Option Terms - Arbitration Sample Clauses

Option Terms - Arbitration. Lessor and Lessee shall each --------------------------- appoint one arbitrator who shall by profession be an independent real estate broker who shall have been active over the five (5) year period ending on the date of such appointment in the leasing of first-class office buildings in Pasadena, California. The determination of the arbitrators shall be limited solely to the issue of whether Lessor's or Lessee's submitted Option Rent (or First Offer Rent, as the case may be) is the closest to the actual Option Rent (or First Offer Rent, as the case may as determined by the arbitrators, taking into account the requirements of Section 3.6 of this Lease with respect to the Option Rent and Section 1.10 of this Lease with respect to the First Offer Rent. Each such arbitrator shall be appointed within thirty (30) days after the Outside Agreement Date and adopt procedures as follows: (a) The two (2) arbitrators so appointed shall within ten (10) days of the date of the appointment of the last appointed arbitrator agree upon and appoint a third arbitrator who shall be qualified under the same criteria set forth hereinabove for qualification of the initial two (2) arbitrators: (b) The three (3) arbitrators shall with in thirty (30) days after the appointment of the third arbitrator reach a decision as to whether the panel shall use Lessor's or Lessee's submitted Option Rent (or First Offer Rent, as the case may be) and shall notify Lessor and Lessee thereof: (c) The decision of the majority of the three (3) arbitrators shall be binding upon Lessor and Lessee: (d) If either Lessor or Lessee fails to appoint an arbitrator within thirty (30) days after the applicable Outside Agreement Date, the arbitrator appointed by one of them shall reach a decision, notify Lessor and Lessee thereof, and such arbitrator's shall be binding upon Lessor and Lessee; (e) If the two (2) arbitrators fail to agree upon and appoint a third arbitrator within the time period provided above, then the parties shall mutually select the third arbitrator. If Lessor and Lessee are unable to agree upon the third arbitrator within ten (10) days, then either party may upon at least five (5) days prior written notice to the other party, request the Presiding judge of the Los Angeles County Superior Court, acting in his her private and non-judicial capacity, to appoint the third arbitrator. Following the appointment the third arbitrator the panel, of arbitrators shall within thirty (30) days thereafter r...