Common use of Determination of Fair Market Rental Clause in Contracts

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 the parties are unable to agree upon a Minimum Monthly Rent for the Extended Term within thirty (30) days following Landlord's receipt of the Notice of Exercise, within ten (10) days after the expiration thereof, either party at its sole cost and expense and by giving notice to the other party in writing, may appoint a real estate appraiser who is a member of the Appraisal Institute, or the Society of Real Estate Appraisers, or an equivalent professional organization, with at least five (5) years' experience appraising properties devoted to the same general type of use (e.g. retail, office) as the Premises in the county in which the Premises are located ("Qualified Appraiser"), to set the Minimum Monthly Rent for the Extended Term. The terms "Minimum Monthly Rent" and "Fair Market Rental" as used in this article shall be interchangeable. If a party does not appoint a Qualified Appraiser within ten (10) days after the first party has given notice of the name of its Qualified Appraiser, the single Qualified Appraiser appointed shall be the sole appraiser and shall set the Fair Market Rental for the Extended Term. If two Qualified Appraisers are timely appointed by the parties, they shall meet promptly, on five (5) days notice to the parties, to take such evidence and other information as the parties may deem reasonable to submit to the Qualified Appraisers. Within thirty (30) days after the selection of the last of the two Qualified Appraisers to be appointed by the parties, the Qualified Appraisers shall render their opinions of the Fair Market Rental for the Premises as above qualified. If the two valuations are within ten percent (10%) of each other, they shall be averaged and the average of the two shall be the Minimum Monthly Rent for the Extended Term. If only one appraisal is timely submitted that appraisal shall constitute the Minimum Monthly Rent for the Extended Term. If the two valuations are separated by more than ten percent (10%), then the two appraisers shall, within ten (10) days following the last date for submission of the two appraisals of Fair Market Rental, appoint a third Qualified Appraiser. If they are unable to agree upon a third Qualified Appraiser within such ten (10) day period, either of then parties to this Lease, by giving five (5) days' notice to the other party, may demand Arbitration as specified in Section 6 of this Addendum. If neither party applies for Arbitration within the ten (10) day period herein specified, the two appraisals of value shall be averaged as stated above.

Determination of Fair Market Rental. Upon exercise of the right to extend the term, and included within the Notice of Exercise, Tenant Lessee shall notify Landlord Lessor of its opinion of Fair Market Rental as above defined for the Extended Term. However, in no event shall Lessor be obligated to join any such discussions, nor shall any appraisal or Arbitration described herein commence prior to three hundred sixty-five (365) days before the expiration of the then current Term. If the parties are unable to agree upon a Minimum Monthly Rent for the Extended Term within thirty (30) days following Landlord's receipt of the Notice of Exercisethereafter, then, within ten (10) days after the expiration thereofof such period, either party at its sole own cost and expense and by giving notice to the other party in writing, may appoint a real estate appraiser who is a member Member of the Appraisal Institute, or the Society of Real Estate Appraisers, or an equivalent professional organization, with at least five (5) years' experience appraising properties devoted to the same general type of use (e.g. retail, office) as the Leased Premises in the county in which the Leased Premises are located located, ("Qualified Appraiser"), to set the Minimum Monthly Rent for the Extended Term. The terms "Minimum Monthly Rent" and ninety per cent (90%) of the "Fair Market Rental" as used in this article shall be interchangeable. If a party does not appoint a Qualified Appraiser within ten (10) days after the first party has given notice of the name of its Qualified Appraiser, the single Qualified Appraiser appointed shall be the sole appraiser and shall set the Fair Market Rental for the Extended Term. If two Qualified Appraisers are timely appointed by the parties, they shall meet promptly, on five (5) days days' notice to the parties, to take such evidence and other information as the parties may deem reasonable to submit to the Qualified Appraisers. Within thirty (30) days after the selection of the last of the two Qualified Appraisers to be appointed by the parties, the Qualified Appraisers shall render their opinions of the Fair Market Rental for of the Premises premises as above qualified. If the two valuations are within ten percent per cent (10%) of each other, they shall be averaged and ninety per cent (90%) of the average of the two shall be the Minimum Monthly Rent for the Extended Term. If only one appraisal is timely submitted submitted, ninety per cent (90%) of that appraisal shall constitute the Minimum Monthly Rent for the Extended Term. If the two valuations are separated by more than ten percent per cent (10%), then the two appraisers shall, within ten (10) days following the last date for submission of the two appraisals of Fair Market Rental, appoint a third Qualified Appraiser. If they are unable to agree upon a third Qualified Appraiser within such ten (10) day period, either of then the parties to this Lease, by giving five (5) days' notice to the other party, may demand Arbitration as specified in Section 6 Subsection (f) of this AddendumSection. If neither party applies for Arbitration within the ten (10) day period herein specified, the two appraisals of value shall be averaged as stated above.

Determination of Fair Market Rental. Upon exercise of the right to extend for the termsecond Extended Term, and included within the Notice of Exercise, Tenant Lessee shall notify Landlord Lessor of its opinion of Fair Market Rental as above defined for the second Extended Term. If the parties are unable to agree upon a Minimum Monthly Base Rent for the second Extended Term within thirty (30) days following Landlord's Lessor’s receipt of the Notice of to Exercise, within ten (10) days after the expiration thereofthereafter, either party at its sole own cost and expense and by giving notice to the other party in writing, may appoint a real estate appraiser who is a member of the Appraisal Institute, or the Society of Real Estate Appraisers, or an equivalent professional organization, with at least five (5) years' ’ experience appraising properties devoted to the same general type of use (e.g. retailoffice, officeindustrial) as the Premises in the county in which the Premises are located ("“Qualified Appraiser"”), to set the Minimum Monthly Rent Fair Market Rental for the second Extended Term. The terms "Minimum Monthly “Base Rent" ” and "“Fair Market Rental" ” as used in this article shall be interchangeable. If a party does not appoint a Qualified Appraiser within ten (10) days after the first party has given notice of the name of its Qualified Appraiser, the single Qualified Appraiser appointed shall be the sole appraiser and shall set the Fair Market Rental for the second Extended Term. If two Qualified Appraisers are timely appointed by the parties, they shall meet promptly, on five (5) days days’ notice to the parties, to take such evidence and other information as the parties may deem reasonable to submit to the Qualified AppraisersAppraiser. Within thirty (30) days after the selection of the last of the two Qualified Appraisers to be appointed by the parties, the Qualified Appraisers shall render their opinions of the Fair Market Rental for of the Premises as above qualified. If the two valuations are within ten percent (10%) of each other, they shall be averaged and the average of the two shall be the Minimum Monthly Base Rent for the second Extended Term. If only one appraisal is timely submitted submitted, that appraisal opinion shall constitute the Minimum Monthly Base Rent for the second Extended Term. If the two valuations are separated by more than ten percent (10%), then the two appraisers Qualified Appraisers shall, within ten (10) days following the last date for submission of the two appraisals of Fair Market Rental, appoint a third Qualified Appraiser. If they are unable to agree upon a third Qualified Appraiser within such ten (10) day period, either of then the parties to this Lease, by giving five (5) days' ’ notice to the other party, may demand Arbitration as specified in Section 6 7 of this Addendum. If neither party applies for Arbitration within the ten (10) day period herein specified, the two appraisals of value Fair Market Rental shall be averaged as stated above, and such average shall be the Base Rent for the second Extended Term.

