Determination of Fair Market Rental. If Tenant exercises the Option, Landlord shall send Tenant a notice setting forth the Fair Market Rental for the Option Term within thirty (30) days following the Exercise Date. If Tenant disputes Landlord's determination of Fair Market Rental for the Option Term, Tenant shall, within thirty (30) days after the date of Landlord's notice setting forth Fair Market Rental for the Option Term, send to Landlord a notice stating that Tenant either elects to terminate its exercise of the Option, in which event the Option shall lapse and this Lease shall terminate on the Expiration Date, or that Tenant disagrees with Landlord's determination of Fair Market Rental for the Option Term and elects to resolve the disagreement as provided in Section 18.C below. If Tenant does not send Landlord a notice as provided in the previous sentence, Landlord's determination of Fair Market Rental shall be the Base Monthly Rent payable by Tenant during the Option Term. If Tenant elects to resolve the disagreement as provided in Section 18.C and such procedures are not concluded prior to the commencement date of the Option Term, Tenant shall pay to Landlord as Base Monthly Rent the Fair Market Rental as determined by Landlord in the manner provided above. If the Fair Market Rental as finally determined pursuant to Section 18.C is greater than Landlord's determination, Tenant shall pay Landlord the difference between the amount paid by Tenant and the Fair Market Rental as so determined in Section 18.C within thirty (30) days after such determination. If the Fair Market Rental as finally determined in Section 18.C is less than Landlord's determination, the difference between the amount paid by Tenant and the Fair Market Rental as so determined in Section 18.C shall be credited against the next installments of Base Monthly Rent due from Tenant to Landlord hereunder.
Appears in 9 contracts
Samples: Lease Agreement (Zilog Inc), Lease Agreement (Network Equipment Technologies Inc), Sublease (Webex Inc)
Determination of Fair Market Rental. If Tenant exercises the Option, Landlord shall send Tenant a notice setting forth the Fair Market Rental for the Option Term within thirty (30) days following the Exercise Date. If Tenant disputes Landlord's ’s determination of Fair Market Rental for the Option Term, Tenant shall, within thirty (30) days after the date of Landlord's ’s notice setting forth Fair Market Rental for the Option Term, send to Landlord a notice stating that Tenant either elects to terminate its exercise of the Option, in which event the Option shall lapse and this Lease shall terminate on the Expiration Date, or that Tenant disagrees with Landlord's ’s determination of Fair Market Rental for the Option Term and elects to resolve the disagreement as provided in Section 18.C below. If Tenant does not send Landlord a notice as provided in the previous sentence, Landlord's ’s determination of Fair Market Rental shall be the Base Monthly Rent payable by Tenant during the Option Term. If Tenant elects to resolve the disagreement as provided in Section 18.C and such procedures are not concluded prior to the commencement date of the Option Term, Tenant shall pay to Landlord as Base Monthly Rent the Fair Market Rental as determined by Landlord in the manner provided above. If the Fair Market Rental as finally determined pursuant to Section 18.C is greater than Landlord's ’s determination, Tenant shall pay Landlord the difference between the amount paid by Tenant and the Fair Market Rental as so determined in Section 18.C within thirty (30) days after such determination. If the Fair Market Rental as finally determined in Section 18.C is less than Landlord's ’s determination, the difference between the amount paid by Tenant and the Fair Market Rental as so determined in Section 18.C shall be credited against the next installments of Base Monthly Rent due from Tenant to Landlord hereunder.
Appears in 5 contracts
Samples: Assignment and Assumption of Lease (Equinix Inc), Lease Agreement (Data Domain, Inc.), Lease Agreement (Data Domain, Inc.)
Determination of Fair Market Rental. If Tenant exercises the Option, Landlord shall send Tenant a notice setting forth the Fair Market Rental for the Option Term within thirty (30) days following the Exercise Date. If Tenant disputes Landlord's determination of Fair Market Rental for the Option Term, Tenant shall, within thirty (30) days after the date of Landlord's notice setting forth Fair Market Rental for the Option Term, send to Landlord a notice stating that Tenant either elects to terminate its exercise of the Option, in which event the Option shall lapse and this Lease shall terminate on the Expiration Date, or that Tenant disagrees with Landlord's determination of Fair Market Rental for the Option Term and elects to resolve the disagreement as provided in Section 18.C below. If Tenant does not send Landlord a notice as provided in the previous sentence, Landlord's determination of Fair Market Rental shall be the basis for determining the Base Monthly Rent payable by Tenant during the Option Term. If Tenant elects to resolve the disagreement as provided in Section 18.C and such procedures are not concluded prior to the commencement date of the Option Term, Tenant shall pay to Landlord as Base Monthly Rent the Fair Market Rental as determined by Landlord in the manner provided above. If the Fair Market Rental as finally determined pursuant to Section 18.C is greater than Landlord's determination, Tenant shall pay Landlord the difference between the amount paid by Tenant and the Fair Market Rental as so determined in Section 18.C within thirty (30) days after such determination. If the Fair Market Rental as finally determined in Section 18.C is less than Landlord's determination, the difference between the amount paid by Tenant and the Fair Market Rental as so determined in Section 18.C shall be credited against the next installments of Base Monthly Rent rent due from Tenant to Landlord hereunder.
Appears in 4 contracts
Samples: Lease Agreement (Concentric Network Corp), Lease (Bea Systems Inc), Lease Agreement (Network Equipment Technologies Inc)
Determination of Fair Market Rental. If Tenant exercises the Option, Landlord shall send Tenant a notice no later than two hundred forty (240) days before to the Lease Expiration Date setting forth the Fair Market Rental for the Option Term within thirty (30) days following the Exercise DateTerm. If Tenant disputes Landlord's determination of Fair Market Rental for the Option Term, Tenant shall, within thirty (30) days after the date of Landlord's notice setting forth Fair Market Rental for the Option Term, send to Landlord a notice stating that Tenant either elects to terminate its exercise of the Option, in which event the Option shall lapse and this Lease shall terminate on the Expiration Date, or that Tenant disagrees with Landlord's determination of Fair Market Rental for the Option Term and elects to resolve the disagreement as provided in Section 18.C below. If Tenant does not send Landlord a notice as provided in the previous sentence, Landlord's determination of Fair Market Rental shall be the basis for computing the Base Monthly Rent payable by Tenant during the Option Term. If Tenant elects to resolve the disagreement as provided in Section 18.C and such procedures are not concluded prior to the commencement date of the Option Term, Tenant shall pay to Landlord as Base Monthly Rent ninety five percent (95%) of the Fair Market Rental as determined by Landlord in the manner provided above. If the Fair Market Rental as finally determined pursuant to Section 18.C is greater than Landlord's determination, Tenant shall pay Landlord the difference between the amount paid by Tenant and ninety five percent (95%) of the Fair Market Rental as so determined in Section 18.C within thirty (30) days after such determination. If the Fair Market Rental as finally determined in Section 18.C is less than Landlord's determination, the difference between the amount paid by Tenant and ninety five percent (95%) of the Fair Market Rental as so determined in Section 18.C shall be credited against the next installments of Base Monthly Rent due from Tenant to Landlord hereunder.
Appears in 4 contracts
Samples: Quarterly Report, Lease Agreement (Verisign Inc/Ca), Lease Agreement (Verisign Inc/Ca)
Determination of Fair Market Rental. Upon exercise of the right to extend the term, and included within the Notice of Exercise, Tenant shall notify Landlord of its opinion of Fair Market Rental as above defined for the Extended Term. If Landlord disagrees with Tenant’s opinion of the Fair Market Rental, it shall so notify Tenant exercises (“Landlord’s Value Notice”) within fifteen (15) days after receipt of Tenant’s Notice of Exercise. If the Optionparties are unable to resolve their differences within twenty (20) business days thereafter, Landlord either party may apply for Arbitration as provided below. If neither party applies for Arbitration within twenty (20) business days after receipt by Tenant of Landlord’s Value Notice, Tenant shall send Tenant a notice setting forth be bound to the Fair Market Rental for stated in Landlord’s Value Notice. Should either party elect to arbitrate, and if the Option Term within thirty (30) days following arbitration is not concluded before the Exercise Date. If commencement of the Extended Term, Tenant disputes Landlord's determination of shall pay Minimum Monthly Rent to Landlord in an amount equal to the Fair Market Rental for set forth in Landlord’s Value Notice, until the Option TermFair Market Rental is determined in accordance with the arbitration provisions hereof (“Arbitration”). If the Fair Market Rental as determined by Arbitration differs from that stated in Landlord’s Value Notice, then any adjustment required to correct the amount previously paid by Tenant shall, shall be made by payment by the appropriate party within thirty (30) days after the date of Landlord's notice setting forth Fair Market Rental for the Option Term, send to Landlord a notice stating that Tenant either elects to terminate its exercise of the Option, in which event the Option shall lapse and this Lease shall terminate on the Expiration Date, or that Tenant disagrees with Landlord's determination of Fair Market Rental for the Option Term and elects to resolve the disagreement by Arbitration has been concluded, as provided in Section 18.C belowherein. If Tenant does not send Landlord a notice as provided in the previous sentence, Landlord's determination of Fair Market Rental shall be obligated to make payment during the Base entire Extended Term of the Minimum Monthly Rent payable by Tenant during the Option Term. If Tenant elects to resolve the disagreement as provided in Section 18.C and such procedures are not concluded prior to the commencement date of the Option Term, Tenant shall pay to Landlord as Base Monthly Rent the Fair Market Rental as determined by Landlord in the manner provided above. If the Fair Market Rental as finally determined pursuant to Section 18.C is greater than Landlord's determination, Tenant shall pay Landlord the difference between the amount paid by Tenant and the Fair Market Rental as so determined in Section 18.C within thirty (30) days after such determination. If accordance with the Fair Market Rental as finally determined in Section 18.C is less than Landlord's determination, the difference between the amount paid by Tenant and the Fair Market Rental as so determined in Section 18.C shall be credited against the next installments of Base Monthly Rent due from Tenant to Landlord Arbitration procedures hereunder.
Appears in 3 contracts
Samples: Office Lease (Impinj Inc), Office Lease (Impinj Inc), Office Lease (Impinj Inc)
Determination of Fair Market Rental. If Tenant exercises the an Option, Landlord shall send Tenant a notice setting forth the Fair Market Rental for the Option Term within thirty (30) days following the Exercise Datedate of exercise. If Tenant disputes Landlord's ’s determination of Fair Market Rental for the Option Term, Tenant shall, within thirty (30) days after the date delivery to Tenant of Landlord's ’s notice setting forth Fair Market Rental for the Option Term, send to Landlord a notice stating that Tenant either elects to terminate its exercise of the Option, in which event the Option shall lapse and this Lease shall terminate on the Expiration Date, or that Tenant disagrees with Landlord's ’s determination of Fair Market Rental for the Option Term and elects to resolve the disagreement as provided in Section 18.C 19.C below. If Tenant does not timely send Landlord a notice as provided in the previous sentence, Landlord's ’s determination of Fair Market Rental shall be deemed the agreed upon Fair Market Rental amount to be used in computing Base Monthly Rent payable by Tenant during the Option Term. If Tenant elects to resolve the disagreement as provided in Section 18.C 19.C below and such procedures are not concluded prior to the commencement date of the Option Term, Tenant shall pay to Landlord as Base Monthly Rent the greater of (i) the Base Monthly Rent in effect immediately before the start of the Option Term, or (ii) ninety five percent (95%) of the Fair Market Rental as determined by Landlord in the manner provided above. If the Fair Market Rental as finally determined pursuant to Section 18.C 19.C is greater than Landlord's ’s determination, Tenant shall pay Landlord the difference between the amount paid by Tenant and the Fair Market Rental actual Base Monthly Rent due as so determined in this Section 18.C 19 within thirty (30) days after such determination. If the Fair Market Rental as finally determined in Section 18.C 19.C is less than Landlord's ’s determination, the difference between the amount paid by Tenant and the Fair Market Rental actual Base Monthly Rent due as so determined in pursuant to this Section 18.C 19 shall be credited against the next installments of Base Monthly Rent due from Tenant to Landlord hereunder.
