Common use of Fair Market Rent Clause in Contracts

Fair Market Rent. If Landlord and Tenant cannot agree on the fair market rent of the Premises for the extension period within 30 days after the Tenant has notified Landlord of Tenant’s exercise of the option, Landlord and Tenant shall each select, within 15 days of such notification, an appraiser who must be a qualified MAI appraiser with at least 5 years experience appraising commercial properties to determine said fair market rental value. If one party fails to so designate an appraiser within the time required, the determination of fair market rental value of the one appraiser who has been designated by the other party within the time required shall be binding on both parties. The appraisers shall submit their determinations of fair market rental value to both parties within 30 days after their selection. If the difference between the two determinations is 10% or less of the higher appraisal, then the average between the determinations shall be the fair market rental value of the Premises. If said difference is greater than 10%, then the two appraisers shall within 15 days of the date the second determination is submitted to the parties designate a third appraiser who must also be a qualified MAI appraiser. The sole responsibility of the third appraiser will be to determine which of the determinations made by the first two appraisers is most accurate. The third appraiser shall have no right to propose a middle ground or any modification of either of the determinations made by the first two appraisers. The third appraiser’s choice shall be submitted to the parties within 20 days after his or her selection. Such determination shall bind both of the parties and shall establish the fair market rental value of the Premises. Each party shall pay the fees and expenses of its appraiser and shall pay equal shares of the fees and expenses of the third appraiser. Fair market rent for the purposes of this Lease shall mean the then prevailing rent for premises comparable in size, quality and location to the demised Premises, leased on terms comparable to the terms contained in this Lease.

Fair Market Rent. If Whenever any provision of this Lease provides that the Fair Market Rent shall be calculated, it shall mean that the fair rent for the Premises as of the commencement of the period in question under market conditions then existing shall be determined. Fair Market Rent shall be determined by agreement between Landlord and Tenant, but if Landlord and Tenant cannot are unable to agree on upon the fair market Fair Market rent of the Premises for the extension period within 30 twenty (20) days after the date on which Tenant has notified Landlord delivers notice of Tenant’s its exercise of its option to extend under Section 15.2 below, then the optionFair Market Rent shall be determined by appraisal made as hereinafter provided by a board of three (3) reputable independent commercial real estate appraisers or brokers, each of whom shall have at least ten years of experience in the eastern Massachusetts rental market for comparable properties and each of whom is hereinafter referred to as “appraiser”. Tenant and Landlord shall each appoint one such appraiser and the two appraisers so appointed shall appoint the third appraiser. The cost and expenses of each appraiser appointed separately by Tenant and Landlord shall be borne by the party who appointed the appraiser. The cost and expenses of the third appraiser shall be shared equally by Tenant and Landlord. Landlord and Tenant shall each select, appoint their respective appraisers within 15 fifteen (15) days after the expiration of such notificationtwenty (20) day period, an appraiser who must be a qualified MAI appraiser with at least 5 years experience appraising commercial properties and shall designate the appraisers so appointed by notice to determine said fair market rental valuethe other party. If one party fails to The two appraisers so designate an appointed and designated shall appoint the third appraiser within the time required, the determination of fair market rental value of the one appraiser who has been designated by the other party within the time required shall be binding on both parties. The appraisers shall submit their determinations of fair market rental value to both parties within 30 fifteen (15) days after their selectionappointment, and shall designate such appraiser by notice to Landlord and Tenant. The board of three appraisers shall determine the Fair Market Rent of the space in question as of the commencement of the period to which the Fair Market Rent shall apply and shall notify Landlord and Tenant of their determinations within thirty (30) days of their appointment. If the difference between the two determinations is 10% or less of the higher appraisal, then Fair Market Rent of any two or all three of the average between the determinations appraisers shall be identical in amount, said amount shall be deemed to be the fair market rental value Fair Market Rent of the Premises. If the determinations of all three appraisers shall be different in amount, the average of the two values nearest in amount shall be deemed the Fair Market Rent. Notwithstanding the foregoing, if either party shall fail to appoint its appraiser within the period specified above (such party referred to hereinafter as the “failing party”), the other party may serve notice on the failing party requiring the failing party to appoint its appraiser within five (5) days of the giving of such notice and if the failing party shall not respond by appointment of its appraiser within said difference is greater than 10%five (5) day period, then the two appraisers shall within 15 days of the date the second determination is submitted to the parties designate a third appraiser who must also be a qualified MAI appraiser. The sole responsibility of the third appraiser will be to determine which of the determinations made appointed by the first two appraisers is most accurateother party shall be the sole appraiser hereunder. The third appraiser Tenant shall have no right the option, exercisable by written notice to propose a middle ground or any modification of either of the determinations made by the first two appraisers. The third appraiser’s choice shall be submitted to the parties Landlord within 20 ten (10) days after his or her selection. Such determination shall bind both of the parties and shall establish the fair market rental value of the Premises. Each party shall pay the fees and expenses Fair Market Rent hereunder, to rescind its exercise of its appraiser and shall pay equal shares of the fees and expenses of the third appraiser. Fair market rent for the purposes of option to extend under Section 15.2 below, in which event this Lease shall mean expire at the end of the then prevailing rent for premises comparable in sizecurrent Term. If Tenant does not timely deliver such notice of rescission, quality the determination of Fair Market Rent by the appraisers hereunder shall be final and location to binding upon the demised Premises, leased on terms comparable to the terms contained in this Leaseparties.

