Common use of Determination of Option Rent Clause in Contracts

Determination of Option Rent. In the event Lessee timely and ----------------------------- objects in writing to the Option Rent (or First Offer Rent, as the case may be) initially determined by Lessor and based on ninety-five percent (95%) of the then Fair Market Value for comparable space on comparable buildings located in Pasadena, California, Lessor and Lessee shall attempt to agree upon the Option Rent (or First Offer Rent, as the case may be), using their best good-faith efforts. If Lessor and Lessee fail to reach agreement within twenty (b) dave following Lessee's objection to the Option Rent( or First Offer Rent, as the case may be) (the "Outside Agreement Date"), then each party shall submit to tine other party a separate written determination of the Option Rent (or First Offer Rent, as the case may be) within ten (10) business days after the Outside Agreement Date, and such determinations shall be submitted to arbitration in accordance with the provisions herein. Failure of Lessee or Lessor to submit a written determination of the Option Rent (or First Offer Rent, as the case may be) within such ten (10) business day period shall conclusively be deemed to be the non-determining party's approval of the Option Rent (or First Offer Rent, as the case may be) submitted within such ten (10) business day period by the other party.

Appears in 2 contracts

Samples: Office Lease (Ticketmaster Online Citysearch Inc), Office Lease (Citysearch Inc)

Determination of Option Rent. In the event Lessee Tenant timely and ----------------------------- appropriately objects in writing to the Option Rent (or the First Offer Rent, as the case may be) initially determined by Lessor applicable), Landlord and based on ninety-five percent (95%) of the then Fair Market Value for comparable space on comparable buildings located in Pasadena, California, Lessor and Lessee Tenant shall attempt to agree upon the Option Rent (or the First Offer Rent, as the case may be), applicable) using their best good-faith efforts. If Lessor Landlord and Lessee Tenant fail to reach agreement within twenty ten ( b 10) dave business days following Lessee's Tenant’s objection to the Option Rent( Rent (or the First Offer Rent, as the case may be applicable) (the " Outside Agreement Date " ), then each party shall submit to tine other party make a separate written determination of the Option Rent (or the First Offer Rent, as the case may be applicable) within ten five ( 10 5) business days after the Outside Agreement Date days, and such determinations shall be submitted to arbitration in accordance with the provisions herein. Failure of Lessee or Lessor to submit a written determination of the Option Rent (or First Offer Rent, as the case may be) within such ten (10) business day period shall conclusively be deemed to be the non-determining party's approval of the Option Rent (or First Offer Rent, as the case may be) submitted within such ten (10) business day period by the other party Sections 2.3.4.1 through 2.3.4.7 below.

Appears in 2 contracts

Samples: Office Lease (CrowdStrike Holdings, Inc.), Office Lease (CrowdStrike Holdings, Inc.)

Determination of Option Rent. In the event Lessee Tenant timely and ----------------------------- appropriately objects in writing to the Option Rent (or First Offer Rent, as the case may be) initially determined by Lessor Landlord and based on ninety-five percent (95%) of the then Fair Market Value for comparable space on comparable buildings located in Pasadena, California, Lessor and Lessee Tenant shall attempt to agree upon the Option Rent (or First Offer Rent, as the case may be), using their best good-faith efforts. If Lessor Landlord and Lessee Tenant fail to reach agreement within twenty ten ( b 10) dave days following Lessee Tenant's objection to the Option Rent ( or First Offer Rent , as the case may be) (the "Outside Agreement Date"), then each party shall submit to tine other party make a separate written determination of the Option Rent (or First Offer Rent, as the case may be , within five (5) within ten (10) business days after the Outside Agreement Date days, and such determinations shall be submitted to arbitration in accordance with the provisions herein. Failure of Lessee or Lessor to submit a written determination of the Option Rent Subparagraphs ( or First Offer Rent, as the case may be i) within such ten through ( 10 vii) business day period shall conclusively be deemed to be the non-determining party's approval of the Option Rent (or First Offer Rent, as the case may be) submitted within such ten (10) business day period by the other party below.

Appears in 2 contracts

Samples: Office Building Lease (Simpson Manufacturing Co Inc /Ca/), Office Building Lease (Supergen Inc)