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Fill and Sign the Solved Note Dont Read Too Much into This Problem Its Form

Fill and Sign the Solved Note Dont Read Too Much into This Problem Its Form

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24.01[4] Renewal Option ProvisionThe following clause is rather straightforward. It provides the tenant with two consecutive renewal options. Renewal Option (a) Tenant shall have two (2) consecutive renewal options, each of five years duration, under the same terms and conditions as those set forth in the Lease for the initial term, except that Base Rent for the renewal terms will be at 85% of fair market value. If Landlord and Tenant cannot agree on fair market value, it shall be determined by arbitration. The Base Year for increases or decreases in Taxes and Operating Expenses shall be the first full calendar year of each renewal term. (b) Tenant shall exercise its options by giving Landlord not less than six months' written notice prior to the expiration date of the initial term, or the extended term as the case may be. (c) If Tenant exercises its renewal option(s), Landlord shall provide Tenant with a refurbishment allowance of $10 per rentable square foot for each renewal term. (d) In the event Landlord and Tenant cannot agree on the fair market rental of the Premises, each party shall select a qualified real estate appraiser with at least Ten (10) years experience in appraising property and buildings in the city or town in which the Premises are located. The two appraisers shall give their opinion of the fair market rental within Thirty (30) days of their retention. If the opinions of the two appraisers differ, the appraisers shall appoint a third appraiser with the qualifications specified above. This appraiser shall render an opinion as to the fair market rent within Twenty (20) days of his appointment. The opinion of this appraiser shall be final. Each party shall pay its own costs for its real estate appraiser. The parties shall equally share the costs of the third appraiser. (e) In the event that Landlord and Tenant cannot agree on a fair market rental by the time this Lease expires, Tenant shall continue to pay the same Rental during the renewal term as it was paying on the last month of the previous lease term until the new Rental is determined. (f) During any renewal of this Lease, the "Base Year Taxes" in Section ___ and "Base Year for Operating Costs" in Section ____ shall be changed to be the first full calendar year of said renewal term.

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