Determination of Fair Market Rent. (i) If Lessor and Lessee cannot agree on the Fair Market Rent within thirty (30) days after the date of any Notice to Extend with respect to the first or second Extended Term, each party shall, by notice to the other, appoint a disinterested and licensed M.A.I. Real Estate Appraiser of national reputation and renown with at least five years of experience in appraising assisted living facilities throughout the United States with the same types of operating licenses then being in effect at each respective Facility to determine the Fair Market Rent. If any party should fail to appoint an appraiser within ten (10) days after notice, the appraiser selected by the other party shall determine the Fair Market Rent. In determining the Fair Market Rent, each appraiser shall give appropriate consideration to, among other things, generally applicable minimum rent for tenancies of property comparable to the Leased Property in the area in which the Leased Property is located. (ii) If the two appraisers selected pursuant to SECTION 34.3(i) above, cannot agree upon the Fair Market Rent within forty-five (45) days, they shall immediately give written notice of such inability ("NOTICE OF DISAGREEMENT") to both Lessor and Lessee setting forth the Fair Market Rent determinations of each of the appraisers. If the determinations of each of the two appraisers of the Fair Market Rent at the commencement of such Extended Term differ by less than ten percent (10%) of the lower determination, the Fair Market Rent shall be fixed at an amount equal to the average of the two determinations. (iii) If the determinations of each of the two appraisers selected pursuant to SECTION 34.3(i), above, differ by ten percent (10%) or more of the lower determination with respect to the Fair Market Rent to be paid at the commencement of such Extended Term, then within thirty (30) days after the giving of the Notice of Disagreement, the two appraisers shall appoint a third disinterested and licensed M.A.I. Real Estate Appraiser of national reputation and renown with at least five (5) years of experience appraising assisted living facilities throughout the United States with the same types of operating licenses then being in effect at each respective Facility. If the parties cannot then agree on the Fair Market Rent, the third appraiser shall determine the Fair Market Rent, and in so doing, shall give appropriate consideration to those items described in SECTION 34.3(i). The third appraiser shall not select a Fair Market Rent either (i) higher than the highest of the two appraisals made pursuant to SECTION 34.3(i); or (ii) lower than the lowest of the two appraisals made pursuant to SECTION 34.3(i), above. If the first two appraisers cannot agree on the selection of a third appraiser within such thirty (30) days, or if the first two appraisers fail to provide a Notice of Disagreement (as stated above in SECTION 34.3(ii), above, then the Fair Market Rent shall be determined by a third appraiser selected by the American Arbitration Association upon application by Lessor. (iv) During the time before the determination of the Fair Market Rent, Lessee shall pay Minimum Rent at the rate paid immediately preceding such Extended Term, increased by two percent (2%); provided, however, that, if the Fair Market Rent is determined to be higher than such amount, the Minimum Rent owed by Lessee at the Fair Market Rent shall be effective retroactively as of the first day of such Extended Term. If, after the Minimum Rent for an Extended Term is adjusted and applied retroactively as of the first day of such Extended Term, it is determined that additional Minimum Rent is due Lessor, the aggregate amount of any such additional Minimum Rent shall be paid to Lessor within thirty (30) days of the determination of the Fair Market Rent for such Extended Term.
Appears in 2 contracts
Samples: Master Lease Agreement (Brookdale Senior Living Inc.), Master Lease Agreement (Brookdale Senior Living Inc.)
Determination of Fair Market Rent. (i1) If Lessor and Lessee cannot agree In the event Tenant elects to exercise a Renewal Option, then during the period (the “Analysis Period”) beginning on the Fair Market Rent within date of exercise and ending thirty (30) days after thereafter, the date of any Notice to Extend with respect to the first or second Extended Term, each party parties shall, by notice to the otherin good faith, appoint a disinterested and licensed M.A.I. Real Estate Appraiser of national reputation and renown with at least five years of experience in appraising assisted living facilities throughout the United States with the same types of operating licenses then being in effect at each respective Facility attempt to determine and agree upon the Fair Market Rent. If any party should fail .
(2) In the event that Landlord and Tenant are unable, within the Analysis Period, to appoint an appraiser within ten (10) days after notice, the appraiser selected by the other party shall determine the Fair Market Rent. In determining agree upon the Fair Market Rent, each appraiser shall give appropriate consideration to, among other things, generally applicable minimum rent for tenancies of property comparable to the Leased Property in the area in which the Leased Property is located.
(ii) If the two appraisers selected pursuant to SECTION 34.3(i) above, cannot agree upon the Fair Market Rent within forty-five (45) days, they shall immediately give written notice of such inability ("NOTICE OF DISAGREEMENT") to both Lessor and Lessee setting forth the Fair Market Rent determinations of each of the appraisers. If the determinations of each of the two appraisers of the Fair Market Rent at the commencement of such Extended Term differ by less than ten percent (10%) of the lower determination, the Fair Market Rent shall be fixed at an amount equal to the average of the two determinations.
(iii) If the determinations of each of the two appraisers selected pursuant to SECTION 34.3(i), above, differ by ten percent (10%) or more of the lower determination with respect to the Fair Market Rent to be paid at the commencement of such Extended Term, then within thirty (30) days after the giving of the Notice of Disagreement, the two appraisers shall appoint a third disinterested and licensed M.A.I. Real Estate Appraiser of national reputation and renown with at least five (5) years of experience appraising assisted living facilities throughout the United States with the same types of operating licenses then being in effect at each respective Facility. If the parties cannot then agree on the Fair Market Rent, the third appraiser shall determine the Fair Market Rent, and in so doing, shall give appropriate consideration to those items described in SECTION 34.3(i). The third appraiser shall not select a Fair Market Rent either (i) higher than the highest of the two appraisals made pursuant to SECTION 34.3(i); or (ii) lower than the lowest of the two appraisals made pursuant to SECTION 34.3(i), above. If the first two appraisers cannot agree on the selection of a third appraiser within such thirty (30) days, or if the first two appraisers fail to provide a Notice of Disagreement (as stated above in SECTION 34.3(ii), above, then the Fair Market Rent shall be determined by the following appraisal mechanism: During the first two weeks following the Analysis Period, Landlord and Tenant shall attempt to agree upon a third single appraiser who shall be MAI certified and have a minimum of five (5) years experience in the greater Exton area in real estate leasing or appraisal of leases in similar industrial buildings in the greater Exton area and who has not conducted within the previous three years, does not presently conduct, and does not anticipate conducting, a material amount of business with either Landlord or Tenant or their Affiliates or lenders, or otherwise has a financial interest in or with either Landlord or Tenant or their Affiliates and who is otherwise independent (the “Appraiser Qualifications”). If Tenant and Landlord are unable to agree upon a single appraiser within said two week period, then Landlord and Tenant shall draw by lot to determine which of them (the “First Party”) within the following seven (7) days shall provide the other party (the “Second Party”) with the names and qualifications of three (3) appraisers who are acceptable to the First Party and who meet the Appraiser Qualifications. Such list shall be accompanied by a statement of all business conducted by each such proposed appraiser with the First Party within the previous three years. The Second Party within fifteen (15) days thereafter shall select one of the three (3) appraisers and shall notify the First Party in writing of its selection. The appraiser so selected by shall be the American Arbitration Association upon application by Lessorappraiser hereunder. The parties shall share equally in the cost of the appraiser.
(iv3) During Within fifteen (15) days following the time before selection of the appraiser, Landlord and Tenant shall each notify the other (but not the appraiser) of their determination of the Fair Market Rent. During the next seven (7) days, Lessee both Landlord and Tenant shall pay Minimum Rent at prepare a written critique of the rate paid immediately preceding such Extended Termother’s determinations and on the seventh day Landlord and Tenant shall deliver to each other their written critiques. On the tenth (10th) day following delivery of the critiques to each other, increased by two percent Landlord’s and Tenant’s determinations (2%); providedas originally submitted to the other party, howeverwith no modifications or additions whatsoever permitted) and Landlord’s and Tenant’s critique shall be submitted to the appraiser. On and not before the fifteenth (15th) day thereafter, that, if the appraiser shall determine the Fair Market Rent is determined to be higher than such amountRent. Absent manifest error, the Minimum Rent owed by Lessee at the Fair Market Rent appraiser’s decision shall be effective retroactively as of the first day of such Extended Termfinal, conclusive and binding on Landlord and Tenant. If, after the Minimum Rent for an Extended Term is adjusted and applied retroactively as of the first day of such Extended Term, it is determined that additional Minimum Rent is due Lessor, the aggregate amount of any such additional Minimum Rent shall be paid to Lessor within thirty (30) days of the determination of the Fair Market Rent for such Extended Term.062113
Appears in 2 contracts
Samples: Lease Agreement, Lease Agreement (Faro Technologies Inc)
Determination of Fair Market Rent. (i) If Lessor and Lessee cannot agree on the Fair Market Rent within Within thirty (30) days after following the date receipt of any the Option Notice by Landlord, Landlord shall notify Tenant of Landlord’s good faith determination of the Monthly Basic Rent for the Extension Term pursuant to Extend with respect to the first or second Extended Term, each party shall, by notice to the other, appoint Section 2.2(c). Tenant shall have a disinterested and licensed M.A.I. Real Estate Appraiser period of national reputation and renown with at least five years of experience in appraising assisted living facilities throughout the United States with the same types of operating licenses then being in effect at each respective Facility to determine the Fair Market Rent. If any party should fail to appoint an appraiser within ten (10) business days after noticeto either accept or reject to Landlord’s determination of the Monthly Basic Rent. If Tenant fails to either accept or reject Landlord’s determination of the Monthly Basic Rent, Tenant shall be deemed to have rejected Landlord’s determination of the Monthly Basic Rent. If Tenant timely rejects Landlord’s determination of the Monthly Basic Rent, the appraiser selected by the other party parties shall negotiate in good faith for a period of thirty (30) days to determine the Fair Market Monthly Basic Rent. In determining the Fair Market Rent, each appraiser shall give appropriate consideration to, among other things, generally applicable minimum rent for tenancies of property comparable to the Leased Property in the area in which the Leased Property is located.
