Common use of Option Term Rent Clause in Contracts

Option Term Rent. Tenant shall pay the following rent for the Leased Premises: Landlord and Tenant will attempt to agree upon a Fair Market Rental Value of the Leased Premises satisfactory to both parties within thirty (30) days of Tenant’s exercise of its option. If no agreement can be reached by the parties during that period, then the Base Monthly Rental for the Option Term shall be determined by the Fair Market Rental Value of the Leased Premises as determined by comparison to premises of similar size located in or near the City of Fort Xxxxxxx, Colorado, having comparable development, use and density capability and such other characteristics as may be deemed relevant by a subject appraiser whose selection is outlined herein. Landlord shall select an independent commercial real estate broker with at least ten (10) years’ experience in the City of Fort Xxxxxxx, Colorado (a “Qualified Broker”). The Qualified Broker selected by the Landlord shall be referred to as the “Landlord’s Broker”. Within thirty (30) days of being selected by the Landlord, the Landlord’s Broker shall determine the Fair Market Rental Value of the Leased Premises in accordance with the appraisal standards set forth above and shall immediately give the Landlord and the Tenant written notification of his determination. If the Tenant agrees with the Landlord’s Broker’s determination of the Fair Market Rental Value, the new Base Monthly Rental shall become effective beginning with the first month of the Option Term. If the Tenant does not agree with the Landlord’s Broker’s determination of Fair Market Rental Value, the Tenant shall have the right to select its own Qualified Broker to determine the Fair Market Rental Value. If the Tenant does elect to appoint a Qualified Broker (the “Tenant’s Broker”), the Tenant shall select the Tenant’s Broker within thirty (30) business days after receiving the Landlord’s Broker’s determination of the Fair Market Rental Value. The Tenant’s Broker shall make his own determination of the Fair Market Rental Value in accordance with the provisions set forth above, within thirty (30) business days of being selected by the Tenant and shall immediately give the Landlord and the Tenant written notice of his determination. If the Fair Market Rental Values as determined by the Landlord’s Broker and the Tenant’s Broker, respectively, differ by an amount which is equal to or less than 5% of the Fair Market Rental Value determined by the Landlord’s Broker, then the arithmetic mean of the two Fair Market Rental Values shall constitute the Fair Market Rental Value used to calculate the new Base Monthly Rental which will be in effect for the Option Term. If the Fair Market Rental Value determined by the Landlord’s Broker and the Tenant’s Broker, respectively, differ by an amount which is greater than 5%, then, within ten (10) business days after Tenant’s Broker’s written notification of his determination of the Fair Market Rental Value, the Landlord’s Broker and the Tenant’s Broker shall agree upon and select a third Qualified Broker who shall be independent of and have no prior or existing affiliation or relationship with either the Landlord or the Tenant (the “Independent Broker”). Within ten (10) business days of being appointed, the Independent Broker shall, after exercising his best professional EXHIBIT “D” Additional Terms and Conditions (continued) judgment, choose either the Landlord’s Broker’s or the Tenant’s Broker’s determination of Fair Market Rental Value which the Independent Broker believes, in his best professional judgement, best represents the Fair Market Rental Value at that point in time. Upon making such a selection, the Independent Broker shall immediately give the Landlord and the Tenant written notice of this selection of the Fair Market Rental Value. The Fair Market Rental Value selected by the Independent Broker shall be used to calculate the new Base Monthly Rental which will be in effect during the Extension Option, and such selection by the Independent Broker shall be binding and conclusive upon the Landlord and the Tenant.

