Determination of Fair Market Rental Rate. In connection with the determination of the BASE RENT for the EXTENDED TERM under this LEASE, the parties shall have thirty (30) days after LANDLORD receives the notice of exercise of TENANT’s option to extend the lease term in which to agree on a fair market rental rate for the PREMISES for the EXTENDED TERM. If the parties agree on the fair market rental rate for the EXTENDED TERM during that period, they shall immediately execute an amendment to this LEASE, stating the agreed BASE RENT for the EXTENDED TERM based on such agreed fair market rental rate. If the parties are unable to reach an agreement on the BASE RENT for the EXTENDED TERM during such thirty (30) day period, then each party shall make, and submit to the other, a separate written statement of its proposed fair market BASE RENT for the EXTENDED TERM within ten (10) days of the expiration of such thirty (30) day period, and the determination of such BASE RENT for the EXTENDED TERM shall be submitted to arbitration as hereinafter provided: Within such ten (10) day period, LANDLORD and TENANT shall agree on a single arbitrator (and LANDLORD or TENANT may consult with such arbitrator prior to his or her appointment) who shall, by profession, be a real estate broker or appraiser who is a member of the American Institute of Appraisers, or any successor organization and who shall have been active over the ten (10) year period ending on the date of such appointment on a full-time basis in the leasing (or appraisal, as the case may be) of commercial properties in the area in which the PREMISES are located. The arbitrator’s determination of the fair market rental value shall be final and conclusive and shall be limited solely to the issue of whether LANDLORD’s or TENANT’s submitted BASE RENT for the EXTENDED TERM, as applicable, is the closest to such arbitrator’s determination of fair market rental value, and such party’s BASE RENT for the EXTENDED TERM shall be the BASE RENT for the EXTENDED TERM. The arbitrator shall reach such a decision and notify LANDLORD and TENANT of such determination within thirty (30) days of his or her appointment. If LANDLORD and TENANT are unable to reach an agreement upon and appoint a single arbitrator, then the appointment of the arbitrator shall be made by the Presiding Judge of the Superior Court of Los Angeles County, or, if he or she refuses to act, by any State or Federal judge sitting in the County of Los Angeles.
Determination of Fair Market Rental Rate. Landlord shall provide written notice of Xxxxxxxx’s determination of the Fair Market Rental Rate (“Landlord Rent Notice”) not later than thirty (30) days following Landlord’s receipt of Tenant’s Extension Notice. Tenant shall have ten (10) business days after receipt of Landlord’s notice of the fair market rental rate within which to accept or reject such fair market rental rate by delivering written notice (“Tenant Rent Response Notice”) thereof to Landlord. The last day of such 10-business day period shall be referred herein as the “Objection Date”. Tenant’s failure to deliver the Tenant Rent Response Notice on or before the Objection Date shall be deemed to constitute Tenant’s acceptance of the Fair Market Rental Rate set forth in the Landlord Rent Notice. If Tenant timely objects in the Tenant Rent Response Notice to Landlord’s Fair Market Rental Rate, Landlord and Tenant shall attempt in good faith to agree upon the Fair Market Rental Rate. If Landlord and Tenant fail to reach agreement within twenty-one (21) days following the delivery of the Tenant Rent Response Notice (“Outside Agreement Date”), then Tenant shall make its separate determination of the Fair Market Rental Rate which shall be submitted to Landlord and the parties shall submit to arbitration as follows:
Determination of Fair Market Rental Rate. If Tenant timely and appropriately objects to the Fair Market Rental Rate, Landlord and Tenant shall attempt to agree upon the Fair Market Rental Rate, using reasonable good-faith efforts. If Landlord and Tenant fail to reach agreement on or before the date which is five (5) months prior to the expiration of the Term or the immediately preceding Option Term, as applicable (each such date, an “Outside Agreement Date”), then each party shall make a separate determination of the Fair Market Rental Rate within five (5) business days after the applicable Outside Agreement Date, and such determinations shall be exchanged with each other in sealed envelopes at a meeting held within two (2) business days after such 5-business day period. If neither party accepts the other’s determination of the Fair Market Rental Rate, and if Tenant at that time fails to rescind its option to renew (which Tenant shall have the right to do by notice to Landlord given prior to submittal to arbitration), then such determinations of the Fair Market Rental Rate shall be submitted to arbitration in accordance with Sections 2.3(d)(i) through 2.3(d)(v) below.
