Common use of Rent Reconsideration Clause in Contracts

Rent Reconsideration. (a) The Rent required by this Lease is subject to adjustment at the request of the Lessor or the Lessee after the end of the and Lease Years of this Lease in order to maintain the Rent under this Lease in an amount and structure consistent with “fair market value rent.” “Fair market value rent” for the purposes of this section means the most probable rent, as of a specific date, in cash or in terms equivalent to cash, for which the Premises, under the terms and conditions of this Lease, should rent for its highest and best permitted use after reasonable exposure in a competitive market under all conditions requisite to a fair leasing opportunity, with the Lessor and the Lessee each acting prudently, knowledgeably, and for self-interest, and assuming that neither is under undue duress. Once the “fair market value rent” is adjusted, the amount will be subject to the provisions of Section 5.3 above. (b) Within sixty (60) days after the applicable Lease Year, either the Lessor or the Lessee may request a Rent adjustment by providing written notice to the other party. Fair market value may be determined in one of two ways: 1) If the request for Rent adjustment is submitted by the Lessor, within thirty (30) days after providing a written request for a Rent adjustment to the Lessee, the Lessor will submit an appraisal request to the Department of the Interior’s Appraisal and Valuation Services Office, or its successor, for an appraisal to determine the “fair market value rent” of the Premises, The determination must take into consideration any restrictions on the use of the Premises or terms of the Lease that limit the value and/or the highest and best use of the Premises; any past Improvements constructed or installed by the Lessee prior to Rent adjustment, with the Lessor’s approval, and consistent with the terms of this Lease; and, any future Improvements to be constructed or installed by the Lessee after Rent adjustment. The Lessor will procure the appraisal at their sole cost and expense. 2) If the request for Rent adjustment is submitted by the Lessee, within thirty (30) days after providing a written request for a Rent adjustment to Lessor, the Lessee, prior to initiation of the appraisal, will notify the Lessor who will coordinate the review and approval of the selected appraiser through the appropriate channels. The Lessee will procure an appraisal at their sole cost and expense. The appraisal must be consistent with Federal appraisal standards and be accepted by the United States Department of the Interior (the Department), which includes other governing authority otherwise authorized to approve and manage such functions in accordance with NPS valuation policies accordingly or as otherwise approved in accordance with NPS valuation policies. The Lessee agrees that the Department is the client for the assignment and the intended user of the appraisal; and that the Department will make all appraisal assignment instructions (c) The adjustment, when finalized and approved will be due retroactively from the beginning of year and of the Lease.

Rent Reconsideration. (a) The Rent required by this Lease is subject to adjustment at the request of the Lessor or the Lessee after the end of the and TBD Lease Years of this Lease Lease, and at the request of the Lessee at any time, in order to maintain the Rent under this Lease in an amount and structure consistent with “fair market value rent.” “Fair market value rent” for the purposes of this section means the most probable rent, as of a specific date, in cash or in terms equivalent to cash, for which the Premises, under the terms and conditions of this Lease, should rent for its highest and best permitted use after reasonable exposure in a competitive market under all conditions requisite to a fair leasing opportunity, with the Lessor and the Lessee each acting prudently, knowledgeably, and for self-interest, and assuming that neither is under undue duress. Once the “fair market value rent” is adjusted, the amount will be subject to the provisions of Section 5.3 above. (b) Within sixty (60) days after the applicable Lease YearYear (in the case of the Lessor), either or at any time (in the case of the Lessee), the Lessor or the Lessee may request a Rent adjustment by providing written notice to the other party. Fair market value may be determined in one of two ways: 1) If the request for Rent adjustment is submitted by the Lessor, within Within thirty (30) days after providing or receiving a written request for a Rent adjustment to the Lesseeadjustment, the Lessor will will, as applicable, either submit an appraisal request to the Department of the Interior’s Appraisal and Valuation Services Office, or its successor, for an appraisal to determine the “fair market value rent” of the Premises, or initiate a market study or other valuation process allowed for under NPS policy to determine “fair market value rent.” The requesting party will be responsible for the cost of any appraisal, market study, or other valuation process initiated under this section. Regardless of the method used to determine “fair market value rent,” the determination must take into consideration any restrictions on the use of the Premises or terms of the Lease that limit the value and/or the highest and best use of the Premises; any past Improvements constructed or installed by the Lessee prior to Rent adjustment, with the Lessor’s approval, and consistent with the terms of this Lease; and, any future Improvements to be constructed or installed by the Lessee after Rent adjustment. The Lessor will procure the appraisal at their sole cost and expense. 