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Page 12 of 35 <br />relieve Lessee of its obligation to timely pay rent as otherwise stated in this <br />Lease. <br />c)Base Rent – Periodic Adjustment <br />i.Notwithstanding the provisions of Section 3, Paragraph 3, Lessor may, at its <br />option, elect to establish a new Base Rent on each tenth anniversary of this <br />Lease. The new Base Rent may be established using any methods and <br />other factors deemed suitable for the circumstances and in the City's best <br />interests. <br />ii.The new Base Rent shall thereafter be used as a basis to calculate the <br />adjusted rent for subsequent years, through application of the provisions <br />specified herein until a new Base Rent is established. <br />iii.If Lessor elects to prepare an appraisal to establish a new Base Rent, Lessee <br />may, at its option, also provide a timely independent appraisal at its sole <br />expense for Lessor's review and consideration. Prior to Lessee's contracting <br />for such appraisal, Lessor and Lessee shall negotiate in good faith and <br />agree upon the terms and conditions for such third-party appraisal, <br />including but not limited to the highest and best use, appraisal <br />methodology, and minimum appraiser credentials. Such appraisal shall be <br />prepared in accordance with generally accepted appraisal standards as <br />they are adopted from time to time by the Appraisal Standards Board of <br />the Appraisal Foundation and Lessor's Appraisal Guidelines. Lessor will not <br />be obligated to use the conclusions of Lessee’s appraisal as a basis for <br />setting the new Base Rent. <br />iv.Should Lessor elect not to exercise its right to establish a new Base Rent on <br />each tenth anniversary of this Lease, it may do so at any one of the next <br />nine anniversaries following such tenth anniversary, without prejudice to its <br />right to elect to establish a new Base Rent on the next or succeeding tenth <br />anniversary. Lessor shall give Lessee at least 30 days' notice prior to the <br />effective date of the new Base Rent. <br />v.If a new Base Rent is not established, rent shall continue to be adjusted <br />annually as provided herein. <br />28.The Consideration in Section 1 is based upon the improvements expressly <br />authorized by this Lease. Any activities or improvements associated with <br />additional improvements will require Lessee to submit an application for <br />amendment. Lessee acknowledges that such an amendment may result in an <br />increase in rent, insurance, bond, or other security. <br />29.In the event this Lease is assigned or terminated prior to its expiration date from <br />any cause whatsoever, the annual rental paid in advance shall not be prorated. <br />DocuSign Envelope ID: 8D8CF2E2-DF6D-4A11-B610-2B1544DD7C30