Document ID: 14047

Text:
C.Procedure for Determining Prevailing Market . Within 30 days after receipt of Tenants Initial Renewal Notice, Landlord shall advise Tenant of the applicable Base Rent rate for the Premises for the Renewal Term. Tenant, within 15 days after the date on which Landlord advises Tenant of the applicable Base Rent rate for the Renewal Term, shall either (i) give Landlord final binding written notice (Binding Notice) of Tenants exercise of its Renewal Option, or (ii) if Tenant disagrees with Landlords determination, provide Landlord with written notice of rejection (the Rejection Notice). If Tenant fails to provide Landlord with either a Binding Notice or Rejection Notice within such 15 day period, Tenant shall be deemed to have provided Landlord with a Binding Notice. If Tenant provides, or is deemed to have provided, Landlord with a Binding Notice, Landlord and Tenant shall enter into the Renewal Amendment (as defined below) upon the terms and conditions set forth herein. If Tenant provides Landlord with a Rejection Notice, Landlord and Tenant shall work together in good faith to agree upon the Prevailing Market rate for the Premises during the Renewal Term. Upon agreement, Tenant shall provide Landlord with Binding Notice and Landlord and Tenant shall enter into the Renewal Amendment in accordance with the terms and conditions hereof. Notwithstanding the foregoing, if Landlord and Tenant are unable to agree upon the Prevailing Market rate for the Premises within 45 days after the date on which Tenant provides Landlord with a Rejection Notice, Tenants Renewal Option shall be null and void and of no force and effect.

Named Entities:
81
82
RenewalTerm

Tokenized Text:
C
.
Procedure
for
Determining
Prevailing
Market
.
Within
30
days
after
receipt
of
Tenants
Initial
Renewal
Notice
,
Landlord
shall
advise
Tenant
of
the
applicable
Base
Rent
rate
for
the
Premises
for
the
Renewal
Term
.
Tenant
,
within
15
days
after
the
date
on
which
Landlord
advises
Tenant
of
the
applicable
Base
Rent
rate
for
the
Renewal
Term
,
shall
either
(
i
)
give
Landlord
final
binding
written
notice
(
Binding
Notice
)
of
Tenants
exercise
of
its
Renewal
Option
,
or
(
ii
)
if
Tenant
disagrees
with
Landlords
determination
,
provide
Landlord
with
written
notice
of
rejection
(
the
Rejection
Notice
)
.
If
Tenant
fails
to
provide
Landlord
with
either
a
Binding
Notice
or
Rejection
Notice
within
such
15
day
period
,
Tenant
shall
be
deemed
to
have
provided
Landlord
with
a
Binding
Notice
.
If
Tenant
provides
,
or
is
deemed
to
have
provided
,
Landlord
with
a
Binding
Notice
,
Landlord
and
Tenant
shall
enter
into
the
Renewal
Amendment
(
as
defined
below
)
upon
the
terms
and
conditions
set
forth
herein
.
If
Tenant
provides
Landlord
with
a
Rejection
Notice
,
Landlord
and
Tenant
shall
work
together
in
good
faith
to
agree
upon
the
Prevailing
Market
rate
for
the
Premises
during
the
Renewal
Term
.
Upon
agreement
,
Tenant
shall
provide
Landlord
with
Binding
Notice
and
Landlord
and
Tenant
shall
enter
into
the
Renewal
Amendment
in
accordance
with
the
terms
and
conditions
hereof
.
Notwithstanding
the
foregoing
,
if
Landlord
and
Tenant
are
unable
to
agree
upon
the
Prevailing
Market
rate
for
the
Premises
within
45
days
after
the
date
on
which
Tenant
provides
Landlord
with
a
Rejection
Notice
,
Tenants
Renewal
Option
shall
be
null
and
void
and
of
no
force
and
effect
.