Common use of Appraisal Method Clause in Contracts

Appraisal Method. When an appraisal is required under this Lease, the 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 (the "LANDLORD MAI APPRAISER"), and (2) a second appraiser, who is a member of the Appraisal Institute, and will be selected by Tenant (the "TENANT MAI APPRAISER") (each an "APPRAISER" and, collectively, the "APPRAISERS"). Landlord and Tenant shall, as promptly as possible, but in no event later than thirty (30) days following the date Tenant exercises its option to extend, select its respective 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 (15) days after selection of the Appraisers, each Appraiser shall deliver his or her written report of the Appraisers' determination of the Fair Market Rent of the Leased Property, which determination shall be based upon the appropriate use of the Leased Property and taking into consideration the location of the Leased Property and rentals for other properties comparable thereto. The Fair Market Rent of the Leased Property shall be equal to the average of the two (2) Fair Market Rent determinations of the Appraisers. In the event Landlord and Tenant do not concur with the Appraisers' determination of Fair Market Rent, within five (5) days after such determination, the 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 two appraisals by the Landlord MAI Appraiser and the Tenant MAI Appraiser. Notwithstanding the foregoing, in no event shall the Fair Market Rent be less than the Base Annual Report for the Lease Year immediately preceding the year for which the Fair 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 Fair Market Rent 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 Landlord, (the "LANDLORD MAI APPRAISER"), and (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, but in (i) no event 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, in no event later than ten (10) days following the date Tenant exercises its option an appraisal is required, The Third 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 extend, select its respective 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 AppraisersThird Appraiser, each Appraiser shall deliver his or her written report of the Appraisers' determination of the Fair Market Rent fair market value of the Leased PropertyProperties, which determination shall be based based, for each Leased Property, upon the appropriate highest and best use of the such Leased Property and Property, taking into consideration the location of the such Leased Property and rentals for Property, other properties comparable thereto. The Fair Market Rent thereto and the terms of the Lease provided that in the event and to the 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 Leased Property shall to Tenant pursuant to Section 16.02 and that there may not be equal to a lease on the average of Leased Property after the two (2) Fair Market Rent determinations of the Appraisers. In the event Landlord and Tenant do not concur with the Appraisers' determination of Fair Market Rent, within five (5) days after such determination, the 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 two appraisals by the Landlord MAI Appraiser and the Tenant MAI Appraiser. Notwithstanding the foregoing, in no event shall the Fair Market Rent be less than the Base Annual Report for the Lease Year immediately preceding the year for which the Fair Market Rent is being determinedsale.

Appraisal Method. When (a) For purposes of Section 16.02 and whenever an appraisal is otherwise required under this Lease, the Fair Market Rent 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 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 APPRAISERAppraiser"), 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 "APPRAISERAppraiser" and, collectively, the "APPRAISERSAppraisers"). Landlord and Tenant shallshall select their respective Appraisers, as promptly as possible, but in (i) no event 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, in no event later than ten (10) days following the date Tenant exercises its option an appraisal is required, . The Third 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 extend, select its respective 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 AppraisersThird Appraiser, each Appraiser shall deliver his or her written report of the Appraisers' determination of the Fair Market Rent fair market value of the Leased PropertyProperties, which determination shall be based based, for each Leased Property, upon the appropriate highest and best use of the such Leased Property and Property, taking into consideration the location of the such Leased Property and rentals for Property, other properties comparable thereto. The Fair Market Rent thereto and the terms of the Leased Property shall be equal Lease provided that in the -------- event and to the average 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 Rent determinations 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 Appraisers. In ownership thereof has not, prior to the event date of such appraisal, been transferred to Landlord and Tenant do not concur with the appraisal set forth in Section 8.01 was performed, the Appraisers' determination of Fair Market Rent, within five (5) days after such determination, the two Appraisers fair market value in connection with any appraisal to determine Tenant's rights or obligations under this Agreement including Section 16.02 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 two appraisals by the Landlord MAI Appraiser and exclude the Tenant MAI Appraiser. Notwithstanding the foregoing, in no event shall the Fair Market Rent be less than the Base Annual Report for the Lease Year immediately preceding the year for which the Fair Market Rent is being determinedImprovement Value.

Appraisal Method. When an appraisal is required under this Lease, the Fair Market Rent 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 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 APPRAISERAppraiser"), 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 "APPRAISERAppraiser" and, collectively, the "APPRAISERSAppraisers"). Landlord and Tenant shall, as promptly as possible, but in no event later than thirty ten (3010) days following the date Tenant exercises its option to extendan 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 AppraisersThird Appraiser, each Appraiser shall deliver his or her written report of the Appraisers' determination of the Fair Market Rent fair market value of the Leased Property, which determination shall be based based, for each Leased Property, upon the appropriate highest and best use of the such Leased Property and Property, taking into consideration the location of the such Leased Property and rentals for other properties comparable thereto. The Fair Market Rent "Appraised Value" of the Leased Real Property shall be equal to the average arithmetic mean of the two (2) Fair Market Rent fair market value determinations of the AppraisersAppraisers that are closest in value. In the event Landlord that the values of (i) the difference between the highest appraisal value and Tenant do not concur with the Appraisers' determination of Fair Market Rentnext lower appraisal value, within five and (5ii) days after such determinationthe difference between the lowest appraisal value and the next higher appraisal value, the two Appraisers shall appoint a third MAI appraiser (are equal, then the "THIRD MAI APPRAISER"). The Third MAI Appraiser Appraised Value" shall determine be equal to the Fair Market Rent, which Fair Market Rent shall fall between arithmetic mean of the two appraisals by the Landlord MAI Appraiser and the Tenant MAI Appraiser. Notwithstanding the foregoing, in no event shall the Fair Market Rent be less than the Base Annual Report for the Lease Year immediately preceding the year for which the Fair Market Rent is being determinedfair market value determinations of all Appraisers.