Market Value Rent definition
Market Value Rent means the amount payable to lease the Premises without any incentives or increases taken into account as stated in Item 9 and varied from time to time under this Lease.
Market Value Rent means the highest annual Minimum Rent that a willing tenant would pay and a willing landlord would accept in an arm’s length lease of the Premises on the terms herein set forth for each year of a five year term commencing as of the first day of the First Renewal Term taking into account the highest and best use of the Premises and Tenant’s obligations under the Lease payable for taxes, insurance and repairs, provided however the Market Value Rent determined under this paragraph for each year of the Renewal Term shall in no event be less than 105% of the Minimum Rent payable for the last year of the prior term of this Lease (the “Floor Rental”). As used herein, the term the “Exercise Date” shall mean the date on which Landlord receives a notice of the exercise of the option to renew for the First Renewal Term which complies with the provisions of this paragraph. In the event Landlord and Tenant fail to agree upon the Market Value Rent within 120 days after the Exercise Date, Landlord and Tenant shall each promptly thereafter give the other notice in writing which sets forth their respective determinations of the Market Value Rent (the “Determination Notice”) for the First Renewal Term which shall not be less than the Floor Rental. A Determination Notice which does not comply with the provisions of the prior sentence shall be null and void and Market Value Rent for the First Renewal Term shall be as set forth in the Determination Notice of the other party without arbitration or further proceedings. Except as set forth in Section (b) of this paragraph, in the event both parties have submitted valid and effective Determination Notices the following provisions shall apply. Either party may apply to the American Arbitration Association or any successor thereto for the designation of or may themselves agree upon an arbitrator satisfactory to both parties who shall render a determination of the Market Value Rent. The arbitrator shall be a real estate appraiser, consultant, broker, developer or manager who shall have at least 15 years’ continuous experience in and familiarity with commercial rentals for properties similar to the Premises in the same or similar areas of Sarasota, Florida. The arbitrator shall conduct such hearings and investigations as the arbitrator shall deem appropriate and shall within 60 days after having been appointed choose either the Market Value Rent set forth in the Landlord’s Determination Notice or the Market Value Rent set forth in Ten...
Market Value Rent means the most probable rent which municipal land or a facility should bring in a competitive and open market under conditions requisite to a fair agreement;
Examples of Market Value Rent in a sentence
If Lessor fails to notify Lessee of the appointment of its arbitrator within such ten (10) Business Day period, and such failure continues for three (3) Business Days after Lessee delivers a second notice to Lessor, then the arbitrator appointed by Lessee shall be the arbitrator to determine the Fair Market Value Rent for the Property.
The third arbitrator shall conduct such hearings and investigations as he or she deem appropriate and shall, within thirty (30) days after being appointed, select which of the two proposed determinations most closely approximates his or her determination of Fair Market Value Rent.
The third arbitrator shall have the right to consult experts and competent authorities for factual information or evidence pertaining to a determination of Fair Market Value Rent, but any such determination shall be made in the presence of both parties with full right on their part to cross-examine.
The determination he or she chooses as that most closely approximating his or her determination of the Fair Market Value Rent shall constitute the decision of the third arbitrator and shall be final and binding upon the parties.
If the two appraisers cannot agree upon the Fair Market Value Rent for the Leased Premises within twenty (20) days after their appointment, then, within ten (10) days after the expiration of such twenty (20) day period, the two appraisers shall select a third appraiser meeting the above criteria.