Option Term Rent. Tenant shall pay the following rent for the Leased Premises: Landlord and Tenant will attempt to agree upon a Fair Market Rental Value of the Leased Premises satisfactory to both parties within thirty (30) days of Tenant’s exercise of its option. If no agreement can be reached by the parties during that period, then the Base Monthly Rental for the Option Term shall be determined by the Fair Market Rental Value of the Leased Premises as determined by comparison to premises of similar size located in or near the City of Fort Xxxxxxx, Colorado, having comparable development, use and density capability and such other characteristics as may be deemed relevant by a subject appraiser whose selection is outlined herein. Landlord shall select an independent commercial real estate broker with at least ten (10) years’ experience in the City of Fort Xxxxxxx, Colorado (a “Qualified Broker”). The Qualified Broker selected by the Landlord shall be referred to as the “Landlord’s Broker”. Within thirty (30) days of being selected by the Landlord, the Landlord’s Broker shall determine the Fair Market Rental Value of the Leased Premises in accordance with the appraisal standards set forth above and shall immediately give the Landlord and the Tenant written notification of his determination. If the Tenant agrees with the Landlord’s Broker’s determination of the Fair Market Rental Value, the new Base Monthly Rental shall become effective beginning with the first month of the Option Term. If the Tenant does not agree with the Landlord’s Broker’s determination of Fair Market Rental Value, the Tenant shall have the right to select its own Qualified Broker to determine the Fair Market Rental Value. If the Tenant does elect to appoint a Qualified Broker (the “Tenant’s Broker”), the Tenant shall select the Tenant’s Broker within thirty (30) business days after receiving the Landlord’s Broker’s determination of the Fair Market Rental Value. The Tenant’s Broker shall make his own determination of the Fair Market Rental Value in accordance with the provisions set forth above, within thirty (30) business days of being selected by the Tenant and shall immediately give the Landlord and the Tenant written notice of his determination. If the Fair Market Rental Values as determined by the Landlord’s Broker and the Tenant’s Broker, respectively, differ by an amount which is equal to or less than 5% of the Fair Market Rental Value determined by the Landlord’s Broker, then the arithmetic mean of the two Fair Market Rental Values shall constitute the Fair Market Rental Value used to calculate the new Base Monthly Rental which will be in effect for the Option Term. If the Fair Market Rental Value determined by the Landlord’s Broker and the Tenant’s Broker, respectively, differ by an amount which is greater than 5%, then, within ten (10) business days after Tenant’s Broker’s written notification of his determination of the Fair Market Rental Value, the Landlord’s Broker and the Tenant’s Broker shall agree upon and select a third Qualified Broker who shall be independent of and have no prior or existing affiliation or relationship with either the Landlord or the Tenant (the “Independent Broker”). Within ten (10) business days of being appointed, the Independent Broker shall, after exercising his best professional judgment, choose either the EXHIBIT “D” Additional Terms and Conditions (continued) judgment, choose either the Landlord’s Broker’s or the Tenant’s Broker’s determination of Fair Market Rental Value which the Independent Broker believes, in his best professional judgement, best represents the Fair Market Rental Value at that point in time. Upon making such a selection, the Independent Broker shall immediately give the Landlord and the Tenant written notice of this selection of the Fair Market Rental Value. The Fair Market Rental Value selected by the Independent Broker shall be used to calculate the new Base Monthly Rental which will be in effect during the Extension Option, and such selection by the Independent Broker shall be binding and conclusive upon the Landlord and the Tenant.

