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r 'P.053 <br /> independently and at their own separate expense, shall hire an <br /> MAI appraiser to perform an appraisal on the property. Rental <br /> for the option term shall be based upon the land value determined <br /> by the average of all three appraisals; <br /> (d) Once the value of the land has been determined, <br /> then the ANNUAL BASE RENTAL for the first ten (10) years of the <br /> option term shall be computed on the basis of the agreed-upon <br /> land value multiplied by 8.5% annual return. Rental shall be <br /> payable in equal monthly installments. The ANNUAL BASE RENTAL <br /> for the first ten years of the option term shall be escalated by <br /> a factor of 1-1/2% per year for the first ten years to establish <br /> the rent for the second ten years of the option term. And then, <br /> likewise for the remaining five years of the option term, the <br /> annual base rental for the second ten years' rent shall be <br /> escalated by 1-1/2% to establish the rent. In the event that <br /> said Option to Renew is not exercised by the TENANT, then the <br /> Option will terminate and be of no further consequence. <br /> 3 _ <br />