Common use of Procedure for Determining Prevailing Market Clause in Contracts

Procedure for Determining Prevailing Market. Within 30 days after receiving Tenant’s Extension Notice, Landlord shall give Tenant notice of Landlord’s estimate of the Base Rent rate for the Extension Term (the “Base Rent Notice”), which shall reflect the Prevailing Market rate. Within 15 days after receiving the Base Rent Notice, Tenant shall give Landlord either (i) written notice (“Binding Notice”) accepting the Base Rent rate described in the Base Rent Notice, or (ii) written notice (the “Rejection Notice”) rejecting such Base Rent rate. If Tenant fails to give Landlord a Binding Notice or a Rejection Notice within such 15-day period, the Extension Option shall be of no further force or effect. If Tenant timely gives Landlord a Rejection Notice, Landlord and Tenant shall work together in good faith to agree in writing upon the Prevailing Market rate for the Extension Term. If, within 30 days after timely delivery of a Rejection Notice, the parties fail to agree in writing upon the Prevailing Market rate, Tenant’s Extension Option shall be of no further force or effect.

Procedure for Determining Prevailing Market. Within 30 days after receiving Tenant’s the Extension Notice, Landlord shall give Tenant either (i) written notice (for purposes of this Section 6.2, “Landlord’s Binding Notice”) accepting Tenant’s estimate of the Prevailing Market rate for the Third Extension Term stated in the Extension Notice, or (ii) written notice (for purposes of this Section 6.2, “Landlord’s Rejection Notice”) rejecting such estimate and stating Landlord’s estimate of the Base Rent Prevailing Market rate for the Third Extension Term (the “Base Rent Term. If Landlord gives Tenant a Landlord’s Rejection Notice”), which shall reflect the Prevailing Market rate. Within Tenant, within 15 days after receiving the Base Rent Noticethereafter, Tenant shall give Landlord either (i) written notice (for purposes of this Section 6.2, “Tenant’s Binding Notice”) accepting Landlord’s estimate of the Base Rent Prevailing Market rate described for the Third Extension Term stated in the Base Rent such Landlord’s Rejection Notice, or (ii) written notice (the for purposes of this Section 6.2, “Tenant’s Rejection Notice”) rejecting such Base Rent rateestimate. If Tenant fails to give Landlord a Binding Notice or a Rejection Notice within such 15-day period, the Extension Option shall be of no further force or effect. If Tenant timely gives Landlord a Tenant’s Rejection Notice, Landlord and Tenant shall work together in good faith to agree in writing upon the Prevailing Market rate for the Third Extension Term. If, within 30 days after timely delivery of a Tenant’s Rejection Notice, the parties fail to agree in writing upon the Prevailing Market rate, Tenant’s Third Extension Option shall be of no further force or effect.

Procedure for Determining Prevailing Market. Within 30 days after receiving Tenant’s Extension Notice, Landlord shall give Tenant notice of Landlord’s estimate of the Base Rent rate for the Fourth Extension Term (the “Base Rent Notice”), which shall reflect the Prevailing Market rate. Within 15 days after receiving the Base Rent Notice, Tenant shall give Landlord either (i) written notice (“Binding Notice”) accepting the Base Rent rate described in the Base Rent Notice, or (ii) written notice (the “Rejection Notice”) rejecting such Base Rent rate. If Tenant fails to give Landlord a Binding Notice or a Rejection Notice within such 15-day period, the Extension Option shall be of no further force or effect. If Tenant timely gives Landlord a Rejection Notice, Landlord and Tenant shall work together in good faith to agree in writing upon the Prevailing Market rate for the Fourth Extension Term. If, within 30 days after timely delivery of a Rejection Notice, the parties fail to agree in writing upon the Prevailing Market rate, Tenant’s Extension Option shall be of no further force or effect.

Procedure for Determining Prevailing Market. Within 30 thirty (30) days after receiving Tenant’s the Extension Notice, Landlord shall give Tenant written notice of (“Landlord’s Notice”) stating Landlord’s estimate of the Base Rent Prevailing Market rate for the Extension Term Term. Tenant, within fifteen (the “Base Rent Notice”)15) days thereafter, which shall reflect the Prevailing Market rate. Within 15 days after receiving the Base Rent Notice, Tenant shall give Landlord either (i) written notice (“Tenant’s Binding Notice”) accepting Landlord’s estimate of the Base Rent Prevailing Market rate described for the Extension Term stated in the Base Rent Landlord’s Notice, or (ii) written notice (the “Tenant’s Rejection Notice”) rejecting such Base Rent rateestimate. If Tenant fails to give Landlord a Binding Notice or a Rejection Notice within such 15-day period, the Extension Option shall be of no further force or effect. If Tenant timely gives Landlord a Tenant’s Rejection Notice, Landlord and Tenant shall work together in good faith to agree in writing upon the Prevailing Market rate for the Extension Term. If, within 30 thirty (30) days after timely delivery of a Tenant’s Rejection Notice, the parties fail to agree in writing upon the Prevailing Market rate, Tenant’s Extension Option shall be of no further force or effect.

Procedure for Determining Prevailing Market. Within 30 days after receiving Tenant’s Extension Notice, Landlord shall give Tenant notice of Landlord’s estimate of the Base Rent rate for the Second Extension Term (the “Base Rent Notice”), which shall reflect the Prevailing Market rate. Within 15 days after receiving the Base Rent Notice, Tenant shall give Landlord either (i) written notice (“Binding Notice”) accepting the Base Rent rate described in the Base Rent Notice, or (ii) written notice (the “Rejection Notice”) rejecting such Base Rent rate. If Tenant fails to give Landlord a Binding Notice or a Rejection Notice within such 15-day period, the Extension Option shall be of no further force or effect. If Tenant timely gives Landlord a Rejection Notice, Landlord and Tenant shall work together in good faith to agree in writing upon the Prevailing Market rate for the Second Extension Term. If, within 30 days after timely delivery of a Rejection Notice, the parties fail to agree in writing upon the Prevailing Market rate, Tenant’s Extension Option shall be of no further force or effect.