Appears in 2 contracts
Samples: Lease Agreement (Palo Alto Networks Inc), Lease Agreement (Palo Alto Networks Inc)
Determination of Fair Market Rental. Upon exercise of the right to extend the term, and included within the Notice of Exercise, Tenant shall notify Landlord of its opinion of Fair Market Rental as above defined for the Extended Term. If Tenant exercises the Option, Landlord shall send Tenant a notice setting forth disagrees with Xxxxxx’s opinion of the Fair Market Rental for the Option Term Rental, it shall so notify Tenant (“Landlord’s Value Notice”) within thirty (30) days following the Exercise Dateafter receipt of Tenant’s Notice of Exercise. If the parties are unable to resolve their differences within ten (10) business days thereafter, either party may apply for Arbitration as provided below. If neither party applies for Arbitration within ten (10) business days after receipt by Tenant disputes of Landlord's determination of ’s Value Notice, Tenant shall be bound to the Fair Market Rental for stated in Landlord’s Value Notice. Should either party elect to arbitrate, and if the Option arbitration is not concluded before the commencement of the Extended Term, Tenant shallshall pay Monthly Base Rent to Landlord in an amount equal to the Fair Market Rental set forth in Landlord’s Value Notice, until the Fair Market Rental is determined in accordance with the arbitration provisions hereof (“Arbitration”). If the Fair Market Rental as determined by Arbitration differs from that stated in Landlord’s Value Notice, then any adjustment required to correct the amount previously paid by Tenant shall be made by payment by the appropriate party within thirty (30) days after the date of Landlord's notice setting forth Fair Market Rental for the Option Term, send to Landlord a notice stating that Tenant either elects to terminate its exercise of the Option, in which event the Option shall lapse and this Lease shall terminate on the Expiration Date, or that Tenant disagrees with Landlord's determination of Fair Market Rental for the Option Term and elects to resolve the disagreement by Arbitration has been concluded, as provided in Section 18.C belowherein. If Tenant does not send Landlord a notice as provided in the previous sentence, Landlord's determination of Fair Market Rental shall be the Base Monthly Rent payable by Tenant obligated to make payment during the Option Term. If Tenant elects to resolve the disagreement as provided in Section 18.C and such procedures are not concluded prior to the commencement date entire Extended Term of the Option Term, Tenant shall pay to Landlord as Monthly Base Monthly Rent the Fair Market Rental as determined by Landlord in the manner provided above. If the Fair Market Rental as finally determined pursuant to Section 18.C is greater than Landlord's determination, Tenant shall pay Landlord the difference between the amount paid by Tenant and the Fair Market Rental as so determined in Section 18.C within thirty (30) days after such determination. If accordance with the Fair Market Rental as finally determined in Section 18.C is less than Landlord's determination, the difference between the amount paid by Tenant and the Fair Market Rental as so determined in Section 18.C shall be credited against the next installments of Base Monthly Rent due from Tenant to Landlord Arbitration procedures hereunder.
Appears in 2 contracts
Samples: Lease Agreement, Lease Agreement (Applied Precision, Inc.)
Determination of Fair Market Rental. If Tenant exercises the Option, Landlord shall send Tenant a notice no later than two hundred forty (240) days before to the Lease Expiration Date setting forth the Fair Market Rental for the Option Term within thirty (30) days following the Exercise DateTerm. If Tenant disputes Landlord's determination of Fair Market Rental for the Option Term, Tenant shall, within thirty (30) days after the date of Landlord's notice setting forth Fair Market Rental for the Option Term, send to Landlord a notice stating that Tenant either elects to terminate its exercise of the Option, in which event the Option shall lapse and this Lease shall terminate on the Expiration Date, or that Tenant disagrees with Landlord's determination of Fair Market Rental for the Option Term and elects to resolve the disagreement as provided in Section 18.C below. If Tenant does not send Landlord a notice as provided in the previous sentence, Landlord's determination of Fair Market Rental shall be the basis for computing the Base Monthly Rent payable by Tenant during the Option Term. If Tenant elects to resolve the disagreement as provided in Section 18.C and such procedures are not concluded prior to the commencement date of the Option Term, Tenant shall pay to Landlord as Base Monthly Rent ninety five percent (95%) of the Fair Market Rental as determined by Landlord in the manner provided above. If the Fair Market Rental as finally determined pursuant to Section 18.C is greater than Landlord's determination, Tenant shall pay Landlord the difference between the amount paid by Tenant and ninety five percent (95%) of the Fair Market Rental as so determined in Section 18.C within thirty (30) days after such determination. If the Fair Market Rental as finally determined in Section 18.C is less than Landlord's determination, the difference between the amount paid by Tenant and ninety five percent (95%) of the Fair Market Rental as so determined in Section 18.C shall be credited against the next installments of Base Monthly Rent due from C. Resolution of a Disagreement over the Fair Market Rental: Any disagreement regarding Fair Market Rental shall be resolved as follows:
1. Within thirty (30) days after Tenant's response to Landlord's notice setting forth the Fair Market Rental, Landlord and Tenant shall meet at a mutually agreeable time and place, in an attempt to resolve the disagreement.
2. If within the 30-day period referred to above, Landlord and Tenant cannot reach agreement as to Fair Market Rental, each party shall select one appraiser to determine Fair Market Rental. Each such appraiser shall arrive at a determination of Fair Market Rental and submit their conclusions to Landlord hereunderand Tenant within thirty (30) days after the expiration of the 30-day consultation period described above.
3. If only one appraisal is submitted within the requisite time period, it shall be deemed as Fair Market Rental. If both appraisals are submitted within such time period and the two appraisals so submitted differ by less than ten percent (10%), the average of the two shall be deemed as Fair Market Rental. If the two appraisals differ by more than 10%, the appraisers shall immediately select a third appraiser who shall, within thirty (30) days after his selection, make and submit to Landlord and Tenant a determination of Fair Market Rental. This third appraisal will then be averaged with the closer of the two previous appraisals and the result shall be Fair Market Rental.
4. All appraisers specified pursuant to this Section shall be members of the American Institute of Real Estate Appraisers with not less than ten (10) years experience appraising office and industrial properties in the Santa Xxxxx Valley. Each party shall pay the cost of the appraiser selected by such party and one-half of the cost of the third appraiser.
Appears in 1 contract
Samples: Quarterly Report
Determination of Fair Market Rental. If Tenant exercises the Option, Landlord shall send Tenant a notice setting forth the Fair Market Rental for the Option Term within thirty (30) days following the Exercise Date. If Tenant disputes Landlord's ’s determination of Fair Market Rental for the Option Term, Tenant shall, within thirty (30) days after the date of Landlord's ’s notice setting forth Fair Market Rental for the Option Term, send to Landlord a notice stating that Tenant either elects to terminate its exercise of the Option, in which event the Option shall lapse and this Lease shall terminate on the Expiration Date, or that Tenant disagrees with Landlord's ’s determination of Fair Market Rental for the Option Term and elects to resolve the disagreement as provided in Section 18.C below. If Tenant does not send Landlord a notice as provided in the previous sentence, Landlord's ’s determination of Fair Market Rental shall be the Base Monthly Rent payable by Tenant during the Option Term. If Tenant elects to resolve the disagreement as provided in Section 18.C and such procedures are not concluded prior to the commencement date of the Option Term, Tenant shall pay to Landlord as Base Monthly Rent the Fair Market Rental as determined by Landlord in the manner provided above. If the Fair Market Rental as finally determined pursuant to Section 18.C is greater than Landlord's ’s determination, Tenant shall pay Landlord the difference between the amount paid by Tenant and the Fair Market Rental as so determined in Section 18.C within thirty (30) days after such determination. If the Fair Market Rental as finally determined in Section 18.C 18.C. is less than Landlord's ’s determination, the difference between the amount paid by Tenant and the Fair Market Rental as so determined in Section 18.C shall be credited against the next installments of Base Monthly Rent due from Tenant to Landlord hereunder.
