Yearly Fixed Rent. Tenant shall pay to Landlord, without any set-off or deduction, at Landlord’s office, or to such other person or at such other place as Landlord may designate by notice to Tenant, the Yearly Fixed Rent set forth in Article 1, provided however that, if Tenant duly exercises its option pursuant to Section 3.3 to extend the Term hereof, the Yearly Fixed Rent shall be increased effective as of the commencement of such extension period to reflect the fair market rental value of the Demised Premises for the balance of the Term of this Lease, taking into account Tenant’s obligations to pay Additional Rent and all other provisions of this Lease. If Tenant so requests in writing, Landlord shall, within ten (10) days following receipt of such request (but no sooner than fifteen (15) months prior to the originally-scheduled Termination Date) notify Tenant of Landlord’s opinion as to said fair market rental value. If no such request has been received by Landlord, Landlord shall render such opinion following Tenant’s exercise of its option to extend the Term of the Lease as aforesaid, and if Landlord and Tenant have not in any event mutually agreed upon the same as of the thirtieth (30th) day following Landlord’s receipt of Tenant’s notice of such exercise, then in such event said fair market rental value shall be determined by appraisers, one to be chosen by Landlord, one to be chosen by Tenant, and a third to be selected by the two first chosen. All appraisers chosen or selected hereunder shall be independent of the parties, shall have received the M.A.I. (Member, Appraisal Institute) designation from the American Institute of Real Estate Appraisers and shall have had at least ten (10) years of experience in appraising office space in the downtown or Fort Point Channel sections of the City of Boston. The unanimous written decision of the first two chosen, without selection and participation of a third appraiser, or otherwise the written decision of a majority of three appraisers chosen and selected as aforesaid, shall be conclusive and binding upon Landlord and Tenant. Landlord and Tenant shall each notify the other of its chosen appraiser within ten (10) days following expiration of the aforesaid thirty (30) day period and, unless such two appraisers shall have reached a unanimous decision within thirty (30) days after having been chosen, they shall within a further ten (10) days elect a third appraiser and notify Landlord and Tenant thereof. Each party shall bear the expense of the appraiser chosen by such party pursuant to this Section, and the parties shall equally share the expense of the third appraiser (if any). If the Yearly Fixed Rent for such extension period shall not have been “ determined prior to the commencement thereof, Tenant shall continue to pay Yearly Fixed Rent at the rate most recently in effect, subject to retroactive adjustment once the Yearly Fixed Rent for such period has in fact been determined. In no event shall the foregoing provisions be construed so as to result in any reduction in the Rent payable by Tenant or in any increase in Yearly Fixed Rent so as to exceed the value set forth in the opinion rendered by Landlord as aforesaid. Yearly Fixed Rent shall be paid in equal monthly installments in advance on or before the first Business Day of each calendar month during the Term of this Lease and shall be apportioned for any fraction of a month in which Yearly Fixed Rent first becomes payable or in which the last day of the Term of this Lease may fall.
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Yearly Fixed Rent. Tenant shall pay to Landlord, without any set-off or deductiondeduction (except as otherwise expressly provided herein), at Landlord’s 's office, or to such other person or at such other place as Landlord may designate by notice to Tenant, the Yearly Fixed Rent set forth in Article 1, provided however that, if Tenant duly exercises its option pursuant to Section 3.3 to extend the Term hereof, the Yearly Fixed Rent shall be increased effective as of the commencement of such extension period to reflect 95% of the fair market rental value of the Demised Premises for the balance of the Term of this Lease, taking into account (among other relevant criteria) rents charged for comparable office building space and Tenant’s 's obligations to pay Additional Rent and all other provisions of this Lease. If In no event shall said fair market rental value take into account any improvements made by Tenant so requests to the Demised Premises (except to the extent funded by Landlord's Construction Contribution), nor the fact that Landlord has no obligation to refurbish or renovate the Demised Premises at any time prior to or during such extension period. Said fair market rental value shall be as determined in writinga notice given by Landlord to Tenant at least six (6) months prior to the commencement of such extension period, provided however that if Tenant notifies Landlord shall, of its objection to said determination within ten (10) days following receipt after the giving of such request (but no sooner than fifteen (15) months prior to the originally-scheduled Termination Date) notify Tenant of Landlord’s opinion as to said fair market rental value. If no such request has been received notice by Landlord, Landlord shall render such opinion following Tenant’s exercise of its option to extend the Term of the Lease as aforesaid, and if Landlord and Tenant have cannot in any event mutually agreed agree upon the same as of the thirtieth within seventy-five (30th75) day days following Landlord’s receipt of Tenant’s notice of such exercise's objection, then in such event said fair market rental value shall be determined by appraisers, one to be chosen by Landlord, one to be chosen by Tenant, and a third to be selected by the two first chosen. All appraisers chosen or selected hereunder shall be independent of the parties, shall have received the M.A.I. (Member, Appraisal Institute) designation from the American Institute of Real Estate Appraisers and shall have had at least ten five (105) years of experience in appraising office space in the downtown or Fort Point Channel sections section of the City of Boston. The unanimous written decision of the first two chosen, without selection and participation of a third appraiser, or otherwise the written decision of a majority of three appraisers chosen and selected as aforesaid, shall be conclusive and binding upon Landlord and Tenant. Landlord and Tenant shall each notify the other of its chosen appraiser