Renewal Option Provision

24.01[4] Renewal Option Provision The following clause is rather straightforward. It provides the tenant with two consecutive renewal options. Renewal Option (a) Tenant shall have two (2) consecutive renewal options, each of five years duration, under the same terms and conditions as those set forth in the Lease for the initial term, except that Base Rent for the renewal terms will be at 85% of fair market value. If Landlord and Tenant cannot agree on fair market value, it shall be determined by arbitration. The Base Year for increases or decreases in Taxes and Operating Expenses shall be the first full calendar year of each renewal term. (b) Tenant shall exercise its options by giving Landlord not less than six months' written notice prior to the expiration date of the initial term, or the extended term as the case may be.