Common use of Appraisers Clause in Contracts

Appraisers. If it becomes necessary to determine the Fair Market Value or Fair Market Rental of the Leased Property for any purpose of this Lease, the party required or permitted to give Notice of such required determination shall include in the Notice the name of a Person selected to act as appraiser on its behalf. Within ten (10) days after Notice, Lessor (or Lessee, as the case may be) shall by Notice to Lessee (or Lessor, as the case may be) appoint a second Person as appraiser on its behalf. The appraisers thus appointed, each of whom must be a member of the American Institute of Real Estate Appraisers (or any successor organization thereto) with at least five (5) years’ experience in the State appraising property similar to the Leased Property, shall, within forty-five (45) days after the date of the Notice appointing the first appraiser, proceed to appraise the Leased Property to determine the Fair Market Value or Fair Market Rental thereof as of the relevant date (giving effect to the impact, if any, of inflation from the date of their decision to the relevant date); provided, however, that if only one appraiser shall have been so appointed, then the determination of such appraiser shall be final and binding upon the parties. To the extent consistent with sound appraisal practice as then existing at the time of any such appraisal, such appraisal shall be made on a basis consistent with the basis on which the Leased Property was appraised for purposes of determining its Fair Market Value at the time the Leased Property was acquired by Lessor. If two (2) appraisers are appointed and if the difference between the amounts so determined does not exceed five percent (5%) of the lesser of such amounts, then the Fair Market Value or Fair Market Rental shall be an amount equal to fifty percent (50%) of the sum of the amounts so determined. If the difference between the amounts so determined exceeds five percent (5%) of the lesser of such amounts, then such two appraisers shall have twenty (20) days to appoint a third appraiser. If no such appraiser shall have been appointed within such twenty (20) days or within ninety (90) days of the original request for a determination of Fair Market Value or Fair Market Rental, whichever is earlier, either Lessor or Lessee may apply to any court having jurisdiction to have such appointment made by such court. Any appraiser appointed by the original appraisers or by such court shall be instructed to determine the Fair Market Value or Fair Market Rental within forty-five (45) days after appointment of such appraiser. The determination of the appraiser which differs most in the terms of dollar amount from the determinations of the other two appraisers shall be excluded, and fifty percent (50%) of the sum of the remaining two determinations shall be final and binding upon Lessor and Lessee as the Fair Market Value or Fair Market Rental of the Leased Property, as the case may be. This provision for determining by appraisal shall be specifically enforceable to the extent such remedy is available under applicable law, and any determination hereunder shall be final and binding upon the parties except as otherwise provided by applicable law. Lessor and Lessee shall each pay the fees and expenses of the appraiser appointed by it and each shall pay one-half of the fees and expenses of the third appraiser and one-half of all other costs and expenses incurred in connection with each appraisal.

Appears in 24 contracts

Samples: Hotel Lease Agreement, Hotel Lease Agreement (Apple REIT Ten, Inc.), Hotel Lease Agreement (Apple REIT Ten, Inc.)

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Appraisers. If it becomes necessary to determine the Fair Market Value or Fair Market Rental of the Leased Property for any purpose of this Lease, the party required or permitted to give Notice of such required determination shall include in the Notice the name of a Person person selected to act as appraiser on its behalf. Within ten (10) 20 days after Notice, Lessor (or Lessee, as the case may be) shall by Notice to Lessee (or Lessor, as the case may be) appoint a second Person person as appraiser on its behalf. The appraisers thus appointed, each of whom must be a member of the American Institute of Real Estate Appraisers (or any successor organization thereto) with at least five (5) years’ years experience in the State appraising property similar to the Leased Property, shall, within forty-five (45) 45 days after the date of the Notice appointing the first appraiser, proceed to appraise the Leased Property to determine the Fair Market Value or Fair Market Rental thereof as of the relevant date (giving effect to the impact, if any, of inflation from the date of their decision to the relevant date); provided, however, that if only one appraiser shall have been so appointed, then the determination of such appraiser shall be final and binding upon the parties. To the extent consistent with sound appraisal practice as then existing at the time of any such appraisal, such appraisal shall be made on a basis consistent with the basis on which the Leased Property was appraised for purposes of determining its Fair Market Value at the time the Leased Property was acquired by Lessor. If two (2) appraisers are appointed and if the difference between the amounts so determined does not exceed five percent (5%) % of the lesser of such amounts, then the Fair Market Value or Fair Market Rental shall be an amount equal to fifty percent (50%) % of the sum of the amounts so determined. If the difference between the amounts so determined exceeds five percent (5%) % of the lesser of such amounts, then such two appraisers shall have twenty (20) 20 days to appoint a third appraiser. If no such appraiser shall have been appointed within such twenty (20) 20 days or within ninety (90) 90 days of the original request for a determination of Fair Market Value or Fair Market Rental, whichever is earlier, either Lessor or Lessee may apply to any court having jurisdiction to have such appointment made by such court. Any appraiser appointed by the original appraisers or by such court shall be instructed to determine the Fair Market Value or Fair Market Rental within forty-five (45) 45 days after appointment of such appraiser. The determination of the appraiser which differs most in the terms of dollar amount from the determinations of the other two appraisers shall be excluded, and fifty percent (50%) % of the sum of the remaining two determinations shall be final and binding upon Lessor and Lessee as the Fair Market Value or Fair Market Rental of the Leased Property, as the case may be. This provision for determining by appraisal shall be specifically enforceable to the extent such remedy is available under applicable law, and any determination hereunder shall be final and binding upon the parties except as otherwise provided by applicable law. Lessor and Lessee shall each pay the fees and expenses of the appraiser appointed by it and each shall pay one-half of the fees and expenses of the third appraiser and one-half of all other costs and expenses incurred in connection with each appraisal.

Appears in 8 contracts

Samples: Master Lease Agreement, Master Lease Agreement (Supertel Hospitality Inc), Master Lease Agreement (Supertel Hospitality Inc)

Appraisers. If it becomes necessary to determine the Fair Market Value of Lessee’s leasehold interest in the Leased Property or of any other real property or the Fair Market Rental of the Leased Property for any purpose of this Lease, the party required or permitted to give Notice of such required determination shall include in the Notice the name of a Person person selected to act as appraiser on its behalf. Within ten (10) 10 days after Notice, Lessor (or Lessee, as the case may be) shall by Notice to Lessee (or Lessor, as the case may be) appoint a second Person person as appraiser on its behalf. The appraisers thus appointed, each of whom must be a member of the American Institute of Real Estate Appraisers (or any successor organization thereto) with at least five (5) years’ years experience in the State appraising property similar to the Leased Propertysubject property, shall, within forty-five (45) 45 days after the date of the Notice appointing the first appraiser, proceed to appraise the Leased Property to determine determine, as applicable, the Fair Market Value of the subject property or the Fair Market Rental thereof of the Leased Property as of the relevant date (giving effect to the impact, if any, of inflation from the date of their decision to the relevant date); provided, however, that if only one appraiser shall have been so appointed, then the determination of such appraiser shall be final and binding upon the parties. To If Lessee’s leasehold interest in the Leased Property is the subject property, to the extent consistent with sound appraisal practice as then existing at the time of any such appraisal, such appraisal shall be made on a basis consistent with the basis on which the Leased Property was appraised for purposes of determining its Fair Market Value at the time the Leased Property was acquired by Lessor. If two (2) appraisers are appointed and if the difference between the amounts so determined does not exceed five percent (5%) % of the lesser of such amounts, then the Fair Market Value or Fair Market Rental shall be an amount equal to fifty percent (50%) % of the sum of the amounts so determined. If the difference between the amounts so determined exceeds five percent (5%) % of the lesser of such amounts, then such two appraisers shall have twenty (20) 20 days to appoint a third appraiser. If no such appraiser shall have been appointed within such twenty (20) 20 days or within ninety (90) 90 days of the original request for a determination of Fair Market Value or Fair Market Rental, whichever is earlier, either Lessor or Lessee may apply to any court having jurisdiction to have such appointment made by such court. Any appraiser appointed by the original appraisers or by such court shall be instructed to determine the Fair Market Value or Fair Market Rental within forty-five (45) 45 days after appointment of such appraiser. The determination of the appraiser which differs most in the terms of dollar amount from the determinations of the other two appraisers shall be excluded, and fifty percent (50%) % of the sum of the remaining two determinations shall be final and binding upon Lessor and Lessee as the Fair Market Value of the subject property or the Fair Market Rental of the Leased Property, as the case may be. This provision for determining by appraisal shall be specifically enforceable to the extent such remedy is available under applicable law, and any determination hereunder shall be final and binding upon the parties except as otherwise provided by applicable law. Lessor and Lessee shall each pay the fees and expenses of the appraiser appointed by it and each shall pay one-half of the fees and expenses of the third appraiser and one-half of all other costs and expenses incurred in connection with each appraisal.

Appears in 6 contracts

Samples: Lease Agreement (American Realty Capital Hospitality Trust, Inc.), Lease Agreement (American Realty Capital Hospitality Trust, Inc.), Lease Agreement (American Realty Capital Hospitality Trust, Inc.)

Appraisers. If it becomes necessary to determine the Fair Market Value or Fair Market Rental of the Leased Property for any purpose of this Lease, the party required or permitted to give Notice of such required determination shall include in the Notice the name of a Person selected to act as appraiser on its behalf. Within ten (10) days after Notice, Lessor (or Lessee, as the case may be) shall by Notice to Lessee (or Lessor, as the case may be) appoint a second Person as appraiser on its behalf. The appraisers thus appointed, each of whom must be a member of the American Institute of Real Estate Appraisers (or any successor organization thereto) with at least five (5) years' experience in the State appraising property similar to the Leased Property, shall, within forty-five (45) days after the date of the Notice appointing the first appraiser, proceed to appraise the Leased Property to determine the Fair Market Value or Fair Market Rental thereof as of the relevant date (giving effect to the impact, if any, of inflation from the date of their decision to the relevant date); provided, however, that if only one appraiser shall have been so appointed, then the determination of such appraiser shall be final and binding upon the parties. To the extent consistent with sound appraisal practice as then existing at the time of any such appraisal, such appraisal shall be made on a basis consistent with the basis on which the Leased Property was appraised for purposes of determining its Fair Market Value at the time the Leased Property was acquired by Lessor. If two (2) appraisers are appointed and if the difference between the amounts so determined does not exceed five percent (5%) of the lesser of such amounts, then the Fair Market Value or Fair Market Rental shall be an amount equal to fifty percent (50%) of the sum of the amounts so determined. If the difference between the amounts so determined exceeds five percent (5%) of the lesser of such amounts, then such two appraisers shall have twenty (20) days to appoint a third appraiser. If no such appraiser shall have been appointed within such twenty (20) days or within ninety (90) days of the original request for a determination of Fair Market Value or Fair Market Rental, whichever is earlier, either Lessor or Lessee may apply to any court having jurisdiction to have such appointment made by such court. Any appraiser appointed by the original appraisers or by such court shall be instructed to determine the Fair Market Value or Fair Market Rental within forty-five (45) days after appointment of such appraiser. The determination of the appraiser which differs most in the terms of dollar amount from the determinations of the other two appraisers shall be excluded, and fifty percent (50%) of the sum of the remaining two determinations shall be final and binding upon Lessor and Lessee as the Fair Market Value or Fair Market Rental of the Leased Property, as the case may be. This provision for determining by appraisal shall be specifically enforceable to the extent such remedy is available under applicable law, and any determination hereunder shall be final and binding upon the parties except as otherwise provided by applicable law. Lessor and Lessee shall each pay the fees and expenses of the appraiser appointed by it and each shall pay one-half of the fees and expenses of the third appraiser and one-half of all other costs and expenses incurred in connection with each appraisal.

Appears in 6 contracts

Samples: Master Hotel Lease Agreement (Apple Hospitality Five Inc), Master Hotel Lease Agreement (Apple Suites Inc), Master Hotel Lease Agreement (Apple Suites Inc)

Appraisers. If it becomes necessary to determine the Fair Market Value fair market value or Fair Market Rental fair market rental of the Leased Property for any purpose of this Lease, then, except as otherwise expressly provided in this Lease, the party required or permitted to give Notice of such required determination shall include in the Notice the name of a Person person selected to act as appraiser on its behalf. Within ten (10) 10 days after Notice, Lessor (or Lessee, as the case may be) shall by Notice to Lessee (or Lessor, as the case may be) appoint a second Person person as appraiser on its behalf. The appraisers thus appointed, each of whom must be a member of the American Institute of Real Estate Appraisers (or any successor organization thereto) with at least five (5) years’ years experience in the State appraising property similar to the Leased Property, shall, within forty-five (45) 10 days after the date of the Notice appointing the first second appraiser, proceed to appraise the Leased Property to determine the Fair Market Value fair market value or Fair Market Rental fair market rental thereof as of the relevant date (giving effect to the impact, if any, of inflation from the date of their decision to the relevant date); provided, however, that if only one appraiser shall have been so appointed, then the determination of such appraiser shall be final and binding upon the parties. To the extent consistent with sound appraisal practice as then existing at the time of any such appraisal, such appraisal shall be made on a basis consistent with the basis on which the Leased Property was appraised for purposes of determining its Fair Market Value at the time the Leased Property was acquired by Lessor. If two (2) appraisers are appointed and if the difference between the amounts so determined does not exceed five percent (5%) % of the lesser of such amounts, then the Fair Market Value fair market value or Fair Market Rental fair market rental shall be an amount equal to fifty percent (50%) % of the sum of the amounts so determined. If the difference between the amounts so determined exceeds five percent (5%) % of the lesser of such amounts, then such two appraisers shall have twenty (20) 10 days to appoint a third appraiser. If no such appraiser shall have been appointed within such twenty (20) 10 days or within ninety (90) 60 days of the original request for a determination of Fair Market Value fair market value or Fair Market Rentalfair market rental, whichever is earlier, either Lessor or Lessee may apply to any court having jurisdiction to have such appointment made by such court. Any appraiser appointed by the original appraisers or by such court shall be instructed to determine the Fair Market Value fair market value or Fair Market Rental fair market rental within forty-five (45) 30 days after appointment of such appraiser. The determination of the appraiser which differs most in the terms of dollar amount from the determinations of the other two appraisers shall be excluded, and fifty percent (50%) % of the sum of the remaining two determinations shall be final and binding upon Lessor and Lessee as the Fair Market Value fair market value or Fair Market Rental fair market rental of the Leased Property, as the case may be. This provision for determining by appraisal shall be specifically enforceable to the extent such remedy is available under applicable law, and any determination hereunder shall be final and binding upon the parties except as otherwise provided by applicable law. Lessor and Lessee shall each pay the fees and expenses of the appraiser appointed by it and each shall pay one-half of the fees and expenses of the third appraiser and one-half of all other costs and expenses incurred in connection with each appraisal.

Appears in 6 contracts

Samples: Lease Agreement (Hersha Hospitality Trust), Lease Agreement (Hersha Hospitality Trust), Lease Agreement (Hersha Hospitality Trust)

Appraisers. If at any time it becomes necessary to determine the Fair Market Value, Fair Market Value Purchase Price or Fair Market Rental of the Leased Property for any purpose of under this Lease, and the parties are unable to agree thereupon, the party required or permitted to give Notice of such required determination shall include in the Notice the name of a Person person selected to act as appraiser on its behalf. Within ten (10) days after such Notice, Lessor (Landlord or LesseeTenant, as the case may be) , shall by Notice to Lessee (Tenant or LessorLandlord, as the case may be) , either agree to the appointment of the appraiser identified in such initial Notice, in which case such appraiser shall be the sole appraiser for purposes of determining the Fair Market Value, Fair Market Value Purchase Price or Fair Market Rental, as the case may be, or shall appoint a second Person person as an appraiser on its behalf. The appraisers thus appointed, each of whom Any appraiser appointed pursuant to this Section must be a member of the American Institute of Real Estate Appraisers (or any successor organization thereto). The appraiser(s) with at least five (5) years’ experience in the State appraising property similar to the Leased Property, thus appointed shall, within forty-five (45) 45 days after the date of the Notice appointing the first appraiser, proceed to appraise the Leased Property to determine the Fair Market Value, Fair Market Value Purchase Price or Fair Market Rental thereof (as the case may be) as of the relevant date (giving effect to the impact, if any, of inflation from the date of their decision to the relevant date); provided. In the case of two appraisers, howeverexcept as provided in Section 25.2, that if only one appraiser shall have been so appointed, then the determination of such appraiser two appraisals shall be final and binding upon the parties. To the extent consistent with sound appraisal practice as then existing at the time of any such appraisal, such appraisal shall be made on a basis consistent with the basis on which the Leased Property was appraised for purposes of determining its Fair Market Value at the time the Leased Property was acquired by Lessor. If two (2) appraisers are appointed and if the difference between the amounts so determined does not exceed five percent (5%) of the lesser of such amounts, then the Fair Market Value or Fair Market Rental shall be an amount equal to fifty percent (50%) of the sum of the amounts so determined. If the difference between the amounts so determined exceeds five percent (5%) of the lesser of such amounts, then such two appraisers shall have twenty (20) days to appoint a third appraiser. If no such appraiser shall have been appointed within such twenty (20) days or within ninety (90) days of the original request for a determination of Fair Market Value or Fair Market Rental, whichever is earlier, either Lessor or Lessee may apply to any court having jurisdiction to have such appointment made by such court. Any appraiser appointed by the original appraisers or by such court shall be instructed averaged to determine the Fair Market Value, Fair Market Value Purchase Price or Fair Market Rental within forty-five (45) days after appointment of such appraiser. The determination of the appraiser which differs most in the terms of dollar amount from the determinations of the other two appraisers shall be excluded, and fifty percent (50%) of the sum of the remaining two determinations shall be final and binding upon Lessor and Lessee as the Fair Market Value or Fair Market Rental of the Leased PropertyRental, as the case may be. This provision for determining by appraisal shall be specifically enforceable to In any event, the extent such remedy is available under applicable law, and any determination hereunder appraised value determined in accordance with this Section shall be final and binding upon the parties except as otherwise provided by applicable law. Lessor on Landlord and Lessee shall each pay the fees and expenses of the appraiser appointed by it and each shall pay one-half of the fees and expenses of the third appraiser and one-half of all other costs and expenses incurred in connection with each appraisalTenant.

Appears in 4 contracts

Samples: Lease (Unison Healthcare Corp), __________ Lease (Emeritus Corp\wa\), Douglas Manor Lease (Unison Healthcare Corp)

Appraisers. If it becomes necessary to determine the Fair Market Value or Fair Market Rental of the Leased Property for any purpose of this Lease, Lessor and Lessee shall first attempt to agree on such Fair Market Rental. If Lessor and Lessee are not able to so agree within a reasonable period of time not to exceed forty-five (45) days, then Lessor and Lessee shall attempt to agree upon a single appraiser to make such determination. If Lessor and Lessee are unable to agree upon a single arbitrator within thirty (30) days thereafter, then the party required or permitted to give Notice of such required determination shall include in the Notice the name of a Person person selected to act as appraiser on its behalf. Within ten (10) days after such Notice, Lessor (or Lessee, as the case may be) shall by Notice to Lessee (or Lessor, as the case may be) appoint a second Person person as appraiser on its behalf. The appraisers thus appointed, each of whom must be a member of the American Institute of Real Estate Appraisers (or any successor organization thereto) with at least five (5) years’ experience and experienced in the State appraising property similar to the Leased Propertynursing home properties, shall, within forty-five (45) days after the date of the Notice appointing the first appraiser, proceed to appraise the Leased Property to determine the Fair Market Value or Fair Market Rental thereof as of the relevant date (giving effect to the impact, if any, of inflation from the date of their decision to the relevant date); provided, however, that if only one appraiser shall has been so appointed, or if two appraisers have been so appointedappointed but only one such appraiser has made such deter­mination within fifty (50) days after the making of Lessee’s or Lessor’s request, then the determination of such appraiser shall be final and binding upon the parties. To the extent consistent with sound appraisal practice as then existing at the time of any such appraisal, such appraisal shall be made on a basis consistent with the basis on which the Leased Property was appraised for purposes of determining its Fair Market Value at the time the Leased Property was acquired by Lessor. If two (2) appraisers are have been appointed and have made their determinations within the respective requisite periods set forth above and if the difference between the amounts so determined does not exceed five ten percent (510%) of the lesser of such amounts, then the Fair Market Value or Fair Market Rental shall be an amount equal to fifty percent (50%) of the sum of the amounts so determined. If the difference between the amounts so determined exceeds five ten percent (510%) of the lesser of such amounts, then such two appraisers shall have twenty (20) days to appoint a third appraiser. If no such appraiser shall have has been appointed within such twenty (20) days or within ninety (90) days of the original request for a determination of Fair Market Value or Fair Market Rental, whichever is earlier, either Lessor or Lessee may apply to any court having jurisdiction to have such appointment made by such court. Any appraiser appointed by the original appraisers or by such court shall be instructed to determine the Fair Market Value or Fair Market Rental within forty-five (45) days after appointment of such appraiser. The determination of the appraiser which differs most in the terms of dollar amount from the determinations of the other two appraisers shall be excluded, and fifty percent (50%) the average of the sum of the remaining two determinations shall be final and binding upon Lessor and Lessee as the Fair Market Value or Fair Market Rental of the Leased Property, as the case may be. This provision for determining by appraisal shall be specifically enforceable to the extent such remedy is available under applicable law, and any determination hereunder shall be final and binding upon the parties except as otherwise provided by applicable law. Lessor and Lessee shall each pay the fees and expenses of the appraiser appointed by it and each shall pay one-half (½) of the fees and expenses of the third appraiser and one-half (½) of all other costs and expenses incurred in connection with each appraisal.

Appears in 3 contracts

Samples: Master Lease Agreement (Omega Healthcare Investors Inc), Master Lease Agreement (Sun Healthcare Group Inc), Master Lease Agreement (Omega Healthcare Investors Inc)

Appraisers. If it becomes necessary to determine the Fair Market Value or Fair Market Rental of the Leased Property for any purpose of this Lease, the party required or permitted to give Notice of such required determination shall include in the Notice the name of a Person person selected to act as appraiser on its behalf. Within ten (10) days after Notice, Lessor (or Lessee, as the case may be) shall by Notice to Lessee (or Lessor, as the case may be) appoint a second Person person as appraiser on its behalf. The appraisers thus appointed, each of whom must be a member of the American Institute of Real Estate Appraisers (or any successor organization thereto) with at least five (5) years' experience in the State appraising property similar to the Leased Property, shall, within forty-five (45) days after the date of the Notice appointing the first appraiser, proceed to appraise the Leased Property to determine the Fair Market Value or Fair Market Rental thereof as of the relevant date (giving effect to the impact, if any, of inflation from the date of their decision to the relevant date); provided, however, that if only one appraiser shall have been so appointed, then the determination of such appraiser shall be final and binding upon the parties. To the extent consistent with sound appraisal practice as then existing at the time of any such appraisal, such appraisal shall be made on a basis consistent with the basis on which the Leased Property was appraised for purposes of determining its Fair Market Value at the time the Leased Property was acquired by Lessor. If two (2) appraisers are appointed and if the difference between the amounts so determined does not exceed five percent (5%) % of the lesser of such amounts, then the Fair Market Value or Fair Market Rental shall be an amount equal to fifty percent (50%) % of the sum of the amounts so determined. If the difference between the amounts so determined exceeds five percent (5%) % of the lesser of such amounts, then such two appraisers shall have twenty (20) days to appoint a third appraiser. If no such appraiser shall have been appointed within such twenty (20) days or within ninety (90) days of the original request for a determination of Fair Market Value or Fair Market Rental, whichever is earlier, either Lessor or Lessee may apply to any court having jurisdiction to have such appointment made by such court. Any appraiser appointed by the original appraisers or by such court shall be instructed to determine the Fair Market Value or Fair Market Rental within forty-five (45) days after appointment of such appraiser. The determination of the appraiser which differs most in the terms of dollar amount from the determinations of the other two appraisers shall be excluded, and fifty percent (50%) % of the sum of the remaining two determinations shall be final and binding upon Lessor and Lessee as the Fair Market Value or Fair Market Rental of the Leased Property, as the case may be. This provision for determining by appraisal shall be specifically enforceable to the extent such remedy is available under applicable law, and any determination hereunder shall be final and binding upon the parties except as otherwise provided by applicable law. Lessor and Lessee shall each pay the fees and expenses of the appraiser appointed by it and each shall pay one-half of the fees and expenses of the appraiser appointed by it and each shall pay one-half of the fees and expenses of the third appraiser and one-half of all other costs and expenses incurred in connection with each appraisal.

