ROFO Rent definition

ROFO Rent means the fair market expansion base rent for space comparable to the ROFO Space in comparable buildings in the market in which the Building is located. In determining the ROFO Rent, Landlord, Tenant and any broker shall take into account all relevant factors including, without limitation, prevailing market allowances and concessions for expanding tenants, space measurement methods and loss factors, the lease term, the size of the space, the location of the building(s), the amenities offered at the building(s), the age of the building(s), and whether operating expenses and other pass-through expenses are on a triple net, base year, expense stop or other basis. In lieu of directly providing any prevailing market allowances and/or concessions, Landlord may elect to reduce the ROFO Rent by the economic equivalent thereof to reflect the fact that such allowances and concessions were not provided directly to Tenant.
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ROFO Rent means (i) if exercised during the first 4 years of the Initial Term, the then applicable Fixed Rent on a per rentable square foot basis multiplied by the number of rentable square feet of the ROFO Space; or (ii) any time thereafter, the fair market expansion base rent (along with the then-prevailing annual rent escalation factors in the applicable leasing market), as determined in the same manner as set forth above. In addition, for purposes of determining ROFO Rent under clause (ii) of the preceding sentence, the ROFO Space shall be assumed to be unencumbered space with Tenant requesting a prime lease term that will expire on the then Expiration Date. If Landlord and Tenant do not agree upon the ROFO Rent (as set forth in clause (ii) of the preceding sentence) in writing within 30 days after Landlord receives Tenant’s ROFO Notice, then ROFO Rent shall be determined in accordance with the procedures set forth in Section 27(c) above.
Sample 1
ROFO Rent means (i) if the 15th Floor Offer Space shall be delivered to Tenant on or prior to March 31, 2012, the product of (s) the sum of Fifty Nine Dollars ($59.00) and the PSF Escalation Rent (as hereinafter defined) and (t) the rentable square footage of the 15th Floor Offer Space, (ii) if the 15th Floor Offer Space shall be delivered to Tenant from April 1, 2012 through March 31, 2017, the product of (u) the sum of Sixty Four Dollars ($64.00) and the PSF Escalation Rent and (v) the rentable square footage of the 15th Floor Offer Space, (iii) if the 15th Floor Offer Space shall be delivered to Tenant from April 1, 2017 through March 31, 2022, the product of (w) the sum of Sixty Nine Dollars ($69.00) and the PSF Escalation Rent and (x) the rentable square footage of the 15th Floor Offer Space, and (iv) if the 15th Floor Offer Space shall be delivered to Tenant during the Renewal Term, the product of (y) the sum of the Fixed Rent for the Renewal Term (per rentable square foot) and the PSF Escalation Rent and (z) the rentable square footage of the 15th Floor Offer Space. “PSF Escalation Rent” means the aggregate Escalation Rent then payable with respect to the portion of the Premises located on the 15th floor of the Building only, divided by the aggregate rentable square footage with respect to such portion of the Premises.
Sample 1

Examples of ROFO Rent in a sentence

  • The ROFO Rent shall be as set forth in the ROFO Notice, except that if Tenant disagrees with the ROFO Rent proposed by Landlord, Tenant shall include in the Exercise Notice Tenant’s counter-proposal for ROFO Rent.

  • Basic Annual Rent for the 777-01 North ROFO Premises shall increase annually on each annual anniversary of the 777-01 North ROFO Rent Commencement Date by two and one-half percent (2.5%) of the then-current applicable Basic Annual Rent for the 777-01 North ROFO Premises.

  • Basic Annual Rent for the 777-02 North ROFO Premises shall increase annually on each annual anniversary of the 777-02 North ROFO Rent Commencement Date by two and one-half percent (2.5%) of the then-current applicable Basic Annual Rent for the 777-02 North ROFO Premises.

  • If Tenant fails, in the applicable Acceptance Notice, to expressly reject Landlord’s determination of the Current Market Rate (and ROFO Rent) set forth in the applicable First Offer Notice, then Tenant shall conclusively be deemed to have accepted Landlord’s determination of the Current Market Rate (and ROFO Rent) for the applicable Leased First Right Space as set forth in the applicable First Offer Notice.


