Common use of Payment of Renewal Term Base Rent Prior to Final Determination of Fair Market Rent Clause in Contracts

Payment of Renewal Term Base Rent Prior to Final Determination of Fair Market Rent. In the event the procedures outlined in subsections (c) and (d), above, are not completed and, therefore, the Fair Market Rent for the Renewal Term is not determined as of the end of the Initial Term, then Tenant shall pay Base Rent for the Leased Property during the Renewal Term based on the average of the Estimates provided by Landlord’s Independent Appraiser and Tenant’s Independent Appraiser. If it is thereafter determined that the Fair Market Rent for the Renewal Term is an amount different than the amount paid by Tenant, the Fair Market Rent as so determined shall be effective from the date of commencement of the Renewal Term, and Tenant or Landlord, as the case may be, shall pay to the other Party, within twenty (20) Business Days after the determination of such Fair Market Rent for the Renewal Term, the difference between the rent payable based upon the Fair Market Rent for the Renewal Term as determined in accordance with the foregoing from the commencement date of the Renewal Term and the total Base Rent actually paid to the date of such payment. If the amount due by Landlord to Tenant or Tenant to Landlord, as the case may be, under the foregoing sentence is not paid within such twenty (20) Business Day period, such amount shall thereafter bear interest from the Due Date for Other Additional Rent (with respect to payments by Tenant) or ten (10) Business Days following written demand from Tenant to Landlord (with respect to payments by Landlord) at a rate equal to the Default Interest Rate.

Payment of Renewal Term Base Rent Prior to Final Determination of Fair Market Rent. In the event the procedures outlined in subsections (c) and (d), above, are not completed and, therefore, the Fair Market Rent for the applicable Renewal Term is not determined as of the end of the Initial TermCurrent Lease Term End, then Tenant Lessee shall pay Base Rent for the Leased Property during the applicable Renewal Term based on the average of the Estimates provided by LandlordLessor’s Independent Appraiser and TenantLessee’s Independent Appraiser. If it is thereafter determined that the Fair Market Rent for the applicable Renewal Term is an amount different than the amount paid by TenantLessee, the Fair Market Rent as so determined shall be effective from the date of commencement of the applicable Renewal Term, and Tenant Lessee or LandlordLessor, as the case may be, shall pay to the other Partyparty, within twenty (20) Business Days after the determination of such Fair Market Rent for the applicable Renewal Term, the difference between the rent payable based upon the Fair Market Rent for the applicable Renewal Term as determined in accordance with the foregoing from the commencement date of the applicable Renewal Term and the total Base Rent actually paid to the date of such payment. If the amount due by Landlord Lessor to Tenant Lessee or Tenant Lessee to LandlordLessor, as the case may be, under the foregoing sentence is not paid within such twenty (20) Business Day period, such amount shall thereafter bear interest from the Due Date for Other Additional Rent (with respect to payments by TenantLessee) or ten (10) Business Days following written demand from Tenant Lessee to Landlord Lessor (with respect to payments by LandlordLessor) at a rate equal to the Default Interest Rate.

Payment of Renewal Term Base Rent Prior to Final Determination of Fair Market Rent. In the event the procedures outlined in subsections (c) and (d)) , above, are not completed and, therefore, the Fair Market Rent for the Renewal Term is not determined as of the end of the Initial Term, then Tenant shall pay Base Rent for the Leased Property during the Renewal Term based on the average of the Estimates provided by Landlord’s Independent Appraiser and Tenant’s Independent Appraiser. If it is thereafter determined that the Fair Market Rent for the Renewal Term is an amount different than the amount paid by Tenant, the Fair Market Rent as so determined shall be effective from the date of commencement of the Renewal Term, and Tenant or Landlord, as the case may be, shall pay to the other Party, within twenty (20) Business Days after the determination of such Fair Market Rent for the Renewal Term, the difference between the rent payable based upon the Fair Market Rent for the Renewal Term as determined in accordance with the foregoing from the commencement date of the Renewal Term and the total Base Rent actually paid to the date of such payment. If the amount due by Landlord to Tenant or Tenant to Landlord, as the case may be, under the foregoing sentence is not paid within such twenty (20) Business Day period, such amount shall thereafter bear interest from the Due Date for Other Additional Rent (with respect to payments by Tenant) or ten (10) Business Days following written demand from Tenant to Landlord (with respect to payments by Landlord) at a rate equal to the Default Interest Rate.