Pertinent Market definition

Pertinent Market means within ten (10) miles of the location of the Premises. If Landlord and Tenant do not agree on the Current Market Rental Rate fifteen (15) months before the termination of the then existing term, each party shall appoint an arbitrator who shall be a licensed real estate broker of the State of New Jersey, who shall be active in commercial rentals in the Pertinent Market or an appraiser qualified as an M.A.I. having an office in New Jersey. Such appointment shall be made by each party within thirty (30) days after notice of the necessity of arbitration, and each party shall advise the other of their choice. On the failure of either party to appoint an arbitrator within ten
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Pertinent Market means within ten (10) miles of the location of the Premises. If Landlord and Tenant do not agree on the Current Market Rental Rate fifteen (15) months before the termination of the then existing term, each party shall appoint an arbitrator who shall be a licensed real estate broker of the State of New Jersey, who shall be active in commercial rentals in the Pertinent Market or an appraiser qualified as an M.A.I. having an office in New Jersey. Such appointment shall be made by each party within thirty (30) days after notice of the necessity of arbitration, and each party shall advise the other of their choice. On the failure of either party to appoint an arbitrator within ten (10) days after notification of the appointment by the other party, the person appointed arbitrator may appoint an arbitrator to represent the party in default, which arbitrator shall not have served previously in a similar capacity for, or been otherwise employed by, the non-defaulting party. The two arbitrators appointed in either manner shall then proceed to make the determination of the Current Market Rental Rate for the renewal period and the mutual decision of the two arbitrators shall be binding on the parties. In the event of their inability to reach a result, they may select a third arbitrator, who shall not have served previously in a similar capacity for, or been employed by, either party. If the two arbitrators are unable to agree on a third arbitrator, a then sitting Judge of the Superior Court of New Jersey shall appoint the third arbitrator. The third arbitrator shall choose one of the two appraisals closest to market value and his determination shall be final and binding upon the parties. For this calculation, the building shall be a total of 301,827 square feet, consisting of 259,908 square feet on the first (1st) floor and 41,919 square feet on the second (2nd) floor.
Sample 1Sample 2
Pertinent Market means within ten (10) miles of the location of the Demised Premises. If Landlord and Tenant do not agree on the FMRR within thirty (30) days of Tenant’s notice that it has exercised its option, the FMRR shall be determined by arbitration before a single arbitrator who shall be a real estate broker who is a licensed appraiser in New Jersey with at least fifteen (15) years of relevant prior experience and who is actively involved in commercial real estate transactions within the Pertinent Market. The arbitrator shall be selected by mutual agreement of the parties within twenty (20) days after the expiration of such 30-day negotiation period, or, if the parties cannot agree on the selection of an arbitrator, then the arbitrator shall be assigned by the Assignment Judge of the Superior Court of New Jersey in Bergen County. The arbitration shall be conducted in accordance with the Commercial Arbitration, expedited procedures then utilized and in effect with the American Arbitration Association (AAA), although it shall not be conducted before the AAA. The Arbitrator shall render a written decision within not more than forty-five (45) days after submission.
Sample 1

Examples of Pertinent Market in a sentence

  • The rental rate structure shall be 100% of the “Current Market Rental Rate” for comparable first class office buildings/warehouses in the Pertinent Market.

  • Within ten (10) business days of the exercise of such submittal, Landlord and Tenant shall each select, at their own cost and expense, a real estate appraiser, who is a member in good standing of The Appraisal Institute, carries the M.A.I. designation, and has no less than ten (10) years of experience with the Pertinent Market.

  • Whether it was by coincidence or by prior arrangement, the girls could not tell.

  • In determining the Fair Market Rental Rate, Landlord and Tenant shall also take into consideration (x) the definition of rentable area or net rentable area with respect to which such rental rates are computed; (y) the value of rental abatements, allowances for demolition, construction of tenant improvements and space planning and other similar concessions generally available in the Pertinent Market at such time to tenants leasing comparable space; and (z) other comparable pertinent factors.

Related to Pertinent Market

  • Subsequent Market means the New York Stock Exchange, American Stock Exchange, Nasdaq SmallCap Market or Nasdaq National Market.

  • Target Market “Investment Areas”; and “Targeted Populations” have the meanings ascribed to such terms in 12 C.F.R. 1805.104.

  • Relevant Market The market for overnight cash borrowing collateralised by US Government securities.

  • Main Market means the Main Market of the London Stock Exchange plc;

  • spot market means any commodity market in which commodities are sold for cash and promptly delivered when the transaction is settled, as well as other non financial markets, such as forward markets for commodities.

  • Nasdaq National Market means the National Market System of the Nasdaq Stock Market, Inc.

  • Event Market Price means, with respect to any Stock Combination Event Date, the quotient determined by dividing (x) the sum of the VWAP of the Common Stock for each of the five (5) Trading Days with the lowest VWAP of the Common Stock during the fifteen (15) consecutive Trading Day period ending and including the Trading Day immediately preceding the sixteenth (16th) Trading Day after such Stock Combination Event Date, divided by (y) five (5).

  • Primary Market means on any of (a) the American Stock Exchange, (b) New York Stock Exchange, (c) the Nasdaq Global Select Market, (d) the Nasdaq Global Market, (e) the Nasdaq Capital Market, or (e) the Over-the-Counter Bulletin Board (“OTCBB”)

  • Current Market Price shall have the meaning set forth in Section 11(d) hereof.

  • Stock Market means a market, or other place at which, or a facility by means of which—

  • Quotation means the Bidder’s response made on the Quotation form set out on Part E of this RFQ with all appendices or addenda submitted by the Bidder in response to the RFQ;

  • Principal Market means the Nasdaq Capital Market.

  • AMEX means the American Stock Exchange.

  • Trading means and includes subscribing, buying, selling, dealing, or agreeing to subscribe, buy, sell, deal in any securities, and "trade" shall be construed accordingly.

  • NYSE means the New York Stock Exchange.

  • Portal Market means The Portal Market operated by the National Association of Securities Dealers, Inc. or any successor thereto.

  • External Market Buyer means a Market Buyer making purchases of energy from the PJM Interchange Energy Market for consumption by end-users outside the PJM Region, or for load in the PJM Region that is not served by Network Transmission Service.

  • Trading Market means any of the following markets or exchanges on which the Common Stock is listed or quoted for trading on the date in question: the NYSE American, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market or the New York Stock Exchange (or any successors to any of the foregoing).

  • the London Stock Exchange means London Stock Exchange plc;

  • Stock Exchanges means BSE Limited and the National Stock Exchange of India Limited;

  • Stock Exchange Rules means the applicable rules of any stock exchange upon which Shares are listed;

  • Stock Exchange The Stock Exchange of Hong Kong Limited

  • Nasdaq Stock Market means The Nasdaq Stock Market, Inc.