(ii) If the parties are unable to agree upon the Monthly Basic Rent within such 30-day period, then within ten (10) business days thereafter, each shall specify in writing to the other the name and address of a person to act as the appraiser on its behalf. Each such person shall be an MAI certified commercial real estate broker or appraiser with at least ten (10) years of experience with the prevailing market rents for the area in which the Premises are located. If either party fails to timely appoint an appraiser, the determination of the timely appointed appraiser shall be final and binding. The two appraisers shall have twenty-one (21) business days from the day of their respective appointments (the “Determination Period”) to make their respective determinations and agree on the Fair Market Rent. If the two appraisers selected pursuant to SECTION 34.3(i) above, by the Landlord and Tenant cannot agree upon reach agreement on the Fair Market Rent Rent, such appraisers shall within forty-five (455) days, they shall immediately give written notice of such inability ("NOTICE OF DISAGREEMENT") business days jointly appoint an impartial third appraiser with qualifications similar to both Lessor and Lessee setting forth the Fair Market Rent determinations of each those of the first two appraisers. If the determinations of each of the two appraisers of the Fair Market Rent at the commencement of such Extended Term differ by less than ten percent (10%) of the lower determination, and the Fair Market Rent shall be fixed at an amount equal to established by the average three appraisers in accordance with the following procedures: The appraiser selected by each party shall state in writing his/her determination of the two determinations.
(iii) If the determinations of each of the two appraisers selected pursuant to SECTION 34.3(i), above, differ by ten percent (10%) or more of the lower determination with respect to the Fair Market Rent Rent. The first two appraisers shall arrange for the simultaneous delivery of their determinations to be paid at the commencement of such Extended Term, then within thirty third appraiser no later than ten (3010) days after the giving expiration of the Notice Determination Period. The role of Disagreement, the two appraisers shall appoint a third disinterested and licensed M.A.I. Real Estate Appraiser of national reputation and renown with at least five (5) years of experience appraising assisted living facilities throughout the United States with the same types of operating licenses then being in effect at each respective Facility. If the parties cannot then agree on the Fair Market Rent, the third appraiser shall determine be to select which of the two proposed determinations most closely approximates the third appraiser’s determination of the Fair Market Rent, and shall have no more than seven (7) days in so doing, shall give appropriate consideration which to those items described in SECTION 34.3(i)select the final determination. The determination chosen by the third appraiser shall not select a Fair Market Rent either (i) higher than constitute the highest decision of the two appraisals made pursuant to SECTION 34.3(i); or (ii) lower than appraisers and be final and binding on the lowest parties. Each party shall pay the cost of its own appraiser and shall share equally the cost of the two appraisals made pursuant to SECTION 34.3(i), abovethird appraiser. If the first two appraisers cannot agree on the selection of a the third appraiser within such thirty (30) days, or if the first two appraisers fail to provide a Notice of Disagreement (as stated above in SECTION 34.3(ii), aboveappraiser, then either party may apply to Presiding Judge of the Fair Market Rent shall be determined by a Superior Court for the county in which the Premises is located for the selection for the third appraiser selected by the American Arbitration Association upon application by Lessorappraiser.
(iviii) During In the time before event the determination Monthly Basic Rent for the Premises is not conclusively determined pursuant to the procedure above prior to the commencement of the Fair Market Extension Term, Tenant shall pay Monthly Basic Rent in the amount of the Monthly Basic Rent payable hereunder for the last month of the immediately prior Term until the Monthly Basic Rent is conclusively determined. Once the Monthly Basic Rent is conclusively determined, Tenant shall, upon the payment of the next installment of Monthly Basic Rent, Lessee shall pay Minimum Rent at the rate paid immediately preceding such Extended Term, increased by two percent (2%); provided, however, that, if the Fair Market Rent is determined to be higher than such amount, the Minimum Rent owed by Lessee at the Fair Market Rent shall be effective retroactively as Landlord any underpayment of the first day of such Extended Term. If, after the Minimum Rent for an Extended Term is adjusted and applied retroactively as of the first day of such Extended Term, it is determined that additional Minimum Rent is due Lessor, the aggregate amount of any such additional Minimum Rent shall be paid to Lessor within thirty (30) days of the determination of the Fair Market Monthly Basic Rent for such Extended Termperiod.
Appears in 2 contracts
Samples: Lease (QuantumScape Corp), Office Lease (QuantumScape Corp)
Determination of Fair Market Rent. (ia) Within thirty (30) days after Tenant’s delivery of Tenant’s notice of its exercise of the Extension Option, Landlord and Tenant shall work in good faith to agree upon the base rent payable during the Extension Term. If Lessor Landlord and Lessee canTenant do not agree reach agreement within such thirty (30) day period, Landlord and Tenant shall each, within fifteen (15) days after the end of such thirty (30) day period, select an Appraiser who shall act on such party’s behalf in determining the Fair Market Rent within Rent.
(b) Within thirty (30) days after the date selection of any Notice to Extend with respect to Tenant’s and Landlord’s Appraisers, the first or second Extended Term, each party shall, by notice to the other, appoint two (2) Appraisers shall render a disinterested and licensed M.A.I. Real Estate Appraiser of national reputation and renown with at least five years of experience in appraising assisted living facilities throughout the United States with the same types of operating licenses then being in effect at each respective Facility to determine joint written determination which shall be the Fair Market Rent. If any party should fail the two (2) Appraisers are unable to appoint an appraiser agree upon a joint written determination within said thirty (30) day period, the two (2) Appraisers shall select a third Appraiser within ten (10) days after notice, the appraiser selected by the other party shall determine the Fair Market Rent. In determining the Fair Market Rent, each appraiser shall give appropriate consideration to, among other things, generally applicable minimum rent for tenancies of property comparable to the Leased Property in the area in which the Leased Property is located.
(ii) If the two appraisers selected pursuant to SECTION 34.3(i) above, cannot agree upon the Fair Market Rent within forty-five (45) days, they shall immediately give written notice expiration of such inability thirty ("NOTICE OF DISAGREEMENT"30) to both Lessor day period and Lessee setting forth the Fair Market Rent determinations of shall each of the appraisers. If the determinations of each of the two appraisers submit a determination of the Fair Market Rent at the commencement of to such Extended Term differ by less than ten percent (10%) of the lower determination, the Fair Market Rent shall be fixed at an amount equal to the average of the two determinationsthird Appraiser.
(iiic) If the determinations of each two (2) Appraisers cannot agree on a third, Landlord or Tenant may request that the local chapter of the two appraisers selected pursuant American Arbitration Association appoint a party to SECTION 34.3(i), above, differ by ten percent (10%) or more of act as the lower determination with respect to the Fair Market Rent to be paid at the commencement of such Extended Term, then within third Appraiser. Within thirty (30) days after the giving appointment of the Notice of Disagreement, the two appraisers shall appoint a third disinterested and licensed M.A.I. Real Estate Appraiser of national reputation and renown with at least five (5) years of experience appraising assisted living facilities throughout the United States with the same types of operating licenses then being in effect at each respective Facility. If the parties cannot then agree on the Fair Market RentAppraiser, the third appraiser Appraisal shall determine the Fair Market Rent, and in so doing, shall give appropriate consideration to those items described in SECTION 34.3(i). The third appraiser shall not select render a Fair Market Rent either (i) higher than the highest of the two appraisals made pursuant to SECTION 34.3(i); or (ii) lower than the lowest of the two appraisals made pursuant to SECTION 34.3(i), above. If the first two appraisers cannot agree on the selection of a third appraiser within such thirty (30) days, or if the first two appraisers fail to provide a Notice of Disagreement (as stated above in SECTION 34.3(ii), above, then the Fair Market Rent shall be determined by a third appraiser selected by the American Arbitration Association upon application by Lessor.
(iv) During the time before the written determination of the Fair Market Rent, Lessee which must be either the Landlord’s Appraiser’s determination as submitted or the Tenant’s Appraiser’s determination as submitted, but no other amount and no compromise between the two.
(d) If either Landlord or Tenant fails or refuses to select an Appraiser, and such failure continues for five (5) days after written notice, the other Appraiser shall pay Minimum Rent at the rate paid immediately preceding such Extended Term, increased by two percent (2%); provided, however, that, if alone determine the Fair Market Rent is determined to be higher than such amount, the Minimum Rent owed by Lessee at the Fair Market Rent shall be effective retroactively as of the first day of such Extended Term. If, after the Minimum Rent for an Extended Term is adjusted and applied retroactively as of the first day of such Extended Term, it is determined that additional Minimum Rent is due Lessor, the aggregate amount of any such additional Minimum Rent shall be paid to Lessor within thirty Rent.
(30e) Within fourteen (14) days after Tenant’s receipt of the determination of the Fair Market Base Rent for from either the two (2) Appraisers or the third Appraiser, as the case may be, Tenant shall have the right to revoke its exercise of the Extension Option if Tenant, in its sole discretion, is not in agreement with the Base Rent as determined by such Extended TermAppraisers.
(f) Landlord shall bear the fee and expenses of its Appraiser; Tenant shall bear the fee and expenses of its Appraiser; and Landlord and Tenant shall share equally the fee and expenses of the third Appraiser, if one is required.
Appears in 2 contracts
Samples: Ground Lease (Bloom Energy Corp), Ground Lease (Bloom Energy Corp)
Determination of Fair Market Rent. (i) If Lessor and Lessee cannot agree on the Fair Market Rent within thirty (30) days after the date of any Notice to Extend with respect to the first or second Extended Term, each party shall, by notice to the other, appoint a disinterested and licensed M.A.I. Real Estate Appraiser of national reputation and renown with at least five years of experience in appraising assisted living facilities throughout the United States with the same types of operating licenses then being in effect at each respective Facility to determine the Fair Market Rent. If any party should fail to appoint an appraiser within ten (10) days after notice, the appraiser selected by the other party shall determine the Fair Market Rent. In determining the Fair Market Rent, each appraiser shall give appropriate consideration to, among other things, generally applicable minimum rent for tenancies of property comparable to the Leased Property in the area in which the Leased Property is located.
(ii) If the two appraisers selected pursuant to SECTION Section 34.3(i) above, cannot agree upon the Fair Market Rent within forty-five (45) days, they shall immediately give written notice of such inability ("NOTICE OF DISAGREEMENTNotice of Disagreement") to both Lessor and Lessee setting forth the Fair Market Rent determinations of each of the appraisers. If the determinations of each of the two appraisers of the Fair Market Rent at the commencement of such Extended Term differ by less than ten percent (10%) of the lower determination, the Fair Market Rent shall be fixed at an amount equal to the average of the two determinations.
(iii) If the determinations of each of the two appraisers selected pursuant to SECTION Section 34.3(i), above, differ by ten percent (10%) or more of the lower determination with respect to the Fair Market Rent to be paid at the commencement of such Extended Term, then within thirty (30) days after the giving of the Notice of Disagreement, the two appraisers shall appoint a third disinterested and licensed M.A.I. Real Estate Appraiser of national reputation and renown with at least five (5) years of experience appraising assisted living facilities throughout the United States with the same types of operating licenses then being in effect at each respective Facility. If the parties cannot then agree on the Fair Market Rent, the third appraiser shall determine the Fair Market Rent, and in so doing, shall give appropriate consideration to those items described in SECTION 34.3(i). The third appraiser shall not select a Fair Market Rent either (i) higher than the highest of the two appraisals made pursuant to SECTION 34.3(i); or (ii) lower than the lowest of the two appraisals made pursuant to SECTION 34.3(i), above. If the first two appraisers cannot agree on the selection of a third appraiser within such thirty (30) days, or if the first two appraisers fail to provide a Notice of Disagreement (as stated above in SECTION 34.3(ii), above, then the Fair Market Rent shall be determined by a third appraiser selected by the American Arbitration Association upon application by Lessor.
(iv) During the time before the determination of the Fair Market Rent, Lessee shall pay Minimum Rent at the rate paid immediately preceding such Extended Term, increased by two percent (2%); provided, however, that, if the Fair Market Rent is determined to be higher than such amount, the Minimum Rent owed by Lessee at the Fair Market Rent shall be effective retroactively as of the first day of such Extended Term. If, after the Minimum Rent for an Extended Term is adjusted and applied retroactively as of the first day of such Extended Term, it is determined that additional Minimum Rent is due Lessor, the aggregate amount of any such additional Minimum Rent shall be paid to Lessor within thirty (30) days of the determination of the Fair Market Rent for such Extended Term.Section 34.3
Appears in 2 contracts
Samples: Lease (Alterra Healthcare Corp), Lease (Alterra Healthcare Corp)
Determination of Fair Market Rent. (i1) If Lessor and Lessee cannot agree In the event Tenant elects to exercise a Renewal Option, then during the period (the “Analysis Period”) beginning on the Fair Market Rent within date of exercise and ending thirty (30) days after thereafter, the date of any Notice to Extend with respect to the first or second Extended Term, each party parties shall, by notice to the otherin good faith, appoint a disinterested and licensed M.A.I. Real Estate Appraiser of national reputation and renown with at least five years of experience in appraising assisted living facilities throughout the United States with the same types of operating licenses then being in effect at each respective Facility attempt to determine and agree upon the Fair Market Rent. If any party should fail .
(2) In the event that Landlord and Tenant are unable, within the Analysis Period, to appoint an appraiser within ten (10) days after notice, the appraiser selected by the other party shall determine the Fair Market Rent. In determining agree upon the Fair Market Rent, each appraiser shall give appropriate consideration to, among other things, generally applicable minimum rent for tenancies of property comparable to the Leased Property in the area in which the Leased Property is located.
(ii) If the two appraisers selected pursuant to SECTION 34.3(i) above, cannot agree upon the Fair Market Rent within forty-five (45) days, they shall immediately give written notice of such inability ("NOTICE OF DISAGREEMENT") to both Lessor and Lessee setting forth the Fair Market Rent determinations of each of the appraisers. If the determinations of each of the two appraisers of the Fair Market Rent at the commencement of such Extended Term differ by less than ten percent (10%) of the lower determination, the Fair Market Rent shall be fixed at an amount equal to the average of the two determinations.
(iii) If the determinations of each of the two appraisers selected pursuant to SECTION 34.3(i), above, differ by ten percent (10%) or more of the lower determination with respect to the Fair Market Rent to be paid at the commencement of such Extended Term, then within thirty (30) days after the giving of the Notice of Disagreement, the two appraisers shall appoint a third disinterested and licensed M.A.I. Real Estate Appraiser of national reputation and renown with at least five (5) years of experience appraising assisted living facilities throughout the United States with the same types of operating licenses then being in effect at each respective Facility. If the parties cannot then agree on the Fair Market Rent, the third appraiser shall determine the Fair Market Rent, and in so doing, shall give appropriate consideration to those items described in SECTION 34.3(i). The third appraiser shall not select a Fair Market Rent either (i) higher than the highest of the two appraisals made pursuant to SECTION 34.3(i); or (ii) lower than the lowest of the two appraisals made pursuant to SECTION 34.3(i), above. If the first two appraisers cannot agree on the selection of a third appraiser within such thirty (30) days, or if the first two appraisers fail to provide a Notice of Disagreement (as stated above in SECTION 34.3(ii), above, then the Fair Market Rent shall be determined by the following appraisal mechanism: During the first two weeks following the Analysis Period, Landlord and Tenant shall attempt to agree upon a third single appraiser who shall be MAI certified and have a minimum of five (5) years experience in the greater Exton area in real estate leasing or appraisal of leases in similar industrial buildings in the greater Exton area and who has not conducted within the previous three years, does not presently conduct, and does not anticipate conducting, a material amount of business with either Landlord or Tenant or their Affiliates or lenders, or otherwise has a financial interest in or with either Landlord or Tenant or their Affiliates and who is otherwise independent (the “Appraiser Qualifications”). If Tenant and Landlord are unable to agree upon a single appraiser within said two week period, then Landlord and Tenant shall draw by lot to determine which of them (the “First Party”) within the following seven (7) days shall provide the other party (the “Second Party”) with the names and qualifications of three (3) appraisers who are acceptable to the First Party and who meet the Appraiser Qualifications. Such list shall be accompanied by a statement of all business conducted by each such proposed appraiser with the First Party within the previous three years. The Second Party within fifteen (15) days thereafter shall select one of the three (3) appraisers and shall notify the First Party in writing of its selection. The appraiser so selected by shall be the American Arbitration Association upon application by Lessorappraiser hereunder. The parties shall share equally in the cost of the appraiser.
(iv3) During Within fifteen (15) days following the time before selection of the appraiser, Landlord and Tenant shall each notify the other (but not the appraiser) of their determination of the Fair Market Rent. During the next seven (7) days, Lessee both Landlord and Tenant shall pay Minimum Rent at prepare a written critique of the rate paid immediately preceding such Extended Termother’s determinations and on the seventh day Landlord and Tenant shall deliver to each other their written critiques. On the tenth (10th) day following delivery of the critiques to each other, increased by two percent Landlord’s and Tenant’s determinations (2%); providedas originally submitted to the other party, howeverwith no modifications or additions whatsoever permitted) and Landlord’s and Tenant’s critique shall be submitted to the appraiser. On and not before the fifteenth (15th) day thereafter, that, if the appraiser shall determine the Fair Market Rent is determined to be higher than such amountRent. Absent manifest error, the Minimum Rent owed by Lessee at the Fair Market Rent appraiser’s decision shall be effective retroactively as of the first day of such Extended Term. Iffinal, after the Minimum Rent for an Extended Term is adjusted conclusive and applied retroactively as of the first day of such Extended Term, it is determined that additional Minimum Rent is due Lessor, the aggregate amount of any such additional Minimum Rent shall be paid to Lessor within thirty (30) days of the determination of the Fair Market Rent for such Extended Termbinding on Landlord and Tenant.
Appears in 1 contract
Determination of Fair Market Rent. (i) If Lessor and Lessee cannot Unless the parties agree on as to the Fair Market Rent, Landlord shall deliver to Tenant an estimate (“Landlord’s Estimate”) of the fair market rent applicable for the Premises no later than ten (10) days after receipt by Landlord of Tenant’s notice pursuant to Section 2.3 hereof. In the event that Landlord’s Estimate is unacceptable to Tenant, Tenant shall have the right, by written notice sent to Landlord, no later than thirty (30) days after receipt of Landlord’s Estimate, to either (a) rescind its notice given pursuant to Section 2.3 or (b) request that the fair market rent be determined by an appraisal (“Tenants Appraisal Notice”). If Tenant fails timely to request determination of the fair market rent by appraisal as aforesaid, the Annual Fixed Rent within payable during the Extended Term shall be an amount equal to the Landlord’s Estimate. Tenant’s Appraisal Notice shall designate an MAI real estate appraiser with no less than ten (10) years’ experience in appraising real property similar to the Premises in the city or town in which the Premises is located. Landlord shall, by written notice to Tenant, no later than ten (10) days after receipt of Tenant’s Appraisal Notice, designate an MAI real estate appraiser having at least the experience referred to above. Within ten (10) days after receipt by Tenant of Landlord’s designation, the two appraisers so designated shall select a third MAI real estate appraiser with at least the experience referred to above. Within thirty (30) days after the date selection of any Notice to Extend with respect to the first or second Extended Term, each party third appraiser the three appraisers so selected shall, by notice majority opinion, determine the fair market rent of the Premises for the extended Term. The fair market rent for the Premises shall be determined by the appraisers with reference to the otherfollowing criteria: (i) size and location of the Premises; (ii) quality of the Building and condition of the Premises (exclusive of improvements made by Tenant at its expense); (iii) duration of the Term; (iv) terms, appoint a disinterested conditions, inducements and licensed M.A.I. Real Estate Appraiser other provisions generally afforded in leases to tenants of national reputation and renown with at least five years of experience similar properties in appraising assisted living facilities throughout the United States with the same types area of operating licenses the municipality in which the Premises are located; (v) the rental market in East Cambridge for Class A and Class B properties, such area of the municipality; (vi) the rents then being achieved in effect at each respective Facility to determine the Fair Market RentBuilding, which shall be of prime consideration; and (vii) lack of any brokerage costs, if no such costs are incurred by Landlord. The appraisers shall notify both Landlord and Tenant in writing of such determination. If any no two of the appraisers are able to agree, the highest determination and the lowest determination shall be disregarded and the fair market rent shall be the remaining appraiser’s determination. Each party should fail shall pay the fees and expenses of the appraiser appointed by it and one-half of the fees and expenses of the third appraiser. If Landlord fails to appoint an appraiser within ten (10) days after noticeas aforesaid, the appraiser selected appointed by the other party Tenant, acting alone shall determine the Fair Market Rentfair market rent. In determining Tenant shall not have the Fair Market Rent, each appraiser shall give appropriate consideration to, among other things, generally applicable minimum rent for tenancies of property comparable right to decline the Leased Property in the area in which the Leased Property is located.
(ii) If the two appraisers selected pursuant to SECTION 34.3(i) above, cannot agree upon the Fair Market Rent within forty-five (45) days, they shall immediately give written notice of such inability ("NOTICE OF DISAGREEMENT") to both Lessor and Lessee setting forth the Fair Market Rent determinations of each extension of the appraisers. If Lease once it sends the determinations of each of the two appraisers of the Fair Market Rent at the commencement of such Extended Term differ by less than ten percent (10%) of the lower determination, the Fair Market Rent shall be fixed at an amount equal to the average of the two determinationsTenant’s Appraisal Notice.
(iii) If the determinations of each of the two appraisers selected pursuant to SECTION 34.3(i), above, differ by ten percent (10%) or more of the lower determination with respect to the Fair Market Rent to be paid at the commencement of such Extended Term, then within thirty (30) days after the giving of the Notice of Disagreement, the two appraisers shall appoint a third disinterested and licensed M.A.I. Real Estate Appraiser of national reputation and renown with at least five (5) years of experience appraising assisted living facilities throughout the United States with the same types of operating licenses then being in effect at each respective Facility. If the parties cannot then agree on the Fair Market Rent, the third appraiser shall determine the Fair Market Rent, and in so doing, shall give appropriate consideration to those items described in SECTION 34.3(i). The third appraiser shall not select a Fair Market Rent either (i) higher than the highest of the two appraisals made pursuant to SECTION 34.3(i); or (ii) lower than the lowest of the two appraisals made pursuant to SECTION 34.3(i), above. If the first two appraisers cannot agree on the selection of a third appraiser within such thirty (30) days, or if the first two appraisers fail to provide a Notice of Disagreement (as stated above in SECTION 34.3(ii), above, then the Fair Market Rent shall be determined by a third appraiser selected by the American Arbitration Association upon application by Lessor.
(iv) During the time before the determination of the Fair Market Rent, Lessee shall pay Minimum Rent at the rate paid immediately preceding such Extended Term, increased by two percent (2%); provided, however, that, if the Fair Market Rent is determined to be higher than such amount, the Minimum Rent owed by Lessee at the Fair Market Rent shall be effective retroactively as of the first day of such Extended Term. If, after the Minimum Rent for an Extended Term is adjusted and applied retroactively as of the first day of such Extended Term, it is determined that additional Minimum Rent is due Lessor, the aggregate amount of any such additional Minimum Rent shall be paid to Lessor within thirty (30) days of the determination of the Fair Market Rent for such Extended Term.
Appears in 1 contract
Determination of Fair Market Rent. As used in this Lease, “Fair Market Rent” means the effective fair market rent for the Premises in its “as is” condition, as of the day with respect to which such determination is being made, for a term of five (i5) years. Fair Market Rent shall be based upon the rents generally in effect for similar first-class office/laboratory space in similar buildings in the Cambridge, Massachusetts area in which the Premises is located, taking into account all facts and circumstances customarily taken into account by prudent and commercial reasonable lessors and lessees, including but not limited to size and location of the Premises, lease term, condition of the Building and services provided by Lessor. Within twenty (20) days after Lessor receives Lessee’s notice of exercise of the Extension Option, Lessor shall provide to Lessee Lessor’s good faith determination of Fair Market Rent. If Lessor and Lessee are unable to agree on the Fair Market Rent within twenty-five (25) days thereafter, then Lessee may, within ten (10) days after the expiration of such twenty-five (25) day period, elect either to withdraw its notice of exercise, in which event its rights under the Extension Option shall terminate, or to request that the Fair Market Rent be determined by appraisal. If Lessee elects the appraisal option then Lessor and Lessee shall, not later than twenty (20) days after Lessor receives Lessee’s notice electing that option, each retain a real estate professional with at least ten (10) years’ continuous experience in the business of appraising or marketing commercial real estate in the Cambridge, Massachusetts vicinity, who shall, within thirty (30) days of his or her selection, prepare a written report summarizing his or her conclusion as to Fair Market Rent. Lessor and Lessee shall simultaneously exchange such reports; provided, however. that if one party has not obtained such a report within sixty (60) days after the expiration of the twenty (20) day period during which the appraisers are to be appointed, then the determination set forth in the other party’s report shall be final and binding upon the parties. If both parties receive reports within such time and the lesser of the two determinations is within ten (10%) percent of the higher determination, then the average of these determinations shall be deemed to be the Fair Market Rent. If these determinations differ by more than ten (10%) percent, then Lessor and Lessee shall mutually select a person with the qualifications stated above (the “Final Professional”) to resolve the dispute as to Fair Market Rent. If Lessor and Lessee cannot agree on the Fair Market Rent within thirty (30) days after the date of any Notice to Extend with respect to the first or second Extended Term, each party shall, by notice to the other, appoint a disinterested and licensed M.A.I. Real Estate Appraiser of national reputation and renown with at least five years of experience in appraising assisted living facilities throughout the United States with the same types of operating licenses then being in effect at each respective Facility to determine the Fair Market Rent. If any party should fail to appoint an appraiser within ten (10) days after notice, the appraiser selected by the other party shall determine the Fair Market Rent. In determining the Fair Market Rent, each appraiser shall give appropriate consideration to, among other things, generally applicable minimum rent for tenancies of property comparable to the Leased Property in the area in which the Leased Property is located.
(ii) If the two appraisers selected pursuant to SECTION 34.3(i) above, cannot agree upon the Fair Market Rent within forty-five (45) days, they shall immediately give written notice of such inability ("NOTICE OF DISAGREEMENT") to both Lessor and Lessee setting forth the Fair Market Rent determinations of each designation of the appraisers. If the determinations of each of the two appraisers of the Fair Market Rent at the commencement of such Extended Term differ by less than ten percent (10%) of the lower determination, the Fair Market Rent shall be fixed at an amount equal to the average of the two determinations.
(iii) If the determinations of each of the two appraisers selected pursuant to SECTION 34.3(i), above, differ by ten percent (10%) or more of the lower determination with respect to the Fair Market Rent to be paid at the commencement of such Extended Term, then within thirty (30) days after the giving of the Notice of Disagreement, the two appraisers shall appoint a third disinterested and licensed M.A.I. Real Estate Appraiser of national reputation and renown with at least five (5) years of experience appraising assisted living facilities throughout the United States with the same types of operating licenses then being in effect at each respective Facility. If the parties cannot then agree on the Fair Market Rent, the third appraiser shall determine the Fair Market Rent, and in so doing, shall give appropriate consideration to those items described in SECTION 34.3(i). The third appraiser shall not select a Fair Market Rent either (i) higher than the highest of the two appraisals made pursuant to SECTION 34.3(i); or (ii) lower than the lowest of the two appraisals made pursuant to SECTION 34.3(i), above. If the first two appraisers cannot agree on the selection of a third appraiser within such thirty (30) days, or if the first two appraisers fail to provide a Notice of Disagreement (as stated above in SECTION 34.3(ii), above, then the Fair Market Rent shall be determined by a third appraiser selected by the American Arbitration Association upon application by Lessor.
(iv) During the time before the determination of the Fair Market Rent, Lessee shall pay Minimum Rent at the rate paid immediately preceding such Extended Term, increased by two percent (2%); provided, however, that, if the Fair Market Rent is determined to be higher than such amount, the Minimum Rent owed by Lessee at the Fair Market Rent shall be effective retroactively as of the first day of such Extended Term. If, after the Minimum Rent for an Extended Term is adjusted and applied retroactively as of the first day of such Extended Term, it is determined that additional Minimum Rent is due Lessor, the aggregate amount of any such additional Minimum Rent shall be paid to Lessor Final Professional within thirty (30) days of the exchange of the first valuation reports, either party may apply to the American Arbitration Association, the Greater Boston Real Estate Board, or any successor thereto for the designation of a Final Professional. Within ten (10) days of the selection of the Final Professional, Lessor and Lessee shall each submit to the Final Professional a copy of their respective real estate professional’s determination of Fair Market Rent. The Final Professional shall not perform his or her own valuation but rather shall, within thirty (30) days after such submissions, select the submission which is closest to the determination of Fair Market Rent for which the Final Professional would have made acting alone. The Final Professional shall give notice of his or her selection to Lessor and Lessee and such Extended decision shall be final and binding upon Lessor and Lessee. Each party shall pay the fees and expenses of its real estate professional and counsel, if any, in connection with any proceeding under this paragraph, and the parties shall share equally the fees and expenses of the Final Professional. In the event that Fair Market Rent has not been finally determined in the manner provided above as of the first day of the Extension Term, then Basic Rent shall be due and payable at the rate stated by Lessor as its good faith estimate of Fair Market Rent, and Lessor and Lessee shall make such adjustment (and payment or credit as necessary) within thirty (30) days after Fair Market Rent is finally determined.
Appears in 1 contract
Samples: Lease (Elixir Pharmaceuticals, Inc.)
Determination of Fair Market Rent. Whenever a determination of fair market rent is required by the terms of this Lease, the fair market rent for the Premises shall be as reasonably determined by the City by written notice to Tenant (i) If Lessor and Lessee cannot agree on the "Fair Market Rent"), which determination of Fair Market Rent shall be transmitted by the City as and when required by this Lease. If Tenant shall dispute the City's determination of Fair Market Rent in writing in within not less than thirty (30) days after the date of any Notice City's transmittal thereof, such determination shall be made in accordance with the following procedures:
(a) The City and Tenant shall each name one (1) impartial real estate appraiser with a third impartial real estate appraiser to Extend with respect to the first or second Extended Termbe chosen, each party shallif necessary, by as below provided. Tenant shall appoint its appraiser in its notice to the otherCity commencing the determination procedure set forth in this Section, and the City shall appoint a disinterested and licensed M.A.I. Real Estate Appraiser its appraiser by written notice within fifteen (15) days after receipt by it of national reputation and renown with at least five years of experience in appraising assisted living facilities throughout the United States with the same types of operating licenses then being in effect at each respective Facility to determine the Fair Market Rentnotice from Tenant. If any party should fail the City fails to appoint an appraiser, the second appraiser within shall be appointed by the one appraiser appointed by Tenant. Any and all such impartial appraisers (including the third appraiser, if it is necessary for a third appraiser to be chosen) shall be qualified, independent professionals licensed as appraisers in the State of New Hampshire having at least ten (10) days after noticeyears ownership, the appraiser selected by the other party shall determine the Fair Market Rent. In determining the Fair Market Rent, each appraiser shall give appropriate consideration to, among other things, generally applicable minimum rent for tenancies of property management or consulting experience in real estate transactions involving leasehold interests and comparable to the Leased Property sales in similar multifamily residential and mixed use properties in the area in which the Leased Property is locatedGreater Portsmouth metropolitan area, and shall be "Member, Appraisal Institute" or "Society of Real Estate Appraisers" appraisers (or appraisers certified by any successor entity to any such organization).
(iib) If the The two impartial appraisers selected pursuant to SECTION 34.3(i) appointed, as set forth above, cannot agree upon the Fair Market Rent within forty-five (45) days, they shall immediately give written notice of such inability ("NOTICE OF DISAGREEMENT") to both Lessor and Lessee setting forth the Fair Market Rent determinations of each of the appraisers. If the determinations of each of the two appraisers of the Fair Market Rent at the commencement of such Extended Term differ by less than ten percent (10%) of the lower determination, the Fair Market Rent shall be fixed at an amount equal to the average of the two determinations.
(iii) If the determinations of each of the two appraisers selected pursuant to SECTION 34.3(i), above, differ by ten percent (10%) or more of the lower determination with respect to the Fair Market Rent to be paid at the commencement of such Extended Term, then within thirty (30) days after the giving of the Notice of Disagreement, the two appraisers shall appoint a third disinterested and licensed M.A.I. Real Estate Appraiser of national reputation and renown with at least five (5) years of experience appraising assisted living facilities throughout the United States with the same types of operating licenses then being in effect at each respective Facility. If the parties cannot then agree on the Fair Market Rent, the third appraiser shall determine the Fair Market Rent, and in so doing, shall give appropriate consideration to those items described in SECTION 34.3(i). The third appraiser shall not select a Fair Market Rent either (i) higher than the highest of the two appraisals made pursuant to SECTION 34.3(i); or (ii) lower than the lowest of the two appraisals made pursuant to SECTION 34.3(i), above. If the first two appraisers cannot agree on the selection of a third appraiser within such thirty (30) days, or if the first two appraisers fail to provide a Notice of Disagreement (as stated above in SECTION 34.3(ii), above, then the Fair Market Rent shall be determined by a third appraiser selected by the American Arbitration Association upon application by Lessor.
(iv) During the time before the determination of the Fair Market Rent, Lessee shall pay Minimum Rent at the rate paid immediately preceding such Extended Term, increased by two percent (2%); provided, however, that, if the Fair Market Rent is determined to be higher than such amount, the Minimum Rent owed by Lessee at the Fair Market Rent shall be effective retroactively as of the first day of such Extended Term. If, after the Minimum Rent for an Extended Term is adjusted and applied retroactively as of the first day of such Extended Term, it is determined that additional Minimum Rent is due Lessor, the aggregate amount of any such additional Minimum Rent shall be paid to Lessor within thirty (30) days of the determination of the Fair Market Rent for such Extended Term.have thirty
Appears in 1 contract
Samples: Ground Lease
Determination of Fair Market Rent. (i) If Lessor For purposes hereof, Fair Market Rent shall mean the fair rent for the Premises as of the commencement of the New Lease or the Expansion Lease, as applicable, under market conditions then existing. Fair Market Rent shall be determined by agreement between Landlord and Lessee cannot Tenant, but if Landlord and Tenant are unable to agree on upon the Fair Market Rent within thirty (30) days after the date of any Notice to Extend with respect to the first or second Extended Term, each party shall, by notice to the other, appoint a disinterested and licensed M.A.I. Real Estate Appraiser of national reputation and renown with at least five years of experience in appraising assisted living facilities throughout the United States with the same types of operating licenses then being in effect at each respective Facility to determine the Fair Market Rent. If any party should fail to appoint an appraiser within ten (10) days after noticeTenant’s Notice or Tenant’s Rent Notice, the appraiser selected by the other party shall determine the Fair Market Rent. In determining the Fair Market Rent, each appraiser shall give appropriate consideration to, among other things, generally applicable minimum rent for tenancies of property comparable to the Leased Property in the area in which the Leased Property is located.
(ii) If the two appraisers selected pursuant to SECTION 34.3(i) above, cannot agree upon the Fair Market Rent within forty-five (45) days, they shall immediately give written notice of such inability ("NOTICE OF DISAGREEMENT") to both Lessor and Lessee setting forth the Fair Market Rent determinations of each of the appraisers. If the determinations of each of the two appraisers of the Fair Market Rent at the commencement of such Extended Term differ by less than ten percent (10%) of the lower determination, the Fair Market Rent shall be fixed at an amount equal to the average of the two determinations.
(iii) If the determinations of each of the two appraisers selected pursuant to SECTION 34.3(i), above, differ by ten percent (10%) or more of the lower determination with respect to the Fair Market Rent to be paid at the commencement of such Extended Term, then within thirty (30) days after the giving of the Notice of Disagreement, the two appraisers shall appoint a third disinterested and licensed M.A.I. Real Estate Appraiser of national reputation and renown with at least five (5) years of experience appraising assisted living facilities throughout the United States with the same types of operating licenses then being in effect at each respective Facility. If the parties cannot then agree on the Fair Market Rent, the third appraiser shall determine the Fair Market Rent, and in so doing, shall give appropriate consideration to those items described in SECTION 34.3(i). The third appraiser shall not select a Fair Market Rent either (i) higher than the highest of the two appraisals made pursuant to SECTION 34.3(i); or (ii) lower than the lowest of the two appraisals made pursuant to SECTION 34.3(i), above. If the first two appraisers cannot agree on the selection of a third appraiser within such thirty (30) days, or if the first two appraisers fail to provide a Notice of Disagreement (as stated above in SECTION 34.3(ii), aboveapplicable, then the Fair Market Rent shall be determined by appraisal made as hereinafter provided by a board of three (3) reputable independent commercial real estate consultants, appraisers, or brokers, each of whom shall have at least ten years of experience in the Cambridge office rental market and each of whom is hereinafter referred to as “appraiser”. Tenant and Landlord shall each appoint one such appraiser and the two appraisers so appointed shall appoint the third appraiser. The cost and expenses of each appraiser appointed separately by Xxxxxx and Landlord shall be borne by the party who appointed the appraiser. The cost and expenses of the third appraiser selected shall be shared equally by Xxxxxx and Landlord, Landlord and Tenant shall appoint their respective appraisers no later than twenty (20) days after Xxxxxx’s Notice or Tenant’s Rent Notice, as applicable, and shall designate the American Arbitration Association upon application appraisers so appointed by Lessor.