Appears in 3 contracts

Samples: Lease Agreement (Strategic Hotel Capital Inc), Lease Agreement (Strategic Hotel Capital Inc), Lease Agreement (Strategic Hotel Capital Inc)

Appraisers. If In the event that it becomes necessary to determine the Fair Market Value or Fair Market Rental of the Leased Property any property for any purpose of this Lease, and the parties cannot agree amongst themselves on such value within twenty (20) days after the first request made by one of the parties to do so, then either party required or permitted to give Notice of such required determination shall include in may notify the Notice the name other of a Person person selected to act as appraiser on its behalf. Within ten fifteen (1015) days after Noticereceipt of any such notice, Lessor (or Lessee, as the case may be) other party shall by Notice notice to Lessee (or Lessor, as the case may be) first party appoint a second Person person as appraiser on its behalf. The appraisers thus appointed, each of whom must be a member of the The Appraisal Institute/American Institute of Real Estate Appraisers (or any successor organization thereto) with at least five (5) years’ experience in the State appraising property similar to the Leased Property), shall, within forty-five (45) 45 days after the date of the Notice notice appointing the first appraiser, proceed to appraise the applicable Leased Property to determine the Fair Market Value or Fair Market Rental thereof as of the relevant date (giving effect to the impact, if any, of inflation from the date of their decision to the relevant date); provided, however, provided that if only one appraiser shall have been so appointed, or if two appraisers shall have been so appointed but only one such appraiser shall have made such determination within 50 days after the making of the initial appointment, then the determination of such appraiser shall be final and binding upon the parties. To the extent consistent with sound appraisal practice as then existing at the time of any such appraisal, such appraisal shall be made on a basis consistent with the basis on which the Leased Property was appraised for purposes of determining its Fair Market Value at the time the Leased Property was acquired by Lessor. If two (2) appraisers are shall have been appointed and shall have made their determinations within the respective requisite periods set forth above and if the difference between the amounts so determined does shall not exceed five ten percent (510%) of the lesser of such amounts, then the Fair Market Value or Fair Market Rental shall be an amount equal to fifty percent (50%) % of the sum of the amounts so determined. If the difference between the amounts so determined exceeds five shall exceed ten percent (510%) of the lesser of such amounts, then such two appraisers shall have twenty (20) 20 days to appoint a third appraiser, but if such appraisers fail to do so, then either party may request the American Arbitration Association or any successor organization thereto to appoint an appraiser within 20 days of such request, and both parties shall be bound by any appointment so made within such 20 day period. If no such appraiser shall have been appointed within such twenty (20) 20 days or within ninety (90) 90 days of the original request for a determination of Fair Market Value or Fair Market Rental, whichever is earlier, either Lessor Landlord or Lessee Tenant may apply to any court having jurisdiction to have such appointment made by such court. Any appraiser appointed by the original appraisers appraisers, by the American Arbitration Association or by such court shall be instructed to determine the Fair Market Value or Fair Market Rental within forty-five (45) 30 days after appointment of such appraiserAppraiser. The determination of the appraiser which differs most in the terms of dollar amount from the determinations determination of the other two appraisers shall be excluded, and fifty percent (50%) % of the sum of the remaining two determinations shall be final and binding upon Lessor Landlord and Lessee Tenant as the Fair Market Value or Fair Market Rental of the Leased Property, as the case may befor such interest. This provision for determining determination by appraisal shall be specifically enforceable to the extent such remedy is available under applicable law, and any determination hereunder shall be final and binding upon the parties except as otherwise provided by applicable law. Lessor Landlord and Lessee Tenant shall each pay the fees and expenses of the appraiser appointed by it and their own legal fees, and each shall pay one-half of the fees and expenses of the third appraiser and one-half of all other costs cost and expenses incurred in connection with each appraisal.

Appears in 3 contracts

Samples: Master Lease Agreement (Vornado Operating Co), Master Lease Agreement (Vornado Operating Co), Master Lease Agreement (Vornado Operating Co)

Appraisers. If In the event that it becomes necessary to determine the Fair Market Value or Fair Market Rental of the Leased Property any property for any purpose of this Lease, and the parties cannot agree amongst themselves on such value within twenty (20) days after the first request made by one of the parties to do so, then either party required or permitted to give Notice of such required determination shall include in may notify the Notice the name other of a Person person selected to act as appraiser on its behalf. Within ten fifteen (1015) days after Noticereceipt of any such notice, Lessor (or Lessee, as the case may be) other party shall by Notice notice to Lessee (or Lessor, as the case may be) first party appoint a second Person person as appraiser on its behalf. The appraisers thus appointed, each of whom must be a member of the The Appraisal Institute/American Institute of Real Estate Appraisers (or any successor organization thereto) with at least five (5) years’ experience in the State appraising property similar to the Leased Property), shall, within forty-five (45) 45 days after the date of the Notice notice appointing the first appraiser, proceed to appraise the applicable Leased Property to determine the Fair Market Value or Fair Market Rental thereof as of the relevant date (giving effect to the impact, if any, of inflation from the date of their decision to the relevant date); provided, however, provided that if only one appraiser shall have been so appointed, or if two appraisers shall have been so appointed but only one such appraiser shall have made such determination within 50 days after the making of the initial appointment, then the determination of such appraiser shall be final and binding upon the parties. To the extent consistent with sound appraisal practice as then existing at the time of any such appraisal, such appraisal shall be made on a basis consistent with the basis on which the Leased Property was appraised for purposes of determining its Fair Market Value at the time the Leased Property was acquired by Lessor. If two (2) appraisers are shall have been appointed and shall have made their determinations within the respective requisite periods set forth above and if the difference between the amounts so determined does shall not exceed five ten percent (510%) of the lesser of such amounts, then the Fair Market Value or Fair Market Rental shall be an amount equal to fifty percent (50%) % of the sum of the amounts so determined. If the difference between the amounts so determined exceeds five shall exceed ten percent (510%) of the lesser of such amounts, then such two appraisers shall have twenty (20) 20 days to appoint a third appraiser, but if such appraisers fail to do so, then either party may request the American Arbitration Association or any successor organization thereto to appoint an appraiser within 20 days of such request, and both parties shall be bound by any appointment so made within such 20 day period. If no such appraiser shall have been appointed within such twenty (20) 20 days or within ninety (90) 90 days of the original request for a determination of Fair Market Value or Fair Market RentalValue, whichever is earlier, either Lessor Landlord or Lessee Tenant may apply to any court having jurisdiction to have such appointment made by such court. Any appraiser appointed by the original appraisers appraisers, by the American Arbitration Association or by such court shall be instructed to determine the Fair Market Value or Fair Market Rental within forty-five (45) 30 days after appointment of such appraiserAppraiser. The determination of the appraiser which differs most in the terms of dollar amount from the determinations determination of the other two appraisers shall be excluded, and fifty percent (50%) % of the sum of the remaining two determinations shall be final and binding upon Lessor Landlord and Lessee Tenant as the Fair Market Value or Fair Market Rental of the Leased Property, as the case may befor such interest. This provision for determining determination by appraisal shall be specifically enforceable to the extent such remedy is available under applicable law, and any determination hereunder shall be final and binding upon the parties except as otherwise provided by applicable law. Lessor Landlord and Lessee Tenant shall each pay the fees and expenses of the appraiser appointed by it and their own legal fees, and each shall pay one-half of the fees and expenses of the third appraiser and one-half of all other costs cost and expenses incurred in connection with each appraisal.

Appears in 3 contracts

Samples: Disturbance and Attornment Agreement (Toys R Us Property Co II, LLC), Master Lease Agreement (Toys R Us Property Co II, LLC), Master Lease Agreement (Toys R Us Property Co I, LLC)

Appraisers. If it becomes necessary to determine the Fair Market Value fair market value or Fair Market Rental fair market rental of the Leased Property for any purpose of this Lease, then, except as otherwise expressly provided in this Lease, the party required or permitted to give Notice of such required determination shall include in the Notice the name of a Person person selected to act as appraiser on its behalf. Within ten (10) 10 days after Notice, Lessor (or Lessee, as the case may be) shall by Notice to Lessee (or Lessor, as the case may be) appoint a second Person person as appraiser on its behalf. The appraisers thus appointed, each of whom must be a member of the American Institute of Real Estate Appraisers (or any successor organization thereto) with at least five (5) years’ years experience in the State appraising property similar to the Leased Property, shall, within forty-five (45) 10 days after the date of the Notice appointing the first second appraiser, proceed to appraise the Leased Property to determine the Fair Market Value fair market value or Fair Market Rental fair market rental thereof as of the relevant date (giving effect to the impact, if any, of inflation from the date of their decision to the relevant date); provided, however, that if only one appraiser shall have been so appointed, then the determination of such appraiser shall be final and binding upon the parties. To the extent consistent with sound appraisal practice as then existing at the time of any such appraisal, such appraisal shall be made on a basis consistent with the basis on which the Leased Property was appraised for purposes of determining its Fair Market Value at the time the Leased Property was acquired by Lessor. If two (2) appraisers are appointed and if the difference between the amounts so determined does not exceed five percent (5%) % of the lesser of such amounts, then the Fair Market Value fair market value or Fair Market Rental fair market rental shall be an amount equal to fifty percent (50%) % of the sum of the amounts so determined. If the difference between the amounts so determined exceeds five percent (5%) % of the lesser of such amounts, then such two appraisers shall have twenty (20) 10 days to appoint a third appraiser. If no such appraiser shall have been appointed within such twenty (20) 10 days or within ninety (90) 60 days of the original request for a determination of Fair Market Value fair market value or Fair Market Rentalfair market rental, whichever is earlier, either Lessor or Lessee may apply to any court having jurisdiction to have such appointment made by such court. Any appraiser appointed by the original appraisers or by such court shall be instructed to determine the Fair Market Value fair market value or Fair Market Rental fair market rental within forty-five (45) 30 days after appointment of such appraiser. The determination of the appraiser which differs most in the terms of dollar amount from the determinations of the other two appraisers shall be excluded, and fifty percent (50%) % of the sum of the remaining two determinations shall be final and binding upon Lessor and Lessee as the Fair Market Value fair market value or Fair Market Rental fair market rental of the Leased Property, as the case may be. This provision for determining by appraisal shall be specifically enforceable to the extent such remedy is available under applicable law, and any determination hereunder shall be final and binding upon the parties except as otherwise provided by applicable law. Lessor and Lessee shall each pay the fees and expenses of the appraiser appointed by it and each shall pay one-half of the fees and expenses of the third appraiser and one-half of all other costs and expenses incurred in connection with each appraisal.. ARTICLE ------- 32

Appears in 3 contracts

Samples: Lease Agreement (Hersha Hospitality Trust), Lease Agreement (Hersha Hospitality Trust), Lease Agreement (Hersha Hospitality Trust)

Appraisers. If it becomes necessary to determine the Fair Market Value or Fair Market Rental ---------- of the Leased Property for any purpose of this Lease, the party required or permitted to give Notice of such required determination shall include in the Notice the name of a Person person selected to act as appraiser on its behalf. Within ten (10) 10 days after Notice, Lessor Landlord (or LesseeTenant, as the case may be) shall by Notice to Lessee Tenant (or LessorLandlord, as the case may be) appoint a second Person person as appraiser on its behalf. The appraisers thus appointed, each of whom must be a member of the American Institute of Real Estate Appraisers (or any successor organization thereto) with at least five (5) years’ years experience in the State appraising property similar to the Leased Property, shall, within forty-five (45) 45 days after the date of the Notice appointing the first appraiser, proceed to appraise the Leased Property to determine the Fair Market Value or Fair Market Rental thereof as of the relevant date (giving effect to the impact, if any, of inflation from the date of their decision to the relevant date); provided, however, that if only one appraiser shall have been so appointed, then the determination of such appraiser shall be final and binding upon the parties. To the extent consistent with sound appraisal practice as then existing at the time of any such appraisal, such appraisal shall be made on a basis consistent with the basis on which the Leased Property was appraised for purposes of determining its Fair Market Value at the time the Leased Property was acquired by Lessor. If two (2) appraisers are appointed and if the difference between the amounts so determined does not exceed five percent (5%) % of the lesser of such amounts, then the Fair Market Value or Fair Market Rental shall be an amount equal to fifty percent (50%) % of the sum of the amounts so determined. If the difference between the amounts so determined exceeds five percent (5%) % of the lesser of such amounts, then such two appraisers shall have twenty (20) 20 days to appoint a third appraiser. If no such appraiser shall have been appointed within such twenty (20) 20 days or within ninety (90) 90 days of the original request for a determination of Fair Market Value or Fair Market RentalValue, whichever is earlier, either Lessor Landlord or Lessee Tenant may apply to any court having jurisdiction to have such appointment made by such court. Any appraiser appointed by the original appraisers or by such court shall be instructed to determine the Fair Market Value or Fair Market Rental within forty-five (45) 45 days after appointment of such appraiser. The determination of the appraiser which differs most in the terms of dollar amount from the determinations of the other two appraisers shall be excluded, and fifty percent (50%) % of the sum of the remaining two determinations shall be final and binding upon Lessor Landlord and Lessee Tenant as the Fair Market Value or Fair Market Rental of the Leased Property, as the case may behereunder. This provision for determining by appraisal shall be specifically enforceable to the extent such remedy is available under applicable law, and any determination hereunder shall be final and binding upon the parties except as otherwise provided by applicable law. Lessor Landlord and Lessee Tenant shall each pay the fees and expenses of the appraiser appointed by it and each shall pay one-half of the fees and expenses of the third appraiser and one-half of all other costs and expenses incurred in connection with each appraisal.

Appears in 2 contracts

Samples: Lease Agreement (Hudson Hotels Trust), Lease Agreement (Hudson Hotels Trust)

Appraisers. If it becomes necessary to determine the Fair Market Value or Fair Market Rental of the Leased Property Rent for any purpose of under this Lease, the party required or permitted to give Notice of such required determination shall include in the Notice the name of a Person person selected to act as appraiser on its behalf. Within ten (10) days after such Notice, Lessor (or Lessee, as the case may be) party receiving such Notice shall by give Notice to Lessee (or Lessor, as the case may be) appoint other party of its selection of a second Person person to act as appraiser on its behalf. The appraisers thus appointed, each of whom must be a member of the American Appraisal Institute of Real Estate Appraisers (or any successor organization thereto) with at least five (5) years’ experience and experienced in the State appraising property facilities used for purposes similar to the Leased PropertyPrimary Intended Use of the Facilities, shall, within forty-five (45) days after the date of the Notice appointing the first appraiser, proceed to appraise the Leased Property or Leased Properties, as the case may be, to determine the Fair Market Value or Fair Market Rental Rent thereof as of the relevant date (giving effect to the impact, if any, of inflation from between the date of their decision to and the relevant date); provided, however, that if only one appraiser shall has been so appointed, or if two appraisers have been so appointedappointed but only one such appraiser has made such determination within fifty (50) days after the date of the Notice appointing the first appraiser, then the determination of such appraiser shall be final and binding upon the parties. To the extent consistent with sound appraisal practice as then existing at the time of any such appraisal, such appraisal shall be made on a basis consistent with the basis on which the Leased Property was or Leased Properties were appraised for purposes of determining its Fair Market Value at the time the Leased Property was acquired by of Lessor's acquisition thereof. If two (2) appraisers are have been appointed and have made their determinations within the respective requisite periods set forth above, and if the difference between the amounts so determined does not exceed five ten percent (510%) of the lesser of such amounts, then the Fair Market Value or Fair Market Rental Rent shall be an amount equal to fifty percent (50%) of the sum of the amounts so determined. If the difference between the amounts so determined exceeds five ten percent (510%) of the lesser of such amounts, then such two appraisers shall have within twenty (20) days to appoint a third appraiser. If no such appraiser shall have been is appointed within such twenty (20) days or within ninety (90) days of the original request for a determination date of Fair Market Value or Fair Market Rentalthe Notice appointing the first appraiser, whichever is earlier, either Lessor or Lessee may apply to any court having jurisdiction to have such appointment made by such court. Any appraiser appointed by the original appraisers or by such court shall be instructed to determine the Fair Market Value or Fair Market Rental Rent within forty-five (45) days after appointment of such appraiser. The determination of the appraiser which differs most in the terms of dollar amount from the determinations of the other two appraisers shall be excluded, and fifty percent (50%) of the sum average of the remaining two determinations shall be final and binding upon Lessor and Lessee as the Fair Market Value or Fair Market Rental Rent of the Leased PropertyProperty or Leased Properties, as the case may be. If the Fair Market Rent is being determined for more than one year, the Fair Market Rent may include such annual increases, if any, as the appraisers determine to be in accordance with the terms of this Lease. This provision for determining by appraisal shall be specifically enforceable to the extent such remedy is available under applicable law, and any determination hereunder shall be final and binding upon the parties except as otherwise provided by applicable law, and judgment may be entered upon such determination in a court of competent jurisdiction. Lessor and Lessee Xxxxxx shall each pay the fees and expenses of the appraiser appointed by it and each shall pay one-half of the fees and expenses of the third appraiser and one-half of all other costs and expenses incurred in connection with each appraisal.

Appears in 2 contracts

Samples: Master Lease (Omega Healthcare Investors Inc), Master Lease (Omega Healthcare Investors Inc)

Appraisers. If it becomes necessary to determine the Fair Market Rental Value or Fair Market Rental of the Leased Property for any purpose of this Lease, Landlord and Tenant shall attempt to agree upon a single appraiser to make such determination. If Landlord and Tenant are unable to agree upon a single appraiser within thirty (30) days thereafter, then the party required or permitted to give Notice of such required determination shall include in the Notice the name of a Person person selected to act as appraiser on its behalf. Within ten (10) days after such Notice, Lessor Landlord (or LesseeTenant, as the case may be) shall by Notice to Lessee Tenant (or LessorLandlord, as the case may be) appoint a second Person person as appraiser on its behalf. The appraisers thus appointed, each of whom must be a member of the American Institute of Real Estate Appraisers (or any successor organization thereto) with at least five (5) years’ experience and experienced in the State appraising property similar to the Leased Propertynursing home properties, shall, within forty-five (45) days after the date of the Notice appointing the first appraiser, proceed to appraise the Leased Property to determine the Fair Market Rental Value or Fair Market Rental thereof of it as of the relevant date (giving effect to the impact, if any, of inflation from the date of their decision to the relevant date); provided, however, that if only one appraiser shall has been so appointed, or if two appraisers have been so appointedappointed but only one such appraiser has made such determination within fifty (50) days after the making of Tenant's or Landlord's request, then the determination of such appraiser shall be final and binding upon the parties. To the extent consistent with sound appraisal practice as then existing at the time of any such appraisal, such appraisal shall be made on a basis consistent with the basis on which the Leased Property was appraised for purposes of determining its Fair Market Value at the time the Leased Property was acquired by Lessor. If two (2) appraisers are have been appointed and have made their determinations within the respective requisite periods set forth above and if the difference between the amounts so determined does not exceed five ten percent (510%) of the lesser of such amounts, then the Fair Market Rental Value or Fair Market Rental shall be an amount equal to fifty percent (50%) of the sum of the amounts so determined. If the difference between the amounts so determined exceeds five ten percent (510%) of the lesser of such amounts, then such two appraisers shall have twenty (20) days to appoint a third appraiser. If no such appraiser shall have has been appointed within such twenty (20) days day period or within ninety (90) days of the original request for a determination of Fair Market Value or Fair Market RentalRental Value, whichever is earlier, either Lessor Landlord or Lessee Tenant may apply to any court having jurisdiction to have such appointment made by such court. Any appraiser appointed by the original appraisers or by such court shall be instructed to determine the Fair Market Rental Value or Fair Market Rental within forty-five (45) days after appointment of such appraiser. The determination of the appraiser which differs most in the terms of dollar amount from the determinations of the other two appraisers shall be excluded, and fifty percent (50%) the average of the sum of the remaining two determinations shall be final and binding upon Lessor Landlord and Lessee Tenant as the Fair Market Rental Value or Fair Market Rental of the Leased Property, as the case may be. Any such appraisal shall conform to FDIC or equivalent requirements and format. This provision for determining the Fair Rental Value by appraisal shall be specifically enforceable to the extent such remedy is available under applicable law, and any determination hereunder shall be final and binding upon the parties except as otherwise provided by applicable lawand judgment may be entered upon such determination in any court having jurisdiction of the matter. Lessor Landlord and Lessee Tenant shall each pay the fees and expenses of the appraiser appointed by it it, and each shall pay one-half of the fees and expenses of the third appraiser and one-half of all other costs and expenses incurred in connection with each appraisal.

