate means the rate as prevailing in the market and recommended by the Architect and as approved by the Employer on the basis of cost of materials, labour, plant etc inclusive of any tax, duty, octroi etc. at the time of execution of work.

  • Fair Market Rent for the Subject Leased Property means for any Renewal Term shall mean an amount determined as follows: Landlord shall designate an independent MAI appraiser to determine the Fair Market Rent of the Subject Leased Property for the applicable Renewal Term within twenty (20) days after Tenant’s notice of its exercise of the applicable renewal option. Within thirty (30) days after selection of Landlord’s appraiser, Landlord shall notify Tenant of the determination made by Landlord’s appraiser with respect to the Fair Market Rent. Tenant shall then have ten (10) days to dispute such determination and to select its own independent MAI appraiser. In the event that Tenant fails to select its appraiser within such ten (10) day period, the determination of Landlord’s appraiser shall constitute such Fair Market Rent. Within ten (10) days after selection of Tenant’s appraiser, the two appraisers shall meet and attempt to agree as to the Fair Market Rent for the Subject Leased Property for the Renewal Term in question. In the event that such appraisers are unable to agree as to such Fair Market Rent then: (i) if the difference between the two determinations is less than five percent (5%) of the lower determination, then the average of the two determinations shall be deemed to constitute such Fair Market Rent; or (ii) if the difference between the two determinations is equal to or greater than five percent (5%) of the lower determination, then the two appraisers shall jointly select a third independent MAI appraiser, which appraiser shall select which of the determinations of the first two appraisers shall constitute such Fair Market Rent. Such third appraiser shall not have the right to vary or modify the determinations of the appraisers selected by Landlord and Tenant. Any appraiser selected pursuant to this paragraph must have at least ten (10) years experience in appraising commercial real estate in the area in which the Subject Leased Property is located. The appraisers shall not have the right to amend, modify or vary any of the terms of this Lease and the determination of the appraisers in accordance with this paragraph shall be final, binding and conclusive upon Landlord and Tenant. ]

  • Fair Market Rental Value or "Fair Market Sales Value" shall mean with respect to any property or service as of any date, the cash rent or cash price obtainable in an arm's length lease, sale or supply, respectively, between an informed and willing lessee or purchaser under no compulsion to lease or purchase and an informed and willing lessor or seller or supplier under no compulsion to lease or sell or supply of the property or service in question, and shall, in the case of any Unit or an Owner Lessor's Interest, be determined (except pursuant to Section 17 of the Facility Lease or as otherwise provided below or in the Operative Documents) on the basis that (a) the conditions contained in Sections 7 and 8 of the Facility Lease shall have been complied with in all respects, (b) the lessee or buyer shall have rights in, or an assignment of, the Operative Documents to which the Owner Lessor is a party and the obligations relating thereto, (c) the Unit or the Owner Lessor's Interest, as the case may be, is free and clear of all Liens (other than Owner Lessor's Liens, Owner Participant's Liens and Indenture Trustee's Liens), (d) taking into account the remaining terms of the Site Lease and the Site Sublease, and (e) in the case of the Fair Market Rental Value, taking into account the terms of the Facility Lease and the other Operative Documents. If the Fair Market Sales Value or Fair Market Rental Value of the Owner Lessor's Interest is to be determined during the continuance of a Lease Event of Default or in connection with the exercise of remedies by the Owner Lessor pursuant to Section 17 of the Facility Lease, such value shall be determined by an appraiser appointed solely by the Owner Lessor on an "as-is", "where-is" and "with all faults" basis and shall take into account all Liens (other than Owner Lessor's Liens, Owner Participant's Liens and Indenture Trustee's Liens); provided, however, in any such case where the Owner Lessor shall be unable to obtain constructive possession sufficient to realize the economic benefit of the Owner Lessor's Interest, Fair Market Sales Value or Fair Market Retail Value of the Owner Lessor's Interest shall be deemed equal to $0. If in any case other than in the preceding sentence the parties are unable to agree upon a Fair Market Sales Value or Fair Market Rental Value of the Owner Lessor's Interest within 30 days after a request therefor has been made, the Fair Market Sales Value or Fair Market Rental Value of the Owner Lessor's Interest shall be determined by appraisal pursuant to the Appraisal Procedures. Any fair market value determination of a spare part or Severable Modification for purposes of Section 5.2(d) of the Facility Lease shall take into consideration any liens or encumbrances to which the spare part or Severable Modification being appraised is subject and which are being assumed by the transferee, and that such spare part or Severable Modification is being transferred on an "as-is", "where-is" basis.

