Prevailing Market Rental Rate means, as to any space subject to this Lease Agreement for which it is being determined (the “Subject Premises”), the annual amount of “gross” rental that a willing tenant would pay in a similar type transaction (i.e., renewal) and a willing landlord would accept in arm’s length, bona fide negotiations for lease of the subject premises to be executed at the time of determination and to commence on the commencement of the subject lease term, based upon other lease transactions made in the Building and other comparable buildings in the Houston, Texas metropolitan area, taking into consideration all relevant terms and conditions of any comparable leasing transactions, including, without limitation: (i) location, quality and age of the building (taking into consideration renovations); (ii) use and size of the space in question; (iii) extent of leasehold improvement allowances (considering existing improvements); (iv) the amount of any abatement of rental or other charges; (v) lease takeovers/assumptions; (vi) refurbishment and repainting allowances; (vii) any and all other concessions or inducements; (viii) extent of services provided or to be provided; (ix) distinction between “gross” and “net” lease; (x) any other adjustments (including by way of indexes) to base rental; (xi) credit standing and financial stature of the tenant or subtenant; and (xii) length of term.
Prevailing Market Rental Rate means the then prevailing per rentable square foot market rental rate per annum for Base Rent i.e., net of the Tax Amount and Operating Expense Amount) for the Premises based on buildings situated in Lake County, Illinois which are comparable to the Building in age and quality, (but excluding any leases where a tenant has an equity interest in the property), for a 5-year term commencing on or about the first day of the Renewal Term. Prevailing Market Rental Rate shall also be determined by taking into consideration the present value of the amount of any then market brokers’ commissions and any then market tenant improvement, free rent or other concession which would be available to a third party tenant. Base Rent shall increase each Lease Year during the Renewal Term by the then prevailing market escalations, if any, in Lake County, Illinois for buildings which are comparable to the Building in age and quality, and such escalations shall be taken into account in calculating the Prevailing Market Rental Rate. Tenant’s obligation to pay the Tax Amount the Operating Expense Amount pursuant to the terms hereof shall continue during the Renewal Term. If the parties hereto cannot agree on the Prevailing Market Rental Rate and escalations within thirty (30) days after Tenant’s exercise of the Renewal Option, each party shall select an independent real estate broker authorized to do business in the State of Illinois with substantial presence within Lake County, Illinois. Those two brokers shall, in turn, within ten (10) days after the last is so appointed mutually agree upon a third real estate broker licensed to do business in the State of Illinois with a substantial presence in Lake County, Illinois (the “Arbitrating Broker”). The Arbitrating Broker shall within thirty (30) days after his or her appointment determine the prevailing Market Rental Rate and prevailing market escalations, if any, to be applicable during a respective Renewal Option, and such determination by the Arbitrating Broker shall be binding on Landlord and Tenant for all purposes hereof.
Prevailing Market Rental Rate means the annual amount per rentable square foot that a willing tenant would pay and a willing landlord would accept for Base Rent following arm’s length negotiations with respect to an Assumed Lease (defined below) under the circumstances then obtaining. Assumed Lease means (i) a lease or renewal having a commencement date within 6 months of Tenant's Notice for space of approximately the same size as the Leased Premises, located in a Comparable Building (defined below) or portion thereof, for a term equal in length to the Option Term; (ii) a real estate commission is payable with respect to such extension to the extent a third party commission with respect to extension is agreed or obligated to be paid by Landlord; and (iii) taking into consideration allowances, if any, as provided in Landlord's Notice. Comparable Building means any then-existing building having a similar configuration and otherwise similar to the Building in comparable “Class A” office buildings in the immediate area of the Building, commonly known as the Maitland Center business district, and that is of a size, location, quality and prestige comparable to the Building, provided that appropriate adjustments shall be made to adjust for differences in the size, location, age, efficiency of floorplate, and quality of any Comparable Building and the Building. O1037432.2 5/9/2014
Examples of Prevailing Market Rental Rate 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.
Within ten (10)) days of selection of the Arbitrator, Landlord and Tenant each shall state, in writing, their determination of the Prevailing Market Rental Rate supported by the reasons therefor and shall make counterpart copies for each other and the Arbitrator, under an arrangement for simultaneous exchange of the determinations.
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 Lessee rejects Lessors proposal and Lessee and Lessor have not agreed on a Prevailing Market Rental Rate for the extended term within fifteen (15) business days of such notice, Lessee may withdraw its extension notice and this Lease shall terminate at the end of the primary term or first extension term, as applicable, or Lessee may elect to invoke the appraisal process to determine the Prevailing Market Rental Rate.
More Definitions of Prevailing Market Rental Rate
Prevailing Market Rental Rate means the fixed base rent per annum which, on such date, a willing landlord under no compulsion would agree to accept from a tenant, having the creditworthiness of Tenant, and such a willing tenant under no compulsion would agree to pay, for a lease of such space for such period, on all of the terms and conditions of this Lease to be applicable including (i) any construction allowance and/or free rent period to which Tenant will be entitled, or the absence of such allowance and/or free rent period, as the case may be, (ii) Tenant's obligation to pay additional rent based upon operating expenses and taxes and/or the base year or amount to be applicable to such obligation, (iii) all other economic concessions, and (iv) all applicable market brokerage commissions paid in the downtown Chicago market.
