Examples of Three Broker Method in a sentence
In the event that Landlord and Tenant cannot agree on terms however Tenant still elects to lease such space, then the parties shall then proceed to arbitration based on the Three Broker Method.
In the event of a disagreement between the parties as to prevailing market rate, such rate will be resolved by arbitration using the "Three Broker Method" as utilized in connection with Tenant's renewal option.
For a Stub Period of more than two years, if the parties have not executed a Lease amendment reflecting the economic terms for the Non-Expansion Space by the later of (i) 30 days after delivery of the Acceptance Notice, or (ii) 6 months prior to the expiration of the 10th Lease Year, then the Current Market Rent shall be determined pursuant to the Three Broker Method.
Landlord and Tenant agree that the fair market rental rate applicable under clause (ii)(B), above shall (1) include both base rental and Additional Rent, and (2) shall be determined under the Renewal Parameters as defined herein, and using either the Three Broker Method substantially as described in Section 51 of this Lease, or by a court of competent jurisdiction, as Landlord may elect in its sole discretion.
The FMR shall be determined by Landlord and Tenant by mutual agreement; however, if Landlord and Tenant cannot agree in writing on the FMR within thirty (30) days after Tenant's notice of its election to renew, the Renewal Notice shall be deemed null and void, unless Tenant, within ten (10) days after the expiration of said thirty (30) day period, elects, by notifying Landlord in writing, to have the FMR determined by the Three Broker Method set forth below.
Tenant acknowledges that election of the Three Broker Method shall irrevocably bind Tenant to lease the Additional Space.
If Tenant elects to lease the Option Space with the Current Market Rent to be determined by the Three Broker Method, then the rent for such Option Space shall be determined in accordance with the following procedure (the “Three-Broker Method”): Landlord and Tenant shall each appoint one real estate broker, and the two brokers so appointed shall select a third broker.
If Tenant does not deliver the Building 3 Expansion Withdrawal Notice prior to the expiration of the aforesaid 45-day period without execution of such a Lease amendment, then the aforesaid Building 3 Expansion Notice shall become irrevocable and Current Market Rent shall be determined pursuant to the Three Broker Method.
In the event Landlord and Tenant have not agreed to the Market Terms within said ten (10) business day period, Tenant may (a) terminate its expansion election or (b) require that the parties determine Market Terms in accordance with the Three Broker Method as set forth in Section 2.02.E(ii) hereof.
The "Three Broker Method" shall operate as follows: FMR shall be based upon the current fair market rental rate for comparable space in comparable buildings in the Boston area, which shall be determined by a board of three (3) licensed real estate brokers, one of whom shall be named by Landlord, one by Tenant, and the two so appointed shall select a third broker.