Appears in 2 contracts

Samples: Lease (Monarch Properties Inc), Lease (Monarch Properties Inc)

Appraisers. If it becomes necessary to determine the Fair Market Rental Value or Fair Market Rental of any of the Leased Property Properties for any purpose of this Lease, Landlord and Tenant shall attempt to agree upon a single appraiser to make such determination. If Landlord and Tenant are unable to agree upon a single appraiser within thirty (30) days thereafter, then the party required or permitted to give Notice of such required determination shall include in the Notice the name of a Person person selected to act as appraiser on its behalf. Within ten (10) days after such Notice, Lessor Landlord (or LesseeTenant, as the case may be) shall by Notice to Lessee Tenant (or LessorLandlord, as the case may be) appoint a second Person person as appraiser on its behalf. The appraisers thus appointed, each of whom must be a member of the American Institute of Real Estate Appraisers (or any successor organization thereto) with at least five (5) years’ experience and experienced in the State appraising property similar to the Leased Propertynursing home properties, shall, within forty-five (45) days after the date of the Notice appointing the first appraiser, proceed to appraise the applicable Leased Property to determine the Fair Market Rental Value or Fair Market Rental thereof of it as of the relevant date (giving effect to the impact, if any, of inflation from the date of their decision to the relevant date); provided, however, that if only one appraiser shall has been so appointed, or if two appraisers have been so appointedappointed but only one such appraiser has made such deter mination within fifty (50) days after the making of Tenant's or Landlord's request, then the determination of such appraiser shall be final and binding upon the parties. To the extent consistent with sound appraisal practice as then existing at the time of any such appraisal, such appraisal shall be made on a basis consistent with the basis on which the Leased Property was appraised for purposes of determining its Fair Market Value at the time the Leased Property was acquired by Lessor. If two (2) appraisers are have been appointed and have made their determinations within the respective requisite periods set forth above and if the difference between the amounts so determined does not exceed five ten percent (510%) of the lesser of such amounts, then the Fair Market Rental Value or Fair Market Rental shall be an amount equal to fifty percent (50%) of the sum of the amounts so determined. If the difference between the amounts so determined exceeds five ten percent (510%) of the lesser of such amounts, then such two appraisers shall have twenty (20) days to appoint a third appraiser. If no such appraiser shall have has been appointed within such twenty (20) days day period or within ninety (90) days of the original request for a determination of Fair Market Value or Fair Market RentalRental Value, whichever is earlier, either Lessor Landlord or Lessee Tenant may apply to any court having jurisdiction to have such appointment made by such court. Any appraiser appointed by the original appraisers or by such court shall be instructed to determine the Fair Market Rental Value or Fair Market Rental within forty-five (45) days after appointment of such appraiser. The determination of the appraiser which differs most in the terms of dollar amount from the determinations of the other two appraisers shall be excluded, and fifty percent (50%) the average of the sum of the remaining two determinations shall be final and binding upon Lessor Landlord and Lessee Tenant as the Fair Market Rental Value or Fair Market Rental of the applicable Leased Property, as the case may be. Any such appraisal shall conform to FDIC or equivalent requirements and format. This provision for determining the Fair Rental Value by appraisal shall be specifically enforceable to the extent such remedy is available under applicable law, and any determination hereunder shall be final and binding upon the parties except as otherwise provided by applicable lawand judgment may be entered upon such determination in any court having jurisdiction of the matter. Lessor Landlord and Lessee Tenant shall each pay the fees and expenses of the appraiser appointed by it it, and each shall pay one-half of the fees and expenses of the third appraiser and one-half of all other costs and expenses incurred in connection with each appraisal.

Appears in 2 contracts

Samples: Master Lease (Monarch Properties Inc), Master Lease (Integrated Health Services Inc)

Appraisers. If it becomes necessary to determine the Fair Market ---------- Value or Fair Market Rental of the Leased Property for any purpose of this Lease, the party required or permitted to give Notice of such required determination shall include in the Notice the name of a Person selected to act as appraiser on its behalf. Within ten (10) days after Notice, Lessor (or Lessee, as the case may be) shall by Notice to Lessee (or Lessor, as the case may be) appoint a second Person as appraiser on its behalf. The appraisers thus appointed, each of whom must be a member of the American Institute of Real Estate Appraisers (or any successor organization thereto) with at least five (5) years' experience in the State appraising property similar to the Leased Property, shall, within forty-five (45) days after the date of the Notice appointing the first appraiser, proceed to appraise the Leased Property to determine the Fair Market Value or Fair Market Rental thereof as of the relevant date (giving effect to the impact, if any, of inflation from the date of their decision to the relevant date); provided, however, that if only one appraiser shall have been so appointed, then the determination of such appraiser shall be final and binding upon the parties. To the extent consistent with sound appraisal practice as then existing at the time of any such appraisal, such appraisal shall be made on a basis consistent with the basis on which the Leased Property was appraised for purposes of determining its Fair Market Value at the time the Leased Property was acquired by Lessor. If two (2) appraisers are appointed and if the difference between the amounts so determined does not exceed five percent (5%) of the lesser of such amounts, then the Fair Market Value or Fair Market Rental shall be an amount equal to fifty percent (50%) of the sum of the amounts so determined. If the difference between the amounts so determined exceeds five percent (5%) of the lesser of such amounts, then such two appraisers shall have twenty (20) days to appoint a third appraiser. If no such appraiser shall have been appointed within such twenty (20) days or within ninety (90) days of the original request for a determination of Fair Market Value or Fair Market Rental, whichever is earlier, either Lessor or Lessee may apply to any court having jurisdiction to have such appointment made by such court. Any appraiser appointed by the original appraisers or by such court shall be instructed to determine the Fair Market Value or Fair Market Rental within forty-five (45) days after appointment of such appraiser. The determination of the appraiser which differs most in the terms of dollar amount from the determinations of the other two appraisers shall be excluded, and fifty percent (50%) of the sum of the remaining two determinations shall be final and binding upon Lessor and Lessee as the Fair Market Value or Fair Market Rental of the Leased Property, as the case may be. This provision for determining by appraisal shall be specifically enforceable to the extent such remedy is available under applicable law, and any determination hereunder shall be final and binding upon the parties except as otherwise provided by applicable law. Lessor and Lessee shall each pay the fees and expenses of the appraiser appointed by it and each shall pay one-half of the fees and expenses of the third appraiser and one-half of all other costs and expenses incurred in connection with each appraisal.

Appears in 2 contracts

Samples: Master Hotel Lease Agreement (Apple Hospitality Two Inc), Master Hotel Lease Agreement (Apple Hospitality Two Inc)

Appraisers. If it becomes necessary to determine the Fair Market Value or Fair Market Rental of the Leased Property for any purpose of this Lease, the party required or permitted to give Notice of such required determination shall include in the Notice the name of a Person person selected to act as appraiser on its behalf. Within ten (10) 10 days after Notice, Lessor (or Lessee, as the case may be) shall by Notice to Lessee (or Lessor, as the case may be) appoint a second Person person as appraiser on its behalf. The appraisers thus appointed, each of whom must be a member of the American Institute of Real Estate Appraisers (or any successor organization thereto) with at least five (5) years’ years experience in the State appraising property similar to the Leased Property, shall, within forty-five (45) 45 days after the date of the Notice appointing the first appraiser, proceed to appraise the Leased Property to determine the Fair Market Value or Fair Market Rental thereof as of the relevant date (giving effect to the impact, if any, of inflation from the date of their decision to the relevant date); provided, however, that if only one appraiser shall have been so appointed, then the determination of such appraiser shall be final and binding upon the parties. To the extent consistent with sound appraisal practice as then existing at the time of any such appraisal, such appraisal shall be made on a basis consistent with the basis on which the Leased Property was appraised for purposes of determining its Fair Market Value at the time the Leased Property was acquired by Lessor. If two (2) appraisers are appointed and if the difference between the amounts so determined does not exceed five percent (5%) of the lesser of such amounts, then the Fair Market Value or Fair Market Rental shall be an amount equal to fifty percent (50%) % of the sum of the amounts so determined. If the difference between the amounts so determined exceeds five percent (5%) of the lesser of such amounts, then such two appraisers shall have twenty (20) 20 days to appoint a third appraiser. If no such appraiser shall have been appointed within such twenty (20) 20 days or within ninety (90) 90 days of the original request for a determination of Fair Market Value or Fair Market Rental, whichever is earlier, either Lessor or Lessee may apply to any court having jurisdiction to have such appointment made by such court. Any appraiser appointed by the original appraisers or by such court shall be instructed to determine the Fair Market Value or Fair Market Rental within forty-five (45) 45 days after appointment of such appraiser. The Thereafter, the three (3) appraisals shall be reviewed and the determination of the appraiser which differs most in the terms of dollar amount from the determinations of the other two appraisers shall be excluded, and fifty percent (50%) % of the sum of the remaining two determinations shall be final and binding upon Lessor and Lessee as the Fair Market Value or Fair Market Rental of the Leased Property, as the case may be. This provision for determining by appraisal shall be specifically enforceable to the extent such remedy is available under applicable law, and any determination hereunder shall be final and binding upon the parties except as otherwise provided by applicable law. Lessor and Lessee shall each pay the fees and expenses of the appraiser appointed by it and each shall pay one-half of the fees and expenses of the third appraiser and one-half of all other costs and expenses incurred in connection with each appraisal. In the event that the Lessor and the Lessee agree upon a single appraiser, the Lessee and the Lessor shall each pay one-half of the fees and expenses of such appraiser.

Appears in 2 contracts

Samples: Lease Agreement (Host Funding Inc), Lease Agreement (Host Funding Inc)

Appraisers. If it becomes necessary to determine the Fair Market Value or Fair Market Rental fair market value of the Leased Property for any purpose of this Lease, the party required or permitted to give Notice of such required determination shall include in the Notice the name of a Person person selected to act as appraiser on its behalf. Within ten (10) 10 days after Notice, Lessor (or Lessee, as the case may be) shall by Notice to Lessee (or Lessor, as the case may be) appoint a second Person person as appraiser on its behalf. The appraisers thus appointed, each of whom must be a member of the American Institute of Real Estate Appraisers (or any successor organization thereto) with at least five (5) years’ years experience in the State of Arizona appraising property similar to the Leased Property, shall, within forty-five (45) 45 days after the date of the Notice appointing the first appraiser, proceed to appraise the Leased Property to determine the Fair Market Value or Fair Market Rental fair market value thereof as of the relevant date (giving effect to the impact, if any, of inflation from the date of their decision to the relevant date); provided, however, that if only one appraiser shall have been so appointed, then the determination of such appraiser shall be final and binding upon the parties. To the extent consistent with sound appraisal practice as then existing at the time of any such appraisal, such appraisal shall be made on a basis consistent with the basis on which the Leased Property was appraised for purposes of determining its Fair Market Value at the time the Leased Property was acquired by Lessor. If two (2) appraisers are appointed and if the difference between the amounts so determined does not exceed five percent (5%) % of the lesser of such amounts, then the Fair Market Value or Fair Market Rental fair market value shall be an amount equal to fifty percent (50%) % of the sum of the amounts so determined. If the difference between the amounts so determined exceeds five percent (5%) % of the lesser of such amounts, then such two appraisers shall have twenty (20) 20 days to appoint a third appraiser. If no such appraiser shall have been appointed within such twenty (20) 20 days or within ninety (90) 90 days of the original request for a determination of Fair Market Value or Fair Market Rentalfair market value, whichever is earlier, either Lessor or Lessee may apply to any court having jurisdiction to have such appointment made by such court. Any appraiser appointed by the original appraisers or by such court shall be instructed to determine the Fair Market Value fair market value or Fair Market Rental fair market rental within forty-five (45) 45 days after appointment of such appraiser. The determination of the appraiser which differs most in the terms of dollar amount from the determinations of the other two appraisers shall be excluded, and fifty percent (50%) % of the sum of the remaining two determinations shall be final and binding upon Lessor and Lessee as the Fair Market Value fair market value or Fair Market Rental fair market rental of the Leased Property, as the case may be. This provision for determining by appraisal shall be specifically enforceable to the extent such remedy is available under applicable law, and any determination hereunder shall be final and binding upon the parties except as otherwise provided by applicable law. Lessor and Lessee shall each pay the fees and expenses of the appraiser appointed by it and each shall pay one-half of the fees and expenses of the third appraiser and one-half of all other costs and expenses incurred in connection with each appraisal.

Appears in 2 contracts

Samples: Lease Agreement (Crescent Real Estate Equities Inc), Lease Agreement (Crescent Real Estate Equities Inc)

Appraisers. If it becomes necessary to determine the Fair Market Value or Fair Market Rental of the Leased Property for any purpose of this Lease, the party required or permitted to give Notice of such required determination shall include in the Notice the name of a Person person selected to act as appraiser on its behalf. Within ten (10) days after Notice, Lessor (or Lessee, as the case may be) shall by Notice to Lessee (or Lessor, as the case may be) appoint a second Person person as appraiser on its behalf. The appraisers thus appointed, each of whom must be a member of the American Institute of Real Estate Appraisers (or any successor organization thereto) with at least five (5) years’ years experience in the State appraising property similar to the Leased Property, shall, within forty-five (45) days after the date of the Notice appointing the first appraiser, proceed to appraise the Leased Property to determine the Fair Market Value or Fair Market Rental thereof as of the relevant date (giving effect to the impact, if any, of inflation from the date of their decision to the relevant date); provided, however, that if only one appraiser shall have been so appointed, then the determination of such appraiser shall be final and binding upon the parties. To the extent consistent with sound appraisal practice as then existing at the time of any such appraisal, such appraisal shall be made on a basis consistent with the basis on which the Leased Property was appraised for purposes of determining its Fair Market Value at the time the Leased Property was acquired by Lessor. If two (2) appraisers are appointed and if the difference between the amounts so determined does not exceed five percent (5%) % of the lesser of such amounts, then the Fair Market Value or Fair Market Rental shall be an amount equal to fifty percent (50%) % of the sum of the amounts so determined. If the difference between the amounts so determined exceeds five percent (5%) % of the lesser of such amounts, then such two appraisers shall have twenty (20) days to appoint a third appraiser. If no such appraiser shall have been appointed within such twenty (20) days or within ninety (90) days of the original request for a determination of Fair Market Value or Fair Market Rental, whichever is earlier, either Lessor or Lessee may apply to any court having jurisdiction to have such appointment made by such court. Any appraiser appointed by the original appraisers or by such court shall be instructed to determine the Fair Market Value or Fair Market Rental within forty-five (45) 45 days after appointment of such appraiser. The determination of the appraiser which differs most in the terms of dollar amount from the determinations of the other two appraisers shall be excluded, and fifty percent (50%) % of the sum of the remaining two determinations shall be final and binding upon Lessor and Lessee as the Fair Market Value or Fair Market Rental of the Leased Property, as the case may be. This provision for determining by appraisal shall be specifically enforceable to the extent such remedy is available under applicable law, and any determination hereunder shall be final and binding upon the parties except as otherwise provided by applicable law. Lessor and Lessee shall each pay the fees and expenses of the appraiser appointed by it and each shall pay the fees and expenses of the appraiser appointed by it and each shall pay one-half of the fees and expenses of the appraiser appointed by it and each shall pay one-half of the fees and expenses of the third appraiser and one-half of all other costs and expenses incurred in connection with each appraisal.

Appears in 2 contracts

Samples: Lease Agreement (Equity Inns Inc), Equity Inns Inc

Appraisers. If it becomes necessary to determine the Fair Market Rent or Fair Market Value or Fair Market Rental of the Leased Property for any purpose of under this Lease, the party required or permitted to give Notice of such required determination shall include in the Notice the name of a Person person selected to act as appraiser on its behalf. Within ten (10) days after such Notice, Lessor (or Lessee, as the case may be) party receiving such Notice shall by give Notice to Lessee (or Lessor, as the case may be) appoint other party of its selection of a second Person person to act as appraiser on its behalf. The appraisers thus appointed, each of whom must be a member of the American Appraisal Institute of Real Estate Appraisers (or any successor organization thereto) with at least five (5) years’ experience and experienced in the State appraising property facilities used for purposes similar to the Leased PropertyPrimary Intended Use of the Facilities, shall, within forty-five (45) days after the date of the Notice appointing the first appraiser, proceed to appraise the Leased Property or Leased Properties, as the case may be, to determine the Fair Market Value Rent or Fair Market Rental Value thereof as of the relevant date (giving effect to the impact, if any, of inflation from between the date of their decision to and the relevant date); provided, however, that if only one appraiser shall has been so appointed, or if two appraisers have been so appointedappointed but only one such appraiser has made such determination within fifty (50) days after the date of the Notice appointing the first appraiser, then the determination of such appraiser shall be final and binding upon the partiesLessee. To the extent consistent with sound appraisal practice as then existing at the time of any such appraisal, such appraisal shall be made on a basis consistent with the basis on which the Leased Property was or Leased Properties were appraised for purposes of determining its Fair Market Value at the time the Leased Property was acquired by of Lessor’s acquisition thereof. If two (2) appraisers are have been appointed and have made their determinations within the respective requisite periods set forth above, and if the difference between the amounts so determined does not exceed five ten percent (510%) of the lesser greater of such amounts, then the Fair Market Value or Fair Market Rental Rent shall be an amount equal to fifty percent (50%) of the sum of the amounts so determined. If the difference between the amounts so determined exceeds five ten percent (510%) of the lesser greater of such amounts, then such two appraisers shall have within twenty (20) days to appoint a third appraiser. If no such appraiser shall have been is appointed within such twenty (20) days or within ninety (90) days of the original request for a determination date of Fair Market Value or Fair Market Rentalthe Notice appointing the first appraiser, whichever is earlier, either Lessor or Lessee may apply to any court having jurisdiction to have such appointment made by such court. Any appraiser appointed by the original appraisers or by such court shall be instructed to determine the Fair Market Value Rent or Fair Market Rental Value within forty-five (45) days after appointment of such appraiser. The determination of the appraiser which differs most in the terms of dollar amount from the determinations of the other two appraisers shall be excluded, and fifty percent (50%) of the sum average of the remaining two determinations shall be final and binding upon Lessor and Lessee as the Fair Market Value Rent or Fair Market Rental Value of the Leased PropertyProperty or Leased Properties, as the case may be. This provision If the Fair Market Rent is being determined for determining by appraisal shall more than one year, the Fair Market Rent may include such annual increases, if any, as the appraisers determine to be specifically enforceable to in accordance with the extent such remedy is available under applicable law, and any determination hereunder shall be final and binding upon the parties except as otherwise provided by applicable law. Lessor and Lessee shall each pay the fees and expenses terms of the appraiser appointed by it and each shall pay one-half of the fees and expenses of the third appraiser and one-half of all other costs and expenses incurred in connection with each appraisalthis Lease.

Appears in 2 contracts

Samples: Operations Transfer Agreement (Omega Healthcare Investors Inc), Master Lease (Omega Healthcare Investors Inc)

Appraisers. If In the event that it becomes necessary to ---------- determine the Fair Market Value, Fair Market Value Purchase Price or Fair Market Rental of the Leased Property any property for any purpose of this Lease, and the parties cannot agree amongst themselves on such value, the party required or permitted to give Notice notice of such required determination shall include in the Notice notice the name of a Person person selected to act as appraiser on its behalf. Within ten (10) 10 days after Noticereceipt of any such notice, Lessor (or LesseeTenant, as the case may be) shall by Notice notice to Lessee Tenant (or Lessor, as the case may be) appoint a second Person person as appraiser on its behalf. The appraisers thus appointed, each of whom must be a member of the American Institute of Real Estate Appraisers (or any successor organization thereto) with at least five (5) years’ experience in the State appraising property similar to the Leased Property), shall, within forty-five (45) 45 days after the date of the Notice notice appointing the first appraiser, proceed to appraise the applicable Leased Property to determine the Fair Market Value or Value, Fair Market Rental Value Purchase Price, Fair Market Rental, thereof as of the relevant date (giving effect to the impact, if any, of inflation from the date of their decision to the relevant date); provided, -------- however, that if only one appraiser shall have been so appointed, or if two ------- appraisers shall have been so appointed but only one such appraiser shall have made such determination within 50 days after the making of Tenant's or Lessor's request, then the determination of such appraiser shall be final and binding upon the parties. To the extent consistent with sound appraisal practice as then existing at the time of any such appraisal, such appraisal shall be made on a basis consistent with the basis on which the applicable Leased Property was appraised for purposes of determining its Fair Market Value at the time the such Leased Property was acquired by Lessor, which basis is described on Exhibit F annexed hereto. --------- If two (2) appraisers are shall have been appointed and shall have made their determinations within the respective requisite periods set forth above and if the difference between the amounts so determined does shall not exceed five ten percent (510%) of the lesser of such amounts, then the Fair Market Value, Fair Market Value Purchase Price or Fair Market Rental shall be an amount equal to fifty percent (50%) % of the sum of the amounts so determined. If the difference between the amounts so determined exceeds five shall exceed ten percent (510%) of the lesser of such amounts, then such two appraisers shall have twenty (20) 20 days to appoint a third appraiser, but if such appraisers fail to do so, then either party may request the American Arbitration Association or any successor organization thereto to appoint an appraiser within 20 days of such request, and both parties shall be bound by any appointment so made within such 20 day period. If no such appraiser shall have been appointed within such twenty (20) 20 days or within ninety (90) 90 days of the original request for a determination of Fair Market Value, Fair Market Value Purchase Price or Fair Market Rental, whichever is earlier, either Lessor or Lessee Tenant may apply to any court having jurisdiction to have such appointment made by such court. Any appraiser appointed by the original appraisers appraisers, by the American Arbitration Association or by such court shall be instructed to determine the Fair Market Value, Fair Market Value Purchase Price or Fair Market Rental within forty-five (45) 30 days after appointment of such appraiserAppraiser. The determination of the appraiser which differs most in the terms of dollar amount from the determinations determination of the other two appraisers shall be excluded, and fifty percent (50%) % of the sum of the remaining two determinations shall be final and binding upon Lessor and Lessee Tenant as the Fair Market Value, Fair Market Value Purchase Price or Fair Market Rental of the Leased Property, as the case may befor such interest. This provision for determining determination by appraisal shall be specifically enforceable to the extent such remedy is available under applicable law, and any determination hereunder shall be final and binding upon the parties except as otherwise provided by applicable law. Lessor and Lessee Tenant shall each pay the fees and expenses of the appraiser appointed by it and each shall pay one-half of the fees and expenses of the third appraiser and one-half of all other costs cost and expenses incurred in connection with each appraisal.

Appears in 2 contracts

Samples: Master Lease Agreement (Vencor Healthcare Inc), Master Lease Agreement (Ventas Inc)

Appraisers. If it becomes necessary to determine the Fair Market Value fair market value or Fair Market Rental fair market rental of the Leased Property for any purpose of this Lease, then, except as otherwise expressly provided in this Lease, the party required or permitted to give Notice of such required determination shall include in the Notice the name of a Person person selected to act as appraiser on its behalf. Within ten (10) 10 days after Notice, Lessor (or Lessee, as the case may be) shall by Notice to Lessee (or Lessor, as the case may be) appoint a second Person person as appraiser on its behalf. The appraisers thus appointed, each of whom must be a member of the American Institute of Real Estate Appraisers (or any successor organization thereto) with at least five (5) years’ years experience in the State appraising property similar to the Leased Property, shall, within forty-five (45) 10 days after the date of the Notice appointing the first second appraiser, proceed to appraise the Leased Property to determine the Fair Market Value fair market value or Fair Market Rental fair market rental thereof as of the relevant date (giving effect to the impact, if any, of inflation from the date of their decision to the relevant date); provided, however, that if only one appraiser shall have been so appointed, then the determination of such appraiser shall be final and binding upon the parties. To the extent consistent with sound appraisal practice as then existing at the time of any such appraisal, such appraisal shall be made on a basis consistent with the basis on which the Leased Property was appraised for purposes of determining its Fair Market Value at the time the Leased Property was acquired by Lessor. If two (2) appraisers are appointed and if the difference between the amounts so determined does not exceed five percent (5%) % of the lesser of such amounts, then the Fair Market Value fair market value or Fair Market Rental fair market rental shall be an amount equal to fifty percent (50%) % of the sum of the amounts so determined. If the difference between the amounts so determined exceeds five percent (5%) % of the lesser of such amounts, then such two appraisers shall have twenty (20) 10 days to appoint a third appraiser. If no such appraiser shall have been appointed within such twenty (20) 10 days or within ninety (90) 60 days of the original request for a determination of Fair Market Value fair market value or Fair Market Rentalfair market rental, whichever is earlier, either Lessor or Lessee may apply to any court having jurisdiction to have such appointment made by such court. Any appraiser appointed by the original appraisers or by such court shall be instructed to determine the Fair Market Value fair market value or Fair Market Rental fair market rental within forty-five (45) 30 days after appointment of such appraiser. The determination of the appraiser which differs most in the terms of dollar amount from the determinations of the other two appraisers shall be excluded, and fifty percent (50%) % of the sum of the remaining two determinations shall be final and binding upon Lessor and Lessee as the Fair Market Value fair market value or Fair Market Rental fair market rental of the Leased Property, as the case may be. This provision for determining by appraisal shall be specifically enforceable to the extent such remedy is available under applicable law, and any determination hereunder shall be final and binding upon the parties except as otherwise provided by applicable law. Lessor and Lessee shall each pay the fees and expenses of the appraiser appointed by it and each shall pay one-one- half of the fees and expenses of the third appraiser and one-half of all other costs and expenses incurred in connection with each appraisal.

