Common use of Appraisal Report Clause in Contracts

Appraisal Report. (a) No later than seven hundred thirty (730) days and no earlier than eight hundred fifty (850) days prior to the end of the Base Term and any Renewal Term, Lessor shall submit to Lessee, with a copy to the PSCW, a written list of proposed Appraisers. Lessee shall select one (1) of the Appraisers from Lessor's list and give written notice thereof to Lessor and the PSCW. The PSCW shall either approve the Appraiser selected by Lessee or choose a different Appraiser from Lessor's list. The Appraiser selected in accordance with this Section 14.1(a) (the "Independent Appraiser") shall appraise the Leased Facility in accordance with Section 14.1(b). (b) Within ninety (90) days of appointment, the Independent Appraiser shall deliver to Lessor and Lessee a written report, in form and substance satisfactory to Lessor (the "Appraisal Report"), which shall certify as to (i) the cash payment obtainable in an arm's length sale of the Leased Facility between an informed and willing purchaser under no compulsion to purchase and an informed and willing seller under no compulsion to sell at the end of the Base Term or the Renewal Term taking into account any Investments financed by Lessor, as the case may be (each, a "Fair Market Value Purchase Price") and (ii) in the case of an appraisal during the First Renewal Term or the Second Renewal Term, as the case may be, the Current Economic Useful Life of the Leased Facility and the Appraised FMV of the Leased Facility at the end of the subsequent Renewal Term taking into account any Investments; provided, however, that the Appraised FMV shall be determined without taking into account inflation or deflation occurring after the Lease Effective Date (including any inflation or deflation occurring during the respective Renewal Term). (c) Within sixty (60) days of the date of an Appraisal Report, Lessee shall notify Lessor in writing in accordance with Wisconsin Stat. Section 196.52(9)(b)(8)(a) (the "Lessee Election Notice") whether it elects: (i) to renew this Facility Lease in accordance with Section 14.2, provided, however, that such election occurs during the Base Term, the First Renewal Term or the Second Renewal Term, (ii) to purchase the Leased Facility in accordance with Section 14.4, or (iii) to terminate this Facility Lease in accordance with Section 14.5, provided, however, that if Lessee fails to timely deliver to Lessor a Lessee Election Notice, Lessee shall be deemed to have elected (A) in the case of the Base Term, the First Renewal Term or the Second Renewal Term, to renew this Facility Lease in accordance with Section 14.2 or (B) in the case of the Third Renewal Term, to terminate this Facility Lease in accordance with Section 14.5. (d) Notwithstanding anything to the contrary contained herein, if Lessee elects in the Lessee Election Notice to purchase the Leased Facility, Lessor shall have thirty (30) days from receipt of the Lessee Election Notice to demonstrate to the PSCW, pursuant to Wisconsin Stat. Section 196.52(9)(b)(8)(b), that a renewal of this Facility Lease rather than sale of the Leased Facility is necessary to avoid material adverse tax consequences to Lessor or its Affiliates and any other requirements as set forth in Wisconsin Stat. Section 196.52(9)(b)(8)(b). If the PSCW determines that a renewal of this Facility Lease is necessary in accordance with Wisconsin Stat. Section 196.52(9)(b)(8)(b) within one hundred eighty (180) days of such demonstration or if the PSCW fails to make a determination within such one hundred eighty (180) day period, then this Facility Lease shall be renewed in accordance with Section 14.2. If the PSCW determines within such one hundred eighty (180) day period that Lessor has failed to demonstrate that renewal of this Facility Lease is necessary pursuant to Wisconsin Stat. Section 196.52(9)(b)(8)(b), then Lessee shall purchase the Leased Facility in accordance with Section 14.4.

Appraisal Report. (a) No later than seven hundred thirty (730) days and no earlier than eight hundred fifty (850) days prior to the end of the Base Term and any Renewal Term, Lessor shall submit to Lessee, with a copy to the PSCW, a written list of proposed Appraisers. Lessee shall select one (1) of the Appraisers from Lessor's ’s list and give written notice thereof to Lessor and the PSCW. The PSCW shall either approve the Appraiser selected by Lessee or choose a different Appraiser from Lessor's ’s list. The Appraiser selected in accordance with this Section 14.1(a) (the "“Independent Appraiser"”) shall appraise the Leased Unit 1 Facility in accordance with Section 14.1(b). (b) Within ninety (90) days of appointment, the Independent Appraiser shall deliver to Lessor and Lessee a written report, in form and substance satisfactory to Lessor (the "“Appraisal Report"”), which shall certify as to (i) the cash payment obtainable in an arm's ’s length sale of the Leased Unit 1 Facility between an informed and willing purchaser under no compulsion to purchase and an informed and willing seller under no compulsion to sell at the end of the Base Term or the Renewal Term taking into account any Investments financed by Lessor, as the case may be (each, a "an amount equal to Lessor’s Percentage of such cash payment is herein referred to as the “Fair Market Value Purchase Price"”) and (ii) in the case of an appraisal during the First Renewal Term or the Second Renewal Term, as the case may be, the Current Economic Useful Life of the Leased Unit 1 Facility and the Appraised FMV of the Leased Unit 1 Facility at the end of the subsequent Renewal Term taking into account any Investments; provided, however, that the Appraised FMV shall be determined without taking into account inflation or deflation occurring after the Lease Effective Date (including any inflation or deflation occurring during the respective Renewal Term). (c) Within sixty (60) days of the date of an Appraisal Report, Lessee shall notify Lessor in writing in accordance with Wisconsin Stat. Section § 196.52(9)(b)(8)(a) (the "“Lessee Election Notice"”) whether it elects: (i) to renew this Facility Lease in accordance with Section 14.2, provided, however, that such election occurs during the Base Term, the First Renewal Term or the Second Renewal Term, (ii) to purchase the Leased Facility in accordance with Section 14.4, or (iii) to terminate this Facility Lease in accordance with Section 14.5, provided, however, that if Lessee fails to timely deliver to Lessor a Lessee Election Notice, Lessee shall be deemed to have elected (A) in the case of the Base Term, the First Renewal Term or the Second Renewal Term, to renew this Facility Lease in accordance with Section 14.2 or (B) in the case of the Third Renewal Term, to terminate this Facility Lease in accordance with Section 14.5. (d) Notwithstanding anything to the contrary contained herein, if Lessee elects in the Lessee Election Notice to purchase the Leased Facility, Lessor shall have thirty (30) days from receipt of the Lessee Election Notice to demonstrate to the PSCW, pursuant to Wisconsin Stat. Section § 196.52(9)(b)(8)(b), that a renewal of this Facility Lease rather than sale of the Leased Facility is necessary to avoid material adverse tax consequences to Lessor or its Affiliates and any other requirements as set forth in Wisconsin Stat. Section § 196.52(9)(b)(8)(b). If the PSCW determines that a renewal of this Facility Lease is necessary in accordance with Wisconsin Stat. Section § 196.52(9)(b)(8)(b) within one hundred eighty (180) days of such demonstration or if the PSCW fails to make a determination within such one hundred eighty (180) day period, then this Facility Lease shall be renewed in accordance with Section 14.2. If the PSCW determines within such one hundred eighty (180) day period that Lessor has failed to demonstrate that renewal of this Facility Lease is necessary pursuant to Wisconsin Stat. Section § 196.52(9)(b)(8)(b), then Lessee shall purchase the Leased Facility in accordance with Section 14.4.

