Prevailing Market Rental means the base annual rental for such comparable space, taking into account any additional rental and all other monetary payments and escalations payable hereunder and by tenants under leases of such comparable space, and any tenant improvements and other concessions granted to Tenant and tenants under leases of such comparable space. Such Base Rent shall be determined by Landlord not later than four (4) months prior to the commencement of the Extension Term. If Tenant disputes Landlord's determination of the Prevailing Market Rental for the Extension Term, Tenant shall send to Landlord a notice, within twenty (20) days after the date of Landlord's notice setting forth the Prevailing Market Rental for the Extension Term, which notice shall state that Tenant either (x) agrees with Landlord's determination of Prevailing Market Rental for the Extension Term or (y) disagrees with Landlord's determination of Prevailing Market Rental for the Extension Term and elects to resolve the disagreement as provided in Section 41.b(2)(iii) below. If Tenant does not send to Landlord a notice as provided in the previous sentence, Landlord's determination of the Prevailing Market Rental shall be determinative. Until the disagreement is resolved as provided in Section 41.b(2)(iii) below, Tenant's monthly payments of Base Rent shall be in an amount not less than the Base Rent payable for the twelve (12) month period immediately preceding the commencement of the Extension Term. Within ten (10) business days following the resolution of such dispute by the parties or the decision of the brokers, as applicable, Tenant shall pay to Landlord the amount of any deficiency in the Base Rent theretofore paid. Notwithstanding anything to the contrary set forth in this Section 41, in no event shall the Base Rent for any Extension Term be less than the effective Base Rent payable for immediately preceding the commencement of the Extension Term. Tenant shall in any event pay all applicable additional charges with respect to the Premises, in the manner and at the times provided in this Lease, effective upon the commencement of the Extension Term, and notwithstanding any dispute regarding the Base Rent for the Extension Term.
Prevailing Market Rental for the Premises shall mean the Base Rent that Landlord could obtain for the Option Term from a third party desiring to lease the Premises for the Option Term taking into account (1) the quality and condition of the Building and the Premises, (2) the services provided under the terms of this Lease, (3) the responsibility for repair and maintenance of the Premises and responsibility for payment of Impositions as set forth herein, (3) the base rent and all other monetary payments then being obtained for new leases of space comparable to the Premises in the Building or, in the event that no other rentable areas of the Building are leased to other tenants, other buildings of comparable quality and condition as the Building and having comparable uses and located in the vicinity of the Building, and the services and allocation of responsibility for repair and maintenance and payment of taxes under such other leases, and (4) allowances for the construction of tenant improvements provided for such comparable space, the payment of leasing commissions or moving expenses, rental abatement concessions, if any, being granted such tenants in connection with such comparable space, and other reasonable monetary and nonmonetary tenant inducements being granted such tenants in connection with such comparable space.
Prevailing Market Rental means the annual per rentable square foot rental rate then being charged in new leases consummated within six (6) months prior to the date of Landlord's Option Notice, which such leases are for Class A office premises comparable to the Premises and located in office buildings comparable to the Building within a ten (10) mile radius of the Building (excluding the Town Center, Columbia). In the determination of the "Prevailing Market Rental," the following factors shall be used in making any such determination (i) consideration of annual rental rates per rentable square foot; (ii) total rentable square feet leased; (iii) types of escalation clauses (including without limitation operation expense stops, real estate tax stops, and Consumer Price Index adjustments); (iv) length of relevant term; (viii) utilities or services included within the base rent for the comparable premises (including by way of example and not by way of limitation electricity); and (v) the brokerage commissions with respect to such comparable premises. Notwithstanding the foregoing, the comparable leases shall (i) have at least a five (5) or three (3) year term depending on the length of the Renewal Term elected by Tenant, (ii) contain at least 10,000 square feet of space, and (iii) be in a building which is not newer than the Building. Tenant shall exercise the foregoing right of first option by delivering written notice thereof to Landlord within ten (10) business days of Tenant's receipt of Landlord's Option Notice. In the event Tenant shall exercise its right of first option granted herein, Landlord and Tenant shall enter into an amendment to this Lease within forty-five (45) days of Landlord's Option Notice, which amendment shall set forth the base rent payable by Tenant for the Option Area, and such other agreements, if any, with respect to the Option Area. In the event (a) Tenant is then in default under the terms of this Lease beyond the expiration of any applicable cure period at the time of exercising such right, or (b) Tenant fails to deliver the requisite notice to Landlord exercising such right within the ten (10) day period above-provided, or (c) Tenant fails to execute an amendment to this Lease for the Option Area within the aforesaid forty-five (45) day calendar period, or (d) Tenant declines to exercise its right of first option as to all or any portion of the Option Area, then Tenant's right of first option for the specified space shall terminate without affecting Tena...