Appears in 2 contracts

Samples: Lease Agreement (Capstar Hotel Co), Lease Agreement (American General Hospitality Corp)

Appraisers. If it becomes necessary to determine the Fair Market Value or Fair Market Rental of the Leased Property Rent for any purpose of under this Lease, the party required or permitted to give Notice of such required determination shall include in the Notice the name of a Person person selected to act as appraiser on its behalf. Within ten (10) days after such Notice, Lessor (or Lessee, as the case may be) party receiving such Notice shall by give Notice to Lessee (or Lessor, as the case may be) appoint other party of its selection of a second Person person to act as appraiser on its behalf. The appraisers thus appointed, each of whom must be a member of the American Appraisal Institute of Real Estate Appraisers (or any successor organization thereto) with at least five (5) years’ experience and experienced in the State appraising property facilities used for purposes similar to the Leased PropertyPrimary Intended Use of the Facilities, shall, within forty-five (45) days after the date of the Notice appointing the first appraiser, proceed to appraise the Leased Property or Leased Properties, as the case may be, to determine the Fair Market Value or Fair Market Rental Rent thereof as of the relevant date (giving effect to the impact, if any, of inflation from between the date of their decision to and the relevant date); provided, however, that if only one appraiser shall has been so appointed, or if two appraisers have been so appointedappointed but only one such appraiser has made such determination within fifty (50) days after the date of the Notice appointing the first appraiser, then the determination of such appraiser shall be final and binding upon the parties. To the extent consistent with sound appraisal practice as then existing at the time of any such appraisal, such appraisal shall be made on a basis consistent with the basis on which the Leased Property was or Leased Properties were appraised for purposes of determining its Fair Market Value at the time the Leased Property was acquired by Lessorof Landlord’s acquisition thereof. If two (2) appraisers are have been appointed and have made their determinations within the respective requisite periods set forth above, and if the difference between the amounts so determined does not exceed five ten percent (510%) of the lesser of such amounts, then the Fair Market Value or Fair Market Rental Rent shall be an amount equal to fifty percent (50%) of the sum of the amounts so determined. If the difference between the amounts so determined exceeds five ten percent (510%) of the lesser of such amounts, then such two appraisers shall have within twenty (20) days to appoint a third appraiser. If no such appraiser shall have been is appointed within such twenty (20) days or within ninety (90) days of the original request for a determination date of Fair Market Value or Fair Market Rentalthe Notice appointing the first appraiser, whichever is earlier, either Lessor Landlord or Lessee Tenant may apply to any court having jurisdiction to have such appointment made by such court. Any appraiser appointed by the original appraisers or by such court shall be instructed to determine the Fair Market Value or Fair Market Rental Rent within forty-five forty‑five (45) days after appointment of such appraiser. The determination of the appraiser which differs most in the terms of dollar amount from the determinations of the other two appraisers shall be excluded, and fifty percent (50%) of the sum average of the remaining two determinations shall be final and binding upon Lessor Landlord and Lessee Tenant as the Fair Market Value or Fair Market Rental Rent of the Leased PropertyProperty or Leased Properties, as the case may be. If the Fair Market Rent is being determined for more than one year, the Fair Market Rent may include such annual increases, if any, as the appraisers determine to be in accordance with the terms of this Lease. This provision for determining by appraisal shall be specifically enforceable to the extent such remedy is available under applicable law, and any determination hereunder shall be final and binding upon the parties except as otherwise provided by applicable law, and judgment may be entered upon such determination in a court of competent jurisdiction. Lessor Landlord and Lessee Tenant shall each pay the fees and expenses of the appraiser appointed by it and each shall pay one-half one‑half of the fees and expenses of the third appraiser and one-half one‑half of all other costs and expenses incurred in connection with each appraisal.

Appears in 1 contract

Samples: Master Lease (Diversicare Healthcare Services, Inc.)

Appraisers. If it becomes necessary to determine the Fair Market Value or Fair Market Rental fair market value of the Leased Property for any purpose of this Lease, the party required or permitted to give Notice notice of such required determination shall include in the Notice notice the name of a Person person selected to act as appraiser on its behalf. Within ten (10) days after Noticenotice, Lessor (or Lessee, as the case may be) shall by Notice notice to Lessee (or Lessor, as the case may be) appoint a second Person person as appraiser on its behalf. The appraisers thus appointed, each of whom must be a member of the American Institute of Real Estate Appraisers (or any successor organization thereto) with at least five (5) years’ years experience in the State of Texas appraising property similar to the Leased Property, shall, within forty-five (45) days after the date of the Notice notice appointing the first appraiser, proceed to appraise the Leased Property to determine the Fair Market Value or Fair Market Rental fair market value thereof as of the relevant date (giving effect to the impact, if any, of inflation from the date of their decision to the relevant date); provided, however, that if only one appraiser shall have been so appointed, then the determination of such appraiser shall be final and binding upon the parties. To the extent consistent with sound appraisal practice as then existing at the time of any such appraisal, such appraisal shall be made on a basis consistent with the basis on which the Leased Property was appraised for purposes of determining its Fair Market Value at the time the Leased Property was acquired by Lessor. If two (2) appraisers are appointed and if the difference between the amounts so determined does not exceed five percent (5%) of the lesser of such amounts, then the Fair Market Value or Fair Market Rental fair market value shall be an amount equal to fifty percent (50%) of the sum of the amounts so determined. If the difference between the amounts so determined exceeds five percent (5%) of the lesser of such amounts, then such two appraisers shall have twenty (20) days to appoint a third appraiser. If no such appraiser shall have been appointed within such twenty (20) days or within ninety (90) days of the original request for a determination of Fair Market Value or Fair Market Rentalfair market value, whichever is earlier, either Lessor or Lessee may apply to any court having jurisdiction to have such appointment made by such court. Any appraiser appointed by the original appraisers or by such court shall be instructed to determine the Fair Market Value fair market value or Fair Market Rental fair market rental within forty-five (45) days after appointment of such appraiser. The determination of the appraiser which differs most in the terms of dollar amount from the determinations of the other two appraisers shall be excluded, and fifty percent (50%) of the sum of the remaining two determinations shall be final and binding upon Lessor and Lessee as the Fair Market Value fair market value or Fair Market Rental fair market rental of the Leased Property, as the case may be. This provision for determining by appraisal shall be specifically enforceable to the extent such remedy is available under applicable law, and any determination hereunder shall be final and binding upon the parties except as otherwise provided by applicable law. Lessor and Lessee shall each pay the fees and expenses of the appraiser appointed by it and each shall pay one-half of the fees and expenses of the third appraiser and one-half of all other costs and expenses incurred in connection with each appraisal.by

Appears in 1 contract

Samples: Lease Agreement (Crescent Operating Inc)

Appraisers. If it becomes necessary to determine the Fair Market Value or ---------- Fair Market Rental of the Leased Property Rent for any purpose of under this Lease, the party required or permitted to give Notice of such required determination shall include in the Notice the name of a Person person selected to act as appraiser on its behalf. Within ten (10) days after such Notice, Lessor (or Lessee, as the case may be) party receiving such Notice shall by give Notice to Lessee (or Lessor, as the case may be) appoint other party of its selection of a second Person person to act as appraiser on its behalf. The appraisers thus appointed, each of whom must be a member of the American Appraisal Institute of Real Estate Appraisers (or any successor organization thereto) with at least five (5) years’ experience and experienced in the State appraising property facilities used for purposes similar to the Leased PropertyPrimary Intended Use of the Facilities, shall, within forty-five (45) days after the date of the Notice appointing the first appraiser, proceed to appraise the Leased Property or Leased Properties, as the case may be, to determine the Fair Market Value or Fair Market Rental Rent thereof as of the relevant date (giving effect to the impact, if any, of inflation from between the date of their decision to and the relevant date); provided, however, that if only one appraiser shall has been so appointed, or if two appraisers have been so appointedappointed but only one such appraiser has made such determination within fifty (50) days after the date of the Notice appointing the first appraiser, then the determination of such appraiser shall be final and binding upon the parties. To the extent consistent with sound appraisal practice as then existing at the time of any such appraisal, such appraisal shall be made on a basis consistent with the basis on which the Leased Property was or Leased Properties were appraised for purposes of determining its Fair Market Value at the time the Leased Property was acquired by of Lessor's acquisition thereof. If two (2) appraisers are have been appointed and have made their determinations within the respective requisite periods set forth above, and if the difference between the amounts so determined does not exceed five ten percent (510%) of the lesser of such amounts, then the Fair Market Value or Fair Market Rental Rent shall be an amount equal to fifty percent (50%) of the sum of the amounts so determined. If the difference between the amounts so determined exceeds five ten percent (510%) of the lesser of such amounts, then such two appraisers shall have within twenty (20) days to appoint a third appraiser. If no such appraiser shall have been is appointed within such twenty (20) days or within ninety (90) days of the original request for a determination date of Fair Market Value or Fair Market Rentalthe Notice appointing the first appraiser, whichever is earlier, either Lessor or Lessee may apply to any court having jurisdiction to have such appointment made by such court. Any appraiser appointed by the original appraisers or by such court shall be instructed to determine the Fair Market Value or Fair Market Rental Rent within forty-five (45) days after appointment of such appraiser. The determination of the appraiser which differs most in the terms of dollar amount from the determinations of the other two appraisers shall be excluded, and fifty percent (50%) of the sum average of the remaining two determinations shall be final and binding upon Lessor and Lessee as the Fair Market Value or Fair Market Rental Rent of the Leased PropertyProperty or Leased Properties, as the case may be. If the Fair Market Rent is being determined for more than one year, the Fair Market Rent may include such annual increases, if any, as the appraisers determine to be in accordance with the terms of this Lease. 32.2 This provision for determining by appraisal shall be specifically enforceable to the extent such remedy is available under applicable law, and any determination hereunder shall be final and binding upon the parties except as otherwise provided by applicable law, and judgment may be entered upon such determination in a court of competent jurisdiction. Lessor and Lessee shall each pay the fees and expenses of the appraiser appointed by it and each shall pay one-half of the fees and expenses of the third appraiser and one-half of all other costs and expenses incurred in connection with each appraisal.. ARTICLE XXXIII 33.1

Appears in 1 contract

Samples: Operations Transfer Agreement (Emeritus Corp\wa\)

Appraisers. If it becomes necessary to determine the Fair Market Value fair ---------- market value or Fair Market Rental fair market rental of the Leased Property for any purpose of this Lease, then, except as otherwise expressly provided in this Lease, the party required or permitted to give Notice of such required determination shall include in the Notice the name of a Person person selected to act as appraiser on its behalf. Within ten (10) days after Notice, Lessor (or Lessee, as the case may be) shall by Notice to Lessee (or Lessor, as the case may be) appoint a second Person person as appraiser on its behalf. The appraisers thus appointed, each of whom must be a member of the American Institute of Real Estate Appraisers (or any successor organization thereto) with at least five (5) years’ years experience in the State appraising property similar to the Leased Property, shall, within forty-five ten (4510) days after the date of the Notice appointing the first second appraiser, proceed to appraise the Leased Property to determine the Fair Market Value fair market value or Fair Market Rental fair market rental thereof as of the relevant date (giving effect to the impact, if any, of inflation from the date of their decision to the relevant date); provided, however, that if only one appraiser shall have been so appointed, then the determination of such appraiser shall be final and binding upon the parties. To the extent consistent with sound appraisal practice as then existing at the time of any such appraisal, such appraisal shall be made on a basis consistent with the basis on which the Leased Property was appraised for purposes of determining its Fair Market Value at the time the Leased Property was acquired by Lessor. If two (2) appraisers are appointed and if the difference between the amounts so determined does not exceed five percent (5%) % of the lesser of such amounts, then the Fair Market Value fair market value or Fair Market Rental fair market rental shall be an amount equal to fifty percent (50%) % of the sum of the amounts so determined. If the difference between the amounts so determined exceeds five percent (5%) % of the lesser of such amounts, then such two appraisers shall have twenty ten (2010) days to appoint a third appraiser. If no such appraiser shall have been appointed within such twenty ten (2010) days or within ninety sixty (9060) days of the original request for a determination of Fair Market Value fair market value or Fair Market Rentalfair market rental, whichever is earlier, either Lessor or Lessee may apply to any court having jurisdiction to have such appointment made by such court. Any appraiser appointed by the original appraisers or by such court shall be instructed to determine the Fair Market Value fair market value or Fair Market Rental fair market rental within forty-five thirty (4530) days after appointment of such appraiser. The determination of the appraiser which differs most in the terms of dollar amount from the determinations of the other two appraisers shall be excluded, and fifty percent (50%) % of the sum of the remaining two determinations shall be final and binding upon Lessor and Lessee as the Fair Market Value fair market value or Fair Market Rental fair market rental of the Leased Property, as the case may be. This provision for determining by appraisal shall be specifically enforceable to the extent such remedy is available under applicable law, and any determination hereunder shall be final and binding upon the parties except as otherwise provided by applicable law. Lessor and Lessee shall each pay the fees and expenses of the appraiser appointed by it and each shall pay one-half of the fees and expenses of the third appraiser and one-half of all other costs and expenses incurred in connection with each appraisal.

Appears in 1 contract

Samples: Lease Agreement (Boston Properties Inc)

Appraisers. If it becomes necessary Tenant has elected to determine have the Fair Market Value or Fair Market Rental of the Leased Property for any purpose of this LeaseRent determined by an appraisal, the party required or permitted to give Notice of such required determination shall include in the Notice the name of a Person selected to act as appraiser on its behalf. Within then within ten (10) days after Notice, Lessor (or Lessee, as the case may be) shall by Notice to Lessee (or Lessor, as the case may be) appoint a second Person as appraiser on its behalf. The appraisers thus appointedreceipt of Tenant’s written notice of such an election, each party, by giving written notice to the other party, shall appoint an appraiser to render a written opinion of whom the Fair Market Rent for the Extension Period. Each appraiser must be a member of the American Appraisal Institute of Real Estate Appraisers America (or any successor organization theretoMAI) for at least five years and with at least five (5) years’ years experience in the State appraising property similar appraisal of rental rates of office buildings in the area in which the Building is located and otherwise unaffiliated with either Landlord or Tenant. The two appraisers shall render their written opinion of the Fair Market Rent for the Extension Period to the Leased Property, shall, Landlord and Tenant within forty-five thirty (4530) days after the date appointment of the Notice appointing the first second appraiser, proceed to appraise the Leased Property to determine . If the Fair Market Value or Fair Market Rental thereof as Rent of the relevant date (giving effect to the impact, if any, of inflation from the date of their decision to the relevant date); provided, however, that if only one each appraiser shall have been so appointed, then the determination of such appraiser shall be final and binding upon the parties. To the extent consistent with sound appraisal practice as then existing at the time of any such appraisal, such appraisal shall be made on a basis consistent with the basis on which the Leased Property was appraised for purposes of determining its Fair Market Value at the time the Leased Property was acquired by Lessor. If two (2) appraisers are appointed and if the difference between the amounts so determined does not exceed is within five percent (5%) of the lesser of such amountseach other, then the average of the two appraisals of Fair Market Value or Rent shall be the Base Monthly Rent for the Extension Period. If one party does not appoint its appraiser as provided above, then the one appointed shall determine the Fair Market Rental Rent. The Fair Market Rent so determined under this section shall be an amount equal to fifty percent (50%) of the sum of the amounts so determinedbinding on Landlord and Tenant. If the difference between the amounts so determined exceeds five percent (5%) of the lesser of such amounts, then such two appraisers shall have twenty (20) days to appoint a third appraiser. If no such appraiser shall have been appointed within such twenty (20) days or within ninety (90) days of the original request for a The appraisers’ determination of Fair Market Value or Rent shall be based on rental of space of the same age, construction, size and location as the Premises with the improvements installed and shall take into account Tenant’s obligations to pay additional rent under this Lease. In determining Fair Market RentalRent, whichever is earlier, either Lessor or Lessee may apply to any court having jurisdiction to have such appointment made by such court. Any appraiser appointed by the original appraisers or by such court shall be instructed to determine the Fair Market Value or Fair Market Rental within forty-five (45) days after appointment of such appraiser. The determination of the appraiser which differs most in the terms of dollar amount from the determinations of the other two appraisers shall be excluded, and fifty percent (50%) not consider any of the sum of the remaining two determinations shall be final and binding upon Lessor and Lessee as the Fair Market Value or Fair Market Rental of the Leased Property, as the case may be. This provision for determining by appraisal shall be specifically enforceable to the extent such remedy is available under applicable law, and any determination hereunder shall be final and binding upon the parties except as otherwise provided by applicable law. Lessor and Lessee shall each pay the fees and expenses of the appraiser appointed by it and each shall pay one-half of the fees and expenses of the third appraiser and one-half of all other costs and expenses incurred in connection with each appraisalTenant’s Trade Fixtures.

Appears in 1 contract

Samples: Nassda Corp

Appraisers. If In the event that it becomes necessary to determine ---------- the Fair Market Value, Fair Market Value Purchase Price or Fair Market Rental of the Leased Property for of any purpose of this LeaseFacility, the party required or permitted to give Notice notice of such required determination shall include in the Notice notice the name of a Person person selected to act as appraiser on its behalf. Within ten (10) 10 days after Noticereceipt of any such notice, Lessor (or Lessee, as the case may be) shall by Notice notice to Lessee (or Lessor, as the case may be) appoint a second Person person as appraiser on its behalf. The appraisers thus appointed, each of whom must be a member of the American Institute of Real Estate Appraisers (or any successor organization thereto) with at least five (5) years’ experience in the State appraising property similar to the Leased Property), shall, within forty-five (45) days after the date of the Notice notice appointing the first appraiser, proceed to appraise the Leased Property of such Facility to determine the Fair Market Value, Fair Market Value Purchase Price or Fair Market Rental thereof thereof, as the case may be, as of the relevant date (giving effect to the impact, if any, of inflation from the date of their decision to the relevant date); provided, however, that if only one appraiser shall have been so appointed, or if two, appraisers shall have been so appointed but only one such appraiser shall have made such determination within fifty (50) days after the making of Lessee's or Lessor's request, then the determination of such appraiser shall be final and binding upon the parties. To the extent consistent with sound appraisal practice as then existing at the time of any such appraisal, such appraisal shall be made on a basis consistent with the basis on which the Leased Property of such Facility was appraised for purposes of determining its Fair Market Value at the time the Leased Property of such Facility was acquired by Lessor. If two (2) appraisers are shall have been appointed and shall have made their determinations within the respective requisite periods set forth above and if the difference between the amounts so determined does shall not exceed five percent Ten Percent (510%) of the lesser of such amounts, then the Fair Market Value, Fair Market Value Purchase Price or Fair Market Rental Rental, as the case may be, shall be an amount equal to fifty percent Fifty Percent (50%) of the sum of the amounts so determined. If the difference between the amounts so determined exceeds five percent shall exceed Ten Percent (510%) of the lesser of such amounts, then such two appraisers shall have twenty (20) days to appoint a third appraiser, but if such appraisers fail to do so, then either party may request the American Arbitration Association or any successor organization thereto to appoint an appraiser within twenty (20) days of such request, and both parties shall be bound by any appointment so made within such twenty (20) day period. If no such appraiser shall have been appointed within such twenty (20) days or within ninety (90) days of the original request for a determination of Fair Market Value, Fair Market Value Purchase Price or Fair Market Rental, as the case may be, whichever is earlier, either Lessor or Lessee may apply to any court having jurisdiction to have such appointment made by such court. Any appraiser appointed by the original appraisers appraisers, by the American Arbitration Association or by such court shall be instructed to determine the Fair Market Value, Fair Market Value Purchase Price or Fair Market Rental Rental, as the case may be, within forty-five (45) 30 days after appointment of such appraiserAppraiser. The determination of the appraiser which differs most in the terms of dollar amount from the determinations of the other two appraisers shall be excluded, and fifty percent Fifty Percent (50%) of the sum of the remaining two determinations shall be final and binding upon Lessor and Lessee as the Fair Market Value, Fair Market Value Purchase Price or Fair Market Rental of the Leased PropertyRental, as the case may be, for such interest. This provision for determining determination by appraisal shall be specifically enforceable to the extent such remedy is available under applicable law, and any determination hereunder shall be final and binding upon the parties except as otherwise provided by applicable law. Lessor and Lessee shall each pay the fees and expenses of the appraiser appointed by it and each shall pay one-half of the fees and expenses of the third appraiser and one-half of all other costs cost and expenses incurred in connection with each appraisal.

Appears in 1 contract

Samples: Kindred Healthcare Inc

Appraisers. If it becomes necessary to determine the Fair Market Value or Fair Market Rental of the Leased Property leasehold estate hereunder for any purpose of this Lease, the party required or permitted to give Notice of such required determination shall include in the Notice the name of a Person person selected to act as appraiser on its behalf. Within ten (10) 10 days after Notice, Lessor (or Lessee, as the case may be) shall by Notice to Lessee (or Lessor, as the case may be) appoint a second Person person as appraiser on its behalf. The appraisers thus appointed, each of whom must be a member of the American Institute of Real Estate Appraisers (or any successor organization thereto) with at least five (5) years’ years experience in the State appraising property similar to the Leased Property, shall, within forty-five (45) 45 days after the date of the Notice appointing the first appraiser, proceed to appraise the Leased Property to determine the Fair Market Value or Fair Market Rental thereof of the leasehold estate hereunder as of the relevant date (giving effect to the impact, if any, of inflation from the date of their decision to the relevant date); provided, however, that if only one appraiser shall have been so appointed, then the determination of such appraiser shall be final and binding upon the parties. To the extent consistent with sound appraisal practice as then existing at the time of any such appraisal, such appraisal shall be made on a basis consistent with the basis on which the Leased Property was appraised for purposes of determining its Fair Market Value at the time the Leased Property was acquired by Lessor. If two (2) appraisers are appointed and if the difference between the amounts so determined does not exceed five percent (5%) % of the lesser of such amounts, then the Fair Market Value or Fair Market Rental shall be an amount equal to fifty percent (50%) % of the sum of the amounts so determined. If the difference between the amounts so determined exceeds five percent (5%) % of the lesser of such amounts, then such two appraisers shall have twenty (20) 20 days to appoint a third appraiser. If no such appraiser shall have been appointed within such twenty (20) 20 days or within ninety (90) 90 days of the original request for a determination of Fair Market Value or Fair Market RentalValue, whichever is earlier, either Lessor or Lessee may apply to any court having jurisdiction to have such appointment made by such court. Any appraiser appointed by the original appraisers or by such court shall be instructed to determine the Fair Market Value or Fair Market Rental within forty-five (45) days after appointment of such appraiser. The determination of the appraiser which differs most in the terms of dollar amount from the determinations of the other two appraisers shall be excluded, and fifty percent (50%) of the sum of the remaining two determinations shall be final and binding upon Lessor and Lessee as the Fair Market Value or Fair Market Rental of the Leased Property, as the case may be. This provision for determining by appraisal shall be specifically enforceable to the extent such remedy is available under applicable law, and any determination hereunder shall be final and binding upon the parties except as otherwise provided by applicable law. Lessor and Lessee shall each pay the fees and expenses of the appraiser appointed by it and each shall pay one-half of the fees and expenses of the third appraiser and one-half of all other costs and expenses incurred in connection with each appraisal.