Appraisal Report. (a) No later than seven hundred thirty (730) days and no earlier than eight hundred fifty (850) days prior to the end of the Base Term and any Renewal Term, Lessor shall submit to Lessee, with a copy to the PSCW, a written list of proposed Appraisers. Lessee shall select one (1) of the Appraisers from Lessor's ’s list and give written notice thereof to Lessor and the PSCW. The PSCW shall either approve the Appraiser selected by Lessee or choose a different Appraiser from Lessor's ’s list. The Appraiser selected in accordance with this Section 14.1(a) (the "“Independent Appraiser"”) shall appraise the Leased Unit 2 Facility in accordance with Section 14.1(b). (b) Within ninety (90) days of appointment, the Independent Appraiser shall deliver to Lessor and Lessee a written report, in form and substance satisfactory to Lessor (the "“Appraisal Report"”), which shall certify as to (i) the cash payment obtainable in an arm's ’s length sale of the Leased Unit 2 Facility between an informed and willing purchaser under no compulsion to purchase and an informed and willing seller under no compulsion to sell at the end of the Base Term or the Renewal Term taking into account any Investments financed by Lessor, as the case may be (each, a "an amount equal to Lessor’s Percentage of such cash payment is herein referred to as the “Fair Market Value Purchase Price"”) and (ii) in the case of an appraisal during the First Renewal Term or the Second Renewal Term, as the case may be, the Current Economic Useful Life of the Leased Unit 2 Facility and the Appraised FMV of the Leased Unit 2 Facility at the end of the subsequent Renewal Term taking into account any Investments; provided, however, that the Appraised FMV shall be determined without taking into account inflation or deflation occurring after the Lease Effective Date (including any inflation or deflation occurring during the respective Renewal Term). (c) Within sixty (60) days of the date of an Appraisal Report, Lessee shall notify Lessor in writing in accordance with Wisconsin Stat. Section § 196.52(9)(b)(8)(a) (the "“Lessee Election Notice"”) whether it elects: (i) to renew this Facility Lease in accordance with Section 14.2, provided, however, that such election occurs during the Base Term, the First Renewal Term or the Second Renewal Term, (ii) to purchase the Leased Facility in accordance with Section 14.4, or (iii) to terminate this Facility Lease in accordance with Section 14.5, provided, however, that if Lessee fails to timely deliver to Lessor a Lessee Election Notice, Lessee shall be deemed to have elected (A) in the case of the Base Term, the First Renewal Term or the Second Renewal Term, to renew this Facility Lease in accordance with Section 14.2 or (B) in the case of the Third Renewal Term, to terminate this Facility Lease in accordance with Section 14.5. (d) Notwithstanding anything to the contrary contained herein, if Lessee elects in the Lessee Election Notice to purchase the Leased Facility, Lessor shall have thirty (30) days from receipt of the Lessee Election Notice to demonstrate to the PSCW, pursuant to Wisconsin Stat. Section § 196.52(9)(b)(8)(b), that a renewal of this Facility Lease rather than sale of the Leased Facility is necessary to avoid material adverse tax consequences to Lessor or its Affiliates and any other requirements as set forth in Wisconsin Stat. Section § 196.52(9)(b)(8)(b). If the PSCW determines that a renewal of this Facility Lease is necessary in accordance with Wisconsin Stat. Section § 196.52(9)(b)(8)(b) within one hundred eighty (180) days of such demonstration or if the PSCW fails to make a determination within such one hundred eighty (180) day period, then this Facility Lease shall be renewed in accordance with Section 14.2. If the PSCW determines within such one hundred eighty (180) day period that Lessor has failed to demonstrate that renewal of this Facility Lease is necessary pursuant to Wisconsin Stat. Section § 196.52(9)(b)(8)(b), then Lessee shall purchase the Leased Facility in accordance with Section 14.4.