8.1. SR 03-21-2016 - Laserfiche WebLink

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(b) If Landlord and Tenant are unable to agree upon the Market Monthly Rent within thirty (30) days following Tenant's Extension Notice, then the dispute shall proceed to arbitration. The arbitration procedure shall commence when either party notifies the other party of its election to submit the matter to arbitration. Not later than ten (10) days after the arbitration procedure has commenced, each party shall submit to the other party a written statement of its final position on the Market Monthly Rent for such Extension Period (the "Final Offers"). Within ten (10) days after the submission of the Final Offers, the parties shall jointly select as an arbitrator a licensed real estate broker, who is an individual of substantial experience with respect to office building ownership, leasing, management and marketing in the greater northwest Minneapolis market area, which person shall not be regularly employed or have been retained during the last two (2) years as a consultant by either party. If the parties cannot agree on the arbitrator, the chief judge of the Sherburne County District Court shall, upon application by either party, select an arbitrator having the above qualifications. Both parties shall have the right to submit proposed names and criteria for the arbitrator to the chief judge. Neither party may consult directly or indirectly with any arbitrator regarding the Market Monthly Rent prior to appointment, or after appointment, outside the presence of the other party. The arbitrator selected shall determine Market Monthly Rent pursuant to the criteria contained in this paragraph and all relevant market factors. The decision of the arbitrator shall be final and binding on the parties and may be entered in any court having jurisdiction thereof. The party whose Final Offer was not selected by the arbitrator shall pay all costs of the arbitration. 25.3 Exercise of Options. Each Extension Option shall each be exercisable in the following manner: Tenant shall give Landlord written notice ("Tenant's Extension Notice") of its intention to extend the Term for all or a specified portion of the Building ("Extension Premises") no later than six (6) months prior to the applicable Expiration Date. If Tenant's Extension Notice is not given within the time provided as aforesaid, the current Extension Option and all subsequent Extension Options shall be deemed to have expired and been waived by Tenant. 25.4 Improvements. Subject to Article 26, Landlord shall not be obligated to provide any improvements to the Extension Premises or allowances to Tenant for any improvements to the Extension Premises during any Extension Period. The provisions of this Lease shall govern entirely any Extension Period, except the Monthly Rent shall be as set forth above. 25.5 Existing Default. Tenant may exercise Extension Options, and an exercise thereof shall be effective, only if, at the times of Tenant's Extension Notice, and on the commencement date of the applicable Extension Period, this Lease to Tenant is in full force and effect and no Event of Default is then continuing. 25.6 Documentation. At the request of either party, Landlord and Tenant will execute and deliver a reasonably appropriate document covering extension of the Term and the new Monthly Rent. 25.7 No Separate Interest. The rights of Tenant under this Article 25 shall not be severed from this Lease or separately sold, assigned or transferred, and shall expire on the expiration or earlier termination of this Lease. .N