Common use of Required Rent Clause in Contracts

Required Rent. In the event that the Fair Market Rent cannot be determined until after the applicable Adjustment Date, Tenant shall pay Base Rent at the rate proposed by the appraiser appointed by the Port prior to submission of the question to arbitration. Upon final determination of the Fair Market Rent, any overpayment resulting from the arbitration decision (or settlement between the parties in anticipation thereof) shall be promptly refunded by the Port to Tenant together with interest at the Default Rate within fifteen (15) days from the arbitration decision (or final approval of such settlement).

Required Rent. In the event that the Fair Market Rent cannot be determined until after the applicable Adjustment Date, Tenant shall pay Base Rent rent at the rate proposed by the appraiser appointed by the Port prior to submission of the question to arbitration. Upon final determination of the Fair Market Rent, any overpayment resulting from the arbitration decision (or settlement between the parties in anticipation thereof) shall be promptly refunded by the Port to Tenant Lessee together with interest at a rate of eighteen percent (18%) per annum, or the Default Rate maximum rate permitted by applicable law, whichever is less, until paid, within fifteen (15) days from the arbitration decision (or final approval of such settlement).