Appears in 1 contract

Samples: Lease Agreement (RFS Hotel Investors Inc)

Appraisers. If it becomes necessary to determine the Fair Market Value ---------- or Fair Market Rental of the Leased Property for any purpose of this Lease, the party required or permitted to give Notice of such required determination shall include in the Notice the name of a Person person selected to act as appraiser on its behalf. Within ten (10) 20 days after Notice, Lessor (or Lessee, as the case may be) shall by Notice to Lessee (or Lessor, as the case may be) appoint a second Person person as appraiser on its behalf. The appraisers thus appointed, each of whom must be a member of the American Institute of Real Estate Appraisers (or any successor organization thereto) with at least five (5) years’ years experience in the State appraising property similar to the Leased Property, shall, within forty-five (45) 45 days after the date of the Notice appointing the first appraiser, proceed to appraise the Leased Property to determine the Fair Market Value or Fair Market Rental thereof as of the relevant date (giving effect to the impact, if any, of inflation from the date of their decision to the relevant date); provided, however, that if only one appraiser shall have been so appointed, then the determination of such appraiser shall be final and binding upon the parties. To the extent consistent with sound appraisal practice as then existing at the time of any such appraisal, such appraisal shall be made on a basis consistent with the basis on which the Leased Property was appraised for purposes of determining its Fair Market Value at the time the Leased Property was acquired by Lessor. If two (2) appraisers are appointed and if the difference between the amounts so determined does not exceed five percent (5%) % of the lesser of such amounts, then the Fair Market Value or 40 Fair Market Rental shall be an amount equal to fifty percent (50%) % of the sum of the amounts so determined. If the difference between the amounts so determined exceeds five percent (5%) % of the lesser of such amounts, then such two appraisers shall have twenty (20) 20 days to appoint a third appraiser. If no such appraiser shall have been appointed within such twenty (20) 20 days or within ninety (90) 90 days of the original request for a determination of Fair Market Value or Fair Market Rental, whichever is earlier, either Lessor or Lessee may apply to any court having jurisdiction to have such appointment made by such court. Any appraiser appointed by the original appraisers or by such court shall be instructed to determine the Fair Market Value or Fair Market Rental within forty-five (45) 45 days after appointment of such appraiser. The determination of the appraiser which differs most in the terms of dollar amount from the determinations of the other two appraisers shall be excluded, and fifty percent (50%) % of the sum of the remaining two determinations shall be final and binding upon Lessor and Lessee as the Fair Market Value or Fair Market Rental of the Leased Property, as the case may be. This provision for determining by appraisal shall be specifically enforceable to the extent such remedy is available under applicable law, and any determination hereunder shall be final and binding upon the parties except as otherwise provided by applicable law. Lessor and Lessee shall each pay the fees and expenses of the appraiser appointed by it and each shall pay one-half of the fees and expenses of the third appraiser and one-half of all other costs and expenses incurred in connection with each appraisal.

Appears in 1 contract

Samples: Master Lease Agreement (Humphrey Hospitality Trust Inc)

Appraisers. If it becomes necessary to determine the Fair Market Value or Fair Market Rental Value of the Leased Property for any purpose of this Lease, the party required or permitted to give Notice of such required determination shall include in the Notice the name of a Person person selected to act as appraiser on its behalf. Within ten (10) 10 days after Notice, Lessor (or Lessee, as the case may be) shall by Notice to Lessee (or Lessor, as the case may be) appoint a second Person person as appraiser on its behalf. The appraisers thus appointed, each of whom must be a member of the American Institute of Real Estate Appraisers (or any successor organization thereto) with at least five (5) years’ years experience in the State appraising property similar to the Leased Property, shall, within forty-five (45) 45 days after the date of the Notice appointing the first appraiser, proceed to appraise the Leased Property to determine the Fair Market Value or Fair Market Rental Value thereof as of the relevant date (giving effect to the impact, if any, of inflation from the date of their decision to the relevant date); provided, however, that if only one appraiser shall have been so appointed, then the determination of such appraiser shall be final and binding upon the parties. To the extent consistent with sound appraisal practice as then existing at the time of any such appraisal, such appraisal shall be made on a basis consistent with the basis on which the Leased Property was appraised for purposes of determining its Fair Market Value at the time the Leased Property was acquired by Lessor. If two (2) appraisers are appointed and if the difference between the amounts so determined does not exceed five percent (5%) % of the lesser of such amounts, then the Fair Market Value or Fair Market Rental Value shall be an amount equal to fifty percent (50%) % of the sum of the amounts so determined. If the difference between the amounts so determined exceeds five percent (5%) % of the lesser of such amounts, then such two appraisers shall have twenty (20) 10 days to appoint a third appraiser. If no such appraiser shall have been appointed within such twenty (20) 10 days or within ninety (90) 90 days of the original request for a determination of Fair Market Value or Fair Market RentalRental Value, whichever is earlier, either Lessor or Lessee may apply to any court having jurisdiction to have such appointment made by such court. Any appraiser appointed by the original appraisers or by such court shall be instructed to determine the Fair Market Value or Fair Market Rental Value within forty-five (45) 30 days after appointment of such appraiser. The determination of the appraiser which differs most in the terms of dollar amount from the determinations of the other two appraisers shall be excluded, and fifty percent (50%) % of the sum of the remaining two determinations shall be final and binding upon Lessor and Lessee as the Fair Market Value or Fair Market Rental Value of the Leased Property, as the case may be. This provision for determining by appraisal shall be specifically enforceable to the extent such remedy is available under applicable law, and any determination hereunder shall be final and binding upon the parties except as otherwise provided by applicable law. Lessor and Lessee shall each pay the fees and expenses of the appraiser appointed by it and each shall pay one-half of the fees and expenses of the third appraiser and one-half of all other costs and expenses incurred in connection with each appraisal.

Appears in 1 contract

Samples: Master Lease Agreement (PMC Commercial Trust /Tx)

Appraisers. If In the event that it becomes necessary to determine the Fair Market Value or Fair Market Rental of the Leased Property any Facility for any purpose of this Lease, and the parties cannot agree amongst themselves on such value within twenty (20) days after the first request made by one of the parties to do so, then either party required or permitted to give Notice of such required determination shall include in may notify the Notice the name other of a Person person selected to act as appraiser on its behalfbehalf (which person, if selected by Landlord, shall be subject to the approval of Landlord’s Lender). Within ten fifteen (1015) days after Noticereceipt of any such notice, Lessor (or Lessee, as the case may be) other party shall by Notice notice to Lessee (or Lessor, as the case may be) first party appoint a second Person person as appraiser on its behalf. The appraisers thus appointed, each of whom must be a member of the The Appraisal Institute/American Institute of Real Estate Appraisers (or any successor organization thereto) with at least five (5) years’ experience in the State appraising property similar to the Leased Property), shall, within forty-five (45) 45 days after the date of the Notice notice appointing the first appraiser, proceed to appraise the Leased Property applicable Facility to determine the Fair Market Value or Fair Market Rental thereof as of the relevant date (giving effect to the impact, if any, of inflation from the date of their decision to the relevant date); provided, however, provided that if only one appraiser shall have been so appointed, or if two appraisers shall have been so appointed but only one such appraiser shall have made such determination within 50 days after the making of the initial appointment, then the determination of such appraiser shall be final and binding upon the parties. To the extent consistent with sound appraisal practice as then existing at the time of any such appraisal, such appraisal shall be made on a basis consistent with the basis on which the Leased Property was appraised for purposes of determining its Fair Market Value at the time the Leased Property was acquired by Lessor. If two (2) appraisers are shall have been appointed and shall have made their determinations within the respective requisite periods set forth above and if the difference between the amounts so determined does shall not exceed five ten percent (510%) of the lesser of such amounts, then the Fair Market Value or Fair Market Rental shall be an amount equal to fifty percent (50%) % of the sum of the amounts so determined. If the difference between the amounts so determined exceeds five shall exceed ten percent (510%) of the lesser of such amounts, then such two appraisers shall have twenty (20) 20 days to appoint a third appraiser, but if such appraisers fail to do so, then either party may request the American Arbitration Association or any successor organization thereto to appoint an appraiser within 20 days of such request, and both parties shall be bound by any appointment so made within such 20 day period. If no such appraiser shall have been appointed within such twenty (20) 20 days or within ninety (90) 90 days of the original request for a determination of Fair Market Value or Fair Market Rental, whichever is earlier, either Lessor Landlord or Lessee Tenant may apply to any court having jurisdiction to have such appointment made by such court. Any appraiser appointed by the original appraisers appraisers, by the American Arbitration Association or by such court shall be instructed to determine the Fair Market Value or Fair Market Rental within forty-five (45) 30 days after appointment of such appraiserAppraiser. The determination of the appraiser which differs most in the terms of dollar amount from the determinations determination of the other two appraisers shall be excluded, and fifty percent (50%) % of the sum of the remaining two determinations shall be final and binding upon Lessor Landlord and Lessee Tenant as the Fair Market Value or Fair Market Rental of the Leased Property, as the case may befor such interest. This provision for determining determination by appraisal shall be specifically enforceable to the extent such remedy is available under applicable law, and any determination hereunder shall be final and binding upon the parties except as otherwise provided by applicable law. Lessor Landlord and Lessee Tenant shall each pay the fees and expenses of the appraiser appointed by it and their own legal fees, and each shall pay one-half of the fees and expenses of the third appraiser and one-half of all other costs cost and expenses incurred in connection with each appraisal. Any consent or agreement by Landlord as to Fair Market Rental shall be subject to the approval of Landlord’s Lender.

Appears in 1 contract

Samples: Master Lease Agreement (Station Casinos Inc)

Appraisers. If it becomes necessary to determine the Fair Market Value fair market value or Fair Market Rental fair market rental of the Leased Property for any purpose of this Lease, then, except as otherwise expressly provided in this Lease, the party required or permitted to give Notice of such required determination shall include in the Notice the name of a Person person selected to act as appraiser on its behalf. Within ten (10) 10 days after Notice, Lessor (or Lessee, as the case may be) shall by Notice to Lessee (or Lessor, as the case may be) appoint a second Person person as appraiser on its behalf. The appraisers thus appointed, each of whom must be a member of the American Institute of Real Estate Appraisers (or any successor organization thereto) with at least five (5) years’ years experience in the State appraising property similar to the Leased Property, shall, within forty-five (45) 10 days after the date of the Notice appointing the first second appraiser, proceed to appraise the Leased Property to determine the Fair Market Value fair market value or Fair Market Rental fair market rental thereof as of the relevant date (giving effect to the impact, if any, of inflation from the date of their decision to the relevant -71- 162 date); provided, however, that if only one appraiser shall have been so appointed, then the determination of such appraiser shall be final and binding upon the parties. To the extent consistent with sound appraisal practice as then existing at the time of any such appraisal, such appraisal shall be made on a basis consistent with the basis on which the Leased Property was appraised for purposes of determining its Fair Market Value at the time the Leased Property was acquired by Lessor. If two (2) appraisers are appointed and if the difference between the amounts so determined does not exceed five percent (5%) % of the lesser of such amounts, then the Fair Market Value fair market value or Fair Market Rental fair market rental shall be an amount equal to fifty percent (50%) % of the sum of the amounts so determined. If the difference between the amounts so determined exceeds five percent (5%) % of the lesser of such amounts, then such two appraisers shall have twenty (20) 10 days to appoint a third appraiser. If no such appraiser shall have been appointed within such twenty (20) 10 days or within ninety (90) 60 days of the original request for a determination of Fair Market Value fair market value or Fair Market Rentalfair market rental, whichever is earlier, either Lessor or Lessee may apply to any court having jurisdiction to have such appointment made by such court. Any appraiser appointed by the original appraisers or by such court shall be instructed to determine the Fair Market Value fair market value or Fair Market Rental fair market rental within forty-five (45) 30 days after appointment of such appraiser. The determination of the appraiser which differs most in the terms of dollar amount from the determinations of the other two appraisers shall be excluded, and fifty percent (50%) % of the sum of the remaining two determinations shall be final and binding upon Lessor and Lessee as the Fair Market Value fair market value or Fair Market Rental fair market rental of the Leased Property, as the case may be. This provision for determining by appraisal shall be specifically enforceable to the extent such remedy is available under applicable law, and any determination hereunder shall be final and binding upon the parties except as otherwise provided by applicable law. Lessor and Lessee shall each pay the fees and expenses of the appraiser appointed by it and each shall pay one-half of the fees and expenses of the third appraiser and one-half of all other costs and expenses incurred in connection with each appraisal.

Appears in 1 contract

Samples: Purchase and Sale Agreement (Prime Hospitality Corp)

Appraisers. If it becomes necessary to determine the Fair Market Rental Value or Fair Market Rental of any of the Leased Property Properties for any purpose of this Lease, Landlord and Tenant shall attempt to agree upon a single appraiser to make such determination. If Landlord and Tenant are unable to agree upon a single appraiser within thirty (30) days thereafter, then the party required or permitted to give Notice of such required determination shall include in the Notice the name of a Person person selected to act as appraiser on its behalf. Within ten (10) days after such Notice, Lessor Landlord (or LesseeTenant, as the case may be) shall by Notice to Lessee Tenant (or LessorLandlord, as the case may be) appoint a second Person person as appraiser on its behalf. The appraisers thus appointed, each of whom must be a member of the American Institute of Real Estate Appraisers (or any successor organization thereto) with at least five (5) years’ experience and experienced in the State appraising property similar to the Leased Propertynursing home properties, shall, within forty-five (45) days after the date of the Notice appointing the first appraiser, proceed to appraise the applicable Leased Property to determine the Fair Market Rental Value or Fair Market Rental thereof of it as of the relevant date (giving effect to the impact, if any, of inflation from the date of their decision to the relevant date); provided, however, that if only one appraiser shall have has been so appointed, then the determination of such appraiser shall be final and binding upon the parties. To the extent consistent with sound appraisal practice as then existing at the time of any such appraisal, such appraisal shall be made on a basis consistent with the basis on which the Leased Property was appraised for purposes of determining its Fair Market Value at the time the Leased Property was acquired by Lessor. If two (2) appraisers are have been appointed and have made their determinations within the respective requisite periods set forth above and if the difference between the amounts so determined does not exceed five ten percent (510%) of the lesser of such amounts, then the Fair Market Rental Value or Fair Market Rental shall be an amount equal to fifty percent (50%) of the sum of the amounts so determined. If the difference between the amounts so determined exceeds five ten percent (510%) of the lesser of such amounts, then such two appraisers shall have twenty (20) days to appoint a third appraiser. If no such appraiser shall have has been appointed within such twenty (20) days day period or within ninety (90) days of the original request for a determination of Fair Market Value or Fair Market RentalRental Value, whichever is earlier, either Lessor Landlord or Lessee Tenant may apply to any court having jurisdiction to have such appointment made by such court. Any appraiser appointed by the original appraisers or by such court shall be instructed to determine the Fair Market Rental Value or Fair Market Rental within forty-five (45) days after appointment of such appraiser. The determination of the appraiser which differs most in the terms of dollar amount from the determinations of the other two appraisers shall be excluded, and fifty percent (50%) the average of the sum of the remaining two determinations shall be final and binding upon Lessor Landlord and Lessee Tenant as the Fair Market Rental Value or Fair Market Rental of the applicable Leased Property, as the case may be. Any such appraisal shall conform to FDIC or equivalent requirements and format. This provision for determining the Fair Rental Value by appraisal shall be specifically enforceable to the extent such remedy is available under applicable law, and any determination hereunder shall be final and binding upon the parties except as otherwise provided by applicable lawand judgment may be entered upon such determination in any court having jurisdiction of the matter. Lessor Landlord and Lessee Tenant shall each pay the fees and expenses of the appraiser appointed by it it, and each shall pay one-half of the fees and expenses of the third appraiser and one-half of all other costs and expenses incurred in connection with each appraisal.

Appears in 1 contract

Samples: Master Lease (Monarch Properties Inc)

Appraisers. If it becomes necessary to determine the Fair Market Value or Fair Market Rental of the Leased Property for any purpose of this Lease, Lessor and Lessee shall first attempt to agree on such Fair Market Rental. If Lessor and Lessee are not able to so agree within a reasonable period of time not to exceed forty-five (45) days, then Lessor and Lessee shall attempt to agree upon a single appraiser to make such determination. If Lessor and Lessee are unable to agree upon a single arbitrator within thirty (30) days thereafter, then the party required or permitted to give Notice of such required determination shall include in the Notice the name of a Person person selected to act as appraiser on its behalf. Within ten (10) days after such Notice, Lessor (or Lessee, as the case may be) shall by Notice to Lessee (or Lessor, as the case may be) appoint a second Person person as appraiser on its behalf. The appraisers thus appointed, each of whom must be a member of the American Institute of Real Estate Appraisers (or any successor organization thereto) with at least five (5) years’ experience and experienced in the State appraising property similar to the Leased Propertynursing home properties, shall, within forty-five (45) days after the date of the Notice appointing the first appraiser, proceed to appraise the Leased Property to determine the Fair Market Value or Fair Market Rental thereof as of the relevant date (giving effect to the impact, if any, of inflation from the date of their decision to the relevant date); provided, however, that if only one appraiser shall has been so appointed, or if two appraisers have been so appointedappointed but only one such appraiser has made such determination within fifty (50) days after the making of Lessee’s or Lessor’s request, then the determination of such appraiser shall be final and binding upon the parties. To the extent consistent with sound appraisal practice as then existing at the time of any such appraisal, such appraisal shall be made on a basis consistent with the basis on which the Leased Property was appraised for purposes of determining its Fair Market Value at the time the Leased Property was acquired by Lessor. If two (2) appraisers are have been appointed and have made their determinations within the respective requisite periods set forth above and if the difference between the amounts so determined does not exceed five ten percent (510%) of the lesser of such amounts, then the Fair Market Value or Fair Market Rental shall be an amount equal to fifty percent (50%) of the sum of the amounts so determined. If the difference between the amounts so determined exceeds five ten percent (510%) of the lesser of such amounts, then such two appraisers shall have twenty (20) days to appoint a third appraiser. If no such appraiser shall have has been appointed within such twenty (20) days or within ninety (90) days of the original request for a determination of Fair Market Value or Fair Market Rental, whichever is earlier, either Lessor or Lessee may apply to any court having jurisdiction to have such appointment made by such court. Any appraiser appointed by the original appraisers or by such court shall be instructed to determine the Fair Market Value or Fair Market Rental within forty-five (45) days after appointment of such appraiser. The determination of the appraiser which differs most in the terms of dollar amount from the determinations of the other two appraisers shall be excluded, and fifty percent (50%) the average of the sum of the remaining two determinations shall be final and binding upon Lessor and Lessee as the Fair Market Value or Fair Market Rental of the Leased Property, as the case may be. This provision for determining by appraisal shall be specifically enforceable to the extent such remedy is available under applicable law, and any determination hereunder shall be final and binding upon the parties except as otherwise provided by applicable law. Lessor and Lessee shall each pay the fees and expenses of the appraiser appointed by it and each shall pay one-half ( 1/2) of the fees and expenses of the third appraiser and one-half ( 1/2) of all other costs and expenses incurred in connection with each appraisal.

Appears in 1 contract

Samples: Master Lease (Sun Healthcare Group Inc)

Appraisers. If at any time it becomes necessary to determine the Fair Market Value or Fair Market Rental of the Leased Property for any purpose of under this Lease, and the parties are unable to agree thereupon, the party required or permitted to give Notice of such required determination shall include in the Notice the name of a Person person selected to act as appraiser on its behalf. Within ten (10) days after such Notice, Lessor (Landlord or LesseeTenant, as the case may be) , shall by Notice to Lessee (Tenant or LessorLandlord, as the case may be) , either agree to the appointment of the appraiser identified in such initial Notice, in which case such appraiser shall be the sole appraiser 58 60 for purposes of determining the Fair Market Value or Fair Market Rental, as the case may be, or shall appoint a second Person person as an appraiser on its behalf. The appraisers thus appointed, each of whom Any appraiser appointed pursuant to this Section must (i) be a member of the American Institute of Real Estate Appraisers (or any successor organization thereto), (ii) with have at least five (5) years' experience in the State appraising property similar to the Leased Property, valuation of private hospitals and (iii) be neither an employee nor former employee of Landlord or Tenant or their Affiliates. The appraiser(s) thus appointed shall, within forty-five (45) 45 days after the date of the Notice appointing the first appraiser, proceed to appraise the Leased Property to determine the Fair Market Value or Fair Market Rental thereof (as the case may be) as of the relevant date (giving effect to the impact, if any, of inflation from the date of their decision to the relevant date); provided. In the case of two appraisers, howeverexcept as provided in Section 25.2, that if only one appraiser shall have been so appointed, then the determination of such appraiser two appraisals shall be final and binding upon the parties. To the extent consistent with sound appraisal practice as then existing at the time of any such appraisal, such appraisal shall be made on a basis consistent with the basis on which the Leased Property was appraised for purposes of determining its Fair Market Value at the time the Leased Property was acquired by Lessor. If two (2) appraisers are appointed and if the difference between the amounts so determined does not exceed five percent (5%) of the lesser of such amounts, then the Fair Market Value or Fair Market Rental shall be an amount equal to fifty percent (50%) of the sum of the amounts so determined. If the difference between the amounts so determined exceeds five percent (5%) of the lesser of such amounts, then such two appraisers shall have twenty (20) days to appoint a third appraiser. If no such appraiser shall have been appointed within such twenty (20) days or within ninety (90) days of the original request for a determination of Fair Market Value or Fair Market Rental, whichever is earlier, either Lessor or Lessee may apply to any court having jurisdiction to have such appointment made by such court. Any appraiser appointed by the original appraisers or by such court shall be instructed averaged to determine the Fair Market Value, Fair Market Value Purchase Price or Fair Market Rental within forty-five (45) days after appointment of such appraiser. The determination of the appraiser which differs most in the terms of dollar amount from the determinations of the other two appraisers shall be excluded, and fifty percent (50%) of the sum of the remaining two determinations shall be final and binding upon Lessor and Lessee as the Fair Market Value or Fair Market Rental of the Leased PropertyRental, as the case may be. This provision for determining by appraisal shall be specifically enforceable to In any event, the extent such remedy is available under applicable law, and any determination hereunder appraised value determined in accordance with this Section shall be final and binding upon the parties except as otherwise provided by applicable law. Lessor on Landlord and Lessee shall each pay the fees and expenses of the appraiser appointed by it and each shall pay one-half of the fees and expenses of the third appraiser and one-half of all other costs and expenses incurred in connection with each appraisalTenant.

