Rate Negotiations Clause Samples

Rate Negotiations. Arbitration Tenant shall have twenty (20) days ("Tenant's Review Period") after receipt of Landlord's notice of the proposed "market rate of rent" within which to accept such proposed "market rate of rent" or to object thereto in writing. In the event Tenant so objects, Landlord and Tenant shall attempt in good faith to agree upon such "market rate of rent". If Landlord and Tenant fail to reach agreement on the "market rate of rent" by the date (the "Outside Agreement Date") that is fifteen (15) days following the expiration of Tenant's Review Period, Tenant and Landlord each shall submit their respective good faith determinations of the applicable "market rate of rent" by sealed bid to arbitration in accordance with the following procedure: (i) Not later than fifteen (15) days following the Outside Agreement Date, Landlord and Tenant shall each appoint one independent arbitrator who shall by profession be a real estate appraiser (with the professional designation of M.A.I. or, if M.A.I. ceases to exist, a comparable designation from an equivalent professional appraiser organization) or office leasing broker who shall have been active over the ten (10) year period ending on the date of such appointment in appraising or leasing of commercial office properties in the O'Ha▇▇ ▇▇▇ice corridor. The determination of the arbitrators shall be limited solely to the issue of whether Landlord's or Tenant's submitted "market rate of rent" for the Premises is the closest to the "market rate of rent" for the Premises as determined by the arbitrators, taking into account all relevant elements, including, without limitation, the elements listed in Section 32.02(A) of this Lease. (ii) The two arbitrators so appointed shall within ten (10) days of the date of the appointment of the last appointed arbitrator agree upon and appoint a third arbitrator who shall be qualified under the same criteria set forth hereinabove for qualification of the initial two arbitrators. (iii) The three arbitrators shall within thirty (30) days of the appointment of the third arbitrator reach a decision as to whether the parties shall use Landlord's or Tenant's submitted market rate of rent" and shall notify Landlord and Tenant thereof in writing. (iv) The decision of the majority of the three arbitrators shall be binding upon Landlord and Tenant and judgment upon such decision may be entered into by any court having jurisdiction over Landlord and Tenant. (v) If the two arbitrators fail to agree u...