Rent Negotiations Sample Clauses
The Rent Negotiations clause establishes the procedures and guidelines for discussing and determining the amount of rent to be paid under a lease or rental agreement. Typically, this clause outlines when and how parties may initiate negotiations, the factors to be considered in adjusting rent, and any timelines or notice requirements involved. Its core practical function is to provide a structured process for adjusting rent, thereby reducing disputes and ensuring both parties have a clear understanding of how rent changes will be handled during the term of the agreement.
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Rent Negotiations. 4.5.1.1. In the event that the parties cannot agree on the Base Rent prior to one hundred eighty (180) days before the end of the initial twenty (20) year Term, each party shall provide the other party with written notice (“Rent Notice”) of its determination of the fair market rental value (determined on a square footage or other appropriate basis customarily used for comparable properties as compared with such rental value being obtained on other premises for similar use in the Greater Seattle area). The matter shall then be submitted for decision to an arbitrator. The arbitrator shall be an MAI real estate appraiser in the Seattle Chapter of the Appraisal Institute who has been active over the five (5) year period ending on effective date for renegotiated rent in the appraisal of similar space in the same market area as the Premises are located. If the parties are unable to agree on an arbitrator within fifteen (15) days, each shall select an appraiser qualified under the criteria set forth above, and shall so notify the other party in writing within ten (10) days.
4.5.1.2. If both parties have notified the other party of an appraiser within the ten (10) day period, the two appraisers so chosen by the parties shall then appoint the arbitrator within ten (10) days after the date of the appointment of the last appointed appraiser. If either party fails to timely select its appraiser and to so notify the other party in writing within the foregoing ten (10) day period, and the other party timely selects its appraiser, then the appraiser selected by the other party shall be the arbitrator for determining the fair market value.
4.5.1.3. Within thirty (30) days after the selection of the arbitrator pursuant to the paragraph above, the arbitrator shall determine the Base Rent by selecting either
(1) the Base Rent stated in Port’s Rent Notice, or (2) the higher of the Base Rent stated in Tenant’s Rent Notice or the then-current Base Rent for the Premises. The arbitrator shall have no power to average such amounts or to designate a Base Rent other than that specified in either Port’s Rent Notice or Tenant’s Rent Notice (or the then-current Base Rent).
4.5.1.4. Both parties may submit any information to the arbitrator for his or her consideration, with copies to the other party. The arbitrator shall have the right to consult experts and competent authorities for factual information or evidence pertaining to the determination of Base Rent. The arbitrator shall rende...
Rent Negotiations. Sublessee shall conduct the compensation negotiations required by Section 8 of the Master Lease. Sublessor shall have the right to approve the negotiated compensation, which approval shall not unreasonably be withheld. When the compensation has been adjusted, Sublessee shall pay the same.
Rent Negotiations. Sublessor shall conduct the rent negotiations required by Section 8 of the Master Lease. Sublessor shall consult with Sublessee regarding such negotiations, and Sublessee shall have the right to approve the negotiated rent, which approval shall not be unreasonably withheld. When the rent has been adjusted, Sublessee shall pay the same.