Option Term Rent. Tenant Minimum rent for the option periods (if such option is exercised) shall be Fair Market Rent, determined in accordance with the following, except that in no event shall the Base Rent for the option term be less than the Base Rent in effect at the end of the immediately preceding portion of the Lease Term. At least ninety (90) days prior to the commencement date of the time period for which a determination of Fair Market Rent is required under the Lease, the parties shall meet and endeavor to agree upon the Fair Market Rent of the Premises as of the first day of the applicable period. In determining the Fair Market Rent for the Premises, the Premises shall be compared only to Class A office buildings of a similar quality and size in the same County. If, within forty-five (45) days, the parties cannot agree upon the Fair Market Rent for the Premises as of the first day of the applicable time period, the parties shall submit the matter to binding appraisal in accordance with the following procedure: Within sixty (60) days from the date of the first meeting between Landlord and Tenant, the parties shall either (1) jointly appoint an appraiser for this purpose, or (2) failing this joint action, separately designate a disinterested appraiser. The parties shall each pay one-half (1/2) of the fees and expenses of the jointly appointed appraiser; or, if the parties separately designate disinterested appraisers, the parties shall pay the following rent for fees and expenses of the Leased Premises: Landlord appraiser appointed or designated by such party, and Tenant will attempt to agree upon no person may be appointed as an appraiser unless he or she has at least five (5) years’ experience in appraising Class A office buildings in the same County and is a member of a recognized society of real estate appraisers. If the two (2) appraisers thus appointed cannot reach an agreement on the Fair Market Rental Value of the Leased Premises satisfactory to both parties Rent within thirty (30) days after their appointment, the appraisers thus appointed shall appoint a third disinterested appraiser having like qualifications. If, within twenty (20) days after the third appraiser has been chosen, a majority of Tenant’s exercise of its option. If no the appraisers cannot reach an agreement can be reached by on the parties during that periodFair Market Rent, then the Base Monthly Rental for the Option Term shall be determined by the Fair Market Rental Value average of the Leased Premises as determined by comparison to premises of similar size located in or near the City of Fort Xxxxxxx, Colorado, having comparable development, use and density capability and such other characteristics as may be deemed relevant by a subject appraiser whose selection is outlined herein. Landlord shall select an independent commercial real estate broker with at least ten two (102) years’ experience in the City of Fort Xxxxxxx, Colorado (a “Qualified Broker”). The Qualified Broker selected by the Landlord shall be referred to as the “Landlord’s Broker”. Within thirty (30) days of being selected by the Landlord, the Landlord’s Broker closest appraisals shall determine the Fair Market Rental Value Rent. Each party shall pay one-half (1/2) of the Leased Premises in accordance with fees and expenses of the appraisal standards set forth above and shall immediately give third appraiser. In the Landlord and event the Tenant written notification of his determination. If the Tenant agrees with the Landlord’s Broker’s determination of parties have not agreed upon the Fair Market Rental ValueRent of the Premises upon the commencement date of the applicable option period, then Tenant shall make a payment of Base Rent equal to the new Base Monthly Rental shall become effective beginning with monthly installment required to be paid for the first last month of the Option Term. If the Tenant does not agree with the Landlord’s Broker’s determination of Fair Market Rental Value, the Tenant shall have the right to select its own Qualified Broker to determine expired term each and every month until the Fair Market Rental ValueRent has been determined. If the Tenant does elect to appoint a Qualified Broker (the “Tenant’s Broker”)Upon such determination, the Tenant agreed upon Fair Market Rent shall select be retroactive to the Tenant’s Broker within thirty (30) business days after receiving the Landlord’s Broker’s determination commencement date of the Fair Market Rental Valueapplicable Period. The Tenant’s Broker shall make his own determination of the Fair Market Rental Value in accordance with the provisions set forth above, within thirty (30) business days of being selected by the Tenant and shall immediately give the Landlord and the Tenant written notice of his determination. If the Fair Market Rental Values as determined by the Landlord’s Broker and the Tenant’s Broker, respectively, differ by an amount which is equal to or less than 5% of the Fair Market Rental Value determined by the Landlord’s Broker, then the arithmetic mean of the two Fair Market Rental Values shall constitute the Fair Market Rental Value used to calculate the new Base Monthly Rental which will be in effect for the Option Term. If the Fair Market Rental Value determined by the Landlord’s Broker and the Tenant’s Broker, respectively, differ by an amount which is greater than 5%, thenshall, within ten (10) business days after Tenant’s Broker’s written notification of his determination thereafter, make up any accumulated deficiency for all months of the applicable option period. From and after Fair Market Rental ValueRent has been determined, Base Rent shall increase and be adjusted at the Landlord’s Broker and the Tenant’s Broker shall agree upon and select a third Qualified Broker who shall be independent of and have no prior or existing affiliation or relationship with either the Landlord or the Tenant (the “Independent Broker”). Within ten (10) business days of being appointed, the Independent Broker shall, after exercising his best professional EXHIBIT “D” Additional Terms and Conditions (continued) judgment, choose either the Landlord’s Broker’s or the Tenant’s Broker’s determination of Fair Market Rental Value which the Independent Broker believes, in his best professional judgement, best represents the Fair Market Rental Value at that point in time. Upon making same rate as such a selection, the Independent Broker shall immediately give the Landlord and the Tenant written notice of this selection of the Fair Market Rental Value. The Fair Market Rental Value selected by the Independent Broker shall be used to calculate the new Base Monthly Rental which will be in effect adjustments were made during the Extension Optioninitial term (i.e., and such selection by the Independent Broker shall be binding and conclusive upon the Landlord and the Tenantannual CPI increases not to exceed five percent (5%)).

Option Term Rent. Tenant Minimum rent for the option periods (if such option ---------------- is exercised) shall be Fair Market Rent, determined in accordance with the following, except that in no event shall the Base Rent for the option term be less than the Base Rent in effect at the end of the immediately preceding portion of the Lease Term. At least ninety (90) days prior to the commencement date of the time period for which a determination of Fair Market Rent is required under the Lease, the parties shall meet and endeavor to agree upon the Fair Market Rent of the Premises as of the first day of the applicable period. In determining the Fair Market Rent for the Premises, the Premises shall be compared only to Class A office buildings of a similar quality and size in the same County. If, within forty-five (45) days, the parties cannot agree upon the Fair Market Rent for the Premises as of the first day of the applicable time period, the parties shall submit the matter to binding appraisal in accordance with the following procedure: Within sixty (60) days from the date of the first meeting between Landlord and Tenant, the parties shall either (1) jointly appoint an appraiser for this purpose, or (2) failing this joint action, separately designate a disinterested appraiser. The parties shall each pay one- half (1/2) of the fees and expenses of the jointly appointed appraiser: or, if the parties separately designate disinterested appraisers, the parties shall pay the following rent for fees and expenses of the Leased Premises: Landlord appraiser appointed or designated by such party, and Tenant will attempt to agree upon no person may be appointed as an appraiser unless he or she has at least five (5) years experience in appraising Class A office buildings in the same County and is a member of a recognized society of real estate appraisers. If the two (2) appraisers thus appointed cannot reach an agreement on the CREEKSIDE PLAZA vi TriNet Employer Group, Inc. Fair Market Rental Value of the Leased Premises satisfactory to both parties Rent within thirty (30) days after their appointment, the appraisers thus appointed shall appoint a third disinterested appraiser having like qualifications. If, within twenty (20) days after the third appraiser has been chosen, a majority of Tenant’s exercise of its option. If no the appraisers cannot reach an agreement can be reached by on the parties during that periodFair Market Rent, then the Base Monthly Rental for the Option Term shall be determined by the Fair Market Rental Value average of the Leased Premises as determined by comparison to premises of similar size located in or near the City of Fort Xxxxxxx, Colorado, having comparable development, use and density capability and such other characteristics as may be deemed relevant by a subject appraiser whose selection is outlined herein. Landlord shall select an independent commercial real estate broker with at least ten two (102) years’ experience in the City of Fort Xxxxxxx, Colorado (a “Qualified Broker”). The Qualified Broker selected by the Landlord shall be referred to as the “Landlord’s Broker”. Within thirty (30) days of being selected by the Landlord, the Landlord’s Broker closest appraisals shall determine the Fair Market Rental Value Rent. Each party shall pay one-half (1/2) of the Leased Premises in accordance with fees and expenses of the appraisal standards set forth above and shall immediately give third appraiser. In the Landlord and event the