2) If the request for Rent adjustment is submitted by the Lessee, within thirty (30) days after providing a written request for a Rent adjustment to Lessor, the Lessee, prior to initiation of the appraisal, will notify the Lessor who will coordinate the review and approval of the selected appraiser through the appropriate channels. The Lessee will procure an appraisal at their sole cost and expense. The appraisal must be consistent with Federal appraisal standards and be accepted by the United States Department of the Interior (the Department), which includes other governing authority otherwise authorized to approve and manage such functions in accordance with NPS valuation policies accordingly or as otherwise approved in accordance with NPS valuation policies. The Lessee agrees that the Department is the client for the assignment and the intended user of the appraisal; and that the Department will make all appraisal assignment instructions (c) The adjustment, when finalized and approved will be due retroactively from the beginning of year and of the Lease.

Rent Reconsideration. (a) a. The Rent otherwise required by this Lease is shall be subject to adjustment reconsideration at the request of the Lessor or the Lessee after the end of the XXXX, XXXX, and XXXX Lease Years of this Lease in order to maintain the Rent under this Lease in an amount and structure consistent with “fair market value rent.” “Fair market value rent” for the purposes purpose of this section means the most probable rent, as of a specific date, in cash or in terms equivalent to cash, for which the Premises, under the terms and conditions of this Lease, should rent for its their highest and best permitted use after reasonable exposure in a competitive market under all conditions requisite to a fair leasing opportunity, with the Lessor and the Lessee each acting prudently, knowledgeably, and for self-interest, and assuming that neither is under undue duress. Once the “fair market value rent” is adjusted. b. To request a Rent reconsideration, the amount will be subject to Lessor or Lessee (or both) must notify the provisions other party in writing of Section 5.3 above. (b) Within its request within sixty (60) days after the end of the applicable Lease Yearyear. Upon receipt of such notice, the Lessor and Xxxxxx must negotiate in good faith a Rent adjustment. If, after the end of such sixty (60) day negotiation period, agreement as to a possible Rent adjustment has not been reached, either the Lessor or the Lessee party may request a Rent adjustment that the matter be resolved by providing binding arbitration conducted by an arbitration panel. Such request must be made by written notice to the other party. Fair market value may be determined in one of two ways: 1) If the request for Rent adjustment is submitted by the Lessor, party within thirty (30) days after providing a written request for a Rent adjustment of the end of the negotiation period. c. One member of the arbitration panel is to be selected by the Lessor, one member is to be selected by the Lessee, and the two party-appointed members are to select the third (neutral) member. The neutral arbiter must be a licensed real estate appraiser. The expenses of the neutral arbiter and other associated common costs of the arbitration will be borne equally by the Lessor and the Lessee. The arbitration panel will submit an appraisal request adopt procedures that treat each party equally, give each party the opportunity to the Department be heard, and give each party a fair opportunity to present its case. A Rent Adjustment determination must be made by a majority of the Interior’s Appraisal members of the panel and Valuation Services Officewill be binding on the Lessor and the Lessee. The arbitration panel will determine an appropriate adjustment to Rent, or its successorif any, for an appraisal to determine the reflect “fair market value rent” of the Premises, The determination must take into consideration any restrictions on the use of the Premises or terms of the Lease that limit the value and/or the highest and best use of the Premises; any past Improvements constructed or installed by the Lessee prior to Rent adjustment, with the Lessor’s approval, and consistent with the terms of this Lease; and, any future Improvements to be constructed or installed by the Lessee after Rent adjustment. The Lessor will procure the appraisal effective at their sole cost and expense. 2) If the request for Rent adjustment is submitted by the Lessee, within thirty (30) days after providing a written request for a Rent adjustment to Lessor, the Lessee, prior to initiation of the appraisal, will notify the Lessor who will coordinate the review and approval of the selected appraiser through the appropriate channels. The Lessee will procure an appraisal at their sole cost and expense. The appraisal must be consistent with Federal appraisal standards and be accepted by the United States Department of the Interior (the Department), which includes other governing authority otherwise authorized to approve and manage such functions in accordance with NPS valuation policies accordingly or as otherwise approved in accordance with NPS valuation policies. The Lessee agrees that the Department is the client for the assignment and the intended user of the appraisal; and that the Department will make all appraisal assignment instructions (c) The adjustment, when finalized and approved will be due retroactively from the beginning of year and of the LeaseXXXX, XXXX, or XXXX Lease Year, as applicable.

Rent Reconsideration. (a) The Rent required by this Lease is subject to adjustment at the request of the Lessor or the Lessee after the end of the and Lease Years of this Lease in order to maintain the Rent under this Lease in an amount and structure consistent with “fair ³fair market value rent.” “Fair ´³Fair market value rent” for rent´for the purposes of this section means the most probable rent, as of a specific date, in cash or in terms equivalent to cash, for which the Premises, under the terms and conditions of this Lease, should rent for its highest and best permitted use after reasonable exposure in a competitive market under all conditions requisite to a fair leasing opportunity, with the Lessor and the Lessee each acting prudently, knowledgeably, and for self-interest, and assuming that neither is under undue duress. Once the “fair ³fair market value rent” is rent´is adjusted, the amount will be subject to the provisions of Section 5.3 above. (b) Within sixty (60) days after the applicable Lease Year, either the Lessor or the Lessee may request a Rent adjustment by providing written notice to the other party. Fair market value may be determined in one of two ways: 1) If the request for Rent adjustment is submitted by the Lessor, within thirty (30) days after providing a written request for a Rent adjustment to the Lessee, the Lessor will submit an appraisal request to the Department of the Interior’s Interior¶s Appraisal and Valuation Services Office, or its successor, for an appraisal to determine the “fair ³fair market value rent” of rent´of the Premises, The determination must take into consideration any restrictions on the use of the Premises or terms of the Lease that limit the value and/or the highest and best use of the Premises; any past Improvements constructed or installed by the Lessee prior to Rent adjustment, with the Lessor’s Lessor¶s approval, and consistent with the terms of this Lease; and, any future Improvements to be constructed or installed by the Lessee after Rent adjustment. The Lessor will procure the appraisal at their sole cost and expense. 2) If the request for Rent adjustment is submitted by the Lessee, within thirty (30) days after providing a written request for a Rent adjustment to Lessor, the Lessee, prior to initiation of the appraisal, will notify the Lessor who will coordinate the review and approval of the selected appraiser through the appropriate channels. The Lessee will procure an appraisal at their sole cost and expense. The appraisal must be consistent with Federal appraisal standards and be accepted by the United States Department of the Interior (the Department), which includes other governing authority otherwise authorized to approve and manage such functions in accordance with NPS valuation policies accordingly or as otherwise approved in accordance with NPS valuation policies. The Lessee agrees that the Department is the client for the assignment and the intended user of the appraisal; and that the Department will make all appraisal assignment instructions (c) The adjustment, when finalized and approved will be due retroactively from the beginning of year and of the Lease.

Rent Reconsideration. ‌‌ (a) The Rent required by this Lease is subject to adjustment at the request of the Lessor or the Lessee after the end of the and Lease Years fifteen (15), thirty (30) and forty-five (45) of this Lease in order to maintain the Rent under this Lease in an amount and structure consistent with “fair market value rent.” In accordance with 36 CFR § 18.2(e), “Fair fair market value rent” for the purposes of this section means the most probable rent, as of a specific date, in cash or in terms equivalent to cash, for which the Premises, under the terms and conditions of this Lease, should rent for its highest and best permitted use after reasonable exposure in a competitive market under all conditions requisite to a fair leasing opportunity, with the Lessor and the Lessee each acting prudently, knowledgeably, and for self-interest, and assuming that neither is under undue duress. Once The fair market value rent shall take into account the considerations enumerated in 36 CFR § 18.5.Once the “fair market value rent” is adjusted, the amount will be subject to the provisions of Section 5.3 above.above.‌ (b) Within sixty (60) days after the applicable Lease Year, either the Lessor or the Lessee may request a Rent adjustment by providing written notice to the other party. Fair market value may be determined in one of two ways: 1) If the request for Rent adjustment is submitted by the Lessor, within Within thirty (30) days after providing or receiving a written request for a Rent adjustment to the Lesseeadjustment, the Lessor will will, as applicable, either submit an appraisal request to the Department of the Interior’s Appraisal and Valuation Services Office, or its successor, for an appraisal to determine the “fair market value rent” of the Premises, The or initiate a market study or other valuation process allowed for under NPS policy to determine “fair market value rent.” Regardless of the method used to determine “fair market value rent,” the determination must take into consideration any restrictions on the use of the Premises or terms of the Lease that limit the value and/or the highest and best use of the Premises; any past Improvements constructed or installed by the Lessee prior to Rent adjustment, with the Lessor’s approval, and consistent with the terms of this Lease; and, any future Improvements to be constructed or installed by the Lessee after Rent adjustment. The Lessor will procure the appraisal at their sole cost and expense. 2) If the request for Rent adjustment is submitted by the Lessee, within thirty (30) days after providing a written request for a Rent adjustment to Lessor, the Lessee, prior to initiation of the appraisal, will notify the Lessor who will coordinate the review and approval of the selected appraiser through the appropriate channels. The Lessee will procure an appraisal at their sole cost and expense. The appraisal must be consistent with Federal appraisal standards and be accepted by the United States Department of the Interior (the Department), which includes other governing authority otherwise authorized to approve and manage such functions in accordance with NPS valuation policies accordingly or as otherwise approved in accordance with NPS valuation policies. The Lessee agrees that the Department is the client for the assignment and the intended user of the appraisal; and that the Department will make all appraisal assignment instructions (c) The adjustment, when finalized and approved will be due retroactively from the beginning of year and of the Lease.adjustment.‌

Rent Reconsideration. (a) ‌ The Rent required by this Lease is subject to adjustment at the request of the Lessor or the Lessee after the end of the and TBD Lease Years of this Lease Lease, and at the request of the Lessee at any time, in order to maintain the Rent under this Lease in an amount and structure consistent with “fair market value rent.” “Fair market value rent” for the purposes of this section means the most probable rent, as of a specific date, in cash or in terms equivalent to cash, for which the Premises, under the terms and conditions of this Lease, should rent for its highest and best permitted use after reasonable exposure in a competitive market under all conditions requisite to a fair leasing opportunity, with the Lessor and the Lessee each acting prudently, knowledgeably, and for self-interest, and assuming that neither is under undue duress. Once the “fair market value rent” is adjusted, the amount will be subject to the provisions of Section 5.3 above. (b) Within sixty (60) days after the applicable Lease YearYear (in the case of the Lessor), either or at any time (in the case of the Lessee), the Lessor or the Lessee may request a Rent adjustment by providing written notice to the other party. Fair market value may be determined in one of two ways: 1) If the request for Rent adjustment is submitted by the Lessor, within Within thirty (30) days after providing or receiving a written request for a Rent adjustment to the Lesseeadjustment, the Lessor will will, as applicable, either submit an appraisal request to the Department of the Interior’s Appraisal and Valuation Services Office, or its successor, for an appraisal to determine the “fair market value rent” of the Premises, or initiate a market study or other valuation process allowed for under NPS policy to determine “fair market value rent.” The requesting party will be responsible for the cost of any appraisal, market study, or other valuation process initiated under this section. Regardless of the method used to determine “fair market value rent,” the determination must take into consideration any restrictions on the use of the Premises or terms of the Lease that limit the value and/or the highest and best use of the Premises; any past Improvements constructed or installed by the Lessee prior to Rent adjustment, with the Lessor’s approval, and consistent with the terms of this Lease; and, any future Improvements to be constructed or installed by the Lessee after Rent adjustment. The Lessor will procure the appraisal at their sole cost and expense. 