Common use of Fair Market Rental Rate Clause in Contracts

Fair Market Rental Rate. Landlord shall determine the Fair Market ----------------------- Rental Rate using its good faith judgment. Landlord shall use its best efforts to provide written notice of such amount within thirty (30) days (but in no event later than sixty (60) days) after Tenant sends the Option Notice to Landlord exercising a Renewal Option. Tenant shall have fifteen (15) days (the "Tenant's Review Period") after receipt of Landlord's notice of the new rental within which to accept such rental or to reasonably object thereto in writing. In the event Tenant objects, Landlord and Tenant shall attempt to agree upon such Fair Market Rental Rate, using their best good faith efforts. If Landlord and Tenant fail to reach agreement within fifteen (15) days following Tenant's Review Period (the "Outside Agreement Date"), then each party shall place in a separate sealed envelope their final proposal as to Fair Market Rental Rate and such determination shall be submitted to arbitration in accordance with subsections (a) through (e) below. Failure of Tenant to so elect in writing within Tenant's Review Period shall conclusively be deemed its rejection of the new rental determined by Landlord. In the event that Landlord fails to timely generate the initial written notice of Landlord's opinion of the Fair Market Rental Rate which triggers the negotiation period of this provision, then Tenant may commence such negotiations by providing the initial notice, in which event Landlord shall have fifteen (15) days ("Landlord's Review Period") after receipt of Tenant's notice of the new rental within which to accept such rental. In the event Landlord does not give its written consent to Tenant's proposed rental in timely fashion, such proposed rental shall be deemed rejected and Landlord and Tenant shall attempt in good faith to agree upon such Fair Market Rental Rate, using their best good faith efforts. If Landlord and Tenant fail to reach agreement within fifteen (15) days following Landlord's Review Period (which shall be, in such event, the "Outside Agreement Date" in lieu of the above definition of such date), then each party shall place in a separate sealed envelope its final proposal as to Fair Market Rental Rate and such determination shall be submitted to arbitration in accordance with subsections (a) through (e) below.

Fair Market Rental Rate. Landlord shall determine the Fair Market ----------------------- Rental Rate by using its good faith judgment. Landlord shall use its best efforts to provide written notice of such amount to Tenant within thirty (30) days (but in no event later than sixty (60) days) after Tenant sends the Option Notice to Landlord exercising a Renewal the Extension Option. Tenant shall have fifteen (15) days (the "Tenant's Review Period") after receipt of Landlord's ’s notice of the new rental (the “Tenant’s Review Period”) within which to either (i) accept such rental or to reasonably rental, (ii) object thereto in writingwriting or (iii) elect to rescind its election to extend the Term of the Lease as set forth in the Option Notice. In the event Tenant objectsobjects but does not rescind, Landlord and Tenant shall attempt to agree upon such Fair Market Rental Rate, using their best good faith efforts. If Landlord and Tenant fail to reach agreement within fifteen ten (1510) days following the end of Tenant's ’s Review Period (the "“Outside Agreement Date"”), then each party shall place in a separate sealed envelope their final proposal as to the Fair Market Rental Rate and such determination shall be submitted to arbitration in accordance with subsections (a) through (e) below. Failure of Tenant to so elect object in writing within Tenant's ’s Review Period shall conclusively be deemed its rejection of objection to the new rental determined by LandlordLandlord but not an election to rescind. In the event that Landlord fails to timely generate the initial written notice of Landlord's ’s opinion of the Fair Market Rental Rate which triggers the negotiation period of this provision, then Tenant may commence such negotiations by providing the initial notice, in which event Landlord shall have fifteen ten (1510) days ("Landlord's Review Period") after receipt of Tenant's ’s notice of the new rental (“Landlord’s Review Period”) within which to accept such rental. In the event Landlord does not give its written affirmatively in writing consent to Tenant's ’s proposed rental in timely fashionrental, such proposed rental shall be deemed rejected and Landlord and Tenant shall attempt in good faith to agree upon such Fair Market Rental Rate, using their best good faith efforts. If Landlord and Tenant fail to reach agreement within fifteen (15) days following the end of Landlord's ’s Review Period (which shall be, in such event, the "“Outside Agreement Date" ” in lieu of the above definition of such date), then each party shall place in a separate sealed envelope its their final proposal as to Fair Market Rental Rate and such determination shall be submitted to arbitration in accordance with subsections (a) through (ed) below.