Appears in 1 contract
Determination of Fair Market Rental. If Tenant exercises the Option, Landlord shall send to Tenant a notice setting forth the Fair Market Rental for the Premises for the Option Term within thirty (30) days following of Tenant’s exercise of the Exercise DateOption. If Tenant disputes Landlord's ’s determination of the Fair Market Rental for the Option Term, Tenant shall, within thirty (30) days after the date of Landlord's ’s notice setting forth the Fair Market Rental for the Option Term, send to Landlord a notice stating that Tenant either (i) elects to terminate its exercise of the Option, in which event the Option shall lapse and this Lease shall terminate on the Expiration Date, or that Tenant (ii) disagrees with Landlord's ’s determination of Fair Market Rental for the Option Term and elects to resolve the disagreement as provided in Section 18.C Article 37.C below. If Tenant does not send to Landlord a notice as provided in the previous sentence, Landlord's ’s determination of the Fair Market Rental shall be the basis for determining the Base Monthly Rent payable rent to be paid by Tenant hereunder during the Option Term. If Tenant elects to resolve the disagreement as provided in Section 18.C Article 37.C below and such procedures are shall not have been concluded prior to the commencement date of the Option Term, Tenant shall pay to Landlord as Base Monthly Rent to Landlord the Fair Market Rental as determined by Landlord in rent due hereunder during the manner provided abovemonth preceding the Expiration Date. If the amount of Fair Market Rental as finally determined pursuant to Section 18.C Article 37.C below is greater than Landlord's ’s determination, Tenant shall pay to Landlord the difference between the amount paid by Tenant and the Fair Market Rental as so determined in Section 18.C he rent due hereunder during the month preceding the Expiration Date within thirty (30) days after such the determination. If the Fair Market Rental as finally determined in Section 18.C Article 37.C below is less than Landlord's ’s determination, the difference between the amount paid by Tenant and the Fair Market Rental as so determined in Section 18.C shall be credited against the next installments of Base Monthly Rent due from Tenant to Landlord hereunder.in
Appears in 1 contract
Determination of Fair Market Rental. If Tenant exercises the Option, Landlord shall send Tenant a notice setting forth the Fair Market Rental for the Option Term within thirty (30) days following the Exercise Date. If Tenant disputes Landlord's ’s determination of Fair Market Rental for the Option Term, Tenant shall, within thirty (30) days after the date of Landlord's ’s notice setting forth Fair Market Rental for the Option Term, send to Landlord a notice stating that Tenant either elects to terminate its exercise of the Option, in which event the Option shall lapse and this Lease shall terminate on the Expiration Date, or that Tenant disagrees with Landlord's ’s determination of Fair Market Rental for the Option Term and elects to resolve the disagreement as provided in Section 18.C below. If Tenant does not send Landlord a notice as provided in the previous sentence, Landlord's ’s determination of Fair Market Rental shall be the Base Monthly Rent payable by Tenant during the Option Term. If Tenant elects to resolve the disagreement as provided in Section 18.C and such procedures are not concluded prior to the commencement date of the Option Term, Tenant shall pay to Landlord as Base Monthly Rent the Fair Market Rental as determined by Landlord in the manner provided above. If the Fair Market Rental as finally determined pursuant to Section 18.C is greater than Landlord's ’s determination, Tenant shall pay Landlord the difference between the amount paid by Tenant and the Fair Market Rental as so determined in Section 18.C within thirty (30) days after such determination. If the Fair Market Rental as finally determined in Section 18.C is less than Landlord's ’s determination, the difference between the amount paid by Tenant and the Fair Market Rental as so determined in Section 18.C shall be credited against the next installments of Base Monthly Rent due from Tenant to Landlord hereunder. C. Resolution of a Disagreement over the Fair Market Rental: Any disagreement regarding Fair Market Rental shall be resolved as follows: Within thirty (30) days after Tenant’s response to Landlord’s notice setting forth the Fair Market Rental, Landlord and Tenant shall meet at a mutually agreeable time and place, in an attempt to resolve the disagreement. If within the 30-day period referred to above, Landlord and Tenant cannot reach agreement as to Fair Market Rental, each party shall select one appraiser to determine Fair Market Rental. Each such appraiser shall arrive at a determination of Fair Market Rental and submit their conclusions to Landlord and Tenant within thirty (30) days after the expiration of the 30-day consultation period described above. If only one appraisal is submitted within the requisite time period, it shall be deemed as Fair Market Rental. If both appraisals are submitted within such time period and the two appraisals so submitted differ by less than ten percent (10%), the average of the two shall be deemed as Fair Market Rental. If the two appraisals differ by more than 10%, the appraisers shall immediately select a third appraiser who shall, within thirty (30) days after his selection, make and submit to Landlord and Tenant a determination of Fair Market Rental. This third appraisal will then be averaged with the closer of the two previous appraisals and the result shall be Fair Market Rental. All appraisers specified pursuant to this Section shall be members of the American Institute of Real Estate Appraisers with not less than ten (10) years’ experience appraising office and industrial properties in the Santa Xxxxx Valley. Each party shall pay the cost of the appraiser selected by such party and one-half of the cost of the third appraiser.
Appears in 1 contract
Samples: Assignment and Assumption of Lease
Determination of Fair Market Rental. If Tenant exercises the applicable Option, Landlord shall send Tenant a notice setting forth the Fair Market Rental for the applicable Option Term within thirty (30) days following the Exercise Datedate of exercise. If Tenant disputes Landlord's ’s determination of Fair Market Rental for the applicable Option Term, Tenant shall, within thirty (30) days after the date delivery to Tenant of Landlord's ’s notice setting forth Fair Market Rental for the applicable Option Term, send to Landlord a notice stating that Tenant either elects to terminate its exercise of the Option, in which event the Option shall lapse and this Lease shall terminate on the Expiration Date, or that Tenant disagrees with Landlord's ’s determination of Fair Market Rental for the applicable Option Term and elects to resolve the disagreement as provided in Section 18.C 5.3 below. If Tenant does not timely send Landlord a notice as provided in the previous sentence, Landlord's ’s determination of Fair Market Rental shall be deemed the agreed upon Fair Market Rental amount to be used in computing Base Monthly Rent payable by Tenant during the applicable Option Term. If Tenant elects to resolve the disagreement as provided in Section 18.C 5.3 below and such procedures are not concluded prior to the commencement date of the applicable Option Term, Tenant shall pay to Landlord as Base Monthly Rent the greater of (i) the Base Rent in effect immediately before the start of the applicable Option Term (without regard to temporary reductions or abatements then in effect), or (ii) ninety five percent (95%) of the Fair Market Rental as determined by Landlord in the manner provided above. If the Fair Market Rental as finally determined pursuant to Section 18.C 5.3 is greater than Landlord's ’s determination, Tenant shall pay Landlord the difference between the amount paid by Tenant and the Fair Market Rental actual Base Rent due as so determined in Section 18.C this Article 5 within thirty (30) days after such determination. If the Fair Market Rental as finally determined in Section 18.C 5.3 is less than Landlord's ’s determination, the difference between the amount paid by Tenant and the Fair Market Rental actual Base Rent due as so determined in Section 18.C pursuant to this Article 5 shall be credited against the next installments of Base Monthly Rent due from Tenant to Landlord hereunder.
Appears in 1 contract
Determination of Fair Market Rental. If Tenant exercises the Option, Landlord shall send Tenant a notice no later than two hundred forty (240) days before to the Lease Expiration Date setting forth the Fair Market Rental for the Option Term within thirty (30) days following the Exercise DateTerm. If Tenant disputes Landlord's determination of Fair Market Rental for the Option Term, Tenant shall, within thirty (30) days after the date of Landlord's notice setting forth Fair Market Rental for the Option Term, send to Landlord a notice stating that Tenant either elects to terminate its exercise of the Option, in which event the Option shall lapse and this Lease shall terminate on the Expiration Date, or that Tenant disagrees with Landlord's determination of Fair Market Rental for the Option Term and elects to resolve the disagreement as provided in Section 18.C below. If Tenant does not send Landlord a notice as provided in the previous sentence, Landlord's determination of Fair Market Rental shall be the basis for computing the Base Monthly Rent payable by Tenant during the Option Term. If Tenant elects to resolve the disagreement as provided in Section 18.C and such procedures are not concluded prior to the commencement date of the Option Term, Tenant shall pay to Landlord as Base Monthly Rent ninety five percent (95%) of the Fair Market Rental as determined by Landlord in the manner provided above. If the Fair Market Rental as finally determined pursuant to Section 18.C is greater than Landlord's determination, Tenant shall pay Landlord the difference between the amount paid by Tenant and ninety five percent (95%) of the Fair Market Rental as so determined in Section 18.C within thirty (30) days after such determination. If the Fair Market Rental as finally determined in Section 18.C is less than Landlord's determination, the difference between the amount paid by Tenant and ninety five percent (95%) of the Fair Market Rental as so determined in Section 18.C shall be credited against the next installments of Base Monthly Rent due from Tenant to Landlord hereunder. C. Resolution of a Disagreement over the Fair Market Rental: Any disagreement regarding Fair Market Rental shall be resolved as follows:
1. Within thirty (30) days after Tenant's response to Landlord's notice setting forth the Fair Market Rental, Landlord and Tenant shall meet at a mutually agreeable time and place, in an attempt to resolve the disagreement.
2. If within the 30-day period referred to above, Landlord and Tenant cannot reach agreement as to Fair Market Rental, each party shall select one appraiser to determine Fair Market Rental. Each such appraiser shall arrive at a determination of Fair Market Rental and submit their conclusions to Landlord and Tenant within thirty (30) days after the expiration of the 30-day consultation period described above.
3. If only one appraisal is submitted within the requisite time period, it shall be deemed as Fair Market Rental. If both appraisals are submitted within such time period and the two appraisals so submitted differ by less than ten percent (10%), the average of the two shall be deemed as Fair Market Rental. If the two appraisals differ by more than 10%, the appraisers shall immediately select a third appraiser who shall, within thirty (30) days after his selection, make and submit to Landlord and Tenant a determination of Fair Market Rental. This third appraisal will then be averaged with the closer of the two previous appraisals and the result shall be Fair Market Rental.
4. All appraisers specified pursuant to this Section shall be members of the American Institute of Real Estate Appraisers with not less than ten (10) years experience appraising office and industrial properties in the Santa Xxxxx Valley. Each party shall pay the cost of the appraiser selected by such party and one-half of the cost of the third appraiser.
Appears in 1 contract
Samples: Lease Agreement (Verisign Inc/Ca)
Determination of Fair Market Rental. If Tenant exercises the Option, Landlord shall send to Tenant a notice setting forth the Fair Market Rental for the Premises for the Option Term within thirty Term, on or before the date that is one hundred fifty (30150) days following prior to the Exercise Expiration Date. If Tenant disputes Landlord's determination of the Fair Market Rental for the Option Term, Tenant shall, within thirty (30) days after the date of Landlord's notice setting forth the Fair Market Rental for the Option Term, send to Landlord a notice stating that Tenant either (i) elects to terminate its exercise of the Option, in which event the Option shall lapse and this Lease shall terminate on the Expiration Date, or that Tenant (ii) disagrees with Landlord's determination of Fair Market Rental for the Option Term and elects to resolve the disagreement as provided in Section 18.C paragraph 37(C) below. If Tenant does not send to Landlord a notice as provided in the previous sentence, Landlord's determination of the Fair Market Rental shall be the basis for determining the Base Monthly Rent payable to be paid by Tenant hereunder during the Option Term. If Tenant elects to resolve the disagreement as provided in Section 18.C paragraph 37(C) below and such procedures are shall not have been concluded prior to the commencement date of the Option Term, Tenant shall pay to Landlord as Base Monthly Rent to Landlord hereunder adjusted to reflect the Fair Market Rental as determined by Landlord in the manner provided above. If the amount of Fair Market Rental as is finally determined pursuant to Section 18.C paragraph 37(C) below is greater than Landlord's determination, Tenant shall pay to Landlord the difference between the amount paid by Tenant and the Fair Market Rental as so determined in Section 18.C paragraph 37(C) below within thirty (30) days after such the determination. If the Fair Market Rental as finally determined in Section 18.C paragraph 37(C) below is less than Landlord's determination, the difference between the amount paid by Tenant and the Fair Market Rental as so determined in Section 18.C paragraph 37(C) below shall be credited against the next installments of Base Monthly Rent rent due from Tenant to Landlord hereunder.