Determination of Fair Market Rental. Upon exercise For purposes hereof, the term "FAIR MARKET RENTAL" means, for any Extension Term, the rental then in effect for comparable space (which shall mean industrial buildings comparable in size, age and quality of construction in the right to extend the term, "Charlotte-Rock Hill Metropolitan Statistical Area") between arm's length parties and included within the Notice of Exercise, Tenant shall notify without contribution by Landlord of its opinion of Fair Market Rental as above defined for the Extended Termadditional alterations or finishout. If the parties are unable to agree upon a Minimum Monthly Rent for the Extended Term within thirty (30) days following Landlord's receipt of the Notice of Exercise, within Within ten (10) business days after the expiration thereoffollowing Xxxxxxxx's receipt of Tenant's Renewal Notice, either party at its sole cost and expense and by giving notice to the other party in writing, may appoint a real estate appraiser who is a member of the Appraisal Institute, or the Society of Real Estate Appraisers, or an equivalent professional organization, with at least five (5) years' experience appraising properties devoted to the same general type of use (e.g. retail, office) as the Premises in the county in which the Premises are located ("Qualified Appraiser"), to set the Minimum Monthly Rent for the Extended Term. The terms "Minimum Monthly Rent" and "Fair Market Rental" as used in this article Landlord shall be interchangeable. If a party does not appoint a Qualified Appraiser within ten (10) days after the first party has given notice of the name notify Tenant of its Qualified Appraiser, the single Qualified Appraiser appointed shall be the sole appraiser and shall set the Fair Market Rental for the Extended Term. If two Qualified Appraisers are timely appointed by the parties, they shall meet promptly, on five (5) days notice to the parties, to take such evidence and other information as the parties may deem reasonable to submit to the Qualified Appraisers. Within thirty (30) days after the selection of the last of the two Qualified Appraisers to be appointed by the parties, the Qualified Appraisers shall render their opinions agreement or disagreement with Tenant's determination of the Fair Market Rental for the Premises as above qualifiedset forth in Tenant's Renewal Notice. If the two valuations are within ten percent (10%) of each other, they shall be averaged and the average of the two shall be the Minimum Monthly Rent for the Extended Term. If only one appraisal is timely submitted that appraisal shall constitute the Minimum Monthly Rent for the Extended Term. If the two valuations are separated by more than ten percent (10%), then the two appraisers shall, within ten (10) days following the last date for submission of the two appraisals Landlord disagrees with Xxxxxx's determination of Fair Market Rental, Landlord and Tenant shall negotiate in good faith to resolve the dispute prior to the date which is fourteen (14) months prior to the expiration of the then existing Initial Term or Extension Term, as applicable. If Landlord and Tenant are unable to resolve the dispute by the date which is fourteen (14) months prior to the end of the then-current Initial Term or Extension Term, as applicable, Landlord and Tenant shall submit the determination of Fair Market Rental to arbitration, and Landlord and Tenant shall each appoint one (1) arbitrator who shall be an MAI appraiser who shall have been active over the three (3) year period ending on the date of such appointment in the leasing of industrial properties in the "Charlotte-Rock Hill Metropolitan Statistical Area" (a "QUALIFIED APPRAISER"), and such Qualified Appraisers shall appoint a third Qualified AppraiserMAI appraiser meeting the foregoing criteria (the "THIRD APPRAISER"). If they are unable either Landlord or Tenant fails to agree upon a third appoint its Qualified Appraiser within by such ten date, the other party hereto shall be authorized to appoint the Qualified Appraiser for such party. Each of the two (102) day periodQualified Appraisers shall separately determine whether Landlord's or Tenant's submitted Fair Market Rental is the closest to such appraiser's judgment as to the actual Fair Market Rental consistent with the requirements of this SECTION 2.1(c) on or before the date thirteen (13) months prior to the expiration of the then current Initial Term or Renewal Term, either as applicable. If the determination of then parties the Qualified Appraisers is the same, such determination shall, subject to the last sentence of this Section 2.1(c), constitute Fair Market Rental under this Lease. If the determination of Fair Market Rental by the two (2) Qualified Appraisers differs, the Third Appraiser shall choose whether the Fair Market Rental submitted by giving five (5) days' notice Landlord or by Tenant is the proper determination of Fair Market Rental, which determination shall, subject to the other party, may demand Arbitration as specified in Section 6 last sentence of this AddendumSECTION 2.1(c), constitute Fair Market Rental under this Lease. If neither party applies for Arbitration within The cost of such determinations by the ten (10) day period herein specified, Qualified Appraisers and the two appraisals of value Third Appraiser shall be averaged paid by the party whose submitted Fair Market Rental was not selected. Notwithstanding the foregoing, Fair Market Rental for any Extension Term shall not in any event be less than Scheduled Base Rent for the immediately preceding Initial Term or Extension Term, as stated aboveapplicable.