Fair Market Rent. If Landlord and Tenant cannot agree on “Fair Market Rent” shall be determined as follows: At least fifteen (15) months prior to the fair market rent expiration of the Premises Lease Term or the first Extension Period, as applicable, Lessor shall deliver to Lessee the proposed Basic Rent for such first Extension Period or second Extension Period, as applicable. Such amount shall be based on a current Fair Rental Market Analysis performed by a licensed real estate broker of Lessor’s choosing. Within ten (10) business days following receipt of Lessor’s proposed Basic Rent, Lessee shall give Lessor written notice of a disagreement, if any, as to the extension period within 30 Basic Rent based upon an analysis of the current Fair Market Rental Value of the Leased Property that is less than that determined by Lessor’s broker, whereupon Lessee and Lessor shall jointly select a third licensed real estate broker to determine the current Fair Market Rental Value of the Leased Property. Within sixty (60) days after the Tenant has notified Landlord of Tenant’s exercise designation of the optionthird broker, Landlord each of the three brokers shall submit their written determination of the Fair Market Rent of the Leased Property in accordance with this section to both Lessor and Tenant shall each select, within 15 days Lessee. If the Fair Market Rent of the Leased Property is determined by any two or all three of such notificationbrokers is identical, an appraiser who must then the Fair Market Rent for purposes of the Extension Option shall be a qualified MAI appraiser with at least 5 years experience appraising commercial properties to determine said fair market rental valuesuch identical amount. If one party fails the Fair Market Rent as determined by each such broker is different from the others, but two of such determinations are within five percent (5%) of each other, then the rent pursuant the Fair Market Rent shall be the arithmetic mean of the such two amounts. In all other cases, the highest and lowest of such determination shall be disregarded and the Fair Market Rent shall be equal to so designate an appraiser within the time requiredmiddle, or remaining, determination. Notwithstanding anything contained herein to the contrary, the determination of fair market rental value the Fair Market Rent shall not include the square footage of the one appraiser who has been Expansion Area or the improvements on the Expansion Area constructed by Lessee at Lessee’s sole cost and expense. Lessor shall pay all costs associated with the broker designated by Lessor, and Lessee shall pay all costs associated with the other party within the time required broker designated by Lessee. Lessor and Lessee shall be binding on both parties. The appraisers shall submit their determinations of fair market rental value to both parties within 30 days after their selection. If the difference between the two determinations is 10% or less of the higher appraisal, then the average between the determinations shall be the fair market rental value of the Premises. If said difference is greater than 10%, then the two appraisers shall within 15 days of the date the second determination is submitted to the parties designate a third appraiser who must also be a qualified MAI appraiser. The sole responsibility of share equally all costs associated with the third appraiser will be to determine which of the determinations made by the first two appraisers is most accurate. The third appraiser shall have no right to propose a middle ground or any modification of either of the determinations made by the first two appraisers. The third appraiser’s choice shall be submitted to the parties within 20 days after his or her selection. Such determination shall bind both of the parties and shall establish the fair market rental value of the Premises. Each party shall pay the fees and expenses of its appraiser and shall pay equal shares of the fees and expenses of the third appraiser. Fair market rent for the purposes of this Lease shall mean the then prevailing rent for premises comparable in size, quality and location to the demised Premises, leased on terms comparable to the terms contained in this Leasebroker.

