Market rate of rent definition

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 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

More Definitions of Market rate of rent

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
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 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
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

Related to Market rate of rent

  • Fair Market Rental Rate means the fair market value annual rental rate per square foot of Rentable Area that Landlord and its Affiliates and the owners of comparable office building projects in the Xxxx Xxxxx Airport submarket have recently accepted in lease transactions between non-affiliated parties with non-equity tenants for comparable space, for a comparable period of time (“Comparable Transactions”). In any determination of Comparable Transactions, appropriate consideration shall be given to annual rental rates per square foot of Rentable Area, the type of escalation clauses (e.g., whether increases in additional rent are determined on a net or gross basis, and if gross, whether such increases are determined according to a base year or a base dollar amount expense stop), taking into account all rental and other concessions granted in such Comparable Transactions (as well as such concessions to which Tenant may be entitled in this Lease), length of the lease term, size and location of premises being leased, base, shell and core delivery conditions, building standard work letter and/or tenant improvement or refurbishment allowances, if any (taking into account the level of existing Base Building Improvements and tenant improvements in the Premises), free rent periods for construction of new tenant improvements and other generally applicable conditions of tenancy for such Comparable Transactions. The intent is that the Fair Market Rental Rate will reflect the rent and other economic benefits and concessions that Landlord or its Affiliates (and other landlords of comparable office building projects in the Xxxx Xxxxx Airport submarket) have otherwise given in recent Comparable Transactions, as adjusted to reflect the level and type of economic concessions that Landlord may elect to give Tenant hereunder during the Renewal Term, so that Tenant will pay and Landlord will receive a net effective rent equal to the net effective rental rate in Comparable Transactions, after adjusting for any differences between the economic concessions that Landlord is making to Tenant hereunder and the economic concession that Landlord or its Affiliates (and other landlords of comparable office building projects in the Xxxx Xxxxx Airport submarket) have otherwise made in current Comparable Transactions. If, for example, after applying the criteria set forth above, a Comparable Transaction provides a comparable non-equity tenant with comparable space at a base rent equal to Thirty-Two Dollars ($32) per square foot of Rentable Area, with a Ten Dollars ($10) base amount expense stop, three (3) months’ free rent, four (4) months of free rent to construct tenant improvements, Forty Dollars ($40) per rentable square foot tenant improvement allowance, and certain other generally applicable economic terms and/or concessions, the Fair Market Rental Rate shall not be Thirty-Two Dollars ($32) per square foot of Rentable Area only, but shall be the economic equivalent of Thirty-Two Dollars ($32) per square foot of Rentable Area, a Ten Dollar ($10) base amount expense stop, three (3) months’ free rent, four (4) months of free rent to construct tenant improvements, Forty Dollars ($40) per rentable square foot tenant improvement allowance or payment in lieu of such allowance (said allowance or payment to be adjusted to reflect the value of existing improvements in the Premises) and such other generally applicable economic terms and concessions, as adjusted to reflect the concessions (including renovation allowances, free rent or construction periods) if any, granted by Landlord to Tenant during the Renewal Term.

  • 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, at the time of reference, the gross rentable floor space of the Leased Premises multiplied by the greater of: (a) that annual rate of Basic Rent per square foot of gross rentable floor space which is then being quoted by the Landlord for comparable Other Leased Premises (or would then be quoted if comparable Other Leased Premises were then available) or (b) that annual rate of Basic Rent per square foot of gross rentable floor space in effect during the Expiring Term.

