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e. Lessee's determination in writing that the Project, as described in <br /> <br /> paragraph 7, is economically viable. <br /> <br /> If said conditions are not satisfied or waived by Lessee within two (2) years after <br /> the date of this Lease, either party may temdnate this Lease upon written notice to the <br /> other party. <br /> <br /> Lessee and its agents may enter the Property at any time or times for the <br />purpose of investigating the matters enumerated in this paragraph 2, including <br />environmental/geotechnical drilling, mitgafions and test piles, and Lessor hereby grants <br />Lessee a license for such purpose. Lessee shall indemnify, defend, and hold Lessor <br />harmless from any liability, claim, damages, loss, or expense Lessor may suffer or incur <br />which arises out of such investigations. <br /> <br /> 3. OPTIONS TO RENEW. So long as no default by Lessee has occurred and <br /> <br />is then continuing beyond any cure period under this Lease, Lessee shall have the right <br />and option to renew this Lease and extend the tem~ hereof for two (2) consecutive <br />periods, the first being ten (10) years and the second nine (9) years (each, a "Renewal <br />TemF), upon the same terms and conditions as this Lease, except that the rent shall be <br />detemdned in the manner hereinafter provided. If Lessee exercises an option to renew, <br />all references in this Lease to the "term" shall include the Renewal Term associated with <br />such option. Each option shall be exercised, if at all, by Lessee by giving Lessor at least <br />three (3) months previous written notice of its election provided, however, that rent for <br />the Leased Premises during the first year of each Renewal Term shall be in an amount <br />equal to nine percent (9%) of the fair market value of the Leased Premises (the "FMV"). <br />Upon the giving of such notice within the time specified therefor, this Lease shall be <br />considered as having been extended for the period specified in such notice without the <br />necessity of the execution of any additional instruments. <br /> <br /> Not less than six (6) months prior to the expiration of the then current term, <br />Lessee shall give notice to Lessor of Lessee's estimation of the FMV. Within twenty <br />(20) days thereafter Lessor and Lessee shall meet and confer to determine the actual <br />FMV. If agreement is reached and Lessee thereafter exercises its renewal option, such <br /> <br />17996.00003XBGLIB 1\1085097.9 3 <br /> <br /> <br />