Determination of Fair Market Rental. Upon exercise Promptly after the determination by Landlord of the right Fair Market Rental, but in no event later than thirty (30) days after receipt of Tenant's Extension Notice, Landlord shall send written notice to extend Tenant thereof and shall advise Tenant of the term, and included within adjustment to the Notice of Exercise, Annual Rent. In the event Tenant shall notify Landlord of its opinion disagrees with Landlord's determination of Fair Market Rental as above defined for or if Landlord fails to deliver said notice, Landlord and Tenant shall have thirty (30) days to negotiate in good faith the Extended Termdetermination of the Fair Market Rental. In the event the parties cannot agree on such determination, then either party may, by written notice to the other party, require that the determination of the Fair Market Rental be made by an independent M.A.I. appraiser having substantial experience with leasing of similar office space in Center City Philadelphia. Such M.A.I. appraiser shall be mutually agreed to by Landlord and Tenant within fifteen (15) days. If Landlord and Tenant cannot agree on an appraiser, Landlord shall select one, Tenant shall select one and the two appointed parties are unable to agree upon shall jointly select a Minimum Monthly Rent for third appraiser (the Extended Term "panel of appraisers"), provided each of the appraisers shall have substantial experience with leasing of similar office space in Center City Philadelphia. Such M.A.I. appraiser (or panel of appraisers) shall be chosen within thirty (30) days following Landlordafter Tenant's receipt of the Notice of Exercise, within ten (10) days after the expiration thereof, either party at its sole cost and expense and notice requiring determination by giving notice to the other party in writing, may appoint a real estate appraiser who is a member of the Appraisal Institute, or the Society of Real Estate Appraisers, or an equivalent professional organization, with at least five (5) years' experience appraising properties devoted to the same general type of use (e.g. retail, office) as the Premises in the county in which the Premises are located ("Qualified Appraiser"), to set the Minimum Monthly Rent for the Extended Term. The terms "Minimum Monthly Rent" and "Fair Market Rental" as used in this article shall be interchangeable. If a party does not appoint a Qualified Appraiser within ten (10) days after the first party has given notice of the name of its Qualified Appraiser, the single Qualified Appraiser appointed shall be the sole appraiser and shall set the Fair Market Rental for the Extended Term. If two Qualified Appraisers are timely appointed by the parties, they shall meet promptly, on five (5) days notice to the parties, to take such evidence and other information as the parties may deem reasonable to submit to the Qualified Appraisersappraisal. Within thirty (30) days after the selection of the last appraiser (or panel of appraisers) Landlord and Tenant shall each present to the two Qualified Appraisers appraiser (or the panel of appraisers) a written proposal specifying their belief as to be appointed by the parties, the Qualified Appraisers shall render their opinions of the Fair Market Rental Rental. The appraiser (or the panel of appraisers by majority vote) shall accept either the Landlord's proposal or the Tenant's proposal for the Premises as above qualified. If the two valuations are within ten percent (10%) of each other, they shall be averaged and the average of the two shall be the Minimum Monthly Rent for the Extended Term. If only one appraisal is timely submitted that appraisal shall constitute the Minimum Monthly Rent for the Extended Term. If the two valuations are separated by more than ten percent (10%), then the two appraisers shall, within ten (10) days following the last date for submission of the two appraisals of Fair Market Rental, appoint a third Qualified Appraiser. If they are unable to agree upon a third Qualified Appraiser within such ten (10) day period, either of then parties to this Lease, by giving five (5) days' notice to the other party, may demand Arbitration as specified in Section 6 of this Addendum. If neither party applies for Arbitration within the ten (10) day period herein specified, the two appraisals of value which decision shall be averaged as stated abovebinding upon Landlord and Tenant. Landlord and Tenant shall separately pay any fees and expenses of any separate counsel and witnesses selected by them, and shall divide equally the fees and expenses charged by the appraiser (or the panel of appraisers).