Fair Market Rent. If Landlord and Tenant cannot agree on For purposes of this Lease, the fair market rent Fair Market Rent shall be determined by three (3) independent appraisers who are members of the Premises for Appraisal Institute and are recognized as knowledgeable and reputable in the extension period within 30 days after field. Landlord shall select an appraiser, Tenant shall select an appraiser, and the Tenant has notified Landlord of Tenant’s exercise of the option, appraisers selected by Landlord and Tenant shall select the third. Landlord and Tenant each select, within 15 days of such notification, an appraiser who must be a qualified MAI appraiser with at least 5 years experience appraising commercial properties to determine said fair market rental value. If one party fails to so designate an shall select its appraiser within the time required, the determination of fair market rental value of the one appraiser who has been designated by the other party within the time required shall be binding on both parties. The appraisers shall submit their determinations of fair market rental value to both parties within 30 thirty (30) days after their selection. If Landlord’s receipt of Tenant’s notice exercising its option to extend the difference between the two determinations is 10% or less of the higher appraisalLease Term, then the average between the determinations shall be the fair market rental value of the Premises. If said difference is greater than 10%, then the two appraisers shall within 15 days of the date the second determination is submitted to the parties designate a third appraiser who must also be a qualified MAI appraiser. The sole responsibility of and the third appraiser will be to determine which of the determinations made by the first two appraisers is most accurate. The third appraiser shall have no right to propose a middle ground or any modification of either of the determinations made by the first two appraisers. The third appraiser’s choice shall be submitted to the parties selected within 20 five (5) days after his or her selectionLandlord’s and Tenant’s selections. Such determination Landlord and Tenant each shall bind both of the parties and shall establish the fair market rental value of the Premises. Each party shall pay be responsible for the fees and expenses of its appraiser appraiser, and Landlord and Tenant shall pay equal shares of share equally the fees and expenses of the third appraiser. Fair Each appraiser, within fifteen (15) days after selection of the third (3rd) appraiser, shall deliver to Landlord and Tenant its written report setting forth the fair market rent for the purposes Premises, which determination shall be based upon the highest and best use of this Lease the Premises, taking into consideration the location of the Premises and other properties comparable thereto. The “Fair Market Rent” shall mean the arithmetic mean of the two (2) fair market rent determinations that are closest in value. In the event the values of (a) the difference between the highest appraised rent and the next lower appraised rent, and (b) the difference between the lowest appraised rent and the next higher appraised rent, are equal, then prevailing the Fair Market Rent shall be the arithmetic mean of the fair market rent for premises comparable in size, quality and location to determinations of all of the demised Premises, leased on terms comparable to the terms contained in this Leaseappraisers.

Fair Market Rent. If Landlord and Tenant cannot agree on Fair Market Rent" shall be determined as follows: At least fifteen (15) months prior to the fair market rent expiration of the Premises Lease Term or the first Extension Period, as applicable, Lessor shall deliver to Lessee the proposed Basic Rent for such first Extension Period or second Extension Period, as applicable. Such amount shall be based on a current Fair Rental Market Analysis performed by a licensed real estate broker of Lessor's choosing. Within ten (10) business days following receipt of Lessor's proposed Basic Rent, Lessee shall give Lessor written notice of a disagreement, if any, as to the extension period within 30 Basic Rent based upon an analysis of the current Fair Market Rental Value of the Leased Property that is less than that determined by Lessor's broker, whereupon Lessee and Lessor shall jointly select a third licensed real estate broker to determine the current Fair Market Rental Value of the Leased Property. Within sixty (60) days after the Tenant has notified Landlord of Tenant’s exercise designation of the optionthird broker, Landlord each of the three brokers shall submit their written determination of the Fair Market Rent of the Leased Property in accordance with this section to both Lessor and Tenant shall each select, within 15 days Lessee. If the Fair Market Rent of the Leased Property is determined by any two or all three of such notificationbrokers is identical, an appraiser who must then the Fair Market Rent for purposes of the Extension Option shall be a qualified MAI appraiser with at least 5 years experience appraising commercial properties to determine said fair market rental valuesuch identical amount. If one party fails the Fair Market Rent as determined by each such broker is different from the others, but two of such determinations are within five percent (5%) of each other, then the rent pursuant the Fair Market Rent shall be the arithmetic mean of the such two amounts. In all other cases, the highest and lowest of such determination shall be disregarded and the Fair Market Rent shall be equal to so designate an appraiser within the time requiredmiddle, or remaining, determination. Notwithstanding anything contained herein to the contrary, the determination of fair market rental value the Fair Market Rent shall not include the square footage of the one appraiser who has been Expansion Area or the improvements on the Expansion Area constructed by Lessee at Lessee's sole cost and expense. Lessor shall pay all costs associated with the broker designated by Lessor, and Lessee shall pay all costs associated with the other party within the time required broker designated by Lessee. Lessor and Lessee shall be binding on both parties. The appraisers shall submit their determinations of fair market rental value to both parties within 30 days after their selection. If the difference between the two determinations is 10% or less of the higher appraisal, then the average between the determinations shall be the fair market rental value of the Premises. If said difference is greater than 10%, then the two appraisers shall within 15 days of the date the second determination is submitted to the parties designate a third appraiser who must also be a qualified MAI appraiser. The sole responsibility of share equally all costs associated with the third appraiser will be to determine which of the determinations made by the first two appraisers is most accurate. The third appraiser shall have no right to propose a middle ground or any modification of either of the determinations made by the first two appraisers. The third appraiser’s choice shall be submitted to the parties within 20 days after his or her selection. Such determination shall bind both of the parties and shall establish the fair market rental value of the Premises. Each party shall pay the fees and expenses of its appraiser and shall pay equal shares of the fees and expenses of the third appraiser. Fair market rent for the purposes of this Lease shall mean the then prevailing rent for premises comparable in size, quality and location to the demised Premises, leased on terms comparable to the terms contained in this Leasebroker.

