Prevailing Rental Rate definition
Prevailing Rental Rate means the average net rent per rentable square foot for lease renewals for periods approximately as long as the period in question, executed by tenants for similar uses and lengths of time for comparable space in similar multi-story buildings in the vicinity of the Building during the twelve (12) months immediately prior to the date upon which such Prevailing Rental Rate is to become effective, where such renewal rates were not set by the terms of such leases, subject to reasonable adjustments for comparable space on more or less desirable floors or areas of the property in question. In all cases, such rates shall take into consideration the location, quality and age of the building, floor level, extent (or lack) of leasehold improvements, rental abatements, lease takeovers/assumptions, moving expenses and other concessions for the benefit of the applicable tenant, term of the lease, distinction between "gross" and "net" leases, base year or amount allowed by the landlord for payment of building operating expenses (expense stop), the rentable area of the applicable space, and the time the particular rental rate under consideration became or is to become effective, or any other relevant term or condition, the intent of the parties being that the comparable net rental rates shall reflect the net return to the landlord on the applicable spaces after the deduction of all inducements provided in conjunction with the applicable lease. Landlord shall deliver to Tenant written notice of Landlord's determination of the Prevailing Rental Rate within thirty (30) days after receipt of the Extension Notice. Tenant shall then have thirty (30) days to provide Landlord with unconditional and irrevocable written notice indicating that Tenant either (i) accepts Landlord's determination of the Prevailing Rental Rate, (ii) rescinds its right to extend the term, in which event this Article shall be of no further force and effect, or (iii) exercises its right to contest Landlord's determination of the Prevailing Rental Rate. In the event that Tenant elects to proceed pursuant to clause (i) or (iii) above, the parties shall execute an amendment to the Lease, setting forth the Prevailing Rental Rate, but an otherwise valid exercise of the option to extend the term contained herein shall be fully effective, whether or not such confirmatory documentation is executed. If Tenant contests Landlord's determination of the Prevailing Rental Rate, the Prevailing Rental Rate shall be deter...
Prevailing Rental Rate means the prevailing rental rate for renewals of leases for space of similar quality, size, utility and location, with the length of the Renewal Term and credit standing of Tenant to be taken into account. Promptly following the notice of the exercise of the extension option, Landlord will calculate the Prevailing Rental Rate and notify Tenant of such calculation.
Prevailing Rental Rate means the prevailing rental rate for renewals of leases for space of similar quality, size, utility and location, with the length of the Renewal Term and credit standing of Tenant to be taken into account Promptly following the notice of the exercise of the extension option, Landlord will calculate the Prevailing Rental Rate and notify Tenant of such calculation. The Landlord shall, in good faith, calculate the rate based upon information available to Landlord. If, within the prior twelve (12) months, there have been renewals of leases in the Building which are similar to the Renewal Term, only renewals in the Building will be considered. If there have not been any such renewals, then Landlord shall utilize other downtown Class A office buildings for the calculation. At the time of the execution of this Lease, only the Building and Bank of America Building, 300 Convent, San Antonio, Texas are considered Class A office buildings. If Tenant, in good faith, does not accept the calculation and Landlord and Tenant cannot agree upon the calculation of Prevailing Rental Rate, then Tenant shall have the right to accept the calculation of Landlord or revoke the exercise of the Renewal Option. Upon the request of Tenant, Landlord shall advise Tenant of the Prevailing Rental Rate so that Tenant will know the Prevailing Rental Rate price.
Examples of Prevailing Rental Rate in a sentence
Within thirty (30) days after receipt of Tenant’s notice to extend, Landlord shall deliver to Tenant written notice of the Prevailing Rental Rate (and periodic increases in the same) and shall advise Tenant of the required adjustment to Base Rent, if any, and the other terms and conditions offered.
The Base Rent payable for each month during such extended Lease Term (including periodic increases in same) shall be the Prevailing Rental Rate (defined below) at the commencement of the Option Period.
More Definitions of Prevailing Rental Rate
Prevailing Rental Rate means the average per rentable square foot rental rate per year for new leases and renewal leases or lease extensions executed by tenants for similar uses and lengths of time for similar class “A” creative office buildings in the ▇▇▇▇▇▇▇▇/West ▇▇▇▇▇ submarket during the six (6) months immediately prior to the date upon which such Prevailing Rental Rate is to be determined), where such rates were not set by the terms of such leases. In all cases, such rates shall take into consideration all relevant factors.
Prevailing Rental Rate means the prevailing rental rate that a willing tenant would pay, and a willing landlord would accept (both having reasonable knowledge of the relevant factors), for a renewal of a lease of space that is of equivalent quality, size, utility and location as the space in question and that is located in a comparable building within the Dallas, Texas submarket, taking into consideration (1) the location, quality and age of the Building;
Prevailing Rental Rate means the average per square foot rental rate per year for all leases for periods approximately as long as the term of the leasing of the Expansion Space or applicable portion thereof, executed by tenants of similar size, credit, quality or stature for similar uses and lengths of time for similar multi-story buildings in the vicinity of the Property during the twelve (12) months immediately prior to the date upon which such Prevailing Rental Rate is to become effective where such rates were not set by the terms of such leases. In all cases, such rates shall take into consideration the location, quality and age of the building, floor level, extent of leasehold improvements (existing or to be provided), rental abatements, lease takeovers/assumptions, parking charges, commissions, tenant procurement costs, moving expenses and other concessions for the benefit of Tenant, term of lease, extent of services to be provided, distinction between “gross” and “net” lease, base year or amount allowed by Landlord for payment of building operating expenses (expense stop), and the time the particular rental rate under consideration became or is to become effective, or any other relevant term or condition. If the parties are unable to agree on the Prevailing Rental Rate within sixty (60) days prior to the commencement of the leasing of the Expansion Space, either party may request that the Prevailing Rental Rate be determined by the Appraisal Method set forth in Article 37. Such determination shall be final and binding upon the parties.
