Common use of Prevailing Market Rent Clause in Contracts

Prevailing Market Rent. For purposes of this Lease, the “Prevailing Market Rent” shall mean the rental rate prevailing for Class A office buildings in the San Francisco North and South Financial District submarket (“Comparison Market”) as of the date that Tenant exercises the Option to Lease, for the renewal lease of space of equivalent size, quality, utility and location to the Option Space, with the length of the Option Term, in an arms length transaction between a willing landlord and a willing tenant, with the credit standing of Tenant to be taken into account. If Tenant has timely exercised the Option to Lease, Landlord shall notify Tenant in writing of the proposed Monthly Rent for the Option Space determined by Landlord for the Option Term within 30 days after the date Tenant has exercised the Option to Lease. Unless Tenant objects to the amount determined by Landlord within 15 business days after receipt of such notice, the amount stated in such notice shall be the Monthly Rent for the Option Space. If Tenant objects to Landlord’s proposal, then the Monthly Rent for the Option Term shall be determined by a real estate broker selected by Landlord and approved by Tenant. If Tenant does not disapprove of Landlord’s choice of a broker by delivery of written notice of disapproval naming a Tenant broker within 5 business days after written notice of such choice by Landlord, then Landlord’s broker shall be deemed to be approved by Tenant. If Tenant does disapprove of Landlord’s choice of an broker within the said 5 business days, then Tenant’s notice of disapproval shall name a real estate broker designated by Tenant. Within 10 days after the date of Tenant’s notice of disapproval, Landlord’s broker and Tenant’s broker together shall select a third real estate broker. Any real estate broker appointed pursuant to this Article shall not have been the listing broker for the party appointing the broker for a period of 5 years preceding the date of the appointment. The term “broker” as used herein may mean a licensed real estate broker or a licensed real estate sales person acting under the license of a licensed real estate broker. Any broker selected by a party must have been active over the five (5) year period ending on the date of such appointment in the leasing of high-rise office space in the Comparison Market. If they are unable to agree on a third real estate broker within the said 10 days, then upon the application of either party, the third independent real estate broker shall be designated by the San Francisco County, California office of JAMS. Landlord’s broker and Tenant’s broker each shall determine a Prevailing Market Rent, to be submitted in writing to Landlord, Tenant and the third broker within 30 days after the date of Tenant’s notice of disapproval. Within 15 days after receipt of those two appraisals, the third broker shall independently determine the Prevailing Market Rent and shall then select one of the two determinations of Landlord’s and Tenant’s brokers, whichever is closest to the Prevailing Market Rent as determined by the third broker, and the determination so selected shall be and become the Prevailing Market Rent effective as of the commencement date of the Extension Term. The cost of the third broker shall be split equally by Landlord and Tenant and Landlord and Tenant shall each be responsible for the fees and costs of the broker which it appoints. If the Monthly Rent for the Option Space shall not have been determined by the commencement date of the Option Term, then, until it is determined, Tenant shall pay Monthly Rent for the Option Space when due during the Option Term determined using Landlord’s proposed Monthly Rent for the Option Space, and when the actual adjusted Monthly Rent for the Option Space is determined, Tenant shall pay to Landlord any additional rent due for the months which have elapsed in the Option Term, or Landlord shall credit any excess payment for the elapsed months to the next Monthly Rent becoming due. During the fifteen (15) business day period following the delivery to Tenant of Landlord’s proposed Monthly Rent for the Premises for the Option Space in connection with the determination of the Prevailing Market Rent, Tenant shall have the right to revoke its exercise of the Option to Lease.

