Reso 2020-3112 - Laserfiche WebLink

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tiiviirp-STI t? P� ZAL SEPVrc Facility Name/Location Miami - Sunny Isles Beach Finance (115902-001) 18070 COLLINS AVE, SUNNY ISLES BEACH FL 33160-2723 Renewal Option Rider (Market Value) County: Dade Lease: Q90000541565 The Postal Service may exercise an option to renew this Lease pursuant to Paragraph 4, and given that the Lease does not designate a specific rental rate; the parties shall determine the appropriate, market value rent for that renewal term as follows: 1. Not less than 12 months prior to the expiration of the then current lease term, the Postal Service shall give written notice to Landlord advising Landlord of the Postal Service's opinion of the appropriate market value rent of the Premises, which shall be stated as a flat annual rate for the duration of the renewal option period. This opinion shall be based on an appraisal procured by the Postal Service at its sole cost and performed by a "Qualified Appraiser (as defined herein) prepared in accordance with the professional appraisal standards and practices as outlined in the Uniform Appraisal Standards for Federal Land Acquisitions, Financial Institutions Reform, Recovery and Enforcement Act (FIRREA) of 1989 and current version of the Uniform Standards of Professional Appraisal Practice (USPAP), as applicable (as applicable, each an "Appraisal Standard"). If certain approaches or requirements outlined in the applicable Appraisal Standard are not applicable to the subject assignment, such appraisal report must identify that approach or requirement, together with a brief explanation for its omission. Upon request, a copy of the appraisal's summary page/transmittal letter shall be provided to Landlord. A'Qualified Appraiser' is an individual who holds a Certified General Appraiser license in the state or territory where the subject property is located and currently holds an MAI designation from the Appraisal Institute. 2. If Landlord disagrees with the written notice from the Postal Service advising Landlord of the Postal Service's opinion of the appropriate market value rent for the Premises, then Landlord shall at its sole cost within 30 days following receipt of such written notice from the Postal Service, procure an appraisal by a Qualified Appraiser prepared in accordance with the applicable Appraisal Standard. A copy of the appraisal's summary shall be provided to the Postal Service. If Landlord fails to provide an appraisal summary as specified herein, then the renewal term rent shall be the market value rent established by the Postal Service's appraisal in which event, the Postal Service shall then timely exercise the renewal option at such rent. 3. If Landlord's appraisal summary amount is within 10% of the Postal Service's appraisal summary amount, then the renewal term rent shall be the arithmetic average of the two appraisal summaries. The Postal Service shall then timely exercise the renewal option. If the difference between the two appraisal summaries is greater than 10%, Landlord and Postal Service shall attempt to agree in writing on the market value rent during the 30 day period following delivery of the Landlord's appraisal summary to the Postal Service (the "final negotiation period"). If the parties reach agreement on the market value rent, the Postal Service shall timely exercise the renewal option. If the parties are unable to reach agreement during the final negotiation period, then Landlord shall provide the Postal Service with a list of three Qualified Appraisers within 10 days after request from the Postal Service. The Postal Service shall select one appraiser from this list to perform an appraisal review (or, if Landlord fails to provide a list, the Postal Service shall select an appraiser) (the "Third Appraiser"). Within 30 days, the Third Appraiser shall review both full narrative appraisal reports, establish an appropriate annual market value rent for the renewal term and forward copies of the completed appraisal review to the Postal Service and Landlord. The Postal Service then may, but shall not be obligated to, timely exercise the renewal option. If the Postal Service elects to exercise the renewal option, the rent shall be established at 95% of the annual rental amount determined by the Third Appraiser for the renewal term of the Lease. 4. Landlord and Postal Service shall share equally the cost of the Third Appraiser, as follows. The Postal Service shall contract for the Third Appraiser using its standard Contract for Real Estate Services. Landlord shall reimburse the Postal Service 50% of the cost of the Third Appraiser within 60 days of presentation of the Third Appraiser's invoice(s). If Landlord fails to pay this 50% share within said time period, the Postal Service may deduct that amount from the following month's rent without further notice to Landlord. August 2017 Page 1 of 2