Common use of Landlord’s Proposal Clause in Contracts

Landlord’s Proposal. Not later than one hundred eighty (180) days prior to the commencement of the Extension Term, provided Tenant has given valid notice of exercise of the Extension Option, Landlord shall deliver to Tenant a good faith written proposal of the Prevailing Market Rate for the Premises for the Extension Term. Within thirty (30) days after receipt of Landlord's proposal, Tenant shall notify Landlord in writing (a) that Tenant accepts Landlord's proposal or (b) that Tenant elects to submit the determination of Prevailing Market Rate to arbitration in accordance with Section 2.4.6. If Tenant does not give Landlord a timely notice in response to Landlord's proposal, Landlord's proposal of Prevailing Market Rate for the Extension Term shall be binding upon Tenant.

Landlord’s Proposal. Not later than one hundred eighty (180) days prior to the commencement of the an Extension Term, provided Tenant has given valid notice of exercise of the applicable Extension Option, Landlord shall deliver to Tenant a good faith written proposal of the Prevailing Market Rate for the Premises for the such Extension Term. Within thirty (30) days after receipt of Landlord's ’s proposal, Tenant shall notify Landlord in writing (a) that Tenant accepts Landlord's ’s proposal or (b) that Tenant elects to submit the determination of Prevailing Market Rate to arbitration in accordance with Section 2.4.6. If Tenant does not give Landlord a timely notice in response to Landlord's ’s proposal, Landlord's ’s proposal of Prevailing Market Rate for the applicable Extension Term shall be binding upon Tenant.