Tenant written notification of his determination. If the Tenant agrees with the Landlord’s Broker’s determination of parties have not agreed upon the Fair Market Rental ValueRent of the Premises upon the commencement date of the applicable option period, then Tenant shall make a payment of Base Rent equal to the new Base Monthly Rental shall become effective beginning with monthly installment required to be paid for the first last month of the Option Term. If the Tenant does not agree with the Landlord’s Broker’s determination of Fair Market Rental Value, the Tenant shall have the right to select its own Qualified Broker to determine expired term each and every month until the Fair Market Rental ValueRent has been determined. If the Tenant does elect to appoint a Qualified Broker (the “Tenant’s Broker”)Upon such determination, the Tenant agreed upon Fair Market Rent shall select be retroactive to the Tenant’s Broker within thirty (30) business days after receiving the Landlord’s Broker’s determination commencement date of the Fair Market Rental Valueapplicable Period. The Tenant’s Broker shall make his own determination of the Fair Market Rental Value in accordance with the provisions set forth above, within thirty (30) business days of being selected by the Tenant and shall immediately give the Landlord and the Tenant written notice of his determination. If the Fair Market Rental Values as determined by the Landlord’s Broker and the Tenant’s Broker, respectively, differ by an amount which is equal to or less than 5% of the Fair Market Rental Value determined by the Landlord’s Broker, then the arithmetic mean of the two Fair Market Rental Values shall constitute the Fair Market Rental Value used to calculate the new Base Monthly Rental which will be in effect for the Option Term. If the Fair Market Rental Value determined by the Landlord’s Broker and the Tenant’s Broker, respectively, differ by an amount which is greater than 5%, thenshall, within ten (10) business days after Tenant’s Broker’s written notification of his determination thereafter, make up any accumulated deficiency for all months of the applicable option period. From and after Fair Market Rental ValueRent has been determined, Base Rent shall increase and be adjusted at the Landlord’s Broker and the Tenant’s Broker shall agree upon and select a third Qualified Broker who shall be independent of and have no prior or existing affiliation or relationship with either the Landlord or the Tenant (the “Independent Broker”). Within ten (10) business days of being appointed, the Independent Broker shall, after exercising his best professional EXHIBIT “D” Additional Terms and Conditions (continued) judgment, choose either the Landlord’s Broker’s or the Tenant’s Broker’s determination of Fair Market Rental Value which the Independent Broker believes, in his best professional judgement, best represents the Fair Market Rental Value at that point in time. Upon making same rate as such a selection, the Independent Broker shall immediately give the Landlord and the Tenant written notice of this selection of the Fair Market Rental Value. The Fair Market Rental Value selected by the Independent Broker shall be used to calculate the new Base Monthly Rental which will be in effect adjustments were made during the Extension Optioninitial term (i.e., and such selection by the Independent Broker shall be binding and conclusive upon the Landlord and the Tenantannual CPI increases not to exceed five percent (5%)).

