Common use of Determination of Rent Clause in Contracts

Determination of Rent. With respect to the determination of the “then prevailing fair market base monthly rent,” the parties shall have thirty (30) days following Landlord’s receipt of the Renewal Notice in which to agree on the prevailing fair monthly rent as of the commencement date of the Renewal Term for the uses permitted hereunder. If the parties agree on such fair market monthly rental value, they shall execute an amendment to this Lease stating the amount of the applicable Basic Monthly Rent. If the parties are unable to agree on such prevailing fair market monthly rent within such thirty (30) day period, then within fifteen (15) days after the expiration of such period each party, at its cost and by giving notice to the other party, shall appoint a real estate appraiser who is a member in good standing of the Appraisal Institute holding an “M.A.I.” designation with at least five years experience appraising similar commercial properties in northern San Diego County to appraise and set the then prevailing fair market monthly rent value at the commencement date of the Renewal Term, in accordance with the standards specified in subparagraph (b)(i)(B). If either party fails to appoint an appraiser within the allotted time, the single appraiser appointed by the other party shall be the sole appraiser. If an appraiser is appointed by each party and the two appraisers so appointed are unable to agree upon such then prevailing fair market monthly rent within thirty (30) days after the appointment of the second appraiser, they shall appoint a third qualified appraiser within ten (10) days after expiration of such thirty (30) day period; if they are unable to agree upon a third appraiser, either party may, upon not less than five days notice to the other party, apply to the Presiding Judge of the San Diego County Superior Court for the appointment of a third qualified appraiser. Each party shall bear its own legal fees in connection with appointment of the third appraiser and shall bear one-half of any other costs of appointment of the third appraiser and of such third appraiser’s fee. The third appraiser, however selected, shall be a person who has not previously acted for either party in any capacity. Within thirty (30) days after the appointment of the third appraiser, the three appraisers shall set the then prevailing fair market monthly rent as of the commencement date of the Renewal Term and shall so notify the parties. If the three appraisers are unable to agree within the allotted time, the two appraised then prevailing fair market monthly rents which are closest together shall be added together and divided by two and the resulting quotient shall be the initial then prevailing fair market monthly rent, which determination shall be binding on the parties and shall be enforceable in any further proceedings relating to this Lease. The appraisers may award a tenant improvement allowance or other monetary concessions, and shall take into account any other such concessions.

Determination of Rent. With respect to the determination of the “then prevailing fair market base monthly rent,” the parties shall have thirty until ninety (3090) days following Landlord’s receipt of the Renewal Notice in which to agree on the prevailing fair market monthly rent as of the commencement date of the Renewal Term for the uses permitted hereunder. If the parties agree on such fair market monthly rental value, they shall execute an amendment to this Lease stating the amount of the applicable Basic Monthly Base Rent. If the parties are unable to agree on such prevailing fair market monthly rent within such thirty ninety (3090) day period, then within fifteen (15) days after the expiration of such period each party, at its cost and by giving notice to the other party, shall appoint a real estate appraiser who is a member in good standing of the Appraisal Institute holding an “M.A.I.” designation with at least five years experience appraising similar commercial properties in northern San Diego County to appraise and set the then prevailing fair market monthly rent value at the commencement date of the Renewal Term, in accordance with the standards specified in subparagraph (b)(i)(Bc)(i)(B). If either party fails to appoint an appraiser within the allotted time, the single appraiser appointed by the other party shall be the sole appraiser. If an appraiser is appointed by each party and the two appraisers so appointed are unable to agree upon such then prevailing fair market monthly rent within thirty (30) days after the appointment of the second appraiser, they shall appoint a third qualified appraiser within ten (10) days after expiration of such thirty (30) day period; if they are unable to agree upon a third appraiser, either party may, upon not less than five days notice to the other party, apply to the Presiding Judge of the San Diego County Superior Court for the appointment of a third qualified appraiser. Each party shall bear its own legal fees in connection with appointment of the third appraiser and shall bear one-half of any other costs of appointment of the third appraiser and of such third appraiser’s fee. The third appraiser, however selected, shall be a person who has not previously acted for either party in any capacity. Within thirty (30) days after the appointment of the third appraiser, the three appraisers shall set the then prevailing fair market monthly rent as of the commencement date of the Renewal Term and shall so notify the parties. If the three appraisers are unable to agree within the allotted time, the two appraised then prevailing fair market monthly rents which are closest together shall be added together and divided by two and the resulting quotient shall be the initial then prevailing fair market monthly rent, which determination shall be binding on the parties and shall be enforceable in any further proceedings relating to this Lease. The appraisers may shall have no right to award a tenant Tenant improvement allowance or other monetary concessions, and but shall take into account any such concessions and other such concessionsrelevant factors.

Determination of Rent. With respect to If Tenant exercises an extension right under this Section, then the determination monthly Base Rent for the Additional Term shall be ninety-five percent (95%) of the “then prevailing fair market base monthly rent,” Fair Market Rent (defined below) for comparable space in the parties shall have thirty (30) days following Landlord’s receipt Building or comparable Class A office buildings located in the Interstate 90 corridor in the City of the Renewal Notice in which to agree on the prevailing fair monthly rent Bellevue, Washington, as of the commencement date first day of the Renewal Term Additional Term; provided, however, in no event shall the sum of the Base Rent and the Additional Rent for the uses permitted hereunder. If Additional Term be less than the parties agree on such fair market monthly rental value, they shall execute an amendment to this Lease stating the amount sum of the applicable Basic Monthly Rent. If Base Rent and the parties are unable to agree on such prevailing fair market monthly rent within such thirty (30) day period, then within fifteen (15) days after Additional Rent for the expiration of such period each party, at its cost and by giving notice to the other party, shall appoint a real estate appraiser who is a member in good standing last month of the Appraisal Institute holding an “M.A.I.” designation with at least five years experience appraising similar commercial properties in northern San Diego County to appraise and set the then prevailing fair market monthly rent value at the commencement date initial Lease Term. For purposes of the Renewal TermLease and this Addendum, the term "FAIR MARKET RENT" shall mean the annual "fully serviced" rate per rentable square foot that willing, non-equity, non-renewal tenants are then paying for comparable space in the Building or comparable Class A office buildings located in the Interstate 90 corridor in the City of Bellevue, Washington, in accordance with the standards specified leases having a five (5) year term. Landlord shall advise Tenant in subparagraph (b)(i)(B). If either party fails to appoint an appraiser within the allotted time, the single appraiser appointed by the other party shall be the sole appraiser. If an appraiser is appointed by each party and the two appraisers so appointed are unable to agree upon such then prevailing fair market monthly rent within writing of Landlord's determination of Fair Market Rent not later than thirty (30) days after the appointment of the second appraiser, they shall appoint a third qualified appraiser within ten (10) days after expiration of such thirty (30) day period; if they are unable to agree upon a third appraiser, either party may, upon not less than five days notice to the other party, apply to the Presiding Judge of the San Diego County Superior Court for the appointment of a third qualified appraiser. Each party shall bear Tenant exercises its own legal fees in connection with appointment of the third appraiser and shall bear one-half of any other costs of appointment of the third appraiser and of such third appraiser’s fee. The third appraiser, however selected, shall be a person who has not previously acted for either party in any capacityextension right. Within thirty (30) days after the appointment receiving Landlord's determination of Fair Market Rent, Tenant shall notify Landlord in writing whether or not Tenant accepts Landlord's determination of the third appraiserFair Market Rent. If Tenant disagrees with Landlord's determination of Fair Market Rent and yet Tenant desires to preserve its extension option, then Tenant shall advise Landlord of Tenant's determination of Fair Market Rent in the three appraisers shall set notice required pursuant to the then prevailing fair market monthly rent as of the commencement date of the Renewal Term and shall preceding sentence. If Tenant fails to so notify Landlord prior to the partiesexpiration of its thirty (30) day period to respond to Landlord's notice, then Tenant's notice exercising its extension rights under this Section shall be deemed null and void unless otherwise agreed by Landlord in writing. If Tenant does not accept Landlord's determination of Fair Market Rent, and Tenant has given Landlord the notice required above of Tenant's determination of Fair Market Rent, then the parties shall promptly meet and attempt to resolve their differences. If the three appraisers are unable to agree parties have not agreed on the Fair Market Rent within ninety (90) days after Tenant has exercised its extension right (the allotted time"ARBITRATION COMMENCEMENT DATE"), and Tenant's extension option is still in effect in accordance with this Section, then unless otherwise agreed by the parties, the two appraised then prevailing fair market monthly rents which are closest together parties shall be added together and divided by two and submit the resulting quotient shall be matter to binding arbitration in accordance with the initial then prevailing fair market monthly rent, which determination shall be binding on the parties and shall be enforceable in any further proceedings relating to terms of this Lease. The appraisers may award a tenant improvement allowance or other monetary concessions, and shall take into account any other such concessionsSection.

Determination of Rent. With respect Following Tenant’s Notice, but no later than nine (9) months prior to the Expiration Date, Landlord shall give Tenant notice (“Landlord’s Notice”) of Landlord’s determination of the “then prevailing Fair Market Rent” (as hereinafter defined) for the extension term. For the purposes of this Article, the term “Fair Market Rent” shall mean the product of (i) annual fair market base monthly rent,” rental rate per square foot for comparable space in the parties Building and in other comparable first-class office buildings in the San Francisco, California central business district paid by tenants pursuant to renewal leases similar to this Lease and taking into account rent concessions then being granted, if any, for such leases, for comparably improved space for a term of five (5) years multiplied by (ii) the rentable square foot area of the Premises based upon Landlord’s then applicable standards for measuring rentable square footage in the Building. Tenant shall have the right to contest Landlord’s determination by written notice to Landlord (herein, the “Objection Notice”) given within thirty (30) days following of receipt of Landlord’s receipt Notice, time of the Renewal Notice in which to agree on the prevailing fair monthly rent as of the commencement date of the Renewal Term for the uses permitted hereunderessence. If the parties agree on Tenant shall desire to contest such fair market monthly rental valuedetermination, they Tenant shall execute give Landlord an amendment to this Lease stating the amount of the applicable Basic Monthly Rent. If the parties are unable to agree on such prevailing fair market monthly rent Objection Notice within such thirty (30) day period, then within fifteen (15) days after time of the expiration essence, which Objection Notice shall state Tenant’s determination of such period each partythe Fair Market Rent. If Tenant shall send an Objection Notice to Landlord, at its cost Tenant’s exercise of the Extension Option shall nevertheless be valid and by giving notice binding, but Landlord and Tenant shall proceed to determine the other partyFair Market Rent, as follows. Landlord and Tenant shall appoint a real estate appraiser who is a member negotiate in good standing faith for a period of the Appraisal Institute holding an “M.A.I.” designation with at least five years experience appraising similar commercial properties in northern San Diego County to appraise and set the then prevailing fair market monthly rent value at the commencement date of the Renewal Term, in accordance with the standards specified in subparagraph (b)(i)(B). If either party fails to appoint an appraiser within the allotted time, the single appraiser appointed by the other party shall be the sole appraiser. If an appraiser is appointed by each party and the two appraisers so appointed are unable to agree upon such then prevailing fair market monthly rent within thirty (30) days after the appointment Landlord’s receipt of the second appraiser, they Objection Notice to attempt to resolve the Fair Market Rent. In the event that the determination of Fair Market Rent shall appoint a third qualified appraiser within ten (10) days after expiration of such thirty (30) day period; if they are unable to agree upon a third appraiser, either party may, upon not less than five days notice to be resolved by the other party, apply to the Presiding Judge of the San Diego County Superior Court for the appointment of a third qualified appraiser. Each party shall bear its own legal fees in connection with appointment of the third appraiser and shall bear one-half of any other costs of appointment of the third appraiser and of such third appraiser’s fee. The third appraiser, however selected, shall be a person who has not previously acted for either party in any capacity. Within thirty (30) days after the appointment of the third appraiser, the three appraisers shall set the then prevailing fair market monthly rent as of the commencement date of the Renewal Term and then pending Expiration Date, Tenant shall so notify pay the partiesMonthly Rent as set forth in Landlord’s Notice pending the resolution of such dispute. If In the three appraisers are unable to agree within event that it is determined that the allotted timeFair Market Rent is less than the Rent Tenant has been paying, Landlord shall reimburse or credit Tenant for the two appraised then prevailing fair market monthly rents which are closest together shall be added together and divided by two and the resulting quotient shall be the initial then prevailing fair market monthly rent, which determination shall be binding on the parties and shall be enforceable in any further proceedings relating to this Lease. The appraisers may award a tenant improvement allowance or other monetary concessions, and shall take into account any other such concessionsdifference.