Fair Market Rent Determination. If Tenant elects to proceed with the process for determining the Fair Market Rent, then the Fair Market Rent shall be determined in accordance with the following procedures. Within fifteen (15) days after Tenant delivers notice to Landlord of Tenant’s election to so proceed, Landlord and Tenant shall each select a real estate professional (based on the criteria set forth in this Section 2.3.3.7). Within thirty (30) days of their selection, each professional shall make a written determination to Landlord and Tenant of the Fair Market Rent. All determinations of the Fair Market Rent shall be in writing. The party appointing each professional shall be obligated, promptly after receipt of the valuation report prepared by the professional appointed by such party, to deliver a copy of such valuation report to the other party.
Fair Market Rent Determination. The Fair Market Rent shall be determined as follows:
Fair Market Rent Determination. (a) If Tenant timely exercises a Renewal Option, Landlord shall send to Tenant, within fifteen (15) days of Landlord’s receipt of Tenant’s exercise notice, a notice (the “
Fair Market Rent Determination. In the event a Retriggering Event has occurred or will occur, Landlord and Tenant shall meet and attempt to agree upon the amount of such Fair Market Rent for the portion of the Property affected by the Retriggering Event. If Landlord and Tenant reach agreement with respect to the Fair Market Rent within thirty (30) days (the “Outside Agreement Date”), then the parties shall execute and deliver an amendment to this Lease to reflect such agreed upon Fair Market Rent. In the event the parties are unable to agree as to the appropriate amount of the Fair Market Rent on or before the Outside Agreement Date, then each party shall submit to the other party a separate written determination of the Fair Market Rent within thirty (30) days after the Outside Agreement Date, and such determinations shall be submitted to appraisal in accordance with the provisions set forth below. If appraisal is required, the following shall apply:
Fair Market Rent Determination. (A) For purposes of this provision, the term “Subject Premises” shall be deemed to refer to (a) the Demised Premises for purposes of Article 7 hereof, and (b) the Available Offer Space for purposes of Article 35 hereof. For purposes of this provision, the term “Effective Date” shall be deemed to refer to (x) the first day of the Renewal Term for purposes of Article 7, and (y) the Available Offer Space Commencement Date for purposes of Article 35.
Fair Market Rent Determination. Fair Market Rent for the Extension Term shall be determined as follows:
Fair Market Rent Determination. (A) The term “Fair Market Rent” shall mean the annual fair market rental value of the New Premises. The Fair Market Rent shall be determined assuming that the New Premises is free and clear of all leases and tenancies (including this Lease), that the New Premises is available for the purposes permitted by this Lease in the then rental market, that Landlord has had a reasonable time to locate a tenant, and that neither Landlord nor the prospective tenant is under any compulsion to rent, that the condition of the New Premises is in compliance with the terms of this Lease, and taking into account all other relevant factors.
Fair Market Rent Determination. The fair market rent of the Premises as of the commencement of each Extended Term shall be determined as follows. Within fifteen (15) days after Landlord's receipt of the Extension Notice, Landlord shall notify Tenant of Landlord's reasonable opinion of the fair market rental value of the Premises. If Landlord and Tenant do not agree as to such fair market rental value within fifteen (15) days of Tenant's receipt of Landlord's notice, the fair market rental value shall be determined pursuant to the procedures set forth below.
Fair Market Rent Determination. In the event Tenant exercises its right to extend the Term through the first Option Term, then, effective on the first day of the Option Term (the "Option Commencement Date"), Base Rent shall be the then fair market rent of the Premises as of the Option Commencement Date, as reasonably determined by Landlord, but not less than the Base Rent payable for the period immediately preceding the Option Commencement Date. Landlord shall notify Tenant of the fair market rent determination prior to the applicable Option Commencement Date. Within thirty (30) days after receipt of Tenant's notice to exercise the Option, Landlord shall deliver to Tenant written notice of Landlord's initial determination of the Fair Market Rent. Tenant shall, within fifteen (15) days after receipt of Landlord's notice, notify Landlord in writing whether Tenant accepts or rejects Landlord's determination of the Fair Market Rent. If Tenant fails to respond with its acceptance or rejection of the Fair Market Rent within the required 15-day period, Tenant shall be deemed to have rejected Landlord's determination of Fair Market Rent. If Tenant notifies Landlord that it rejects Landlord's determination of the Fair Market Rent, or if Tenant is deemed to have rejected Landlord's determination of the Fair Market Rent pursuant to the foregoing sentence, the parties will work together in good faith to agree upon the Fair Market Rent; provided, however, that if the parties fail to do so within thirty (30) days following any rejection or deemed rejection of the Fair Market Rent by Tenant, Tenant's exercise of the Option shall be deemed null and void and the Term shall end as originally stated. For purposes of this Option, "Fair Market Rent" shall mean the arm's length fair market annual rental rate per square foot under renewal amendments entered into on or about the date on which the Fair Market Rent is being determined hereunder for space comparable to the Premises in the Retail Project and multi-tenant retail projects similar to the Retail Project in age, class, use and size within the Minneapolis, Minnesota area. The determination of Fair Market Rent shall take into consideration any reasonably anticipated changes in the Fair Market Rent rate from the time such rate is being determined and the time such rate will become effective under the Lease.
Fair Market Rent Determination