Appears in 1 contract
Samples: Lease Agreement (Visx Inc)
Determination of Fair Market Rental. If Tenant exercises the Option, Landlord shall send to Tenant a notice setting forth the Fair Market Rental for the Premises for the Option Term within thirty Term, on or before the date that is twelve (3012) days following months prior to the Exercise Expiration Date. If Tenant disputes Landlord's determination of the Fair Market Rental for the Option Term, Tenant shall, within thirty (30) days after the date of Landlord's notice setting forth the Fair Market Rental for the Option Term, send to Landlord a notice stating that Tenant either (i) elects to terminate its exercise of the Option, in which event the Option shall lapse and this Lease shall terminate on the Expiration Date, or that Tenant (ii) disagrees with Landlord's determination of Fair Market Rental for the Option Term and elects to resolve the disagreement as provided in Section 18.C paragraph 37.C below. If Tenant does not send to Landlord a notice as provided in the previous sentence, Landlord's determination of the Fair Market Rental shall be the basis for determining the Base Monthly Rent payable to be paid by Tenant hereunder during the Option Term. If Tenant elects to resolve the disagreement as provided in Section 18.C paragraph 37.C below and such procedures are shall not have been concluded prior to the commencement date of the Option Term, Tenant shall pay to Landlord as Base Monthly Rent to Landlord the Fair Market Rental as determined by Landlord in the manner provided above. If the amount of Fair Market Rental as finally determined pursuant to Section 18.C paragraph 37.C below is greater than Landlord's determination, Tenant shall pay to Landlord the difference between the amount paid by Tenant and the Fair Market Rental as so determined in Section 18.C paragraph 37.C below within thirty (30) days after such the determination. If the Fair Market Rental as finally determined in Section 18.C paragraph 37.C below is less than Landlord's determination, the difference between the amount paid by Tenant and the Fair Market Rental as so determined in Section 18.C paragraph 37.C below shall be credited against the next installments of Base Monthly Rent rent due from Tenant to Landlord hereunder.
Appears in 1 contract
Samples: Lease Agreement (Therma Wave Inc)
Determination of Fair Market Rental. If Tenant exercises the Option, Landlord shall send Tenant a notice setting forth the Fair Market Rental for the Option Term within thirty (30) days following the Exercise Date. If Tenant disputes Landlord's ’s determination of Fair Market Rental for the Option Term, Tenant shall, within thirty (30) days after the date of Landlord's ’s notice setting meting forth Fair Market Rental for the Option Term, send to Landlord a notice stating that Tenant either elects to terminate its exercise of the Option, in which event the Option shall lapse and this Lease shall terminate on the Expiration Date, or that Tenant disagrees with Landlord's ’s determination of Fair Market Rental for the Option Term and elects to resolve the disagreement as provided in Section 18.C below. If Tenant does not send Landlord a notice as provided in the previous sentence, Landlord's determination of Fair Market Rental shall be the Base Monthly Rent payable by Tenant during the Option Term. If Tenant elects to resolve the disagreement as provided in Section 18.C and such procedures are not concluded prior to the commencement date of the Option Term, Tenant shall pay to Landlord as Base Monthly Rent the Fair Market Rental as determined by Landlord in the manner provided above. If lf the Fair Market Rental as finally determined pursuant to Section 18.C is greater than Landlord's ’s determination, Tenant shall pay Landlord the difference between the amount paid by Tenant and the Fair Market Rental as so determined in Section 18.C within thirty (30) days after such determination. If the Fair Market Rental as finally determined in Section 18.C is less than Landlord's ’s determination, the difference between the amount paid by Tenant and the Fair Market Rental as so determined in Section 18.C shall be credited against the next installments of Base Monthly Rent rent due from Tenant to Landlord hereunder.
Appears in 1 contract
Samples: Sublease (NeurogesX Inc)
Determination of Fair Market Rental. If Tenant exercises the an Option, Landlord shall send Tenant a notice setting forth the Fair Market Rental for the Option Term within thirty (30) days following the Exercise Datedate of exercise. If Tenant disputes Landlord's ’s determination of Fair Market Rental for the Option Term, Tenant shall, within thirty (30) days after the date delivery to Tenant of Landlord's ’s notice setting forth Fair Market Rental for the Option Term, send to Landlord a notice stating that Tenant either elects to terminate its exercise of the Option, in which event the Option shall lapse and this Lease shall terminate on the Expiration Date, or that Tenant disagrees with Landlord's ’s determination of Fair Market Rental for the Option Term and elects to resolve the disagreement as provided in Section 18.C 19.C below. If Tenant does not timely send Landlord a notice as provided in the previous sentence, Tenant shall be deemed to have disagreed with Landlord's ’s determination of Fair Market Rental shall be and to have elected to resolve the Base Monthly Rent payable by Tenant during the Option Termdisagreement as provided in Section 19.C below. If Tenant elects to resolve the disagreement as provided in Section 18.C 19.C below and such procedures are not concluded prior to the commencement date of the Option Term, Tenant shall pay to Landlord as Base Monthly Rent the Fair Market Rental as determined by Landlord in the manner provided above. If the Fair Market Rental as finally determined pursuant to Section 18.C 19.C is greater than Landlord's ’s determination, Tenant shall pay Landlord the difference between the amount paid by Tenant and the Fair Market Rental actual Base Monthly Rent due as so determined in this Section 18.C 19 within thirty (30) days after such determination. If the Fair Market Rental as finally determined in Section 18.C 19.C is less than Landlord's ’s determination, the difference between the amount paid by Tenant and the Fair Market Rental actual Base Monthly Rent due as so determined in pursuant to this Section 18.C 19 shall be credited against the next installments of Base Monthly Rent due from Tenant to Landlord hereunder.
Appears in 1 contract
Samples: Lease Agreement (ServiceNow, Inc.)
Determination of Fair Market Rental. If Tenant exercises the an Option, Landlord shall send Tenant a notice setting forth the Fair Market Rental for the Option Term within thirty (30) days following the Exercise Datedate of exercise. If Tenant disputes Landlord's ’s determination of Fair Market Rental for the Option Term, Tenant shall, within thirty (30) days after the date delivery to Tenant of Landlord's ’s notice setting forth Fair Market Rental for the Option Term, send to Landlord a notice stating that Tenant either elects to terminate its exercise of the Option, in which event the Option shall lapse and this Lease shall terminate on the Expiration Date, or that Tenant disagrees with Landlord's ’s determination of Fair Market Rental for the Option Term and elects to resolve the disagreement as provided in Section 18.C below. If Tenant does not timely send Landlord a notice as provided in the previous sentence, Landlord's ’s determination of Fair Market Rental shall be used in computing the Base Monthly Rent payable by Tenant during the Option TermTerm pursuant to Section 18.A above. If Tenant elects to resolve the disagreement as provided in Section 18.C below and such procedures are not concluded prior to the commencement date of the Option Term, Tenant shall pay to Landlord as the Base Monthly Rent as determined by Landlord (taking into account the Fair Market Rental as determined by Landlord Landlord) in the manner provided aboveabove pending the resolution of such dispute. If the Fair Market Rental Base Monthly Rent as finally determined pursuant to Section 18.C is greater than Landlord's ’s determination, Tenant shall pay Landlord the difference between the amount paid by Tenant and the Fair Market Rental Base Monthly Rent as so determined in Section 18.C within thirty (30) days after such determination. If the Fair Market Rental Base Monthly Rent as finally determined in Section 18.C is less than Landlord's ’s determination, the difference between the amount paid by Tenant and the Fair Market Rental Base Monthly Rent as so determined in Section 18.C shall be credited against the next installments of Base Monthly Rent due from Tenant to Landlord hereunder.”
Appears in 1 contract
Samples: Lease (Cavium, Inc.)
Determination of Fair Market Rental. If Tenant exercises the Option, Landlord shall send Tenant a notice setting forth the Fair Market Rental for the Option Term within thirty (30) days following the Exercise Date. If Tenant disputes Landlord's ’s determination of Fair Market Rental for the Option Term, Tenant shall, within thirty (30) days after the date of Landlord's ’s notice setting forth Fair Market Rental for the Option Term, send to Landlord a notice stating that Tenant either elects to terminate its exercise of the Option, in which event the Option shall lapse and this Lease shall terminate on the Expiration Date, or that Tenant disagrees with Landlord's ’s determination of Fair Market Rental for the Option Term and elects to resolve the disagreement as provided in Section 18.C below. If Tenant does not send Landlord a notice as provided in the previous sentence, Landlord's determination of Fair Market Rental shall be the Base Monthly Rent payable by Tenant during the Option Term. If Tenant elects to resolve the disagreement as provided in Section 18.C and such procedures are not concluded prior to the commencement date of the Option Term, Tenant shall pay to Landlord as Base Monthly Rent the Fair Market Rental as determined by Landlord in the manner provided above. If the Fair Market Rental as finally determined pursuant to Section 18.C is greater than Landlord's ’s determination, Tenant shall pay Landlord the difference between the amount paid by Tenant and the Fair Market Rental as so determined in Section 18.C within thirty (30) days after such determination. If the Fair Market Rental as finally determined in Section 18.C is less than Landlord's ’s determination, the difference between the amount paid by Tenant and the Fair Market Rental as so determined in Section 18.C shall be credited against the next installments of Base Monthly Rent rent due from Tenant to Landlord hereunder.
Appears in 1 contract
Samples: Sublease (Guidewire Software, Inc.)
Determination of Fair Market Rental. If Tenant exercises the Option, Landlord shall send to Tenant a notice setting forth the Fair Market Rental for the Premises for the Option Term within thirty Term, on or before the date that is one hundred fifty (30150) days following prior to the Exercise Expiration Date. If Tenant disputes Landlord's ’s determination of the Fair Market Rental for the Option Term, Tenant shall, within thirty (30) days after the date of Landlord's ’s notice setting forth the Fair Market Rental for the Option Term, send to Landlord a notice stating that Tenant either (i) elects to terminate its exercise of the Option, in which event the Option shall lapse and this Lease shall terminate on the Expiration Date, or that Tenant (ii) disagrees with Landlord's ’s determination of Fair Market Rental for the Option Term and elects to resolve the disagreement as provided in Section 18.C 38(C) below. If Tenant does not send to Landlord a notice as provided in the previous sentence, Landlord's ’s determination of the Fair Market Rental shall be the basis for determining the Base Monthly Rent payable to be paid by Tenant hereunder during the Option Term. If Tenant elects to resolve the disagreement as provided in Section 18.C 38(C) below, and such procedures are shall not have been concluded prior to the commencement date of the Option Term, Tenant shall pay to Landlord as Base Monthly Rent to Landlord hereunder adjusted to reflect the Fair Market Rental as determined by Landlord in the manner provided above. If the amount of Fair Market Rental as finally determined pursuant to Section 18.C 38(C) below is greater than Landlord's ’s determination, Tenant shall pay to Landlord the difference between the amount paid by Tenant and the Fair Market Rental as so determined in Section 18.C 38(C) below within thirty (30) days after such the determination. If the Fair Market Rental as finally determined in Section 18.C 37(C) below is less than Landlord's ’s determination, the difference between the amount paid by Tenant and the Fair Market Rental as so determined in Section 18.C 38(C) below shall be credited against the next installments of Base Monthly Rent rent due from Tenant to Landlord hereunder.