Determination of Fair Market Rental. Upon Promptly following exercise of the right Option to extend Expand, the term, parties shall meet and included within endeavor to agree upon the Notice of Exercise, Tenant shall notify Landlord of its opinion of Fair Market Rental of the Expansion Space as above defined for of the Extended first day of the thirty-seventh (37th) month of the Lease Term. If the parties are unable to agree upon a Minimum Monthly Rent for the Extended Term within thirty (30) days following Landlord's receipt after exercise of the Notice Option to Expand, the parties cannot agree upon the Fair Market Rental, the parties shall submit the matter to binding appraisal in accordance with the following procedure: Within sixty (60) days after exercise of Exercisethe Option to Expand, the parties shall either (a) jointly appoint an appraiser for this purpose or (b) failing this joint action, separately designated an appraiser unless he or she has at least five (5) years experience in appraising major commercial property in Santa Xxxxx County and is a member of a recognized society of real estate appraisers. If, within thirty (30) days after their appointment, the two appraisers reach agreement on the Fair Market Rental, that value shall be binding and conclusive upon the parties. If the two appraisers thus appointed cannot reach agreement on the question presented within thirty (30) days after their appointment, then the appraisers having like qualifications. If within thirty (30) days after the appointment of the third appraiser, a majority of the appraisers agree on the Fair Market Rental, that value shall be binding and conclusive upon the parties. If within thirty (30) days after the appointment of the third appraiser, a majority of the appraisers cannot reach agreement on the question presented, then the three appraisers shall each submit their independent appraisal to the parties, and the appraisal farthest from the median of the three appraisals shall be disregarded and the mean average of the remaining two appraisals shall be deemed to be the Fair Market Rental of the Expansion Space as of the first day of the first day of the thirty-seventh (37th) month of the Lease Term and shall be binding and conclusive upon the parties. Each party shall pay the fees and expenses of the appraiser appointed by it and shall share equally the fees and expenses of the third appraiser. If the two appraisers appointed by the parties cannot agree on the appointment of the third appraiser, they or either of them shall give notice of such failure to agree to the parties and if the parties fail to agree upon the selection of such third appraiser within ten (10) days after the expiration thereofappraisers appointed by the parties given such notice, then either party at its sole cost and expense and by giving of the parties, upon notice to the other party in writingmay request such appointment by the American Arbitration Association, or on its failure refusal or inability to act, may appoint a real estate appraiser who is a member apply for such appointment to the presiding judge of the Appraisal InstituteSuperior Court of Santa Xxxxx County, or the Society of Real Estate Appraisers, or an equivalent professional organization, with at least five (5) years' experience appraising properties devoted to the same general type of use (e.g. retail, office) as the Premises in the county in which the Premises are located ("Qualified Appraiser"), to set the Minimum Monthly Rent for the Extended Term. The terms "Minimum Monthly Rent" and "Fair Market Rental" as used in this article shall be interchangeable. If a party does not appoint a Qualified Appraiser within ten (10) days after the first party has given notice of the name of its Qualified Appraiser, the single Qualified Appraiser appointed shall be the sole appraiser and shall set the Fair Market Rental for the Extended Term. If two Qualified Appraisers are timely appointed by the parties, they shall meet promptly, on five (5) days notice to the parties, to take such evidence and other information as the parties may deem reasonable to submit to the Qualified Appraisers. Within thirty (30) days after the selection of the last of the two Qualified Appraisers to be appointed by the parties, the Qualified Appraisers shall render their opinions of the Fair Market Rental for the Premises as above qualified. If the two valuations are within ten percent (10%) of each other, they shall be averaged and the average of the two shall be the Minimum Monthly Rent for the Extended Term. If only one appraisal is timely submitted that appraisal shall constitute the Minimum Monthly Rent for the Extended Term. If the two valuations are separated by more than ten percent (10%), then the two appraisers shall, within ten (10) days following the last date for submission of the two appraisals of Fair Market Rental, appoint a third Qualified Appraiser. If they are unable to agree upon a third Qualified Appraiser within such ten (10) day period, either of then parties to this Lease, by giving five (5) days' notice to the other party, may demand Arbitration as specified in Section 6 of this Addendum. If neither party applies for Arbitration within the ten (10) day period herein specified, the two appraisals of value shall be averaged as stated aboveCalifornia.

