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Page 12 of 35 relieve Lessee of its obligation to timely pay rent as otherwise stated in this Lease. c) Base Rent – Periodic Adjustment i. Notwithstanding the provisions of Section 3, Paragraph 3, Lessor may, at its option, elect to establish a new Base Rent on each tenth anniversary of this Lease. The new Base Rent may be established using any methods and other factors deemed suitable for the circumstances and in the City's best interests. ii. The new Base Rent shall thereafter be used as a basis to calculate the adjusted rent for subsequent years, through application of the provisions specified herein until a new Base Rent is established. iii. If Lessor elects to prepare an appraisal to establish a new Base Rent, Lessee may, at its option, also provide a timely independent appraisal at its sole expense for Lessor's review and consideration. Prior to Lessee's contracting for such appraisal, Lessor and Lessee shall negotiate in good faith and agree upon the terms and conditions for such third-party appraisal, including but not limited to the highest and best use, appraisal methodology, and minimum appraiser credentials. Such appraisal shall be prepared in accordance with generally accepted appraisal standards as they are adopted from time to time by the Appraisal Standards Board of the Appraisal Foundation and Lessor's Appraisal Guidelines. Lessor will not be obligated to use the conclusions of Lessee’s appraisal as a basis for setting the new Base Rent. iv. Should Lessor elect not to exercise its right to establish a new Base Rent on each tenth anniversary of this Lease, it may do so at any one of the next nine anniversaries following such tenth anniversary, without prejudice to its right to elect to establish a new Base Rent on the next or succeeding tenth anniversary. Lessor shall give Lessee at least 30 days' notice prior to the effective date of the new Base Rent. v. If a new Base Rent is not established, rent shall continue to be adjusted annually as provided herein. 28. The Consideration in Section 1 is based upon the improvements expressly authorized by this Lease. Any activities or improvements associated with additional improvements will require Lessee to submit an application for amendment. Lessee acknowledges that such an amendment may result in an increase in rent, insurance, bond, or other security. 29. In the event this Lease is assigned or terminated prior to its expiration date from any cause whatsoever, the annual rental paid in advance shall not be prorated.