Appears in 1 contract
Samples: Lease Agreement (Xenoport Inc)
Determination of Fair Market Rental. If Tenant exercises the Option, Landlord shall send to Tenant a notice setting forth the Fair Market Rental for the Premises for the Option Term within thirty (30) days following of Tenant's exercise of the Exercise DateOption. If Tenant disputes Landlord's determination of the Fair Market Rental for the Option Term, Tenant shall, within thirty (30) days after the date of Landlord's notice setting forth the Fair Market Rental for the Option Term, send to Landlord a notice stating that Tenant either (i) elects to terminate its exercise of the Option, in which event the Option shall lapse and this Lease shall terminate on the Expiration Date, or that Tenant (ii) disagrees with Landlord's determination of Fair Market Rental for the Option Term and elects to resolve the disagreement as provided in Section 18.C Article 37.C below. If Tenant does not send to Landlord a notice as provided in the previous sentence, Landlord's determination of the Fair Market Rental shall be the basis for determining the Base Monthly Rent payable to be paid by Tenant hereunder during the Option Term. If Tenant elects to resolve the disagreement as provided in Section 18.C Article 37.C below and such procedures are shall not have been concluded prior to the commencement date of the Option Term, Tenant shall pay to Landlord as Base Monthly Rent to Landlord the Fair Market Rental as determined by Landlord in rent due hereunder during the manner provided abovemonth preceding the Expiration Date. If the amount of Fair Market Rental as finally determined pursuant to Section 18.C Article 37.C below is greater than Landlord's determination, Tenant shall pay to Landlord the difference between the amount paid by Tenant and the Fair Market Rental as so determined in Section 18.C he rent due hereunder during the month preceding the Expiration Date within thirty (30) days after such the determination. If the Fair Market Rental as finally determined in Section 18.C Article 37.C below is less than Landlord's determination, the difference between the amount paid by Tenant and the Fair Market Rental as so determined in Section 18.C shall be credited against the next installments of Base Monthly Rent due from Tenant to Landlord hereunder.in
Appears in 1 contract
Samples: Lease Agreement (Komag Inc /De/)
Determination of Fair Market Rental. If Tenant exercises the an Option, Landlord shall send Tenant a notice setting forth the Fair Market Rental for the Option Term within thirty (30) days following the Exercise Datedate of exercise. If Tenant disputes Landlord's ’s determination of Fair Market Rental for the Option Term, Tenant shall, within thirty (30) days after the date delivery to Tenant of Landlord's ’s notice setting forth Fair Market Rental for the Option Term, send to Landlord a notice stating that Tenant either elects to terminate its exercise of the Option, in which event the Option shall lapse and this Lease shall terminate on the Expiration Date, or that Tenant disagrees with Landlord's ’s determination of Fair Market Rental for the Option Term and elects to resolve the disagreement as provided in Section 18.C 19.C below. If Tenant does not timely send Landlord a notice as provided in the previous sentence, Landlord's ’s determination of Fair Market Rental shall be deemed the agreed upon Fair Market Rental amount to be used in computing Base Monthly Rent payable by Tenant during the Option Term. If Tenant elects to resolve the disagreement as provided in Section 18.C 19.C below and such procedures are not concluded prior to the commencement date of the Option Term, Tenant shall pay to Landlord as Base Monthly Rent the greater of (i) the Base Monthly Rent in effect immediately before the start of the Option Term (without regard to temporary reductions or abatements then in effect, or (ii) Fair Market Rental as determined by Landlord in the manner provided above. If the Fair Market Rental as finally determined pursuant to Section 18.C 19.C is greater than Landlord's ’s determination, Tenant shall pay Landlord the difference between the amount paid by Tenant and the Fair Market Rental actual Base Monthly Rent due as so determined in this Section 18.C 19 within thirty (30) days after such determination. If the Fair Market Rental as finally determined in Section 18.C 19.C is less than Landlord's ’s determination, the difference between the amount paid by Tenant and the Fair Market Rental actual Base Monthly Rent due as so determined in pursuant to this Section 18.C 19 shall be credited against the next installments of Base Monthly Rent due from Tenant to Landlord hereunder.
Appears in 1 contract
Samples: Lease Agreement (Cutera Inc)
Determination of Fair Market Rental. If Tenant exercises the Option, Landlord shall send Tenant a notice setting forth the Fair Market Rental for the Option Term within thirty (30) days following the Exercise Date. If Tenant disputes Landlord's ’s determination of Fair Market Rental for the Option Term, Tenant shall, within thirty (30) days after the date of Tenant’s receipt of Landlord's ’s notice setting forth Fair Market Rental for the Option Term, send to Landlord a notice stating that Tenant either elects to terminate its exercise of the Option, in which event the Option shall lapse and this Lease shall terminate on the Expiration Date, or that Tenant disagrees with Landlord's ’s determination of Fair Market Rental for the Option Term and elects to resolve the disagreement as provided in Section 18.C below. If Tenant does not send Landlord a notice as provided in the previous sentence, Landlord's ’s determination of Fair Market Rental shall be the basis for determining the Base Monthly Rent payable by Tenant during the Option Term. If Tenant elects to resolve the disagreement as provided in Section 18.C and such procedures are not concluded prior to the commencement date of the Option Term, Tenant shall pay to Landlord as Base Monthly Rent the Fair Market Rental as determined by Landlord in the manner provided above. If the Fair Market Rental as finally determined pursuant to Section 18.C is greater than Landlord's ’s determination, Tenant shall pay Landlord the difference between the amount paid by Tenant and the Fair Market Rental as so determined in Section 18.C within thirty (30) days after such determination. If the Fair Market Rental as finally determined in Section 18.C is less than Landlord's determination, the difference between the amount paid by Tenant and the Fair Market Rental as so determined in Section 18.C shall be credited against the next installments of Base Monthly Rent due from Tenant to Landlord hereunder.the
Appears in 1 contract
Determination of Fair Market Rental. If Tenant exercises the an Option, Landlord shall send Tenant a notice setting forth the Fair Market Rental for the Option Term within thirty (30) days following the Exercise Datedate of exercise. If Tenant disputes Landlord's ’s determination of Fair Market Rental for the Option Term, Tenant shall, within thirty (30) days after the date delivery to Tenant of Landlord's ’s notice setting forth Fair Market Rental for the Option Term, send to Landlord a notice stating that Tenant either elects to terminate its exercise of the Option, in which event the Option shall lapse and this Lease shall terminate on the Expiration Date, or that Tenant disagrees with Landlord's ’s determination of Fair Market Rental for the Option Term and elects to resolve the disagreement as provided in Section 18.C 19.C below. If Tenant does not timely send Landlord a notice as provided in the previous sentence, it shall be deemed that Tenant disagrees with Landlord's ’s determination of Fair Market Rental shall be the Base Monthly Rent payable by Tenant during for the Option TermTerm and elects to resolve the disagreement as provided in Section 19.C below. If Tenant elects to resolve the disagreement as provided in Section 18.C 19.C below and such procedures are not concluded prior to the commencement date of the Option Term, Tenant shall pay to Landlord as Base Monthly Rent the Fair Market Rental as determined by Landlord in the manner provided above. If the Fair Market Rental as finally determined pursuant to Section 18.C 19.C is greater than Landlord's ’s determination, Tenant shall pay Landlord the difference between the amount paid by Tenant and the Fair Market Rental actual Base Monthly Rent due as so determined in this Section 18.C 19 within thirty (30) days after such determination. If the Fair Market Rental as finally determined in Section 18.C 19.C is less than Landlord's ’s determination, the difference between the amount paid by Tenant and the Fair Market Rental actual Base Monthly Rent due as so determined in pursuant to this Section 18.C 19 shall be credited against the next installments of Base Monthly Rent due from Tenant to Landlord hereunder.
Appears in 1 contract
Determination of Fair Market Rental. If Tenant exercises the an Option, Landlord shall send Tenant a notice setting forth the Fair Market Rental for the Option Term within thirty (30) days following the Exercise Datedate of exercise. If Tenant disputes Landlord's ’s determination of Fair Market Rental for the Option Term, Tenant shall, within thirty (30) days after the date delivery to Tenant of Landlord's ’s notice setting forth Fair Market Rental for the Option Term, send to Landlord a notice stating that Tenant either elects to terminate its exercise of the Option, in which event the Option shall lapse and this Lease shall terminate on the Expiration Date, or that Tenant disagrees with Landlord's ’s determination of Fair Market Rental for the Option Term and elects to resolve the disagreement as provided in Section 18.C below. If Tenant does not timely send Landlord a notice as provided in the previous sentence, Landlord's ’s determination of Fair Market Rental shall be used in computing the Base Monthly Rent payable by Tenant during the Option TermTerm pursuant to Section 18.A above. If Tenant elects to resolve the disagreement as provided in Section 18.C below and such procedures are not concluded prior to the commencement date of the Option Term, Tenant shall pay to Landlord as the Base Monthly Rent as determined by Landlord (taking into account the Fair Market Rental as determined by Landlord Landlord) in the manner provided aboveabove pending resolution of such dispute. If the Fair Market Rental Base Monthly Rent as finally determined pursuant to Section 18.C is greater than Landlord's ’s determination, Tenant shall pay Landlord the difference between the amount paid by Tenant and the Fair Market Rental Base Monthly Rent as so determined in Section 18.C within thirty (30) days after such determination. If the Fair Market Rental Base Monthly Rent as finally determined in Section 18.C is less than Landlord's ’s determination, the difference between the amount paid by Tenant and the Fair Market Rental Base Monthly Rent as so determined in Section 18.C shall be credited against the next installments of Base Monthly Rent due from Tenant to Landlord hereunder.
Appears in 1 contract
Samples: Lease Agreement (Cavium, Inc.)
Determination of Fair Market Rental. If Tenant exercises the Option, Landlord shall send Tenant a notice setting forth the Fair Market Rental for the Option Term within thirty (30) days following the Exercise Date. If Tenant disputes Landlord's determination of Fair Market Rental for the Option Term, Tenant shall, within thirty (30) days after the date of Landlord's notice setting forth Fair Market Rental for the Option Term, send to Landlord a notice stating that Tenant either elects to terminate its exercise of the Option, in which event the Option shall lapse and this Lease shall terminate on the Expiration Date, or that Tenant disagrees with Landlord's determination of Fair Market Rental for the Option Term and elects to resolve the disagreement as provided in Section 18.C below. If Tenant does not send Landlord a notice as provided in the previous sentence, LandlordXxxxxxxx's determination of Fair Market Rental shall be the Base Monthly Rent payable by Tenant during the Option Term. If Tenant elects to resolve the disagreement as provided in Section 18.C and such procedures are not concluded prior to the commencement date of the Option Term, Tenant shall pay to Landlord as Base Monthly Rent the Fair Market Rental as determined by Landlord in the manner provided above. If the Fair Market Rental as finally determined pursuant to Section 18.C is greater than Landlord's determination, Tenant shall pay Landlord ***** Confidential portions of the difference between material have been omitted and filed separately with the amount paid by Tenant Securities and the Fair Market Rental as so determined in Section 18.C within thirty (30) days after such determination. If the Fair Market Rental as finally determined in Section 18.C is less than Landlord's determination, the difference between the amount paid by Tenant and the Fair Market Rental as so determined in Section 18.C shall be credited against the next installments of Base Monthly Rent due from Tenant to Landlord hereunderExchange Commission.