Examples of Prevailing Market Rental in a sentence
If the Professionals cannot agree upon a Prevailing Market Rental Rate within thirty (30) days following their appointment, the Professionals shall forthwith select a third disinterested and qualified Professional, and the decision of any two Professionals shall be binding.
The Base Salary shall be payable by the Company to the Executive in equal installments on the dates payments of salary are regularly made by the Company to its executive employees.
If Lessee does invoke the appraisal process, Prevailing Market Rental Rate shall be determined in accordance with the following: Within fifteen (15) days of Lessee’s election to invoke the appraisal process, Lessor and Lessee shall each appoint a disinterested and qualified (i.e., 10 years of continuous experience in the Dallas, Fort Worth Metroplex with property similar to the Building) real estate brokerage or appraisal professional (the “Professional” or “Professionals”).
If Tenant does not send to Landlord a notice as provided in the previous sentence, Landlord's determination of the Prevailing Market Rental shall be determinative.
On or before five (5) days after Tenant provides Landlord with notice of Tenant's exercise of the relevant Option, Landlord and Tenant shall commence negotiations to agree upon the Prevailing Market Rental applicable thereto.
More Definitions of Prevailing Market Rental
Prevailing Market Rental for the Premises shall mean the rental and all other monetary payments that Lessor could obtain for each month of the Option Term from a third party desiring to lease the Premises for a five (5)-year term commencing at the commencement of the Option Term, taking into account costs that Lessor would incur in re-letting the Premises, the characteristics of the Building and its telecommunications facilities, the size, location and floor levels of the Leased Premises, the quality of construction of the Building and the Leased Premises, the services provided under the terms of this Lease, the rental and any escalations and adjustments thereto (including without limitation Consumer Price Indexing) then being obtained for new leases of space comparable to the Premises in the City and County of San Francisco, and all other factors, such as rental concessions and tenant improvement allowances, moving allowances, that would be relevant to a third party desiring to lease the Premises for a five (5)-year term commencing at the commencement of the Option Term in determining the rental such party would be willing to pay therefor, expressly excluding from such consideration the value of Lessee's Utility Installations.
Prevailing Market Rental means the rental and all other monetary payments and escalations that Landlord could obtain from a third party tenant which might desire to lease the Premises for the relevant Option Term, for the Premises best and highest uses, taking into account the size of the Premises, the type and quality of tenant improvements, the location of the Premises, the quality of construction of the Premises, the services provided under the terms of the Lease; provided, in no event shall the Prevailing Market Rental be less than the Rent payable by Tenant to Landlord at the expiration of the Initial Term. If Tenant is in Default under any of the terms, covenants, or conditions of this Lease either at the time Tenant exercises the relevant Option or at anytime thereafter prior to the commencement date of the Option Term (the "Option Commencement Date"), then in such case, Tenant's exercise of the Option shall be of no force and effect and Tenant shall have no rights hereunder to extend the Initial Term. The rights granted pursuant to this Article 41 are personal to Tenant and are not assignable to any other person except in conjunction with an assignment made pursuant to Paragraph 24.2 of this Lease. Landlord shall have no brokerage commission obligations in the event of exercise of such options.