More Definitions of Market Value Rent
Market Value Rent means the annual fixed rent that a willing lessee would pay and a willing lessor would accept in an arms- length lease of the demised premises as of the Exercise Date. If Owner and Tenant shall fail to agree upon the Market Value Rent within 30 days alter the Exercise Date, then Owner and Tenant each shall give notice (the "Determination Notice") to the other setting forth their respective determinations of the Market Value Rent, and, subject to the provisions of subparagraph (c) below, either party may apply to the American Arbitration Association or any successor thereto for the designation of an arbitrator satisfactory to both parties to render a final determination of the Market Value Rent, The arbitrator shall be a real estate appraiser or consultant who shall have at least 10 years continuous experience in the business of appraising commercial real estate or commercial brokerage or leasing business in New York City. The arbitrator shall conduct such hearings and investigations as the arbitrator shall deem appropriate and shall, within 30 days after having been appointed, choose one of the determinations set forth in either Owner's or Tenant's Determination Notice, and that choice by the arbitrator shall be binding upon Owner and Tenant Each party shall pay its own counsel fees and expenses, if any; in connection with any arbitration under this subparagraph (b), and the pates shall share equally all other expenses and fees of any such arbitration. The determination rendered in accordance with the provisions of this subparagraph (3,) shall be final and binding in fixing the Market Value Rent. The arbitrator shall not have the power to add to, modify, or change any of the provisions of this Lease.
Market Value Rent shall take into account all relevant factors and shall be based upon the rents that an unaffiliated third party would be willing to pay to Landlord to a term comparable to the applicable Extension Term for the applicable Extension Premises on all of the same terms and conditions which the Extension Premises will be leased to Tenant pursuant to the terms of this Article 36.
Market Value Rent shall be based on the rent on a per rentable square foot basis then being paid by tenants to landlords for comparable space on comparable terms in Comparable Buildings taking into account all relevant factors, including any step up in rents over leases of comparable terms, a then standard tenant inducement package of free rent and tenant improvement allowance, and the fact that Tenant will be paying its pro rata share of Operating Expenses and Taxes on a net basis (as opposed to its pro rata share of increases in Operating Expenses and Taxes over a base year). Upon commencement of the applicable Extension Term, Landlord shall provide Tenant with such a tenant inducement package comparable to those given by landlords of Comparable Buildings, but taking into account the size of the Premises, which inducement package shall be payable to Tenant, at Landlord’s option, in kind, in cash or with a rent credit upon the commencement of the applicable Extension Term; provided, that, if paid in cash, Tenant shall not be required to invest same in the Premises.
Market Value Rent means the annual Base Rent and annual increases that a willing Lessee would pay and a willing Lessor would accept to an arm's length lease of the Premises as of the Exercise Date.
Market Value Rent means the annual fair market rental value of the Demised Premises as of the Determination Date (as hereinafter defined), but in no event less than the Fixed Rent and all additional rent payable pursuant to Article 19 of this Lease ("Recurring Additional Rent") payable by Tenant in the twelve- month period immediately prior to the Expiration Date of the initial term of this Lease. For purposes hereof, the "Determination Date" shall mean the date which shall occur one (1) year prior to the Expiration Date.
Market Value Rent means the annual fair market rental value of the Premises as of the Termination Date, taking into consideration all relevant factors and concessions, if any, that would customarily be considered in making such determination with respect to five (5) year renewals of existing leases in first-class office buildings in M▇▇▇▇▇ County, New Jersey.
Market Value Rent means the annual fair market rental value of the Demised Premises as of the Determination Date (as hereinafter defined), taking into consideration the value of such rental abatements and construction allowances customarily being granted by landlords at such times in Comparable Buildings to tenants entering into leases of the size of the Demised Premises for a five (5) year term and all other relevant factors, but in no event less than the Minimum Rent and all additional rent payable pursuant to Article 19 of this Lease ("Recurring Additional Rent") payable by Tenant in the twelve-month period immediately prior to the Expiration Date of the initial term of this Lease. In addition, commencing on the first day of the Renewal Term, Tenant shall pay, as additional rent, in addition to the escalation payments provided for under this Lease, such other types of escalation payments which Landlord shall be then charging tenants under other leases, or shall be then requiring in other offers for leases, in the Building. For purposes hereof, the "Determination Date" shall mean the date which shall occur one (1) year prior to the Expiration Date.