Prevailing Market Rental Rate means the base monthly rental (net of all expenses) for space of comparable size and location to the Premises and in buildings similar in age and quality to the Building in the Stanford Research Park, taking into account any additional rental and all other payments or escalations then being charged and allowances being given in the Stanford Research Park for such comparable space over a comparable term and excluding the value of any Alterations made by Tenant and the excess costs of the Tenant Improvement Work paid by Tenant. If Tenant timely exercises its Renewal Option, the Prevailing Market Rental Rate shall be determined by Landlord and Landlord shall give Tenant written notice of such determination not later than eleven (11) months prior to the expiration of the initial term or the preceding Renewal Term, as applicable. If Tenant disputes Landlord's determination of the Prevailing Market Rental Rate, Tenant shall so notify Landlord within ten (10) days following Landlord's notice to Tenant of Landlord's determination and, in such case, the Prevailing Market Rental Rate shall be determined as follows:
Prevailing Market Rental Rate means the then prevailing per rentable square foot market rental rate per annum for Base Rent for the Premises based on comparable space and size in the Building and in comparable buildings in the north suburban Chicago metropolitan market area, for fully creditworthy tenants for a comparable term commencing on or about the first day of the Renewal Term.
Prevailing Market Rental Rate means the rental rate, expressed as the annual amount per rentable square foot for a term equivalent to the period for which Prevailing Market Rental Rate is being determined and rental related terms beginning with the first (1st) day of the subject period that a willing, creditworthy, new, non-equity tenant leasing comparable space to Lessee's would pay and a willing, comparable landlord of an industrial complex comparable to the Complex located in the Chicago Metropolitan Industrial Market, includ- ing, Lake County, Indiana (the "Market") would accept at arms length, giving appropriate consideration to annual rental rate per rentable square foot, rental escalations (including type, base year and stops), length of lease term, size and location of the premises being leased and other generally applicable terms and conditions prevailing for comparable space in comparable industrial complexes located in the Market. It is hereby agreed between Lessor and Lessee that each party shall negotiate in good faith for a period of sixty (60) days subsequent to the date Lessor is in receipt of the Renewal Notice ("Negotiation Period") as to the Prevailing Market Rental Rate. In the event Lessor and Lessee are unable to agree upon the Prevailing Market Rental Rate, despite each party's good faith efforts, prior to the expiration of the Negotiation Period, Lessee's Renewal Option shall be deemed no longer to be of any force and effect.
Prevailing Market Rental Rate means the annual amount per square foot that a willing tenant would pay and a willing landlord would accept for Base Rent following arms-length negotiations with respect to an Assumed Lease (defined below) under the circumstances then pertaining. Assumed Lease means (i) a lease or renewal having a commencement date within 6 months of Tenant’s Notice for space of approximately the same size as the Premises, located in a portion of the Building or a Comparable Building (defined below), for a term equal in length to the Option Term; (ii) a real estate commission is payable with respect to such renewal or extension of the term to the extent a third-party commission with respect to such extension or renewal is agreed or obligated to be paid by Landlord; and (iii) taking into consideration and making adjustments to reflect that additional Rent is paid and allowances, if any, as provided in Landlord’s Notice. "Comparable Building" means any then-existing building in a 5-mile radius of the Building that is of a size, location, quality and prestige comparable to, and with a size and efficiency of floor plate, and amenities reasonably comparable with the Building, provided that appropriate adjustments shall be made to adjust for differences in the size, location, age, efficiency of floorplate, factoring out any specialized improvements to the Premises installed and paid for by Tenant, and quality of any Comparable Building and the Building.
Prevailing Market Rental Rate means, as to the space subject to this Second Amendment for which it is being determined (the “Subject Premises”), the Base Rent that a willing tenant would pay and a willing landlord would accept in arm’s length, bona fide negotiations for a comparable lease transaction (i.e., a renewal or right of first refusal, as applicable) to be executed at the time of determination, for the Subject Premises for the lease term that such rate will be in effect. The determination of the Prevailing Market Rental Rate will be based upon a comparison of the term of Tenant’s lease of the Subject Premises to other lease transactions in the Building and in other multi-tenant office buildings in the applicable submarket of Louisville, Kentucky, with appropriate adjustments as necessary to equate the other lease transactions being compared with the applicable terms of the Lease, taking into consideration all relevant factors including, without limitation, use, location and/or floor level within the applicable building, definition of rentable area, leasehold improvements and allowances provided, quality and location of the applicable building (taking into consideration renovations), rental concessions (such as moving expenses, abatements and lease assumptions), extent of services to be provided, distinction between “gross” and “net” lease, base year or expense stop, the creditworthiness of the tenant, whether the comparison lease transaction was a renewal or expansion of an existing lease (and if so, whether the renewal or expansion was pursuant to an exercise of a previously negotiated option), the time the comparison lease became effective and any special rights of the tenant or obligations of the landlord under the comparison lease.
Prevailing Market Rental Rate means the rental rate as would be accepted by a willing prospective tenant, taking into account the tenant's creditworthiness and the size of space to be leased, and accepted by a willing landlord for office space in the building and in other office buildings of like quality and size within a ten (10) mile radius of the Building. In determining the Prevailing Market Rental Rate, the appraiser or appraisers shall take into account that this Lease is a gross lease. Such appraiser or appraisers shall also take into account any additional services provided to Tenant, the cost of such services which are not included currently under the Lease or the increase in real estate taxes. The Prevailing Market Rental Rate shall be established by the following procedure: