Example ContractsClausesoption rentVariants
Option Rent
Option Rent contract clause examples

Determination of Option Rent. In the event Tenant timely and appropriately exercises an option to extend the Lease Term, Landlord shall notify Tenant of Landlord's determination of the Option Rent within thirty (30) days thereafter. If Tenant, on or before the date which is ten (10) business days following the date upon which Tenant receives Landlord's determination of the Option Rent, in good faith objects to Landlord's determination of the Option Rent, then Landlord and Tenant shall attempt to agree upon the Option Rent using their best good-faith efforts. If Landlord and Tenant fail to reach agreement within ten (10) business days following Tenant's objection to the Option Rent (the "Outside Agreement Date XE "Outside Agreement Date" "), then Tenant shall have the right to withdraw its exercise of the option by delivering written notice thereof to Landlord within five (5) days thereafter, in which event Tenant's right to extend the Lease pursuant to this Section 2.2 shall be of no further force or effect. If Tenant does not withdraw its exercise of the extension option, each party shall make a separate determination of the Option Rent, as the case may be, within ten (10) days after the Outside Agreement Date, and such determinations shall be submitted to arbitration in accordance with [Sections 2.2.3.1 through 2.2.3.7], below. If Tenant fails to accept Landlord's determination of the Option Rent within the time period set forth herein, then Tenant shall be deemed to have objected to Landlord's determination of Option Rent.

Determination of Option Rent. In the event Tenant timely and appropriately exercises an option to extend the Lease Term, Landlord shall notify Tenant of Landlord's determination of the Option Rent within thirty (30) days thereafter. If Tenant, on or before the date which is ten (10) days following the date upon which Tenant receives Landlord's determination of the Option Rent, in good faith objects to Landlord's determination of the Option Rent, then Landlord and Tenant shall attempt to agree upon the Option Rent using their best good-faith efforts. If Landlord and Tenant fail to reach agreement within ten (10) days following Tenant's objection to the Option Rent (the "Outside Agreement Date"), then Tenant shall have the right to withdraw its exercise of the option by delivering written notice thereof to Landlord within five (5) days thereafter, in which event Tenant's right to extend the Lease pursuant to this Section 2.2 shall be of no further force or effect. If Tenant does not withdraw its exercise of the extension option, each party shall make a separate determination of the Option Rent, as the case may be, within ten (10) days after the Outside Agreement Date, and such determinations shall be submitted to arbitration in accordance with [Sections 2.2.3.1 through 2.2.3.7], below. If Tenant fails to object to Landlord's determination of the

Determination of Option Rent. In the event [[Tenant:Organization]] timely and appropriately exercises the Option to Extend but rejects the Option Rent set forth in the [[Landlord:Organization]]’s Option Rent Notice pursuant to Section 2.2.3 above, then [[Landlord:Organization]] and [[Tenant:Organization]] shall attempt to agree upon the Option Rent using their best good-faith efforts. If [[Landlord:Organization]] and [[Tenant:Organization]] fail to reach agreement upon the Option Rent applicable to the Option Term on or before the date that is thirty (30) days prior to the expiration of the Lease Term or the then-current Option Term, as applicable (the “Outside Agreement Date“), then the Option Rent shall be determined by arbitration pursuant to the terms of this Section 2.2.4. Each party shall make a separate determination of the Market Rent (the “Exchanged Market Rents“), within five (5) days following the Outside Agreement Date, and such determinations shall be submitted to arbitration in accordance with [Sections 2.2.4.1 through 2.2.4.4], below. The determination of the arbitrators shall be limited solely to the issue of whether [[Landlord:Organization]]’s or [[Tenant:Organization]]’s Exchanged Market Rents determination is the closest to the actual Market Rent as determined by the arbitrators, taking into account the requirements of Section 2.2 of this Lease.

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