Relocation Option. (a) Tenant shall have the option, exercisable by delivery of written notice to Landlord of relocating from all or any portion of the 3rd and 4th floors of the Office Building to alternative space (the "Alternative Space"), at a lower rental rate, as follows: (1) at any time during the first three (3) Lease Years, within a building(s) to be constructed by Landlord within the Summerlin Center Professional Park; or (2) at a▇▇ ▇▇▇▇ ▇uring the term of the Lease, within a building to be constructed by Landlord within a five (5) mile radius of the Premises. The Alternative Space shall be of comparable or greater square footage as the vacated space, and each party's obligation hereunder shall be subject to the ability of the parties to reach final agreement on the plans and specifications for the Alternative Space. Tenant's notice shall identify the portion of the Premises to be surrendered to Landlord and shall identify any special needs that Tenant may have for the Alternative Space. (b) The Base Rent for the Alternative Space shall be calculated based upon the market rental rate for comparable space within the general vicinity of the Office Building (the "Market Rate"). In the event that the parties are unable to reach agreement on the Base Rent for the Alternative Space, then, at the request of either party, Landlord and Tenant shall mutually select an independent MAI appraiser to determine the Market Rate. If the parties are unable to agree upon a single appraiser, then they shall each select one appraiser, and the two (2) appraisers shall select a third appraiser to determine the Market Rate. Any appraisal costs shall be borne equally by the parties. (c) Upon delivery of the Alternative Space, Tenant shall have a period of thirty (30) days to vacate the portion of the Premises to be surrendered to Landlord, at which time the Base Rent shall be reduced by an amount equal to the portion of the Base Rent attributable to the portion of the Premises returned to Landlord and increased by the Base Rent attributable to the Alternative Space, with a corresponding adjustment in Tenant's Pro Rata Share of the Common Area Maintenance Expenses. Upon delivery of the Alternative Space to Tenant, each party shall, at the request of the other party, execute and deliver an amendment to the Lease to confirm the exclusion of the portion of the Premises vacated by Tenant and the inclusion of the Alternative Space. (d) In the event that Tenant relocates less than an entire floor, the portion of the Premises returned to Landlord shall consist of at least 5,000 sq. ft. of contiguous space with adequate access to the common areas. If Landlord is not able to provide Tenant with Alternative Space within twelve (12) months after the receipt of notice from Tenant, then Tenant shall have the right to terminate this Lease as to that portion of the Premises for which Tenant has requested Alternative Space.
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Relocation Option. Lessor reserves the right (a) Tenant shall have the option, exercisable by delivery of written notice to Landlord of relocating from all or any portion of the 3rd and 4th floors of the Office Building to alternative space (the "Alternative Space"), at a lower rental rate, as follows:
(1i) at any time prior to tendering the possession of the Leased Premises to Lessee or (ii) during the first three Lease Term after the Commencement Date, and on sixty (360) Lease Years, within a building(sdays prior notice (“Substitution Notice”) to be constructed by Landlord substitute other space (“Substitute Space”) within the Summerlin Center Professional Park; or
(2) at a▇▇ ▇▇▇▇ ▇uring Building for the term of Leased Premises, as long as the Lease, within a building Substitute Space is comparable to be constructed by Landlord within a five (5) mile radius of or better than the Leased Premises. The Alternative Space shall be of comparable or greater square footage as the vacated space, and each party's obligation hereunder shall be subject to the ability of the parties to reach final agreement on the plans and specifications for the Alternative Space. Tenant's notice shall identify the portion of the Premises to be surrendered to Landlord and shall identify any special needs that Tenant may have for the Alternative Space.
(b) The Base Rent for the Alternative Substitute Space shall will be calculated based upon computed by multiplying the market rental rate number of square feet for comparable space within rentable area in the general vicinity of Substitute Space by the Office Building (the "Market Rate"). In the event that the parties are unable to reach agreement on the per rentable square foot Base Rent for the Alternative Space, then, at the request of either party, Landlord and Tenant shall mutually select an independent MAI appraiser to determine the Market RateLeased Premises. If relocation occurs after the parties are unable to agree upon a single appraiser, then they shall each select one appraiser, and the two (2) appraisers shall select a third appraiser to determine the Market Rate. Any appraisal costs shall be borne equally by the parties.
(c) Upon delivery commencement of the Alternative SpaceLease Term, Tenant shall Lessee may take the Substitute Space “as is” or have a period of the Substitute Space improved in substantially the same manner as the Leased Premises, such election to be exercised by notice delivered to Lessor within thirty (30) days to vacate the portion after Lessee’s receipt of the Premises Substitution Notice. Failure by Lessee to notify Lessor of Lessee’s election within the thirty (30) day period will be deemed to be surrendered an election to Landlord, at which time take the Base Substitute Space “as is”. Rent for the Substitute Space shall be reduced by an amount equal commence to the portion accrue within fifteen (15) days after substantial completion of the Base Rent attributable Substitute Space or on the delivery date if taken “as is”. Before that time, Lessor shall take no action in the Leased Premises that would unreasonably interfere with Lessee’s occupancy. If Lessor exercises its right to relocate the portion Lessee, Lessor will pay all reasonable out-of-pocket costs and expenses incurred by Lessee as a result of the Premises returned to Landlord and increased by the Base Rent attributable to the Alternative Space, with a corresponding adjustment in Tenant's Pro Rata Share relocation. Any modification or upgrading of the Common Area Maintenance Expenses. Upon delivery of the Alternative Space to Tenant, each party shall, Lessee improvements or stationery or additional construction or printing will be at the request sole cost of the other party, execute and deliver an amendment to the Lease to confirm the exclusion of the portion of the Premises vacated by Tenant and the inclusion of the Alternative SpaceLessee.
(d) In the event that Tenant relocates less than an entire floor, the portion of the Premises returned to Landlord shall consist of at least 5,000 sq. ft. of contiguous space with adequate access to the common areas. If Landlord is not able to provide Tenant with Alternative Space within twelve (12) months after the receipt of notice from Tenant, then Tenant shall have the right to terminate this Lease as to that portion of the Premises for which Tenant has requested Alternative Space.
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