Appears in 1 contract

Samples: California Facilities Security Agreement (Iasis Healthcare Corp)

Appraisers. If it becomes necessary to The Appraisers ---------------------------------------- shall determine the Initial Fair Market Value or Fair Rent and the Average Annual Percentage by using the "Market Rental of Comparison Approach" with the Leased Property for any purpose of this Lease, the party required or permitted to give Notice of such required determination shall include relevant market being similar office/research and development buildings in the Notice the name of a Person selected to act as appraiser on its behalfFremont. Within ten thirty (10) days after Notice, Lessor (or Lessee, as the case may be) shall by Notice to Lessee (or Lessor, as the case may be) appoint a second Person as appraiser on its behalf. The appraisers thus appointed, each of whom must be a member of the American Institute of Real Estate Appraisers (or any successor organization thereto) with at least five (5) years’ experience in the State appraising property similar to the Leased Property, shall, within forty-five (4530) days after the date selection of the Notice appointing the first third appraiser, proceed Landlord's appraiser shall arrange for the simultaneous delivery to appraise Landlord of written appraisals from each of the Leased Property to determine appraisers. The appraiser's determination of the Initial Fair Market Value or Rent and the Average Annual Percentage stated in the three (3) appraisals shall be added together (i.e., the Initial Fair Market Rental thereof as Rent in each of the relevant date three (giving effect to 3) appraisals shall be added together and the impact, if any, Average Annual Percentage in each of inflation from the date of their decision to three (3) appraisals shall be added together) and the relevant datetotal divided by three (3); providedthe resulting quotients shall be the monthly Base Rent and annual increase in Base Rent for the Premises during the Second Extension Term, as applicable. If, however, that if only the Initial Fair Market Rent and/or the Average Annual Percentage stated in the low appraisal and/or the high appraisal are/is more than ten percent (10%) lower and/or higher than the Initial Fair Market Rent and/or the Average Annual Percentage stated in the middle appraisal, the Initial Fair Market Rent and/or the Average Annual Percentage stated in the low appraisal and/or the high appraisal, as applicable, shall be disregarded. If the Initial Fair Market Rent or the Average Annual Percentage as stated in one appraiser shall have been so appointed(1) of the appraisals is disregarded, then the determination of such appraiser shall be final and binding upon the parties. To the extent consistent with sound appraisal practice as then existing at the time of any such appraisal, such appraisal shall be made on a basis consistent with the basis on which the Leased Property was appraised for purposes of determining its Initial Fair Market Value at Rent or the time Average Annual Percentage stated in the Leased Property was acquired by Lessor. If remaining two (2) appraisers are appointed and if the difference between the amounts so determined does not exceed five percent (5%) of the lesser of such amountsappraisals, then the Fair Market Value or Fair Market Rental as applicable, shall be an amount equal to fifty percent added together and their total divided by two (50%) of 2); the sum of resulting quotient or quotients shall be the amounts so determinedmonthly Base Rent and/or the annual increase in Base Rent for the Premises during the Second Extension Term, as applicable. If the difference between the amounts so determined exceeds five percent (5%) of the lesser of such amounts, then such two appraisers shall have twenty (20) days to appoint a third appraiser. If no such appraiser shall have been appointed within such twenty (20) days or within ninety (90) days of the original request for a determination of Initial Fair Market Value or Rent and/or the Average Annual Percentage stated in both the high and low appraisal are disregarded as stated in this Section, the Initial Fair Market Rental, whichever is earlier, either Lessor or Lessee may apply to any court having jurisdiction to have such appointment made by such court. Any appraiser appointed by Rent and/or the original appraisers or by such court shall be instructed to determine the Fair Market Value or Fair Market Rental within forty-five (45) days after appointment of such appraiser. The determination of the appraiser which differs most Average Annual Percentage stated in the terms of dollar amount from the determinations of the other two appraisers shall be excluded, and fifty percent (50%) of the sum of the remaining two determinations shall be final and binding upon Lessor and Lessee as the Fair Market Value or Fair Market Rental of the Leased Property, as the case may be. This provision for determining by middle appraisal shall be specifically enforceable to the extent such remedy is available under applicable law, monthly Base Rent and any determination hereunder shall be final and binding upon the parties except as otherwise provided by applicable law. Lessor and Lessee shall each pay annual increase in Base Rent for the fees and expenses of Premises during the appraiser appointed by it and each shall pay one-half of the fees and expenses of the third appraiser and one-half of all other costs and expenses incurred in connection with each appraisalSecond Extension Term.

Appears in 1 contract

Samples: Asyst Technologies Inc /Ca/

Appraisers. If it becomes necessary to determine the Fair Market Value or Fair Market Rental of the Leased Property Rent for any purpose of under this Lease, the party required or permitted to give Notice of such required determination shall include in the Notice the name of a Person person selected to act as appraiser on its behalf. Within ten (10) days after such Notice, Lessor (or Lessee, as the case may be) party receiving such Notice shall by give Notice to Lessee (or Lessor, as the case may be) appoint other party of its selection of a second Person person to act as appraiser on its behalf. The appraisers thus appointed, each of whom must be a member of the American Appraisal Institute of Real Estate Appraisers (or any successor organization thereto) with at least five (5) years’ experience and experienced in the State appraising property facilities used for purposes similar to the Leased PropertyPrimary Intended Use of the Facilities, shall, within forty-five (45) days after the date of the Notice appointing the first appraiser, proceed to appraise the Leased Property or Leased Properties, as the case may be, to determine the Fair Market Value or Fair Market Rental Rent thereof as of the relevant date (giving effect to the impact, if any, of inflation from between the date of their decision to and the relevant date); provided, however, that if only one appraiser shall has been so appointed, or if two appraisers have been so appointedappointed but only one such appraiser has made such determination within fifty (50) days after the date of the Notice appointing the first appraiser, then the determination of such appraiser shall be final and binding upon the parties. To the extent consistent with sound appraisal practice as then existing at the time of any such appraisal, such appraisal shall be made on a basis consistent with the basis on which the Leased Property was or Leased Properties were appraised for purposes of determining its Fair Market Value at the time the Leased Property was acquired by of Lessor’s acquisition thereof. If two (2) appraisers are have been appointed and have made their determinations within the respective requisite periods set forth above, and if the difference between the amounts so determined does not exceed five ten percent (510%) of the lesser of such amounts, then the Fair Market Value or Fair Market Rental Rent shall be an amount equal to fifty percent (50%) of the sum of the amounts so determined. If the difference between the amounts so determined exceeds five ten percent (510%) of the lesser of such amounts, then such two appraisers shall have within twenty (20) days to appoint a third appraiser. If no such appraiser shall have been is appointed within such twenty (20) days or within ninety (90) days of the original request for a determination date of Fair Market Value or Fair Market Rentalthe Notice appointing the first appraiser, whichever is earlier, either Lessor or Lessee may apply to any court having jurisdiction to have such appointment made by such court. Any appraiser appointed by the original appraisers or by such court shall be instructed to determine the Fair Market Value or Fair Market Rental Rent within forty-five (45) days after appointment of such appraiser. The determination of the appraiser which differs most in the terms of dollar amount from the determinations of the other two appraisers shall be excluded, and fifty percent (50%) of the sum average of the remaining two determinations shall be final and binding upon Lessor and Lessee as the Fair Market Value or Fair Market Rental Rent of the Leased PropertyProperty or Leased Properties, as the case may be. If the Fair Market Rent is being determined for more than one year, the Fair Market Rent may include such annual increases, if any, as the appraisers determine to be in accordance with the terms of this Lease. This provision for determining by appraisal shall be specifically enforceable to the extent such remedy is available under applicable law, and any determination hereunder shall be final and binding upon the parties except as otherwise provided by applicable law, and judgment may be entered upon such determination in a court of competent jurisdiction. Lessor and Lessee shall each pay the fees and expenses of the appraiser appointed by it and each shall pay one-half of the fees and expenses of the third appraiser and one-half of all other costs and expenses incurred in connection with each appraisal.

Appears in 1 contract

Samples: Master Lease (Omega Healthcare Investors Inc)

Appraisers. If it becomes necessary to determine the Fair Market Value or Fair Market Rental of the Leased Property for any purpose of this Lease, then, except as otherwise expressly provided in this Lease, the party required or permitted to give Notice of such required determination shall include in the Notice the name of a Person person selected to act as appraiser on its behalf. Within ten (10) days after Notice, Lessor (or Lessee, as the case may be) shall by Notice to Lessee (or Lessor, as the case may be) appoint a second Person person as appraiser on its behalf. The appraisers thus appointed, each of whom must be a member of the American Institute of Real Estate Appraisers (or any successor organization thereto) with at least five (5) years’ years experience in the State appraising property similar to the Leased Property, shall, within forty-five ten (4510) days after the date of the Notice appointing the first second appraiser, proceed to appraise the Leased Property to determine the Fair Market Value or Fair Market Rental thereof as of the relevant date (giving effect to the impact, if any, of inflation from the date of their decision to the relevant date); provided, however, that if only one appraiser shall have been so appointed, then the determination of such appraiser shall be final and binding upon the parties. To the extent consistent with sound appraisal practice as then existing at the time of any such appraisal, such appraisal shall be made on a basis consistent with the basis on which the Leased Property was appraised for purposes of determining its Fair Market Value at the time the Leased Property was acquired by Lessor. If two (2) appraisers are appointed and if the difference between the amounts so determined does not exceed five percent (5%) of the lesser of such amounts, then the Fair Market Value fair market value or Fair Market Rental fair market rental shall be an amount equal to fifty percent (50%) of the sum of the amounts so determined. If the difference between the amounts so determined exceeds five percent (5%) of the lesser of such amounts, then such two appraisers shall have twenty ten (2010) days to appoint a third appraiser. If no such appraiser shall have been appointed within such twenty ten (2010) days or within ninety sixty (9060) days of the original request for a determination of Fair Market Value fair market value or Fair Market Rentalfair market rental, whichever is earlier, either Lessor or Lessee may apply to any court having jurisdiction to have such appointment made by such court. Any appraiser appointed by the original appraisers or by such court shall be instructed to determine the Fair Market Value or Fair Market Rental within forty-five thirty (4530) days after appointment of such appraiser. The determination of the appraiser which differs most in the terms of dollar amount from the determinations of the other two appraisers shall be excluded, and fifty percent (50%) of the sum of the remaining two determinations shall be final and binding upon Lessor and Lessee as the Fair Market Value or Fair Market Rental of the Leased Property, as the case may be. This provision for determining by appraisal shall be specifically enforceable to the extent such remedy is available under applicable law, and any determination hereunder shall be final and binding upon the parties except as otherwise provided by applicable law. Lessor and Lessee shall each pay the fees and expenses of the appraiser appointed by it and each shall pay one-half of the fees and expenses of the third appraiser and one-half of all other costs and expenses incurred in connection with each appraisal.

Appears in 1 contract

Samples: Stock Purchase Agreement (Keystone Inc Et Al)

Appraisers. If In the event that it becomes necessary to determine the Fair Market Value or Fair Market Rental of the Leased Property any property for any purpose of this Lease, and the party required or permitted to give Notice of parties cannot agree amongst themselves on such required determination shall include in the Notice the name of a Person selected to act as appraiser on its behalf. Within ten value within twenty (1020) days after Noticethe first request made by one of the parties to do so, Lessor (or Lesseethen the parties shall engage the Valuation Services Division of the Capital Markets Group of Xxxxxxx & Xxxxxxxxx in New York, New York to determine the Fair Market Rental as of the case may be) shall by Notice to Lessee (or Lessor, as relevant date in accordance with the case may be) appoint a second Person as appraiser on its behalfprocedures herein contained. The appraisers thus appointed, each of whom appraiser employed by Xxxxxxx & Wakefield must be a member of the The Appraisal Institute/American Institute of Real Estate Appraisers (or any successor organization thereto) with at least five (5) years’ experience in the State appraising property similar to the Leased Property), and shall, within forty-five (45) 45 days after the date engagement of the Notice appointing the first appraiser, Xxxxxxx & Xxxxxxxxx proceed to appraise the applicable Leased Property to determine the Fair Market Value or Fair Market Rental thereof as of the relevant date date. If Xxxxxxx & Wakefield shall decline such engagement, then the following procedures shall apply. Either party may notify the other of a person selected to act as appraiser on its behalf (giving effect which person, if selected by Landlord, shall be subject to the impactapproval of Landlord’s Lender). Within fifteen (15) days after receipt of any such notice, if anythe other party shall by notice to the first party appoint a second person as appraiser on its behalf. Any appraiser thus appointed, must be a member of inflation from The Appraisal Institute/American Institute of Real Estate Appraisers (or any successor organization thereto), and shall, within 45 days after the date notice appointing the first appraiser, as applicable, proceed to appraise the applicable Leased Property to determine the Fair Market Rental thereof as of their decision to the relevant date); provided, however, that if only . If one appraiser shall have been so appointed, or if two appraisers shall have been so appointed but only one such appraiser shall have made such determination within 50 days after the making of the initial appointment, then the determination of such appraiser shall be final and binding upon the parties. To the extent consistent with sound appraisal practice as then existing at the time of any such appraisal, such appraisal shall be made on a basis consistent with the basis on which the Leased Property was appraised for purposes of determining its Fair Market Value at the time the Leased Property was acquired by Lessor. If two (2) appraisers are shall have been appointed and shall have made their determinations within the respective requisite periods set forth above and if the difference between the amounts so determined does shall not exceed five ten percent (510%) of the lesser of such amounts, then the Fair Market Value or Fair Market Rental shall be an amount equal to fifty percent (50%) % of the sum of the amounts so determined. If the difference between the amounts so determined exceeds five shall exceed ten percent (510%) of the lesser of such amounts, then such two appraisers shall have twenty (20) 20 days to appoint a third appraiser, but if such appraisers fail to do so, then either party may request the American Arbitration Association or any successor organization thereto to appoint an appraiser within 20 days of such request, and both parties shall be bound by any appointment so made within such 20 day period. If no such appraiser shall have been appointed within such twenty (20) 20 days or within ninety (90) 90 days of the original request for a determination of Fair Market Value or Fair Market Rental, whichever is earlier, either Lessor Landlord or Lessee Tenant may apply to any court having jurisdiction to have such appointment made by such court. Any appraiser appointed by the original appraisers appraisers, by the American Arbitration Association or by such court shall be instructed to determine the Fair Market Value or Fair Market Rental within forty-five (45) 30 days after appointment of such appraiserAppraiser. The determination of the appraiser which differs most in the terms of dollar amount from the determinations determination of the other two appraisers shall be excluded, and fifty percent (50%) % of the sum of the remaining two determinations shall be final and binding upon Lessor Landlord and Lessee Tenant as the Fair Market Value or Fair Market Rental of the Leased Property, as the case may befor such interest. This provision for determining determination by appraisal shall be specifically enforceable to the extent such remedy is available under applicable law, and any determination hereunder shall be final and binding upon the parties except as otherwise provided by applicable law. Lessor Landlord and Lessee Tenant shall share equally the fees and expenses of Xxxxxxx & Xxxxxxxxx. If Xxxxxxx & Xxxxxxxxx declines such engagement, then Landlord and Tenant shall each pay the fees and expenses of the appraiser appointed by it and their own legal fees, and each shall pay one-half of the fees and expenses of the third appraiser and one-half of all other costs cost and expenses incurred in connection with each appraisal. If Xxxxxxx & Wakefield is not engaged, then any consent or agreement by Landlord as to Fair Market Rental shall be subject to the approval of Landlord’s Lender.

Appears in 1 contract

Samples: Master Lease Agreement (Cheeseburger-Ohio, Limited Partnership)

Appraisers. If it becomes necessary to determine the Fair Market Value or ---------- Fair Market Rental of the Leased Property for any purpose of this Lease, the party required or permitted to give Notice of such required determination shall include in the Notice the name of a Person person selected to act as appraiser on its behalf. Within ten (10) 20 days after Notice, Lessor (or Lessee, as the case may be) shall by Notice to Lessee (or Lessor, as the case may be) appoint a second Person person as appraiser on its behalf. The appraisers thus appointed, each of whom must be a member of the American Institute of Real Estate Appraisers (or any successor organization thereto) with at least five (5) years’ years experience in the State appraising property similar to the Leased Property, shall, within forty-five (45) 45 days after the date of the Notice appointing the first appraiser, proceed to appraise the Leased Property to determine the Fair Market Value or Fair Market Rental thereof as of the relevant date (giving effect to the impact, if any, of inflation from the date of their decision to the relevant date); provided, however, that if only one appraiser shall have been so appointed, then the determination of such appraiser shall be final and binding upon the parties. To the extent consistent with sound appraisal practice as then existing at the time of any such appraisal, such appraisal shall be made on a basis consistent with the basis on which the Leased Property was appraised for purposes of determining its Fair Market Value at the time the Leased Property was acquired by Lessor. If two (2) appraisers are appointed and if the difference between the amounts so determined does not exceed five percent (5%) % of the lesser of such amounts, then the Fair Market Value or Fair Market Rental shall be an amount equal to fifty percent (50%) % of the sum of the amounts so determined. If the difference between the amounts so determined exceeds five percent (5%) % of the lesser of such amounts, then such two appraisers shall have twenty (20) 20 days to appoint a third appraiser. If no such appraiser shall have been appointed within such twenty (20) 20 days or within ninety (90) 90 days of the original request for a determination of Fair Market Value or Fair Market Rental, whichever is earlier, either Lessor or Lessee may apply to any court having jurisdiction to have such appointment made by such court. Any appraiser appointed by the original appraisers or by such court shall be instructed to determine the Fair Market Value or Fair Market Rental within forty-five (45) 45 days after appointment of such appraiser. The determination of the appraiser which differs most in the terms of dollar amount from the determinations of the other two appraisers shall be excluded, and fifty percent (50%) % of the sum of the remaining two determinations shall be final and binding upon Lessor and Lessee as the Fair Market Value or Fair Market Rental of the Leased Property, as the case may be. This provision for determining by appraisal shall be specifically enforceable to the extent such remedy is available under applicable law, and any determination hereunder shall be final and binding upon the parties except as otherwise provided by applicable law. Lessor and Lessee shall each pay the fees and expenses of the appraiser appointed by it and each shall pay one-half of the fees and expenses of the third appraiser and one-half of all other costs and expenses incurred in connection with each appraisal.

Appears in 1 contract

Samples: Lease Agreement (Humphrey Hospitality Trust Inc)

Appraisers. If it becomes necessary to determine the Fair Market Value or Fair Market Rental of the Leased Property for any purpose of this Lease, the party required or permitted to give Notice of such required determination shall include in the Notice the name of a Person selected to act as appraiser on its behalf. Within ten (10) days after Notice, Lessor (or Lessee, as the case may be) shall by Notice to Lessee (or Lessor, as the case may be) appoint a second Person as appraiser on its behalf. The appraisers thus appointed, each of whom must be a member of the American Institute of Real Estate Appraisers (or any successor organization thereto) with at least five (5) years’ years experience in the State appraising property similar to the Leased Property, shall, within forty-five (45) days after the date of the Notice appointing the first appraiser, proceed to appraise the Leased Property to determine the Fair Market Value or Fair Market Rental thereof as of the relevant date (giving effect to the impact, if any, of inflation from the date of their decision to the relevant date); provided, however, that if only one appraiser shall have been so appointed, then the determination of such appraiser shall be final and binding upon the parties. To the extent consistent with sound appraisal practice as then existing at the time of any such appraisal, such appraisal shall be made on a basis consistent with the basis on which the Leased Property was appraised for purposes of determining its Fair Market Value at the time the Leased Property was acquired by Lessor. If two (2) appraisers are appointed and if the difference between the amounts so determined does not exceed five percent (5%) % of the lesser of such amounts, then the Fair Market Value or Fair Market Rental shall be an amount equal to fifty percent (50%) % of the sum of the amounts so determined. If the difference between the amounts so determined exceeds five percent (5%) % of the lesser of such amounts, then such two appraisers shall have twenty (20) days to appoint a third appraiser. If no such appraiser shall have been appointed within such twenty (20) days or within ninety (90) days of the original request for a determination of Fair Market Value or Fair Market Rental, whichever is earlier, either Lessor or Lessee may apply to any court having jurisdiction to have such appointment made by such court. Any appraiser appointed by the original appraisers or by such court shall be instructed to determine the Fair Market Value or Fair Market Rental within forty-five (45) days after appointment of such appraiser. The determination of the appraiser which differs most in the terms of dollar amount from the determinations of the other two appraisers shall be excluded, and fifty percent (50%) % of the sum of the remaining two determinations shall be final and binding upon Lessor and Lessee as the Fair Market Value or Fair Market Rental of the Leased Property, as the case may be. This provision for determining by appraisal shall be specifically enforceable to the extent such remedy is available under applicable law, and any determination hereunder shall be final and binding upon the parties except as otherwise provided by applicable law. Lessor and Lessee shall each pay the fees and expenses of the appraiser appointed by it and each shall pay the fees and expenses of the appraiser appointed by it and each shall pay one-half of the fees and expenses of the appraiser appointed by it and each shall pay one-half of the fees and expenses of the third appraiser and one-half of all other costs and expenses incurred in connection with each appraisal.

Appears in 1 contract

Samples: Lease Agreement (Equity Inns Inc)

Appraisers. If it becomes necessary to determine the Fair Market ----------- Value or Fair Market Rental of the Leased Property for any purpose of this Lease, the party required or permitted to give Notice of such required determination shall include in the Notice the name of a Person selected to act as appraiser on its behalf. Within ten (10) days after Notice, Lessor (or Lessee, as the case may be) shall by Notice to Lessee (or Lessor, as the case may be) appoint a second Person as appraiser on its behalf. The appraisers thus appointed, each of whom must be a member of the American Institute of Real Estate Appraisers (or any successor organization thereto) with at least five (5) years' experience in the State appraising property similar to the Leased Property, shall, within forty-five (45) days after the date of the Notice appointing the first appraiser, proceed to appraise the Leased Property to determine the Fair Market Value or Fair Market Rental thereof as of the relevant date (giving effect to the impact, if any, of inflation from the date of their decision to the relevant date); provided, however, that if only one appraiser shall have been so appointed, then the determination of such appraiser shall be final and binding upon the parties. To the extent consistent with sound appraisal practice as then existing at the time of any such appraisal, such appraisal shall be made on a basis consistent with the basis on which the Leased Property was appraised for purposes of determining its Fair Market Value at the time the Leased Property was acquired by Lessor. If two (2) appraisers are appointed and if the difference between the amounts so determined does not exceed five percent (5%) of the lesser of such amounts, then the Fair Market Value or Fair Market Rental shall be an amount equal to fifty percent (50%) of the sum of the amounts so determined. If the difference between the amounts so determined exceeds five percent (5%) of the lesser of such amounts, then such two appraisers shall have twenty (20) days to appoint a third appraiser. If no such appraiser shall have been appointed within such twenty (20) days or within ninety (90) days of the original request for a determination of Fair Market Value or Fair Market Rental, whichever is earlier, either Lessor or Lessee may apply to any court having jurisdiction to have such appointment made by such court. Any appraiser appointed by the original appraisers or by such court shall be instructed to determine the Fair Market Value or Fair Market Rental within forty-five (45) days after appointment of such appraiser. The determination of the appraiser which differs most in the terms of dollar amount from the determinations of the other two appraisers shall be excluded, and fifty percent (50%) of the sum of the remaining two determinations shall be final and binding upon Lessor and Lessee as the Fair Market Value or Fair Market Rental of the Leased Property, as the case may be. This provision for determining by appraisal shall be specifically enforceable to the extent such remedy is available under applicable law, and any determination hereunder shall be final and binding upon the parties except as otherwise provided by applicable law. Lessor and Lessee shall each pay the fees and expenses of the appraiser appointed by it and each shall pay one-half of the fees and expenses of the third appraiser and one-half of all other costs and expenses incurred in connection with each appraisal.