More Definitions of ROFO Rent

ROFO Rent means the fair market base rent for space comparable to the ROFO Space in comparable buildings in comparable Class A Projects. In determining the ROFO Rent, Landlord, Tenant and any broker shall take into account all relevant factors including, but not limited to, without limitation, prevailing market allowances for leasehold improvements and other items and concessions for expanding tenants, space measurement methods and loss factors, the lease term, the size of the space, the location of the building(s), the amenities offered at the building(s), the age of the building(s), and whether operating expenses and other pass-through expenses are on a triple net, base year, expense stop or other basis. In lieu of directly providing any prevailing market allowances and/or concessions, Landlord may elect to reduce the ROFO Rent by the economic equivalent thereof to reflect the fact that such allowances and concessions were not provided directly to Tenant. Tenant will not be entitled to any tenant improvement allowances, free rent periods or other economic concessions (if any) that Tenant was entitled to with respect to the original Premises (as theretofore expanded excluding the ROFO Space), except to the extent such items are indirectly incorporated into the ROFO Rent as set forth in this Section.
Sample 1
ROFO Rent means the fair market expansion base rent for space comparable to the ROFO Space in comparable buildings in the market in which the Building is located. In determining the ROFO Rent, Landlord, Tenant and any broker shall take into account all relevant factors including, without limitation, prevailing market allowances and concessions for expanding tenants, space measurement methods and loss factors, the lease term, the size of the space, the location of the building(s), the amenities offered at the building(s), the age of the building(s), and whether operating expenses and other pass-through expenses are on a triple net, base year, expense stop or other basis. In lieu of directly providing any prevailing market allowances and/or concessions, Landlord may elect to reduce the ROFO Rent by the economic equivalent thereof to reflect the fact that such allowances and concessions were not provided directly to Tenant. (iii) If Landlord and Tenant do not agree upon the ROFO Rent in writing within 20 days after Xxxxxxxx receives Xxxxxx’s ROFO Notice, then within 15 days after either party notifies the other in writing that such notifying party desires to determine the ROFO Rent in accordance with the procedures set forth in this Section, Landlord and Tenant shall each deliver to the other party a written statement of such delivering party’s determination of the ROFO Rent, together with such supporting documentation as the delivering party desires to deliver. Within 10 days after such 15-day period, Landlord and Tenant shall appoint a real estate broker having a minimum of 10 years’ experience in the market in which the Building is located who shall select either Landlord’s determination or Tenant’s determination, whichever the broker finds more accurately reflects the ROFO Rent. The broker shall be instructed to notify Landlord and Tenant of such selection within 10 days after such broker’s appointment. The broker shall have no power or authority to select any ROFO Rent other than the ROFO Rent submitted by Landlord or Tenant nor shall the broker have any power or authority to modify any of the provisions of this Lease, and the decision of the broker shall be final and binding upon Landlord and Xxxxxx. If Landlord and Tenant do not timely agree in writing upon the appointment of the broker, Landlord shall submit to Tenant the names of 3 qualified brokers with a minimum of 10 years’ experience in the market in which the Building is located, and Tenant shall have 10 ...
Sample 1

Related to ROFO Rent

  • Additional Rent means all amounts payable by the Tenant under this Lease except Base Rent, whether or not specifically designated as Additional Rent elsewhere in this Lease;

  • Base Rent As defined in Section 3.1.

  • Gross Rent means the rent for a set-aside unit, including any applicable utility allowances, in compliance with the rent limits applicable to the property for 2020. Gross rent does include optional fees included in the household’s lease, including but not limited to, washer/dryer, cable, parking, etc., as long as they are included in the lease or addendums to the lease. In addition, when a utility that is purchased from or through a local utility company by the Development, who in turn bills residents for actual consumption of the utility will also be eligible when the applicable utility allowance for the Development includes a deduction for the utility and the household’s lease specifies that the resident is responsible for the utility.

  • Rent as used in this Section 21 shall be deemed to be and to mean all sums of every nature required to be paid by Tenant pursuant to the terms of this Lease, whether to Landlord or to others. As used in Sections 21(c)(ii)(A) and (B), above, the “worth at the time of award” shall be computed by allowing interest at the Default Rate. As used in Section 21(c)(ii)(C) above, the “worth at the time of award” shall be computed by discounting such amount at the discount rate of the Federal Reserve Bank of San Francisco at the time of award plus 1%.

  • Fixed Rent shall have the meaning set forth in Section 1.1 hereof.

  • Base Rental means the amount of rent due to Landlord per square foot for the first year of the Term. Base Rental for the first year of Term shall be $24 per square foot for the building and $7.50 per square foot for the drive thru at the Premises. Year Per Sq Ft First Floor Per Sq Ft Drive Thru Total Per Annum Total Per Month 1 $ 24 $ 7.50 $ 101,286 $ 8,440.50

  • Basic Rent means Basic Rent as defined in Paragraph 6.

  • Minimum Rent means the sum of Thirty-Three Million, Six Hundred Seventy-Nine Thousand, Seven Hundred Sixteen and 55/100 Dollars ($33,679,716.55) per annum.

  • Sublease means a lease of goods the right to possession and use of which was acquired by the lessor as a lessee under an existing lease.

  • Space Lease The space or occupancy lease pursuant to which any Borrower holds a leasehold interest in the related Mortgaged Property, together with any estoppels or other agreements executed and delivered by the lessor in favor of the lender under the related Mortgage Loan(s).

  • Annual Rent means the annual fixed rent to be paid to the Lessor by the Lessee under Section 5 of this Lease.

  • Lease or rental means the leasing or renting of tangible personal property and the possession or use

  • Subtenant means any Person entitled to occupy, use, or possess any Premises under a Sublease.

  • Room Rent means the amount charged by a hospital for the occupancy of a bed on per day (24 hours) basis and shall include associated medical expenses.