Lease_Suite104_executed.pdf Leases & Abstracts · page 9 of 38 · view only

ARTICLE 9. OPTIONS TO RENEW 9.1 Provided Tenant is not in default beyond any applicable cure period, Tenant shall have two (2) options to extend the Term for five (5) years each (each, a "Renewal Term"). 9.2 Tenant shall exercise each option by written notice to Landlord no later than one hundred eighty (180) days prior to the expiration of the then-current Term. 9.3 Base Rent during each Renewal Term shall be the greater of (a) the Base Rent in effect during the final lease year, increased by three percent (3%), or (b) ninety-five percent (95%) of Fair Market Rent as determined under Section 9.4. 9.4 Fair Market Rent shall be determined by mutual agreement of the parties or, failing agreement within thirty (30) days, by the appraisal procedure set forth herein.