Common use of Second Option Term Clause in Contracts

Second Option Term. The rent payable by Tenant during the second Option Term shall be equal to the Fair Market Rental Value of the Premises as of the commencement of the Option Term. For purposes of this Section 2.5.2.2, Fair Market Rental Value of the Premises shall be the rental rate, including all escalations, at which tenants lease comparable space as of the commencement of the second Option Term. For this purpose, “comparable space” shall be office space that is: (a) not subleased; (b) not subject to another tenant’s expansion rights; (c) not leased to a tenant that holds an ownership interest in the landlord; (d) not leased to a tenant under a renewal or an extension of a lease; (e) comparable in size, location, and quality to the Premises; (f) leased for a term comparable to the second Option Term; and (g) located in comparable buildings.