  • 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 means the Base Rent for the Demised Premises at the time in question which Landlord sets forth in a notice (hereinafter referred to as the "Market Rent Notice") to Tenant. No later than thirty (30) days after Tenant may exercise Tenant's option to extend this Lease for the Renewal Term, Landlord shall send the Market Rent Notice to Tenant for said Renewal Term and shall specify in the Market Rent Notice for the period contained in the Renewal Term as applicable. In the event that Tenant shall, in good faith, disagree with the Market Rent set forth in the Market Rent Notice established by Landlord for the Demised Premises, Tenant shall, within ten (10) days after receipt of the Market Rent Notice, furnish Landlord with a written explanation in reasonable detail of the basis for Tenant's good faith disagreement, the amount which, in Tenant's good faith opinion, is the Market Rent for the period contained in the Renewal Term (hereinafter referred to as the "Tenant's Notice"). If Tenant's Notice is not received by Landlord within said ten (10) day period, the Market Rent shall be the Market Rent set forth in the Market Rent Notice to Tenant. If Tenant's notice is received by Landlord within said ten (10) day period, the Market Rent for the Demised Premises shall be established as follows: (i) No later than twenty (20) days following the receipt of the Market Rent Notice from Landlord, Tenant shall select an individual as an appraiser of its choice and give Landlord written notice of such appraiser's name, address and telephone number. (ii) Within ten (10) days after receipt of such notice by Landlord, Landlord shall select an appraiser of its choice and give Tenant written notice of such appraiser's name, address and telephone number. (iii) The two appraisers so selected by Landlord and Tenant shall then select an individual as a third appraiser within fifteen (15) days after receipt by Tenant of Landlord's notification as to its selection of an appraiser, and furnish Landlord and Tenant written notice of such appraiser's name, address and telephone number. (iv) All appraisers selected pursuant to this provision shall be M.A.I. appraisers, unless Landlord and Tenant shall otherwise agree in writing, each having at least ten (10) years experience with commercial property in the state of the location of the Demised Premises. Each of the three (3) selected appraisers shall then determine the fair rental value of the Demised Premises for each applicable period of the Renewal Term and the Market Rent hereunder for each Renewal Term, as applicable, shall be determined to be the average of the three (3) appraisals for each such years.

  • 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 yearly open market rent without any deductions whatsoever at which the Leasehold Area might reasonably be expected to be let as a whole on the open market with vacant possession at the Relevant Review Date by a willing lessor to a willing lessee (which expression “willing lessee” shall for the avoidance of doubt include the lessee) and without any premium or any other consideration for the grant of it for a term equal to the length of the Term remaining unexpired at the Relevant Review Date or a period of fifteen years from the Relevant Review Date whichever is the longer and otherwise on the same terms and conditions and subject to the same covenants and provisions contained in this Lease (other than the amount of the rent payable hereunder but including provisions for the review of rent in the same form as this Lease at similar intervals): (i) assuming: (A) that the Leasehold Area is at the Relevant Review Date fit, ready and available for immediate occupation by the willing lessee so that they are immediately capable of being used by the willing lessee for all purposes required by the willing lessee that would be permitted under this Lease, and in calculating the Open Market Rent it shall be assumed that the willing lessee has enjoyed whatever rent concessions are being offered in the open market for fitting out purposes and that all Utilities and other facilities necessary for such occupation are connected to and immediately available for use at the Leasehold Area; (B) that no work has been carried out to the Leasehold Area by the Lessee or its predecessors in title during the Term, which has diminished the rental value of the Leasehold Area; (C) that if the Leasehold Area or any part it has been destroyed or damaged, it has been fully re-built and reinstated; (D) that the Leasehold Area is in a good state of repair and decorative condition; (E) that all the covenants on the part of the Lessor and the Lessee contained in this Lease have been fully performed and observed; (F) that the Leasehold Area may be used for the Permitted User or any licence granted pursuant to it; (ii) but disregarding: (A) any effect on rent of the fact that the Lessee or its predecessors in title have been in occupation of the Leasehold Area or any part of it; (B) any goodwill attaching to the Leasehold Area by reason of the business then carried on at the Leasehold Area by the Lessee or its predecessors in title; (C) any effect on the rental value of the Leasehold Area attributable to the existence at the Relevant Review Date of any works executed by and at the expense of the Lessee (or any party lawfully occupying the Leasehold Area under the Lessee) with the consent of all relevant persons where required in on or to the Leasehold Area ;

  • 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.

  • 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).

  • Market Rate Unit means a Residential Unit that is not an Affordable Unit.

  • Base Rental means the amount of rent due to Landlord per square foot for the first year of the Term. Base Rental for the first year of Term shall be $24 per square foot for the building and $7.50 per square foot for the drive thru at the Premises. Year Per Sq Ft First Floor Per Sq Ft Drive Thru Total Per Annum Total Per Month 1 $ 24 $ 7.50 $ 101,286 $ 8,440.50

  • 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 Period Annual Rate Per Square Foot Monthly Base Rent

  • Prime Rate of Interest means that rate of interest designated as such by Fleet National Bank of Connecticut, N.A., or any successor thereto, as the same may from time to time fluctuate.

  • 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.

  • 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 (London time) on that date as appearing on or derived from the Relevant Page or, if such a rate cannot be determined at such time, the rate prevailing as at or about 12 noon (London 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 Relevant 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.

  • Fair Market Price means the average value at the relevant time and place (of the requirement to determine the Fair Market Price) to be derived from the average of three independent broker valuations by a broker appointed by Grain Trade Australia, with the valuations to take into account the Grade and variety and taking into account the cost of insurance, levies, taxes, charges, Freight and associated costs.