Extension Term Base Rent Sample Clauses
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Extension Term Base Rent. Base Rent for each year of the Extension Term shall be established as the higher of (x) one hundred percent (100%) of the Market Rent (as defined in Section 3.03(c)) or (y) the Base Rent last in effect for the last Lease Year prior to the Extension Term. If Tenant gives Landlord timely notice of its exercise of the Extension Term option, then Landlord shall give Tenant written notice of Landlord’s determination of Market Rent for the Premises for the Extension Term no later than three (3) months prior to the expiration of the Initial Term. Within ten (10) days after Tenant receives such notice, Tenant shall notify Landlord of its agreement with or objection to Landlord’s determination of the Market Rent, whereupon in the case of Tenant’s objection, Market Rent shall be determined by arbitration conducted in the manner set forth below. If Tenant does not notify Landlord within such ten (10) day period of Tenant’s agreement with or objection to Landlord’s determination of the Market Rent, then the Market Rent for the Extension Term shall be conclusively deemed to be Landlord’s determination of the Market Rent as set forth in Landlord’s notice to Tenant.
Extension Term Base Rent. The Base Rent for the Premises specified in § 1.5 of the Lease as heretofore amended shall be the amounts specified as Monthly Base Rent in the Table above for the various periods and spaces set forth in the Table from and after the Effective Date.
Extension Term Base Rent. Base Rent for the Extension Term(s) shall be the Fair Market Rent of the Premises (as defined below), but in no event shall the annual Base Rent as so determined be less than the amount of Base Rent payable by Tenant hereunder during the first Lease Year of the Initial Term. Fair market rent of the Premises (the “Fair Market Rent”) for the Extension Term shall be based upon leases or agreements to lease then being negotiated or executed with respect to comparable space located in the Development, or if no such leases or agreements to lease are then being negotiated or executed with respect to comparable space in the Development, the Fair Market Rent shall be determined by reference to leases or agreements to lease then being negotiated or executed with respect to comparable first-class laboratory/R&D space in in comparable first-class lab buildings with walkable retail amenities in Watertown and other comparable inner suburban and suburban lab/R&D markets (excluding ▇▇▇▇▇▇▇ Square, but including Allston/Brighton and West Cambridge). In determining Fair Market Rent, all relevant factors shall be taken into account, including size, location and age and condition of premises, lease term (including renewal options), tenant’s obligations with respect to operating expenses and taxes, tenant improvement allowances, other inducements then being offered by landlords, condition of building, and services and amenities provided by the landlord. Fair Market Rent shall include provisions for increases or other adjustments during the Extension Term for which such determination is being made.
Extension Term Base Rent. Base Rent for the Extension Term(s) shall be the Fair Market Rent of the Premises (as defined below). Fair market rent of the Premises (the “Fair Market Rent”) for the Extension Term shall be based upon leases or agreements to lease then being negotiated or executed with respect to comparable first-class office/laboratory space in the Building or in comparable buildings in Watertown and other comparable inner suburban and suburban lab markets (excluding ▇▇▇▇▇▇▇ Square but including the Alewife section of Cambridge) with walkable urban amenities. In determining Fair Market Rent, all relevant factors shall be taken into account, including size, location and condition of premises, lease term (including renewal options), tenant’s obligations with respect to operating expenses and taxes, tenant improvement allowances, other inducements then being offered by landlords, condition of building, and services and amenities provided by the landlord. Fair Market Rent shall include provisions for increases or other adjustments during the Extension Term for which such determination is being made.
Extension Term Base Rent. (i) If Tenant exercises an Extension Option, the Base Rent payable by Tenant during the applicable Extension Term (the "Extension Term Base Rent") shall equal ninety five percent (95%) of the Fair Market Rental Rate (as defined in Section 2.2(d)(ii) below) for the Premises as of the commencement of such Extension Term.
Extension Term Base Rent. Base Rent for each Extension Term shall be shall be the greater of (A) the Fair Market Rent (as defined in Section 2.6(b)(iii) below) based on a five (5) year term to begin on the first ------------------- day of such Extension Term (the "Extension Term Adjustment Date") or (B) the Base Rent in effect on the last day of the Initial Term or the first Extension Term, as applicable.
Extension Term Base Rent. Notwithstanding Section 4.3.1, in connection with each of the three (3) Extension Options that Tenant may choose to exercise, Base Rent will be adjusted to the then-prevailing fair market rental rate (the “Fair Market Rent”) for the Usable Property considering similarly situated industrial property in reasonable proximity to the Property to be delivered to a new tenant as of the applicable Adjustment Date. The Fair Market Rent shall be determined considering: (i) the then-current use of the Property and not the highest and best use if the Property were undeveloped or redeveloped or rezoned, (ii) as though in the condition of the Property at the time this Agreement initially commenced (as abandoned residential property that Tenant plans to reclaim and improve), (iii) that the Property cannot be subordinated to any debt, (iv) the credit worthiness of the tenant, and (v) the size of the Usable Property; provided, however, in no event shall the Property be considered so unique that either the Port or Tenant is considered a captive owner or tenant without reasonable market transaction alternatives. The value of any improvements made to the Property by Tenant shall not be considered in establishing the Fair Market Rent. The Fair Market Rent adjustments will be effective on the commencement of the twenty-first (21st), thirty-first (31st), and forty-first (41st) Agreement Years with Base Rent adjustments to the then applicable Base Rent to occur at the beginning of the twenty-sixth (26th), thirty-sixth (36th), and forty-sixth (46th) Agreement Years, as applicable, following the method stated in Section 4.3.1 above. In no event will the Fair Market Rent adjustments be less than Base Rent for the immediately prior 5-year period.
Extension Term Base Rent. Commencing on the Extension Term Commission Date, Base Rent shall be increased during the Expansion Term as follows:
(a) Commencing on the Extension Term Commission Date, Base Rent for the Original Premises (the “Original Premises Base Rent”) shall be $37,918.50 per month; and
(b) Commencing on the Extension Term Commission Date, the Third Expansion Space Base Rent shall be $9,659.42 per month. For purposes of the Lease, the term “Base Rent” shall mean both the Original Premises Base Rent and the Third Expansion Space Base Rent.
Extension Term Base Rent. Base Rent for the initial year of the Extension Term shall be determined in accordance with the appraisal method set forth in Subsection 4.4, and shall be adjusted during the Extension Term in accordance with the provisions set forth in Subsections 4.3 and 4.4.
Extension Term Base Rent. Effective on April 1, 2011, Tenant shall pay Base Rent for the Premises in the following amounts for the following periods: