Common use of Fair Market Rent Clause in Contracts

Fair Market Rent. If Landlord and Tenant cannot agree on the fair market rent of the Premises for the extension period within 30 days after the Tenant has notified Landlord of Tenant’s exercise of the option, Landlord and Tenant shall each select, within 15 days of such notification, an appraiser who must be a qualified MAI appraiser with at least 5 years experience appraising commercial properties to determine said fair market rental value. If one party fails to so designate an appraiser within the time required, the determination of fair market rental value of the one appraiser who has been designated by the other party within the time required shall be binding on both parties. The appraisers shall submit their determinations of fair market rental value to both parties within 30 days after their selection. If the difference between the two determinations is 10% or less of the higher appraisal, then the average between the determinations shall be the fair market rental value of the Premises. If said difference is greater than 10%, then the two appraisers shall within 15 days of the date the second determination is submitted to the parties designate a third appraiser who must also be a qualified MAI appraiser. The sole responsibility of the third appraiser will be to determine which of the determinations made by the first two appraisers is most accurate. The third appraiser shall have no right to propose a middle ground or any modification of either of the determinations made by the first two appraisers. The third appraiser’s choice shall be submitted to the parties within 20 days after his or her selection. Such determination shall bind both of the parties and shall establish the fair market rental value of the Premises. Each party shall pay the fees and expenses of its appraiser and shall pay equal shares of the fees and expenses of the third appraiser. Fair market rent for the purposes of this Lease shall mean the then prevailing rent for premises comparable in size, quality and location to the demised Premises, leased on terms comparable to the terms contained in this Lease.

Fair Market Rent. If Landlord and Tenant cannot agree on the fair market rent of the Premises for the extension period within 30 days after the Tenant has notified Landlord of Tenant’s 's exercise of the option, Landlord and Tenant shall each select, within 15 days of such notification, an appraiser who must be a qualified MAI appraiser with at least 5 years experience appraising commercial properties in the Elkridge, Maryland area to determine said fair market rental value. If one party fails to so designate an appraiser within the time required, the determination of fair market rental value of the one appraiser who has been designated by the other party within the time required shall be binding on both parties. The appraisers shall submit their determinations of fair market rental value to both parties within 30 days after their selection. If the difference between the two determinations is 10% or less of the higher appraisal, then the average between the determinations shall be the fair market rental value of the Premises. If said difference is greater than 10%, then the two appraisers shall within 15 days of the date the second determination is submitted to the parties designate a third appraiser who must also be a qualified MAI appraiser. The sole responsibility of the third appraiser will be to determine which of the determinations made by the first two appraisers is most accurate. The third appraiser shall have no right to propose a middle ground or any modification of either of the determinations made by the first two appraisers. The third appraiser’s 's choice shall be submitted to the parties within 20 days after his or her selection. Such determination shall bind both of the parties and shall establish the fair market rental value of the Premises. Each party shall pay the fees and expenses of its appraiser and shall pay equal shares of the fees and expenses of the third appraiser. Fair market rent for the purposes of this Lease shall mean the then prevailing rent for premises property comparable in size, quality and location to the demised Premises, leased on terms comparable to the terms contained in this Lease.

