Basic Rent During Extension Terms Sample Clauses
Basic Rent During Extension Terms. The Basic Rent during each Extension Term (the "Extension Term Basic Rent") shall be equal to ninety-five percent (95%) of the Fair Market Rental Value of the Premises as determined in accordance with the process described below, for renewals of space in the vicinity of each of the Bedford Premises and the Danbury Premises of equivalent quality, size, utility and location, with the length of the Extension Term and the credit standing of Tenant to be taken into account. Within thirty (30) days after receipt of Tenant's Extension Notice to extend the Term, Landlord shall deliver to Tenant written notice of its determination of the Extension Term Basic Rent (including a breakdown of the Fair Market Rental Value for each of the Bedford Premises and the Danbury Premises) for the applicable Extension Term. Tenant shall, within thirty (30) days after receipt of such notice, notify Landlord in writing whether Tenant accepts or rejects Landlord's determination of the Extension Term Basic Rent
Basic Rent During Extension Terms. Basic Rent for each Extension Term shall be 95% of the then-current fair market rent for a five-year renewal term for comparable space in the Bellevue Eastside (i.e., Bothell to Issaquah), Washington area, of like quality, size and amenities and on comparable terms (e.g., comparable provisions for payment of expenses), and taking into account the location of the Building ("Fair Market Rent"); provided that in no event shall the monthly Basic Rent for any Extension Term be less that the monthly Basic Rent due for the last month of the term immediately preceding the Extension Term. Landlord and Tenant shall attempt in good faith to agree upon the Fair Market Rent. If they do not reach agreement on the Fair Market Rent within thirty (30) days of Tenant's notice exercising its Option to Extend, then the parties shall submit the matter to arbitration in accordance with this Section 3.2 so that the Fair Market Rent is determined no later than one (1) month prior to the first day of the Extension Term. Each party shall select a neutral, licensed and qualified MAI real estate appraiser (the "Appraisers") having at least ten (10) years' experience with rental rates in the Bellevue, Washington office-space market and with significant experience with leasing for technology and biotechnology uses. If the two Appraisers so chosen are not able to agree on the Fair Market Rent within ten (10) days after their selection, then they shall together select a neutral and similarly qualified third appraiser ("Neutral Appraiser"). If they are unable to agree on that selection within ten (10) days after expiration of the ten (10) day period, then either party, on behalf of both, may request appointment of such a qualified person by the then-presiding judge of the King County Superior Court acting in his or her private, non-judicial capacity, and the other party shall not raise any question as to that judge's full power and jurisdiction to entertain the application and to make the appointment. The parties agree to indemnify and hold the presiding judge fully and completely harmless from and against all claims arising out of the presiding judge's appointment of the Neutral Appraiser. If the three Appraisers so selected are not able to agree unanimously on the Fair Market Rent within fourteen (14) days after selection of the Neutral Appraiser, then the issue shall be determined in the following manner. The Appraiser selected by each of the parties shall state in writing his or her d...