Prevailing Market Rent. For purposes of this LeaseSection 3, the “Prevailing Market Rent” shall mean means an annual amount per square foot for each year of the rental rate prevailing renewal term that a willing, creditworthy tenant leasing comparable space for Class A office buildings a comparable purposes would pay and a wiling landlord of an offce/research/laboratory building comparable to the Building in the San Francisco North and South Financial District submarket Woodridge/Will County area (“Comparison Market”) as would accept at arm's length, giving appropriate consideration to anual rental rate per square foot, length of lease term, size and location of the date that premises being leased, and other generally applicable terms and conditions prevailing for comparable space in comparable buildings located in the Market. Landlord will notity Tenant exercises the Option to Leaseof Landlord's reasonable, for the renewal lease of space of equivalent size, quality, utility and location to the Option Space, with the length good faith determination of the Option Term, in an arms length transaction between a willing landlord and a willing tenant, with the credit standing of Tenant to be taken into account. If Tenant has timely exercised the Option to Lease, Landlord shall notify Tenant in writing of the proposed Monthly Prevailing Market Rent for the Option Space determined by Landlord for the Option Term within 30 days after the date Tenant has exercised the Option Landlord receives Tenant's notice to renew this Lease. Unless Landlord's estimate shall be accompanied by a market rent evaluation report prepared by a licensed real estate brokerage company in the Chicago metropolitan area that has at least 10 years experience in providing brokerage services. If Tenant objects to the amount determined by notifies Landlord within 15 business 20 days after receipt of such noticeLandlord's determination of Prevailing Market Rent that Tenant disagrees with Landlord's determination, the amount stated in such notice Tenant shall be the Monthly Rent for the Option Space. If Tenant objects to Landlord’s proposal, then the Monthly Rent for the Option Term shall be determined by a real estate broker selected by Landlord and approved by Tenant. If Tenant does not disapprove of Landlord’s choice of a broker by delivery of provide written notice of disapproval naming a Tenant broker within 5 business days after written notice of such choice by Landlord, then Landlord’s broker shall be deemed to be approved by Landlord as to Tenant. If Tenant does disapprove of Landlord’s choice of an broker within the said 5 business days, then Tenant’s notice of disapproval shall name a real estate broker designated by Tenant. Within 10 days after the date of Tenant’s notice of disapproval, Landlord’s broker and Tenant’s broker together shall select a third real estate broker. Any real estate broker appointed pursuant to this Article shall not have been the listing broker for the party appointing the broker for a period of 5 years preceding the date 's estimate of the appointment. The term “broker” as used herein may mean prevailing market rent which shall also be accompanied by an evaluation report prepared by a licensed real estate broker or a licensed real estate sales person acting under the license of a licensed real estate broker. Any broker selected by a party must have been active over the five (5) year period ending on the date of such appointment in the leasing of high-rise office space in the Comparison Marketbrokerage company. If they are unable to Landlord and Tenant cannot agree on a third real estate broker within the said 10 days, then upon the application of either party, the third independent real estate broker shall be designated by the San Francisco County, California office of JAMS. Landlord’s broker and Tenant’s broker each shall determine a such Prevailing Market Rent, then, at the option of Landlord or Tenant, Landlord and Tenant shall institute an appraisal procedure to be submitted in writing to Landlord, Tenant and the third broker within 30 days after the date of Tenant’s notice of disapproval. Within 15 days after receipt of those two appraisals, the third broker shall independently determine the Prevailing Market Rent by jointly nominating and appointing, within 10 days after receipt of notice from the other part, one appraiser who shall make a determination of the Prevailing Market Rent of the Building. If Landlord and Tenant fail to jointly agree on the nomination and appointment of one appraiser within the 10 day period, each part shall then select nominate and appoint one appraiser within 15 days after the end of the initial 10 day period and give notice of the appointment to the other party. The two determinations appraisers shall jointly make a determination of Landlord’s the Prevailing Market Rent of the Premises. If either pary fails to appoint an appraiser within