(iv) During notice to the time before the determination of the Fair Market Rentother party, Lessee shall pay Minimum Rent at the rate paid immediately preceding such Extended Term, increased by The two percent (2%); provided) appraisers so appointed and designated shall appoint the third appraiser no later than thirty (30) days after Xxxxxx’s Notice or Tenant’s Rent Notice, howeveras applicable, that, if and shall designate such appraisers by notice to Landlord and Tenant. The board of three (3) appraisers shall determine the Fair Market Rent is determined of the space in question as of the commencement of the period to be higher than such amount, the Minimum Rent owed by Lessee at which the Fair Market Rent shall be effective retroactively as apply and shall notify Landlord and Tenant of the first day of such Extended Term. If, after the Minimum Rent for an Extended Term is adjusted and applied retroactively as of the first day of such Extended Term, it is determined that additional Minimum Rent is due Lessor, the aggregate amount of any such additional Minimum Rent shall be paid to Lessor within thirty their determinations no later than sixty (3060) days of after Xxxxxx’s Notice or Tenant’s Rent Notice, as applicable. If the determination determinations of the Fair Market Rent for such Extended Termof any two (2) or all three (3) appraisers shall be identical in amount, said amount shall be deemed to be the Fair Market Rent of the subject space. If the determinations of all three (3) appraisers shall be different in the amount, the average of the two values nearest in amount shall be deemed the Fair Market Rent. The Fair Market Rent of the subject space determined in accordance with the provisions of this Section shall be binding and conclusive on Tenant and Landlord.
Appears in 1 contract
Samples: Lease Agreement (Lightspace Corp)
Determination of Fair Market Rent. (ia) If Lessor Tenant shall timely exercise a Renewal Option (and Lessee canshall not agree on have exercised the Fair Market Rent Pre-Estimate Request Option pursuant to Section 33.04 above), Landlord shall notify Tenant (“Landlord’s Notice”), at least 180 days before the Expiration Date in the case of the First Renewal Term and at least 180 days before the last day of the First Renewal Term in the case of the Second Renewal Term of Landlord’s Estimates (both with a Concessions Package and without a Concessions Package) for such Renewal Term. If Landlord fails to timely give Landlord’s Estimates, Tenant may provide Landlord with Tenant’s Notice setting for Tenant’s Estimates for the applicable Renewal Term and Landlord shall notify Tenant, within thirty (30) days after Landlord’s receipt of Tenant’s Notice, whether Landlord accepts or disputes Tenant’s Estimates, and if Landlord disputes Tenant’s Estimates, Landlord’s Notice shall set forth Landlord’s Estimates for the date applicable Renewal Term or if Landlord gives Landlord’s Notice within such 30 day period but fails to set forth therein Landlord’s Estimates, then Tenant shall be deemed to have accepted Landlord’s Estimates. Tenant shall notify Landlord (“Tenant’s Notice”), within 30 days after Tenant’s receipt of any Landlord’s Notice, whether Tenant accepts or disputes Landlord’s Estimates, and if Tenant disputes Landlord’s Estimates, Tenant’s Notice to Extend with respect to shall set forth Tenant’s Estimates for the first or second Extended applicable Renewal Term, each party shall, by notice to the other, appoint a disinterested and licensed M.A.I. Real Estate Appraiser of national reputation and renown with at least five years of experience in appraising assisted living facilities throughout the United States with the same types of operating licenses then being in effect at each respective Facility to determine the Fair Market Rent. If any party should fail Tenant fails to appoint an appraiser give Tenant’s Notice within ten (10) days after noticesuch 30 day period, the appraiser selected by the other party shall determine the Fair Market Rent. In determining the Fair Market Rentor if Tenant gives Tenant’s Notice within such 30 day period but fails to set forth therein Tenant’s Estimates, each appraiser shall give appropriate consideration to, among other things, generally applicable minimum rent for tenancies of property comparable to the Leased Property in the area in which the Leased Property is located.
(ii) If the two appraisers selected pursuant to SECTION 34.3(i) above, cannot agree upon the Fair Market Rent within forty-five (45) days, they shall immediately give written notice of such inability ("NOTICE OF DISAGREEMENT") to both Lessor and Lessee setting forth the Fair Market Rent determinations of each of the appraisers. If the determinations of each of the two appraisers of the Fair Market Rent at the commencement of such Extended Term differ by less than ten percent (10%) of the lower determination, the Fair Market Rent then Tenant shall be fixed at an amount equal deemed to have accepted Landlord’s Estimates. Notwithstanding the average of the two determinations.
(iii) If the determinations of each of the two appraisers selected pursuant foregoing, if Landlord fails to SECTION 34.3(itimely give Landlord’s Estimates in accordance with this Section 33.06(a), aboveTenant may provide Landlord with Tenant’s Notice setting for Tenant’s Estimates for the applicable Renewal Term. Landlord shall notify Tenant, differ by ten percent (10%) or more of the lower determination with respect to the Fair Market Rent to be paid at the commencement of such Extended Term, then within thirty (30) days after Landlord’s receipt of Tenant’s Notice, whether Landlord accepts or disputes Tenant’s Estimates, and if Landlord disputes Tenant’s Estimates, Landlord’s Notice shall set forth Landlord’s Estimates for the giving of the Notice of Disagreement, the two appraisers shall appoint a third disinterested and licensed M.A.I. Real Estate Appraiser of national reputation and renown with at least five (5) years of experience appraising assisted living facilities throughout the United States with the same types of operating licenses then being in effect at each respective Facilityapplicable Renewal Term. If the parties cannot then agree on the Fair Market Rent, the third appraiser shall determine the Fair Market Rent, and in so doing, shall Landlord fails to give appropriate consideration to those items described in SECTION 34.3(i). The third appraiser shall not select a Fair Market Rent either (i) higher than the highest of the two appraisals made pursuant to SECTION 34.3(i); or (ii) lower than the lowest of the two appraisals made pursuant to SECTION 34.3(i), above. If the first two appraisers cannot agree on the selection of a third appraiser Landlord’s Notice within such thirty (30) days30 day period, or if the first two appraisers fail Landlord gives Landlord’s Notice within such 30 day period but fails to provide a Notice of Disagreement (as stated above in SECTION 34.3(ii), aboveset forth therein Landlord’s Estimates, then the Fair Market Rent Landlord shall be determined by a third appraiser selected by the American Arbitration Association upon application by Lessordeemed to have accepted Tenant’s Estimates.
(ivb) During the time before the determination of the Fair Market Rent, Lessee shall pay Minimum Rent at the rate paid immediately preceding such Extended Term, increased by two percent If Tenant timely disputes Landlord’s Estimates with respect to a Renewal Term (2%); provided, however, thator, if the Fair Market Rent is determined applicable, if Landlord timely disputes Tenant’s Estimates with respect to be higher than such amounta Renewal Term), the Minimum Rent owed by Lessee at the Fair Market Rent Landlord and Tenant shall be effective retroactively as of the first day of such Extended Term. If, after the Minimum Rent for an Extended Term is adjusted and applied retroactively as of the first day of such Extended Term, it is determined that additional Minimum Rent is due Lessor, the aggregate amount of any such additional Minimum Rent shall be paid promptly commence negotiations to Lessor within thirty (30) days of the determination of agree upon the Fair Market Rent for the Renewal Premises (both with and without a Concessions Package) and, if an agreement is reached, Tenant shall elect whether or not to receive the Concessions Package (which election shall be irrevocable and shall be evidenced in writing confirming such Extended Termelection if requested by Landlord or Tenant). If Landlord and Tenant are unable to reach agreement within 30 days after the giving of Tenant’s Notice (the “FMR Negotiation Period”), then Tenant shall notify Landlord whether or not Tenant elects to receive a Concessions Package within 5 Business Days after the end of the FMR Negotiation Period (time being of the essence with respect to the giving of such notice). If Tenant fails to so timely notify Landlord whether Tenant elects to receive a Concessions Package, then Tenant shall conclusively be deemed to have elected not to receive a Concessions Package. If Tenant (i) elected (or was deemed to elect) not to receive a Concessions Package, then all references hereafter made in this Section 33.06 to (x) “Fair Market Rent” shall be deemed not to include a Concessions Package and (y) “Estimates” shall be deemed to mean the Estimates without a Concessions Package or (ii) elected to receive a Concessions Package, then all references hereafter made in this Section 33.04 to (x) “Fair Market Rent” shall be deemed to include a Concessions Package and (y) “Estimates” shall be deemed to mean the Estimates with a Concessions Package.
Appears in 1 contract
Determination of Fair Market Rent. (i) If Lessor and Lessee cannot agree on the Fair Market Rent within thirty (30) days after the date of any Notice to Extend with respect to the first or second Extended Term, each party shall, by notice to the other, appoint a disinterested and licensed M.A.I. Real Estate Appraiser of national reputation and renown with at least five years of experience in appraising assisted living facilities throughout the United States with the same types of operating licenses then being in effect at each respective Facility to determine the Fair Market Rent. If any party should fail to appoint an appraiser within Within ten (10) days after noticethe Leasehold Mortgagee having the Exclusive Leasehold Mortgagee Rights fails to perform on the closing date established under the Purchase Agreement (as defined in Section 23.1), Landlord and Leasehold Mortgagee shall each choose an appraiser. Each party shall notify the other of the name and date of engagement of its appraiser. If either party fails to choose an appraiser within such time, the monthly Fair Market Rent will be determined by the appraiser selected chosen by the other party shall determine the Fair Market Rentparty. In determining the Fair Market Rent, each appraiser shall give appropriate consideration to, among other things, generally applicable minimum rent for tenancies of property comparable to the Leased Property in the area in which the Leased Property is located.