  • Market Rental Rate means the rate of Base Rent, calculated on a triple net basis, being charged for a new lease for comparable space (including all relevant factors such as size, age, location and condition of the premises and improvements in place therein) within buildings (including, but not limited to, the Building) within the Northwest Quadrant of Austin, Texas during the previous six (6) months. Within thirty (30) days after receipt of Tenant’s renewal notice (and any required supporting information), Landlord shall notify Tenant in writing of the Market Rental Rate. Within fifteen (15) days thereafter, Tenant shall notify Landlord that Tenant either (a) accepts Landlord’s renewal terms, in which event the parties shall promptly enter into an amendment to this Lease incorporating such terms or (b) rejects Landlord’s renewal terms. Failure of Tenant to respond within such fifteen (15) day period shall be deemed a rejection of Landlord’s terms. If Tenant rejects Landlord’s renewal terms, then within ten (10) days of such rejection, Landlord will (i) select a M.A.I. appraiser; (ii) Tenant will select a M.A.I. appraiser; and (iii) the two appraisers so selected shall agree upon a third M.A.I. appraiser (the “Third Appraiser”). Within thirty (30) days after the date the Third Appraiser is appointed: (x) the M.A.I. appraiser selected by Landlord shall submit a recommendation of the Market Rental Rate to the Third Appraiser; (y) the M.A.I. appraiser selected by Tenant shall submit a recommendation of the Market Rental Rate to the Third Appraiser; and (z) the Third Appraiser shall decide between the two recommendations so submitted, and the Market Rental Rate selected by the Third Appraiser shall be binding upon the parties. Each party will pay the cost of its own appraiser and one-half of the cost of the Third Appraiser. The failure of Tenant to exercise the Renewal Option within the time period set forth herein shall constitute a waiver and termination of such Renewal Option. This Renewal Option is personal to Tenant and is not assignable to any third parties, other than an affiliate of Tenant.

  • Fair Market Rental The fair market rental of the Leased Property means the rental which a willing tenant not compelled to rent would pay a willing landlord not compelled to lease for the use and occupancy of such Leased Property pursuant to the Lease for the term in question, (a) assuming that Lessee is not in default thereunder and (b) determined in accordance with the appraisal procedures set forth in Article 24 or in such other manner as shall be mutually acceptable to Lessor and Lessee.

  • Market Rent the yearly rent at which the Premises might reasonably be expected to be let on the open market on the Rent Review Date, on the terms of the Hypothetical Lease and applying the Assumptions and the Disregards.94 Rent review On the Rent Review Date, the Main Rent is to be reviewed to the higher of: the Main Rent reserved immediately before the Rent Review Date; and the Market Rent. The reviewed Main Rent will be payable from and including the Rent Review Date. Dispute resolution The Market Rent at the Rent Review Date may be agreed between the Landlord and the Tenant. If they have not done so (whether or not they have tried) by [the date three months before] the Rent Review Date, either the Landlord or the Tenant can require the Market Rent to be decided by an independent [expert/arbitrator].95 If the Landlord and the Tenant do not agree on who should decide the Market Rent, the [expert/arbitrator] will be appointed by the President of the Royal Institution of Chartered Surveyors on the application of either the Landlord or the Tenant. [The arbitration must be conducted in accordance with the Arbitration Act 1996.][The expert will:] [invite the Landlord and the Tenant to submit to him a proposal for the Market Rent with any relevant supporting documentation; give the Landlord and the Tenant an opportunity to make counter submissions; give written reasons for his decisions, which will be binding on the parties; and be paid by the Landlord and the Tenant in the shares and in the manner that he decides (or failing a decision, in equal shares).] The [expert/arbitrator] must be an independent chartered surveyor of not less than ten years’ standing who is experienced in the rental valuation of property similar to the Premises and who knows the local market for such premises. If the [expert/arbitrator] dies, becomes unwilling or incapable of acting or it becomes apparent for any other reason that he will be unable to decide the Market Rent within a reasonable time, he may be replaced by a new [expert/arbitrator] who must be appointed on the terms set out in this paragraph 3. Responsibility for the costs of referring a dispute to an [expert/arbitrator], including costs connected with the appointment of the [expert/arbitrator] but not the legal and other professional costs of any party in relation to a dispute, will be decided by the [expert/arbitrator] and failing a decision, they will be shared equally between the parties. Consequences of delay in agreeing the revised rent If, by the Rent Review Date, the reviewed Main Rent has not been ascertained, then: the Main Rent reserved under this Lease immediately before the Rent Review Date will continue to be payable until the reviewed Main Rent has been ascertained; following the ascertainment of the reviewed Main Rent, the Landlord will demand the difference (if any) between the amount the Tenant has actually paid and the amount that would have been payable had the Main Rent been ascertained before the Rent Review Date; and the Tenant must pay that difference to the Landlord within 10 Business Days after that demand and interest at three per cent below the Interest Rate calculated on a daily basis on each instalment of that difference from the date on which each instalment would have become payable to the date of payment. If not paid those sums will be treated as rent in arrear. Rent review memorandum When the Market Rent has been ascertained, a memorandum recording the Main Rent reserved on review must be entered into. The Landlord and the Tenant will each bear their own costs in relation to that memorandum. Time not of the essence For the purpose of this Schedule 2 time is not of the essence.96

  • Rental Rate means the average annualized composite rate for United States treasury bonds issued for periods of ten years and longer plus two percent. The rental rate shall not exceed ten and three-quarters percent nor fall below eight and one-quarter percent.

