Common use of FAIR MARKET RATE Clause in Contracts

FAIR MARKET RATE. The fair market rate shall be defined as the prevailing market rate with interim adjustments (if any) then charged for comparable space of comparable quality in the immediate Mountain View/Shoreline market area. For the period January 1, 2008 and annually thereafter this Lease calls for a determination of the fair market rate. Landlord shall promptly notify Tenant of such rate as reasonably determined by Landlord one hundred and eighty days prior to the beginning of each successive calendar year, beginning with calendar year 2008. Landlord and Tenant shall attempt to agree in writing on such fair market rate. If Landlord and Tenant do not agree on the fair market rate for the Premises by that date which is one hundred fifty (150) days prior to the beginning of a calendar year, then Landlord and Tenant shall each select a licensed real estate broker (the "Brokers") with a minimum five (5) years commercial leasing experience in the Mountain View area to determine the fair market rate for the Premises. If the Brokers are unable to agree as to the fair market rate by that date which is one hundred twenty (120) days prior to the end of the calendar year in question, then the Brokers shall mutually select a third licensed real estate broker (the "Arbitrator") who has the same minimum qualifications as the Brokers and who has not previously represented either party. Each Broker shall submit to the Arbitrator his or her determination of the fair market rate for the Premises, and the support therefor, and the Arbitrator shall decide which Broker has most accurately determined the fair market rate, which decision shall be final and binding on both Landlord and Tenant. Landlord and Tenant shall each pay their own Broker's fees and costs and shall each pay one-half (1/2) of the Arbitrator's fees and costs.

FAIR MARKET RATE. The fair market rate Fair Market Rate for the Premises shall be defined as the prevailing market then going rate with interim adjustments (if any) then charged for comparable space of comparable quality in the immediate Mountain View/Shoreline market areaBuilding. For the period January 1, 2008 and annually thereafter this Lease calls for a Landlord shall notify Tenant of Landlord's good faith determination of the fair market rate. Landlord shall promptly notify Tenant of such rate as reasonably determined by Landlord one hundred and eighty days prior to the beginning of each successive calendar year, beginning with calendar year 2008. Landlord and Tenant shall attempt to agree in writing on such fair market rate. If Landlord and Tenant do not agree on the fair market rate for the Premises by that date which is one hundred fifty prevailing Fair Market Rate no later than seven (1507) days prior to the beginning of a calendar year, then Landlord and Tenant shall each select a licensed real estate broker (the "Brokers") with a minimum five (5) years commercial leasing experience in the Mountain View area to determine the fair market rate for the Premises. If the Brokers are unable to agree as to the fair market rate by that date which is one hundred twenty (120) days months prior to the end of the calendar year in question, then the Brokers shall mutually select a third licensed real estate broker Lease Term. No later than one (the "Arbitrator"1) who has the same minimum qualifications as the Brokers and who has not previously represented either party. Each Broker shall submit to the Arbitrator his or her determination month after Landlord notifies Tenant of the fair market rate for prevailing Fair Market Rate, Tenant shall notify Landlord whether Tenant accepts Landlord's determination. If Tenant fails to so notify Landlord, Tenant will be deemed conclusively to have accepted Landlord's determination. If Tenant does not accept Landlord's determination (and if Tenant is not deemed to have accepted Landlord's determination), Tenant and Landlord shall meet to attempt to agree upon the Premises, and the support therefor, and the Arbitrator shall decide which Broker has most accurately determined the fair market rate, which decision shall be final and binding on both Fair Market Rate. If Landlord and Tenant are unable to agree within thirty (30) days after Tenant. 's objection to Landlord's determination, the parties shall proceed as follows: Within ten (10) days thereafter Landlord and Tenant shall each pay their own Broker's fees and costs and appoint one (1) independent appraiser who shall each pay one-half by profession be a real estate broker who shall have been active over the five (1/25) year period ending on the date of such appointment in the leasing of commercial properties in the Las Vegas area. The determination of the Arbitratorappraisers shall be limited to solely the issue of whether Landlord's fees or Tenant's submitted Fair Market Rate for the Premises is the closest to the actual Fair Market Rate for the Premises as determined by the appraisers, taking into account the requirements of Section 2 above and coststhis Section 3 regarding the same. Such decision shall be based upon the project prevailing Fair Market Rate as of the commencement date of the Renewal Term.

FAIR MARKET RATE. The fair market rate shall be defined as the prevailing market rate with interim adjustments (if any) then charged for comparable space of comparable quality in the immediate Mountain View/Shoreline market area. For the period January 1, 2008 and annually thereafter this Lease calls for a determination of the fair market rate. Landlord shall promptly notify Tenant of such rate as reasonably determined by Landlord one hundred and eighty days prior to the beginning of each successive calendar year, beginning with calendar year 2008. Landlord and Tenant shall attempt to agree in writing on such fair market rate. If Landlord and Tenant do not agree on the fair market rate for the Premises by that date which is one hundred fifty (150) days prior to the beginning of a calendar yeareach extended term, then Landlord and Tenant shall each select a licensed real estate broker (the "Brokers") with a minimum five (5) years commercial leasing experience in the Mountain View area to determine the fair market rate for the Premises. If the Brokers are unable to agree as to the fair market rate by that date which is one hundred twenty (120) days prior to the end beginning of the calendar year in questioneach extended term, then the Brokers shall mutually select a third licensed real estate broker (the "Arbitrator") who has the same minimum qualifications as the Brokers and who has not previously represented either party. Each Broker shall submit to the Arbitrator his or her determination of the fair market rate for the Premises, and the support therefor, and the Arbitrator shall decide which Broker has most accurately determined the fair market rate, which decision shall be final and binding on both Landlord and Tenant. Landlord and Tenant shall each pay their own Broker's fees and costs and shall each pay one-half (1/2) of the Arbitrator's fees and costs.