Fair Market Rental Rate. Landlord The Fair Market Rental Rate for each extension ----------------------- term shall determine be determined under then-prevailing market conditions for leased premises which are comparable to the applicable Premises based on size, condition, tenant improvements, location and all other pertinent factors, and which are made available for a term equal to the extension period. If the parties cannot agree on the Fair Market ----------------------- Rental Rate using its good faith judgment. Landlord shall use its best efforts to provide written notice of such amount within thirty (30) days (but in no event later than sixty (60) days) after Tenant sends of receipt by Landlord of the Option Notice to Landlord exercising a Renewal Option. Tenant shall have fifteen (15) days (the "Tenant's Review Period") after receipt of Landlord's notice of intent to exercise the new rental within which option to accept such rental or to reasonably object thereto in writing. In the event Tenant objectsextend, Landlord and Tenant shall, no more than ten (10) Business Days thereafter, select an independent M.A.I. (certified in the state of Washington) real estate appraiser with at lease five (5) years experience in the Greater Seattle area real estate market, who shall attempt to agree upon such Fair Market Rental Rate, using their best good faith efforts. If Landlord and Tenant fail to reach agreement within fifteen (15) days following Tenant's Review Period (the "Outside Agreement Date"), then each party shall place in prepare a separate sealed envelope their final proposal as to Fair Market Rental Rate and such determination shall be submitted to arbitration in accordance with subsections (a) through (e) below. Failure of Tenant to so elect in writing within Tenant's Review Period shall conclusively be deemed its rejection of the new rental determined by Landlord. In the event that Landlord fails to timely generate the initial written notice of Landlord's opinion appraisal of the Fair Market Rental Rate which triggers using the negotiation period of assumptions described in this provision, then paragraph. The appraisal report shall be completed and delivered to Tenant may commence such negotiations by providing the initial notice, in which event and Landlord shall have fifteen within thirty (1530) days from the date Landlord selects the appraiser. Such appraiser's determination of Fair Market Rental Rate shall be determinative unless Tenant disputes it as provided in the next sentence. If Tenant disputes such appraisal, Tenant shall, within twenty ("Landlord's Review Period"20) after receipt Business Days following delivery of the appraisal report, deliver to Landlord notice (a) that Tenant disputes such appraisal report; and (b) of the identity of the appraiser selected by Tenant meeting the qualifications set forth in this paragraph. The appraiser selected by Tenant shall submit his/her appraisal report for the Fair Market Rental Rate using the assumptions described in this paragraph within thirty (30) days following the delivery of Tenant's notice to Landlord disputing the initial appraisal. If the two appraisals are within three percent (3%) of each other (based on the higher number), the Fair Market Rental Rate shall be that set forth in the appraisal report of Landlord's appraiser. If not, then within five (5) days after the delivery of the new rental second appraisal, the two appraisers shall appoint a third appraiser meeting the qualifications set forth in this paragraph, and the third appraiser shall deliver his/her decision within which to accept such rentalten (10) days following his/her selection and acceptance of the appraisal assignment. In the event Landlord does not give its written consent to Tenant's proposed rental in timely fashion, such proposed rental The third appraiser shall be deemed rejected and Landlord and Tenant limited in authority to selecting, in his/her opinion, which of the two earlier appraisal determinations best reflects the Fair Market Rental Rate under the assumptions set forth in this paragraph. The third appraiser must chose one of the two earlier appraisals, and, upon doing so, the third appraiser's determination shall attempt in good faith to agree upon such be the controlling determination of the Fair Market Rental Rate, using their best good faith efforts. If Landlord Each party shall pay the costs and Tenant fail to reach agreement within fifteen (15) days following Landlord's Review Period (which shall be, in such eventfees of the appraiser it selected; if a third appraiser is selected, the "Outside Agreement Date" in lieu of party whose appraisal is not selected to be the above definition of such date), then each party shall place in a separate sealed envelope its final proposal as to Fair Market Rental Rate by said third appraiser shall pay all of said third appraiser's costs and such determination shall be submitted to arbitration in accordance with subsections (a) through (e) belowfees.

