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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 3 <br />Schedule 11d-3" <br />Dolernduin" FMRR, <br />For purposes of determining the FMRR, the to Mowing procedure shall apply: <br />1 If Tenant duly exercises any Extension Option and duly rejects Landlord's detemninalion (in its Market Rent Notice Critic FMRR ror Ate <br />Extension, then Landlord and Tenant shall endeavor to agree upon the FMRR for the Extension Tenn on or before the Outside Agreement Date <br />(defined below). IrLandlord and Tenant are unnbla to agree upon the FMRR forthe Extension Tenn on or before the Outslda Agreement Dole, then <br />die FMRR forthe Extension Term shall be deternned by orbilrildon pursuant to Section 2 orthis Schedule "J-3 The "Outside Agreement Date" <br />means Ilia date that is ten (10) business days ofter the date that Tenant notifies Landlord, in Its Market Rent Response Notice that Tenant has rgieded <br />Landlord's initial delennlnntion nrthe FMRR for Ale Extension Term, <br />2 IF Landlord and Tenant shall fail to agree upon the FMRR For die Extension Terin on or before the applicable Outside Agreement Date, <br />then within tan (10) business days thereafter, each of Landlord and Tenant shall submit to the other its final dewrin nallon of the FMRR For the <br />Extension Term and such final determinations shall be submitted to arbitration (as TeuMt's and Landlord's "Submitted FMRR," respectively) In <br />accordnnccwith the following: <br />2.1 Landlord and Tenant shell each appolntone erbltrator who shall by profession be a met estate broker who shall have been active <br />In dine leasing orlhe Project and the Comparable Buildings over the five (5) your period ending on die data Of ouch appointment. The determination <br />of the arbitrators shall be limited solely to the issue as to whether Landlord's or Tenant's Submitted FMRR is the closest to the actual FMRR for the <br />Extension Term, as determined by the arbitrators, taking Into account the requirements of Oils Schedule "J3", Each such arbitrator shall be <br />appointed withln fifteen (15) business days after the Outside Agreement Date, <br />2.2 The live arbitrators so appointed shall, within ten (10) business days or the date of the appointment of the second appointed <br />arbitrator, agree upon and appoint a third arbitrator who shall be qualified under the some standard as described in Section 2.1 orthis Schedule "J.3" <br />(with respect to appointment of die Initial two arbitrators). <br />23 The three arbitrators shall, within thirty (30) days of the appointment ofthe third arbitrator, roach a decision as to whether the <br />parties shall use Landlord's or Tenant's Submitted PMRR and shall nobly 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 Sectloit 11 of this Schedule "J-3". Arran Are arbitrator <br />appointed by the Other party shall solely reach a decision as to ilia FMRR for the Extension Term and notify Landlord and Tenant thereof within <br />thirty (30) days following expiration of such fifteen (15) business day period, and such arbitrator's decision shall be binding upon Landlord and <br />Tenant, and (b) if tlu two arbitrators foil to agree upon and appoint a third arbitrator, or both parties fail to appoint an arbitrator, then the appointment <br />ufdre third arbitrator or any arbitrator shall he dismissed and the matter to be decided shall be promptly submitted to arbitration under lie provisions <br />of die American Arbitration Association (die "AMl), but subject to die instructions set ford, in Oils Schedule "J.3". <br />2.4 The decision oFthe mgjarity of the three arbitrators (or in the case of a decision made under clause (a) or (b) of Section 2.3 of this <br />Schedule 1-3, the decision of the single arbitrator o, the arbitrators) eppoituod by the AAA) shall be binding upon Landlord and Tenant, shall be in <br />writing and shall be nail -appen lab le, and counterpart copies theireafshall bedclivered to Landlord and Tenant. Ajudgment ororder based upon such <br />award may be entori d in any court of con,petant jurisdiction, In rendering their decision and award, the arbitrators shall have nit power to vary, <br />modify or amend any provision of dais Lease. <br />2.5 Landlord and Twent shall each bear 50% of file cost of the arb(tration described in this Section 2 ol'this Schedule "J.3". <br />80 O TAde Ceorer Dr —CIO, uf,Tauln Alm Lease .5- CshIC1, ,1 <br />80A-710 <br />
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