RES 17969 - Laserfiche WebLink

those set forth in Section 9 8 of this Lease ("Affordability Restrictions"), Lessee shall pay to Lessor on the Commencement Date of this Lease and on each succeeding anniversary thereof rent in advance for the next succeeding Lease Year("Rent") in the nominal amount of 51 00 per Lease Year or partial Lease Year If at any time during the Term, rent charged to residential Tenants is no longer restricted by Affordability Restrictions that are more stringent than those set forth in Section 9 8, then commencing upon the expiration of such restrictions, Lessee shall pay annual Rent in an amount equal to Market Rate Rent as determined in accordance with Section 4 3, commencing with the first month following the date the Affordability Restrictions no longer encumber the Improvements, in advance for each succeeding (or partial) year remaining in the Term Section 4.2 Payments. All Rent, Additional Rent, and other sums, if any, due Lessor hereunder shall be paid by Lessee to Lessor at the address of Lessor set forth hereinafter for notices, or to such other person and/or at such other address as Lessor may direct by written notice to Lessee, without notice or demand, and without abatement, deduction or set off Section 4 3 Determination of Market Rate Rent Market Rate Rent shall be the fair market rental value as reasonably determined by Lessor, provided however, if Lessee reasonably and in good faith disputes Lessor's determination of Market Rate Rent, then Market Rate Rent shall be determined by appraisal by an independent real estate appraiser with an MAI certificate or the equivalent mutually selected by Lessor and Lessee. If Lessor and Lessee cannot agree upon an appraiser, then each of Lessor and Lessee shall select, within fifteen (15) days following their inability to agree upon an appraiser, an MAI appraiser who has no less than ten (10) years of experience valuing residential apartment projects in Alameda County, California If a party fails to select an appraiser within such fifteen(15) day period, then such party shall have irrevocably waived its right to select an appraiser. The two appraisers shall determine the Market Rate Rent If the two appraisers are unable to agree upon the Market Rate Rent, then Market Rate Rent shall be the average of both determinations, provided however if the determinations of the two appraisers differ by ten (10%) or more, a third appraiser shall be selected jointly by the two appraisers, and the average of the highest two appraisals shall be used to determine the Market Rate Rent. ARTICLE 5 TAXES AND OTHER IMPOSITIONS, UTILITIES Section 5 1 Payment of Impositions As and when the same shall become due, Lessee will pay all of the Impositions, except that if any Imposition that Lessee is obligated to pay in whole or in part is permitted by law to be paid in installments, Lessee may pay or cause to be paid such Imposition (or its proportionate part thereof) in installments as and when such installments become due. Upon the wntten request of Lessor, Lessee shall provide to Lessor evidence satisfactory to Lessor of payment of all Impositions During the first and last years of the Term, all Impositions shall become payable dunng each calendar, fiscal, tax or Lease Year, as applicable, shall be ratably adjusted on a per diem basis between Lessor and Lessee in accordance with the respective portions of such calendar, fiscal, tax, assessment or Lease Year during the Term if any special assessments are payable in installments, Lessee shall pay only those installments that are due and payable during the Term 12 191\52\1656915 8 OAK#4834-9609-1684 v9