Determination of Market Rate. For purposes of this Exhibit “E”, the term “Market Rate” shall mean the annual amount per rentable square foot that comparable landlords of comparable buildings have accepted in then-current transactions between non-affiliated parties from new, non-expansion, non-renewal (unless the lease involved a procedure invoked by landlord and tenant for a 100% determination of “fair market rental”) and non-equity tenants of comparable credit-worthiness, for comparable space (excluding any removable personal property), for a comparable use, for a comparable period of time (“Comparable Transactions”) in the Raleigh/Durham area. In any determination of Comparable Transactions appropriate consideration shall be given to the annual rental rates per rentable square foot, the standard of measurement by which the rentable square footage is measured, the ratio of rentable square feet to usable square feet, the type of escalation clause implemented, the extent of tenant’s liability under the lease, abatement provisions reflecting free rent and/or no rent during the period of construction or subsequent to the commencement date as to the space in question, parking considerations, length of the lease term, size and location of premises being leased, building standard work letter and/or tenant improvement allowances, if any, or any other tenant concessions and other generally applicable conditions of tenancy for such Comparable Transactions. The intent is that Tenant will obtain the same rent and other economic benefits that Landlord would otherwise give in Comparable Transactions and that Landlord will make, and receive the same economic payments and concessions that Landlord would otherwise make, and receive in Comparable Transactions. Landlord shall determine the Market Rate by using its good faith judgment. Landlord shall provide written notice of such amount within thirty (30) days (but in no event later than forty-five (45) days) after Tenant provides the notice to Landlord exercising Tenant’s option rights which require a calculation of the Market Rate. Tenant shall have thirty (30) days (“Tenant’s Review Period”) after receipt of Landlord’s notice of the new rental within which to accept such rental or to object thereto in writing. In the event Tenant objects, Landlord and Tenant shall attempt to agree upon such Market Rate using their best good faith efforts. If Landlord and Tenant fail to reach agreement within thirty (30) days following Tenant’s Review Period (“Outside...
Determination of Market Rate. Tenant shall send Landlord a preliminary expression of Tenant's willingness to renew this Lease no earlier than two hundred seventy (270) days or later than two hundred forty (240) days prior to the expiration of the initial Term of this Lease ("Renewal Notice"). Tenant and Landlord shall negotiate in good faith to determine and mutually agree upon the Market Rate for the Renewal Term. If Landlord and Tenant are unable to agree upon the Market Rate for the Renewal Term, on or before one hundred eighty (180) days prior to the expiration of the initial Term of this Lease (the "Negotiation Period"), as evidenced by an amendment to the Lease executed by both Landlord and Tenant, then within five (5) days after the last day of the Negotiation Period, Tenant may, by written notice to Landlord (the "Notice of Exercise"), irrevocably elect to exercise such Renewal Option. In order for Tenant to exercise such Renewal Option, Tenant shall send the Notice of Exercise to Landlord stating (i) that Tenant is irrevocably exercising its right to extend the Term pursuant to Article XXVI; and (ii) Landlord and Tenant shall be irrevocably bound by the determination of Market Rate set forth hereinafter in this Section 27.3, and if applicable, Section 27.
Determination of Market Rate. Landlord will notify Tenant in writing of the Market Rate at least sixty (60) days prior to the first day of the applicable Renewal Term. If Tenant disagrees with the Market Rate specified by Landlord, it will so notify Landlord immediately and they will meet a soon as possible thereafter in a good faith effort to resolve theft disagreement. If the parties are still in disagreement forty five (45) days prior to the first day of the applicable Renewal Term, the Market Rate will be determined by a panel of three arbitrators, one to be selected by Landlord within thirty (30) days before the first day of the applicable Renewal Term (or by the Tenant if Landlord fails to appoint an arbitrator within the time provided above), one to be selected by Tenant (or by Landlord if Tenant fails to do so within five (5) days after demand from Landlord), and one to be selected by the first two arbitrators. Each such arbitrator will be an independent MAI appraiser with at least ten (10) years' experience in appraising commercial real estate in the vicinity of the Property. The cost of the arbitrator selected by Tenant will be borne by Tenant, the cost of the arbitrator selected by Landlord shall be borne by Landlord, and the cost of the third arbitrator will be shared equally by Tenant and Landlord. The arbitrators will meet within five (5) days of their appointment and will render a decision within ten (10) days thereafter. The Market Rate determined by the arbitrators will be binding upon both parties. Until the Market Rate is determined as provided herein, Tenant will pay Basic Rent based on the Market Rate specified by Landlord, and if the Market Rate if subsequently determined to be different from the Market Rate specified by Landlord, Landlord or Tenant, as the case may be, will reimburse the other for such difference within twenty (20) days of the date of final determination of the Market Rate.