within ten (10) days following expiration of the aforesaid thirty seventy-five (3075) day period and, unless such two appraisers shall have reached a unanimous decision within thirty (30) days after having been chosen, they shall within a further ten (10) days elect a third appraiser and notify Landlord and Tenant thereof. Each party shall bear the expense of the appraiser chosen by such party pursuant to this Section, and the parties shall equally share the expense of the third appraiser (if any). If either party fails to notify the other of its chosen appraiser within thirty (30) days following expiration of the aforesaid seventy-five (75) day period, the other party's determination of the Yearly Fixed Rent for such extension period shall be binding and conclusive for purposes hereof, and no further appraisal proceedings shall be required. If the Yearly Fixed Rent for such extension period shall not have been “ determined prior to the commencement thereof, Tenant shall continue to pay Yearly Fixed Rent at the rate most recently in effect, subject to retroactive adjustment once the Yearly Fixed Rent for such period has in fact been determined. In no event shall the foregoing provisions be construed so as to result in any reduction in the Rent payable by Tenant or in any increase in Yearly Fixed Rent so as to exceed the value set forth in the opinion rendered by Landlord as aforesaid. Yearly Fixed Rent shall be paid in equal monthly installments in advance on or before the first Business Day of each calendar month during the Term of this Lease and shall be apportioned for any fraction of a month in which Yearly Fixed Rent first becomes payable or in which the last day of the Term of this Lease may fall.have
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Yearly Fixed Rent. Tenant shall pay to Landlord, without any set-off or deductiondeduction (except as otherwise expressly provided herein), at Landlord’s office, or to such other person or at such other place as Landlord may designate by notice to Tenant, the Yearly Fixed Rent set forth in Article 1, provided however that, if Tenant duly exercises its option pursuant to Section 3.3 to extend the Term hereof, the Yearly Fixed Rent shall be increased effective as of the commencement of such extension period to reflect 95% of the fair market rental value of the Demised Premises for the balance of the Term of this Lease, taking into account (among other relevant criteria) rents charged for comparable office building space and Tenant’s obligations to pay Additional Rent and all other provisions of this Lease. If In no event shall said fair market rental value take into account any improvements made by Tenant so requests to the Demised Premises (except to the extent funded by Landlord’s Construction Contribution), nor the fact that Landlord has no obligation to refurbish or renovate the Demised Premises at any time prior to or during such extension period. Said fair market rental value shall be as determined in writinga notice given by Landlord to Tenant at least six (6) months prior to the commencement of such extension period, provided however that if Tenant notifies Landlord shall, of its objection to said determination within ten (10) days following receipt after the giving of such request (but no sooner than fifteen (15) months prior to the originally-scheduled Termination Date) notify Tenant of Landlord’s opinion as to said fair market rental value. If no such request has been received notice by Landlord, Landlord shall render such opinion following Tenant’s exercise of its option to extend the Term of the Lease as aforesaid, and if Landlord and Tenant have cannot in any event mutually agreed agree upon the same as of the thirtieth within seventy-five (30th75) day days following Landlord’s receipt of Tenant’s notice of such exerciseobjection, then in such event said fair market rental value shall be determined by appraisers, one to be chosen by Landlord, one to be chosen by Tenant, and a third to be selected by the two first chosen. All appraisers chosen or selected hereunder shall be independent of the parties, shall have received the M.A.I. (Member, Appraisal Institute) designation from the American Institute of Real Estate Appraisers and shall have had at least ten five (105) years of experience in appraising office space in the downtown or Fort Point Channel sections section of the City of Boston. The unanimous written decision of the first two chosen, without selection and participation of a third appraiser, or otherwise the written decision of a majority of three appraisers chosen and selected as aforesaid, shall be conclusive and binding upon Landlord and Tenant. Landlord and Tenant shall each notify the other of its chosen appraiser within ten (10) days following expiration of the aforesaid thirty seventy-five (3075) day period and, unless such two appraisers shall have reached a unanimous decision within thirty (30) days after having been chosen, they shall within a further ten (10) days elect a third appraiser and notify Landlord and Tenant thereof. Each party shall bear the expense of the appraiser chosen by such party pursuant to this Section, and the parties shall equally share the expense of the third appraiser (if any). If either party fails to notify the other of its chosen appraiser within thirty (30) days following expiration of the aforesaid seventy-five (75) day period, the other party’s determination of the Yearly Fixed Rent for such extension period shall be binding and conclusive for purposes hereof, and no further appraisal proceedings shall be required. If the Yearly Fixed Rent for such extension period shall not have been “ determined prior to the commencement thereof, Tenant shall continue to pay Yearly Fixed Rent at the rate most recently in effect, subject to retroactive adjustment once the Yearly Fixed Rent for such period has in fact been determined. In no event shall the foregoing provisions provision be construed so as to result in any reduction in the Yearly Fixed Rent payable by Tenant or in any increase in Yearly Fixed Rent so as to exceed the value set forth in the opinion rendered by Landlord as aforesaidbelow $248,818.08. Yearly Fixed Rent shall be paid in equal monthly installments in advance on or before the first Business Day of each calendar month during the Term of this Lease and shall be apportioned for any fraction of a month in which Yearly Fixed Rent first becomes payable or in which the last day of the Term of this Lease may fall.
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