7.3 SR 03-01-2021 - Laserfiche WebLink

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the Term of the Lease with regard to all or any portion of the Building on the same terms, conditions and provisions as contained herein, except as otherwise provided herein, (the "Extension Options", or individually, an "Extension Option") for two (2) consecutive periods of five (5) years each (collectively, the "Extension Periods", or individually, an "Extension Period"). Tenant shall be under no obligation to extend the Term on all or any portion of the Premises for any of the Extension Periods, The Term may not be extended for all or any portion of the Premises for any Extension Period unless the Term had been so extended for the immediately preceding Extension Period, if any. The first Extension Period shall commence on the first day following the Expiration Date of the initial Term, and each subsequent Extension Period shall commence on the first day following the Expiration Date of the previous Extension Period. 25.2 Monthly Rent During: Extension Period. (a) The Monthly Rent to be paid by Tenant during each Extension Period shall be "Market Monthly Rent" (as defined below). Payment of all Additional Rent and other charges required to be made by Tenant as provided in this Lease shall continue to be made during each Extension Period. As used in this Lease, the term "Market Monthly Rent" means the greater of either: (i) the Monthly Rent payable pursuant to this Lease for the last month of the original ten (10) year Term, or the last month of the First Extension Period (as applicable); or (ii) annual net rental rate per rentable square foot of the Premises that a willing tenant would pay, and a willing landlord would accept in arms -length bona fide negotiations, for similar lease renewal space in the Building or in comparable buildings located in the greater northwest Minneapolis, Minnesota market area, if the same were leased to a single tenant for such Extension Period, taking into account all pertinent factors. (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. 40