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 industrial buildings in the City of Xxxxxxx.
Examples of Market Rental in a sentence
If no such appraiser shall have been appointed within such twenty (20) days or within ninety (90) days of the original request for a determination of Fair Market Value or Fair Market Rental, whichever is earlier, either Lessor or Lessee may apply to any court having jurisdiction to have such appointment made by such court.
Any appraiser appointed by the original appraisers or by such court shall be instructed to determine the Fair Market Value or Fair Market Rental within forty-five (45) days after appointment of such appraiser.
The determination of the appraiser which differs most in the terms of dollar amount from the determinations of the other two appraisers shall be excluded, and fifty percent (50%) of the sum of the remaining two determinations shall be final and binding upon Lessor and Lessee as the Fair Market Value or Fair Market Rental of the Leased Property, as the case may be.
If two (2) appraisers are appointed and if the difference between the amounts so determined does not exceed five percent (5%) of the lesser of such amounts, then the Fair Market Value or Fair Market Rental shall be an amount equal to fifty percent (50%) of the sum of the amounts so determined.
If it becomes necessary to determine the Fair Market Value or Fair Market Rental of the Leased Property for any purpose of this Lease, the party required or permitted to give Notice of such required determination shall include in the Notice the name of a Person selected to act as appraiser on its behalf.
More Definitions of Market Rental
Market Rental. With respect to each Facility, the fair market rental value ------------------ of the Leased Property of such Facility, or applicable portion thereof (including any periodic increases therein), determined in accordance with the appraisal procedures set forth in Article XXXIV. Fair Market Value: With respect to each Facility, the fair market value of the ------------------ Leased Property and all Capital Additions of such Facility, or applicable portion(s) thereof, determined in accordance with the appraisal procedures set forth in Article XXXIV. Fair Market Value shall be the value obtained by assuming that the Leased Property is encumbered by this Lease. Further, in determining Fair Market Value the positive or negative effect on the value of the Leased Property attributable to the interest rate, amortization schedule, maturity date, prepayment penalty, exit fee and other terms and conditions of any encumbrance which will not be removed at or prior to the date as of which Fair Market Value shall taken into account. The Leased Property shall be valued at its highest and best use which shall be presumed to be as a fully-permitted Facility operated in accordance with the provisions of this Lease. Fair Market Value of the Leased Property shall not include "going concern" or "business enterprise" value attributable to factors other than the highest and best use of the Leased Property. In addition, the following specific matters shall be factored in or out, as appropriate, in determining Fair Market Value: (i) The negative value of (a) any deferred maintenance or other items of repair or replacement of the Leased Property, (b) any then current or prior licensure or certification violations and/or admissions holds and (c) any other breach or failure of Lessee to perform or observe its obligations hereunder shall not be taken into account; rather, the Leased Property, and every part --- thereof shall be deemed to be in the condition required by this Lease (i.e., good order and repair) and Lessee shall at all times be deemed to have operated the Facility in compliance with and to have performed all obligations of the Lessee under this Lease.
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 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 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. "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.
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.