Prevailing Rental Rate means the average per rentable square foot rental rate per month for all leases for comparable space and approximately the same number of months, executed by tenants in the Office Section for office space expansions during the six (6) months immediately prior to the date upon which such Prevailing Rental Rate is to become effective and payable under the terms of this Lease, where the rates for such expansions were not set in such leases, subject to reasonable adjustments for comparable space on more desirable, or less desirable, floors or areas of the Property. If no such comparable space has been leased during such six (6) month period, the rental rates used for purposes of this provision shall be adjusted to the rental rates for comparable leases in comparable Class A mixed use buildings in downtown Chicago, subject to the foregoing adjustments. In all cases, such rates shall be determined without regard to any free rent periods, improvement allowances, take-over lease obligations, or other economic incentives; however, any such economic incentives generally provided by Landlord in such comparable expansion leases shall also be provided to Tenant. In addition, if such comparable expansion leases include base years, stop levels or other provisions respecting taxes or operating expenses, or include any other economic provisions, such as but not limited to consumer price index provisions, utility reimbursements or fixed rent increases, the same shall be included in the expansion terms provided to Tenant.
Prevailing Rental Rate means the annual prevailing rental rate (which shall include annual increases) for the applicable periods, for leases of space in comparable buildings in the Burlington, Massachusetts area, of comparable quality, size, utility and location (including proximity to amenities), with the length of the extended Term and the credit standing of Tenant to be taken into account. Within thirty (30) days after receipt of Tenant’s Extension Notice, Landlord shall deliver to Tenant written notice of the Prevailing Rental Rate and shall advise Tenant of the required adjustment to Base Rent and the other terms and conditions offered. Tenant shall, within five (5) business days after receipt of ▇▇▇▇▇▇▇▇’s notice, notify Landlord in writing whether ▇▇▇▇▇▇ accepts or rejects ▇▇▇▇▇▇▇▇’s determination of the Prevailing Rental Rate and calculation of the Base Rent for the extended Term (“Landlord’s Determination”). If Tenant fails to respond to ▇▇▇▇▇▇▇▇’s Determination within such five (5) business day period, then Tenant shall be deemed to have rejected Landlord’s Determination. If Tenant timely notifies Landlord that ▇▇▇▇▇▇ accepts Landlord’s Determination, then, on or before the commencement date of the extended Term, Landlord and Tenant shall execute an amendment to this Lease extending the Term on the same terms provided in this Lease, except as follows:
Prevailing Rental Rate means the average per square foot rental rate per month for all leases for comparable space and approximately the same number of months, executed by tenants in the Building for office space expansions during the six (6) months immediately prior to the date upon which such Prevailing Rental Rate is to become effective and payable under the terms of this Lease, where the rates for such expansions were not set in such leases, subject to reasonable adjustments for comparable space on more desirable, or less desirable floors or areas of the Property. If no such comparable space has been leased during such six (6) month period, the rental rates used for purposes of this provision shall be adjusted to the amounts Landlord would have used had leases for such comparable space been entered into at the Building. In all cases, such rates shall be determined without regard to any free rent periods, improvement allowances, take-over lease obligations, or other economic incentives; however, any such economic incentives generally provided by Landlord in such comparable expansion leases shall also be provided to Tenant. In addition, if such comparable expansion leases include any economic provisions, such as but not limited to consumer price index provisions, utility reimbursements or fixed rent increases, the same shall be included in the expansion terms provided to Tenant.
Prevailing Rental Rate means the net market rental rate for the Premises (determined by reference to the annual rental rates for comparable space in the Building. primarily, and in comparable office buildings Minneapolis Central Business District, secondarily) that would be payable by a willing tenant to a willing landlord, neither being under any compulsion to act, in equal monthly payments during a term equal to the applicable term and commencing on the first day of the applicable term thereof (taking into consideration all pertinent factors, including, without limitation, the length of term, use, quality of services provided, size of space, location of the space within the building, definition of net rentable area, leasehold improvements provided, quality, age, and location of the applicable building, tenant clientele of the building, financial strength of the applicable tenant, any applicable reductions arising from rental concessions and abatements, lease takeovers/assumptions, moving expenses and other concessions for the benefit of the applicable tenant, distinction between "gross" and 'net" leases, base year or amount allowed by the landlord for payment of building operating expenses (expense stop), method for computing and the amount of operating costs, taxes, and other expenses payable by tenants, parking and other amenities (and any related charge) and the time the particular rate under consideration becomes effective, all to the same extent and in the same manner as the rental marketplace takes such factors into account).