  • Rental Value means Business Income that consists of:

  • 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 terms of age (based upon the date of completion of construction or major renovation of to the building), quality of construction, level of services and amenities, size and appearance, and are located in South San Francisco, California and the surrounding commercial area.

  • Open Market Rent means the annual rent at which the Premises could reasonably be expected to be let as a whole at the relevant Review Date in the open market:

  • Prevailing Market Rate for the applicable Extension Period shall be the prevailing rental rate for properties of equivalent quality, size, and utility, in the office submarket in which the Building is located, with the length of the lease term, Landlord concessions, and the credit standing of Tenant to be taken into account. Tenant shall, within thirty (30) business days of receipt of Landlord’s written notice of Landlord’s determination of the Prevailing Market Rate, notify Landlord in writing of its acceptance, dispute, or rejection of Landlord’s determination of the Prevailing Market Rate. If Tenant rejects Landlord’s determination or does not timely respond, then the Lease will terminate at the end of the Lease Term (without renewal, or further renewal [as the case may be]). If Tenant disputes Landlord’s determination of the Prevailing Market Rate, and Landlord and Tenant are not able to reach a mutual agreement as to the Prevailing Market Rate during the following thirty (30) business day period, then the Lease will terminate at the end of the Lease Term. If Tenant accepts Landlord’s determination, or Tenant and Landlord otherwise agree upon the Prevailing Market Rate, this Lease shall be extended without the necessity of the execution of any further instrument or document. Such Extension Period shall (A) commence upon the expiration date of the Lease Term (which, in the case of the Second Extension Period, shall be the date upon which the First Extension Period expires), (B) expire upon the same day of the forty-eighth (48) calendar month thereafter, and (C) be upon the same terms, covenants, and conditions as provided in the Lease for the initial Lease Term, except that the Base Rent payable during an Extension Period shall be at the Prevailing Market Rate as determined above beginning at the commencement of the applicable Extension Period. Payment of all additional rent and other charges required to be made by Tenant under the Lease for the initial Lease Term shall continue to be made during the applicable Extension Period in accordance with the terms and provisions of the Lease. Any assignment of the Lease or subletting of the Leased Premises by Tenant shall terminate the option(s) to extend the Lease Term contained herein. Notwithstanding the foregoing, in no event shall Base Rent for an Extension Period be less than the Base Rent during the last year of the initial Lease Term (which, in the case of the Second Extension Period, shall be the last year of the First Extension Period). Notwithstanding any provision to the contrary contained in this Rider, Tenant shall not have the option to extend the Lease Term for the Second Extension Period unless it has properly exercised its option to extend the Lease Term for the First Extension Period. RIDER “2”

  • 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).

  • Base Rental means the sum of Seven Hundred Nineteen Thousand Two Hundred Sixty-Eight and NO/100 Dollars ($719,268.00), payable by Tenant to Landlord in sixty (60) monthly installments as follows:

  • Initial Rate of Interest means the initial rate of interest per annum specified as such in the relevant Final Terms;

  • Net Rentable Area means with respect to any Project, the floor area of any buildings, structures or improvements available for leasing to tenants (excluding storage lockers and parking spaces), as reasonably determined by the Administrative Agent, the manner of such determination to be consistent for all Projects unless otherwise approved by the Administrative Agent.

  • Base Rent As defined in Section 3.1.

  • Prime Rate of Interest means the prime rate of interest published from time to time in the Wall Street Journal as the prime rate; provided, however that if the Wall Street Journal does not publish the Prime Rate of Interest, then the term “Prime Rate of Interest” shall mean the rate of interest publicly announced by Bank of America, N.A., as its Prime Rate, Base Rate, Reference Rate or the equivalent of such rate, whether or not such bank makes loans to customers at, above, or below said rate.

  • Reset Rate of Interest means, in relation to a Reset Interest Period, the 7-year Mid-Swap Rate determined for such Reset Interest Period by the Fiscal Agent in accordance with Condition 5 (Interest);

  • Market-rate units means housing not restricted to low- and moderate-income households that may sell or rent at any price.

  • Fixed Rate of Interest means the rate of interest payable from time to time in respect of a Fixed Rate Note or during the Fixed Interest Rate Period in respect of a Fixed/Floating Rate Note and that is either specified in the relevant Pricing Schedule or calculated in accordance with the provisions in the relevant Pricing Schedule.

  • Prevailing Rate means, in respect of any currencies on any day, the spot rate of exchange between the relevant currencies prevailing as at or about 12 noon (Zurich time) on that date as appearing on or derived from the Reference Page or, if such a rate cannot be determined at such time, the rate prevailing as at or about 12 noon (Zurich time) on the immediately preceding day on which such rate can be so determined or, if such rate cannot be so determined by reference to the Reference Page, the rate determined in such other manner as an Independent Financial Adviser shall in good faith prescribe;

  • Renewal Rent for the Aircraft means the rent payable therefor in respect of a Renewal Lease Term determined pursuant to Section 17.2.2 of the Lease.

  • 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.

  • Additional Rental has the meaning set forth in Section 4.03.