Fair Market Rent. If Whenever any provision of this Lease provides that the Fair Market Rent shall be calculated, it shall mean the fair rent for the Premises as of the commencement of the period in question under market conditions for comparable office space in the South Shore market, as well as such annual increases in rent for the period in question as are reasonably consistent with then current market conditions. Fair Market Rent shall be determined by agreement between Landlord and Tenant, but if Landlord and Tenant cannot are unable to agree on upon the fair market rent of the Premises for the extension period Fair Market Rent within 30 twenty (20) days after the date on which Tenant has notified Landlord delivers notice of Tenant’s its exercise of its option to extend under Section 15.2 below, then the optionFair Market Rent shall be determined by appraisal made as hereinafter provided by a board of three (3) reputable independent commercial real estate brokers, each of whom shall have at least ten (10) years of experience in the eastern Massachusetts rental market for comparable properties and each of whom is hereinafter referred to as "appraiser". Tenant and Landlord shall each appoint one such appraiser and the two appraisers so appointed shall appoint the third appraiser. The cost and expenses of each appraiser appointed separately by Tenant and Landlord shall be borne by the party who appointed the appraiser. The cost and expenses of the third appraiser shall be shared equally by Tenant and Landlord. Landlord and Tenant shall each select, appoint their respective appraisers within 15 fifteen (15) days after the expiration of such notificationtwenty (20) day period, an appraiser who must be a qualified MAI appraiser with at least 5 years experience appraising commercial properties and shall designate the appraisers so appointed by notice to determine said fair market rental valuethe other party. If one party fails to The two appraisers so designate an appointed and designated shall appoint the third appraiser within the time required, the determination of fair market rental value of the one appraiser who has been designated by the other party within the time required shall be binding on both parties. The appraisers shall submit their determinations of fair market rental value to both parties within 30 fifteen (15) days after their selectionappointment, and shall designate such appraiser by notice to Landlord and Tenant. The board of three appraisers shall determine the Fair Market Rent of the space in question as of the commencement of the period to which the Fair Market Rent shall apply and shall notify Landlord and Tenant of their determinations within thirty (30) days of their appointment. If the difference between the two determinations is 10% or less of the higher appraisal, then Fair Market Rent of any two or all three of the average between the determinations appraisers shall be identical in amount, said amount shall be deemed to be the fair market rental value Fair Market Rent of the Premises. If the determinations of all three appraisers shall be different in amount, the average of the two values nearest in amount shall be deemed the Fair Market Rent. Notwithstanding the foregoing, if either party shall fail to appoint its appraiser within the period specified above (such party referred to hereinafter as the "failing party"), the other party may serve notice on the failing party requiring the failing party to appoint its appraiser within five (5) days of the giving of such notice and if the failing party shall not respond by appointment of its appraiser within said difference is greater than 10%five (5) day period, then the two appraisers shall within 15 days of the date the second determination is submitted to the parties designate a third appraiser who must also be a qualified MAI appraiser. The sole responsibility of the third appraiser will be to determine which of the determinations made appointed by the first two appraisers is most accurateother party shall be the sole appraiser hereunder. The third appraiser Tenant shall have no right the option, exercisable by written notice to propose a middle ground or any modification of either of the determinations made by the first two appraisers. The third appraiser’s choice shall be submitted to the parties Landlord within 20 ten (10) days after his or her selection. Such determination shall bind both of the parties and shall establish the fair market rental value of the Premises. Each party shall pay the fees and expenses Fair Market Rent hereunder, to rescind its exercise of its appraiser and shall pay equal shares of the fees and expenses of the third appraiser. Fair market rent for the purposes of option to extend under Section 15.2 below, in which event this Lease shall mean expire at the end of the then prevailing rent for premises comparable in sizecurrent Term. If Tenant does not timely deliver such notice of rescission, quality the determination of Fair Market Rent by the appraisers hereunder shall be final and location to binding upon the demised Premises, leased on terms comparable to the terms contained in this Leaseparties.

