Common use of Determination of Market Rate Clause in Contracts

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 27.4. If Tenant shall fail to deliver the Notice of Exercise on or before five (5) 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 27.3 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. 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 PeriodRenewal Notice"). In the event Tenant timely provides Landlord with Tenant's Renewal Notice, as evidenced by an amendment Landlord shall notify Tenant in writing ("Landlord's Response") on or before one hundred fifty (150) days prior to the Lease executed by both Landlord and Tenant, then within five (5) days after the last day expiration of the Negotiation Periodinitial Term of this Lease of the Market Rate to be payable by Tenant during the Renewal Term. Upon receipt of Landlord's Response, Tenant mayshall thereafter have the right, exercisable by written notice to Landlord on or before one hundred twenty (120) days prior to the "Notice expiration of Exercise")the initial Term, irrevocably elect to exercise such Renewal Option. In order for Tenant to exercise such Renewal Optionreject Landlord's Response, Tenant in which event this ARTICLE XXVI 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; be null and (ii) Landlord void in all respects and Tenant shall be irrevocably bound by vacate and surrender the determination Premises to Landlord in accordance with this Lease upon expiration of Market Rate set forth hereinafter in this Section 27.3, and if applicable, Section 27.4the initial Term. If In the event Tenant shall fail fails to deliver the Notice of Exercise reject Landlord's Response on or before five one hundred twenty (5120) days after prior to the last day expiration of the Negotiation Periodinitial Term, then it shall be conclusively deemed that Tenant shall have waived any right to exercise the irrevocably exercised its Renewal OptionOption under this ARTICLE XXVI. In the event any date referenced in this Section 27.3 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. Tenant shall send Landlord a preliminary expression of Tenant's ’s willingness to renew this Lease no earlier than two three hundred seventy sixty-five (270365) days or later than two hundred forty ten (240210) days prior to the expiration of the initial applicable First Renewal Term of this Lease or Second Renewal Term ("“Renewal Notice"”). Tenant and Landlord shall negotiate in good faith to determine and mutually agree upon the Market Rate for the applicable First Renewal Term or Second Renewal Term. If Landlord and Tenant are unable to agree upon the Market Rate for the applicable First Renewal Term, Term or Second Renewal Term on or before one hundred eighty (180) days prior to the expiration of the initial applicable First Renewal Term of this Lease or Second Renewal Term (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 XXVIXXVII; 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 27.4. If Tenant shall fail to deliver the Notice of Exercise on or before five (5) 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 27.3 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 applicable First Renewal Term or Second Renewal Term (the “Final Offers”) within ten (10) 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 ten percent (10%) below the higher, then the Market Rate shall be determined by averaging the two (2) Final Offers. If the difference between the lower of the two (2) proposed Final Offers is more than ten percent (10%) below the higher, then the Market Rate shall be determined by Baseball Arbitration (as hereinafter defined) in accordance with the procedure set forth in Section 27.4.

Determination of Market Rate. Tenant shall send Landlord a preliminary expression of Tenant's ’s willingness to renew this Lease no earlier than two hundred seventy twelve (27012) days months or later than two hundred forty nine (2409) days months prior to the expiration of the initial Term of this Lease ("“Renewal Notice"”). The Renewal Notice must state whether Tenant elects to renew the Term for ten (10) years or five (5) years. If Tenant fails to identify the length of the Renewal Term in the Renewal Notice, Tenant will be deemed to have elected to extend the Term for five (5) years. 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 forty-five (18045) days prior to the expiration following Landlord’s receipt of the initial Term of this Lease Renewal Notice (the "“Negotiation Period"”), as evidenced by an amendment to the this 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 XXVIXXIX; 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 27.4. If Tenant shall fail to deliver the Notice of Exercise on or before five (5) 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 27.3 falls on a day other than a business day, such date shall be deemed to be the next following business day27.

