Common use of Rent Adjustment Clause in Contracts

Rent Adjustment. The Minimum Annual Base Rent for the Additional Space Extension Term shall be an amount equal to ninety-five percent (95%) of the projected Effective Market Base Rent Rate, as at the commencement date of the Additional Space Extension Term which said Effective Market Base Rent Rate shall be the rate charged to tenants for space of comparable size, location, and conditions in comparable property within a five (5) mile radius of the Building. Said Effective Market Base Rent Rate shall take into consideration the following: location, quality, age, common area factors, finish allowances, rental abatement, parking charges, lease assumptions, moving allowances, space planning allowances, refurbishment allowances, and any other concession or inducement. In addition, other consideration such as credit standing of Tenant, lease term, and any other issues that would be relevant in making a market rate determination should be considered. If Landlord and Tenant should be unable to agree as to the Effective Market Base Rent Rate for the Additional Space Extension Term within twenty (20) days of receipt by Tenant of Landlord's said notice, then Landlord and Tenant shall each select a qualified real estate appraiser (as hereinafter defined) to determine the Effective Market Base Rent Rate. Said appraisers shall render their written decision within twenty (20) days after the date of their selection. If the difference between the high appraisal and the low appraisal is ten percent (10%) or less of the low appraisal, then the Effective Market Base Rent Rate shall be the average between the low appraisal and the high appraisal and the Minimum Annual Base Rent for the Additional Space Extension Term shall be ninety-five percent (95%) thereof. In the event said difference is in excess of ten percent (10%), then the appraisers shall mutually select a third appraiser who shall render a written decision of the Effective Market Base Rent Rate within twenty (20) days of his/her selection. The Minimum Annual Base Rent during the Additional Space Extension Term shall be ninety-five percent (95%) of the Effective Market Base Rent Rate as established by the third appraiser; provided, however, that said Effective Market Base Rent Rate shall not be greater than the initial high appraisal or be less than the initial low appraisal nor shall the Minimum Annual Base Rent for the Additional Space Extension Term be less than the Minimum Annual Base Rent payable by Tenant to Landlord as of the Termination Date of the immediately preceding Original Additional Space Term. In the event that the two appraisers fail or refuse to select a third appraiser, either party may make application, upon written notice to the other, to the Chief Judge of the United States District Court for the Eastern District of Missouri, Eastern Division, who shall select the third appraiser. Either party may, within three (3) business days of the making of application to the Chief Judge, submit a list of not more than five (5) qualified (as herein specified) real estate appraisers for the guidance of the Chief Judge. Each party shall pay the appraiser selected by it and the costs of the third appraiser, if any, shall be borne equally by Landlord and Tenant. If it shall become necessary to select appraisers in accordance with the terms of this Section 4.B, said appraisers shall be either (i) a disinterested commercial real estate broker with at least ten (10) years professional experience in the St. Louis, Missouri metropolitan industrial market or (ii) a disinterested person with at least ten (10) years professional experience in commercial real estate appraisal in the St. Louis, Missouri metropolitan area, and a member in good standing in at least one of the following professional organizations: The Society of Real Estate Appraisers (holding the SREA designation), or the American Institute of Real Estate Appraisers (holding the MAI designation).

Rent Adjustment. The Minimum Annual Base Rent for the Additional Space applicable Extension Term shall be an amount equal to ninety-five percent (95%) the Minimum Annual Rent then being quoted by Landlord to prospective renewal tenants of the projected Effective Market Base Rent Rate, as at the commencement date of the Additional Space Extension Term which said Effective Market Base Rent Rate shall be the rate charged to tenants Building for space of comparable size, locationsize and quality and with similar or equivalent improvements as are found in the Building, and conditions if none, then in comparable property similar buildings in the Park, provided, however, that if Tenant delivers to Landlord a written objection to Landlord's calculation of the Rent Adjustment within a five (5) mile radius of the Building. Said Effective Market Base Rent Rate shall take into consideration the following: location, quality, age, common area factors, finish allowances, rental abatement, parking charges, lease assumptions, moving allowances, space planning allowances, refurbishment allowances, and any other concession or inducement. In addition, other consideration such as credit standing of business days after Tenant, lease term, and any other issues that would be relevant in making a market rate determination should be considered. If Landlord and Tenant should be unable to agree as to the Effective Market Base Rent Rate for the Additional Space Extension Term within twenty (20) days of 's receipt by Tenant of Landlord's said noticedetermination of the Rent Adjustment, and the parties cannot agree on a Rent Adjustment within ten (10) days after Tenant's written objection then Landlord and Tenant shall each select a qualified real estate appraiser (as hereinafter defined) may retract its exercise of its option to extend, or Tenant may choose arbitration to determine the Effective Market Base Rent RateAdjustment. Said If Tenant chooses arbitration, Tenant shall give Landlord written notice of its desire to seek arbitration within three (3) days after expiration of such ten (10) day period ("Arbitration Notice"). Within ten (10) days after Tenant provides Landlord with its Arbitration Notice, the parties shall each appoint an appraiser to determine the Rent Adjustment for the Leased Premises. Each appraiser so selected shall be either an MAI appraiser or a licensed real estate broker, each having at least ten (10) years prior experience in the appraisal or leasing of comparable space in the metropolitan area in which the Leased Premises are located and with a working knowledge of current rental rates and practices. If the two appraisers shall render their written decision cannot agree upon the Rent Adjustment for the Leased Premises within twenty (20) days after the date of their selection. If the difference between the high appraisal and the low appraisal is appointment, then, within ten percent (10%) or less days after the expiration of such twenty (20) day period, the low appraisal, then the Effective Market Base Rent Rate shall be the average between the low appraisal and the high appraisal and the Minimum Annual Base Rent for the Additional Space Extension Term shall be ninety-five percent (95%) thereof. In the event said difference is in excess of ten percent (10%), then the two appraisers shall mutually select a third appraiser who meeting the above criteria. Once the third appraiser has been selected as provided for above, then such third appraiser shall render a written decision within ten (10) days after appointment make its determination of the Effective Market Base Rent Rate within twenty (20) days of his/her selectionAdjustment. The Minimum Annual Base Rent during the Additional Space Extension Term shall be ninety-five percent (95%) average of the Effective Market Base Rent Rate as established by the third appraiser; provided, however, that said Effective Market Base Rent Rate shall not be greater than the initial high appraisal or be less than the initial low appraisal nor shall the Minimum Annual Base Rent for the Additional Space Extension Term be less than the Minimum Annual Base Rent payable by Tenant to Landlord as of the Termination Date of the immediately preceding Original Additional Space Term. In the event that the two appraisers fail or refuse to select a third appraiser, either party may make application, upon written notice to the other, to the Chief Judge of the United States District Court for the Eastern District of Missouri, Eastern Division, who shall select the third appraiser. Either party may, within three (3) business days determinations of the making of application to Rent Adjustment shall be used as the Chief Judge, submit a list of not more than five (5) qualified (as herein specified) real estate appraisers Minimum Annual Rent for the guidance of the Chief Judge. Each party shall pay the appraiser selected by it applicable Extension Term and the costs of the third appraiser, if any, shall be borne equally by binding on both Landlord and Tenant. Landlord and Tenant shall each bear the cost of its appraiser and shall share the cost of the third. If it shall become necessary Tenant fails to select appraisers in accordance with provide the terms Arbitration Notice as provided above, then Tenant's exercise of this Section 4.B, said appraisers its option to extend shall be either (i) a disinterested commercial real estate broker with at least ten (10) years professional experience in the St. Louis, Missouri metropolitan industrial market or (ii) a disinterested person with at least ten (10) years professional experience in commercial real estate appraisal in the St. Louis, Missouri metropolitan area, and a member in good standing in at least one of the following professional organizations: The Society of Real Estate Appraisers (holding the SREA designation), or the American Institute of Real Estate Appraisers (holding the MAI designation)deemed retracted.