Appears in 1 contract

Samples: Hotel Lease Agreement (Apple Suites Inc)

Appraisers. If it becomes necessary to determine the Fair Market Value or Fair Market Rental of the Leased Property for any purpose of this Lease, the party required or permitted to give Notice of such required determination shall include in the Notice the name of a Person person selected to act as appraiser on its behalf. Within ten (10) days after Notice, Lessor (or Lessee, as the case may be) shall by Notice to Lessee (or Lessor, as the case may be) appoint a second Person person as appraiser on its behalf. The appraisers thus appointed, each of whom must be a member of the American Institute of Real Estate Appraisers (or any successor organization thereto) with at least five (5) years' experience in the State appraising property similar to the Leased Property, shall, within forty-five (45) days after the date of the Notice appointing the first appraiser, proceed to appraise the Leased Property to determine the Fair Market Value or Fair Market Rental thereof as of the relevant date (giving effect to the impact, if any, of inflation from the date of their decision to the relevant date); provided, however, that if only one appraiser shall have been so appointed, then the determination of such appraiser shall be final and binding upon the parties. To the extent consistent with sound appraisal practice as then existing at the time of any such appraisal, such appraisal shall be made on a basis consistent with the basis on which the Leased Property was appraised for purposes of determining its Fair Market Value at the time the Leased Property was acquired by Lessor. If two (2) appraisers are appointed and if the difference between the amounts so determined does not exceed five percent (5%) % of the lesser of such amounts, then the Fair Market Value or Fair Market Rental shall be an amount equal to fifty percent (50%) % of the sum of the amounts so determined. If the difference between the amounts so determined exceeds five percent (5%) % of the lesser of such amounts, then such two appraisers shall have twenty (20) days to appoint a third appraiser. If no such appraiser shall have been appointed within such twenty (20) days or within ninety (90) days of the original request for a determination of Fair Market Value or Fair Market Rental, whichever is earlier, either Lessor or Lessee may apply to any court having jurisdiction to have such appointment made by such court. Any appraiser appointed by the original appraisers or by such court shall be instructed to determine the Fair Market Value or Fair Market Rental within forty-five (45) 45 days after appointment of such appraiser. The determination of the appraiser which differs most in the terms of dollar amount from the determinations of the other two appraisers shall be excluded, and fifty percent (50%) % of the sum of the remaining two determinations shall be final and binding upon Lessor and Lessee as the Fair Market Value or Fair Market Rental of the Leased Property, as the case may be. This provision for determining by appraisal shall be specifically enforceable to the extent such remedy is available under applicable law, and any determination hereunder shall be final and binding upon the parties except as otherwise provided by applicable law. Lessor and Lessee shall each pay the fees and expenses of the appraiser appointed by it and each shall pay one-half of the fees and expenses of the third appraiser and one-half of all other costs and expenses incurred in connection with each appraisal.Fair

Appears in 1 contract

Samples: Consolidated Lease Agreement (Equity Inns Inc)

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Appraisers. If it becomes necessary to determine the Fair Market Value or Fair Market Rental of the Leased Property Rent for any purpose of under this Lease, the party required or permitted to give Notice of such required determination shall include in the Notice the name of a Person person selected to act as appraiser on its behalf. Within ten (10) days after such Notice, Lessor (or Lessee, as the case may be) party receiving such Notice shall by give Notice to Lessee (or Lessor, as the case may be) appoint other party of its selection of a second Person person to act as appraiser on its behalf. The appraisers thus appointed, each of whom must be a member of the American Appraisal Institute of Real Estate Appraisers (or any successor organization thereto) with at least five (5) years’ experience and experienced in the State appraising property facilities used for purposes similar to the Leased PropertyPrimary Intended Use of the Facilities, shall, within forty-five (45) days after the date of the Notice appointing the first appraiser, proceed to appraise the Leased Property or Leased Properties, as the case may be, to determine the Fair Market Value or Fair Market Rental Rent thereof as of the relevant date (giving effect to the impact, if any, of inflation from between the date of their decision to and the relevant date); provided, however, that if only one appraiser shall has been so appointed, or if two appraisers have been so appointedappointed but only one such appraiser has made such determination within fifty (50) days after the date of the Notice appointing the first appraiser, then the determination of such appraiser shall be final and binding upon the parties. To the extent consistent with sound appraisal practice as then existing at the time of any such appraisal, such appraisal shall be made on a basis consistent with the basis on which the Leased Property was or Leased Properties were appraised for purposes of determining its Fair Market Value at the time the Leased Property was acquired by of Lessor's acquisition thereof. If two (2) appraisers are have been appointed and have made their determinations within the respective requisite periods set forth above, and if the difference between the amounts so determined does not exceed five ten percent (510%) of the lesser of such amounts, then the Fair Market Value or Fair Market Rental Rent shall be an amount equal to fifty percent (50%) of the sum of the amounts so determined. If the difference between the amounts so determined exceeds five ten percent (510%) of the lesser of such amounts, then such two appraisers shall have within twenty (20) days to appoint a third appraiser. If no such appraiser shall have been is appointed within such twenty (20) days or within ninety (90) days of the original request for a determination date of Fair Market Value or Fair Market Rentalthe Notice appointing the first appraiser, whichever is earlier, either Lessor or Lessee may apply to any court having jurisdiction to have such appointment made by such court. Any appraiser appointed by the original appraisers or by such court shall be instructed to determine the Fair Market Value or Fair Market Rental Rent within forty-five (45) days after appointment of such appraiser. The determination of the appraiser which differs most in the terms of dollar amount from the determinations of the other two appraisers shall be excluded, and fifty percent (50%) of the sum average of the remaining two determinations shall be final and binding upon Lessor and Lessee as the Fair Market Value or Fair Market Rental Rent of the Leased PropertyProperty or Leased Properties, as the case may be. If the Fair Market Rent is being determined for more than one year, the Fair Market Rent may include such annual increases, if any, as the appraisers determine to be in accordance with the terms of this Lease. This provision for determining by appraisal shall be specifically enforceable to the extent such remedy is available under applicable law, and any determination hereunder shall be final and binding upon the parties except as otherwise provided by applicable law. Lessor and Lessee shall each pay the fees and expenses of the appraiser appointed by it and each shall pay one-half of the fees and expenses of the third appraiser and one-half of all other costs and expenses incurred in connection with each appraisal.and

Appears in 1 contract

Samples: Kansas Master Lease (Alterra Healthcare Corp)

Appraisers. If it becomes necessary The Non-Defaulting Member shall select one (1) appraiser. The Defaulting Member shall either agree to determine the Fair Market Value appraiser selected by the Non-Defaulting Member or Fair Market Rental select a second appraiser within fifteen (15) days of the Leased Property for any purpose of this Lease, the party required or permitted to give Notice of such required determination shall include in the Notice the name of a Person selected to act as appraiser on its behalf. Within ten (10) days after Notice, Lessor (or Lessee, as the case may be) shall by Notice to Lessee (or Lessor, as the case may be) appoint a second Person as appraiser on its behalf. The appraisers thus appointed, each of whom must be a member Effective Date of the American Institute Default Notice and give written notice to the Non-Defaulting Member of Real Estate Appraisers (or any successor organization thereto) with at least the person so selected. In the event of the failure of the Defaulting Member to appoint such an appraiser within the times specified and after expiration of five (5) years’ experience in days following the State appraising property similar to Effective Date of written demand that an appraiser be appointed, the Leased Property, shall, within fortyappraiser duly appointed by the Non-five (45) days after the date of the Notice appointing the first appraiser, Defaulting Member shall proceed to appraise make the Leased Property to determine the Fair Market Value or Fair Market Rental thereof appraisal as of the relevant date (giving effect to the impact, if any, of inflation from the date of their decision to the relevant date); provided, however, that if only one appraiser shall have been so appointed, then herein set forth and the determination of such appraiser thereof shall be final and binding upon conclusive on all the parties. To the extent consistent with sound appraisal practice as then existing at the time of any such appraisal, such appraisal shall be made on a basis consistent with the basis on which the Leased Property was appraised for purposes of determining its Fair Market Value at the time the Leased Property was acquired by LessorMembers. If two (2) appraisers are appointed and if the difference between the amounts so determined does not exceed five percent (5%) of the lesser of such amountsselected, then the Fair Market Value or Fair Market Rental such selected appraisers shall be an amount equal to fifty percent thereafter appoint a third (50%3rd) of the sum of the amounts so determinedappraiser. If the difference between the amounts so determined exceeds five percent two (5%2) of the lesser of such amounts, then such two selected appraisers shall have twenty (20) days fail to appoint a third appraiser. If no such (3rd) appraiser shall have been appointed within such twenty ten (2010) days or within ninety (90) days following the Effective Date of written notice from the Defaulting Member notifying the Non-Defaulting Member of the original request for selection of the second (2nd) appraiser, then any Member may petition a determination court of Fair Market Value or Fair Market Rental, whichever is earlier, either Lessor or Lessee may apply to any court having competent jurisdiction to have such appointment made by such court. Any appoint a third (3rd) appraiser appointed by in the original appraisers or by such court shall be instructed to determine same manner as provided for the Fair Market Value or Fair Market Rental within forty-five (45) days after appointment of such appraiseran arbitrator pursuant to Section 11.14. The determination of the appraiser which differs most in the terms of dollar amount from the determinations of the other two appraisers shall be excluded, and fifty percent (50%) of the sum of the remaining two determinations shall be final and binding upon Lessor and Lessee as the Fair Market Value or Fair Market Rental of the Leased Propertythree appraisers, as the case may be, shall promptly fix a time for the completion of the appraisal which shall not be later than thirty (30) days from the date of appointment of the last appraiser. This provision The appraiser(s) shall determine the Appraised Value by determining the fair market value of the assets of the Company, such fair market value being the fairest price estimated in terms of money which the Company could obtain if such assets were sold in the open market, allowing a reasonable time to find a purchaser who purchases with knowledge of the uses which such assets in their then condition are adapted and for determining by which such assets are capable of being used as of the Effective Date of the Default Notice. Upon submission of the appraisals setting forth the opinions as to the appraised value of the assets of the Company, (A) if only one (1) appraiser is selected, then such appraisal shall constitute the Appraised Value of the assets of the Company, or (B) if three (3) appraisers are selected, then the two (2) such appraisals which are nearest in amount shall be retained, and the third appraisal shall be specifically enforceable to the extent such remedy is available under applicable law, and any determination hereunder shall be final and binding upon the parties except as otherwise provided by applicable lawdiscarded. Lessor and Lessee shall each pay the fees and expenses The average of the appraiser appointed by it and each two (2) retained appraisals shall pay one-half constitute the Appraised Value of the fees and expenses assets of the third appraiser and one-half Company, unless one (1) appraisal is the mean of all the other costs and expenses incurred two (2) appraisals in connection with each appraisalwhich case such appraisal shall constitute the Appraised Value.

Appears in 1 contract

Samples: Limited Liability Company Agreement (Aladdin Gaming Holding LLC)

Appraisers. If it becomes necessary to determine the Fair Market Rental Value or Fair Market Rental of any of the Leased Property Properties for any purpose of this Lease, Lessor and Lessee shall attempt to agree upon a single appraiser to make such determination. If Lessor and Lessee are unable to agree upon a single arbitrator within thirty (30) days thereafter, then the party required or permitted to give Notice of such required determination shall include in the Notice the name of a Person person selected to act as appraiser on its behalf. Within ten (10) days after such Notice, Lessor (or Lessee, as the case may be) shall by Notice to Lessee (or Lessor, as the case may be) appoint a second Person person as appraiser on its behalf. The appraisers thus appointed, each of whom must be a member of the American Institute of Real Estate Appraisers (or any successor organization thereto) with at least five (5) years’ experience and experienced in the State appraising property similar to the Leased Propertynursing home properties, shall, within forty-five (45) days after the date of the Notice appointing the first appraiser, proceed to appraise the applicable Leased Property to determine the Fair Market Rental Value or Fair Market Rental thereof of it as of the relevant date (giving effect to the impact, if any, of inflation from the date of their decision to the relevant date); provided, however, that if only one appraiser shall has been so appointed, or if two appraisers have been so appointedappointed but only one such appraiser has made such determination within fifty (50) days after the making of Lessee's or Lessor's request, then the determination of such appraiser shall be final and binding upon the parties. To the extent consistent with sound appraisal practice as then existing at the time of any such appraisal, such appraisal shall be made on a basis consistent with the basis on which the Leased Property was appraised for purposes of determining its Fair Market Value at the time the Leased Property was acquired by Lessor. If two (2) appraisers are have been appointed and have made their determinations within the respective requisite periods set forth above and if the difference between the amounts so determined does not exceed five ten percent (510%) of the lesser of such amounts, then the Fair Market Rental Value or Fair Market Rental shall be an amount equal to fifty percent (50%) of the sum of the amounts so determined. If the difference between the amounts so determined exceeds five ten percent (510%) of the lesser of such amounts, then such two appraisers shall have twenty (20) days to appoint a third appraiser. If no such appraiser shall have has been appointed within such twenty (20) days day period or within ninety (90) days of the original request for a determination of Fair Market Value or Fair Market RentalRental Value, whichever is earlier, either Lessor or Lessee may apply to any court having jurisdiction to have such appointment made by such court. Any appraiser appointed by the original appraisers or by such court shall be instructed to determine the Fair Market Rental Value or Fair Market Rental within forty-five (45) days after appointment of such appraiser. The determination of the appraiser which differs most in the terms of dollar amount from the determinations of the other two appraisers shall be excluded, and fifty percent (50%) the average of the sum of the remaining two determinations shall be final and binding upon Lessor and Lessee as the Fair Market Rental Value or Fair Market Rental of the applicable Leased Property, as the case may be. Any such appraisal shall conform to FDIC or equivalent requirements and format. This provision for determining the Fair Rental Value by appraisal shall be specifically enforceable to the extent such remedy is available under applicable law, and any determination hereunder shall be final and binding upon the parties except as otherwise provided by applicable lawand judgment may be entered upon such determination in any court having jurisdiction of the matter. Lessor and Lessee shall each pay the fees and expenses of the appraiser appointed by it it, and each shall pay one-half (1/2) of the fees and expenses of the third appraiser and one-half (1/2) of all other costs and expenses incurred in connection with each appraisal.

Appears in 1 contract

Samples: Master Lease (Integrated Health Services Inc)

Appraisers. If at any time it becomes necessary to determine the Fair Market Value Rental or Fair Market Rental Value of the Leased Property for any purpose of under this Lease, and the party required parties are unable to agree thereupon within thirty days of the date on which Tenant or permitted to give Notice of such required determination shall include in the Notice the name of a Person selected to act as appraiser on its behalf. Within ten Landlord (10) days after Notice, Lessor (or Lessee, as the case may be) first receives Notice that such determination is necessary, the determination of the Fair Market Rental or Fair Market Value of the Property shall by Notice be submitted for decision to Lessee (or Lessora panel of three arbitrators in accordance with this Section 25.1. Within ten business days after the expiration of the foregoing thirty day period, as the case may be) Landlord and Tenant shall each appoint a second Person as appraiser on its behalf. The appraisers thus appointedone arbitrator, each of whom must which shall be a member of the American Institute of Real Estate Appraisers (or any successor organization thereto) ). Concurrently with at least five (5) years’ experience the appointment of the arbitrators, Tenant and Landlord shall submit their proposed dollar amounts, as determined by each such party, of the Fair Market Rental or Fair Market Value of the Property. The two arbitrators appointed in the State appraising property similar to the Leased Property, accordance with this Section 25.1 shall, within forty-five (45) fifteen days after of the date of the Notice appointing appointment of the first appraiserlast appointed arbitrator, proceed agree upon and appoint a third arbitrator who shall be qualified under the same criteria set forth above for the qualification of the initial two arbitrators. Failing such appointment, either Landlord or Tenant shall have the right to appraise petition for the Leased appointment of the third arbitrator by the presiding Judge of the Superior Court of the County in which the Property is located. The three arbitrators shall, within thirty days of the appointment of the third arbitrator, reach a decision as to determine whether Landlord's or Tenant's proposed dollar amount for the Fair Market Value Rental or Fair Market Rental thereof as Value of the relevant date (giving effect Property is closer to the impact, if any, of inflation from actual dollar amount for such figure and the date of their decision arbitrators' determination shall be limited solely to the relevant date); provided, however, that if only one appraiser issue of whether Landlord's or Tenant's proposed Fair Market Rental or Fair Market Value of the Property is closer to the actual dollar amount for such figure. The parties shall have been so appointed, then adopt the determination figure determined by the majority of such appraiser the arbitrators to be closer to the actual figure as the Fair Market Rental or Fair Market Value of the Property and the decision of the majority of the three arbitrators in this regard shall be final and binding upon the partiesLandlord and Tenant. To the extent consistent with sound appraisal practice as then existing at the time The cost of any such appraisal, such appraisal Landlord's appointed arbitrator shall be made on a basis consistent with paid for by Landlord, the basis on which the Leased Property was appraised for purposes cost of determining its Fair Market Value at the time the Leased Property was acquired by Lessor. If two (2) appraisers are appointed and if the difference between the amounts so determined does not exceed five percent (5%) of the lesser of such amounts, then the Fair Market Value or Fair Market Rental Tenant's arbitrator shall be an amount equal to fifty percent (50%) of paid for by Tenant and the sum of the amounts so determined. If the difference between the amounts so determined exceeds five percent (5%) of the lesser of such amounts, then such two appraisers shall have twenty (20) days to appoint a third appraiser. If no such appraiser shall have been appointed within such twenty (20) days or within ninety (90) days of the original request for a determination of Fair Market Value or Fair Market Rental, whichever is earlier, either Lessor or Lessee may apply to any court having jurisdiction to have such appointment made by such court. Any appraiser appointed by the original appraisers or by such court shall be instructed to determine the Fair Market Value or Fair Market Rental within forty-five (45) days after appointment of such appraiser. The determination of the appraiser which differs most in the terms of dollar amount from the determinations of the other two appraisers shall be excluded, and fifty percent (50%) of the sum of the remaining two determinations shall be final and binding upon Lessor and Lessee as the Fair Market Value or Fair Market Rental of the Leased Property, as the case may be. This provision for determining by appraisal shall be specifically enforceable to the extent such remedy is available under applicable law, and any determination hereunder shall be final and binding upon the parties except as otherwise provided by applicable law. Lessor and Lessee shall each pay the fees and expenses of the appraiser appointed by it and each shall pay one-half of the fees and expenses cost of the third appraiser arbitrator shall be paid by Landlord and one-half of all other costs and expenses incurred in connection with each appraisalTenant equally.

Appears in 1 contract

Samples: Lease and Security Agreement (Balanced Care Corp)

Appraisers. If it becomes necessary to determine the Fair Market Value or Fair Market Rental of the a Leased Property for any purpose of this Master Lease, the party required or permitted to give Notice of such required determination shall include in the Notice the name of a Person person selected to act as appraiser on its behalf. Within ten (10) 10 days after Notice, Lessor (or Lessee, as the case may be) shall by Notice to Lessee (or Lessor, as the case may be) appoint a second Person person as appraiser on its behalf. The appraisers thus appointed, each of whom must be a member of the American Institute of Real Estate Appraisers (or any successor organization thereto) with at least five (5) years’ years experience in the State appraising property similar to the Leased Property, shall, within forty-five (45) 45 days after the date of the Notice appointing the first appraiser, proceed to appraise the Leased Property to determine the Fair Market Value or Fair Market Rental thereof as of the relevant date (giving effect to the impact, if any, of inflation from the date of their decision to the relevant date); provided, however, that if only one appraiser shall have been so appointed, then the determination of such appraiser shall be final and binding upon the parties. To the extent consistent with sound appraisal practice as then existing at the time of any such appraisal, such appraisal shall be made on a basis consistent with the basis on which the Leased Property was appraised for purposes of determining its Fair Market Value at the time the Leased Property was acquired by Lessor. If two (2) appraisers are appointed and if the difference between the amounts so determined does not exceed five percent (5%) % of the lesser of such amounts, then the Fair Market Value or Fair Market Rental shall be an amount equal to fifty percent (50%) % of the sum of the amounts so determined. If the difference between the amounts so determined exceeds five percent (5%) % of the lesser of such amounts, then such two appraisers shall have twenty (20) 20 days to appoint a third appraiser. If no such appraiser shall have been appointed within such twenty (20) 20 days or within ninety (90) 90 days of the original request for a determination of Fair Market Value or Fair Market Rental, whichever is earlier, either Lessor or Lessee may apply to any court having jurisdiction to have such appointment made by such court. Any appraiser appointed by the original appraisers or by such court shall be instructed to determine the Fair Market Value or Fair Market Rental within forty-five (45) 45 days after appointment of such appraiser. The determination of the appraiser which differs most in the terms of dollar amount from the determinations of the other two appraisers shall be excluded, and fifty percent (50%) % of the sum of the remaining two determinations shall be final and binding upon Lessor and Lessee as the Fair Market Value or Fair Market Rental of the Leased Property, as the case may be. This provision for determining by appraisal shall be specifically enforceable to the extent such remedy is available under applicable law, and any determination hereunder shall be final and binding upon the parties except as otherwise provided by applicable law. Lessor and Lessee shall each pay the fees and expenses of the appraiser appointed by it and each shall pay one-half of the fees and expenses of the third appraiser and one-half of all other costs and expenses incurred in connection with each appraisal.

Appears in 1 contract

Samples: Master Lease Agreement (Winston Hotels Inc)

Appraisers. If it becomes necessary to determine the Fair Market Value fair market value or Fair Market Rental fair market rental of the Leased Property for any purpose of this Lease, then, except as otherwise expressly provided in this Lease, the party required or permitted to give Notice of such required determination shall include in the Notice the name of a Person person selected to act as appraiser on its behalf. Within ten (10) 10 days after Notice, Lessor (or Lessee, as the case may be) shall by Notice to Lessee (or Lessor, as the case may be) appoint a second Person person as appraiser on its behalf. The appraisers thus appointed, each of whom must be a member of the American Institute of Real Estate Appraisers (or any successor organization thereto) with at least five (5) years’ years experience in the State appraising property similar to the Leased Property, shall, within forty-five (45) 10 days after the date of the Notice appointing the first second appraiser, proceed to appraise the Leased Property to determine the Fair Market Value fair market value or Fair Market Rental fair market rental thereof as of the relevant date (giving effect to the impact, if any, of inflation from the date of their decision to the relevant date); provided, however, that if only one appraiser shall have been so appointed, then the determination of such appraiser shall be final and binding upon the parties. To the extent consistent with sound appraisal practice as then existing at the time of any such appraisal, such appraisal shall be made on a basis consistent with the basis on which the Leased Property was appraised for purposes of determining its Fair Market Value at the time the Leased Property was acquired by Lessor. If two (2) appraisers are appointed and if the difference between the amounts so determined does not exceed five percent (5%) % of the lesser of such amounts, then the Fair Market Value fair market value or Fair Market Rental fair market rental shall be an amount equal to fifty percent (50%) % of the sum of the amounts so determined. If the difference between the amounts so determined exceeds five percent (5%) % of the lesser of such amounts, then such two appraisers shall have twenty (20) 10 days to appoint a third appraiser. If no such appraiser shall have been appointed within such twenty (20) 10 days or within ninety (90) 60 days of the original request for a determination of Fair Market Value fair market value or Fair Market Rentalfair market rental, whichever is earlier, either Lessor or Lessee may apply to any court having jurisdiction to have such appointment made by such court. Any appraiser appointed by the original appraisers or by such court shall be instructed to determine the Fair Market Value fair market value or Fair Market Rental fair market rental within forty-five (45) 30 days after appointment of such appraiser. The determination of the appraiser which differs most in the terms of dollar amount from the determinations of the other two appraisers shall be excluded, and fifty percent (50%) % of the sum of the remaining two determinations shall be final and binding upon Lessor and Lessee as the Fair Market Value fair market value or Fair Market Rental fair market rental of the Leased Property, as the case may be. This provision for determining by appraisal shall be specifically enforceable to the extent such remedy is available under applicable law, and any determination hereunder shall be final and binding upon the parties except as otherwise provided by applicable law. Lessor 73 80 and Lessee shall each pay the fees and expenses of the appraiser appointed by it and each shall pay one-half of the fees and expenses of the third appraiser and one-half of all other costs and expenses incurred in connection with each appraisal.