Determination of Market Rate. Landlord shall determine the Market Rate by using its good faith judgment. Landlord shall provide written notice of such amount within thirty (30) days (but in no event later than forty-five (45) days) after Tenant provides the notice to Landlord exercising Tenant’s option rights which require a calculation of the Market Rate. Tenant shall have thirty (30) days (“Tenant’s Review Period”) after receipt of Landlord’s notice of the new rental within which to accept such rental or to object thereto in writing, which written objection shall specify Tenant’s determination of the Market Rate and the basis therefor in reasonable detail. In the event Tenant objects, Landlord and Tenant shall attempt to agree upon such Market Rate using their best good faith efforts. If Landlord and Tenant fail to reach agreement within thirty (30) days following Tenant’s Review Period (“Outside Agreement Date”), then the Market Rate shall be determined by arbitration in accordance with the procedures set forth on Exhibit I. Notwithstanding the foregoing, Tenant shall have the right to rescind its Renewal Notice by written notice to Landlord (a “Recission Notice”) if Tenant concludes in its sole discretion that the prospects for agreement on a Market Rate are unlikely, provided, however, that such Recission Notice must be delivered by Tenant, if at all, not later than the sooner to occur of (x) the Outside Agreement Date, and (y) the date that is twelve (12) months prior to the scheduled Expiration Date. If Tenant does not deliver a Recission Notice to Landlord by the earlier of such dates, then Tenant shall be deemed to have waived its right to rescind the Renewal Notice.
Determination of Market Rate. Tenant shall send Landlord a preliminary expression of Tenant's willingness to renew this Lease no earlier than three hundred sixty-five (365) days prior to the Expiration Date of this Lease and no later than two hundred seventy (270) days prior to the Expiration Date of this Lease (the "Renewal Notice").
Determination of Market Rate. Tenant shall send Landlord a preliminary expression of Tenant’s willingness to renew this Lease no earlier than January 31, 2030, or later than April 30, 2030 (the “Renewal Notice”), together with financial statements meeting the requirements of Section 24.20. In the event Tenant timely provides Landlord with Tenant's Renewal Notice, Landlord shall notify Tenant (“Landlord's Response”), on or before July 31, 2030, of the Renewal Rent to be payable by Tenant during the Renewal Term. Tenant and Landlord shall negotiate in good faith to determine and mutually agree upon the Market Rate for the Renewal Term. If Landlord and Tenant are unable to agree upon the Market Rate for the Renewal Term, on or before August 31, 2030 (the “Negotiation Period”), as evidenced by an amendment to the Lease executed by both Landlord and Tenant and amending the Lease to provide for the extension of the Term for the Renewal Term, the Renewal Rent, any other terms set forth in Landlord’s Response to improve the Premises or provide any improvement allowance as contemplated in Section 25.1(b) and any other any other terms mutually agreed to by Landlord and Tenant, if applicable, then within 10 days after the last day of the Negotiation Period, Tenant may, by written notice to Landlord (the “Notice of Exercise”), irrevocably elect to exercise such Renewal Option. In order for Tenant to exercise such Renewal Option, Tenant shall send the Notice of Exercise to Landlord stating (i) that Tenant is irrevocably exercising its right to extend the Term pursuant to Article XXV; and (ii) Landlord and Tenant shall be irrevocably bound by the determination of Market Rate set forth hereinafter in this Section 25.2, and if applicable, Section 25.4. If Tenant shall fail to deliver the Notice of Exercise on or before 10 days after the last day of the Negotiation Period, then Tenant shall have waived any right to exercise the Renewal Option. In the event any date referenced in this Section 25.2 falls on a day other than a business day, such date shall be deemed to be the next following business day. In the event Tenant timely delivers the Notice of Exercise to Landlord, Landlord and Tenant shall each simultaneously present to the other party their final determinations of the Market Rate for the Renewal Term (the “Final Offers”) within 15 days after the last day of the Negotiation Period. If the Market Rate as determined by the lower of the two (2) proposed Final Offers is not more than five percent (...