Determination of Fair Market Rental. Upon exercise Promptly after the determination by Landlord of the right Fair Market Rental, but in no event later than thirty (30) days after receipt of Tenant’s Extension Notice, Landlord shall send written notice to extend Tenant thereof and shall advise Tenant of the term, and included within adjustment to the Notice of Exercise, Annual Rent. In the event Tenant shall notify Landlord of its opinion disagrees with Landlord’s determination of Fair Market Rental as above defined for or if Landlord fails to deliver said notice, Landlord and Tenant shall have thirty (30) days to negotiate in good faith the Extended Termdetermination of the Fair Market Rental. In the event the parties cannot agree on such determination, then either party may, by written notice to the other party, require that the determination of the Fair Market Rental be made by an independent M.A.I. appraiser having substantial experience with leasing of similar office space in Center City Philadelphia. Such M.A.I. appraiser shall be mutually agreed to by Landlord and Tenant within fifteen (15) days. If Landlord and Tenant cannot agree on an appraiser, Landlord shall select one, Tenant shall select one and the two appointed parties are unable to agree upon shall jointly select a Minimum Monthly Rent for third appraiser (the Extended Term “panel of appraisers”), provided each of the appraisers shall have substantial experience with leasing of similar office space in Center City Philadelphia. Such M.A.I. appraiser (or panel of appraisers) shall be chosen within thirty (30) days following Landlord's receipt of the Notice of Exercise, within ten (10) days after the expiration thereof, either party at its sole cost and expense and Tenant’s notice requiring determination by giving notice to the other party in writing, may appoint a real estate appraiser who is a member of the Appraisal Institute, or the Society of Real Estate Appraisers, or an equivalent professional organization, with at least five (5) years' experience appraising properties devoted to the same general type of use (e.g. retail, office) as the Premises in the county in which the Premises are located ("Qualified Appraiser"), to set the Minimum Monthly Rent for the Extended Term. The terms "Minimum Monthly Rent" and "Fair Market Rental" as used in this article shall be interchangeable. If a party does not appoint a Qualified Appraiser within ten (10) days after the first party has given notice of the name of its Qualified Appraiser, the single Qualified Appraiser appointed shall be the sole appraiser and shall set the Fair Market Rental for the Extended Term. If two Qualified Appraisers are timely appointed by the parties, they shall meet promptly, on five (5) days notice to the parties, to take such evidence and other information as the parties may deem reasonable to submit to the Qualified Appraisersappraisal. Within thirty (30) days after the selection of the last appraiser (or panel of appraisers) Landlord and Tenant shall each present to the two Qualified Appraisers appraiser (or the panel of appraisers) a written proposal specifying their belief as to be appointed by the parties, the Qualified Appraisers shall render their opinions of the Fair Market Rental Rental. The appraiser (or the panel of appraisers by majority vote) shall accept either the Landlord’s proposal or the Tenant’s proposal for the Premises as above qualified. If the two valuations are within ten percent (10%) of each other, they shall be averaged and the average of the two shall be the Minimum Monthly Rent for the Extended Term. If only one appraisal is timely submitted that appraisal shall constitute the Minimum Monthly Rent for the Extended Term. If the two valuations are separated by more than ten percent (10%), then the two appraisers shall, within ten (10) days following the last date for submission of the two appraisals of Fair Market Rental, appoint a third Qualified Appraiser. If they are unable to agree upon a third Qualified Appraiser within such ten (10) day period, either of then parties to this Lease, by giving five (5) days' notice to the other party, may demand Arbitration as specified in Section 6 of this Addendum. If neither party applies for Arbitration within the ten (10) day period herein specified, the two appraisals of value which decision shall be averaged as stated abovebinding upon Landlord and Tenant. Landlord and Tenant shall separately pay any fees and expenses of any separate counsel and witnesses selected by them, and shall divide equally the fees and expenses charged by the appraiser (or the panel of appraisers).