the 15 day period, the appraiser appointed by the other part shall make the determination of the Prevailing Market Rent. If the two appraisers are unable to agree upon a determination of the Prevailing Market Rent of the Premises within 15 days after the appointment of the second appraiser, the two appraisers shall jointly nominate and Tenant’s brokersappoint a third appraiser within 15 days after the expiration of the 15 day period and give written notice of the appointment to both parties. The third appraiser shall also make a determination of the Prevailing Market Rent. In the event the two appraisers cannot agree upon the third appraiser, whichever is closest then the third appraiser shall be the then president or principal offcer of the Chicago, Ilinois Chapter of the Appraisal Institute (or the then existing successor organization). If the three appraisers are unable to agree upon a determination of the Prevailing Market Rent of the Premises within 15 days after the appointment of the third appraiser, then the Prevailing Market Rent shall be an amount equal to the average of the three values contained in the respective written appraisals submitted by the appraisers. Notwithstanding the foregoing, if the difference between the Prevailing Market Rent as determined by the third broker, Landlord's appraiser and the determination so selected shall be and become the Prevailing Market Rent effective as of the commencement date of the Extension Term. The cost of the third broker shall be split equally by Landlord and Tenant and Tenant's appraiser is more than 15%, then Landlord and Tenant shall each be responsible for required to obtain new appraisals. The appraisers shall make their determination in writing and give notice of their appraisals to both paries. Any appraiser appointed under this section shall (x) be independent of both parties (and of all persons and entities with interest in either par); (y) have not less than ten (10) years experience in the fees appraisal of real propert; and costs (z) hold the professional designation M.A.I., or if the M.A.I. ceases to exist, a comparable designation from an equivalent professional appraiser organization. Landlord shall pay the cost of its appraiser and 50% of the broker which it appoints. If the Monthly Rent for the Option Space shall not have been determined by the commencement date of the Option Termthird appraiser, then, until it is determined, and Tenant shall pay Monthly Rent for the Option Space when due during the Option Term determined using Landlord’s proposed Monthly Rent for the Option Space, cost of its appraiser and when the actual adjusted Monthly Rent for the Option Space is determined, Tenant shall pay to Landlord any additional rent due for the months which have elapsed in the Option Term, or Landlord shall credit any excess payment for the elapsed months to the next Monthly Rent becoming due. During the fifteen (15) business day period following the delivery to Tenant of Landlord’s proposed Monthly Rent for the Premises for the Option Space in connection with the determination 50% of the Prevailing Market Rent, Tenant shall have the right to revoke its exercise cost of the Option to Leasethird appraiser. THE REAL PROPERTY SITUATED IN THE CITY OF WOODBRIDGE, COUNTY OF WILL, ILLINOIS, AND MORE PARTICULARLY DESCRIBED AS FOLLOWS: THAT PART OF XXX 0 XX XXX XXXXXXXXXXXXXX XXXXXX XXXX 00, BEING A SUBDIVISION OF PART OF THE NORTHWEST QUARTER OF SECTION 24, AND PART OF THE SOUTHWEST QUARTER OF SECTION 13, TOWNSHIP 37 NORTH, RANGE 10 EAST OF THE THIRD PRINCIPAL MERIDIAN, RECORDED APRIL 14, 1999 AS DOCUMENT NUMBER R99-047672 AND CERTIFICATE OF CORRECTION RECORDED APRIL 30, 1999 AS DOCUMENT R99-055202, IN WILL COUNTY, ILLINOIS DESCRIBED AS FOLLOWS: BEGINNING AT THE SOUTHWEST CORNER OF SAID LOT 1; THENCE NORTH 00 DEGREES 48 MINUTES 48 SECONDS WEST 67.64 FEET TO A POINT ON A NON-TANGENT CURVE; THENCE NORTHERLY 272.27 FEET ALONG THE ARC OF A TANGENT CIRCLE TO THE LEFT (SAID CURVE ALSO BEING THE WEST LINE OF SAID LOT 1), HAVING A RADIUS OF 1897.58 FEET AND WHOSE CHORD BEARS NORTH 03 DEGREES 17 MINUTES 50 SECONDS EAST 272.04 FEET TO A POINT OF TANGENCY; THENCE NORTH 00 DEGREES 48 MINUTES 48 SECONDS WEST ALONG SAID LINE, 143.80 FEET; THENCE NORTH 90 DEGREES 00 MINUTES 00 SECONDS EAST 361.75 FEET; THENCE SOUTH 00 DEGREES 48 MINUTES 48 SECONDS EAST PARALLEL WITH SAID WEST LINE, 60.20 FEET; THENCE NORTH 90 DEGREES 00 MINUTES 00 SECONDS EAST 47.43 FEET; THENCE SOUTH 00 DEGREES 48 MINUTES 48 SECONDS EAST PARALLEL WITH SAID WEST LINE, 152.08 FEET; THENCE NORTH 89 DEGREES 11 MINUTES 12 SECONDS EAST PERPENDICULAR WITH LAST DESCRIBED LINE 10.25 FEET; THENCE SOUTH 00 DEGREES 48 MINUTES 48 SECONDS EAST PARALLEL WITH SAID WEST LINE, 250.06 FEET TO A POINT ON THE SOUTH LINE OF SAID LOT 1; THENCE SOUTH 87 DEGREES 16 MINUTES 34 SECONDS WEST ALONG SAID SOUTH LINE, 439.13 FEET; TO THE POINT OF BEGINNING IN WILL COUNTY, ILLINOIS.

