Common use of Renewal Option Terms Clause in Contracts

Renewal Option Terms. All terms and conditions of this Lease shall be applicable during the Renewal Period, except that (i) there shall be no further option to renew the Term of this Lease pursuant to this Article 40, (ii) Landlord shall not be required to furnish any materials or perform any work to prepare the Premises for Tenant’s occupancy, and Landlord shall not be required to make any tenant allowance or reimburse Tenant for any Alterations made or to be made by Tenant, or grant to Tenant any rent concession, except to the extent established pursuant to the determination of Prevailing Market Rent (as hereinafter defined), and (iii) the amount Base Rent charged for the Renewal Period shall be the then “Prevailing Market Rent”, which shall be the rent for comparable office and laboratory space being leased to renewal tenants in buildings which are of a size, class and location comparable to those of the Building in the North Rockville submarket of ▇▇▇▇▇▇▇▇▇▇ County, Maryland, taking into account such market concessions, if any, as are then being offered to renewal tenants leasing office and laboratory space of a comparable size to the Premises in buildings which are of a size, class and location comparable to those of the Building in the North Rockville submarket of ▇▇▇▇▇▇▇▇▇▇ County, Maryland; provided, however, that in no event shall the Prevailing Market Rent determined as aforesaid be deemed to be less than the Base Rent payable under this Lease during the Lease Year immediately preceding the first Lease Year of the Renewal Period. If within thirty (30) days following delivery of CBG’s notice, Landlord and CBG have not mutually agreed on the Prevailing Market Rent for the Renewal Period, then the parties shall use the following method to determine the Prevailing: within ten (10) business days after the expiration of such thirty-day period, each party shall give written notice to the other setting forth the name and address of a Broker (as hereinafter defined) selected by such party who has agreed to act in such capacity, to determine the Prevailing Market Rent. If either party has failed to select a Broker as aforesaid, the Prevailing Market Rent shall be determined by the Broker selected by the other party. Each Broker shall thereupon independently make his determination of the Prevailing Market Rent within twenty (20) days after the appointment of the second Broker. If the two Brokers’ determinations are not the same, but the higher of such two values is not more than one hundred five percent (105%) of the lower of them, then the Prevailing Market Rent shall be deemed to be the average of the two values. If the higher of such two values is more than one hundred five percent (105%) of the lower of them, then the two Brokers shall jointly appoint a third Broker within ten (10) days after the second of the two determinations described above has been rendered. The third Broker shall independently make his determination of the Prevailing Market Rent within twenty (20) days after his appointment. The highest and the lowest determinations of value among the three Brokers shall be disregarded and the remaining determination shall be deemed to be the Prevailing Market Rent.