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 or later than two hundred forty (240) days prior to the expiration of the initial Term Expiration Date of this Lease (the "Renewal Notice"). (a) If Tenant timely delivers the Renewal Notice, Landlord and Landlord Tenant shall negotiate in good faith to determine and mutually agree upon the Market Rate for the first Lease Year of the Renewal Term. If Landlord and Tenant are unable to agree upon the Market Rate for within thirty (30) days following Tenant's delivery of the Renewal Term, on or before one hundred eighty (180) days prior to the expiration of the initial Term of this Lease Notice (the "Negotiation Period"), as evidenced by an amendment to the Lease executed by both Landlord and Tenant, then within five (5) business 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 Option by delivering 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 27.4hereto. If Tenant shall fail to deliver the Notice of Exercise on or before five (5) business days after the last day of the Negotiation Period, then Tenant shall have waived any right to exercise the Renewal OptionOption and the Lease shall expire upon the Expiration Date. In (b) If Tenant timely delivers the event any date referenced 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 ten (10) business days thereafter. If the Market Rate stated in this Section 27.3 falls on a day other the lower of the two (2) proposed Final Offers is not more than a business dayten percent (10%) below the Market Rate stated in higher, such date then the Market Rate shall be deemed to determined by averaging the two (2) Final Offers. If the difference between the lower of the two (2) proposed Final Offers is more than ten percent (10%) below the higher, then the Market Rate shall be determined in accordance with the next following business day.procedure set forth below. 27.3 Within twenty (20) days after Landlord's receipt of Tenant's Notice of Exercise, Tenant and Landlord shall each select a third party broker licensed in the State of Nevada with at least five (5) years of experience with industrial leasing in the Las Vegas market area, and the brokers selected by Landlord and Tenant shall mutually select a third broker, similarly qualified and who was not previously engaged by either Landlord or Tenant in connection with this Lease or the negotiation of Market Rate for the Renewal Term,

Determination of Market Rate. Tenant Lessee shall send Landlord Lessor a preliminary expression of Tenant's Lessee’s willingness to renew this Lease no earlier than three hundred sixty (360) days or later than two hundred seventy (270) days or later than two hundred forty (240) days prior to the expiration of Lease Termination Date with respect to the initial Term of this Lease ("Renewal Notice")Third Renewed Term. Tenant Lessee and Landlord Lessor shall negotiate in good faith to determine and mutually agree upon the Market Rate for the Renewal Fourth Renewed Term. If Landlord Lessor and Tenant Lessee are unable to agree upon the Market Rate for the Renewal Fourth Renewed Term, on or before one two hundred eighty forty (180240) days prior to the expiration of the initial Third Renewed Term of this the Lease (the "“Negotiation Period"”), as evidenced by an amendment to the Lease executed by both Landlord Lessor and TenantLessee, then within five ten (510) days after the last day of the Negotiation Period, Tenant Lessee may, by written notice to Landlord Lessor (the "“Notice of Exercise"”), irrevocably elect to exercise such Fourth Renewal Option. In order for Tenant Lessee to exercise such Fourth Renewal Option, Tenant Lessee shall send the Notice of Exercise to Landlord Lessor stating (i) that Tenant Lessee is irrevocably exercising its right to extend the Lease Term pursuant to Article XXVISection 7; and (ii) Landlord Lessor and Tenant Lessee shall be irrevocably bound by the determination of Market Rate set forth hereinafter in this Section 27.37.2, and if applicable, Section 27.47.4. If Tenant Lessee shall fail to deliver the Notice of Exercise on or before five ten (510) days after the last day of the Negotiation Periodperiod, then Tenant Lessee shall have waived any right to exercise the Fourth Renewal Option. In the event any date referenced in this Section 27.3 7.2 falls on a day other than a business day, such date shall be deemed to be the next following business day. In the event Lessee timely delivers the Notice of Exercise to Lessor, Lessor and Lessee shall each simultaneously present to the other party their final determinations of the Market Rate for the Fourth Renewed Term (the “Final Offers”) within fifteen (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 ten percent (10%) below the higher, then the Market Rate shall be determined by averaging the two (2) Final Offers. If the difference between the lower of the two (2) proposed Final Offers is more than ten percent (10%) below the higher, then the Market Rate shall be determined by Baseball Arbitration (as hereinafter defined) in accordance with the procedure set forth in Section 7.4.