Procedure to Determine Fair Market Rent. Landlord shall notify Tenant in writing of Landlord's determination of the Fair Market Rent ("Landlord's FMR") after receipt of the Extension Option Notice. Within thirty (30) days after receipt of such written notice of Landlord's FMR, Tenant shall have the right either to: (i) accept Landlord's FMR, or (ii) elect to have the Fair Market Rent determined in accordance with the appraisal procedure set forth below. The failure of Tenant to provide written notice of its election under the preceding sentence shall be deemed an acceptance of Landlord's FMR. The election (or deemed election ) by Tenant under this section shall be non-revocable and binding on the parties.
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Procedure to Determine Fair Market Rent. Landlord shall notify Tenant in writing of Landlord's determination of the Fair Market Rent ("Landlord's FMR") after receipt of the Extension Option Notice. Within thirty (30) days after receipt of such written notice of Landlord's FMR, Tenant shall have the right either to: (i) accept Landlord's FMR, or (ii) elect to have the Fair Market Rent determined in accordance with the appraisal procedure set forth below. The failure of Tenant to provide written notice of its election under the preceding sentence shall be deemed an acceptance a rejection of Landlord's FMR. The election (or deemed election ) by Tenant under this section shall be non-revocable and binding on the parties.
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