Rent Adjustment. The Minimum Annual Base Rent for the Additional Space applicable Extension Term shall be an amount equal reasonably determined by Landlord based on the monthly rent charged to ninety-five percent prospective renewing tenants for the Building and comparable buildings (95%e.g., buildings of comparable age, physical condition, number of stories, total size, comparable location) in the area in which the Leased Premises are located, taking into account all financial terms, including without limitation, base rent, free rent, escalations, work contributions and allowances and leasing and brokerage commissions. Without limiting the foregoing, if Tenant delivers to Landlord a written objection to Landlord's calculation of the projected Effective Market Base Rent Rate, as at the commencement date of the Additional Space Extension Term which said Effective Market Base Rent Rate shall be the rate charged to tenants for space of comparable size, location, and conditions in comparable property Adjustment within a five ten (510) mile radius of the Building. Said Effective Market Base Rent Rate shall take into consideration the following: location, quality, age, common area factors, finish allowances, rental abatement, parking charges, lease assumptions, moving allowances, space planning allowances, refurbishment allowances, and any other concession or inducement. In addition, other consideration such as credit standing of business days after Tenant, lease term, and any other issues that would be relevant in making a market rate determination should be considered. If Landlord and Tenant should be unable to agree as to the Effective Market Base Rent Rate for the Additional Space Extension Term within twenty (20) days of 's receipt by Tenant of Landlord's said noticedetermination of the Rent Adjustment, and the parties cannot agree on a Rent Adjustment within ten (10) business days after Tenant's written objection then Landlord and Tenant shall each select a qualified real estate appraiser (as hereinafter defined) may retract its exercise of its option to extend, or Tenant may choose arbitration to determine the Effective Market Base Rent Rate. Said appraisers shall render their written decision within twenty (20) days after the date of their selectionAdjustment. If the difference between the high appraisal and the low appraisal is ten percent (10%) or less of the low appraisalTenant chooses arbitration, then the Effective Market Base Rent Rate Tenant shall be the average between the low appraisal and the high appraisal and the Minimum Annual Base Rent for the Additional Space Extension Term shall be ninety-five percent (95%) thereof. In the event said difference is in excess of ten percent (10%), then the appraisers shall mutually select a third appraiser who shall render a written decision of the Effective Market Base Rent Rate within twenty (20) days of his/her selection. The Minimum Annual Base Rent during the Additional Space Extension Term shall be ninety-five percent (95%) of the Effective Market Base Rent Rate as established by the third appraiser; provided, however, that said Effective Market Base Rent Rate shall not be greater than the initial high appraisal or be less than the initial low appraisal nor shall the Minimum Annual Base Rent for the Additional Space Extension Term be less than the Minimum Annual Base Rent payable by Tenant to give Landlord as of the Termination Date of the immediately preceding Original Additional Space Term. In the event that the two appraisers fail or refuse to select a third appraiser, either party may make application, upon written notice of its desire to the other, to the Chief Judge of the United States District Court for the Eastern District of Missouri, Eastern Division, who shall select the third appraiser. Either party may, seek arbitration within three (3) business days after expiration of such ten (10) business day period ("Arbitration Notice"). Within ten (10) business days after Tenant provides Landlord with its Arbitration Notice, the making of application parties shall each appoint an appraiser to determine the Chief Judge, submit Rent Adjustment for the Leased Premises. Each appraiser so selected shall be a list of not more than five (5) qualified (as herein specified) MAI appraiser or a licensed real estate appraisers for the guidance of the Chief Judge. Each party shall pay the appraiser selected by it and the costs of the third appraiserbroker, if any, shall be borne equally by Landlord and Tenant. If it shall become necessary to select appraisers in accordance with the terms of this Section 4.B, said appraisers shall be either (i) a disinterested commercial real estate broker with each having at least ten (10) years professional prior experience in the St. Louisappraisal or leasing of comparable space in the Weston, Missouri metropolitan industrial market or Florida submarket and with a working knowledge of current rental rates and practices. If the two appraisers cannot agree upon the Rent Adjustment for the Leased Premises within twenty (ii20) a disinterested person with at least business days after their appointment, then, within ten (10) years professional experience in commercial real estate appraisal business days after the expiration of such twenty (20) business day period, the two appraisers shall select a third appraiser meeting the above criteria. Once the third appraiser has been selected as provided for above, such third appraiser shall within ten (10) business days after appointment make its determination of the Rent Adjustment. The average of the two closest determinations of the Rent Adjustment shall be used as the Minimum Annual Rent for the applicable Extension Term and shall be binding on both Landlord and Tenant. Landlord and Tenant shall each bear the cost of its appraiser and shall share the cost of the third. If Tenant fails to provide the Arbitration Notice as provided above, then Tenant's exercise of its option to extend shall be deemed retracted. The Monthly Rental Installments shall be an amount equal to one-twelfth (1/12) of the Minimum Annual Rent for the Extension Term and shall be paid at the same time and in the St. Louis, Missouri metropolitan area, and a member same manner as provided in good standing in at least one of the following professional organizations: The Society of Real Estate Appraisers (holding the SREA designation), or the American Institute of Real Estate Appraisers (holding the MAI designation)Lease.

Rent Adjustment. The Minimum Annual Base Rent for the Additional Space applicable Extension Term shall be an amount equal to ninety-five percent (95%) of the projected Effective Market Base Minimum Annual Rent Rate, as at then being charged by landlords to renewal tenants in the commencement date of the Additional Space Extension Term which said Effective Market Base Rent Rate shall be the rate charged to tenants south and west county submarket for space of comparable sizesize and quality and with similar or equivalent improvements as are found in the Building, locationor in similar buildings in the Xxxxxx Xxxxx, Xxxxxxxxxx/X-000 market and throughout west and south county (the "Market"), giving appropriate consideration to base rent, rent escalations, tenant concessions (e.g. free rent, tenant improvement allowance and other cash allowances), length of term, size and location of the premises being leased, and other generally applicable terms and conditions prevailing for comparable space in comparable property buildings located in the Market, as evidenced by them recently completed lease renewals and lease expansions within the Market. In no event shall the Minimum Annual Rent during any Extension Term be less than the highest Minimum Annual Rent payable during the immediately preceding term. If Tenant delivers to Landlord a five (5) mile radius written objection to Landlord's calculation of the Building. Said Effective Market Base Rent Rate shall take into consideration the following: location, quality, age, common area factors, finish allowances, rental abatement, parking charges, lease assumptions, moving allowances, space planning allowances, refurbishment allowances, and any other concession or inducement. In addition, other consideration such as credit standing of Tenant, lease term, and any other issues that would be relevant in making a market rate determination should be considered. If Landlord and Tenant should be unable to agree as to the Effective Market Base Rent Rate for the Additional Space Extension Term within twenty (20) days of receipt by Tenant of Landlord's said notice, then Landlord and Tenant shall each select a qualified real estate appraiser (as hereinafter defined) to determine the Effective Market Base Rent Rate. Said appraisers shall render their written decision Adjustment within twenty (20) days after Tenant's receipt of Landlord's determination of the date of their selectionRent Adjustment, and the parties cannot agree on a Rent Adjustment within ten (10) days after Tenant's written objection then Tenant may either (i) rescind the Tenant's Notice, or (ii) choose arbitration to determine the Rent Adjustment. If the difference between the high appraisal and the low appraisal is ten percent (10%) or less of the low appraisalTenant chooses arbitration, then the Effective Market Base Rent Rate Tenant shall be the average between the low appraisal and the high appraisal and the Minimum Annual Base Rent for the Additional Space Extension Term shall be ninety-five percent (95%) thereof. In the event said difference is in excess of ten percent (10%), then the appraisers shall mutually select a third appraiser who shall render a written decision of the Effective Market Base Rent Rate within twenty (20) days of his/her selection. The Minimum Annual Base Rent during the Additional Space Extension Term shall be ninety-five percent (95%) of the Effective Market Base Rent Rate as established by the third appraiser; provided, however, that said Effective Market Base Rent Rate shall not be greater than the initial high appraisal or be less than the initial low appraisal nor shall the Minimum Annual Base Rent for the Additional Space Extension Term be less than the Minimum Annual Base Rent payable by Tenant to give Landlord as of the Termination Date of the immediately preceding Original Additional Space Term. In the event that the two appraisers fail or refuse to select a third appraiser, either party may make application, upon written notice of its desire to the other, to the Chief Judge of the United States District Court for the Eastern District of Missouri, Eastern Division, who shall select the third appraiser. Either party may, seek arbitration within three (3) business days after expiration of such ten (10) day period ("Arbitration Notice"). Within ten (10) days after Tenant provides Landlord with its Arbitration Notice, the making of application parties shall each appoint an appraiser to determine the Chief Judge, submit a list of not more than five (5) qualified (as herein specified) real estate appraisers Rent Adjustment for the guidance of the Chief JudgeLeased Premises. Each party shall pay the appraiser so selected by it and the costs of the third appraiser, if any, shall be borne equally by Landlord and Tenant. If it shall become necessary to select appraisers in accordance with the terms of this Section 4.B, said appraisers shall be either (i) an MAI appraiser or a disinterested commercial licensed real estate broker with broker, each having at least ten (10) years professional prior experience in the St. Louisappraisal or leasing of comparable space in the metropolitan area in which the Leased Premises are located and with a working knowledge of current rental rates and practices. If the two appraisers cannot agree upon the Rent Adjustment for the Leased Premises within twenty (20) days after their appointment, Missouri metropolitan industrial market or (ii) a disinterested person with at least then, within ten (10) years professional experience in commercial real estate appraisal in days after the St. Louisexpiration of such twenty (20) day period, Missouri metropolitan areathe two appraisers shall select a third appraiser meeting the above criteria. Once the third appraiser has been selected as provided for above, and a member in good standing in at least one then such third appraiser shall within ten (10) days after appointment make its determination of the following professional organizations: Rent Adjustment. The Society average of Real Estate Appraisers (holding the SREA designation)two closest determinations of the Rent Adjustment shall be used as the Minimum Annual Rent for the applicable Extension Term and shall be binding on both Landlord and Tenant. Landlord and Tenant shall each bear the cost of its appraiser and shall share the cost of the third. If Tenant fails to provide the Arbitration Notice as provided above, or the American Institute then Tenant's exercise of Real Estate Appraisers (holding the MAI designation)its option to extend shall be deemed waived.

Rent Adjustment. The Minimum Annual Base Rent per square foot of the Leased Premises for the Additional Space first (1st) Extension Term shall be an amount equal to one hundred percent (100%) of the Minimum Annual Rent per square foot of the Leased Premises for the period immediately preceding the applicable Extension Term. The Minimum Annual Rent per square foot of the Leased Premises for the second (2nd) Extension Term and the third (3rd) Extension Term shall be an amount equal to ninety-five percent (95%) of the projected Effective Market Base Rent Ratebase rent per square foot charged to prospective renewing tenants for comparable buildings (e.g.,-age, as at physical condition, number of stories, total size, comparable location) in comparable transactions (e.g., creditworthiness of tenant, landlord and tenant obligations) in the commencement date area in which the Leased Premises are located, taking into account all financial terms, including without limitation, free rent, escalations, work contributions and allowances and leasing and brokerage commissions. If Tenant delivers to Landlord a written objection to Landlord’s calculation of the Additional Space Extension Term which said Effective Market Base Rent Rate shall be Adjustment within fifteen (15) days after Tenant’s receipt of Landlord’s determination of the rate charged to tenants for space of comparable size, locationRent Adjustment, and conditions in comparable property the parties cannot agree on a Rent Adjustment within a five ten (5) mile radius of the Building. Said Effective Market Base Rent Rate shall take into consideration the following: location, quality, age, common area factors, finish allowances, rental abatement, parking charges, lease assumptions, moving allowances, space planning allowances, refurbishment allowances, and any other concession or inducement. In addition, other consideration such as credit standing of Tenant, lease term, and any other issues that would be relevant in making a market rate determination should be considered. If Landlord and Tenant should be unable to agree as to the Effective Market Base Rent Rate for the Additional Space Extension Term within twenty (2010) days after Tenant’s written objection then Tenant may retract its exercise of receipt by its option to extend, or Tenant of Landlord's said notice, then Landlord and Tenant shall each select a qualified real estate appraiser (as hereinafter defined) may choose arbitration to determine the Effective Market Base Rent RateAdjustment. Said appraisers If Tenant chooses arbitration, Tenant shall render their give Landlord written decision notice of its desire to seek arbitration within ten (10) days after expiration of such ten (10) day period (“Arbitration Notice”). Within ten (10) days after Tenant provides Landlord with its Arbitration Notice, the parties shall each appoint a broker to determine the Rent Adjustment for the Leased Premises. Each appraiser so selected shall be a licensed real estate broker, each having at least ten (10) years prior experience in the leasing of comparable space in the metropolitan area in which the Leased Premises are located and with a working knowledge of current rental rates and practices. If the two brokers cannot agree upon the Rent Adjustment for the Leased Premises within twenty (20) days after the date of their selection. If the difference between the high appraisal and the low appraisal is appointment, then, within ten percent (10%) or less days after the expiration of the low appraisal, then the Effective Market Base Rent Rate shall be the average between the low appraisal and the high appraisal and the Minimum Annual Base Rent for the Additional Space Extension Term shall be ninety-five percent (95%) thereof. In the event said difference is in excess of ten percent (10%), then the appraisers shall mutually select a third appraiser who shall render a written decision of the Effective Market Base Rent Rate within such twenty (20) day period, the two brokers shall select a third broker meeting the above criteria. Once the third broker has been selected as provided for above, then such third broker shall within ten (10) days after appointment make its determination of his/her selectionthe Rent Adjustment. The Minimum Annual Base average of the two closest determinations of the Rent during the Additional Space Extension Term Adjustment shall be ninety-five percent (95%) of the Effective Market Base Rent Rate used as established by the third appraiser; provided, however, that said Effective Market Base Rent Rate shall not be greater than the initial high appraisal or be less than the initial low appraisal nor shall the Minimum Annual Base Rent for the Additional Space applicable Extension Term be less than the Minimum Annual Base Rent payable by Tenant to Landlord as of the Termination Date of the immediately preceding Original Additional Space Term. In the event that the two appraisers fail or refuse to select a third appraiser, either party may make application, upon written notice to the other, to the Chief Judge of the United States District Court for the Eastern District of Missouri, Eastern Division, who shall select the third appraiser. Either party may, within three (3) business days of the making of application to the Chief Judge, submit a list of not more than five (5) qualified (as herein specified) real estate appraisers for the guidance of the Chief Judge. Each party shall pay the appraiser selected by it and the costs of the third appraiser, if any, shall be borne equally by binding on both Landlord and Tenant. Landlord and Tenant shall each bear the cost of its broker and shall share the cost of the third. If it shall become necessary Tenant fails to select appraisers in accordance with provide the terms Arbitration Notice as provided above, then Tenant’s exercise of this Section 4.B, said appraisers its option to extend shall be either (i) a disinterested commercial real estate broker with at least ten (10) years professional experience in the St. Louis, Missouri metropolitan industrial market or (ii) a disinterested person with at least ten (10) years professional experience in commercial real estate appraisal in the St. Louis, Missouri metropolitan area, and a member in good standing in at least one of the following professional organizations: The Society of Real Estate Appraisers (holding the SREA designation), or the American Institute of Real Estate Appraisers (holding the MAI designation)deemed retracted.

Rent Adjustment. The Minimum Annual Base Rent for the Additional Space applicable Extension Term shall be an amount equal to ninety-five percent (95%) of the projected Effective Market Base Minimum Annual Rent Rate, as at the commencement date then being quoted by Landlord to prospective renewal tenants of the Additional Space Extension Term which said Effective Market Base Rent Rate shall be the rate charged to tenants Building for space of comparable size and quality and with similar or equivalent improvements as are found in the Building, and if none, then in similar buildings in the Park, provided, however, that if Tenant delivers to Landlord a written objection to Landlord’s calculation of the Rent Adjustment within thirty (30) days after Tenant’s receipt of Landlord’s determination of the Rent Adjustment, and the parties cannot agree on a Rent Adjustment within ten (10) days after Tenant’s written objection then Tenant may retract its exercise of its option to extend, or Tenant may choose arbitration to determine the Rent Adjustment. If Tenant chooses arbitration, Tenant shall give Landlord written notice of its desire to seek arbitration within three (3) days after expiration of such ten (10) day period (“Arbitration Notice”). Within ten (10) days after Tenant provides Landlord with its Arbitration Notice, the parties shall each appoint an appraiser to determine the Rent Adjustment for the Leased Premises. Each appraiser so selected shall be either an MAI appraiser or a licensed real estate broker, each having at least ten (10) years prior experience in the appraisal or leasing of comparable space in the metropolitan area in which the Leased Premises are located and with a working knowledge of current rental rates and practices. In the determination of the Rent Adjustment, each appraiser shall take into account the then existing condition of the Building and Leased Premises, an arms-length transaction between a willing landlord and tenant in the office space market (taking into account the Building and Common Areas only) at the time of the commencement of the Extension Term, and considering (i) the size, location, area and conditions in comparable property within a view of the Leased Premises, (ii) the creditworthiness of Tenant, (iii) the five (5) mile radius year nature of the Extension Term, (iv) the Additional Rent and other provisions of this Lease, other than Minimum Annual Rent, (v) the absence of tenant improvement allowances, brokerage fees, moving costs or expenses, free rent or any other tenant concessions which might otherwise be afforded by landlords to tenant in connection with new lease or renewals in the market, the absence of the benefits of which market tenant concessions shall instead be factored into the determination of Rent Adjustment, and (vi ) the location and quality of the Building. Said Effective Market Base If the two appraisers cannot agree upon the Rent Rate shall take into consideration the following: location, quality, age, common area factors, finish allowances, rental abatement, parking charges, lease assumptions, moving allowances, space planning allowances, refurbishment allowances, and any other concession or inducement. In addition, other consideration such as credit standing of Tenant, lease term, and any other issues that would be relevant in making a market rate determination should be considered. If Landlord and Tenant should be unable to agree as to the Effective Market Base Rent Rate Adjustment for the Additional Space Extension Term within twenty (20) days of receipt by Tenant of Landlord's said notice, then Landlord and Tenant shall each select a qualified real estate appraiser (as hereinafter defined) to determine the Effective Market Base Rent Rate. Said appraisers shall render their written decision Leased Premises within twenty (20) days after the date of their selection. If the difference between the high appraisal and the low appraisal is appointment, then, within ten percent (10%) or less days after the expiration of such twenty (20) day period, the low appraisal, then the Effective Market Base Rent Rate shall be the average between the low appraisal and the high appraisal and the Minimum Annual Base Rent for the Additional Space Extension Term shall be ninety-five percent (95%) thereof. In the event said difference is in excess of ten percent (10%), then the two appraisers shall mutually select a third appraiser who meeting the above criteria. Once the third appraiser has been selected as provided for above, then such third appraiser shall render a written decision within ten (10) days after appointment make its determination of the Effective Market Base Rent Rate within twenty (20) days of his/her selectionAdjustment. The average of the two closest determinations of the Rent Adjustment shall be used as the Minimum Annual Base Rent during for the Additional Space applicable Extension Term and shall be ninety-five percent (95%) of binding on both Landlord and Tenant. Notwithstanding anything contained herein to the Effective Market Base Rent Rate as established by the third appraiser; providedcontrary, however, that said Effective Market Base Rent Rate shall not be greater than the initial high appraisal or be less than the initial low appraisal nor in no event shall the Minimum Annual Base Rent for the Additional Space Extension Term be less than the Minimum Annual Base Rent payable by Tenant to Landlord as for the last year of the Termination Date initial Lease Term. Landlord and Tenant shall each bear the cost of its appraiser and shall share the cost of the immediately preceding Original Additional Space Termthird. In If Tenant fails to provide the event that the two appraisers fail or refuse Arbitration Notice as provided above, then Tenant’s exercise of its option to select a third appraiser, either party may make application, upon written notice to the other, to the Chief Judge of the United States District Court for the Eastern District of Missouri, Eastern Division, who shall select the third appraiser. Either party may, within three (3) business days of the making of application to the Chief Judge, submit a list of not more than five (5) qualified (as herein specified) real estate appraisers for the guidance of the Chief Judge. Each party shall pay the appraiser selected by it and the costs of the third appraiser, if any, extend shall be borne equally by Landlord and Tenant. If it shall become necessary to select appraisers in accordance with the terms of this Section 4.B, said appraisers shall be either (i) a disinterested commercial real estate broker with at least ten (10) years professional experience in the St. Louis, Missouri metropolitan industrial market or (ii) a disinterested person with at least ten (10) years professional experience in commercial real estate appraisal in the St. Louis, Missouri metropolitan area, and a member in good standing in at least one of the following professional organizations: The Society of Real Estate Appraisers (holding the SREA designation), or the American Institute of Real Estate Appraisers (holding the MAI designation)deemed retracted.