Determination of Market Rate. If Tenant exercises an Extension Option (in accordance with Section 1 hereof), Landlord shall determine the Market Rate by using its good faith judgment. Landlord shall provide Tenant with written notice (“Landlord’s Notice”) of such amount within 20 days after Tenant exercises such Extension Option. Tenant shall have 20 days following delivery of Landlord’s Notice to notify Landlord in writing (“Tenant’s Renewal Notice”) of (i) Tenant’s exercise of its right to renew the Lease at the Market Rate proposed by Landlord, or (ii) Tenant’s counter offer to Landlord, or (iii) Tenant’s election not to exercise its right to renew the Lease. Tenant’s failure to timely deliver Tenant’s Renewal Notice shall be deemed rejection by Tenant of the Market Rate proposed by Landlord and the Lease shall expire on the scheduled expiration date of February 28, 2014. If Xxxxxx delivers a counter offer to Landlord, then Tenant and Landlord shall have 45 days from delivery of Tenant’s Renewal Notice to agree on terms for such Extension Option and if the parties fail to agree on the terms for any reason or no reason within such 45 day period, this Extension Option shall be null and void and the Lease shall terminate February 28, 2014.
Determination of Market Rate. If Lessor and Lessee cannot agree on the Market Rate within thirty (30) days after the date Lessor provides Lessee with Lessor’s determination of the Market Rate (the “Negotiation Period”), then, Lessee may elect to have the initial Market Rate determined in accordance with the arbitration method described below by providing Lessor written notice, within ten (10) business days after the expiration of the Negotiation Period, with Lessee’s binding notice (the “Binding Notice”) of Lessee’s election to (i) expand the Premises and lease Additional Basic Capacity and/or (ii) relocate a portion of the Premises and lease Additional Basic Capacity (pursuant to Section 6 below), with the Base Rent for such Additional Basic Capacity being determined pursuant to the arbitration method (“Market Rate Arbitration”) described below.
Determination of Market Rate. Tenant shall send Landlord a ---------------------------- preliminary expression of Tenant's willingness to renew this Lease no earlier than two hundred seventy (270) days or later than one hundred eighty (180) days prior to the expiration of the initial Term of this Lease (the "Renewal Notice"). In the event Tenant timely provides Landlord with Tenant's Renewal Notice, Landlord shall notify Tenant in writing ("Landlord's Response") on or before one hundred fifty (150) days prior to the expiration of the initial Term of this Lease of the Market Rate to be payable by Tenant during the Renewal Term. Upon receipt of Landlord's Response, Tenant shall thereafter have the right, exercisable by written notice to Landlord on or before one hundred twenty (120) days prior to the expiration of the initial Term, to reject Landlord's Response, in which event this ARTICLE XXVI shall be null and void in all respects and Tenant shall vacate and surrender the Premises to Landlord in accordance with this Lease upon expiration of the initial Term. In the event Tenant fails to reject Landlord's Response on or before one hundred twenty (120) days prior to the expiration of the initial Term, then it shall be conclusively deemed that Tenant shall have irrevocably exercised its Renewal Option under this ARTICLE XXVI. In the event any date referenced in this ARTICLE XXVI falls on a day other than a business day, such date shall be deemed to be the next following business day.
Determination of Market Rate. If Tenant timely exercises Tenant's Extension Option, then, during the thirty (30) day period following Landlord's receipt of Tenant's notice of exercise of Tenant's Extension Option, Landlord and Tenant shall meet and negotiate in good faith to agree upon the Market Rate. If Landlord and Tenant are unable to agree upon the Market Rate prior to the expiration of said thirty (30) day period, then Tenant's exercise of its Extension Option shall be deemed revoked, and the Lease shall terminate as of the Termination Date hereunder.