Appears in 1 contract
Samples: Lease Agreement (Scios Inc)
Determination of Fair Market Rental. If Tenant exercises the Option, Landlord shall send to Tenant a notice setting forth the Fair Market Rental for the Premises for the Option Term within thirty (30) days following the Exercise Date. If Tenant disputes Landlord's determination of the Fair Market Rental for the Option Term, Tenant shall, within thirty (30) days after the date of Landlord's notice setting forth the Fair Market Rental for the Option Term, send to Landlord a notice stating that Tenant either (i) elects to terminate its exercise of the Option, in which event the Option shall lapse and this Lease shall terminate on the Expiration Date, or that Tenant (ii) disagrees with Landlord's determination of Fair Market Rental for the Option Term and elects to resolve the disagreement as provided in Section 18.C Article 37.C below. If Tenant does not send to Landlord a 27 notice as provided in the previous sentence, LandlordXxxxxxxx's determination of the Fair Market Rental shall be the basis for determining the Base Monthly Rent payable to be paid by Tenant hereunder during the Option Term. If Tenant elects to resolve the disagreement as provided in Section 18.C Article 37.C below and such procedures are shall not have been concluded prior to the commencement date of the Option Term, Tenant shall pay to Landlord as Base Monthly Rent to Landlord the Fair Market Rental as determined by Landlord in the manner provided above. If the amount of Fair Market Rental as finally determined pursuant to Section 18.C Article 37.C below is greater than Landlord's determination, Tenant shall pay to Landlord the difference between the amount paid by Tenant and the Fair Market Rental as so determined in Section 18.C Article 37.C below within thirty (30) days after such the determination. If the Fair Market Rental as finally determined in Section 18.C Article 37.C below is less than Landlord's determination, the difference between the amount paid by Tenant Xxxxxx and the Fair Market Rental as so determined in Section 18.C Article 37.C below shall be credited against the next installments of Base Monthly Rent rent due from Tenant to Landlord hereunder.
Appears in 1 contract
Samples: Declaration of Reciprocal Easement, Easements and Covenants (Terayon Communication Systems)
Determination of Fair Market Rental. If Tenant exercises the Option, Landlord shall send to Tenant a notice setting forth the Fair Market Rental for the Premises for the Option Term within thirty Term, on or before the date that is twelve (3012) days following months prior to the Exercise Expiration Date. If Tenant disputes Landlord's determination of the Fair Market Rental for the Option Term, Tenant shall, within thirty (30) days after the date of Landlord's notice setting forth the Fair Market Rental for the Option Term, send to Landlord a notice stating that Tenant either (i) elects to terminate its exercise of the Option, in which event the Option shall lapse and this Lease shall terminate on the Expiration Date, or that Tenant (ii) disagrees with Landlord's determination of Fair Market Rental for the Option Term and elects to resolve the disagreement as provided in Section 18.C paragraph 37(C) below. If Tenant does not send to Landlord a notice as provided in the previous sentence, Landlord's determination of the Fair Market Rental shall be the basis for determining the Base Monthly Rent payable to be paid by Tenant hereunder during the Option Term. If Tenant elects to resolve the disagreement as provided in Section 18.C paragraph 37(C) below and such procedures are shall not have been concluded prior to the commencement date of the Option Term, Tenant shall pay to Landlord as Base Monthly Rent to Landlord the Fair Market Rental as determined by Landlord in the manner provided above. If the amount of Fair Market Rental as finally determined pursuant to Section 18.C paragraph 37(C) below is greater than Landlord's determination, Tenant shall pay to Landlord the difference between the amount paid by Tenant and the Fair Market Rental as so determined in Section 18.C paragraph 37(C) below within thirty (30) days after such the determination. If the Fair Market Rental as finally determined in Section 18.C paragraph 37(C) below is less than Landlord's determination, the difference between the amount paid by Tenant and the Fair Market Rental as so determined in Section 18.C paragraph 37(C) below shall be credited against the next installments of Base Monthly Rent rent due from Tenant to Landlord hereunder.
Appears in 1 contract
Samples: Sublease (Annuncio Software Inc)
Determination of Fair Market Rental. If Tenant exercises the Option, Landlord shall send Tenant a notice setting forth the Fair Market Rental for the Option Term within thirty (30) days following the Exercise Date. If Tenant disputes Landlord's ’s determination of Fair Market Rental for the Option Term, Tenant shall, within thirty (30) days after the date of Landlord's ’s notice setting forth Fair Market Rental for the Option Term, send to Landlord a notice stating that Tenant either elects to terminate its exercise of the Option, in which event the Option shall lapse and this Lease shall terminate on the Expiration Date, or that Tenant disagrees with Landlord's ’s determination of Fair Market Rental for the Option Term and elects to resolve the disagreement as provided in Section 18.C below. If Tenant does not send Landlord a notice as provided in the previous sentence, Landlord's ’s determination of Fair Market Rental shall be the Base Monthly Rent payable by Tenant during the Option Term. If Tenant elects to resolve the disagreement as provided in Section 18.C and such procedures are not concluded prior to the commencement date of the Option Term, Tenant shall pay to Landlord as Base Monthly Rent the Fair Market Rental as determined by Landlord in the manner provided above. If the Fair Market Rental as finally determined pursuant to Section 18.C is greater than Landlord's ’s determination, Tenant shall pay Landlord the difference between the amount paid by Tenant and the Fair Market Rental as so determined in Section 18.C within thirty (30) days after such determination. If the Fair Market Rental as finally determined in Section 18.C is less than Landlord's ’s determination, the difference between the amount paid by Tenant and the Fair Market Rental as so determined in Section 18.C shall be credited against the next installments of Base Monthly Rent and Additional Rent due from Tenant to Landlord hereunder.
Appears in 1 contract
Samples: Lease Agreement (Netflix Inc)
Determination of Fair Market Rental. If Tenant exercises the Option, Landlord shall send to Tenant a notice setting forth the Fair Market Rental for the Premises for the Option Term within thirty (30) days following of Tenant’s exercise of the Exercise DateOption. If Tenant disputes Landlord's ’s determination of the Fair Market Rental for the Option Term, Tenant shall, within thirty (30) days after the date of Landlord's ’s notice setting forth the Fair Market Rental for the Option Term, send to Landlord a notice stating that Tenant either (i) elects to terminate its exercise of the Option, in which event the Option shall lapse and this Lease shall terminate on the then applicable Expiration Date, or that Tenant (ii) disagrees with Landlord's ’s determination of Fair Market Rental for the Option Term and elects to resolve the disagreement as provided in Section 18.C Article 37.C below. If Tenant does not send to Landlord a notice as provided in the previous sentence, Landlord's ’s determination of the Fair Market Rental shall be the basis for determining the Base Monthly Rent payable to be paid by Tenant hereunder during the Option Term. If Tenant elects to resolve the disagreement as provided in Section 18.C Article 37.C below and such procedures are shall not have been concluded prior to the commencement date of the Option Term, Tenant shall pay to Landlord as Base Monthly Rent to Landlord during such portion of the Option Term prior to the determination of the Fair Market Rental as determined by Landlord in (the manner provided above“Stub Period”) the same Monthly Base Rent due hereunder during the month preceding the then applicable Expiration Date. If the amount of Fair Market Rental as finally determined pursuant to Section 18.C Article 37.C below is greater than Landlord's determinationthe Base Monthly Rent being paid by Tenant during the Stub Period, Tenant shall pay to Landlord the difference between the amount paid by Tenant and the Fair Market Rental for the Stub Period as so determined in Section 18.C pursuant to Article 37.C within thirty (30) days after such determinationthe determination of the Fair Market Rental. If the Fair Market Rental as finally determined in Section 18.C Article 37.C below is less than Landlord's determinationthe Monthly Base Rent being paid during the Stub Period, the difference between the amount paid by Tenant and the Fair Market Rental as so determined in Section 18.C Article 37.C for the Stub Period below shall be credited against the next installments of Base Monthly Rent rent due from Tenant to Landlord hereunder.”
Appears in 1 contract
Samples: Lease (Western Digital Corp)
Determination of Fair Market Rental. If Tenant exercises Included in the Option, Landlord Notice of Exercise shall send Tenant a notice setting forth the Fair Market Rental for the Option Term within thirty (30) days following the Exercise Date. If Tenant disputes Landlordbe Tenant's determination opinion of Fair Market Rental for the Option applicable Extension Term. If Landlord disagrees with Tenant’s opinion of Fair Market Rental, it shall so notify Tenant shall, (“Landlord’s Value Notice”) within thirty (30) days Business Days after receipt of Tenant’s Notice of Exercise. If Landlord has not delivered Landlord’s Value Notice to Tenant within fifteen (15) Business Days after the date of Tenant’s Notice of Exercise, Tenant shall send Landlord a second notice with a legend stating: LANDLORD’S FAILURE TO RESPOND TO THIS NOTICE WITHIN 15 BUSINESS DAYS WILL CONSTITUTE LANDLORD’S ACCEPTANCE OF THE FAIR MARKET RENTAL SET FORTH IN TENANT’S NOTICE OF EXERCISE. The failure of Landlord to so notify Tenant of Landlord's notice setting forth ’s disagreement within thirty (30) Business Days after receipt of Tenant’s Notice of Exercise shall be considered an acceptance by Landlord of Tenant’s opinion of Fair Market Rental for Rental. If Landlord timely sends Tenant Landlord’s Value Notice and the Option Termparties are unable to resolve their differences within thirty (30) Business Days following Tenant's receipt of Landlord’s Value Notice, send then Tenant may, at its option, by written notice to Landlord a notice stating that Tenant either elects to terminate its exercise within ten (10) Business Days following the expiration of the Optionforegoing thirty (30) Business Day period either (i) rescind its Notice of Exercise, in which event the Option Lease Term shall lapse and this Lease shall terminate expire on the Expiration Datedate then set for its expiration, unless the Lease Term is earlier terminated in accordance with its terms or that Tenant disagrees with Landlord's (ii) submit the determination of Fair Market Rental for to arbitration in accordance with the Option Term and elects to resolve terms of this Exhibit E (the disagreement as provided in Section 18.C below"Arbitration Notice"). If Tenant does not send Landlord a notice as provided fails to make either election in accordance with the previous terms of the immediately preceding sentence, Landlord's determination of Fair Market Rental the Lease Term shall be expire on the Base Monthly Rent payable by Tenant during date then set for its expiration, unless the Option Term. If Tenant elects to resolve the disagreement as provided Lease Term is earlier terminated in Section 18.C and such procedures are not concluded prior to the commencement date of the Option Term, Tenant shall pay to Landlord as Base Monthly Rent the Fair Market Rental as determined by Landlord in the manner provided above. If the Fair Market Rental as finally determined pursuant to Section 18.C is greater than Landlord's determination, Tenant shall pay Landlord the difference between the amount paid by Tenant and the Fair Market Rental as so determined in Section 18.C within thirty (30) days after such determination. If the Fair Market Rental as finally determined in Section 18.C is less than Landlord's determination, the difference between the amount paid by Tenant and the Fair Market Rental as so determined in Section 18.C shall be credited against the next installments of Base Monthly Rent due from Tenant to Landlord hereunderaccordance with its terms.