Determination of Fair Market Rental Rate. If Tenant timely objects in writing pursuant to Section 3 above to Landlord’s determination of the Fair Market Rental Rate for the Option Term (or if Tenant timely objects in Tenant’s Election Notice pursuant to Section 28.4 of the Lease to Landlord’s determination of the Fair Market Rental Rate for the initial Post-24 Month ROFO Space Term of the applicable Post-24 Month ROFO Space, as the case may be), Landlord and Tenant shall attempt to agree upon such applicable Fair Market Rental Rate using their best good-faith efforts. If Landlord and Tenant fail to reach agreement within ten (10) business days (the “Outside Agreement Date”) following Tenant’s objection to such applicable Fair Market Rental Rate, then each party shall submit to the other party a separate written determination of such applicable Fair Market Rental Rate within ten (10) business days after the Outside Agreement Date, and such determinations shall be submitted to arbitration in accordance with Sections 4.1 through 4.7 below. Failure of Tenant or Landlord to submit a written determination of such applicable Fair Market Rental Rate within such ten (10) business day period shall conclusively be deemed to be the non-determining party’s approval of such applicable Fair Market Rental Rate submitted within such ten (10) business day period by the other party.
Determination of Fair Market Rental Rate. Landlord and Tenant shall negotiate in good faith to determine the Base Rent for the applicable Renewal Term for a period of 30 days after the date on which Landlord receives the Option Exercise Notice. In the event Landlord and Tenant are unable to agree upon the Base Rent for the applicable Renewal Term within said 30-day period, the Fair Market Rental Rate for the Premises shall be determined by a board of 3 licensed real estate brokers, one of whom shall be named by Landlord, one of whom shall be named by Tenant, and the two so appointed shall select a third. Each real estate broker so selected shall be licensed in the State as a real estate broker specializing in the field of office leasing in and around the Building, having no fewer than 10 years’ experience in such field, and recognized as ethical and reputable within the field. Landlord and Tenant agree to make their appointments promptly within 10 days after the expiration of the 30-day period, or sooner if mutually agreed upon. The 2 brokers selected by Landlord and Tenant shall promptly select a third broker within 10 days after they both have been appointed, and each broker, within 10 days after the third broker is selected, shall submit his or her determination of the Fair Market Rental Rate. The Fair Market Rental Rate shall be the mean of the 2 closest rental rate determinations. Landlord and Tenant shall each pay the fee of the broker selected by it, and they shall equally share the payment of the fee of the third broker.
Determination of Fair Market Rental Rate. In the event ---------------------------------------- Tenant timely and appropriately objects in writing to the Fair Market Rental Rate initially determined by Landlord, Landlord and Tenant shall attempt to agree upon the Fair Market Rental Rate, using their best good-faith efforts. If Landlord and Tenant fail to reach agreement within twenty (20) days following Tenant's objection to the Fair Market Rental Rate (the "Outside Agreement Date"), then each party shall submit to the other party a separate written determination of the Fair Market Rental Rate within ten (10) business days after the Outside Agreement Date, and such determinations shall be submitted to arbitration in accordance with Paragraphs 9.5.1 through 9.5.7 below. Failure of Tenant or Landlord to submit a written determination of the Fair Market Rental Rate within such ten (10) business day period shall conclusively be deemed to be the non-determining party's approval of the Fair Market Rental Rate submitted within such ten (10) business day period by the other party.
Determination of Fair Market Rental Rate. In the event Tenant timely and appropriately objects in writing to the Fair Market Rental Rate initially determined by Landlord in the Option Rent Notice, Landlord and Tenant shall thereafter attempt in good faith to agree upon such Fair Market Rental Rate, using their best good faith efforts. If Landlord and Tenant fail to reach agreement on such Fair Market Rental Rate within twenty (20) days following Tenant’s objection to such Fair Market Rental Rate (the “Outside Agreement Date”) then each party shall submit to the other party a separate written determination of the Option Rent within ten (10) business days after the Outside Agreement Date, and such determinations shall be submitted to arbitration in accordance with Sections 4.1 through 4.7 below. If Landlord’s and Tenant’s determinations do not differ by an amount in excess of five (5%) percent, the two determinations shall be averaged and the resulting figure shall be conclusively deemed to be the Fair Market Rental Rate. If the two determinations differ by an amount in excess of five (5%) percent, then such determinations shall be submitted to arbitration in accordance with Sections 4.1 through 4.7 below. Failure of Tenant or Landlord to submit a written determination of the Option Rent within such ten (10) business day period shall conclusively be deemed to be the non-determining party’s approval of the Option Rent submitted within such ten (10) business day period by the other party.
