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s <br /> 4 <br /> • Treasurer • <br /> City of Everett <br /> 2930 Wetmore <br /> Everett, WA 98201 <br /> or such other place as the Lessor may from time to time designate in writing. If any rent is, at <br /> any time, five (5) or more days past due, Lessee will be charged a late charge equal to ten (10) <br /> percent of the past due rental amount. All rent payments must be made without deduction or <br /> offset. <br /> 5. OPTION TO EXTEND: Lessee is hereby given the option to extend the term of this <br /> Lease in accordance with all of the provisions contained in this Lease except rent, for two five(5) <br /> year terms ("Option Term One" and "Option Term Two"), by giving written notice of exercise of <br /> the option ("Option Notice") to Lessor six (6) months or more prior to expiration of each term. <br /> Failure to provide the required Option Notice for Option Term One shall result in the termination <br /> of this Lease upon the expiration date of this initial term or in the case of failure to provide the <br /> Option Notice for Option Term Two, then this Lease shall terminate at the end of Option Term <br /> One. <br /> The rent during each Option Term shall be negotiated between the parties and evidenced <br /> in an addendum to this Lease. If the parties are unable to agree on the monthly rent for the <br /> extended term within thirty (30) days of the Notice date, then within thirty (30) days after giving <br /> of the Option Notice, Lessee shall retain an MAI appraiser who shall render a written appraisal of <br /> the fair market rental of the Premises. A copy of Lessee's appraisal shall be given to Lessor <br /> within sixty (60) days after giving of the Option Notice. Lessor and Lessee shall then negotiate <br /> regarding the fair market rental of the Premises. If Lessor and Lessee are unable to reach an <br /> agreement as to the fair market rental of the Premises within thirty (30) days of the receipt of <br /> Lessee's appraisal by Lessor, Lessor shall retain an MAI appraiser who shall render a written <br /> appraisal of the fair market rental of the Premises as of the date of such appraisal. A copy of the <br /> appraisal made by Lessor's MAI appraiser shall be given to Lessee within one hundred twenty <br /> (120) days of the receipt of Lessee's appraisal by Lessor. If Lessor and Lessee are unable to reach <br /> an agreement as to the fair market value of the Premises within thirty (30) days of the receipt of <br /> Lessor's appraisal by Lessee. the MAI appraisers previously retained by Lessor and Lessee shall <br /> choose a third MAI appraiser with knowledge of properties in Snohomish County, Washington. <br /> If the appraisers chosen by Lessor and Lessee cannot agree upon the selection of the third MAI <br /> appraiser within twenty (20) days after being requested to do so, the third appraiser shall be <br /> designated by the Presiding Judge of the Snohomish County Superior Court on application of <br /> either party upon ten (10) days notice to the other. The three (3)' MAI appraisers shall fix and <br /> determine by majority vote the fair market rental of the leased premises as of the date of their <br /> appraisal. The decision of the appraisers shall be final and binding on the parties. Under no <br /> circumstance. however, shall the base monthly rent for the first year of either Option Term be <br /> less than the monthly rental rate existing at the end of the preceding term. In the event either <br /> Lessor or Lessee does not agree with the decision of the appraisers regarding the fair market <br /> rental. either party may terminate this Lease upon thirty (30) days written notice. <br /> This option may be exercised by Lessee only in the event that all rents have been fully <br /> • paid and all provisions of this Lease on the part of Lessee to be observed by Lessee have been <br /> 1 9 <br />