Common use of Determination of Agreed Fair Market Rent Clause in Contracts

Determination of Agreed Fair Market Rent. Landlord and Tenant shall negotiate in good faith to reach agreement as to the Fair Market Rent and, if requested by Tenant, one or more Responsible Officers of Landlord shall meet with one or more Responsible Officers of Tenant at Tenant’s offices in Houston, Texas or such other location as the Parties shall mutually agree to conduct such negotiations in person. The Agreed FMV Rent shall be the Base Rent for the Leased Property for the Renewal Term. If Landlord and Tenant are unable to agree upon the Fair Market Rent on or prior to the Renewal Notice Date, Tenant may notify Landlord in writing on or prior to the Renewal Notice Date of its intent to exercise its Renewal Option subject to an acceptable determination of Fair Market Rent (such notice, a “Fair Market Rent Determination Notice”). If Tenant does not deliver the Fair Market Rent Determination Notice on or before the Renewal Notice Date, Tenant will be deemed to have decided not to exercise the Renewal Option and the Lease will expire at the end of the Initial Term. If Tenant delivers a Fair Market Rent Determination Notice to Landlord, then each of Landlord and Tenant shall submit to the other a notice (each, a “Designation Notice”) no sooner than fifteen (15) Business Days after Tenant’s delivery of such Fair Market Rent Determination Notice and no later than thirty (30) Business Days after Tenant’s delivery of such Fair Market Determination Notice, (i) its good faith estimate of the Fair Market Rent during the Renewal Term (collectively referred to as the “Estimates”), and (ii) the name of the Independent Appraiser appointed by it to determine which of the two (2) Estimates most closely reflects the Fair Market Rent for the Leased Property during the Renewal Term, and Fair Market Rent shall be determined as follows:

Determination of Agreed Fair Market Rent. Landlord Lessor and Tenant Lessee shall negotiate in good faith to reach agreement as to the Fair Market Rent and, if requested by TenantLessee, one or more Responsible Officers of Landlord Lessor shall meet with one or more Responsible Officers of Tenant Lessee at TenantLessee’s offices in Houston, Texas or such other location as the Parties parties shall mutually agree to conduct such negotiations in person. The Agreed FMV Rent shall be the Base Rent for the Leased Property for the applicable Renewal Term. If Landlord Lessor and Tenant Lessee are unable to agree upon the Fair Market Rent on or prior to the Renewal Notice Date, Tenant Lessee may notify Landlord Lessor in writing on or prior to the Renewal Notice Date of its intent to exercise its Renewal Option subject to an acceptable determination of Fair Market Rent on or prior to the Renewal Notice Date (such notice, a “Fair Market Rent Determination Notice”). If Tenant the Lessee does not deliver the Fair Market Rent Determination Notice on or before the Renewal Notice Date, Tenant Lessee will be deemed to have decided not to elect to exercise the Renewal Term Option and the Lease will expire at on the end of the Initial TermCurrent Lease Term End. If Tenant Lessee delivers a Fair Market Rent Determination Notice to LandlordLessor, then each of Landlord Lessor and Tenant Lessee shall submit to the other a notice in writing (each, a the “Designation Notice”) ), no sooner than fifteen (15) Business Days after TenantLessee’s delivery of such Fair Market Rent Determination Notice and no later than thirty (30) Business Days after TenantLessee’s delivery of such Fair Market Determination Notice, (i) its good faith estimate of the Fair Market Rent during the applicable Renewal Term (collectively referred to as the “Estimates”), and (ii) the name of the Independent Appraiser appointed by it to determine which of the two (2) Estimates most closely reflects the Fair Market Rent for the Leased Property during the applicable Renewal Term, and Fair Market Rent shall be determined as follows:

Determination of Agreed Fair Market Rent. Landlord and Tenant shall negotiate in good faith to reach agreement as to the Fair Market Rent and, if requested by Tenant, one or more Responsible Officers of Landlord shall meet with one or more Responsible Officers of Tenant at Tenant’s offices in Houston, Texas or such other location as the Parties shall mutually agree to conduct such negotiations in person. The Agreed FMV Rent shall be the Base Rent for the Leased Property for the Renewal Term. If Landlord and Tenant are unable to agree upon the Fair Market Rent on or prior to the Renewal Notice Date, Tenant may notify Landlord in writing on or prior to the Renewal Notice Date of its intent to exercise its Renewal Option subject to an acceptable determination of Fair Market Rent (such notice, a ““ Fair Market Rent Determination NoticeNotice ”). If Tenant does not deliver the Fair Market Rent Determination Notice on or before the Renewal Notice Date, Tenant will be deemed to have decided not to exercise the Renewal Option and the Lease will expire at the end of the Initial Term. If Tenant delivers a Fair Market Rent Determination Notice to Landlord, then each of Landlord and Tenant shall submit to the other a notice (each, a ““ Designation NoticeNotice ”) no sooner than fifteen (15) Business Days after Tenant’s delivery of such Fair Market Rent Determination Notice and no later than thirty (30) Business Days after Tenant’s delivery of such Fair Market Determination Notice, (i) its good faith estimate of the Fair Market Rent during the Renewal Term (collectively referred to as the “Estimates“ Estimates ”), and (ii) the name of the Independent Appraiser appointed by it to determine which of the two (2) Estimates most closely reflects the Fair Market Rent for the Leased Property during the Renewal Term, and Fair Market Rent shall be determined as follows: