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agreed FMV shall apply for purpose of determining the rental during the Renewal Term. <br />If Lessor and Lessee are unable to agree on the FMV, the FMV shall be dete~ccfined by <br />appraisal as follows: <br /> <br /> Lessee shall specify a real estate appraiser in its notice of exercise of the <br />option to renew. Lessor, by written notice to Lessee within ten (10) business days of the <br />giving of Lessee's notice of exercise of the renewal option, shall select its own real estate <br />appraiser. For a period of twenty (20) business days after designation of the second <br />appraiser, the two appraisers so designated shall attempt to reach mutual agreement <br />regarding the FMV. If the two appraisers agree upon the FMV, then Lessor and Lessee <br />shall be bound to the appraisers' determination. The appraisers must give appropriate <br />consideration to all relevant factors including the size, location and quality of the Leased <br />Premises, and the use restrictions set forth in this Lease, but excluding Lessee's <br />Leasehold Improvements. <br /> <br /> If the two appraisers are unable to reach agreement ,each of the two <br /> <br />appraisers shall, not later than the thirtieth (30th) day following the designation of the <br /> <br />second appraiser, render a written determination of the FMV. The two appraisers shall <br />also select a third appraiser prior to the end of the period when their separate appraisals <br />must be rendered. Within twenty (20) days after the appointment of the third appraiser, <br />the third appraiser shall render a written determination of the FMV. From the three <br />appraisals, the appraisal which is the farthest from the median appraisal shall be <br />disregarded and the average of the remaining two appraisals shall conclusively constitute <br />the FMV. All appraisers selected in accordance with this paragraph shall have at least ten <br />(10) years experience in appraising commercial real estate in San Mateo County and shall <br />be members of the American Institute of Real Estate Appraisers or similar professional <br />organization. If either Lessor or Lessee fails or refuses to select an appraiser, the other <br />appraiser shall alone dete~frfine the FMV. Lessor and Lessee agree that they shall be <br />bound by the determination of FMV pursuant to this paragraph. Lessor shall bear the fee <br />and expenses of its appraiser; Lessee shall bear the fee and expense of its appraiser; and <br />Lessor and Lessee shall share equally the fee and expense of the third appraiser, if any. <br /> <br />17996.00003~BGLIB 1\1085097.9 4 <br /> <br /> <br />