(ii) If the two All appraisers selected pursuant to SECTION 34.3(i) above, cannot agree upon the Fair Market Rent within forty-five (45) days, they shall immediately give written notice of such inability ("NOTICE OF DISAGREEMENT") to both Lessor and Lessee setting forth the Fair Market Rent determinations of each of the appraisers. If the determinations of each of the two appraisers of the Fair Market Rent at the commencement of such Extended Term differ by less than ten percent (10%) of the lower determination, the Fair Market Rent shall be fixed at an amount equal to the average of the two determinations.
(iii) If the determinations of each of the two appraisers selected pursuant to SECTION 34.3(i), above, differ by ten percent (10%) or more of the lower determination with respect to the Fair Market Rent to be paid at the commencement of such Extended Term, then within thirty (30) days after the giving of the Notice of Disagreement, the two appraisers shall appoint a third disinterested and licensed M.A.I. Real Estate Appraiser of national reputation and renown with impartial individuals having at least five (5) years years’ experience in appraising commercial real estate in the vicinity of experience appraising assisted living facilities throughout the United States with the same types of operating licenses then being in effect at each respective FacilityLand. If the parties cannot then agree on the Fair Market Rent, the third Each appraiser shall determine prepare an appraisal report and submit it to the Fair Market Rent, and in so doing, shall give appropriate consideration to those items described in SECTION 34.3(i). The third appraiser shall not select a Fair Market Rent either (i) higher than the highest of the two appraisals made pursuant to SECTION 34.3(i); or (ii) lower than the lowest of the two appraisals made pursuant to SECTION 34.3(i), above. If the first two appraisers cannot agree on the selection of a third appraiser within such thirty (30) days, or if the first two appraisers fail to provide a Notice of Disagreement (as stated above in SECTION 34.3(ii), above, then the Fair Market Rent shall be determined by a third appraiser selected by the American Arbitration Association upon application by Lessor.
(iv) During the time before the determination of the Fair Market Rent, Lessee shall pay Minimum Rent at the rate paid immediately preceding such Extended Term, increased by two percent (2%); provided, however, that, if the Fair Market Rent is determined to be higher than such amount, the Minimum Rent owed by Lessee at the Fair Market Rent shall be effective retroactively as of the first day of such Extended Term. If, after the Minimum Rent for an Extended Term is adjusted and applied retroactively as of the first day of such Extended Term, party which hired it is determined that additional Minimum Rent is due Lessor, the aggregate amount of any such additional Minimum Rent shall be paid to Lessor within thirty (30) days of its engagement. Each party shall promptly deliver a copy of its appraiser’s report to the determination other party. If the two appraisals of Fair Market Rent are within fifteen (15%) of each other, then the average of the two appraisals shall be the Fair Market Rent for the Land. If the two appraisals are not within fifteen (15%) percent of each other, then within fourteen (14) days after receipt by Landlord and Leasehold Mortgagee of both appraisal reports, the appraisers selected by Landlord and Leasehold Mortgagee shall agree on a third appraiser. If the appraisers are unable to agree on the third appraiser within such Extended Termtime, then the third appraiser shall be chosen by the Executive Director of the Greater Boston Real Estate Board, whose qualifications shall be consistent with those set forth above. The third appraiser shall perform an independent third appraisal and shall provide a copy of the appraisal to Landlord and Leasehold Mortgagee and their respective appraisers. The average of the two appraisals which are closest in value shall be the Fair Market Rent for the Land. Each party shall pay the costs of its appraiser and one-half of the costs of the third appraiser.
Appears in 1 contract
Samples: Ground Lease (Evergreen Solar Inc)
Determination of Fair Market Rent. (i) If Lessor In the event LESSEE gives timely extension notice in accordance with the provisions of Paragraph 24 hereof and Lessee cannot the parties are unable to agree on as to the Fair Market Rent fair market rent within thirty (30) days after the date receipt of any Notice LESSEE'S extension notice, then LESSOR and LESSEE may initiate the appraisal process provided for herein by giving notice to Extend with respect to the first or second Extended Term, each party shall, by notice that effect to the other, appoint a disinterested and licensed M.A.I. Real Estate Appraiser the party so initiating the appraisal process (the "Initiating Party") shall specify in such notice the name and address of national reputation and renown with at least five years of experience in appraising assisted living facilities throughout the United States with the same types of operating licenses then being in effect at each respective Facility person designated to determine the Fair Market Rent. If any party should fail to appoint act as an appraiser on its behalf. Within thirty (30) days after the designation of the appraiser, the other party (the "Other Party") shall give notice to the Initiating Party specifying the name and address of the person designated to act as an appraiser on its behalf. The two appraisers as chosen shall meet within ten (10) days after notice, the second appraiser selected by the other party is appointed and shall determine the Fair Market Rent. In determining the Fair Market Rent, each appraiser shall give appropriate consideration to, among other things, generally applicable minimum rent for tenancies of property comparable exchange their determinations as to the Leased Property in the area in which the Leased Property is located.
(ii) If the two appraisers selected pursuant to SECTION 34.3(i) above, cannot agree upon the Fair Market Rent within forty-five (45) days, they shall immediately give written notice of such inability ("NOTICE OF DISAGREEMENT") to both Lessor and Lessee setting forth the Fair Market Rent determinations of each of the appraisersfair market value rents. If the determinations of each of the two appraisers of the Fair Market Rent at the commencement of such Extended Term differ by less than are within ten percent (10%) of the lower determinationeach other, the Fair Market Rent fair market rent shall be fixed at an amount equal to the average of the two determinations.
. If, within ten (iii10) If days after the second appraiser is appointed, their determinations of each of fair market rent are greater than ten percent and the two appraisers selected pursuant are unable to SECTION 34.3(i)agree on a fair market rent, above, differ by then on the second Business Day following the close of such ten percent (10%) or more of day period, the lower determination with respect to the Fair Market Rent to be paid at the commencement of such Extended Termtwo appraisers shall, then within thirty (30) days after the giving of the Notice of Disagreementsecond appraiser is appointed, the two appraisers shall together appoint a third disinterested and licensed M.A.I. Real Estate Appraiser appraiser. In the event of national reputation and renown with at least five their being unable to agree upon such appointment within forty (540) years 81 days after the appointment of experience appraising assisted living facilities throughout the United States with the same types of operating licenses then being in effect at each respective Facility. If the parties cannot then agree on the Fair Market Rentsecond appraiser, the third appraiser shall determine be selected by the Fair Market Rentparties themselves if they can agree thereon within a further period of fifteen (15) days. If the parties do not so agree, then either party, on behalf of both and in so doingon notice to the other, may request such appointment by the President of the Greater Boston Real Estate Board (or organization successor thereto) and request him to select an impartial third arbitrator. Within five (5) days after the appointment of the third appraiser, the first appraiser and second appraiser shall give appropriate consideration submit to those items such third appraiser their respective determinations of the fair market rent as described in SECTION 34.3(i)the immediately preceding clause. Such third appraiser shall, within fifteen (15) days after the end of such five (5) day period, choose a fair market rent specified which is not less than the lowest fair market determination submitted by the other two appraisers nor more than the highest fair market determination, submitted by the other two appraisers. The fair market rent determined by the third appraiser in accordance with the procedure set forth herein conclusively be deemed to be the fair market rent. Each party shall pay the fees and expenses of the appraiser selected by it. The fees and expenses of the third appraiser shall not select a be borne by the parties. Under no circumstances may the appraisers modify or disregard any provision of this Lease and the jurisdiction of the appraisers is restricted accordingly. The appraisers shall include the fair market rent such cost escalators as are then customary and appropriate. Fair Market Rent either (i) higher Rental Value is intended to be calculated 82 in a fair and comprehensive manner so that Landlord shall achieve, and Tenant shall pay based upon, an amount which is no less than the highest same net rental which Landlord would actually receive upon a re-letting of the two appraisals made applicable space in an arms' length transaction to an unrelated third party tenant where neither party is under any compulsion or undue influence. In no event shall the Base Rent payable for the Second Extended Term be less than the Base Rent payable for the last year of the First Extended Term. In the event LESSOR or LESSEE initiates the appraisal process pursuant to SECTION 34.3(i); or (ii) lower than the lowest of the two appraisals made pursuant to SECTION 34.3(i), above. If the first two appraisers cannot agree on the selection of a third appraiser within such thirty (30) days, or if the first two appraisers fail to provide a Notice of Disagreement (as stated above in SECTION 34.3(ii), above, then the Fair Market Rent shall be determined by a third appraiser selected by the American Arbitration Association upon application by Lessor.
(iv) During the time before the determination of the Fair Market Rent, Lessee shall pay Minimum Rent at the rate paid immediately preceding such Extended Term, increased by two percent (2%); provided, however, that, if the Fair Market Rent is determined to be higher than such amount, the Minimum Rent owed by Lessee at the Fair Market Rent shall be effective retroactively this Paragraph and as of the first day commencement of such Extended Term. Ifthe Extension Term the amount of the fair market rent has not been determined, after LESSEE shall pay the Minimum Rent for an Extended Term is adjusted amount specified by the LESSOR's appraiser, and applied retroactively when the final determination has been made, it shall be retroactive as of the first day commencement date of such Extended Term, it is determined that additional Minimum Rent is due Lessor, the aggregate amount of Extension Term and any such additional Minimum Rent excess shall be paid credited by LESSOR to Lessor within thirty LESSEE as against the next monthly Base Rent payment or payments. 83 EXHIBIT F Rights Of Existing Tenant With Respect To Option Space Inscribe Inc. currently leases 15,383 RSF covered under LESSEE'S expansion rights. Inscribe's current lease expiration date is 9/30/95, and it has one (301) days option to extend its lease for one (1) year upon three (3) months prior written notice. 84 [LOGO] LETTERHEAD OF THE ATHENAEUM GROUP February 26, 1997 Robexx X. Xxxxxxxx, Xxntroller LeukoSite 215 Xxxxx Xxxxxx Xxxxxxxxx, XX 00000-0000 Xx: ADDITIONAL BUILT OUT SPACE ON CURRENTLY-LEASED PREMISES Dear Bob, Xn accordance with Paragraph 4 of your existing lease, this letter is to notify LeukoSite that rent commencement on the determination newly-built out conference space on the first floor began as of November 24, 1996 (date the Fair Market certificate of occupancy was received). We have confirmed that the additional space contains 850 square feet. Under the terms of your Lease, this commencement will increase your base rent by $9,350.00 per annum or 3779.17 monthly and will increase your proportionate building share from 8.59 percent to 8.88 percent. As a result, your monthly payments will be as follows: Base Rent for such Extended Term.-- $35,830.20 Common Area -- 4,344.00 Real Estate Taxes -- 4,097.00 ---------- Total 344.271.20 ========== Therefore, due and payable immediately is $2,485.14, representing charges due from November 24, 1996 through February 28, 1997. 85 [LOGO] Robexx X. Xxxxxxxx, Xxntroller Page two February 26, 1997
Appears in 1 contract
Samples: Sublease (Interliant Inc)
Determination of Fair Market Rent. (i) If Lessor and Lessee cannot agree on the Fair Market Rent within thirty (30) days after the date of any Notice to Extend with respect to the first or second Extended Term, each party shall, by notice to the other, appoint a disinterested and licensed M.A.I. Real Estate Appraiser of national reputation and renown with at least five years of experience in appraising assisted living facilities throughout the United States with the same types of operating licenses then being in effect at each respective Facility to determine the Fair Market Rent. If any party should fail to appoint an appraiser within ten (10) days after notice, the appraiser selected by the other party shall determine the Fair Market Rent. In determining the Fair Market Rent, each appraiser shall give appropriate consideration to, among other things, generally applicable minimum rent for tenancies of property comparable to the Leased Property in the area in which the Leased Property is located.
(iii) If the two appraisers selected pursuant to SECTION Section 34.3(i) above, cannot agree upon the Fair Market Rent within forty-five (45) days, they shall immediately give written notice of such inability ("NOTICE OF DISAGREEMENTNotice of Disagreement") to both Lessor and Lessee setting forth the Fair Market Rent determinations of each of the appraisers. If the determinations of each of the two appraisers of the Fair Market Rent at the commencement of such Extended Term differ by less than ten percent (10%) of the lower determination, the Fair Market Rent shall be fixed at an amount equal to the average of the two determinations.
(iiiii) If the determinations of each of the two appraisers selected pursuant to SECTION Section 34.3(i), above, differ by ten percent (10%) or more of the lower determination with respect to the Fair Market Rent to be paid at the commencement of such Extended Term, then within thirty (30) days after the giving of the Notice of Disagreement, the two appraisers shall appoint a third disinterested and licensed M.A.I. Real Estate Appraiser of national reputation and renown with at least five (5) years of experience appraising assisted living facilities throughout the United States with the same types of operating licenses then being in effect at each respective Facility. If the parties cannot then agree on the Fair Market Rent, the third appraiser shall determine the Fair Market Rent, and in so doing, shall give appropriate consideration to those items described in SECTION 34.3(i). The third appraiser shall not select a Fair Market Rent either (i) higher than the highest of the two appraisals made pursuant to SECTION 34.3(i); or (ii) lower than the lowest of the two appraisals made pursuant to SECTION 34.3(i), above. If the first two appraisers cannot agree on the selection of a third appraiser within such thirty (30) days, or if the first two appraisers fail to provide a Notice of Disagreement (as stated above in SECTION 34.3(ii), above, then the Fair Market Rent shall be determined by a third appraiser selected by the American Arbitration Association upon application by Lessor.
(iv) During the time before the determination of the Fair Market Rent, Lessee shall pay Minimum Rent at the rate paid immediately preceding such Extended Term, increased by two percent (2%); provided, however, that, if the Fair Market Rent is determined to be higher than such amount, the Minimum Rent owed by Lessee at the Fair Market Rent shall be effective retroactively as of the first day of such Extended Term. If, after the Minimum Rent for an Extended Term is adjusted and applied retroactively as of the first day of such Extended Term, it is determined that additional Minimum Rent is due Lessor, the aggregate amount of any such additional Minimum Rent shall be paid to Lessor within thirty (30) days of the determination of the Fair Market Rent for such Extended Term.Section 34.3
Appears in 1 contract
Determination of Fair Market Rent. (ia) If Lessor and Lessee cannot agree on the Each determination of Fair Market Rent within thirty shall be made, to the extent not inconsistent with this Section, in accordance with the rules from time to time in effect of the American Arbitration Association or, if the American Arbitration Association shall have ceased to function as an arbitration association, of a successor or comparable organization (30) days after the "Rules"). There shall be three arbitrators: one designated by Landlord; one designated by Tenant; and one designated in the manner hereinafter described. Each arbitrator shall, as of the date of any Notice to Extend with respect to his or her designation, be a real estate broker licensed in the State of New York doing business in the Borough of Manhattan and having at least 15 years experience in first-class Manhattan office building leases. Not more than 30 months and not less than 24 months before the first day of the Third Rent Period or second Extended Termthe Fourth Rent Period, each party shallas applicable, Tenant shall give to Landlord a notice designating the name and address of Tenant's arbitrator ("Tenant's Designation Notice"). Landlord, by notice to Tenant given not later than 20 days after the othergiving of Tenant's Designation Notice, appoint a disinterested shall designate the name and licensed M.A.I. Real Estate Appraiser address of national reputation and renown with at least five years of experience in appraising assisted living facilities throughout the United States with the same types of operating licenses then being in effect at each respective Facility to determine the Fair Market RentLandlord's arbitrator. If any either party should shall fail timely to appoint an appraiser within ten (10) designate its arbitrator, and such failure shall continue for 10 days after notice, the appraiser selected receipt by the failing party of notice of such failure, such other party shall determine may designate an arbitrator on behalf of the Fair Market Rentfailing party. In determining Promptly after the Fair Market Rent, each appraiser shall give appropriate consideration to, among other things, generally applicable minimum rent for tenancies designation of property comparable to the Leased Property in the area in which the Leased Property is located.
(ii) If second of the two appraisers selected pursuant arbitrators to SECTION 34.3(i) abovebe designated, cannot agree such two arbitrators shall meet and attempt to mediate between Landlord and Tenant an agreement upon the Fair Market Rent in question. If, within forty-five (45) days15 days after the designation of the second of the two arbitrators to be designated, they shall immediately give written notice of such inability ("NOTICE OF DISAGREEMENT") to both Lessor Landlord and Lessee setting forth Tenant have not agreed upon the Fair Market Rent determinations of each in question, such two arbitrators shall jointly designate a third arbitrator. If, within 30 days after the designation of the appraisers. If the determinations of each second of the two appraisers of the Fair Market Rent at the commencement of arbitrators to be designated, no third arbitrator shall have been so jointly designated, such Extended Term differ by less than ten percent (10%) of the lower determination, the Fair Market Rent third arbitrator shall be fixed at an amount equal designated pursuant to the average of the two determinations.
(iii) If the determinations of each of the two appraisers selected pursuant to SECTION 34.3(i), above, differ by ten percent (10%) or more of the lower determination with respect to the Fair Market Rent to be paid at the commencement of such Extended Term, then Rules. The arbitrators shall render their decision within thirty (30) 60 days after the giving designation of the Notice third arbitrator to be designated. Landlord and Tenant shall each pay the fees and disbursements of Disagreementthe arbitrator designated by or on behalf of it, and Landlord and Tenant shall share equally the two appraisers shall appoint a third disinterested fees and licensed M.A.I. Real Estate Appraiser disbursements of national reputation and renown with at least five (5) years of experience appraising assisted living facilities throughout the United States with the same types of operating licenses then being in effect at each respective Facility. If the parties cannot then agree on the Fair Market Rent, the third appraiser shall determine the Fair Market Rent, and in so doing, shall give appropriate consideration to those items described in SECTION 34.3(i). The third appraiser shall not select a Fair Market Rent either (i) higher than the highest of the two appraisals made pursuant to SECTION 34.3(i); or (ii) lower than the lowest of the two appraisals made pursuant to SECTION 34.3(i), above. If the first two appraisers cannot agree on the selection of a third appraiser within such thirty (30) days, or if the first two appraisers fail to provide a Notice of Disagreement (as stated above in SECTION 34.3(ii), above, then the Fair Market Rent shall be determined by a third appraiser selected by the American Arbitration Association upon application by Lessor.
(iv) During the time before the determination of the Fair Market Rent, Lessee shall pay Minimum Rent at the rate paid immediately preceding such Extended Term, increased by two percent (2%); provided, however, thatarbitrator, if the Fair Market Rent is determined to be higher than such amount, the Minimum Rent owed by Lessee at the Fair Market Rent shall be effective retroactively as of the first day of such Extended Term. If, after the Minimum Rent for an Extended Term is adjusted and applied retroactively as of the first day of such Extended Term, it is determined that additional Minimum Rent is due Lessor, the aggregate amount of any such additional Minimum Rent shall be paid to Lessor within thirty (30) days of the determination of the Fair Market Rent for such Extended Termany.
Appears in 1 contract
Samples: Lease (Goldman Sachs Group Inc)
