Common use of Determination of Option Rent Clause in Contracts

Determination of Option Rent. In the event Tenant timely and appropriately objects to the Option Rent, 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"), then each party shall make a separate determination of the Option Rent within five (5) business days, and such determinations shall be submitted to arbitration in accordance with Sections 5.1(d)(i) through 5.l(d)(vii), below. (i) Landlord and Tenant shall each appoint one (1) arbitrator who shall, by profession, be a real estate broker or appraiser who shall have been active over the five (5) year period ending on the date of such appointment in the leasing (or appraisal, as the case may be) of commercial mid- and high-rise properties in the San Diego, California area. The determination of the arbitrators shall be limited solely to the issue of whether Landlord's or Tenant's submitted Option Rent is the closest to the actual Option Rent as determined by the arbitrators, taking into account the requirements of this Section 5.1. Each such arbitrator shall be appointed within fifteen (15) days after the applicable Outside Agreement Date. (ii) The two (2) arbitrators so appointed shall, within ten (10) days of the date of the appointment of the last appointed arbitrator, agree upon and appoint a third (P) arbitrator who shall be qualified under the same criteria set forth above forqualification of the initial two (2) arbitrators.

Determination of Option Rent. In the event Tenant timely and appropriately objects elects ---------------------------- to arbitrate the Option Rent, pursuant to the terms of Section 2.2.3, Landlord and Tenant shall attempt to agree upon the Option Rent using their best good-good- faith efforts. If Landlord and Tenant fail to reach agreement within ten fifteen (1015) business days following Tenant's objection election to the Option Rent arbitrate (the "Outside Agreement Date"), then each party shall make a separate determination of the Option Rent within five ten (510) business daysdays after the Outside Agreement Date, and such determinations (which for purposes of this Section 2.2.4 shall also be known as "Arbitration Option Rents") shall be submitted to arbitration in accordance with Sections 5.1(d)(i) 2.2.4.1 through 5.l(d)(vii)2.2.4.7, below; provided, however, that if the Arbitration Option Rents have been established pursuant to Section 2.2.3, then such Arbitration Option Rents shall be submitted to arbitration in accordance with Sections 2.2.4.1 through 2.2.4.7, below. (i) 2.2.4.1 Landlord and Tenant shall each appoint one (1) arbitrator who shall, shall by profession, profession be a real estate broker or appraiser who shall have been active over the five (5) year period ending on the date of such appointment in the leasing (or appraisal, as the case may be) of Lake Forest, California-area commercial mid- and high-rise properties in buildings such as the San DiegoComparable Buildings, California areaexclusive of any broker from any brokerage firm currently representing (or who had previously represented within the preceding two (2) year period) either party or any affiliate thereof. The determination of the arbitrators shall be limited solely to the issue of whether Landlord's or Tenant's submitted Arbitration Option Rent is the closest to the actual Option Rent as determined by the arbitrators, taking into account the requirements of this Section 5.1. Each such arbitrator shall be appointed within fifteen (15) days after the applicable Outside Agreement Date. (ii) The two (2) arbitrators so appointed shall, within ten (10) days of the date of the appointment of the last appointed arbitrator, agree upon and appoint a third (P) arbitrator who shall be qualified under the same criteria set forth above forqualification of the initial two (2) arbitrators.Section

Determination of Option Rent. In the event Tenant timely and appropriately objects ---------------------------- elects to arbitrate the Option Rent, pursuant to the terms of Section 2.2.3, 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 fifteen (1015) business days following Tenant's objection election to the Option Rent arbitrate (the "Outside Agreement Date"), then each party shall make a separate determination of the Option Rent within five ten (510) business daysdays after the Outside Agreement Date, and such determinations (which for purposes of this Section 2.2.4 shall also be known as "Arbitration Option Rents") shall be submitted to arbitration in accordance with Sections 5.1(d)(i) 2.2.4.1 through 5.l(d)(vii)2.2.4.7, below; provided, however, that if the Arbitration Option Rents have been established pursuant to Section 2.2.3, then such Arbitration Option Rents shall be submitted to arbitration in accordance with Sections 2.2.4.1 through 2.2.4.7, below. (i) 2.2.4.1 Landlord and Tenant shall each appoint one (1) arbitrator who shall, shall by profession, profession be a real estate broker or appraiser who shall have been active over the five (5) year period ending on the date of such appointment in the leasing (or appraisal, as the case may be) of Irvine, California-area commercial mid- and high-rise properties in buildings such as the San DiegoComparable Buildings, California areaexclusive of any broker from any brokerage firm currently representing (or who had previously represented within the preceding two (2) year period) either party or any affiliate thereof. The determination of the arbitrators shall be limited solely to the issue area of whether Landlord's or Tenant's submitted Arbitration Option Rent is the closest to the actual Option Rent as determined by the arbitrators, taking into account the requirements of this Section 5.1. Each such arbitrator shall be appointed within fifteen (15) days after the applicable Outside Agreement Date. (ii) The two (2) arbitrators so appointed shall, within ten (10) days of the date of the appointment of the last appointed arbitrator, agree upon and appoint a third (P) arbitrator who shall be qualified under the same criteria set forth above forqualification of the initial two (2) arbitrators.Section