Common use of Exercise of Extension Right Clause in Contracts

Exercise of Extension Right. When Lessee desires to exercise the Extension Right, Lessee and Lessor shall proceed as follows: (a) Upon written request by Lessee delivered to Lessor in substantially the form of the attached Schedule 1.3(a)(i) (the “Appraisal Request”), Lessor shall engage at its sole expense a Qualified Appraiser (as defined below) to conduct an appraisal of the Fee Simple Land Value of the Parcel (the “Lessor Appraisal”) in accordance with the appraisal guidelines attached as Schedule 1.3(a)(ii) (the “Appraisal Guidelines”). The Lessor Appraisal shall be completed and delivered to Lessee within thirty (30) days after the date Lessor receives the Appraisal Request, and shall reflect an effective date of value (the “Effective Date of Value”) equal to the date Lessor acknowledged receipt of the Appraisal Request. The Lessor Appraisal shall remain in effect for six (6) full months from the date the Lessor Appraisal was delivered to Lessee, and no additional Appraisal Requests shall be permitted while a Lessor Appraisal is still in effect until the date that is thirty (30) days prior to the expiration of the respective six-month period. “Qualified Appraiser” means an appraiser who is licensed in the State of California and an MAI or SRA designated member of the Appraisal Institute (or should the Appraisal Institute cease to exist, the successor organization and/or equivalent designations), with not less than five (5) years of experience appraising single-family residential properties in the southern San Mateo County/northern Santa Xxxxx County area. A Qualified Appraiser must determine, prior to accepting an assignment, that he or she can perform the assignment in accord with the Uniform Standards of Professional Appraisal Practice (USPAP) of the Appraisal Foundation, and the Code of Professional Ethics and Standards of Professional Appraisal Practice of the Appraisal Institute.

Exercise of Extension Right. When Lessee desires to exercise the Extension Right, Lessee and Lessor shall proceed as follows: (a) Upon written request by Lessee delivered to Lessor in substantially the form of the attached Schedule 1.3(a)(i) (the “Appraisal Request”), Lessor shall engage at its sole expense a Qualified Appraiser (as defined below) to conduct an appraisal of the Fee Simple Land Value of the Parcel (the “Lessor Appraisal”) in accordance with the appraisal guidelines attached as Schedule 1.3(a)(ii) (the “Appraisal Guidelines”). The Lessor Appraisal shall be completed and delivered to Lessee within thirty (30) days after the date Lessor receives the Appraisal Request, and shall reflect an effective date of value (the “Effective Date of Value”) equal to the date Lessor acknowledged receipt of the Appraisal Request. The Lessor Appraisal shall remain in effect for six (6) full months from the date the Lessor Appraisal was delivered to Lessee, and no additional Appraisal Requests shall be permitted while a Lessor Appraisal is still in effect until the date that is thirty (30) days prior to the expiration of the respective six-month period. “Qualified Appraiser” means an appraiser who is licensed in the State of California and an MAI or SRA designated member of the Appraisal Institute (or should the Appraisal Institute cease to exist, the successor organization and/or equivalent designations), with not less than five (5) years of experience appraising single-family residential properties in the southern San Mateo County/northern Santa Xxxxx County area. A Qualified Appraiser must determine, prior to accepting an assignment, that he or she can perform the assignment in accord with the Uniform Standards of Professional Appraisal Practice (USPAP) of the Appraisal Foundation, and the Code of Professional Ethics and Standards of Professional Appraisal Practice of the Appraisal Institute.. A/75462098.5

Exercise of Extension Right. When Lessee desires to exercise the Extension Right, Lessee and Lessor shall proceed as follows: (a) Upon written request by Lessee delivered to Lessor in substantially the form of the attached Schedule 1.3(a)(i) (the “Appraisal Request”), Lessor shall engage at its sole expense a Qualified Appraiser (as defined below) to conduct an appraisal of the Fee Simple Land Value of the Parcel (the “Lessor Appraisal”) in accordance with the appraisal guidelines attached as Schedule 1.3(a)(ii) (the “Appraisal Guidelines”). The Lessor Appraisal shall be completed and delivered to Lessee within thirty (30) days after the date Lessor receives the Appraisal Request, and shall reflect an effective date of value (the “Effective Date of Value”) equal to the date Lessor acknowledged receipt of the Appraisal Request. The Lessor Appraisal shall remain in effect for six (6) full months from the date the Lessor Appraisal was delivered to Lessee, and no additional Appraisal Requests shall be permitted while a Lessor Appraisal is still in effect until the date that is thirty (30) days prior to the expiration of the respective six-month period. “Qualified Appraiser” means an appraiser who is licensed in the State of California and an MAI or SRA designated member of the Appraisal Institute (or should the Appraisal Institute cease to exist, the successor organization and/or equivalent designations), with not less than five (5) years of experience appraising single-family residential properties in the southern San Mateo County/northern Santa Xxxxx Clara County area. A Qualified Appraiser must determine, prior to accepting an assignment, that he or she can perform the assignment in accord with the Uniform Standards of Professional Appraisal Practice (USPAP) of the Appraisal Foundation, and the Code of Professional Ethics and Standards of Professional Appraisal Practice of the Appraisal Institute.