Appears in 1 contract
Determination of Fair Market Rental. If Tenant exercises the Option, Landlord shall send Tenant a notice setting forth the Fair Market Rental for the Option Term within thirty (30) days following the Exercise Date. If Tenant disputes Landlord's determination of Fair Market Rental for the Option Term, Tenant shall, within thirty (30) days after the date of Landlord's notice setting forth Fair Market Rental for the Option Term, send to Landlord a notice stating that Tenant either elects to terminate its exercise of the Option, in which event the Option shall lapse and this Lease shall terminate on the Expiration Date, or that Tenant disagrees with Landlord's determination of Fair Market Rental for the Option Term and elects to resolve the disagreement as provided in Section 18.C below. If Tenant does not send Landlord a notice as provided in the previous sentence, LandlordXxxxxxxx's determination of Fair Market Rental shall be the Base Monthly Rent payable by Tenant during the Option Term. If Tenant elects to resolve the disagreement as provided in Section 18.C and such procedures are not concluded prior to the commencement date of the Option Term, Tenant shall pay to Landlord as Base Monthly Rent the Fair Market Rental as determined by Landlord in the manner provided above. If the Fair Market Rental as finally determined pursuant to Section 18.C is greater than Landlord's determination, Tenant shall pay Landlord the difference between the amount paid by Tenant and the Fair Market Rental as so determined in Section 18.C within thirty (30) days after such determination. If the Fair Market Rental as finally determined in Section 18.C is less than Landlord's determination, the difference between the amount paid by Tenant and the Fair Market Rental as so determined in Section 18.C shall be credited against the next installments of Base Monthly Rent due from Tenant to Landlord hereunder.
Appears in 1 contract
Samples: Lease Agreement (Scios Inc)
Determination of Fair Market Rental. If Tenant exercises the Option, Landlord shall send to Tenant a notice setting forth the Fair Market Rental for the Premises for the Option Term within thirty (30) days following of Tenant's exercise of the Exercise DateOption. If Tenant disputes Landlord's determination of the Fair Market Rental for the Option Term, Tenant shall, within thirty (30) days after the date of Landlord's notice setting forth the Fair Market Rental for the Option Term, send to Landlord a notice stating that Tenant either (i) elects to terminate its exercise of the Option, in which event the Option shall lapse and this Lease shall terminate on the then applicable Expiration Date, or that Tenant (ii) disagrees with Landlord's determination of Fair Market Rental for the Option Term and elects to resolve the disagreement as provided in Section 18.C Article 37.C below. If Tenant does not send to Landlord a notice as provided in the previous sentence, Landlord's determination of the Fair Market Rental shall be the basis for determining the Base Monthly Rent payable to be paid by Tenant hereunder during the Option Term. If Tenant elects to resolve the disagreement as provided in Section 18.C Article 37.C below and such procedures are shall not have been concluded prior to the commencement date of the Option Term, Tenant shall pay to Landlord as Base Monthly Rent to Landlord during such portion of the Option Term prior to the determination of the Fair Market Rental as determined by Landlord in (the manner provided above"Stub Period") the same Monthly Base Rent due hereunder during the month preceding the then applicable Expiration Date. If the amount of Fair Market Rental as finally determined pursuant to Section 18.C Article 37.C below is greater than Landlord's determinationthe Base Monthly Rent being paid by Tenant during the Stub Period, Tenant shall pay to Landlord the difference between the amount paid by Tenant and the Fair Market Rental for the Stub Period as so determined in Section 18.C pursuant to Article 37.C within thirty (30) days after such determinationthe determination of the Fair Market Rental. If the Fair Market Rental as finally determined in Section 18.C Article 37.C below is less than Landlord's determinationthe Monthly Base Rent being paid during the Stub Period, the difference between the amount paid by Tenant and the Fair Market Rental as so determined in Section 18.C Article 37.C for the Stub Period below shall be credited against the next installments of Base Monthly Rent rent due from Tenant to Landlord hereunder."
Appears in 1 contract
Samples: Lease (Komag Inc /De/)
Determination of Fair Market Rental. If Tenant exercises the Option, Landlord shall send Tenant a notice setting forth the Fair Market Rental for the Option Term within thirty (30) days following the Exercise Date. If Tenant disputes Landlord's determination of Fair Market Rental for the Option Term, Tenant shall, within thirty (30) days after the date of Landlord's notice setting forth Fair Market Rental for the Option Term, send to Landlord a notice stating that Tenant either elects to terminate its exercise of the Option, in which event the Option shall lapse and this Lease shall terminate on the Expiration Date, or that Tenant disagrees with Landlord's determination of Fair Market Rental for the Option Term and elects to resolve the disagreement as provided in Section 18.C below. If Tenant does not send Landlord a notice as provided in the previous sentence, Landlord's determination of Fair Market Rental shall be the Base Monthly Rent payable by Tenant during the Option Term. If Tenant elects to resolve the disagreement as provided in Section 18.C and such procedures are not concluded prior to the commencement date of the Option Term, Tenant shall pay to Landlord as Base Monthly Rent the Fair Market Rental as determined by Landlord in the manner provided above. If the Fair Market Rental as finally determined pursuant to Section 18.C is greater than Landlord's determination, Tenant shall pay Landlord the difference between the amount paid by Tenant and the Fair Market Rental as so determined in Section 18.C within thirty (30) days after such determination. If the Fair Market Rental as finally determined in Section 18.C is less than Landlord's determination, the difference between the amount paid by Tenant and the Fair Market Rental as so determined in Section 18.C shall be credited against the next installments of Base Monthly Rent due from Tenant to Landlord hereunder.. Resolution of a Disagreement over the Fair Market Rental: Any disagreement regarding Fair Market Rental shall be resolved as follows:
Appears in 1 contract
Samples: Lease Termination and Settlement Agreement (Network Equipment Technologies Inc)
Determination of Fair Market Rental. If Tenant exercises the Option, Landlord shall send to Tenant a notice setting forth the Fair Market Rental for the Premises for the Option Term within thirty (30) days following of Tenant's exercise of the Exercise DateOption. If Tenant disputes Landlord's determination of the Fair Market Rental for the Option Term, Tenant shall, within thirty (30) days after the date of Landlord's notice setting forth the Fair Market Rental for the Option Term, send to Landlord a notice stating that Tenant either (i) elects to terminate its exercise of the Option, in which event the Option shall lapse and this Lease shall terminate on the Expiration Date, or that Tenant (ii) disagrees with Landlord's determination of Fair Market Rental for the Option Term and elects to resolve the disagreement as provided in Section 18.C Article 37.C below. If Tenant does not send to Landlord a notice as provided in the previous sentence, Landlord's determination of the Fair Market Rental shall be the basis for determining the Base Monthly Rent payable to be paid by Tenant hereunder during the Option Term. If Tenant elects to resolve the disagreement as provided in Section 18.C Article 37.C below and such procedures are shall not have been concluded prior to the commencement date of the Option Term, Tenant shall pay to Landlord as Base Monthly Rent to Landlord the Fair Market Rental as determined by Landlord in rent due hereunder during the manner provided abovemonth preceding the Expiration Date. If the amount of Fair Market Rental as finally determined pursuant to Section 18.C Article 37.C below is greater than Landlord's determination, Tenant shall pay to Landlord the difference between the amount paid by Tenant and the Fair Market Rental as so determined in Section 18.C he rent due hereunder during the month preceding the Expiration Date within thirty (30) days after such the determination. If the Fair Market Rental as finally determined in Section 18.C Article 37.C below is less than Landlord's determination, the difference between the amount paid by Tenant and the Fair Market Rental as so determined in Section 18.C Article 37.C below shall be credited against the next installments of Base Monthly Rent rent due from Tenant to Landlord hereunder.
Appears in 1 contract
Samples: Lease Agreement (Komag Inc /De/)
Determination of Fair Market Rental. If Tenant exercises the Option, Landlord shall send Tenant a notice setting forth the Fair Market Rental for the Option Term within thirty (30) days following the Exercise Date. If Tenant disputes Landlord's ’s determination of Fair Market Rental for the Option Term, Tenant shall, within thirty (30) days after the date of Landlord's ’s notice setting forth Fair Market Rental for the Option Term, send to Landlord a notice stating that Tenant either elects to terminate its exercise of the Option, in which event the Option shall lapse and this Lease shall terminate on the Expiration Date, or that Tenant disagrees with Landlord's ’s determination of Fair Fan- Market Rental for the Option Term and elects to resolve the disagreement as provided in Section 18.C below. If Tenant does not send Landlord a notice as provided in the previous sentence, Landlord's ’s determination of Fair Market Rental shall be the basis for determining the Base Monthly Rent payable by Tenant during the Option Term. If Tenant elects to resolve the disagreement as provided in Section 18.C below and such procedures are not concluded prior to the commencement date of the Option Term, Tenant shall pay to Landlord as Base Monthly Rent the Fair Market Rental as determined by Landlord in the manner provided above. If the Fair Market Rental as finally determined pursuant to Section 18.C the provisions set forth below is greater than Landlord's ’s determination, Tenant shall pay Landlord the difference between the amount paid by Tenant and the Fair Market Rental as so determined in Section 18.C within thirty (30) days after such said determination. If the Fair Market Rental as finally determined in Section 18.C is less than Landlord's determination’s deterrnination, the difference between the amount paid by Tenant and the Fair Market Rental as so determined in Section 18.C shall be credited against the next installments of Base Monthly Rent due from Tenant to Landlord hereunder.
Appears in 1 contract
Samples: Lease Agreement (Circle Bancorp)
Determination of Fair Market Rental. If Tenant exercises the Option, Landlord shall send to Tenant a notice setting forth the Fair Market Rental for the Premises for the Option Term within thirty Term, on or before the date that is one hundred fifty (30150) days following prior to the Exercise Expiration Date. If Tenant disputes Landlord's ’s determination of the Fair Market Rental for the Option Term, Tenant shall, within thirty (30) days after the date of Landlord's ’s notice setting forth the Fair Market Rental for the Option Term, send to Landlord a notice stating that Tenant either (i) elects to terminate its exercise of the Option, in which event the Option shall lapse and this Lease shall terminate on the Expiration Date, or that Tenant (ii) disagrees with Landlord's ’s determination of Fair Market Rental for the Option Term and elects to resolve the disagreement as provided in Section 18.C paragraph 36(C) below. If Tenant does not send to Landlord a notice as provided in the previous sentence, Landlord's ’s determination of the Fair Market Rental shall be the basis for determining the Base Monthly Rent payable to be paid by Tenant hereunder during the Option Term. If Tenant elects to resolve the disagreement as provided in Section 18.C paragraph 36(C) below and such procedures are shall not have been concluded prior to the commencement date of the Option Term, Tenant shall pay to Landlord as Base Monthly Rent to Landlord hereunder adjusted to reflect the Fair Market Rental as determined by Landlord in the manner provided above. If the amount of Fair Market Rental as finally determined pursuant to Section 18.C in paragraph 36(C) below is greater than Landlord's ’s determination, Tenant shall pay to Landlord the difference between the amount paid by Tenant and the Fair Market Rental as so determined in Section 18.C paragraph 36(C) below within thirty (30) days after such the determination. If the Fair Market Rental as finally determined in Section 18.C paragraph 36(C) below is less than Landlord's ’s determination, the difference between the amount paid by Tenant and the Fair Market Rental as so determined in Section 18.C paragraph 36(C) below shall be credited against the next installments of Base Monthly Rent rent due from Tenant to Landlord hereunder.
