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I <br />'1 <br /> I <br /> I <br /> ! <br /> I <br /> I <br /> I <br /> I <br /> I <br /> I <br /> I <br /> I <br /> I <br /> i <br /> I <br /> I <br /> I <br /> I <br /> <br />(l) <br /> <br />Period for rental adjustment. If LESSEE exercises its option to renew the lease, <br />LESSOR may require an adjustment in the amount of the rental for the five (5) year <br />period of the renewal term, the period commencing on January 1, 2008, by giving <br />written notice to LESSEE at least 90 days prior ts the commencement of the five (5) <br />year periods, with respect to which the rental adjustment is required. <br /> <br />(2) <br /> <br />Arbitration in event of dispute. In the event that LESSOR shall require a rental <br />adjustment for such period, LESSOR and LESSEE may agree in writing on the <br />amount of the rental for the period in question at any time within 30 days after the <br />giving by LESSOR to LESSEE of written notice of such requirement. If the <br />agreement is not reached and signed by both parties within 60 days, then the rental <br />for the period in question shall be determined by competent and disinterested <br />appraisers, one of whom shall be selected and paid for by LESSOR and one selected <br />and paid by LESSEE. The two appraisers so selected shall select a third appraiser, <br />the expense to be born equally by LESSOR and LESSEE. The three appraisers so <br />selected shall determine the rental to be paid by LESSEE during the ensuing period. <br />In the event that either LESSOR or LESSEE shall fail to appoint an appraiser <br />within __ days after the expiration of__ days, or in the event the first two <br />appraisers shall fail to select a third appraiser within __ days after they have been <br />selected, then the appraiser in question shall be appointed by the Chief District Court <br />Judge of the Tenth Judicial District on request of either party or of either of the first <br />two appraisers, as the case may be. <br /> <br />(3) <br /> <br />Task of appraiser. The appraisers when selected shall be instructed that they are to <br />detern~ine the fair rental value of the land demised under and pursuant to this lease <br />agreement for the highest and best use of the land at such time, without regard to any <br />improvements on the land or the use then being made of the property by LESSEE. <br />The appraisal shall be in writing and copies of it shall be given to LESSOR and <br />LESSEE prior to the commencement of the period in question. In no event shall the <br />appraised rental value be less than the rental then being paid by LESSEE. The <br />amount so determined by appraisal shall be the rental for the remainder of the term <br />of this lease agreement or the option period, as the case may be, or until further <br />adjustment as provided above. <br /> <br /> SECTION FOUR <br />WARRANTIES OF TITLE AND QUIET POSSESSION <br /> <br /> LESSOR covenants that LESSOR is seized of the demised premises in fee simple and has <br />full right to make and enter into this lease and that LESSEE shall have quiet and peaceable <br />possession of the demised premises during the term of this lease agreement. <br /> <br /> SECTION FIVE <br />DELIVERY OF POSSESSION <br /> <br /> If LESSOR, for any reason whatever, cannot deliver possession of the demised premises to <br />LESSEE at the commencement of the lease term, as specified above, this lease agreement shall not <br /> <br />-223- <br /> <br /> <br />