Common use of Appraisal Dispute Resolution Mechanics Clause in Contracts

Appraisal Dispute Resolution Mechanics. (1) If the Landlord and the Agents (acting together) cannot agree on the identity of the Appraiser pursuant to Section 2.3(a)(ii), then the Landlord and the Agents (acting together) shall each within 10 days after written demand by the other select one Appraiser to participate in the determination of the Fair Market Value of the Option Assets (it being understood that (i) the fees and expenses incurred by the Appraiser selected by the Agents (acting together) in connection with such Appraiser’s determination of the Fair Market Value of the Option Assets under this Section 2.3(a)(ii) shall be borne by the Tenants and (ii) the fees and expenses incurred by the Appraiser selected by the Landlord in connection with such Appraiser’s determination of the Fair Market Value of the Option Assets under this Section 2.3(a)(ii) shall be borne by the Landlord). Within 10 days of such selection, the Appraisers so selected by the parties shall select a third Appraiser (it being understood that the fees and expenses incurred by such third Appraiser in connection with such Appraiser’s determination of the Fair Market Value of the Option Assets under this Section 2.3(a)(ii) shall be borne by the Landlord). The three selected Appraisers shall each determine the Fair Market Value of the Option Assets within 30 days of the selection of the third appraiser. The Tenants shall pay the fees and expenses of any Appraisers retained by such party pursuant to this Section 2.3(a)(ii).