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80A - JOINT WORK CENTER MOU
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80A - JOINT WORK CENTER MOU
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Last modified
4/28/2022 11:33:23 AM
Creation date
5/2/2019 6:11:42 PM
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City Clerk
Doc Type
Agenda Packet
Agency
Community Development
Item #
80A
Date
5/7/2019
Destruction Year
2024
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EXHIBIT 1F <br />Schedule uJ-3" <br />Determining rMRR <br />Forpurposes of determining ilia FMRR, the following procedure shall apply: <br />I If Tenant duly exercises any Extension Option and duly rejects Landlmd's determination (in its Markel Rent Notice ordie FMRR for Ole <br />Extension, then Landir'd and Tenant shall endeavor to agree upon the FMRR for die Extension Term on or before the Outside Agreement Date <br />(detmad below), IrLandlorxl and Tenant are unable to agree upon the FMRR for the Extension Tenn on or before the OulSlde Agreement Date, then <br />die FMRR for the Extension Term shall be dowmilued by arbitration pursuant to Section 2 orthis Schedule "J-3". The "Outside Agreement Date" <br />means the dale Illal is ten (10) business days otter the date that Tenant notifies Landlord, in its Market Rent Response Notice that Tenant has rejected <br />Landlord's initial delerrnfnat(on ofthe FMRR for die Extension Tern/, <br />2 IF Landlord and Tenant shall fail to agree upon the FMRR for die Extension Term on or before dia applicable Outside Agreement Date, <br />then within ten (10) business days thereafter, elaoh of Landlord and Tenant shall submit to die other its final determfnaton of (lie FMRR for the <br />Extension Term and such final determinations shall be submitted to arbitration (as Tenant's and Landlord's "Submitted FMRR," respectively) in <br />aceordancewith the following: <br />2.1 Landlord and Tenant shall each appobitone arbitrator who shall by profession be a real estate broker who shall have been active <br />In die leasing orthe Project and the Comparable Buildings over the five (5) year period ending on die date of such appointment. The detemiination <br />of the abitratom shell be limited solely to the Issue no to whether Landlord's or Tenant's Submitted FMRR is the closest to Ina actual FMRR for the <br />Extension Term, as determined by die arbitrators, taking Into account the requirements of this Schedule "1-3". Each such arbitrator shall be <br />appointed within fifteen (15) business days after the Outside Agreement Date. <br />2.2 The two arbitrators so appointed shall, within ten (10) business days or the dale of the appointment of the second appointed <br />arbitrator, agree upon and appoint a third arbitrator who shall be qualified under die some standard as described in Seglion 21 orthis Schedule "J-3" <br />(with respect to appointment of the Initial two arbitrators). <br />23 The three arbitrators shall, within thirty (30) days ofthe appointment ofthe third arbitrator, reach a decision as to whether the <br />parties shall use Landlord's or Tenant's Submitted Pb1RR and shell notify Landlord and Tenant thereof', provided that: (a) if either Landlord or <br />Tenant falls to appoint an arbitrator within fifteen (15) business day period described In Section 2.1 of this Schedule 1-T then the arbitrator <br />appointed by the other party shall solely reach a decision as to the FMRR for the Extension Tenn and notify Landlord and Tenant thereof within <br />thirty (30) days fallowing expiration of such Man (15) business day period, and such arbitrator's decision shall be binding upon Landlord and <br />Tenant, and (h) irthe two arbitrators fail to agree upon and appoint a third arbitrator, or both parties fail to appoint an arbitrator, then die appointment <br />ul'the (hind arbitrator or any arbitrator shall be dismissed and the matter to be decided shall be promptly submitted to arbitration tinder die provisions <br />ofthe American Arbitration Association (die °AAA'), butsubject to die instructions set forth in this Schedule'7.3". <br />2.4 The decision of tho mglority of the three nrbilmtors (cur in the case of a decision made under clause (a) or (b) of a t'o i 2.3 of this <br />the deoisioth of ilne $ingle arbitrator or the arbitrators) appointed by the AAA) shall be binding upon Lmhdlord slid Tenant, shall he in <br />writingaihd shall be nomappentable, and counterpart copies t har'eofshall bedclivered to Landlord and Tenant. Ajudgment orordcr based upon such <br />award may be entered In any court of competentjm9sdiction. In rendering their decision and award, the arbitrators shall have tic power to vary, <br />modify or amend any provision of th is Lease. <br />2.5 Landlord and Tenant shall each bear 50%of (he cost of the arbitration described in this Section 2 orthis Schedule'?-i" <br />8111 n/CNIe Cenuer Dr -CIO, nfSaula lua Lergv .5- G.ehibil.I <br />80A-570 <br />
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