Upon the commencement of each Extension Term, Base Rent shall be payable at the Market Rate (as defined below). As used herein, Market Rate shall mean the rate (including any adjustments during the Term) that institutional landlords of comparable buildings have accepted in current transactions from non-equity (i.e., not being offered equity in the buildings) and nonaffiliated tenants of similar financial strength for space of comparable size, quality (including all tenant improvements, Alterations and other improvements) and floor height in Class A laboratory/office buildings in the San Carlos area for a comparable term, with the determination of the Market Rate to take into account all relevant factors, including tenant inducements, percentage of laboratory and office space, views, project amenities, parking costs, leasing commissions, allowances or concessions, if any, and whether or not such concessions are being offered to Tenant during such Extension Term.
Upon the commencement of eachthe Extension Term, Base Rent shall be payable at the Market Rate (as defined below). Base Rent shall thereafter be adjusted on each annual anniversary of the commencement of such Extension Term by a percentage as determined by Landlord and agreed to by Tenant at the time the Market Rate is determined. As used herein, Market Rate shall mean the rate (including any adjustments during the Term) that institutionalcomparable landlords of comparable buildings have accepted in current transactions from non-equity (i.e., not being offered equity in the buildings) and nonaffiliated tenants of similar financial strength for space of comparable size, quality (including all tenant improvements,Tenant Improvements, Alterations and other improvements) and floor height in Class A laboratory/office buildings in the Central San Carlos areaDiego submarket for a comparable term, with the determination of the Market Rate to take into account all relevant factors, including tenant inducements, percentageviews, available amenities (including, without limitation, the Amenities (as defined in [Section 42] below), age of laboratory and office space, views, project amenities,the Building, age of mechanical systems serving the Premises, parking costs, leasing commissions, allowances or concessions, if any, and whether or not such concessions are being offeredany. In addition, Landlord may impose a market rent for the parking rights provided hereunder. Notwithstanding anything to the contrary contained in this [Section 39(a)], if Tenant exercises its Extension Right pursuant to this [Section 39]. Landlord shall make available to Tenant during such Extension Term.an allowance in the maximum amount of per rentable square foot of the Premises for fixed and permanent improvements desired by Tenant in the Premises and reasonably acceptable to Landlord.
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