Option Term Rent. Tenant shall pay For each Option Term, the following rent for the Leased Premises: Landlord and Tenant will attempt to agree upon a Fair Market Rental Value of the Leased Premises satisfactory to both parties within thirty (30) days of Tenant’s exercise of its option. If no agreement can be reached by the parties annual Base Rent payable during that period, then the Base Monthly Rental for the said Option Term shall be determined by equal to Ninety Five Percent (95%) of the annual Fair Market Rental Value Rent (as hereinafter defined) of the Leased Premises as determined by comparison to premises of similar size located in or near commencement of such Option Term (the City of Fort Xxxxxxx, Colorado, having comparable development, use and density capability and such other characteristics as may be deemed relevant by a subject appraiser whose selection is outlined herein. Landlord shall select an independent commercial real estate broker with at least ten (10) years’ experience in the City of Fort Xxxxxxx, Colorado (a “Qualified BrokerOption Term Lease Commencement Date”). The Qualified Broker selected by the Landlord shall be referred to as the “Landlord’s Broker”. Within thirty (30) days of being selected by the Landlord, the Landlord’s Broker shall determine the Fair Market Rental Value Rent” shall mean the fair market annual rental value of the Leased Premises in accordance with the appraisal standards set forth above and shall immediately give the Landlord and the Tenant written notification of his determination. If the Tenant agrees with the Landlord’s Broker’s determination of the Fair Market Rental Value, the new Base Monthly Rental shall become effective beginning with the first month as of the Option Term Lease Commencement Date for a term equal to the Option Term. If , based on comparable space in the Tenant does not agree with the Project, or on comparable space in Comparable Buildings, including all of Landlord’s Brokerservices provided for in this Lease. The calculation of Fair Market Rent shall also be adjusted to take into account inducements (e.g. improvement allowances, rent concessions), brokerage commissions and all other relevant factors. For each Option Term, Landlord shall advise Tenant (the “Rent Notice”) of Landlord’s determination of Fair Market Rental Value, Rent prior to the Tenant shall have the right to select its own Qualified Broker to determine the Fair Market Rental Valueapplicable Option Term Lease Commencement Date. If the Tenant does elect to appoint a Qualified Broker (the “Tenant’s Broker”), the Tenant shall select the Tenant’s Broker within thirty (30) business days after receiving the disputes Landlord’s Broker’s determination of the Fair Market Rental Value. The Tenant’s Broker shall make his own determination of the Fair Market Rental Value in accordance with the provisions set forth above, within thirty (30) business days of being selected by the Tenant and shall immediately give the Landlord and the Tenant written notice of his determination. If the Fair Market Rental Values as determined by the Landlord’s Broker and the Tenant’s Broker, respectively, differ by an amount which is equal to or less than 5% of the Fair Market Rental Value determined by the Landlord’s BrokerRent, then the arithmetic mean Tenant shall give notice (a “Dispute Notice”) to Landlord of the two Fair Market Rental Values shall constitute the Fair Market Rental Value used to calculate the new Base Monthly Rental which will be in effect for the Option Term. If the Fair Market Rental Value determined by the Landlord’s Broker and the Tenant’s Broker, respectively, differ by an amount which is greater than 5%, then, such dispute within ten (10) business days after Tenant’s Broker’s written notification delivery of his the Rent Notice, and such dispute shall be resolved by arbitration as provided in Section 2.4 below. Time is of the essence of the giving of said Dispute Notice. For each Option Term, if the Base Rent payable during such Option Term is not determined prior to the applicable Option Term Lease Commencement Date, then Tenant shall pay Base Rent in an amount equal to the Fair Market Rent for the Premises as determined by Landlord (the “Interim Rent”). Upon final determination of the Fair Market Rental ValueBase Rent for such Option Term, the Landlord’s Broker Tenant shall commence paying such Base Rent as so determined, and the Tenant’s Broker shall agree upon and select a third Qualified Broker who shall be independent of and have no prior or existing affiliation or relationship with either the Landlord or the Tenant (the “Independent Broker”). Within within ten (10) business days after such determination Tenant shall pay any deficiency in prior payments of being appointedBase Rent or, if the Independent Broker shallBase Rent as so determined shall be less than the Interim Rent for such Option Term, after exercising his best professional EXHIBIT “D” Additional Terms and Conditions (continued) judgment, choose either Tenant shall be entitled to a credit against the Landlord’s Broker’s or next succeeding installments of Base Rent in an amount equal to the Tenant’s Broker’s determination difference between each installment of Fair Market Rental Value which the Independent Broker believes, in his best professional judgement, best represents the Fair Market Rental Value at that point in time. Upon making such a selection, the Independent Broker shall immediately give the Landlord Interim Rent and the Tenant written notice of this selection Base Rent as so determined which should have been paid for such installment until the total amount of the Fair Market Rental Value. The Fair Market Rental Value selected by the Independent Broker shall be used to calculate the new Base Monthly Rental which will be in effect during the Extension Option, and such selection by the Independent Broker shall be binding and conclusive upon the Landlord and the Tenantover payment has been recouped.