Market Rental Rate means the base rental rate that the landlord establishes for a particular lot from time to time to be the market (or “reasonable”, for a lease in a Section 723 Community) base rental rate for such lot.
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.
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.
Examples of Market Rental Rate in a sentence
Such Market Rental Rate is referred to as the “Reset Rent”, which shall be the Base Rent for the first Lease Year subsequent to the Reset Year for which the Reset Rent was determined until the next applicable Reset Year.
Beginning on the first day of the fourteenth (14th) Lease Year, and on every fifteenth (15th) year anniversary thereafter (the “Reset Years” and each a “Reset Year”), either Landlord or Tenant may elect to determine the Market Rental Rate (as defined below) for the next Lease Year as set forth herein.
Once submitted in the event the lower of the two submissions is greater than ninety percent of the higher of the two submissions, the Fair Market Rental Rate for the Premises shall be the average of the two.
If either party fails to provide such written notice of its determination at such appointed time, the party’s whose determination was submitted shall be the Fair Market Rental Rate for the Premises.
Within thirty (30) days after receipt of Tenant's Renewal Notice, Landlord shall deliver to Tenant written notice of the Base Rent rate for the applicable Renewal Term, which shall be based on Landlord's determination of the Market Rental Rate.
More Definitions of Market Rental Rate
Market Rental Rate shall, mean for the purposes of this Section 3.2. the fair market rental rate that could be obtained in an arm’s length transaction on or about the date of the Renewal Notice between willing and informed landlords and willing and informed tenants for the Premises or for space of comparable size, age and construction in the regional area where the Premises are located, for a term of similar length to the Renewal Term, with adjustments that could be obtained taking into account items that professional real estate brokers customarily consider, including, but not limited to, rental rates (including any market increases over the applicable term of any such Renewal Period), space availability, tenant size, tenant improvement allowances, freeway visibility, free rent and any other lease concessions, if any, then being charged or granted by Landlord or the landlords of such similar buildings in the regional area where the Premises are located, all as determined in accordance with Section 3.2(b) below.
Market Rental Rate means the net rental rate per rentable square foot per year, exclusive of operating costs and expenses, for space as to which the Market Rental Rate is being determined (the "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 for comparable office space in the Complex, if all of such space were leased to a single tenant possessing creditworthiness comparable to Tenant. In determining the Market Rental Rate, the following factors (and any other factors then known to be pertinent) shall be considered: the size of the location and floor level; definition of rentable area; the quality, age, location of the building; tenant clientele of the building; all economic concessions (such as rental abatements); the manner in which rents are then subject to escalation; existing leasehold improvements (including, but not limited to the finish, quality and condition of the space); any leasehold improvements to be provided by the Landlord, whether directly or by allowance; whether or not Tenant has engaged a tenant representative broker who is to be compensated by Landlord. Following the receipt of Tenant's written notice of its desire to exercise this renewal option, Landlord shall provide Tenant with written notice of the Market Rental Rate (the "Market Rental Rate Notice"). The Market Rental Rate Notice shall be provided to Tenant at least eight (8) months and fifteen (15) days prior to the expiration of the Term of this Lease. If Tenant disagrees with the Market Rental Rate, Tenant's only option shall be to rescind its exercise of this Option to Extend upon five (5) business days prior written notice to Landlord and the Lease shall then terminate on the Termination Date. If Tenant agrees with the Market Rental Rate, Landlord shall then offer the Premises to Born. Within forty-five days of the date Tenant notifies Landlord of its acceptance of the Market Rental Rate, Landlord shall notify Tenant whether Born requires the Premises. In the event Born does not require that Premises, then Tenant's Option to Extend shall be valid and binding. In the event Born requires the Premises, thereby precluding the extension of the Term of this Lease for the Premises, Landlord shall use its best efforts to provide suitable replacement space within the Xxxxxxx Center. If Landlord is unable to provide comparable space in Xxxxxxx Center, reasonably accepta...
Market Rental Rate means the rental, as of the date for which such Market Rental Rate is being calculated, per annum per rentable square foot, for lease renewals for comparable space of comparable size, which Landlord is offering or prepared to offer for renewals in good faith at that time to third parties for a similar term for such other space in the Building, as well as in other comparable buildings within a five (5) mile radius of the Property, taking into account prevailing market conditions.
Market Rental Rate is the rate (or rates) a willing tenant would pay and a willing landlord would accept for a comparable transaction (e.g., renewal, expansion, relocation, etc., as applicable, in comparable space and in a Comparable Building) as of the commencement date of the applicable term, neither being under any compulsion to lease and both having reasonable knowledge of the relevant facts, considering the highest and most profitable use if offered for lease in the open market with a reasonable period of time in which to consummate a transaction. In calculating the Market Rental Rate, all relevant factors will be taken into account, including the location and quality of the Building, lease term, amenities of the Property, condition of the space and any concessions and allowances commonly being offered by Landlord for comparable transactions in the Complex. The parties agree that the best evidence of the Market Rental Rate will be the rate then charged for comparable transactions in other Comparable Buildings. Although the determination of Market Rental Rate shall be made at a point in time prior to the commencement date for the applicable renewal period, such determination is to be made based on Landlord’s and Tenant’s opinion of what the Market Rental Rate should be at the time the rate being determined will go into effect. [****] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY BRACKETS, HAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 OF THE SECURITIES ACT OF 1933, AS AMENDED. Rider No. 103 REQUIREMENT AND OPTION TO EXPAND
Market Rental Rate means the then prevailing annual rental rate per square foot of rentable area, as determined in good faith by Landlord, for improved space comparable to the Premises in area and location. The components of the Market Rental Rate may include, among the other then prevailing components of rent: a fixed annual rent (such as Base Rent), periodic adjustments or additions to a fixed annual rent based on a share of the Building real estate taxes and other expenses (such as Additional Rent) in excess of a certain amount of increases based on an inflation index (such as a CPI Adjustment), and any concessions for Rent abatement and build-out allowances available to new tenants who may lease space within the Building.
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 at which the Landlord, or other landlords, as the case may be, are then executing leases for new or renewing tenants for comparable leased space located in buildings in the Carnegie Center Complex and the buildings located at 0-0 Xxxxxx Xxxx, Princeton Overlook and University Square, all in West Windsor Township, New Jersey (or would then be quoted if comparable Other Leased Premises were then available), taking into consideration the following factors, if applicable: (i) the term of such lease, (ii) the terms of any workletter associated therewith, (iii) tenant improvement allowances, (iv) free rent or other concessions, and (v) the subject amount of square feet of gross rentable floor space, or (b) that annual rate of Basic Rent per square foot of gross rentable floor space in effect during the last twelve (12) months of the Expiring Term.
Market Rental Rate means that rate that is prevailing as of the commencement of the first Lease Year of the option period for comparable space in a comparable building in the Sorrento Valley area of San Diego, California, taking into consideration the size and age of and improvements in the Premises, the five-year term of the option period, and other relevant factors, which Market Rental Rate shall be determined as follows: