RCA Telecom LLC 9/28/2020 - Laserfiche WebLink

5. OPTION TO EXTEND: Lessee is hereby given the option to extend the term of this Lease in accordance with all of the provisions contained in this Lease except rental, for six (6) one (1) year terms (the "Option Term(s)"), by giving written notice of exercise of the option ("Option Notice") to Lessor sixty (60) days or more prior to expiration of each Term or Option Term, as applicable. Failure to provide the required Option Notice for the first Option Term shall result in the termination of this Lease upon the expiration date of this initial term or in the case of failure to provide the Option Notice for a later Option Term, then this Lease shall terminate at the end of the then current Option. In order to be effective, an Option Notice must, unless waived in writing by the City's Real Property Manager or designee, be accompanied by an updated Certificate of Insurance showing that the coverages required under this Lease will be in force for the duration of the Option Term exercised by the Option Notice. The Rental fee during each Option Term shall be negotiated between the parties and evidenced in an addendum to this Lease. If the parties are unable to agree on the monthly rent for the extended term within thirty (30) days of the Option Notice date, then within thirty (30) days after giving of the Option Notice,Lessee shall retain an MAI appraiser who shall render a written appraisal of the fair market rental of the leased premises. A copy of Lessee's appraisal shall be given to Lessor within sixty (60) days after giving of the Option Notice. Lessor and Lessee shall then negotiate regarding the fair market rental of the leased Site. If Lessor and Lessee are unable to reach an agreement as to the fair market rental of the leased Site within thirty (30) days of the receipt of Lessee's appraisal by Lessor, Lessor shall retain an MAI appraiser who shall render a written appraisal of the fair market rental of the leased premises as of the date of such appraisal. A copy of the appraisal made by Lessor's MAI appraiser shall be given to Lessee within one hundred twenty (120) days of the receipt of Lessee's appraisal by Lessor. If Lessor and Lessee are unable to reach an agreement as to the fair market value of the leased Site within thirty (30) days of the receipt of Lessor's appraisal by Lessee, the MAI appraisers previously retained by Lessor and Lessee shall choose a third MAI appraiser with knowledge of properties in Snohomish County, Washington. If the appraisers chosen by Lessor and Lessee cannot agree upon the selection of the third MAI appraiser within twenty(20) days after being requested to do so, the third appraiser shall be designated by the Presiding Judge of the Snohomish County Superior Court on application of either party upon ten(10) days notice to the other. The three(3) MAI appraisers shall fix and determine by majority vote the fair market rental of the leased premises as of the date of their appraisal. The decision of the appraisers shall be final and binding on the parties. Under no circumstance, however, shall the base monthly rent for any Option Term be less than the monthly rental rate existing at the end of the preceding term. In the event either Lessor or Lessee does not agree with the decision of the appraisers regarding the fair market rental, either party may terminate this Lease upon thirty (30) days written notice. Notwithstanding the foregoing, during the period of this MAI appraisal process where the Rental fee is not yet agreed upon by the parties but the applicable Option Term has begun, Lessee shall continue to pay the monthly rental rate existing at the end of the preceding term, and shall then promptly "true up" any additionally required rental fees at the conclusion of the appraisal process. Page 4 of 22