Fair Market Rental Rate. Landlord The Fair Market Rental Rate for the extension term shall determine be determined under then-prevailing market conditions for leased premises which are comparable to the applicable Premises based on size, condition, tenant improvements and location, and which are made available for a term equal to the extension period. If the parties cannot agree on the Fair Market ----------------------- Rental Rate using its good faith judgment. Landlord shall use its best efforts to provide written notice of such amount within thirty (30) days (but in no event later than sixty (60) days) after Tenant sends of receipt by Landlord of the Option Notice to Landlord exercising a Renewal Option. Tenant shall have fifteen (15) days (the "Tenant's Review Period") after receipt of Landlord's notice of intent to exercise the new rental within which option to accept such rental or to reasonably object thereto in writing. In the event Tenant objectsextend, Landlord and Tenant shall attempt to agree upon such Fair Market Rental Rateshall, using their best good faith efforts. If Landlord and Tenant fail to reach agreement within fifteen no more than ten (1510) days following Tenant's Review Period Business Days thereafter, select an independent M.A.I. (certified in the "Outside Agreement Date"), then each party shall place State of Oregon) real estate appraiser with at least five (5) years experience in a separate sealed envelope their final proposal as to Fair Market Rental Rate and such determination shall be submitted to arbitration in accordance with subsections (a) through (e) below. Failure of Tenant to so elect in writing within Tenant's Review Period shall conclusively be deemed its rejection the Xxxxxxx 000 xxxx of the new rental determined by Landlord. In the event that Landlord fails to timely generate the initial Beaverton, Oregon real estate market, who shall prepare a written notice of Landlord's opinion appraisal of the Fair Market Rental Rate which triggers using the negotiation period of assumptions described in this provision, then paragraph. The appraisal report shall be completed and delivered to Tenant may commence such negotiations by providing the initial notice, in which event and Landlord shall have fifteen within thirty (1530) days from the date Landlord selects the appraiser. Such appraiser's determination of Fair Market Rental Rate shall be determinative unless Tenant disputes it as provided in the next sentence. If Tenant disputes such appraisal, Tenant shall within ten ("Landlord's Review Period"10) after receipt Business Days following delivery of the appraisal report, deliver to Landlord notice (a) that Tenant disputes such appraisal report, and (b) of the identity of the appraiser selected by Tenant meeting the qualifications set forth in this paragraph. The appraiser selected by Tenant shall submit his appraisal report of the Fair Market Rental Rate using the assumptions described in this paragraph within thirty (30) days following the delivery of Tenant's notice to Landlord disputing the initial appraisal. If the two appraisals are within three percent (3%) of each other (based on the higher number), the Fair Market Rental Rate shall be that set forth in the appraisal report of Landlord's appraiser. If not, then within five (5) days after the delivery of the new rental second appraisal, the two appraisers shall appoint a third appraiser meeting the qualifications set forth in this paragraph, and the third appraiser shall deliver his decision within which to accept such rentalten (10) days following his selection and acceptance of the appraisal assignment. In the event Landlord does not give its written consent to Tenant's proposed rental in timely fashion, such proposed rental The third appraiser shall be deemed rejected and Landlord and Tenant limited in authority to selecting, in his opinion, which of the two earlier appraisal determinations best reflects the Fair Market Rental Rate under the assumptions set forth in this paragraph. The third appraiser must choose one of the two earlier appraisals, and, upon doing so, the third appraiser's determination shall attempt in good faith to agree upon such be the controlling determination of the Fair Market Rental Rate, using their best good faith efforts. If Landlord Each party shall pay the costs and Tenant fail to reach agreement within fifteen (15) days following Landlord's Review Period (which shall be, in such eventfees of the appraiser it selected; if a third appraiser is selected, the "Outside Agreement Date" in lieu of party whose appraisal is not selected to be the above definition of such date), then each party shall place in a separate sealed envelope its final proposal as to Fair Market Rental Rate by said third appraiser shall pay all of said third appraiser's costs and such determination shall be submitted to arbitration in accordance with subsections (a) through (e) belowfees.