OPTION TO RENEW (NEUTRAL)
Landlord hereby grants to Tenant
_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ ( _ _ _ _ _ ) consecutive options to extend the
Term of this Lease for _ ) years each on the same terms and _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ ( _ _ _ _ _ conditions contained in this Lease, except that (a) Basic Rent for each extended term shall be set in accordance with the procedures described hereinbelow, and (b) no additional options to extend shall apply following the expiration of the last option period.
Written notice of Tenant's exercise of its option to extend the Term of this Lease for any extended term provided for hereunder must be given to Landlord at least six (6) months prior but not more than nine (9) months prior to the date the Term of the Lease (including any prior extended term as to which Tenant has timely exercised its option to extend) would otherwise expire.
If Tenant is in default under this Lease, Tenant shall have no right to extend the Term of this Lease during the time commencing from the date Landlord gives to Tenant a notice of default under this Lease and continuing until the default alleged in said notice is cured. The period of time within which said option may be exercised shall not be extended or enlarged by reason of Tenant's inability to exercise said option because of such default. Notwithstanding any provision herein to the contrary, the Term of this Lease shall not be extended as herein provided if, at any time following the exercise by Tenant of the option herein granted, Tenant shall be in default in the performance of any covenant, obligation or agreement to be performed by Tenant under this Lease and Landlord has elected to terminate this Lease as a result of such default.
In the event Tenant validly exercises an option to extend the term of this Lease as herein provided, Basic Rent shall be adjusted as of the commencement date of the applicable extended term ("Rent Adjustment Date") as follows:
Commencing at the beginning of the month which is six (6) months prior to the particular
Rent Adjustment Date, Landlord and Tenant shall attempt to agree upon Basic Rent for the Premises for the applicable extended term until the next Rent Adjustment Date, or the expiration of the term of this Lease (as extended), as the case may be (the "Succeeding Period"), such Basic Rent to equal one hundred percent (100%) of the fair market rental value of the Premises for the Succeeding Period. If the parties are unable to agree upon the Basic Rent for the Succeeding Period prior to the end of such month, then within ten (10) days thereafter each party, at its own cost and by giving notice to the other party, shall appoint a real estate appraiser with at least five (5) years full-time commercial real estate appraisal experience in the area in which the Premises are located to appraise and set Basic Rent for the Succeeding Period. If a party does not appoint
an appraiser within ten (10) days after the other party has given notice of the name of its appraiser, the single appraiser appointed shall be the sole appraiser had shall set Basic Rent for