Common use of Appraisal Method Clause in Contracts

Appraisal Method. When an appraisal is required under this Lease, the Appraised Value of the Leased Property shall be determined by (1) an independent appraiser, who is a member of the Appraisal Institute, and will be selected by Landlord, (the "Landlord MAI Appraiser"), (2) a second appraiser, who is a member of the Appraisal Institute, and will be selected by the Tenant (the "Tenant MAI Appraiser"), and (3) a third MAI Appraiser selected by agreement of the Landlord MAI Appraiser and the Tenant MAI Appraiser (the "Third MAI Appraiser") (each an "Appraiser" and, collectively, the "Appraisers"). Landlord and Tenant shall, as promptly as possible, but in no event later than ten (10) days following the date an appraisal is required, select its respective Appraiser. The Third MM Appraiser shall be selected no later than five (5) days after the selection of the other Appraisers. The costs of the Appraisers' appraisals shall be shared equally by the parties. As promptly as possible but in no event later than fifteen (15) days after selection of the Third Appraiser, each Appraiser shall deliver his or her written report of the Appraisers' determination of the fair market value of the Leased Property, which determination shall be based, for each Leased Property, upon the highest and best use of such Leased Property, taking into consideration the location of such Leased Property and other properties comparable thereto. The "Appraised Value" of the Real Property shall be equal to the arithmetic mean of the two (2) fair market value determinations of the Appraisers that are closest in value. In the event that the values of (i) the difference between the highest appraisal value and the next lower appraisal value, and (ii) the difference between the lowest appraisal value and the next higher appraisal value, are equal, then the "Appraised Value" shall be equal to the arithmetic mean of the fair market value determinations of all Appraisers.

Appraisal Method. When an appraisal is required under this Lease, the Appraised Value Fair Market Rent of the Leased Property shall be determined by (1) an independent appraiser, who is a member of the Appraisal Institute, and will be selected by Landlord, Landlord (the "Landlord LANDLORD MAI AppraiserAPPRAISER"), and (2) a second appraiser, who is a member of the Appraisal Institute, and will be selected by the Tenant (the "Tenant TENANT MAI Appraiser"), and (3) a third MAI Appraiser selected by agreement of the Landlord MAI Appraiser and the Tenant MAI Appraiser (the "Third MAI AppraiserAPPRAISER") (each an "AppraiserAPPRAISER" and, collectively, the "AppraisersAPPRAISERS"). Landlord and Tenant shall, as promptly as possible, but in no event later than ten thirty (1030) days following the date an appraisal is requiredTenant exercises its option to extend, select its respective Appraiser. The Third MM Appraiser shall be selected no later than five (5) days after the selection of the other Appraisers. The costs of the Appraisers' appraisals shall be shared equally by the parties. As promptly as possible but in no event later than fifteen (15) days after selection of the Third AppraiserAppraisers, each Appraiser shall deliver his or her written report of the Appraisers' determination of the fair market value Fair Market Rent of the Leased Property, which determination shall be based, for each Leased Property, based upon the highest and best appropriate use of such the Leased Property, Property and taking into consideration the location of such the Leased Property and rentals for other properties comparable thereto. The "Appraised Value" Fair Market Rent of the Real Leased Property shall be equal to the arithmetic mean average of the two (2) fair market value Fair Market Rent determinations of the Appraisers that are closest in valueAppraisers. In the event that Landlord and Tenant do not concur with the values Appraisers' determination of Fair Market Rent, within five (i5) days after such determination, the difference two Appraisers shall appoint a third MAI appraiser (the "THIRD MAI APPRAISER"). The Third MAI Appraiser shall determine the Fair Market Rent, which Fair Market Rent shall fall between the highest appraisal value two appraisals by the Landlord MAI Appraiser and the next lower appraisal valueTenant MAI Appraiser. Notwithstanding the foregoing, and (ii) in no event shall the difference between Fair Market Rent be less than the lowest appraisal value and Base Annual Report for the next higher appraisal value, are equal, then Lease Year immediately preceding the "Appraised Value" shall be equal to year for which the arithmetic mean of the fair market value determinations of all AppraisersFair Market Rent is being determined.

Appraisal Method. When (a) For purposes of Section 16.02 and whenever an appraisal is otherwise required under this Lease, the Appraised Value of the Leased Property shall be determined by (1) an independent appraiser, who is a member of the Appraisal Institute, and will be selected by Landlord, (the "Landlord MAI Appraiser"), (2) a second appraiser, who is a member of the Appraisal Institute, and will be selected by the Tenant (the "Tenant MAI Appraiser"), and (3) a third MAI Appraiser selected by agreement of the Landlord MAI Appraiser and the Tenant MAI Appraiser (the "Third MAI Appraiser") (each an "Appraiser" and, collectively, the "Appraisers"). Landlord and Tenant shallshall select their respective Appraisers, as promptly as possible(i) no later than thirty (30) days after the Tenant notifies Landlord of its intent to exercise the Option to Purchase or (ii) in all other cases, but in no event later than ten (10) days following the date an appraisal is required, select its respective Appraiser. The Third MM MAI Appraiser shall be selected no later than five (5) days after the selection of the other Appraisers. If MAI Appraisers are not reasonably available, then each appraiser shall, at a minimum, hold a state license qualifying him or her to appraise properties of the type being appraised and shall have qualifications and experience equivalent to that required of an MAI Appraiser. The costs of the Appraisers' appraisals shall be shared equally by the parties. As promptly as possible but in no event later than fifteen forty-five (1545) days after selection of the Third Appraiser, each Appraiser shall deliver his or her written report of the Appraisers' determination of the fair market value of the Leased PropertyProperties, which determination shall be based, for each Leased Property, upon the highest and best use of such Leased Property, taking into consideration the location of such Leased Property and Property, other properties comparable thereto. The "Appraised Value" thereto and the terms of the Real Property shall be equal Lease provided that in the -------- event and to the arithmetic mean extent that the appraisal is an appraisal that is being performed pursuant to Section 16.02, such appraisal may consider that the Lease has been in place in the past, but the appraisal shall also take into consideration that the Lease will terminate upon sale of the two (2) Property to Tenant pursuant to Section 16.02 and that there may not be a lease on the Property after the sale. Notwithstanding anything else in this Section 16.03(a), if, during the Term or Extension Term of this Lease, as applicable, Tenant-constructed Improvements have been made, the ownership thereof has not, prior to the date of such appraisal, been transferred to Landlord and the appraisal set forth in Section 8.01 was performed, the Appraisers' determination of fair market value determinations of in connection with any appraisal to determine Tenant's rights or obligations under this Agreement including Section 16.02 shall exclude the Appraisers that are closest in value. In the event that the values of (i) the difference between the highest appraisal value and the next lower appraisal value, and (ii) the difference between the lowest appraisal value and the next higher appraisal value, are equal, then the "Appraised Tenant Improvement Value" shall be equal to the arithmetic mean of the fair market value determinations of all Appraisers.

Appraisal Method. When (a) For purposes of Section 16.02 and whenever an appraisal is otherwise required under this Lease, the Appraised Value of the Leased Property shall be determined by (1) an independent appraiser, who is a member of the Appraisal Institute, and will be selected by Landlord, (the "Landlord LANDLORD MAI AppraiserAPPRAISER"), (2) a second appraiser, who is a member of the Appraisal Institute, and will be selected by the Tenant (the "Tenant TENANT MAI AppraiserAPPRAISER"), and (3) a third MAI Appraiser selected by agreement of the Landlord MAI Appraiser and the Tenant MAI Appraiser (the "Third THIRD MAI AppraiserAPPRAISER") (each an "AppraiserAPPRAISER" and, collectively, the "AppraisersAPPRAISERS"). Landlord and Tenant shallshall select their respective Appraisers, as promptly as possible(i) no later than thirty (30) days after the Tenant notifies Landlord of its intent to exercise the Option to Purchase or (ii) in all other cases, but in no event later than ten (10) days following the date an appraisal is required, select its respective Appraiser. The Third MM MAI Appraiser shall be selected no later than five (5) days after the selection of the other Appraisers. If MAI Appraisers are not seasonably available, then each appraiser shall, at a minimum, hold a state license qualifying him or her to appraise properties of the type being appraised and shall have qualifications and experience equivalent to that required of an MAI Appraiser. The costs of the Appraisers' appraisals shall be shared equally borne by the partiesTenant. As promptly as possible but in no event later than fifteen forty-five (1545) days after selection of the Third Appraiser, each Appraiser shall deliver his or her written report of the Appraisers' determination of the fair market value of the Leased PropertyProperties, which determination shall be based, for each Leased Property, upon the highest and best use of such Leased Property, taking into consideration the location of such Leased Property and Property, other properties comparable thereto. The "Appraised Value" thereto and the terms of the Real Property shall be equal Lease provided that in the event and to the arithmetic mean extent that the appraisal is an appraisal that is being performed pursuant to Section 16.02, such appraisal may consider that the Lease has been in place in the past, but the appraisal shall also take into consideration that the Lease will terminate upon sale of the two (2) fair market value determinations of Leased Property to Tenant pursuant to Section 16.02 and that there may not be a lease on the Appraisers that are closest in value. In Leased Property after the event that the values of (i) the difference between the highest appraisal value and the next lower appraisal value, and (ii) the difference between the lowest appraisal value and the next higher appraisal value, are equal, then the "Appraised Value" shall be equal to the arithmetic mean of the fair market value determinations of all Appraiserssale.