Tenant Easements means the utility, access, maintenance and construction easements with respect to the construction, maintenance and operation of the Project Improvements, if any, to be granted to Tenant by Landlord in Landlords reasonable discretion, but only to the extent and in accordance with the requirements of the Project Improvements and the Site Plan.
The annual Base Rent payable by Tenant during each Option Term shall be the FMV for the Premises as of the date the applicable Option Term is to commence, and shall be adjusted to the FMV for the Premises, together with the Tenant Easements and the Third Party Easement, as of the eighth (8th) and sixteenth (16th) anniversaries (each, an Anniversary Date) of the commencement date of each Option Term (each, an FMV Adjustment Date).
The nonexclusive grant by Landlord to Tenant of the Tenant Easements shall include the right to use, repair, maintain and replace the Spur Tracks in accordance with the terms and provisions applicable to the Tenant Easements and the Tenant Easement Areas and as more particularly set forth on Exhibit C.
Prior to commencement of Construction of the Project Improvements, Landlord and Tenant shall enter into commercially reasonable agreements effecting the BART Easements and, if any, Tenant Easements.
Landlord grants to Tenant certain non-exclusive rights under the Tenant Easements on, over and/or under the Tenant Easement Areas, located on Landlords adjacent property, which property is more particularly described in Exhibit B attached hereto and made a part hereof, and Landlord has expressly reserved certain rights in the Premises, all as more specifically set forth in the Lease.
At the election of either party, Landlord and Tenant shall meet and confer and negotiate in good faith to attempt to agree upon the FMV for the Premises, together with the Tenant Easements and the Third Party Easement.