Fair Market Rent. If Landlord and Tenant cannot agree on “Fair Market Rent” shall be determined as follows: At least fifteen (15) months prior to the fair market rent expiration of the Premises Lease Term or the first Extension Period, as applicable, Lessor shall deliver to Lessee the proposed Basic Rent for such first Extension Period or second Extension Period, as applicable. Such amount shall be based on a current Fair Rental Market Analysis performed by a licensed real estate broker of Lessor’s choosing. Within ten (10) business days following receipt of Lessor’s proposed Basic Rent, Lessee shall give Lessor written notice of a disagreement, if any, as to the extension period within 30 Basic Rent based upon an analysis of the current Fair Market Rental Value of the Leased Property that is less than that determined by Lessor’s broker, whereupon Lessee and Lessor shall jointly select a third licensed real estate broker to determine the current Fair Market Rental Value of the Leased Property. Within sixty (60) days after the Tenant has notified Landlord of Tenant’s exercise designation of the optionthird broker, Landlord each of the three brokers shall submit their written determination of the Fair Market Rent of the Leased Property in accordance with this section to both Lessor and Tenant shall each select, within 15 days Lessee. If the Fair Market Rent of the Leased Property is determined by any two or all three of such notificationbrokers is identical, an appraiser who must then the Fair Market Rent for purposes of the Extension Option shall be a qualified MAI appraiser with at least 5 years experience appraising commercial properties to determine said fair market rental valuesuch identical amount. If one party fails the Fair Market Rent as determined by each such broker is different from the others, but two of such determinations are within five percent (5%) of each other, then the rent pursuant the Fair Market Rent shall be the arithmetic mean of the such two amounts. In all other cases, the highest and lowest of such determination shall be disregarded and the Fair Market Rent shall be equal to so designate an appraiser within the time requiredmiddle, or remaining, determination. Notwithstanding anything contained herein to the contrary, the determination of fair market rental value the Fair Market Rent shall not include the square footage of the one appraiser who has been Expansion Area or the improvements on the Expansion Area constructed by Lessee at Lessee’s sole cost and expense. Lessor shall pay all costs associated with the broker designated by Lessor, and Lessee shall pay all costs associated with the other party within the time required broker designated by Lessee. Lessor and Lessee shall be binding on both parties. The appraisers shall submit their determinations of fair market rental value to both parties within 30 days after their selection. If the difference between the two determinations is 10% or less of the higher appraisal, then the average between the determinations shall be the fair market rental value of the Premises. If said difference is greater than 10%, then the two appraisers shall within 15 days of the date the second determination is submitted to the parties designate a third appraiser who must also be a qualified MAI appraiser. The sole responsibility of share equally all costs associated with the third appraiser will be to determine which of the determinations made by the first two appraisers is most accurate. The third appraiser shall have no right to propose a middle ground or any modification of either of the determinations made by the first two appraisers. The third appraiser’s choice shall be submitted to the parties within 20 days after his or her selection. Such determination shall bind both of the parties and shall establish the fair market rental value of the Premises. Each party shall pay the fees and expenses of its appraiser and shall pay equal shares of the fees and expenses of the third appraiser. Fair market rent for the purposes of this Lease shall mean the then prevailing rent for premises comparable in size, quality and location to the demised Premises, leased on terms comparable to the terms contained in this Leasebroker.

Fair Market Rent. If The amount of annual Minimum Rent, expressed in dollars and cents per rentable square foot, equal to the fair market rental then being negotiated for comparable leases for comparable space in Class A office buildings in Center City Philadelphia office sub-market, as such space is then improved, and taking into account the value of any rent or equivalent concessions then usually and customarily given in connection with the leasing of comparable space for a comparable lease term, such as free rent periods and tenant improvement allowances and the level of any escalation base or "stop" for such comparable space, and other relevant factors. In the event that Landlord and Tenant cannot are unable to agree on the fair market rent of the Premises Fair Market Rent for the extension period a Renewal Term within 30 days after the Tenant has notified Landlord of Tenant’s exercise of any Renewal Option, either party may require determination of the optionFair Market Rent for such Renewal Term by giving written notice to that effect to the other party, which notice shall designate a real estate broker selected by the initiating party having at least 10 years’ experience in the office leasing business in Center City Philadelphia office sub-market. Within 10 days after receipt of such notice, the other party to this Lease shall select a real estate broker meeting the same requirements and give written notice of such selection to the initiating party. Within 10 days after selection of the second broker, the two real estate brokers so selected shall select a third real estate broker having at least 10 years’ experience in the office leasing business in Center City Philadelphia office sub-market who (and whose firm) is not then employed as a leasing broker or management agent by either party or any of their respective affiliates. Each of the three brokers shall determine the Fair Market Rent rate for the Premises as of the commencement of any such Renewal Term for a term equal to the Renewal Term within 15 days after the appointment of the third broker. The Fair Market Rent shall be equal to the arithmetic average of such three determinations; provided, however, that if any such broker’s determination deviates more than five percent from the median of such determinations the Fair Market Rent shall be an amount equal to the average of the two closest determinations. Landlord shall pay the costs and fees of Landlord’s broker in connection with any determination hereunder, and Tenant shall each select, within 15 days pay the costs and fees of Tenant’ s broker in connection with such notification, an appraiser who must determination. The cost and fees of the third broker shall be a qualified MAI appraiser with at least 5 years experience appraising commercial properties to determine said fair market rental valuepaid one-half by Landlord and one-half by Tenant. If one a party fails to so designate an appraiser a real estate broker within the time requiredperiod required by this paragraph, the determination of fair market rental value of "third" real estate broker shall be selected by the one appraiser who has been broker designated by the other party within initiating party, and those two brokers shall determine the time required shall be binding on both partiesFair Market Rental by averaging their determinations. The appraisers shall submit their determinations of fair market rental value to both parties within 30 days after their selection. If the difference between the two determinations is 10% or less of the higher appraisal, then the average between the determinations shall be the fair market rental value of the Premises. If said difference is greater than 10%, then the two appraisers shall within 15 days of the date the second determination is submitted to the parties designate a third appraiser who must also be a qualified MAI appraiser. The sole responsibility of the third appraiser will be to determine which of the determinations made by the first two appraisers is most accurate. The third appraiser shall have no right to propose a middle ground or any modification of either of the determinations made by the first two appraisers. The third appraiser’s choice shall be submitted to the parties within 20 days after his or her selection. Such determination shall bind both of the parties and shall establish the fair market rental value of the Premises. Each party shall pay the fees and expenses of its appraiser and shall pay equal shares of the fees and expenses of the third appraiser. Fair market rent for the purposes of this Lease shall mean the then prevailing rent for premises comparable in size, quality and location to the demised Premises, leased on terms comparable to the terms contained in this Lease5.