Fair Market Rent. If Landlord and Tenant cannot agree on the fair market rent of the Premises for the extension period within 30 days after the Tenant has notified Landlord of Tenant’s 's exercise of the option, Landlord and Tenant shall each select, within 15 days of such notification, an appraiser who must be a qualified MAI appraiser with at least 5 years experience appraising commercial properties in the Elkridge, Maryland area to determine said fair market rental value. If one party fails to so designate an appraiser within the time required, the determination of fair market rental value of the one appraiser who has been designated by the other party within the time required shall be binding on both parties. The appraisers shall submit their determinations of fair market rental value to both parties within 30 days after their selection. If the difference between the two determinations is 10% or less of the higher appraisal, then the average between the determinations shall be the fair market rental value of the Premises. If said difference is greater than 10%, then the two appraisers shall within 15 days of the date the second determination is submitted to the parties designate a third appraiser who must also be a qualified MAI appraiser. The sole responsibility of the third appraiser will be to determine which of the determinations made by the first two appraisers is most accurate. The third appraiser shall have no right to propose a middle ground or any modification of either of the determinations made by the first two appraisers. The third appraiser’s 's choice shall be submitted to the parties within 20 days after his or her selection. Such determination shall bind both of the parties and shall establish the fair market rental value of the Premises. Each party shall pay the fees and expenses of its appraiser and shall pay equal shares of the fees and expenses of the third appraiser. Fair market rent for the purposes of this Lease shall mean the then prevailing rent for premises property comparable in size, quality and location to the demised Premises, leased on terms comparable to the terms contained in this Lease.

Fair Market Rent. If FAIR MARKET RENT" shall mean the fair rent for the subject spaces as of the commencement of the period in question under market conditions then existing. Fair market rent shall be determined by agreement between Landlord and Tenant, but if Landlord and Tenant cannot are unable to agree on upon the fair market rent at least five months prior to the date upon which the fair market rent is to take effect, then the fair market rent shall be determined by appraisal made as hereinafter provided by a board of three reputable independent real estate appraisers, each of whom shall have at least ten years of experience in the appraisal of office space in the Metropolitan Boston area. Landlord and Tenant shall each appoint one such appraiser and the two appraisers so appointed shall appoint the third appraiser. The cost and expenses of each appraiser appointed separately by Landlord and Tenant shall be borne by the party who appointed the appraiser. The cost and expenses of the third appraiser shall be shared equally by Landlord and Tenant. Landlord and Tenant shall appoint their respective appraisers at least four months prior to the commencement of the period for which fair market rent is to be determined and shall designate the appraisers so appointed by notice to the other party. The two appraisers so appointed and designated shall appoint the third appraiser at least three months prior to the commencement of such period and shall designate such appraiser by notice to Landlord and Tenant. The board of three appraisers shall determine the fair market rent of the Premises for the extension period within 30 days after the Tenant has notified Landlord of Tenant’s exercise space in question as of the option, commencement of the period to which the fair market rent shall apply and shall notify Landlord and Tenant shall each select, within 15 of their determinations at least sixty (60) days prior to the commencement of such notification, an appraiser who must be a qualified MAI appraiser with at least 5 years experience appraising commercial properties to determine said fair market rental value. If one party fails to so designate an appraiser within the time required, the determination of fair market rental value of the one appraiser who has been designated by the other party within the time required shall be binding on both parties. The appraisers shall submit their determinations of fair market rental value to both parties within 30 days after their selectionperiod. If the difference between the two determinations is 10% or less of the higher appraisal, then the average between the determinations shall be the fair market rental value rent of any two or all three of the Premises. If said difference is greater than 10%, then the two appraisers shall within 15 days of the date the second determination is submitted to the parties designate a third appraiser who must also be a qualified MAI appraiser. The sole responsibility of the third appraiser will be to determine which of the determinations made by the first two appraisers is most accurate. The third appraiser shall have no right to propose a middle ground or any modification of either of the determinations made by the first two appraisers. The third appraiser’s choice shall be submitted to the parties within 20 days after his or her selection. Such determination shall bind both of the parties and shall establish the fair market rental value of the Premises. Each party shall pay the fees and expenses of its appraiser and shall pay equal shares of the fees and expenses of the third appraiser. Fair market rent for the purposes of this Lease shall mean the then prevailing rent for premises comparable identical in size, quality and location to the demised Premises, leased on terms comparable to the terms contained in this Lease.amount,