OPTION TO EXTEND AT MARKET (NEUTRAL)
Tenant may, at Tenant's option, extend the term of this Lease for an additional _______________ years (or for ____________ (_____) additional consecutive periods of ______ years) on the same terms and conditions as herein contained, except that Annual Basic Rent for any extended term shall be set in accordance with the procedures described hereinbelow, and except that 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 must be given to Landlord at least nine (9) months prior but not more than twelve (12) months prior to the date the term of this Lease (including any prior extended term as to which Tenant has timely exercised its option to extend) would otherwise expire.
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. All rights of Tenant under the provisions of this Paragraph shall terminate and be of no further force or effect, notwithstanding Tenant's due and timely exercise of said option, if at any time during this Lease, Tenant fails to pay to Landlord any monetary obligation of Tenant for a period of more than 10 days after such obligation has become due.
In the event Tenant validly exercises its option to extend the term of this Lease, Annual Basic Rent shall be adjusted as of the commencement date of each extended term ("Rent Adjustment Date"), as follows:
Commencing at the beginning of the month which is nine (9) months prior to the Particular Rent Adjustment Date, Landlord and Tenant shall attempt to agree upon Annual Basic Rent for the Premises until the next Rent Adjustment Date, or the expiration of the term of this Lease, as the case may be (the "Succeeding Period"), such Annual 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 Annual 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 is located to appraise and set Annual 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 and shall set Annual Basic Rent for the Succeeding Period. If there are two appraisers appointed by the parties as stated in this