Prevailing Market Rent. For purposes If no appraiser is appointed Landlord's determination of this LeasePrevailing Market Rent shall be final and binding upon the parties. If two appraisers are appointed, the “they shall immediately meet and attempt to agree upon such Prevailing Market Rent” shall mean . If the rental rate prevailing for Class A office buildings in appraisers cannot reach agreement on the San Francisco North and South Financial District submarket (“Comparison Market”) as of Prevailing Market Rent by the date that Tenant exercises the Option to Lease, for the renewal lease of space of equivalent size, quality, utility and location to the Option Space, with the length is fifteen (15) days after appointment of the Option Termappraisers by the parties hereto, in an arms length transaction between each appraiser shall submit a willing landlord determination of Prevailing Market Rent to Landlord and a willing tenant, with the credit standing of Tenant to be taken into accountTenant. If Tenant has timely exercised the Option to Lease, Landlord shall notify Tenant in writing determinations of the proposed Monthly Prevailing Market Rent for the Option Space determined made by Landlord for the Option Term within 30 days after the date Tenant has exercised the Option to Lease. Unless Tenant objects to the amount determined these two appraisers vary by Landlord within 15 business days after receipt of such noticefive percent (5%) or less, the amount stated in such notice Prevailing Market Rent shall be the Monthly Rent for average of the Option Spacetwo determinations. If Tenant objects to Landlord’s proposalthe determinations vary by more than five percent (5%), then the Monthly Rent for two appraisers shall within ten (10) days after submission of their determinations, appoint a third appraiser. If the Option Term two appraisers shall be determined by a real estate broker selected by Landlord and approved by Tenant. If Tenant does not disapprove of Landlord’s choice of a broker by delivery of written notice of disapproval naming a Tenant broker within 5 business days after written notice of such choice by Landlord, then Landlord’s broker shall be deemed to be approved by Tenant. If Tenant does disapprove of Landlord’s choice of an broker within the said 5 business days, then Tenant’s notice of disapproval shall name a real estate broker designated by Tenant. Within 10 days after the date of Tenant’s notice of disapproval, Landlord’s broker and Tenant’s broker together shall select a third real estate broker. Any real estate broker appointed pursuant to this Article shall not have been the listing broker for the party appointing the broker for a period of 5 years preceding the date of the appointment. The term “broker” as used herein may mean a licensed real estate broker or a licensed real estate sales person acting under the license of a licensed real estate broker. Any broker selected by a party must have been active over the five (5) year period ending on the date of such appointment in the leasing of high-rise office space in the Comparison Market. If they are unable to agree on the selection of a third real estate broker appraiser within the said 10 days10-day period, then upon either Tenant or Landlord may request such appointment by petitioning the application presiding judge of either partythe Superior Court in and for the City of Pleasanton. Such third appraiser shall, the third independent real estate broker shall be designated by the San Francisco County, California office of JAMS. Landlord’s broker and Tenant’s broker each shall determine a Prevailing Market Rent, to be submitted in writing to Landlord, Tenant and the third broker within 30 thirty (30) days after the date appointment, make a determination of Tenant’s notice of disapproval. Within 15 days after receipt of those two appraisals, the third broker shall independently determine the Prevailing Market Rent and shall then select one of the two determinations of Landlord’s submit such determination to Landlord and Tenant’s brokers, whichever . The Prevailing Market Rent shall be the determination of Prevailing Market Rent submitted by the original two appraisers that is closest closer to the Prevailing Market Rent as determined by determination of the third broker, and appraiser. If the third appraiser's determination so selected shall