Qualified Broker means a licensed commercial real estate broker possessing at least ten (10) years of experience ending on the date of appointment advising on the sale of urban hospitality properties substantially similar in size, operating standard, and STR segment and market area to the Hotel, and who is unaffiliated with the Members or their respective Affiliates.
Qualified Broker means any independent unaffiliated commercial real estate broker (a) who is employed by a brokerage firm of recognized competence in the greater Boston area and (b) who has not less than 10 years’ experience in brokering premises for leases of the general location, type and character as the Premises. If either Landlord or Tenant fails to appoint a qualified broker by the Cut-Off Date, then the other party shall have the power to appoint the qualified broker for the defaulting party. If the qualified brokers are unable to agree on the Fair Market Rent by the expiration of the Two-Broker Period, then the two qualified brokers jointly shall appoint a third qualified broker within 10 days of the expiration of the Two-Broker Period, and within 15 days of such appointment all three qualified brokers shall meet and determine the Fair Market Rent. If all three qualified brokers are unable to agree upon the Fair Market Rent, then the first two qualified brokers simultaneously shall deliver their final Fair Market Rent numbers to the third qualified broker, and the third qualified broker shall select one or the other number as the Fair Market Rent within said 15-day period, and the Fair Market Rent so determined shall be conclusive and binding upon Landlord and Tenant. Each party shall bear the cost of its qualified broker, and the cost of the third qualified broker shall be borne equally between the parties. If the Fair Market Rent is not so determined prior to the commencement of the applicable Extension Term, then, from and after the commencement date of the applicable Extension Term, Tenant shall continue to pay as Base Rent for the applicable Extended Term an amount equal to the Base Rent payable with respect to the Premises on the last day of the initial Term or Initial Term as previously extended, as the case may be. If, based upon the final determination hereunder of the Fair Market Rent, the payments made by Tenant on account of the Base Rent for such portion of the Extension Term were (i) less than the Fair Market Rent as finally determined in accordance with the provisions herein, Tenant shall pay to Landlord the amount of such deficiency in its entirety within thirty (30) days after demand therefor, or (ii) greater than the Fair Market Rent as finally determined in accordance with the provisions hereof, Landlord shall credit the amount of such excess in its entirety against the next installments of Rent due under this Lease.
Qualified Broker means a real estate broker who (A) is licensed in the State of Texas, (B) has been actively and continuously engaged in the leasing of office space in the Central. Business District of Houston, Texas during the preceding fixx (0) xxxx xxxxxx, (X) xxx xxxx xxx xxxxxxx broker representing either party to a lease covering at least 25,000 square feet of space during the most recent three (3) year period, and (D) has not represented Landlord or Tenant during the preceding five (5) year period.
Examples of Qualified Broker in a sentence
The parties each agree to select their Qualified Broker within ten (10) days after the expiration of the aforesaid twenty (20) day period.
Within fifteen (15) days after the third Qualified Broker has been selected, all of the Qualified Brokers shall meet to attempt to agree upon the Fair Market Rent for the Premises.
If a party fails to timely select a Qualified Broker, the determination of the Fair Market Rent for the Premises shall be made by the Qualified Broker selected by the other party.
Each of the parties to this Lease shall pay the costs of the services of the Qualified Broker selected by that party, and the cost of the services of the third Qualified Broker shall be divided equally between Landlord and Tenant.
The third Qualified Broker shall be selected by the first two Qualified Brokers within ten (10) days after the first two (2) Qualified Brokers have been selected.
More Definitions of Qualified Broker
Qualified Broker means a reputable, independent national brokerage company that has a presence in the area in which the relevant Property is located and has at least ten (10) years’ experience in valuing and selling multi-family properties in the area of such Property.
Qualified Broker means a commercial real estate broker associated with a major commercial real estate brokerage firm with at least ten (10) years full-time commercial real estate brokerage experience in the Xxxxx 000 Xxxxx xxxxxx xxxx (the “Market Area”).
Qualified Broker as defined in Section 12.03.
Qualified Broker means a real estate broker who (A) is licensed in the State of Texas, (B) has been actively and continuously engaged in the leasing of office space in the Dallas, Texas market during the preceding ten (10) year period, (C) has been the primary broker representing either the lessor or the lessee to a lease covering at least 25,000 square feet of space during the most recent three (3) year period, and (D) has not represented Landlord or Tenant during the preceding five (5) year period. The term "FAIR MARKET RENTAL RATE" shall mean the market rental rate for the time period such determination is being made for comparable new lease transactions of office space in other Class A office buildings in the "telecom corridor" sub-market of Dallas, Texas for space of equivalent quality, size, utility, and location. Such determination shall take into account all relevant factors, including, the length of the term, credit standing of Tenant, market concessions, expense stop, construction allowances, and the ratio of parking spaces provided to Tenant under this Lease.
Qualified Broker means a real estate broker licensed in the State of New York who (i) is affiliated with a national firm specializing in commercial real estate, (ii) has at least ten (10) years’ experience as a real estate broker, and (iii) has working knowledge of current rental rates and practices in the Southern Westchester, New York office market. Upon selection, Landlord’s and Tenant’s Qualified Brokers shall work together in good faith to agree upon the Fair Market Rental Value of the space subject to an accepted ROFO Offer. The determination of such Qualified Brokers shall be binding on both Landlord and Tenant, provided that in no event shall the determination of the Fair Market Rental Value of the space subject to an accepted ROFO Offer by the Qualified Brokers be higher than the higher FMV Estimate or lower than the lower FMV Estimate of fair market rental value of the Leased Premises for the first lease year of the space subject to an accepted ROFO Offer submitted by Landlord and Tenant. If either Landlord or Tenant fails to appoint a Qualified Broker within the five (5) day period referred to above, the Qualified Broker appointed by the other party shall be the sole Qualified Broker for the purposes hereof. Any fees of any Qualified Broker engaged directly by Landlord or Tenant shall be borne by the party retaining such Qualified Broker.
Qualified Broker means a real estate broker who (i) is licensed in the State of Texas, (ii) is a member of the Houston Office Leasing Brokers Association or the Society of Industrial and Office Realtors, (iii) has been actively involved in leasing office space in multi-story office buildings in the Cxxxxxx Xxxxxxxx Xxxxxxxx xx Xxxxxxx, Xxxxx for not less than the previous ten (10) year period, and (iv) has not represented Landlord or Tenant during the preceding five (5) year period. As used herein, the term “Qualified Appraiser” means an appraiser who (i) is licensed in the State of Texas, (ii) is a MAI Appraiser, (iii) has been actively involved in appraising multi-story office buildings in the Cxxxxxx Xxxxxxxx Xxxxxxxx xx Xxxxxxx, Xxxxx for not less than the previous ten (10) year period, and (iv) has not represented Landlord or Tenant during the preceding five (5) year period.
Qualified Broker means an individual real estate broker who (i) is licensed in the State of Texas by the Texas Real Estate commission (or its successor organization) as a real estate broker, (ii) has been actively and continuously engaged in leasing industrial space in Dallas County, Texas for not less than the previous ten (10) year period, (iii) during the preceding three (3) year period has individually represented a party to an industrial space lease of at least 50,000 square feet; and (iv) has not acted as a broker on behalf of Landlord or Tenant during the preceding five (5) year period. The provisions of this Section 8 shall replace and supersede any renewal options granted in the Lease, specifically Exhibit B, Paragraph 3 1.