Common use of Determination of Option Rent Clause in Contracts

Determination of Option Rent. In the event Tenant timely and appropriately exercises its option to extend the Lease but rejects the Option Rent set forth in the Option Rent Notice pursuant to Section 3.2.3, above, then Landlord and Tenant shall attempt to agree upon the Option Rent using their best good-faith efforts. If Landlord and Tenant fail to reach agreement upon the Option Rent applicable to the Option Term on or before the date that is ninety (90) days prior to the expiration of the initial Lease Term (the “Outside Agreement Date”), then each party shall thereafter make a separate determination of the Option Rent, within five (5) business days following the Outside Agreement Date, and such binding determinations shall be exchanged by the parties at a time and place mutually and reasonably agreed upon, and shall thereafter be submitted to arbitration in accordance with Sections 3.2.4.1 through 3.2.4.4, below.

Determination of Option Rent. In the event Tenant timely and appropriately exercises objects to the Second Option Term Rent, or in the event that Tenant shall exercise its option right to extend lease the Lease but rejects Premises during the Option Rent set forth in the Option Rent Notice pursuant to Section 3.2.3Term without having delivered an Interest Notice, above, then Landlord and Tenant shall attempt to agree upon the Second Option Term Rent using their best good-faith efforts. If Landlord and Tenant fail to reach agreement upon the Option Rent applicable within ten (10) business days following Tenant’s objection to the Second Option Term on or before the date that is ninety (90) days prior to the expiration of the initial Lease Term Rent (the “Outside Agreement Date”), then each party shall thereafter make a separate determination of the Second Option Term Rent, as the case may be, within five (5) business days following the Outside Agreement Datedays, and such binding determinations shall be exchanged by the parties at a time and place mutually and reasonably agreed upon, and shall thereafter be submitted to arbitration in accordance with Sections 3.2.4.1 2.2.4.1 through 3.2.4.4, 2.2.4.7 below.

Determination of Option Rent. In the event Tenant timely and appropriately exercises its option to extend the Lease but rejects the Option Rent set forth in the Option Rent Notice pursuant to Section 3.2.32.2.3, above, then Landlord and Tenant shall attempt to agree upon the Option Rent using their best good-faith efforts. If Landlord and Tenant fail to reach agreement upon the Option Rent applicable to the Option Term on or before the date that is ninety (90) days prior to the expiration of the initial Lease Term (or initial Option Term, as the “case may be) (the "Outside Agreement Date”"), then each the Option Rent shall be determined by arbitration pursuant to the terms of this Section 2.2.4. Each party shall thereafter make a separate determination of the Option Rent, within five (5) business days following the Outside Agreement Date, and such binding determinations shall be exchanged by the parties at a time and place mutually and reasonably agreed upon, and shall thereafter be submitted to arbitration in accordance with Sections 3.2.4.1 2.2.4.1 through 3.2.4.42.2.4.4, below.

Determination of Option Rent. In the event Tenant timely and appropriately exercises its option to extend the Lease but rejects (or is deemed to have rejected) the Option Rent set forth in the Option Rent Notice pursuant to Section 3.2.32.2.3, above, then Landlord and Tenant shall attempt to agree upon the Option Rent using their best good-faith efforts. If Landlord and Tenant fail to reach agreement upon the Option Rent applicable to the Option Term on or before the date that is ninety (90) days prior to the expiration of the initial Lease Term (the “Option Outside Agreement Date”), then each the Option Rent shall be determined by arbitration pursuant to the terms of this Section 2.2.4. Each party shall thereafter make a separate determination of the Option Rent, within five (5) business days following the Outside Agreement Date, and such binding determinations shall be exchanged by the parties at a time and place mutually and reasonably agreed upon, and shall thereafter be submitted to arbitration in accordance with Sections 3.2.4.1 2.2.4.1 through 3.2.4.42.2.4.4, below.

Determination of Option Rent. In the event Tenant timely and appropriately exercises its option objects to extend the Lease but rejects Landlord’s determination of the Option Rent set forth in Rent, or Tenant delivers the Option Rent Exercise Notice pursuant to Section 3.2.3without having delivered the Interest Notice, above, then Landlord and Tenant shall attempt to agree upon the Option Rent same using their best good-faith efforts. If Landlord and Tenant fail to reach agreement upon the Option Rent applicable within ten (10) business days following Tenant’s objection to the Option Term on Rent, or before the date that is ninety (90) days prior to the expiration delivery of the initial Lease Term Option Exercise Notice if no Interest Notice was delivered (in either event, the “Outside Agreement Date”), then each party shall thereafter make a separate submit its determination of the Option Rent, within five (5) business days following the Outside Agreement Datedays, and such binding determinations shall be exchanged by the parties at a time and place mutually and reasonably agreed upon, and shall thereafter be submitted to arbitration in accordance with Sections 3.2.4.1 2.2.4.1 through 3.2.4.4, 2.2.4.7 below.

Determination of Option Rent. In the event Tenant timely and appropriately exercises its option objects to extend the Lease but rejects the Option Rent set forth in or the Option Rent Notice pursuant to Section 3.2.3First Offer Rent, aboveas the case may be, then Landlord and Tenant shall attempt to agree upon the Option Rent or the First Offer Rent, as the case may be, using their best good-faith efforts. If Landlord and Tenant fail to reach agreement upon within ten (10) business days following Tenant’s objection to the Option Rent applicable to or the Option Term on or before First Offer Rent, as the date that is ninety (90) days prior to the expiration of the initial Lease Term case may be (the “Outside Agreement Date”), then each party shall thereafter make a separate determination of the Option Rent or the First Offer Rent, as the case may be, within five (5) business days following after the applicable Outside Agreement Date, and such binding determinations shall be exchanged by the parties at a time and place mutually and reasonably agreed upon, and shall thereafter be submitted to arbitration in accordance with Sections 3.2.4.1 2.2.4.1 through 3.2.4.4, 2.2.4.7 below.

Determination of Option Rent. In the event Tenant timely and appropriately exercises its option to extend the Lease but rejects (or is deemed to have rejected) the Option Rent set forth in the Option Rent Notice pursuant to Section 3.2.32.2.3, above, then Landlord and Tenant shall attempt to agree upon the Option Rent using their best good-faith efforts. If Landlord and Tenant fail to reach agreement upon the Option Rent applicable to the Option Term on or before the date that is ninety (90) days prior to the expiration of the initial Lease Term (the “"Outside Agreement Date”"), then each the Option Rent shall be determined by arbitration pursuant to the terms of this Section 2.2.4. Each party shall thereafter make a separate determination of the Option Rent, within five (5) business days following the Outside Agreement Date, and such binding determinations shall be exchanged by the parties at a time and place mutually and reasonably agreed upon, and shall thereafter be submitted to arbitration in accordance with Sections 3.2.4.1 2.2.4.1 through 3.2.4.42.2.4.4, below.