be and become is exactly between the Prevailing Market Rent effective as determination of the commencement date original two appraisers, then Prevailing Market Rent shall be the average of the Extension Termoriginal two determinations. The cost For purposes of the third broker this Section, "appraiser" shall be split equally by Landlord and Tenant and Landlord and Tenant mean an MAI designated appraiser with not less than 2 years of substantial commercial appraisal or brokerage experience in Hacienda Business Park. Each party shall each be responsible for bear the fees and costs of the broker which it appoints. If the Monthly Rent for the Option Space shall not have been determined incurred by the commencement date of the Option Term, then, until it is determined, Tenant shall pay Monthly Rent for the Option Space when due during the Option Term determined using Landlord’s proposed Monthly Rent for the Option Space, and when the actual adjusted Monthly Rent for the Option Space is determined, Tenant shall pay to Landlord any additional rent due for the months which have elapsed in the Option Term, or Landlord shall credit any excess payment for the elapsed months to the next Monthly Rent becoming due. During the fifteen (15) business day period following the delivery to Tenant of Landlord’s proposed Monthly Rent for the Premises for the Option Space each party's appraiser in connection with the determination of the Prevailing Market RentRent and all fees and costs incurred by the third appraiser, if any, in connection with the determination of Prevailing Market Rent shall be shared equally by Landlord and Tenant. If the determination of Prevailing Market Rent has not been made by the Term Expiration then Tenant shall have (i) continue to pay monthly Base Rent at the right to revoke its exercise rate of 110% of the Option monthly Base Rent for the last month of the Term (the "Arbitration Period Base Rent") as well as any additional rent due under this Lease and (ii) pay to LeaseLandlord, or receive as a refund from Landlord, as applicable, on the first day of the month after the determination of Prevailing Market Rent is made, an amount, if any, equal to the difference between the Arbitration Period Base Rent that was paid to Landlord and the monthly Base Rent for the Extended Term that should have been paid to Landlord as the monthly Base Rent for the Extended Term as determined hereunder.

Prevailing Market Rent. For purposes of this Lease, the The “Prevailing Market Rent” shall mean be equal to the rental rate per square foot of Rentable Area per year as of the date which is six months prior to the expiration of the initial Term of the Lease at which Landlord is then offering to lease comparable space in the Building for a term comparable to the period of the extension permitted by exercise of this Option, multiplied by the Rentable Area of the Premises. If there is no such comparable space in the Building offered to prospective tenants by Landlord for a comparable term, then the Prevailing Market Rent shall be based upon the rent as of six months prior to the end of the initial Term of the Lease prevailing for Class A comparable office space in first class office buildings in the San Francisco North Westwood area of Los Angeles, California. In determining the Prevailing Market Rent, whether for comparable space within the Building or in the Westwood area, the following factors shall be taken into account: (a) The particular configuration, frontage along a public thoroughfare, signage visible to the public, parking facilities, and South Financial District submarket general level of quality of improvements and location of each comparison building shall be relevant. (“Comparison Market”b) Charges for parking, if any, shall be taken into consideration and adjustments shall be made for variations, if any, in charges paid as additional rent by Tenants. (c) No rent which has not been set or adjusted during the twelve month period immediately preceding the Expiration Date of the date that Tenant exercises the Option to Lease, for the renewal lease initial Term shall be considered prevailing or current. (d) Periods of space of equivalent size, quality, utility and location to the Option Space, with the length of the Option Term, in an arms length transaction between a willing landlord and a willing tenant, with the credit standing of Tenant to free rent or other rent concessions shall not be taken into account. If Tenant has timely exercised the Option to LeaseOption, Landlord shall notify Tenant in writing of the proposed Monthly new Annual Base Rent for the Option Space determined by Landlord for the Option Term within 30 at least ninety (90) days after prior to the date Tenant has exercised Commencement Date of the Option to LeaseTerm. Unless Tenant objects to the amount determined by Landlord within 15 business fifteen (15) days after receipt of such notice, the amount stated in such notice shall be the Monthly Rent for the Option Spacenew Annual Base Rent. If Tenant objects to Landlord’s proposal, then the Monthly new Annual Base Rent for the Option Term shall be determined by a real estate broker selected MAI appraiser chosen by Landlord and approved by Tenant. If Tenant does not disapprove of Landlord’s choice of a broker an appraiser by delivery of written notice of disapproval naming a Tenant broker within 5 business five (5) days after of written notice of such choice by Landlord, then Landlord’s broker appraiser shall be deemed to be approved by Tenant. If Tenant does disapprove of not approve Landlord’s choice of an broker within the said 5 business daysappraiser, then Tenant’s notice of disapproval shall name a real estate broker MAI Appraiser designated by Tenant. Within 10 days after the date , and each of Tenant’s notice of disapproval, Landlord’s broker appraiser and Tenant’s broker together appraiser shall select appoint a third real estate broker. Any real estate broker appointed pursuant to this Article MAI Appraiser and each appraiser shall not have been the listing broker for the party appointing the broker for a period of 5 years preceding the date of the appointment. The term “broker” as used herein may mean a licensed real estate broker or a licensed real estate sales person acting under the license of a licensed real estate broker. Any broker selected by a party must have been active over the five (5) year period ending on the date of such appointment in the leasing of high-rise office space in the Comparison Market. If they are unable to agree on a third real estate broker within the said 10 days, then upon the application of either party, the third independent real estate broker shall be designated by the San Francisco County, California office of JAMS. Landlord’s broker and Tenant’s broker each shall determine a Prevailing Market Rent, to be submitted in writing to Landlord, Tenant and the third broker within 30 days after the date of Tenant’s notice of disapproval. Within 15 days after receipt of those two appraisals, the third broker shall independently determine the Prevailing Market Rent Rent. The two amounts which are closest shall be averaged, and such average shall then select one of the two determinations of Landlord’s and Tenant’s brokers, whichever is closest to be the Prevailing Market Rent as determined by the third broker, and the determination so selected shall be and become the Prevailing Market Rent effective as for purposes of the commencement date of the Extension Termthis Option. The cost of the third broker any common appraiser shall be split equally by Landlord and Tenant Tenant, and if three appraisers are utilized, Landlord and Tenant shall each be responsible for the fees and costs of the broker appraiser which it appoints. If the Monthly Annual Base Rent for the Option Space shall not have been determined by the commencement date Commencement Date of the Option Term, then, then until it is determined, Tenant shall pay Monthly Base Rent for the Option Space when due during the Option Term determined using Landlord’s proposed Monthly Rent for the Option SpaceAnnual Base Rent, and when the actual adjusted Monthly Annual Base Rent for the Option Space is determined, either Tenant shall pay to Landlord any additional rent due for the months which have elapsed in the Option Term, or Landlord shall credit any excess payment for the elapsed months to the next Monthly Base Rent becoming due. During the fifteen (15) business day period following the delivery to Tenant of Landlord’s proposed Monthly Rent for the Premises for the Option Space in connection with the determination of the Prevailing Market Rent, Tenant shall have the right to revoke its exercise of the Option to Lease.