Determination of Fair Market Rental Rate. For the proposes of the Lease the term "Fair Market Rental Rate" shall mean the annual amount per rentable square foot that is in effect for comparable period of time ("Comparable Transactions") at the Property, or if there are not a sufficient number of Comparable Transactions at the Property, what a comparable landlord of a first-class industry facility with comparable vacancy factors would accept in Comparable Transactions. In any determination of Comparable Transactions appropriate consideration shall be given to the annual rental rates per rentable square foot, the standard of measurement by which the rentable square footage is measured, the type of escalation clause (e.g., whether increases in additional rent are determined on a net or gross basis, and if gross, whether such increases are determined according to a base year or a base dollar amount expense stop), the extent of Tenant's liability under the Lease, abatement provisions reflecting free rent and/or no rent during the period of construction or subsequent to the commencement date as to the space in question, brokerage commissions, if any, that would be payable by Landlord in similar transactions, length of the Lease term, size and location of the premises being leased, building standard work and/or tenant improvement allowances, if any, and other generally applicable conditions of tenancy for such Comparable Transactions. The intent is that Tenant shall obtain the same rent and other economic benefits that Landlord would otherwise give in Comparable Transactions and that Landlord will make and receive the same economic payments and concessions that Landlord would otherwise make and receive in Comparable Transactions. If, for example, after applying the criteria set forth above, Comparable Transactions provide a new tenant with comparable space at Thirty- Two and 00/100 Dollars ($32.00) per rentable square foot, with a current base year, three (3) months at no rent to construct improvements, four (4) months' free rent, Fifty and 00/100 Dollars ($50.00) per usable square foot tenant improvement allowance, a brokerage commission of Fifty Thousand and 00/100 Dollars ($50,000.00), and certain other generally applicable economic terms, the Fair Market Rental Rate for Tenant shall not be Thirty-Two and 00/100 Dollars ($32.00) per rentable square foot only, but shall be the equivalent of Thirty-Two and 00/100 Dollars ($32.00) per rentable square foot, the same base year, three (3) months at no rent ...
Determination of Fair Market Rental Rate. In the event Tenant timely and appropriately exercises the applicable option to extend this Lease and objects to or does not accept the Option Rent or, if Tenant otherwise exercises the applicable option to extend this Lease, Landlord and Tenant shall attempt to agree upon the Fair Market Rental Rate for the subject space, using reasonable good-faith efforts. If Landlord and Tenant fail to reach agreement by the date which is ten (10) months prior to the commencement of an Option Term (the “Outside Agreement Date”), then each of the parties shall make a separate determination of the subject Fair Market Rental Rate within ten (10) days following the Outside Agreement Date and such determinations shall be submitted to the arbitrators pursuant to the provisions of this Section 2.2.4 and such submittal shall be submitted to arbitration in accordance with Sections 2.2.4.1 through 2.2.4.7 of this Lease. WATER’S EDGE [Electronic Arts] -9- EOP Matter ID No. 7467
Determination of Fair Market Rental Rate. Lessor’s determination of fair market rental rate shall be delivered to Lessee in writing not later than thirty (30) days following Lessor’s receipt of Lessee’s Extension Notice. Lessee will have five (5) days (“Lessee’s Review Period”) after receipt of Lessor’s notice of the fair market rental rate within which to accept such fair market rental rate or to object thereto in writing. Lessee’s failure to accept the fair market rental rate submitted by Lessor in writing within Lessee’s Review Period will conclusively be deemed Lessee’s disapproval thereof. If Lessee objects to the fair market rental rate submitted by Lessor within Lessee’s Review Period, then Lessor and Lessee will attempt in good faith to agree upon such fair market rental rate using their best good faith efforts. If Lessor and Lessee fail to reach agreement on such fair market rental rate within ten (10) days following the expiration of Lessee’s Review Period (the “Outside Agreement Date”), then Lessee may, within ten (10) days following the Outside Agreement Date, demand by written notice to Lessor that each party’s determination be submitted to appraisal in accordance with the following provisions of this Paragraph 72(d). Lessee’s failure to timely demand appraisal will constitute Lessee’s rescission of its Extension Notice and the Extension Option will be null and void and of no further force or effect.
