Determination of Fair Market Rental Rate. In connection with the determination of the BASE RENT for the EXTENDED TERM under this LEASE, the parties shall have thirty (30) days after LANDLORD receives the notice of exercise of TENANT’s option to extend the lease term in which to agree on a fair market rental rate for the PREMISES for the EXTENDED TERM. If the parties agree on the fair market rental rate for the EXTENDED TERM during that period, they shall immediately execute an amendment to this LEASE, stating the agreed BASE RENT for the EXTENDED TERM based on such agreed fair market rental rate. If the parties are unable to reach an agreement on the BASE RENT for the EXTENDED TERM during such thirty (30) day period, then each party shall make, and submit to the other, a separate written statement of its proposed fair market BASE RENT for the EXTENDED TERM within ten (10) days of the expiration of such thirty (30) day period, and the determination of such BASE RENT for the EXTENDED TERM shall be submitted to arbitration as hereinafter provided: Within such ten (10) day period, LANDLORD and TENANT shall agree on a single arbitrator (and LANDLORD or TENANT may consult with such arbitrator prior to his or her appointment) who shall, by profession, be a real estate broker or appraiser who is a member of the American Institute of Appraisers, or any successor organization and who shall have been active over the ten (10) year period ending on the date of such appointment on a full-time basis in the leasing (or appraisal, as the case may be) of commercial properties in the area in which the PREMISES are located. The arbitrator’s determination of the fair market rental value shall be final and conclusive and shall be limited solely to the issue of whether LANDLORD’s or TENANT’s submitted BASE RENT for the EXTENDED TERM, as applicable, is the closest to such arbitrator’s determination of fair market rental value, and such party’s BASE RENT for the EXTENDED TERM shall be the BASE RENT for the EXTENDED TERM. The arbitrator shall reach such a decision and notify LANDLORD and TENANT of such determination within thirty (30) days of his or her appointment. If LANDLORD and TENANT are unable to reach an agreement upon and appoint a single arbitrator, then the appointment of the arbitrator shall be made by the Presiding Judge of the Superior Court of Los Angeles County, or, if he or she refuses to act, by any State or Federal judge sitting in the County of Los Angeles.
Determination of Fair Market Rental Rate. If, within one hundred fifty (150) ---------------------------------------- days prior to the start of Lease Years 11 or 16, Landlord and Tenant are unable to agree in writing upon the prevailing fair market rental rate to apply during Lease Years 11 or 16, the fair market rental rate applicable to such Lease Years 11 or 16 shall be determined through arbitration as follows. The fair market rental rate agreed upon by the Landlord and Tenant for Lease Years 11 and 16, or as determined below for those two Lease Years, shall be the Minimum Rental for the five (5) year period immediately following the commencement of Lease Years 11 and 16 respectively except as such may be modified by the cost of living base rent increases identified above.
Determination of Fair Market Rental Rate. Landlord’s determination of fair market rental rate shall be delivered to Tenant in writing (“Option Rent Notice”) not later than the later of (i) thirty (30) days following Landlord’s receipt of Tenant’s Extension Notice or (ii) eight (8) months prior to the expiration of the New Term. Tenant will have fifteen (15) business days (“Tenant’s Review Period”) after receipt of Landlord’s Option Rent Notice of the fair market rental rate within which to accept such fair market rental rate or to object thereto in writing. Tenant’s failure to accept the fair market rental rate submitted by Landlord in writing within Tenant’s Review Period will conclusively be deemed Tenant’s disapproval thereof. If Tenant objects to the fair market rental rate submitted by Landlord within Tenant’s Review Period, then Landlord and Tenant will attempt in good faith to agree upon such fair market rental rate using their best good faith efforts. If Landlord and Tenant fail to reach agreement on such fair market rental rate within ten (10) days following the expiration of Tenant’s Review Period (the “Outside Agreement Date”), then each party’s determined shall be submitted to appraisal in accordance with the following provisions of this Section 3.2.
Determination of Fair Market Rental Rate. Landlord and Tenant shall negotiate in good faith to determine the Base Rent for the applicable Renewal Term for a period of thirty (30) days after the date on which Landlord receives the Option Exercise Notice. In the event Landlord and Tenant are unable to agree upon the Base Rent for the applicable Renewal Term within said 30-day period, the Fair Market Rental Rate for the Premises shall be determined by a board of three (3) licensed real estate brokers, one of whom shall be named by Landlord, one of whom shall be named by Tenant, and the two so appointed shall select a third. Each real estate broker so selected shall be licensed in the State of California as a real estate broker specializing in the field of office leasing in and around Santa Clara, California, having no fewer than ten (10) years experience in such field, and recognized as ethical and reputable within the field. Landlord and Tenant agree to make their appointments promptly within ten (10) days after the expiration of the 30-day period, or sooner if mutually agreed upon. The two (2) brokers selected by Landlord and Tenant shall promptly select a third broker within ten (10) days after they both have been appointed, and each broker, within ten (10) days after the third broker is selected, shall submit his or her determination of the Fair Market Rental Rate. The Fair Market Rental Rate shall be the mean of the two (2) closest rental rate determinations. Landlord and Tenant shall each pay the fee of the broker selected by it, and they shall equally share the payment of the fee of the third broker.
Determination of Fair Market Rental Rate. If Tenant timely ---------------------------------------- objects to the Fair Market Rental Rate submitted by Landlord in the First Offer Notice, Landlord and Tenant shall thereafter attempt in good faith to agree upon such Fair Market Rental Rate, using their best good faith efforts. If Landlord and Tenant fail to reach agreement on such Fair Market Rental Rate within fifteen (15) days following Tenant's objection to such Fair Market Rental Rate (the "Outside Agreement Date") then the Fair Market Rental Rate shall be submitted to appraisal in accordance with Sections 1.3.4.1 through 1.3.4.7 below.
1.3.4.1 Landlord and Tenant shall each appoint one (1) "appraiser" who shall by profession be a real estate broker who shall have been active over the five (5) year period ending on the date of such appointment in the brokerage of office buildings in the City of San Mateo which are located west of Highway 101 which are comparable to the Building. The determination of the appraisers shall be limited solely to the issue of whether Landlord's or Tenant's submitted Fair Market Rental Rate is the closer to the actual Fair Market Rental Rate as determined by the appraisers, taking into account the requirements with respect thereto set forth in Section 1.3.3 above. Each such appraiser shall be appointed within ten (10) days after the Outside Agreement Date.
Determination of Fair Market Rental Rate. In the event Tenant timely delivers the Exercise Notice to Landlord and the Fair Market Rental Rate for the applicable Option Term is to be determined by arbitration as provided hereinabove, then the Fair Market Rental Rate determinations for the applicable Option Term of each party as set forth in such party’s Option Rent Notice therefor shall be submitted to arbitration in accordance with Sections 6.1 through 6.7 below. In addition, if Tenant has timely delivered to Landlord, pursuant to Section 1.6.1.4 of the Lease, Tenant’s Objection Notice objecting to the Landlord’s determination of the Fair Market Rental Rate for the initial lease term for the First Offer Space, then: (i) within fifteen (15) days after Landlord’s receipt of Tenant’s Objection Notice, Landlord and Tenant shall each submit to the other a written notice (“First Offer Rent Notice”) setting forth such party’s final determination of the Fair Market Rental Rate for the First Offer Space that will be submitted by such party to binding arbitration pursuant to the following arbitration provisions in this Section 6; and (ii) if either party fails to timely submit such First Offer Rent Notice to the other party, such failure shall be deemed such non-submitting party’s approval and acceptance of the Fair Market Rental Rate for the First Offer Space timely submitted by the other party in such other party’s First Offer Rent Notice as the final and accepted Base Rent for the initial lease term for the First Offer Space.
Determination of Fair Market Rental Rate. In the event Tenant timely objects in the Exercise Notice or the Objection Notice to the Fair Market Rental Rate for the Option Term initially determined by Landlord (or if Tenant objects in Tenant's Election Notice delivered pursuant to Section 1.6.3.2 of the Lease to the First Offer Space Rent for the applicable First Offer Space set forth by Landlord in Landlord's First Offer Notice, and as a result such First Offer Space Rent will equal the Fair Market Rental Rate therefor, as the case may be), Landlord and Tenant shall attempt to agree upon the applicable Fair Market Rental Rate (for the Option Term or First Offer Space, as applicable), using their best good-faith efforts. If Landlord and Tenant fail to reach agreement within ten (10) business days following Tenant's objection to the Fair Market Rental Rate for the Option Term (or Tenant's objection to the First Offer Space Rent for the applicable First Offer Space pursuant to Section 1.6.3.2 of the Lease, as the case may be) (the "OUTSIDE AGREEMENT DATE"), then each party shall submit to the other party a separate written determination of the applicable Fair Market Rental Rate (for the Option Term or First Offer Space, as applicable) within ten (10) business days after the Outside Agreement Date, and such determinations shall be submitted to arbitration in accordance with Sections 4.1 through 4.7 below. Failure of Tenant or Landlord to submit a written determination of the applicable Fair Market Rental Rate (for the Option Term or First Offer Space, as applicable) within such ten (10) business day period shall conclusively be deemed to be the nondetermining party's approval of the applicable Fair Market Rental Rate (for the Option Term or First Offer Space, as applicable) submitted within such ten (10) business day period by the other party.
Determination of Fair Market Rental Rate. For the proposes of the Lease the term "Fair Market Rental Rate" shall mean the annual amount per rentable square foot that is in effect for comparable period of time ("Comparable Transactions") at the Property, or if there are not a sufficient number of Comparable Transactions at the Property, what a comparable landlord of a first-class industry facility with comparable vacancy factors would accept in Comparable Transactions. In any determination of Comparable Transactions appropriate consideration shall be given to the annual rental rates per rentable square foot, the standard of measurement by which the rentable square footage is measured, the type of escalation clause (e.g., whether increases in additional rent are determined on a net or gross basis, and if gross, whether such increases are determined according to a base year or a base dollar amount expense stop), the extent of Tenant's liability under the Lease, abatement provisions reflecting free rent and/or no rent during the period of construction or subsequent to the commencement date as to the space in question, brokerage commissions, if any, that would be payable by Landlord in similar transactions, length of the Lease term, size and location of the premises being leased, building standard work and/or tenant improvement allowances, if any, and other generally applicable conditions of tenancy for such Comparable Transactions. The intent is that Tenant shall obtain the same rent and other economic benefits that Landlord would otherwise give in Comparable Transactions and that Landlord will make and receive the same economic payments and concessions that Landlord would otherwise make and receive in Comparable Transactions. If, for example, after applying the criteria set forth above, Comparable Transactions provide a new tenant with comparable space at Thirty- Two and 00/100 Dollars ($32.00) per rentable square foot, with a current base year, three (3) months at no rent to construct improvements, four (4) months' free rent, Fifty and 00/100 Dollars ($50.00) per usable square foot tenant improvement allowance, a brokerage commission of Fifty Thousand and 00/100 Dollars ($50,000.00), and certain other generally applicable economic terms, the Fair Market Rental Rate for Tenant shall not be Thirty-Two and 00/100 Dollars ($32.00) per rentable square foot only, but shall be the equivalent of Thirty-Two and 00/100 Dollars ($32.00) per rentable square foot, the same base year, three (3) months at no rent ...
Determination of Fair Market Rental Rate. In the event that the determination of Fair Market Rental Rate has not been concluded prior to commencement of the applicable rental period for the applicable space for which the Fair Market Rental Rate is being determined, Tenant shall pay Landlord Monthly Base Rent and Rent Adjustment Deposits as would apply under Landlord’s Estimate pursuant to Section 2 of this Exhibit until the Fair Market Rental Rate is determined. In the event that the Fair Market Rental Rate subsequently determined is different from the amount paid for the applicable period, then within thirty (30) days after such determination, Tenant shall pay Landlord any greater amounts due and Landlord shall credit Tenant (against the next Monthly Base Rent installments due) for any reduction in the amounts due. Tenant’s Personal Property shall mean the following items belonging to Tenant, it being acknowledged that if any of the following are affixed to the Premises in the normal manner for such item, it shall still be deemed to be Tenant’s Personal Property:
1. Water deionization/purification systems;
2. Facility vacuum system;
3. Facility clean dry air system;
4. Telecommunications systems;
5. Computer network systems;
Determination of Fair Market Rental Rate. Landlord's determination of fair market rental rate shall be delivered to Tenant in writing not later than thirty (30) days following Landlord's receipt of Tenant's Extension Notice. Tenant will have five (5) business days ("Tenant's Review Period") after receipt of Landlord's notice of the fair market rental rate within which to accept such fair market rental rate or to object thereto in writing. Tenant's failure to accept the fair market rental rate submitted by Landlord in writing within Tenant's Review Period will conclusively be deemed Tenant's disapproval thereof. If Tenant objects to the fair market rental rate submitted by Landlord within Tenant's Review Period, then Landlord and Tenant will attempt in good faith to agree upon such fair market rental rate using their best good faith efforts. If Landlord and Tenant fail to reach agreement on such fair market rental rate within ten (10) business days following the expiration of Tenant's Review Period (the "Outside Agreement Date"), then each party shall submit to the other party a separate written determination of the fair market rental rate within fifteen (15) business days of the Outside Agreement Date and such determination shall be submitted to arbitration in accordance with the provisions set forth below.