Prevailing Market Rent. For purposes of this Lease, the “The "Prevailing Market Rent” " shall mean be equal to the rental then prevailing market rate prevailing for Class A comparable office space in first class office buildings in the San Francisco North West Los Angeles area. In determining the Prevailing Market Rent, whether for comparable space within the Building or in the West Los Angeles area of Los Angeles County, California, the following factors shall be taken into account: (i) The particular configuration, frontage along a public thoroughfare, signage visible to the public, parking facilities, and South Financial District submarket general level of quality of improvements and location of each comparison building shall be relevant. (“Comparison Market”ii) Charges for parking, if any, shall be taken into consideration and adjustments shall be made for variations, if any, in charges paid as additional rent by Tenants. (iii) No rent which has not been set or adjusted during the twelve month period immediately preceding the Expiration Date of the date that Tenant exercises the Option to Lease, for the renewal lease Initial Term shall be considered prevailing or current. (iv) Periods of space of equivalent size, quality, utility and location to the Option Space, with the length of the Option Term, in an arms length transaction between a willing landlord and a willing tenant, with the credit standing of Tenant to free rent or other rent concessions shall be taken into account. If Tenant has timely exercised the Option to Lease0ption, Landlord shall notify Tenant in writing of the proposed Monthly new Annual Basic Rent for the Option Space determined by Landlord for the Option Term within 30 at least one hundred twenty (120) days after prior to the date Tenant has exercised Commencement Date of the Option to LeaseTerm. Unless Tenant objects to the amount determined by Landlord within 15 business fifteen (15) days after receipt of such notice, the amount stated in such notice shall be the Monthly Rent for the Option Spacenew Annual Basic Rent. If Tenant objects to Landlord’s 's proposal, then the Monthly new Annual Basic Rent for the Option Term shall be determined by a real estate broker selected MAI appraiser chosen by Landlord and approved by Tenant. If Tenant does not disapprove of Landlord’s 's choice of a broker an appraiser by delivery of written notice of disapproval naming a Tenant broker within 5 business five (5) days after of written notice of such choice by Landlord, then Landlord’s broker landlord's appraiser shall be deemed to be approved by Tenant. If Tenant does disapprove of not approve Landlord’s 's choice of an broker within the said 5 business daysappraiser, then Tenant’s 's notice of disapproval shall name a real estate broker MAI appraiser designated by Tenant. Within 10 days after the date , and each of Tenant’s notice of disapproval, Landlord’s broker 's appraiser and Tenant’s broker together 's appraiser shall select appoint a third real estate broker. Any real estate broker appointed pursuant to this Article MAI appraiser and each appraiser shall not have been the listing broker for the party appointing the broker for a period of 5 years preceding the date of the appointment. The term “broker” as used herein may mean a licensed real estate broker or a licensed real estate sales person acting under the license of a licensed real estate broker. Any broker selected by a party must have been active over the five (5) year period ending on the date of such appointment in the leasing of high-rise office space in the Comparison Market. If they are unable to agree on a third real estate broker within the said 10 days, then upon the application of either party, the third independent real estate broker shall be designated by the San Francisco County, California office of JAMS. Landlord’s broker and Tenant’s broker each shall determine a Prevailing Market Rent, to be submitted in writing to Landlord, Tenant and the third broker within 30 days after the date of Tenant’s notice of disapproval. Within 15 days after receipt of those two appraisals, the third broker shall independently determine the Prevailing Market Rent Rent. The two amounts which are closest shall be averaged, and such average shall then select one of the two determinations of Landlord’s and Tenant’s brokers, whichever is closest to be the Prevailing Market Rent as determined by the third broker, and the determination so selected shall be and become the Prevailing Market Rent effective as for purposes of the commencement date of the Extension Termthis Option. The cost of the third broker any common appraiser shall be split equally by Landlord and Tenant Tenant, and if three appraisers are utilized, Landlord and Tenant shall each be responsible for the fees and costs of the broker appraiser which it appoints. If the Monthly Annual Basic Rent for the Option Space shall not have been determined by the commencement date Commencement Date of the Option Term, then, until it is determined, Tenant shall pay Monthly Basic Rent for the Option Space when due during the Option Term determined using Landlord’s 's proposed Monthly Rent for the Option SpaceAnnual Basic Rent, and when the actual adjusted Monthly Annual Basic Rent for the Option Space is determined, either Tenant shall pay to Landlord any additional rent due for the months which have elapsed in the Option Term, or Landlord shall credit any excess payment for the elapsed months to the next Monthly Basic Rent becoming due. During the fifteen (15) business day period following the delivery to Tenant of Landlord’s proposed Monthly Rent for the Premises for the Option Space in connection with the determination of the Prevailing Market Rent, Tenant shall have the right to revoke its exercise of the Option to Lease.