Prevailing Market Rental means the rental and all other monetary payments and escalations that Landlord could obtain from a third party tenant which might desire to lease the Premises for the relevant Option Term, taking into account the age of the Premises, the size of the Premises, the type and quality of tenant improvements, the location and floor levels of the Premises, the quality of construction of the Premises, the services provided under the terms of the Lease, the rental and brokers commissions then being paid for the renewal of leases of space comparable to the Premises in the City of Sunnyvale and all other factors that would be relevant to a third party in determining the rental such party would be willing to pay to lease the Premises for the relevant Option Term; provided, however, in no event shall the Prevailing Market Rental be less than the Rent payable by Tenant to Landlord at the expiration of the Initial Term or First Option Term, as applicable. If Tenant is in Default under any of the terms, covenants, or conditions of this Lease either at the time Tenant exercises the relevant Option or at any time thereafter prior to the commencement date of the relevant Option Term (the "First Option Commencement Date" or "Second Option Commencement Date", as applicable), then in each case, Tenant's exercise of the relevant Option shall be of no force and effect and Tenant shall have no rights hereunder to extend the Initial Term or First Option Term, as applicable. The rights granted pursuant to this Article 41 are personal to Career Central, Inc. and are not assignable to any other person except in conjunction with an assignment made pursuant to Paragraph 12 of the Addendum.
Prevailing Market Rental for the Premises shall mean the annual rental, payments for Expenses and Taxes, and all other monetary payments that Landlord could obtain for the applicable Option Term from a third party desiring to lease the Premises for the applicable Option Term taking into account the age and condition of the Building and the Premises, the services provided under the terms of this Lease, the annual rental, payments for Expenses and Taxes, the obligation, or lack thereof, to pay tenant improvement costs and leasing commissions in connection with such renewal and all other monetary payments then being obtained for new leases of first class space comparable to the Premises in the locality of the Building.
Prevailing Market Rental means the rental and all other monetary payments and escalations that Landlord could obtain from a third party tenant comparable to Tenant desiring to lease the Premises for the Option Term, taking into account the age of the Project, the size of the Premises, the location and floor levels of the Premises, the quality of construction of the Project, the services provided under the terms of the Lease, the rental and brokers commissions then being paid for the renewal of leases of space comparable to the Premises in the City of E1 Segundo and all other factors that would be relevant to a third party in determining the rental such party would be willing to pay to lease the Premises for the Option Term; provided, however, that in no event shall the determination of the Prevailing Market Rental be affected by the absence of a tenant improvement allowance or free rent period for the Option Term and in no event shall the Prevailing Market Rental be less than the Basic Rental payable by Tenant to Landlord at the expiration of the Initial Term. If (i) Tenant is in default under any of the terms, covenants, or conditions of this Lease or (ii) Tenant does not occupy all of the Premises, either at the time Tenant exercises the Option or at any time thereafter prior to the commencement date of the Option Term (the "Option Commencement Date"), then in each case, Tenant's exercise of the Option shall be of no force and effect and Tenant shall have no rights hereunder to extend the Initial Term.
Prevailing Market Rental means the rental and all other monetary payments and escalations that Lessor could obtain from a third party lessee desiring to lease the Premises for the Option Term, taking into account the age of the Project, the size of the Premises, the type and quality of construction of the Office Building Project and the Premises, and all other factors that would be
Prevailing Market Rental means the rental and all other monetary payments and escalations that Landlord could obtain from a third party tenant comparable to Tenant desiring to lease the Premises for the Option Term, taking into account the age of the Project, the size of the Premises, the type and quality of tenant improvements, the location and floor levels of the Premises, the quality of construction of the Project and the Premises, the services provided under the terms of the Lease, the rental and brokers commissions then being paid and any refurbishment allowance then being obtained by tenants comparable to Tenant for the renewal of leases of space comparable to the Premises in the City of El Segundo and all other factors that would be relevant to a third party in determining the rental such party would be willing to pay to lease the Premises for the Option Term. There shall be added to the Prevailing Market Rental, Landlord's then effective monthly parking charge for use of the parking spaces allocated to Tenant pursuant to Article 1.9 hereof for the Option Term, which parking charges may be increased from time to time during the Option Term.