market rental means the market rental of the property as determined by the Commissioner in accordance with the Guidelines issued by the DPE.
market rental means ninety five percent of the projected fair market rent for office space containing the rentable size of the Premises during such extension period, as of the commencement of such extension period, based upon the rates then in effect in the Building and other similar buildings in Detroit, Michigan. The Market Rental shall take into account the refurbishment allowance provided by Landlord in Section 3(d)(iv) below.
market rental means, at any given time, the then current market net rental rate for net leases with similar terms (including, without limitation, the length of the term and the frequency of adjustments in rent, if any) entered into at arm's length for premises of similar size, age, quality and use, similarly improved and fixtured in similar office buildings in the vicinity of the Building;
Examples of market rental in a sentence
If the parties have selected a mutually acceptable Qualified Appraiser, or if either party has failed to select its own Qualified Appraiser when required to do so, or one of the two selected appraisers fails to deliver its determination within the requisite time period, the single appraiser’s determination of the Fair Market Rental Value shall be binding on both parties.
If two appraisals are submitted, and if the two appraisals differ by less than ten (10) percent of the higher of the two, the average of the two shall be the Fair Market Rental Value and establish the Base Rent.
All appraisers selected pursuant to this Section 4.1 shall deliver written determination of the Fair Market Rental Value and Base Rent to both parties within one hundred twenty (120) days after the date of the delivery of the Appraiser Selection Notice.
If the Fair Market Rental Value is determined by the parties pursuant to subsection (a) above, the adjustments to Base Rent pursuant to this subsection (f) shall be determined by the parties as part of their determination of Fair Market Rental Value.
If the Fair Market Rental Value is determined by the third appraiser, then the Base Rent adjustment pursuant to this subsection (f) shall be determined by the third appraiser in connection with the determination of Fair Market Rental Value by the third appraiser.
More Definitions of market rental
market rental as used herein shall mean the rental applicable to Class A commercial space of similar quality in the Brookfield, Wisconsin submarket as of the first day of the Extended Term. Market Rental shall be determined by Landlord based on the foregoing criteria; provided, however, in no case shall the Base Rent payable for any Extended Term be less than the Base Rent in effect at the time this option is exercised. This option to extend is personal to Tenant and is not transferable by any permitted assignment or subletting (other than to a Permitted Transferee). In the event of an assignment or subletting of Tenant’s interest under the Lease (other than to a Permitted Transferee), the option to extend contained herein shall be null and void, and of no further effect.
market rental means the projected fair market rent for data center space containing the rentable size of the Premises during such extension period, as of the commencement of such extension period, based upon the rates then in effect in the Building and other similar buildings in Detroit, Michigan. The Market Rental shall take into account the refurbishment allowance provided by Landlord in Section 3(d)(iv) below.
market rental as defined in Section 28.
market rental means ninety five percent (95%) of the projected fair market rent for office space containing the rentable size of the Premises during such period, as of the commencement of such period, based upon the rates then in effect in 0000 Xxxxxxxxx Xxxxx, 0000 Xxx Xxxx Xxxxxx, 000 Xxxxx Xxxxx, 000 Xxxxx Xxxxx, 000 Xxxxx Xxxxx, Xxxx, Xxxxxxxx, and other similar buildings in Troy, Michigan. Market Rent shall be determined on a gross basis (plus electric) including then current Taxes and Expenses and the Expenses and Taxes applicable for the first year of such period shall constitute the Base Expenses and Base Taxes, respectively, for the balance of each such period.
market rental shall be the annual market rental rate per rentable square foot as of the beginning of the term of the space in question for space comparable in size, location and degree of improvements to be or included in the space in question and for a term comparable to the term in question. The Market Rental shall be determined by taking into consideration comparable fact situations in the Building and in Comparable Buildings. The Market Rental shall take into account, without limitation, the rent concessions such as rental abatements and construction allowances to be provided by Landlord and the market rent concessions; the leasing commissions payable for the space in question, the Base Taxes and Base Operating Expenses used in determining Tenant's Tax Payments and Tenant's Operating Payments, periodic increases in rent to adjust for inflation and other then prevailing rental related terms, conditions and components of rent. If the Fixed Rent payable the space in question has not been determined prior to the beginning of the applicable term, Tenant shall pay Fixed Rent in an amount equal to the Market Rental as determined by Landlord (the "Interim Rent"). Upon final determination of the Fixed Rent for the space in question, Tenant shall commence paying such Fixed Rent as so determined, and within ten (10) days after such determination Tenant shall pay any deficiency in prior payments of Fixed Rent or, if the Fixed Rent as so determined shall be less than the Interim Rent, Tenant shall be entitled to a credit against the next succeeding installments of Fixed Rent in an amount equal to the difference between each installment of Interim Rent and the Fixed Rent as so determined which should have been paid for such installment until the total amount of the over payment has been recouped.
market rental means, at any given time, the then current market rental rate as indicated by market comparables, being leases, with comparable terms (including, without limitation, the length of the term and the frequency of adjustments in rent, if any) entered into at arm's length with comparable tenants with financial standing comparable to the Tenant, for Unimproved office premises of comparable size, effective age, quality and use in comparable buildings in the vicinity in which the Building is located, taking into account the incidence of tenant inducements and allowances or initial rent-free or reduced rent periods then prevailing in the relevant market areas, and making the necessary adjustments for any differences.
market rental means, at any given time, the then current market rental rate as indicated by market comparables, being leases, with comparable terms (including, without limitation, the length of the term and the frequency of adjustments in rent, if any) entered into at arm's length with comparable tenants with financial standing comparable to the Tenant, for Unimproved office premises of comparable size, effective age, quality and use in comparable buildings in the vicinity in which the Building is located, taking into account the incidence of tenant inducements and allowances or initial rent-free or reduced rent periods then prevailing in the relevant market areas, and making the necessary adjustments for any differences. "Mechanical and Electrical Services" include, but are not limited to, all mechanical, electrical, drainage, lighting, incinerating, ventilation, air-conditioning, humidification, elevating, heating, pumping, sprinkling, alarm, plumbing and other mechanical and electrical systems installed in or used in the operation of the Building and the Lands.