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Landlord's cost and expense, except that if any audit discloses an underpayment of Percentage <br />Rent of three percent (3%) or more, Tenant shall pay for the reasonable cost of Landlord's audit. <br />Section 3.4 Adjustment to Percentage Rent During Extension Terms <br />A. Option. If Tenant exercises any of its options to renew under Section 2.3, <br />Percentage Rent shall be adjusted for each Extension Term to Fair Market Rental. <br />B. Fair Market Rental. <br />(i) Fair Market Rental, consisting of a new Percentage Rent rate as of the <br />commencement of each Extension Term, shall be determined by Landlord with written notice <br />thereof (the "Rental Notice") given to Tenant not later than thirty (30) days after Landlord's <br />receipt of the Option Notice, subject to Tenant's right to arbitration as hereinafter provided. <br />Failure on the part of Tenant to object to the Fair Market Rental determined by Landlord and to <br />demand arbitration within thirty (30) days after receipt of the Rental Notice from Landlord shall <br />bind Tenant to the Fair Market Rental as determined by Landlord. <br />(ii) If Tenant disputes the amount determined by Landlord as Fair Market <br />Rental, Tenant may require that Landlord submit the dispute to arbitration. The arbitration shall <br />be conducted and determined in the County of Alameda, California, in accordance with the then <br />prevailing rules of the American Arbitration Association or its successor for arbitration of <br />commercial disputes, except that the procedures mandated by such rules shall be modified as <br />follows: <br />(1) Tenant shall make demand for arbitration in writing within thirty <br />(30) days after service of the Rental Notice, specifying therein the name and address of the <br />LEASE BETWEEN CITY OF SAN LEANDRO <br />AND SAN FRANCISCO BAY CONFERENCE RESORT <br />PAGE 18 <br />002574.0001\409817.4 <br />