2) If the request for Rent adjustment is submitted by the Lessee, within thirty (30) days after providing a written request for a Rent adjustment to Lessor, the Lessee, prior to initiation of the appraisal, will notify the Lessor who will coordinate the review and approval of the selected appraiser through the appropriate channels. The Lessee will procure an appraisal at their sole cost and expense. The appraisal must be consistent with Federal appraisal standards and be accepted by the United States Department of the Interior (the Department), which includes other governing authority otherwise authorized to approve and manage such functions in accordance with NPS valuation policies accordingly or as otherwise approved in accordance with NPS valuation policies. The Lessee agrees that the Department is the client for the assignment and the intended user of the appraisal; and that the Department will make all appraisal assignment instructions (c) The adjustment, when finalized and approved will be due retroactively from the beginning of year and of the Lease.

Rent Reconsideration. [May be deleted in leases with terms of less than fifteen years.]‌ (a) The Rent required by this Lease is subject to adjustment at the request of the Lessor or the Lessee after the end of the , and Lease Years of this Lease in order to maintain the Rent under this Lease in an amount and structure consistent with “fair market value rent.” “Fair market value rent” for the purposes of this section means the most probable rent, as of a specific date, in cash or in terms equivalent to cash, for which the Premises, under the terms and conditions of this Lease, should rent for its highest and best permitted use after reasonable exposure in a competitive market under all conditions requisite to a fair leasing opportunity, with the Lessor and the Lessee each acting prudently, knowledgeably, and for self-interest, and assuming that neither is under undue duress. Once the “fair market value rent” is adjusted, the amount will be subject to the provisions of Section 5.3 above.. [This last sentence must be deleted if Section 5.3 is deleted as described above] (b) Within sixty (60) days after the applicable Lease Year, either the Lessor or the Lessee may request a Rent adjustment by providing written notice to the other party. Fair market value may be determined in one of two ways: 1) If the request for Rent adjustment is submitted by the Lessor, within Within thirty (30) days after providing or receiving a written request for a Rent adjustment to the Lesseeadjustment, the Lessor will will, as applicable, either submit an appraisal request to the Department of the Interior’s Appraisal and Valuation Services Office, or its successor, for an appraisal to determine the “fair market value rent” of the Premises, The or initiate a market study or other valuation process allowed for under NPS policy to determine “fair market value rent.” Regardless of the method used to determine “fair market value rent,” the determination must take into consideration any restrictions on the use of the Premises or terms of the Lease that limit the value and/or the highest and best use of the Premises; any past Improvements constructed or installed by the Lessee prior to Rent adjustment, with the Lessor’s approval, and consistent with the terms of this Lease; and, any future Improvements to be constructed or installed by the Lessee after Rent adjustment. The Lessor will procure the appraisal at their sole cost and expense. 2) If the request for Rent adjustment is submitted by the Lessee, within thirty (30) days after providing a written request for a Rent adjustment to Lessor, the Lessee, prior to initiation of the appraisal, will notify the Lessor who will coordinate the review and approval of the selected appraiser through the appropriate channels. The Lessee will procure an appraisal at their sole cost and expense. The appraisal must be consistent with Federal appraisal standards and be accepted by the United States Department of the Interior (the Department), which includes other governing authority otherwise authorized to approve and manage such functions in accordance with NPS valuation policies accordingly or as otherwise approved in accordance with NPS valuation policies. The Lessee agrees that the Department is the client for the assignment and the intended user of the appraisal; and that the Department will make all appraisal assignment instructions (c) The adjustment, when finalized and approved will be due retroactively from the beginning of year and of the Lease.