Fair Market Rent. If Landlord and Tenant cannot agree on Fair Market Rent" shall be determined as follows: At least fifteen (15) months prior to the fair market rent expiration of the Premises Lease Term or the first Extension Period, as applicable, Lessor shall deliver to Lessee the proposed Basic Rent for such first Extension Period or second Extension Period, as applicable. Such amount shall be based on a current Fair Rental Market Analysis performed by a licensed real estate broker of Lessor's choosing. Within ten (10) business days following receipt of Lessor's proposed Basic Rent, Lessee shall give Lessor written notice of a disagreement, if any, as to the extension period within 30 Basic Rent based upon an analysis of the current Fair Market Rental Value of the Leased Property that is less than that determined by Lessor's broker, whereupon Lessee and Lessor shall jointly select a third licensed real estate broker to determine the current Fair Market Rental Value of the Leased Property. Within sixty (60) days after the Tenant has notified Landlord of Tenant’s exercise designation of the optionthird broker, Landlord each of the three brokers shall submit their written determination of the Fair Market Rent of the Leased Property in accordance with this section to both Lessor and Tenant shall each select, within 15 days Lessee. If the Fair Market Rent of the Leased Property is determined by any two or all three of such notificationbrokers is identical, an appraiser who must then the Fair Market Rent for purposes of the Extension Option shall be a qualified MAI appraiser with at least 5 years experience appraising commercial properties to determine said fair market rental valuesuch identical amount. If one party fails the Fair Market Rent as determined by each such broker is different from the others, but two of such determinations are within five percent (5%) of each other, then the rent pursuant the Fair Market Rent shall be the arithmetic mean of the such two amounts. In all other cases, the highest and lowest of such determination shall be disregarded and the Fair Market Rent shall be equal to so designate an appraiser within the time requiredmiddle, or remaining, determination. Notwithstanding anything contained herein to the contrary, the determination of fair market rental value the Fair Market Rent shall not include the square footage of the one appraiser who has been Expansion Area or the improvements on the Expansion Area constructed by Lessee at Lessee's sole cost and expense. Lessor shall pay all costs associated with the broker designated by Lessor, and Lessee shall pay all costs associated with the other party within the time required broker designated by Lessee. Lessor and Lessee shall be binding on both parties. The appraisers shall submit their determinations of fair market rental value to both parties within 30 days after their selection. If the difference between the two determinations is 10% or less of the higher appraisal, then the average between the determinations shall be the fair market rental value of the Premises. If said difference is greater than 10%, then the two appraisers shall within 15 days of the date the second determination is submitted to the parties designate a third appraiser who must also be a qualified MAI appraiser. The sole responsibility of share equally all costs associated with the third appraiser will be to determine which of the determinations made by the first two appraisers is most accurate. The third appraiser shall have no right to propose a middle ground or any modification of either of the determinations made by the first two appraisers. The third appraiser’s choice shall be submitted to the parties within 20 days after his or her selection. Such determination shall bind both of the parties and shall establish the fair market rental value of the Premises. Each party shall pay the fees and expenses of its appraiser and shall pay equal shares of the fees and expenses of the third appraiser. Fair market rent for the purposes of this Lease shall mean the then prevailing rent for premises comparable in size, quality and location to the demised Premises, leased on terms comparable to the terms contained in this Leasebroker.