Common use of Rent Appraisal, Outside Renewal Date Clause in Contracts

Rent Appraisal, Outside Renewal Date. Promptly following Lessee's irrevocable written notice pursuant to Section 22.2 of its election to retain Units at the end of the Basic Term or the Renewal Term (and, in any event, if it is anticipated that there will be any Extended Units at the end of the Basic Term), Lessor and Lessee shall determine (a) if Lessee shall have exercised the purchase option under Section 22.3, the Fair Market Sales Value of the applicable Units as of the end of the then existing Basic Term or Renewal Term, as applicable, in each case assuming such Units are at least in the condition required by this Lease, and (b) if Lessee shall have exercised its renewal option pursuant to Section 22.4, the Fair Market Rental Value of the applicable Units as of the end of the Basic Term assuming such Units are at least in the condition required by this Lease.