Common use of Fixed Monthly Rent Payable Clause in Contracts

Fixed Monthly Rent Payable. The Fixed Monthly Rent payable by Tenant during the Extended Term (“Option Rent”) shall be equal to the Fair Market Value of the Premises as of the commencement date of the Extended Term. The term “Fair Market Value” shall be defined as the effective fixed monthly rent reasonably achievable by Landlord from willing unaffiliated comparable tenants negotiating at arm’s length, and shall take into account all economic benefits obtainable by Landlord from any such tenants, and all concessions available to such tenants in the Comparable Building), as is chargeable for a similar use of comparable space by a comparable tenant in first-class office buildings in Woodland Hills, California. Landlord and Tenant shall have thirty (30) days (the “Negotiation Period”) after Landlord receives the Option Notice in which to agree on the Fair Market Value. If Landlord and Tenant agree on the Fair Market Value during the Negotiation Period, they shall promptly execute an amendment to the Lease extending the Term and stating the Fair Market Value.