Rent Adjustment. The Subject to arbitrations as set forth below, the Minimum Annual Base Rent for the Additional Space applicable Extension Term shall be an amount equal to ninety-five percent (95%) of the projected Effective Market Base Minimum Annual Rent Rate, as at the commencement date of the Additional Space Extension Term which said Effective Market Base Rent Rate shall be the rate charged then being quoted by Landlord to prospective tenants for space of comparable size, locationsize and quality and with similar or equivalent improvements as are found in the Building, and conditions if none, then in comparable property similar buildings in the vicinity; provided, however, that if Tenant delivers to Landlord a written objection to Landlord’s calculation of the Rent Adjustment within ten (10) business days after Tenant’s receipt of Landlord’s determination of the Rent Adjustment, and the parties cannot agree on a Rent Adjustment within ten (10) days after Tenant’s written objection then Tenant may, in its sole and absolute discretion, either retract its exercise of its option to extend or choose arbitration to determine the Rent Adjustment. If Tenant chooses arbitration, Tenant shall give Landlord written notice of its desire to seek arbitration within five (5) mile radius days after expiration of the Buildingsuch ten (10) day period (“Arbitration Notice”). Said Effective Market Base Rent Rate shall take into consideration the following: location, quality, age, common area factors, finish allowances, rental abatement, parking charges, lease assumptions, moving allowances, space planning allowances, refurbishment allowances, and any other concession or inducement. In addition, other consideration such as credit standing of Tenant, lease term, and any other issues that would be relevant in making a market rate determination should be considered. If Landlord and Tenant should be unable to agree as to the Effective Market Base Rent Rate for the Additional Space Extension Term within twenty Within ten (2010) days of receipt by after Tenant of Landlord's said noticeprovides Landlord with its Arbitration Notice, then Landlord and Tenant the parties shall each select a qualified real estate appoint an appraiser (as hereinafter defined) to determine the Effective Market Base Rent RateAdjustment for the Leased Premises. Said Each appraiser so selected shall be either an MAI appraiser or a licensed real estate broker, each having at least ten (10) years prior experience in the appraisal or leasing of comparable space in the metropolitan area in which the Leased Premises are located and with a working knowledge of current rental rates and practices. If the two appraisers shall render their written decision cannot agree upon the Rent Adjustment for the Leased Premises within twenty (20) days after the date of their selection. If the difference between the high appraisal and the low appraisal is appointment, then, within ten percent (10%) or less days after the expiration of such twenty (20) day period, the low appraisal, then the Effective Market Base Rent Rate shall be the average between the low appraisal and the high appraisal and the Minimum Annual Base Rent for the Additional Space Extension Term shall be ninety-five percent (95%) thereof. In the event said difference is in excess of ten percent (10%), then the two appraisers shall mutually select a third appraiser who meeting the above criteria. Once the third appraiser has been selected as provided for above, then such third appraiser shall render a written decision within ten (10) days after appointment make its determination of the Effective Market Base Rent Rate within twenty (20) days of his/her selectionAdjustment. The Minimum Annual Base average of the two closest determinations of the Rent during the Additional Space Extension Term Adjustment shall be ninety-five percent (95%) of the Effective Market Base Rent Rate used as established by the third appraiser; provided, however, that said Effective Market Base Rent Rate shall not be greater than the initial high appraisal or be less than the initial low appraisal nor shall the Minimum Annual Base Rent for the Additional Space applicable Extension Term be less than the Minimum Annual Base Rent payable by Tenant to Landlord as of the Termination Date of the immediately preceding Original Additional Space Term. In the event that the two appraisers fail or refuse to select a third appraiser, either party may make application, upon written notice to the other, to the Chief Judge of the United States District Court for the Eastern District of Missouri, Eastern Division, who shall select the third appraiser. Either party may, within three (3) business days of the making of application to the Chief Judge, submit a list of not more than five (5) qualified (as herein specified) real estate appraisers for the guidance of the Chief Judge. Each party shall pay the appraiser selected by it and the costs of the third appraiser, if any, shall be borne equally by binding on both Landlord and Tenant. Landlord and Tenant shall each bear the cost of its appraiser and shall share the cost of the third. If it shall become necessary Tenant fails to select appraisers in accordance with provide the terms Arbitration Notice as provided above, then Tenant’s exercise of this Section 4.B, said appraisers its option to extend shall be either (i) a disinterested commercial real estate broker with at least ten (10) years professional experience in the St. Louisdeemed retracted. [ * ] = CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, Missouri metropolitan industrial market or (ii) a disinterested person with at least ten (10) years professional experience in commercial real estate appraisal in the St. LouisMARKED BY BRACKETS, Missouri metropolitan areaHAS BEEN OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 406 OF THE SECURITIES ACT OF 1933, and a member in good standing in at least one of the following professional organizations: The Society of Real Estate Appraisers (holding the SREA designation), or the American Institute of Real Estate Appraisers (holding the MAI designation)AS AMENDED.

Rent Adjustment. The Minimum Annual Base Upon the later to occur of (i) full payment of the Agency Loan Note or (ii) the twentieth (20th) anniversary of the Commencement Date, the Rent due under this Ground Lease shall be reset based on the fair market value of the remaining leasehold interest under this Ground Lease (taking into account the restrictions set forth in the Regulatory Agreement, hereinafter referred to as the "Recorded Restrictions" as independently appraised and at an annual rental based on a percentage of such appraised value as determined by a qualified, independent appraiser (conducted by a certified appraiser reasonably acceptable to Executive Director and Tenant), who shall take into account the cumulative amounts which have been actually paid to the Landlord as Rent under this Ground Lease, including without limitation taking into consideration the remaining balance, if any, on the Agency Loan as of the time of the appraisal, and including a reasonable return on investment of between six percent (6%) and eight percent (8%). Such independent appraisal shall determine the fair market value of the Property, at its highest and best use (but taking the Recorded Restrictions into account), at the time of such appraisal but shall also take into consideration an overall fair market ground lease rent over the 55-year Term of this Ground Lease with an objective that Landlord receive over such 55-year term cumulatively a fair market value ground lease rent (taking the Recorded Restrictions into account), under this Ground Lease. In such regard, if the Rent paid to date has underpaid, cumulatively, toward achieving a fair market ground lease rent (taking the Recorded Restrictions into account), over the 55-year Term of this Ground Lease, then the appraiser shall take that fact into consideration when determining an adjusted fair market Rent for the Additional Space Extension remainder of the Term. Likewise, if the Rent paid to date has been overpaid, cumulatively, toward achieving a fair market ground lease rent (taking the Recorded Restrictions into account) over the 55-year Term, then the appraiser shall take that fact into consideration when determining the adjusted Rent for the remainder of the Term. This adjusted annual rent for the remaining Term of this Ground Lease, as determined by the independent appraiser as described above, with the Rent due and required to be paid annually under this Ground Lease shall be an amount equal re-adjusted to ninety-the lesser of (1) such appraised rent for the Property (to be increased by 20% every five (5) years to account for inflation), or (2) fifty percent (9550%) of the projected Effective Market Base Rent RateResidual Receipts for the Housing Development. In any year, as at if the commencement date of the Additional Space Extension Term which said Effective Market Base Rent Rate shall appraised value rent (to be the rate charged to tenants for space of comparable size, location, and conditions in comparable property within a increased by 20% every five (5) mile radius of the Building. Said Effective Market Base Rent Rate shall take into consideration the following: location, quality, age, common area factors, finish allowances, rental abatement, parking charges, lease assumptions, moving allowances, space planning allowances, refurbishment allowances, and any other concession or inducement. In addition, other consideration such as credit standing of Tenant, lease term, and any other issues that would be relevant in making a market rate determination should be considered. If Landlord and Tenant should be unable years to agree as to the Effective Market Base Rent Rate account for the Additional Space Extension Term within twenty (20inflation) days of receipt by Tenant of Landlord's said notice, then Landlord and Tenant shall each select a qualified real estate appraiser (as hereinafter defined) to determine the Effective Market Base Rent Rate. Said appraisers shall render their written decision within twenty (20) days after the date of their selection. If the difference between the high appraisal and the low appraisal is ten exceeds fifty percent (10%) or less of the low appraisal, then the Effective Market Base Rent Rate shall be the average between the low appraisal and the high appraisal and the Minimum Annual Base Rent for the Additional Space Extension Term shall be ninety-five percent (95%) thereof. In the event said difference is in excess of ten percent (10%), then the appraisers shall mutually select a third appraiser who shall render a written decision of the Effective Market Base Rent Rate within twenty (20) days of his/her selection. The Minimum Annual Base Rent during the Additional Space Extension Term shall be ninety-five percent (9550%) of the Effective Market Base Rent Rate as established by the third appraiser; provided, however, that said Effective Market Base Rent Rate shall not be greater than the initial high appraisal or be less than the initial low appraisal nor shall the Minimum Annual Base Rent Residual Receipts for the Additional Space Extension Term be less than Housing Development, the Minimum Annual Base Rent payable amount by Tenant to Landlord as of the Termination Date of the immediately preceding Original Additional Space Term. In the event that the two appraisers fail or refuse to select a third appraiser, either party may make application, upon written notice to the other, to the Chief Judge of the United States District Court for the Eastern District of Missouri, Eastern Division, who shall select the third appraiser. Either party may, within three which such appraised value rent (3) business days of the making of application to the Chief Judge, submit a list of not more than increased by 20% every five (5) qualified years to account for inflation) exceeds 50 percent (as herein specified50%) real estate appraisers of the Residual Receipts for the guidance Housing Development to be paid pursuant to this Section 4.1 in a given year shall accrue and be carried over and added to the amount of the Chief JudgeRent to be paid in later years by Tenant. Each party Additionally, the adjusted annual rent shall pay the appraiser selected by it and the costs include all of the third appraiser, if any, shall be borne equally by Landlord and Tenant. If it shall become necessary to select appraisers in accordance with the terms of this Section 4.B, said appraisers shall be either following: (i) a disinterested commercial real estate broker with at least ten fifty percent (1050%) years professional experience in of the St. LouisRefinancing Net Proceeds immediately upon any refinancing of the loans secured by the Property (or any part thereof), Missouri metropolitan industrial market or and (ii) a disinterested person with at least ten one hundred percent (10100%) years professional experience in commercial real estate appraisal in the St. Louis, Missouri metropolitan area, and a member in good standing in at least one of the following professional organizations: The Society Transfer Net Proceeds immediately upon any transfer in whole or in part of Real Estate Appraisers (holding the SREA designation), or the American Institute of Real Estate Appraisers (holding the MAI designation)Housing Development.

Rent Adjustment. The Minimum Annual Base Rent Adjustment for the Additional Space applicable Extension Term shall be an amount equal to ninety-five percent (95%) the Base Rent then being paid by renewal tenants of the projected Effective Building for office and/or R&D space and by tenants of other Class A brick and beam buildings in the nearby submarket of comparable size and quality and with similar or equivalent improvements as are found in the Building (“Fair Market Base Rent”). The Fair Market Rent Rateshall include an escalation of a fixed net rental rate (based on a fixed step or index) then prevailing in the market. Tenant shall not be subject to any artificial caps or rent floors. If, as at the commencement date however, Tenant delivers to Landlord a written objection to Landlord’s calculation of the Additional Space Extension Term which said Effective Fair Market Base Rent Rate shall be within thirty (30) days after Tenant’s receipt of Landlord’s determination of the rate charged to tenants for space of comparable size, locationFair Market Rent, and conditions in comparable property the parties cannot agree on a Fair Market Rent within a ten (10) days after Tenant’s written objection then Tenant may retract its exercise of its option to extend, or Tenant may choose arbitration to determine the Fair Market Rent. If Tenant chooses arbitration, Tenant shall give Landlord written notice of its desire to seek arbitration within five (5) mile radius business days after expiration of the Buildingsuch ten (10)-day period (“Arbitration Notice”) . Said Effective Market Base Rent Rate shall take into consideration the following: location, quality, age, common area factors, finish allowances, rental abatement, parking charges, lease assumptions, moving allowances, space planning allowances, refurbishment allowances, and any other concession or inducement. In addition, other consideration such as credit standing of Tenant, lease term, and any other issues that would be relevant in making a market rate determination should be considered. If Landlord and Tenant should be unable to agree as to the Effective Market Base Rent Rate for the Additional Space Extension Term within twenty Within ten (2010) days of receipt by after Tenant of Landlord's said noticeprovides Landlord with its Arbitration Notice, then Landlord and Tenant the parties shall each select a qualified real estate appoint an appraiser (as hereinafter defined) to determine the Effective Fair Market Base Rent Ratefor the Premises. Said Each appraiser so selected shall be either an MAI appraiser or a licensed real estate broker, each having at least ten (10) years’ prior experience in the appraisal or leasing of comparable space in the metropolitan area in which the Premises are located and with a working knowledge of current rental rates and practices. If the two appraisers shall render their written decision cannot agree upon the Fair Market Rent for the Premises within twenty (20) days after the date of their selection. If the difference between the high appraisal and the low appraisal is appointment, then, within ten percent (10%) or less days after the expiration of such twenty (20)-day period, the two appraisers shall select a third appraiser meeting the above criteria and who is independent of both parties. Once the third appraiser has been selected as provided for above, then such third appraiser shall within ten (10) days after appointment make its determination of the low appraisal, then Fair Market Rent. The average of the Effective two closest determinations of the Fair Market Base Rent Rate shall be used as the average between the low appraisal and the high appraisal and the Minimum Annual Base Rent for the Additional Space applicable Extension Term and shall be ninety-five percent (95%) thereof. In the event said difference is in excess of ten percent (10%), then the appraisers shall mutually select a third appraiser who shall render a written decision of the Effective Market Base Rent Rate within twenty (20) days of his/her selection. The Minimum Annual Base Rent during the Additional Space Extension Term shall be ninety-five percent (95%) of the Effective Market Base Rent Rate as established by the third appraiser; provided, however, that said Effective Market Base Rent Rate shall not be greater than the initial high appraisal or be less than the initial low appraisal nor shall the Minimum Annual Base Rent for the Additional Space Extension Term be less than the Minimum Annual Base Rent payable by Tenant to Landlord as of the Termination Date of the immediately preceding Original Additional Space Term. In the event that the two appraisers fail or refuse to select a third appraiser, either party may make application, upon written notice to the other, to the Chief Judge of the United States District Court for the Eastern District of Missouri, Eastern Division, who shall select the third appraiser. Either party may, within three (3) business days of the making of application to the Chief Judge, submit a list of not more than five (5) qualified (as herein specified) real estate appraisers for the guidance of the Chief Judge. Each party shall pay the appraiser selected by it and the costs of the third appraiser, if any, shall be borne equally by binding on both Landlord and Tenant. Landlord and Tenant shall each bear the cost of its appraiser and shall share the cost of the third. If it shall become necessary Tenant fails to select appraisers in accordance with provide the terms Arbitration Notice as provided above, then Tenant’s exercise of this Section 4.B, said appraisers its option to extend shall be either (i) a disinterested commercial real estate broker with at least ten (10) years professional experience in the St. Louis, Missouri metropolitan industrial market or (ii) a disinterested person with at least ten (10) years professional experience in commercial real estate appraisal in the St. Louis, Missouri metropolitan area, and a member in good standing in at least one of the following professional organizations: The Society of Real Estate Appraisers (holding the SREA designation), or the American Institute of Real Estate Appraisers (holding the MAI designation).deemed retracted. Exhibit “D”

Rent Adjustment. The Minimum Annual Base Rent for the Additional Space applicable Extension Term shall be an amount equal to ninety-five percent (95%) the Minimum Annual Rent then being quoted by Landlord to prospective renewal tenants of the projected Effective Market Base Rent Rate, as at the commencement date of the Additional Space Extension Term which said Effective Market Base Rent Rate shall be the rate charged to tenants Building for space of comparable size, locationsize and quality and with similar or equivalent improvements and occupancy rates as are found in the Building, and conditions if none, then in comparable property within similar buildings in the Park, provided, however, that if Tenant delivers to Landlord a five (5) mile radius written objection to Landlord’s calculation of the Building. Said Effective Market Base Rent Rate shall take into consideration Adjustment within ten (10) business days after Tenant’s receipt of Landlord’s determination of the following: location, quality, age, common area factors, finish allowances, rental abatement, parking charges, lease assumptions, moving allowances, space planning allowances, refurbishment allowancesRent Adjustment, and any other concession the parties cannot agree on a Rent Adjustment within ten (10) business days after Tenant’s written objection then Tenant may retract its exercise of its option to extend, or inducement. In addition, other consideration such as credit standing of Tenant, lease term, and any other issues that would be relevant in making a market rate determination should be considered. If Landlord and Tenant should be unable to agree as to the Effective Market Base Rent Rate for the Additional Space Extension Term within twenty (20) days of receipt by Tenant of Landlord's said notice, then Landlord and Tenant shall each select a qualified real estate appraiser (as hereinafter defined) may choose arbitration to determine the Effective Market Base Rent RateAdjustment. Said If Tenant chooses arbitration, Tenant shall give Landlord written notice of its desire to seek arbitration within three (3) days after expiration of such ten (10) business day period (“Arbitration Notice”). Within ten (10) days after Tenant provides Landlord with its Arbitration Notice, the parties shall each appoint an appraiser to determine the Rent Adjustment for the Leased Premises. Each appraiser so selected shall be either an MAI appraiser or a licensed real estate broker, each having at least ten (10) years prior experience in the appraisal or leasing of comparable space in the metropolitan area in which the Leased Premises are located and with a working knowledge of current rental rates and practices. If the two appraisers shall render their written decision cannot agree upon the Rent Adjustment for the Leased Premises within twenty (20) days after the date of their selection. If the difference between the high appraisal and the low appraisal is appointment, then, within ten percent (10%) or less days after the expiration of such twenty (20) day period, the low appraisal, then the Effective Market Base Rent Rate shall be the average between the low appraisal and the high appraisal and the Minimum Annual Base Rent for the Additional Space Extension Term shall be ninety-five percent (95%) thereof. In the event said difference is in excess of ten percent (10%), then the two appraisers shall mutually select a third appraiser who meeting the above criteria. Once the third appraiser has been selected as provided for above, then such third appraiser shall render a written decision within ten (10) days after appointment make its determination of the Effective Market Base Rent Rate within twenty (20) days of his/her selectionAdjustment. The Minimum Annual Base average of the two closest determinations of the Rent during the Additional Space Extension Term Adjustment shall be ninety-five percent (95%) of the Effective Market Base Rent Rate used as established by the third appraiser; provided, however, that said Effective Market Base Rent Rate shall not be greater than the initial high appraisal or be less than the initial low appraisal nor shall the Minimum Annual Base Rent for the Additional Space applicable Extension Term be less than the Minimum Annual Base Rent payable by Tenant to Landlord as of the Termination Date of the immediately preceding Original Additional Space Term. In the event that the two appraisers fail or refuse to select a third appraiser, either party may make application, upon written notice to the other, to the Chief Judge of the United States District Court for the Eastern District of Missouri, Eastern Division, who shall select the third appraiser. Either party may, within three (3) business days of the making of application to the Chief Judge, submit a list of not more than five (5) qualified (as herein specified) real estate appraisers for the guidance of the Chief Judge. Each party shall pay the appraiser selected by it and the costs of the third appraiser, if any, shall be borne equally by binding on both Landlord and Tenant. Landlord and Tenant shall each bear the cost of its appraiser and shall share the cost of the third. If it shall become necessary Tenant fails to select appraisers in accordance with provide the terms Arbitration Notice as provided above, then Tenant’s exercise of this Section 4.B, said appraisers its option to extend shall be either (i) a disinterested commercial real estate broker with at least ten (10) years professional experience in the St. Louis, Missouri metropolitan industrial market or (ii) a disinterested person with at least ten (10) years professional experience in commercial real estate appraisal in the St. Louis, Missouri metropolitan area, and a member in good standing in at least one of the following professional organizations: The Society of Real Estate Appraisers (holding the SREA designation), or the American Institute of Real Estate Appraisers (holding the MAI designation)deemed retracted.

Rent Adjustment. The Minimum Annual Base Rent for the Additional Space applicable Extension Term shall be an amount equal to ninety-five percent the rent charged for comparable buildings (95%e.g., age, physical condition, number of stories, total size, comparable location) in the area in which the Leased Premises are located, taking into account all financial terms, including without limitation, base rent, free rent, escalations, work contributions and allowances and leasing and brokerage commissions; provided, however, that if Tenant delivers to Landlord a written objection to Landlord’s calculation of the projected Effective Market Base Rent Rate, as at the commencement date of the Additional Space Extension Term which said Effective Market Base Rent Rate shall be the rate charged to tenants for space of comparable size, location, and conditions in comparable property Adjustment within a five (5) mile radius business days after Tenant’s receipt of Landlord’s determination of the Building. Said Effective Market Base Rent Rate shall take into consideration the following: location, quality, age, common area factors, finish allowances, rental abatement, parking charges, lease assumptions, moving allowances, space planning allowances, refurbishment allowancesAdjustment, and any other concession or inducement. In addition, other consideration such as credit standing of Tenant, lease term, and any other issues that would be relevant in making the parties cannot agree on a market rate determination should be considered. If Landlord and Tenant should be unable to agree as to the Effective Market Base Rent Rate for the Additional Space Extension Term Adjustment within twenty ten (2010) days after Tenant’s written objection then Tenant may retract its exercise of receipt by its option to extend, or Tenant of Landlord's said notice, then Landlord and Tenant shall each select a qualified real estate appraiser (as hereinafter defined) may choose arbitration to determine the Effective Market Base Rent RateAdjustment. Said If Tenant chooses arbitration, Tenant shall give Landlord written notice of its desire to seek arbitration within three (3) days after expiration of such ten (10) day period (“Arbitration Notice”). Within ten (10) days after Tenant provides Landlord with its Arbitration Notice, the parties shall each appoint an appraiser to determine the Rent Adjustment for the Leased Premises. Each appraiser so selected shall be either an MAI appraiser or a licensed real estate broker, each having at least ten (10) years prior experience in the appraisal or leasing of comparable space in the metropolitan area in which the Leased Premises are located and with a working knowledge of current rental rates and practices. If the two appraisers shall render their written decision cannot agree upon the Rent Adjustment for the Leased Premises within twenty (20) days after the date of their selection. If the difference between the high appraisal and the low appraisal is appointment, then, within ten percent (10%) or less days after the expiration of such twenty (20) day period, the low appraisal, then the Effective Market Base Rent Rate shall be the average between the low appraisal and the high appraisal and the Minimum Annual Base Rent for the Additional Space Extension Term shall be ninety-five percent (95%) thereof. In the event said difference is in excess of ten percent (10%), then the two appraisers shall mutually select a third appraiser who meeting the above criteria. Once the third appraiser has been selected as provided for above, then such third appraiser shall render a written decision within ten (10) days after appointment make its determination of the Effective Market Base Rent Rate within twenty (20) days of his/her selectionAdjustment. The Minimum Annual Base average of the two closest determinations of the Rent during the Additional Space Extension Term Adjustment shall be ninety-five percent (95%) of the Effective Market Base Rent Rate used as established by the third appraiser; provided, however, that said Effective Market Base Rent Rate shall not be greater than the initial high appraisal or be less than the initial low appraisal nor shall the Minimum Annual Base Rent for the Additional Space applicable Extension Term be less than the Minimum Annual Base Rent payable by Tenant to Landlord as of the Termination Date of the immediately preceding Original Additional Space Term. In the event that the two appraisers fail or refuse to select a third appraiser, either party may make application, upon written notice to the other, to the Chief Judge of the United States District Court for the Eastern District of Missouri, Eastern Division, who shall select the third appraiser. Either party may, within three (3) business days of the making of application to the Chief Judge, submit a list of not more than five (5) qualified (as herein specified) real estate appraisers for the guidance of the Chief Judge. Each party shall pay the appraiser selected by it and the costs of the third appraiser, if any, shall be borne equally by binding on both Landlord and Tenant. Landlord and Tenant shall each bear the cost of its appraiser and shall share the cost of the third. If it shall become necessary Tenant fails to select appraisers in accordance with provide the terms Arbitration Notice as provided above, then Tenant’s exercise of this Section 4.B, said appraisers its option to extend shall be either (i) a disinterested commercial real estate broker with at least ten (10) years professional experience in the St. Louis, Missouri metropolitan industrial market or (ii) a disinterested person with at least ten (10) years professional experience in commercial real estate appraisal in the St. Louis, Missouri metropolitan area, and a member in good standing in at least one of the following professional organizations: The Society of Real Estate Appraisers (holding the SREA designation), or the American Institute of Real Estate Appraisers (holding the MAI designation)deemed retracted.

