Market Rental Value definition

Market Rental Value means the fair market value of property while rented out in a lease.

Market Rental Value of the Premises for the Renewal Periods shall be determined by Landlord and Tenant not later than thirty (30) days after Landlord's receipt of the respective Extension Exercise Notice ("Negotiation Period"). if Landlord and Tenant cannot agree as to Market Rental Value of the Premises prior to the end of the Negotiation Period, then Tenant may deliver written notice to Landlord within ten (10) days after the expiration of the Negotiation Period rescinding Tenant's Extension Exercise Notice, in which event this Lease shall expire upon the last day of the then-current Term. If Tenant does not deliver such rescission notice within ten (10) days after the expiration of the Negotiation Period, then Market Rental Value shall be determined as follows:

Market Rental Value means the fair market rental rate per square foot of the Rentable Area of the Premises that would be agreed upon between a landlord and a tenant of similar creditworthiness entering into a new lease in comparable buildings (with structured or below-grade parking amenities) of comparable age as the Buildings, assuming the following: (A) the landlord and tenant are typically motivated; (B) the landlord and tenant are well informed and well advised and each is acting in what it considers its own best interests; (C) in the event the Premises have been destroyed or damaged by fire or other casualty, they have been fully restored; (D) the Premises are to be let with vacant possession and subject to the provisions of this Lease for a term commensurate with the respective Renewal Period. Market Rental Value shall take into account market rents then being charged for leases of comparable square footage and comparable space in other similar office buildings in comparable locations, rent escalation provisions then prevailing, rental abatements, build-out allowances and other concessions then customarily granted, any savings in brokerage commissions by Landlord, and other terms customarily agreed to in market leases entered into at such times.

Examples of Market Rental Value in a sentence

• If each party appoints an arbitrator in a timely manner, but the two (2) arbitrators fail to agree on and appoint a third arbitrator within the required period, the arbitrators shall be dismissed without delay and the issue of Fair Market Rental Value shall be submitted to binding arbitration under the real estate arbitration rules of JAMS, subject to the provisions of this section.

• If each party makes a timely determination of the Fair Market Rental Value, those determinations shall be submitted to arbitration in accordance with subsection (c).

• The provisions of this Section shall apply in any instance in which this Lease provides that the Fair Market Rental Value is to apply.

• Within thirty (30) days after the appointment of the third arbitrator, the three (3) arbitrators shall decide whether the parties will use Landlord’s or Tenant’s submitted Fair Market Rental Value and shall notify Landlord and Tenant of their decision.

• If Landlord and Tenant fail to reach agreement on or before the Outside Agreement Date, Landlord and Tenant shall each make a separate determination of the Fair Market Rental Value and notify the other party of this determination within five (5) days after the Outside Agreement Date.

More Definitions of Market Rental Value

Market Rental Value means the estimated amount for which an interest in the land should be leased on the valuation date between a willing lessor and a willing lessee on appropriate lease terms in an arm’s length transaction, after proper marketing and where the parties had each acted knowledgeably, prudently and without compulsion;

Market Rental Value of the property as follows:

Market Rental Value means the rent at which the Premises might reasonably be expected to be let as a whole on the Renewal Rent Determination Date on the terms of a Hypothetical Lease assuming the Assumptions and the Disregards apply;

Market Rental Value means the rent at which the Premises might reasonably be expected to be let on the relevant Review Date as a whole, on the relevant Review Date on the terms of a Hypothetical Lease making the Assumptions and disregarding the Disregards;

Market Rental Value calculated in accordance with the following:

Market Rental Value shall become the new base rent for purposes of Paragraph 4 (c) (1) below. The Base Rent during the option period shall be adjusted using the method indicated below:

Market Rental Value of the property as follows: 1) Four months prior to each Market Rental Value Adjustment Date described above, the Parties shall attempt to agree upon what the new MRV will be on the adjustment date. If agreement cannot be reached, within thirty days, then: