Common use of Determination of Fair Market Rental Rate Clause in Contracts

Determination of Fair Market Rental Rate. Landlord shall provide written notice of Xxxxxxxx’s determination of the Fair Market Rental Rate (“Landlord Rent Notice”) not later than thirty (30) days following Landlord’s receipt of Tenant’s Extension Notice. Tenant shall have ten (10) business days after receipt of Landlord’s notice of the fair market rental rate within which to accept or reject such fair market rental rate by delivering written notice (“Tenant Rent Response Notice”) thereof to Landlord. The last day of such 10-business day period shall be referred herein as the “Objection Date”. Tenant’s failure to deliver the Tenant Rent Response Notice on or before the Objection Date shall be deemed to constitute Tenant’s acceptance of the Fair Market Rental Rate set forth in the Landlord Rent Notice. If Tenant timely objects in the Tenant Rent Response Notice to Landlord’s Fair Market Rental Rate, Landlord and Tenant shall attempt in good faith to agree upon the Fair Market Rental Rate. If Landlord and Tenant fail to reach agreement within twenty-one (21) days following the delivery of the Tenant Rent Response Notice (“Outside Agreement Date”), then Tenant shall make its separate determination of the Fair Market Rental Rate which shall be submitted to Landlord and the parties shall submit to arbitration as follows:

Determination of Fair Market Rental Rate. Landlord shall provide written notice of Xxxxxxxx’s Landlord's determination of the Fair Market Rental Rate (“Landlord Rent Notice”) fair market rental rate shall be delivered to Tenant in writing not later than thirty (30) days following Landlord’s 's receipt of Tenant’s 's Extension Notice. Tenant shall will have ten five (105) business days ("Tenant's Review Period") after receipt of Landlord’s 's notice of the fair market rental rate within which to accept or reject such fair market rental rate by delivering written notice (“Tenant Rent Response Notice”) thereof or to Landlord. The last day of such 10-business day period shall be referred herein as the “Objection Date”object thereto in writing. Tenant’s 's failure to deliver accept the Tenant Rent Response Notice on or before the Objection Date shall fair market rental rate submitted by Landlord in writing within Tenant's Review Period will conclusively be deemed to constitute Tenant’s acceptance of the Fair Market Rental Rate set forth in the Landlord Rent Notice's disapproval thereof. If Tenant timely objects in to the Tenant Rent Response Notice to Landlord’s Fair Market Rental Ratefair market rental rate submitted by Landlord within Tenant's Review Period, then Landlord and Tenant shall will attempt in good faith to agree upon the Fair Market Rental Ratesuch 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 twenty-one ten (2110) business days following the delivery expiration of Tenant's Review Period (the Tenant Rent Response Notice (“"Outside Agreement Date”"), then Tenant each party shall make its submit to the other party a separate written determination of the Fair Market Rental Rate which fair market rental rate within fifteen (15) business days of the Outside Agreement Date and such determination shall be submitted to Landlord and arbitration in accordance with the parties shall submit to arbitration as follows:provisions set forth below.

Determination of Fair Market Rental Rate. Landlord shall provide written notice of Xxxxxxxx’s Landlord's determination of the Fair Market Rental Rate (“Landlord Rent Notice”) fair market rental rate shall be delivered to Tenant in writing not later than thirty (30) days following Landlord’s 's receipt of Tenant’s 's Extension Notice. Tenant shall have ten thirty (1030) business days after receipt of Landlord’s 's notice of the fair market rental rate within which to review and accept or reject such fair market rental rate by delivering written or to object thereto in writing ("Review Period"). In the event that Landlord fails to provide the notice of fair market rental rate within thirty (“30) days following receipt of Tenant’s Extension Notice, Tenant Rent Response Notice”) thereof may submit a notice of fair market rental rate to Landlord. The last day , and if Landlord fails to respond within thirty (30) days from the date of receipt of such 10-business day period shall be referred herein as notice from Tenant, the “Objection Date”. Tenant’s failure to deliver the fair market rental rate proposed by Tenant Rent Response Notice on or before the Objection Date shall be deemed disapproved by Landlord. Tenant's failure to constitute accept the fair market rental rate submitted by Landlord in writing within Tenant’s acceptance of the Fair Market Rental Rate set forth in the Landlord Rent Notice's Review Period will conclusively be deemed Tenant's disapproval thereof. If Tenant timely objects in to the Tenant Rent Response Notice fair market rental rate submitted by Landlord or if Landlord objects to Landlord’s Fair Market Rental Ratethe fair market rental rate submitted by Tenant, then Landlord and Tenant shall will attempt in good faith to agree upon the Fair Market Rental Ratesuch 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 twenty-one thirty (2130) days following the delivery expiration of Review Period (the Tenant Rent Response Notice (“"Outside Agreement Date”"), then Tenant shall make its separate each party's determination of the Fair Market Rental Rate which shall be submitted to Landlord and appraisal in accordance with the parties shall submit to arbitration as follows:following provisions of this Section 3.

Determination of Fair Market Rental Rate. Landlord shall provide written notice of XxxxxxxxLandlord’s determination of the Fair Market Rental Rate fair market rental rate shall be delivered to Tenant in writing (“Landlord Option Rent Notice”) not later than the later of (i) thirty (30) days following Landlord’s receipt of Tenant’s Extension NoticeNotice or (ii) eight (8) months prior to the expiration of the New Term. Tenant shall will have ten fifteen (1015) business days (“Tenant’s Review Period”) after receipt of Landlord’s notice Option Rent Notice of the fair market rental rate within which to accept or reject such fair market rental rate by delivering written notice (“Tenant Rent Response Notice”) thereof or to Landlord. The last day of such 10-business day period shall be referred herein as the “Objection Date”object thereto in writing. Tenant’s failure to deliver accept the Tenant Rent Response Notice on or before the Objection Date shall fair market rental rate submitted by Landlord in writing within Tenant’s Review Period will conclusively be deemed to constitute Tenant’s acceptance of the Fair Market Rental Rate set forth in the Landlord Rent Noticedisapproval thereof. If Tenant timely objects in to the Tenant Rent Response Notice to Landlordfair market rental rate submitted by Landlord within Tenant’s Fair Market Rental RateReview Period, then Landlord and Tenant shall will attempt in good faith to agree upon the Fair Market Rental Ratesuch 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 twenty-one ten (2110) days following the delivery expiration of Tenant’s Review Period (the Tenant Rent Response Notice (“Outside Agreement Date”), then Tenant shall make its separate determination of the Fair Market Rental Rate which each party’s determined shall be submitted to Landlord and appraisal in accordance with the parties shall submit to arbitration as follows:following provisions of this Section 3.2.