Rent Adjustment. The Minimum Annual Base Rent for the Additional Space applicable Extension Term shall be ninety-eight percent (98%) of the fair market rent rate as reasonably determined by Landlord based on the monthly rent charged to prospective renewing tenants for the Building and comparable buildings (e.g., buildings of comparable age, physical condition, number of stories, total size, comparable location) in the area in which the Leased Premises are located, taking into account all financial terms, including without limitation, base rent, free rent, escalations, work contributions and allowances and leasing and brokerage commissions; provided, however, that in no event shall the Minimum Annual Rent during any Extension Term be less than the highest Minimum Annual Rent payable during the immediately preceding term. The Monthly Rental Installments shall be an amount equal to ninetyone-five percent twelfth (95%1112) of the projected Effective Market Base Minimum Annual Rent Rate, as for the Extension Term and shall be paid at the commencement date same time and in the same manner as provided in the Lease. Without limiting the foregoing, if Tenant delivers to Landlord a written objection to Landlord's calculation of the Additional Space Extension Term which said Effective Market Base Rent Rate shall be the rate charged to tenants for space of comparable size, location, and conditions in comparable property Adjustment within a five (5) mile radius of the Building. Said Effective Market Base Rent Rate shall take into consideration the following: location, quality, age, common area factors, finish allowances, rental abatement, parking charges, lease assumptions, moving allowances, space planning allowances, refurbishment allowances, and any other concession or inducement. In addition, other consideration such as credit standing of business days after Tenant, lease term, and any other issues that would be relevant in making a market rate determination should be considered. If Landlord and Tenant should be unable to agree as to the Effective Market Base Rent Rate for the Additional Space Extension Term within twenty (20) days of 's receipt by Tenant of Landlord's said noticedetermination of the Rent Adjustment, and the parties cannot agree on a Rent Adjustment within ten (10) days after Tenant's written objection then Landlord and Tenant shall each select a qualified real estate appraiser (as hereinafter defined) may retract its exercise of its option to extend, or Tenant may choose arbitration to determine the Effective Market Base Rent RateAdjustment. Said If Tenant chooses arbitration, Tenant shall give Landlord written notice of its desire to seek arbitration within three (3) days after expiration of such ten (10) day period ("Arbitration Notice"). Within ten (10) days after Tenant provides Landlord with its Arbitration Notice, the parties shall each appoint an appraiser to determine the Rent Adjustment for the Leased Premises. Each appraiser so selected shall be either a MAI appraiser or a licensed real estate broker, each having at least ten (10) years prior experience in the appraisal or leasing of comparable space in the metropolitan area in which the Leased Premises are located and with a working knowledge of current rental rates and practices. If the two appraisers shall render their written decision cannot agree upon the Rent Adjustment for the Leased Premises within twenty (20) days after their appointment, then, within ten (I 0) days after the date expiration of their selection. If such twenty (20) day period, the difference between the high appraisal and the low appraisal is ten percent (10%) or less of the low appraisal, then the Effective Market Base Rent Rate shall be the average between the low appraisal and the high appraisal and the Minimum Annual Base Rent for the Additional Space Extension Term shall be ninety-five percent (95%) thereof. In the event said difference is in excess of ten percent (10%), then the two appraisers shall mutually select a third appraiser who meeting the above criteria. Once the third appraiser has been selected as provided for above, then such third appraiser shall render a written decision within ten (1 0) days after appointment make its determination of the Effective Market Base Rent Rate within twenty (20) days of his/her selectionAdjustment. The Minimum Annual Base average of the two closest determinations of the Rent during the Additional Space Extension Term Adjustment shall be ninety-five percent (95%) of the Effective Market Base Rent Rate used as established by the third appraiser; provided, however, that said Effective Market Base Rent Rate shall not be greater than the initial high appraisal or be less than the initial low appraisal nor shall the Minimum Annual Base Rent for the Additional Space applicable Extension Term be less than the Minimum Annual Base Rent payable by Tenant to Landlord as of the Termination Date of the immediately preceding Original Additional Space Term. In the event that the two appraisers fail or refuse to select a third appraiser, either party may make application, upon written notice to the other, to the Chief Judge of the United States District Court for the Eastern District of Missouri, Eastern Division, who shall select the third appraiser. Either party may, within three (3) business days of the making of application to the Chief Judge, submit a list of not more than five (5) qualified (as herein specified) real estate appraisers for the guidance of the Chief Judge. Each party shall pay the appraiser selected by it and the costs of the third appraiser, if any, shall be borne equally by binding on both Landlord and Tenant. Landlord and Tenant shall each bear the cost of its appraiser and shall share the cost of the third. If it shall become necessary Tenant fails to select appraisers in accordance with provide the terms Arbitration Notice as provided above, then Tenant's exercise of this Section 4.B, said appraisers its option to extend shall be either (i) a disinterested commercial real estate broker with at least ten (10) years professional experience in the St. Louis, Missouri metropolitan industrial market or (ii) a disinterested person with at least ten (10) years professional experience in commercial real estate appraisal in the St. Louis, Missouri metropolitan area, and a member in good standing in at least one of the following professional organizations: The Society of Real Estate Appraisers (holding the SREA designation), or the American Institute of Real Estate Appraisers (holding the MAI designation)deemed retracted.