Appears in 1 contract
Samples: Lease Agreement (Affymetrix Inc)
Determination of Fair Market Rental. If Tenant exercises Sublandlord has not previously noticed Subtenant of Sublandlord’s intention to Lease the OptionPremises upon the expiration of the initial five (5) year Term, Landlord then Sublandlord shall, within ten (10) business days after receipt of Subtenant’s Exercise Notice, notify Subtenant in writing of the proposed Fair Market Rental to be charged by Sublandlord for the applicable Renewal Term (“Sublandlord’s Determination”). Subtenant shall send Tenant a notice setting forth have one (1) month (“Subtenant’s Review Period”) after receipt of Sublandlord’s Determination within which to accept Sublandlord’s Determination or to object thereto in writing. In the event Subtenant fails to object to Sublandlord’s Determination in writing within Subtenant’s Review Period, Sublandlord’s Determination of the Fair Market Rental shall be deemed accepted. If Subtenant objects to Sublandlord’s Determination within Subtenant’s Review Period, the parties shall then have ten (10) business days (the “Negotiating Period”) after the expiration of Subtenant’s Review Period within which to agree on the Fair Market Rental for the Option Term within thirty (30) days following the Exercise DateRenewal Term. If Tenant disputes Landlord's determination of the parties agree on the Fair Market Rental for the Option TermRenewal Term within the Negotiating Period, Tenant shall, within thirty (30) days after the date of Landlord's notice they shall immediately execute an amendment to this Lease setting forth the new Monthly Rent. If the parties are unable to agree on the Fair Market Rental for the Option Term, send Renewal Term within the Negotiating Period then each party shall place in a separate sealed envelope their final proposal as to Landlord a notice stating that Tenant either elects to terminate its exercise of the Option, in which event the Option shall lapse and this Lease shall terminate on the Expiration Date, or that Tenant disagrees with Landlord's determination of such Fair Market Rental for and such determination shall be submitted to arbitration in accordance with the Option Term and elects to resolve the disagreement as provided in Section 18.C below. If Tenant does not send Landlord a notice as provided procedures set forth in the previous sentence, Landlord's determination last three (3) paragraphs of Fair Market Rental shall be the Base Monthly Rent payable by Tenant during the Option Term. If Tenant elects to resolve the disagreement as provided in Section 18.C and such procedures are not concluded prior to the commencement date of the Option Term, Tenant shall pay to Landlord as Base Monthly Rent the Fair Market Rental as determined by Landlord in the manner provided above. If the Fair Market Rental as finally determined pursuant to Section 18.C is greater than Landlord's determination, Tenant shall pay Landlord the difference between the amount paid by Tenant and the Fair Market Rental as so determined in Section 18.C within thirty (30) days after such determination. If the Fair Market Rental as finally determined in Section 18.C is less than Landlord's determination, the difference between the amount paid by Tenant and the Fair Market Rental as so determined in Section 18.C shall be credited against the next installments of Base Monthly Rent due from Tenant to Landlord hereunder.2.3
Appears in 1 contract
Determination of Fair Market Rental. If Tenant Lessee exercises the Option, Landlord Lessor shall send Tenant to Lessee a notice setting forth the Lessor's good faith determination of Fair Market Rental for the Premises for the Option Term within thirty Term, on or before the date that is twelve (3012) days following months prior to the Exercise Expiration Date. If Tenant Lessee disputes LandlordLessor's determination of the Fair Market Rental for the Option Term, Tenant Lessee shall, within thirty (30) days after the date of LandlordLessor's notice setting forth the Fair Market Rental for the Option Term, send to Landlord Lessor a notice stating that Tenant Lessee either (i) elects to terminate its exercise of the Option, in which event even the Option shall lapse and this Lease shall terminate on oh the Expiration Date, or that Tenant (ii) disagrees with LandlordLessor's determination of Fair Market Rental for the Option Term and elects to resolve the disagreement as provided in Section 18.C Subsection 7.C, below. If Tenant Lessee does not send Landlord to Lessor a notice as provided in the previous sentence, LandlordLessor's determination of the Fair Market Rental shall be the basis for determining the Base Monthly Rent payable to be paid by Tenant Lessee hereunder during the Option Term. If Tenant Lessee elects to resolve the disagreement as provided in Section 18.C Subsection 7.C, below, and such procedures are shall not have been concluded prior to the commencement date of the Option Term, Tenant Lessee shall pay to Landlord as Base Monthly Rent to Lessor the Fair Market Rental as determined by Landlord Lessor in the manner provided above. If the amount of Fair Market Rental as finally determined pursuant to Section 18.C Subsection 7.C, below, is greater than LandlordLessor's determination, Tenant Lessee shall pay Landlord to Lessor the difference between the amount paid by Tenant Lessee and the Fair Market Rental as so determined in Section 18.C Subsection 7.C, below, within thirty (30) days after such the determination. If the Fair Market Rental as finally determined in Section 18.C Subsection 7.C, below, is less than LandlordLessor's determination, the difference between the amount paid by Tenant Lessee and the Fair Market Rental as so determined in Section 18.C Subsection 7.C, below, shall be credited against the next installments of Base Monthly Rent rent due from Tenant Lessee to Landlord Lessor hereunder.
Appears in 1 contract
Samples: Standard Industrial/Commercial Single Tenant Lease (Introbiotics Phamaceuticals Inc)
Determination of Fair Market Rental. If Tenant exercises the Option, Landlord shall send to Tenant a notice setting forth the Fair Market Rental for the Premises for the Option Term within thirty Term, on or before the date that is twelve (3012) days following months prior to the Exercise Expiration Date. If Tenant disputes Landlord's determination of the Fair Market Rental for the Option Term, Tenant shall, within thirty (30) days after the date of Landlord's notice setting forth the Fair Market Rental for the Option Term, send to Landlord a notice stating that Tenant either (i) elects to terminate its exercise of the Option, in which event the Option shall lapse and this Lease shall terminate on the Expiration Date, or that Tenant (ii) disagrees with Landlord's determination of Fair Market Rental for the Option Term and elects to resolve the disagreement as provided in Section 18.C paragraph 37.C below. If Tenant does not send to Landlord a notice as provided in the previous sentenceherein, Landlord's determination of the Fair Market Rental shall be the basis for determining the Base Monthly Rent payable to be paid by Tenant hereunder during the Option Term. If Tenant elects to resolve the disagreement as provided in Section 18.C paragraph 37.C below and such procedures are shall not have been concluded prior to the commencement date of the Option Term, Tenant shall pay to Landlord as Base Monthly Rent to Landlord the Fair Market Rental as determined by Landlord in the manner provided above. If the amount of Fair Market Rental as finally determined pursuant to Section 18.C paragraph 37.C below is greater than Landlord's determination, Tenant shall pay to Landlord the difference between the amount paid by Tenant and the Fair Market Rental as so determined in Section 18.C paragraph 37.C below within thirty (30) 30 days after such the determination. If the Fair Market Rental as finally determined in Section 18.C paragraph 37.C below is less than Landlord's determination, the difference between the amount paid by Tenant and the Fair Market Rental as so determined in Section 18.C paragraph 37.C below shall be credited against the next installments of Base Monthly Rent rent due from Tenant to Landlord hereunder.
Appears in 1 contract
Determination of Fair Market Rental. If Tenant exercises the Option, Landlord shall send Tenant a notice setting forth the Fair Market Rental for the Option Term within thirty (30) days following the Exercise Datedate of exercise. If Tenant disputes Landlord's ’s determination of Fair Market Rental for the Option Term, Tenant shall, within thirty (30) days after the date delivery to Tenant of Landlord's ’s notice setting forth Fair Market Rental for the Option Term, send to Landlord a notice stating that Tenant either elects to terminate its exercise of the Option, in which event the Option shall lapse and this Lease shall terminate on the Expiration Date, or that Tenant disagrees with Landlord's ’s determination of Fair Market Rental for the Option Term and elects to resolve the disagreement as provided in Section 18.C 5.3 below. If Tenant does not timely send Landlord a notice as provided in the previous sentence, Landlord's ’s determination of Fair Market Rental shall be deemed the agreed upon Fair Market Rental amount to be used in computing Base Monthly Rent payable by Tenant during the Option Term. If Tenant elects to resolve the disagreement as provided in Section 18.C 5.3 below and such procedures are not concluded prior to the commencement date of the Option Term, Tenant shall pay to Landlord as Base Monthly Rent the greater of (i) the Base Rent in effect immediately before the start of the Option Term (without regard to temporary reductions or abatements then in effect, or (ii) ninety five percent (95%) of the Fair Market Rental as determined by Landlord in the manner provided above. If the Fair Market Rental as finally determined pursuant to Section 18.C 5.3 is greater than Landlord's ’s determination, Tenant shall pay Landlord the difference between the amount paid by Tenant and the Fair Market Rental actual Base Rent due as so determined in Section 18.C this Article 5 within thirty (30) days after such determination. If the Fair Market Rental as finally determined in Section 18.C 5.3 is less than Landlord's ’s determination, the difference between the amount paid by Tenant and the Fair Market Rental actual Base Rent due as so determined in Section 18.C pursuant to this Article 5 shall be credited against the next installments of Base Monthly Rent due from Tenant to Landlord hereunder.
Appears in 1 contract
Determination of Fair Market Rental. If Tenant exercises the Option, Landlord shall send Tenant a notice setting forth the Fair Market Rental for the Option Term within thirty (30) days following the Exercise Date. If Tenant disputes Landlord's ’s determination of Fair Market Rental for the Option Term, Tenant shall, within thirty (30) days after the date of Landlord's ’s notice setting forth Fair Market Rental for the Option Term, send to Landlord a notice stating that Tenant either elects to terminate its exercise of the Option, in which event the Option shall lapse and this Lease shall terminate on the Expiration Date, or that Tenant disagrees with Landlord's ’s determination of Fair Market Rental for the Option Term and elects to resolve the disagreement as provided in Section 18.C below. If Tenant does not send Landlord a notice as provided in the previous sentence, Landlord's ’s determination of Fair Market Rental shall be the basis for determining the Base Monthly Rent payable by Tenant during the Option Term. If Tenant elects to resolve the disagreement as provided in Section 18.C below and such procedures are not concluded prior to the commencement date of the Option Term, Tenant shall pay to Landlord as Base Monthly Rent the Fair Market Rental as determined by Landlord in the manner provided above. If the Fair Market Rental as finally determined pursuant to Section 18.C the provisions set forth below is greater than Landlord's ’s determination, Tenant shall pay Landlord the difference between the amount paid by Tenant and the Fair Market Rental as so determined in Section 18.C within thirty (30) days after such said determination. If the Fair Market Rental as finally determined in Section 18.C is less than Landlord's ’s determination, the difference between the amount paid by Tenant and the Fair Market Rental as so determined in Section 18.C shall be credited against the next installments of Base Monthly Rent due from Tenant to Landlord hereunder.
Appears in 1 contract
Samples: Office Lease Agreement (Hercules Technology Growth Capital Inc)