Appears in 1 contract

Samples: Lease Agreement (Innkeepers Usa Trust/Fl)

Appraisers. If it becomes necessary to determine the Fair Market Value or Fair Market Rental fair market value of the Leased Property leasehold estate hereunder (or the fair market value of any other property) for any purpose of this Lease, the party required or permitted to give Notice of such required determination shall include in the Notice the name of a Person person selected to act as appraiser on its behalf. Within ten (10) days after Notice, Lessor (or Lessee, as the case may be) shall by Notice to Lessee (or Lessor, as the case may be) appoint a second Person person as appraiser on its behalf. The appraisers thus appointed, each of whom must be a member of the American Institute of Real Estate Appraisers (or any successor organization thereto) with at least five (5) years’ years experience in the State appraising property similar to the Leased Property, shall, within forty-five (45) days after the date of the Notice appointing the first appraiser, proceed to appraise the Leased Property to determine the Fair Market Value fair market value of the leasehold estate hereunder (or Fair Market Rental thereof the fair market value of any other property, as the case may be) as of the relevant date (giving effect to the impact, if any, of inflation from the date of their decision to the relevant date); provided, however, that if only one appraiser shall have been so appointed, then the determination of such appraiser shall be final and binding upon the parties. To the extent consistent with sound appraisal practice as then existing at the time of any such appraisal, such appraisal shall be made on a basis consistent with the basis on which the Leased Property was appraised for purposes of determining its Fair Market Value at the time the Leased Property was acquired by Lessor. If two (2) appraisers are appointed and if the difference between the amounts so determined does not exceed five percent (5%) of the lesser of such amounts, then the Fair Market Value fair market value of the leasehold estate hereunder (or Fair Market Rental fair market value of any other property, as the case may be) shall be an amount equal to fifty percent (50%) of the sum of the amounts so determined. If the difference between the amounts so determined exceeds five percent (5%) of the lesser of such amounts, then such two (2) appraisers shall have twenty (20) days to appoint a third appraiser. If no such third appraiser shall have been appointed within such twenty (20) days or within ninety (90) days of the original request for a determination of Fair Market Value or Fair Market Rentalfair market value, whichever is earlier, either Lessor or Lessee may apply to any court having jurisdiction to have such appointment made by such court. Any appraiser appointed by the original appraisers or by such court shall be instructed to determine the Fair Market Value fair market value of the leasehold estate hereunder (or Fair Market Rental the fair market value of any other property) within forty-five (45) days after appointment of such appraiser. The determination of the appraiser which differs most in the terms of dollar amount from the determinations of the other two (2) appraisers shall be excluded, and fifty percent (50%) of the sum of the remaining two (2) determinations shall be final and binding upon Lessor and Lessee as the Fair Market Value or Fair Market Rental fair market value of the Leased Propertyleasehold estate hereunder (or fair market value of any other property, as the case may be). This provision for determining by appraisal shall be specifically enforceable to the extent such remedy is available under applicable law, and any determination hereunder shall be final and binding upon the parties except as otherwise provided by applicable law. Lessor and Lessee shall each pay the fees and expenses of the appraiser appointed by it and each shall pay one-half of the fees and expenses of the third appraiser and one-half of all other costs and expenses incurred in connection with each appraisal.and

Appears in 1 contract

Samples: Lease Agreement (Felcor Suite Hotels Inc)

Appraisers. If it becomes necessary to determine the Fair Market ----------- Value or Fair Market Rental of the Leased Property for any purpose of this Lease, the party required or permitted to give Notice of such required determination shall include in the Notice the name of a Person selected to act as appraiser on its behalf. Within ten (10) days after Notice, Lessor (or Lessee, as the case may be) shall by Notice to Lessee (or Lessor, as the case may be) appoint a second Person as appraiser on its behalf. The appraisers thus appointed, each of whom must be a member of the American Institute of Real Estate Appraisers (or any successor organization thereto) with at least five (5) years' experience in the State appraising property similar to the Leased Property, shall, within forty-five (45) days after the date of the Notice appointing the first appraiser, proceed to appraise the Leased Property to determine the Fair Market Value or Fair Market Rental thereof as of the relevant date (giving effect to the impact, if any, of inflation from the date of their decision to the relevant date); provided, however, that if only one appraiser shall have been so appointed, then the determination of such appraiser shall be final and binding upon the parties. To the extent consistent with sound appraisal practice as then existing at the time of any such appraisal, such appraisal shall be made on a basis consistent with the basis on which the Leased Property was appraised for purposes of determining its Fair Market Value at the time the Leased Property was acquired by Lessor. If two (2) appraisers are appointed and if the difference between the amounts so determined does not exceed five percent (5%) of the lesser of such amounts, then the Fair Market Value or Fair Market Rental shall be an amount equal to fifty percent (50%) of the sum of the amounts so determined. If the difference between the amounts so determined exceeds five percent (5%) of the lesser of such amounts, then such two appraisers shall have twenty (20) days to appoint a third appraiser. If no such appraiser shall have been appointed within such twenty (20) days or within ninety (90) days of the original request for a determination of Fair Market Value or Fair Market Rental, whichever is earlier, either Lessor or Lessee may apply to any court having jurisdiction to have such appointment made by such court. Any appraiser appointed by the original appraisers or by such court shall be instructed to determine the Fair Market Value or Fair Market 57 Rental within forty-five (45) days after appointment of such appraiser. The determination of the appraiser which differs most in the terms of dollar amount from the determinations of the other two appraisers shall be excluded, and fifty percent (50%) of the sum of the remaining two determinations shall be final and binding upon Lessor and Lessee as the Fair Market Value or Fair Market Rental of the Leased Property, as the case may be. This provision for determining by appraisal shall be specifically enforceable to the extent such remedy is available under applicable law, and any determination hereunder shall be final and binding upon the parties except as otherwise provided by applicable law. Lessor and Lessee shall each pay the fees and expenses of the appraiser appointed by it and each shall pay one-half of the fees and expenses of the third appraiser and one-half of all other costs and expenses incurred in connection with each appraisal.

Appears in 1 contract

Samples: Hotel Lease Agreement (Apple Suites Inc)

Appraisers. If it becomes necessary to determine the Fair Market Value or Fair Market Rental 50 of the Leased Property for any purpose of this Lease, the party required or permitted to give Notice of such required determination shall include in the Notice the name of a Person person selected to act as appraiser on its behalf. Within ten (10) days after Notice, Lessor (or Lessee, as the case may be) shall by Notice to Lessee (or Lessor, as the case may be) appoint a second Person person as appraiser on its behalf. The appraisers thus appointed, each of whom must be a member of the American Institute of Real Estate Appraisers (or any successor organization thereto) with at least five (5) years' experience in the State appraising property similar to the Leased Property, shall, within forty-five (45) days after the date of the Notice appointing the first appraiser, proceed to appraise the Leased Property to determine the Fair Market Value or Fair Market Rental thereof as of the relevant date (giving effect to the impact, if any, of inflation from the date of their decision to the relevant date); provided, however, that if only one appraiser shall have been so appointed, then the determination of such appraiser shall be final and binding upon the parties. To the extent consistent with sound appraisal practice as then existing at the time of any such appraisal, such appraisal shall be made on a basis consistent with the basis on which the Leased Property was appraised for purposes of determining its Fair Market Value at the time the Leased Property was acquired by Lessor. If two (2) appraisers are appointed and if the difference between the amounts so determined does not exceed five percent (5%) % of the lesser of such amounts, then the Fair Market Value or Fair Market Rental shall be an amount equal to fifty percent (50%) % of the sum of the amounts so determined. If the difference between the amounts so determined exceeds five percent (5%) % of the lesser of such amounts, then such two appraisers shall have twenty (20) days to appoint a third appraiser. If no such appraiser shall have been appointed within such twenty (20) days or within ninety (90) days of the original request for a determination of Fair Market Value or Fair Market Rental, whichever is earlier, either Lessor or Lessee may apply to any court having jurisdiction to have such appointment made by such court. Any appraiser appointed by the original appraisers or by such court shall be instructed to determine the Fair Market Value or Fair Market Rental within forty-five (45) 45 days after appointment of such appraiser. The determination of the appraiser which differs most in the terms of dollar amount from the determinations of the other two appraisers shall be excluded, and fifty percent (50%) % of the sum of the remaining two determinations shall be final and binding upon Lessor and Lessee as the Fair Market Value or Fair air Market Rental of the Leased Property, as the case may be. This provision for determining by appraisal shall be specifically enforceable to the extent such remedy is available under applicable law, and any determination hereunder shall be final and binding upon the parties except as otherwise provided by applicable law. Lessor and Lessee shall each pay the fees and expenses of the appraiser appointed by it and each shall pay the fees and expenses of the appraiser appointed by it and each shall pay one-half of the fees and expenses of the appraiser appointed by it and each shall pay one-half of the fees and expenses of the third appraiser and one-half of all other costs and expenses incurred in connection with each appraisal.

Appears in 1 contract

Samples: Consolidated Lease Agreement (Equity Inns Inc)

Appraisers. If Whenever in this Lease it becomes necessary is provided that any question shall be determined by appraisers, such questions shall be submitted to determine a board of appraisers, three (3) in number, appointed as follows: either party shall have the Fair Market Value or Fair Market Rental privilege of appointing an appraiser and giving written notice thereof to the Leased Property for any purpose of this Lease, the party required or permitted to give Notice of such required determination shall include in the Notice the name of a Person selected to act as appraiser on its behalfother party. Within ten thirty (1030) days after Noticereceipt of such notice, Lessor (or Lessee, as the case may be) recipient thereof shall by Notice to Lessee (or Lessor, as the case may be) appoint a second Person as appraiser on its behalfand give written notice of such appointment to the other party. Within thirty (30) days after the appointment of the second appraiser, the two (2) appraisers thus selected shall appoint a third appraiser. Within thirty (30) days after the appointment of the third appraiser, the appraisers shall execute and deliver to Lessor and Lessee a report of their decision relating to the question submitted for appraisal. The report of the appraisers thus appointedshall be conclusive upon the parties thereto, each and in the event the appraisers cannot agree, the amount determined by the third appraiser shall be conclusive upon the parties. In the event the second appraiser is not appointed within the time herein allowed and notice thereof is given, the report of whom must the first appraiser shall be conclusive upon the parties hereto. In the event the third appraiser is not appointed within the time allowed, either party hereto may apply to the Chief Judge of the Xxxxxx County District Court, State of Minnesota, and such Judge shall appoint the third appraiser. Any appraiser appointed under this paragraph shall be a member of the American Institute of Real Estate Appraisers (or any successor organization thereto) with at least of a similar professional society, and shall have had five (5) years’ years of full time commercial appraisal experience in the State appraising property similar to the Leased Property, shall, within forty-five (45) days after the date of the Notice appointing the first appraiser, proceed to appraise the Leased Property to determine the Fair Market Value or Fair Market Rental thereof as of the relevant date (giving effect to the impact, if any, of inflation from the date of their decision to the relevant date); provided, however, that if only one appraiser shall have been so appointed, then the determination of such appraiser shall be final and binding upon the parties. To the extent consistent with sound appraisal practice as then existing at the time of any such appraisal, such appraisal shall be made on a basis consistent with the basis on general area in which the Leased Property was appraised for purposes of determining its Fair Market Value at the time Premises are located. Every appraiser appointed hereunder shall be disinterested in the Leased Property was acquired by Lessor. If two (2) appraisers are appointed Premises and if the difference between the amounts so determined does not exceed five percent (5%) of the lesser of such amounts, then the Fair Market Value or Fair Market Rental shall be an amount equal to fifty percent (50%) of the sum of the amounts so determined. If the difference between the amounts so determined exceeds five percent (5%) of the lesser of such amounts, then such two appraisers shall have twenty (20) days to appoint a third appraiser. If no such appraiser shall have been appointed within such twenty (20) days connection or within ninety (90) days of the original request for a determination of Fair Market Value or Fair Market Rental, whichever is earlier, relationship with either Lessor or Lessee may apply to any court having jurisdiction to have apart from their employment for such appointment made by such court. Any appraiser appointed by the original appraisers or by such court shall be instructed to determine the Fair Market Value or Fair Market Rental within forty-five (45) days after appointment of such appraiserappraisal purposes. The determination total fees of the appraiser which differs most in the terms of dollar amount from the determinations of the other two all appraisers shall be excluded, and fifty percent (50%) of the sum of the remaining two determinations shall be final and binding upon Lessor and Lessee as the Fair Market Value or Fair Market Rental of the Leased Property, as the case may be. This provision for determining by appraisal shall be specifically enforceable to the extent such remedy is available under applicable law, and any determination appointed hereunder shall be final and binding upon the parties except as otherwise provided by applicable law. Lessor and Lessee shall each pay the fees and expenses of the appraiser appointed by it and each shall pay paid one-half of the fees and expenses of the third appraiser by Lessor and one-half by Lessee, unless made for purposes of all other costs and expenses incurred allocating funds between the parties, in connection with which latter case the total fees shall be allocated in proportion to the amount of funds allocated to each appraisalparty after deducting therefrom that portion of the funds paid to reduce or retire the Mortgage.

Appears in 1 contract

Samples: Ground Lease (Land O Lakes Inc)

Appraisers. If it becomes necessary to determine the Fair Market Value or Fair Market Rental of the Leased Property Rent for any purpose of under this Lease, the party required or permitted to give Notice of such required determination shall include in the Notice the name of a Person person selected to act as appraiser on its behalf. Within ten (10) days after such Notice, Lessor (or Lessee, as the case may be) party receiving such Notice shall by give Notice to Lessee (or Lessor, as the case may be) appoint other party of its selection of a second Person person to act as appraiser on its behalf. The appraisers thus appointed, each of whom must be a member of the American Appraisal Institute of Real Estate Appraisers (or any successor organization thereto) with at least five (5) years’ experience and experienced in the State appraising property facilities used for purposes similar to the Leased PropertyPrimary Intended Use of the Facilities, shall, within forty-five (45) days after the date of the Notice appointing the first appraiser, proceed to appraise the Leased Property or Leased Properties, as the case may be, to determine the Fair Market Value or Fair Market Rental Rent thereof as of the relevant date (giving effect to the impact, if any, of inflation from between the date of their decision to and the relevant date); provided, however, that if only one appraiser shall has been so appointed, or if two appraisers have been so appointedappointed but only one such appraiser has made such determination within fifty (50) days after the date of the Notice appointing the first appraiser, then the determination of such appraiser shall be final and binding upon the parties. To the extent consistent with sound appraisal practice as then existing at the time of any such appraisal, such appraisal shall be made on a basis consistent with the basis on which the Leased Property was or Leased Properties were appraised for purposes of determining its Fair Market Value at the time the Leased Property was acquired by Lessorof Landlord’s acquisition thereof. If two (2) appraisers are have been appointed and have made their determinations within the respective requisite periods set forth above, and if the difference between the amounts so determined does not exceed five ten percent (510%) of the lesser of such amounts, then the Fair Market Value or Fair Market Rental Rent shall be an amount equal to fifty percent (50%) of the sum of the amounts so determined. If the difference between the amounts so determined exceeds five ten percent (510%) of the lesser of such amounts, then such two appraisers shall have within twenty (20) days to appoint a third appraiser. If no such appraiser shall have been is appointed within such twenty (20) days or within ninety (90) days of the original request for a determination date of Fair Market Value or Fair Market Rentalthe Notice appointing the first appraiser, whichever is earlier, either Lessor Landlord or Lessee Tenant may apply to any court having jurisdiction to have such appointment made by such court. Any appraiser appointed by the original appraisers or by such court shall be instructed to determine the Fair Market Value or Fair Market Rental Rent within forty-five forty‑five (45) days after appointment of such appraiser. The determination of the appraiser which differs most in the terms of dollar amount from the determinations of the other two appraisers shall be excluded, and fifty percent (50%) of the sum average of the remaining two determinations shall be final and binding upon Lessor Landlord and Lessee Tenant as the Fair Market Value or Fair Market Rental Rent of the Leased PropertyProperty or Leased Properties, as the case may be. If the Fair Market Rent is being determined for more than one year, the Fair Market Rent may include such annual increases, if any, as the appraisers determine to be in accordance with the terms of this Lease. This provision for determining by appraisal shall be specifically enforceable to the extent such remedy is available under applicable law, and any determination hereunder shall be final and binding upon the parties except as otherwise provided by applicable law, and judgment may be A request for confidential treatment has been made with respect to portions of this document that are marked ‘[*****]’. Lessor The redacted portions have been filed separately with the SEC. 81 Master Lease (OHI - Diversicare) Derwent – 9.25.18 entered upon such determination in a court of competent jurisdiction. Landlord and Lessee Tenant shall each pay the fees and expenses of the appraiser appointed by it and each shall pay one-half one‑half of the fees and expenses of the third appraiser and one-half one‑half of all other costs and expenses incurred in connection with each appraisal.

Appears in 1 contract

Samples: Master Lease (Diversicare Healthcare Services, Inc.)

Appraisers. If it becomes necessary The use of this report is subject to determine the Fair Market Value or Fair Market Rental requirements of The Appraisal Institute relating to review by its duly authorized representatives. The research, data accumulation, personal on-site inspections of the Leased Property for any purpose subject property and comparables, verifications/confirmations, valuation analysis, and composition of the attached appraisal report were conducted and completed by Xxxxxxx X. Xxxx. The report was reviewed by Xxxxxx X. Xxxx, MAI, and this Leasereview process consisted of: "on-site" physical inspections of the comparable sales and rentals; an on-site physical inspection of the subject property, the party required or permitted to give Notice of such required determination shall include in area, and the Notice subject neighborhood; and the name of a Person selected to act as appraiser on its behalf. Within ten (10) days after Notice, Lessor (or Lessee, as the case may be) shall by Notice to Lessee (or Lessor, as the case may be) appoint a second Person as appraiser on its behalf. The appraisers thus appointed, each of whom must be a member reading and examination of the American Institute completed report. As of Real Estate Appraisers (or any successor organization thereto) with at least five (5) years’ experience in the State appraising property similar to the Leased Property, shall, within forty-five (45) days after the date of this report, Xxxxxx X. Xxxx has completed the Notice appointing the first appraiser, proceed to appraise the Leased Property to determine the Fair Market Value or Fair Market Rental thereof as requirements of the relevant date (giving effect continuing education program of the Appraisal Institute. No one provided significant professional assistance to the impactpersons signing this report. We do not authorize the out-of-context quoting from or partial reprinting of this appraisal report. Further, if any, neither all nor any part of inflation from the date of their decision this appraisal report shall be disseminated to the relevant date); providedgeneral public by the use of media for public communication without the prior written consent of the Appraiser(s) signing this appraisal report. Please refer to the attached, however, that if only one appraiser shall have been so appointed, then the determination COMPLETE SELF-CONTAINED APPRAISAL REPORT for documentation of such appraiser shall be final and binding upon the parties. To the extent consistent with sound appraisal practice as then existing at the time of any such appraisal, such appraisal shall be made on a basis consistent with the basis on which the Leased Property was appraised for purposes of determining its Fair Market Value at the time the Leased Property was acquired by Lessorthis value estimate. If two any additional information is needed, please advise. NOTE: THE INFORMATION CONTAINED IN THIS REPORT IS COPYRIGHTED. THE WILLFUL UNAUTHORIZED USE OF ANY CONTENTS OF THIS REPORT CONSTITUTES COPYRIGHT INFRINGEMENT WHICH COULD SUBJECT THE INFRINGER TO CIVIL DAMAGES AND CRIMINAL PENALTIES PURSUANT TO (S)(S)504 AND 506 OF THE FEDERAL COPYRIGHT REVISION ACT OF ------------------------------ 1976. THE FLORIDA REAL ESTATE LICENSE LAW (CHAPTER 475-PART II, FLORIDA ======= STATUTES DEFINES AN APPRAISAL, AN APPRAISAL SERVICE, AN APPRAISAL ASSIGNMENT AND ======== AN ANALYSIS ASSIGNMENT. BE ADVISED THAT THIS REPORT FALLS WITHIN THESE DEFINITIONS ONLY IF PROPERLY EXECUTED HEREIN. PROPER EXECUTION INCLUDES AN ORIGINAL BLUE-INK SIGNATURE BY THE APPRAISER OVERLAID BY A RAISED SEAL. ANY DEVIATION FROM THIS MEANS THAT THE REPORT IS COPYRIGHT INFRINGED, UNAUTHORIZED AND DOES NOT REPRESENT SERVICES PROVIDED BY THE APPRAISERS OR THE FIRM. Respectfully submitted, CONSORTIUM APPRAISAL, INC. CONSORTIUM APPRAISAL, INC. /s/ Xxxxxx X. Xxxx /s/ Xxxxxxx X. Xxxx Reviewed By: Xxxxxx X. Xxxx, MAI, SRPA Xxxxxxx X. Xxxx President (Corporate Seal) Staff Appraiser State-Certified General Real State-Certified General Real Estate Appraiser Estate Appraiser Florida License No. 0000777 Florida License No. 0000908 ----------------------------------------------------------------------------- TABLE OF CONTENTS ----------------------------------------------------------------------------- PURPOSE, SCOPE AND FUNCTION.............................................. 1 LOCATION................................................................. 2) appraisers are appointed and if the difference between the amounts so determined does not exceed five percent (5%) of the lesser of such amounts, then the Fair Market Value or Fair Market Rental shall be an amount equal to fifty percent (50%) of the sum of the amounts so determined. If the difference between the amounts so determined exceeds five percent (5%) of the lesser of such amounts, then such two appraisers shall have twenty (20) days to appoint a third appraiser. If no such appraiser shall have been appointed within such twenty (20) days or within ninety (90) days of the original request for a determination of Fair Market Value or Fair Market Rental, whichever is earlier, either Lessor or Lessee may apply to any court having jurisdiction to have such appointment made by such court. Any appraiser appointed by the original appraisers or by such court shall be instructed to determine the Fair Market Value or Fair Market Rental within forty-five (45) days after appointment of such appraiser. The determination of the appraiser which differs most in the terms of dollar amount from the determinations of the other two appraisers shall be excluded, and fifty percent (50%) of the sum of the remaining two determinations shall be final and binding upon Lessor and Lessee as the Fair Market Value or Fair Market Rental of the Leased Property, as the case may be. This provision for determining by appraisal shall be specifically enforceable to the extent such remedy is available under applicable law, and any determination hereunder shall be final and binding upon the parties except as otherwise provided by applicable law. Lessor and Lessee shall each pay the fees and expenses of the appraiser appointed by it and each shall pay one-half of the fees and expenses of the third appraiser and one-half of all other costs and expenses incurred in connection with each appraisal.

Appears in 1 contract

Samples: Colonial Realty Limited Partnership

Appraisers. If it becomes necessary to determine the Fair Market Value, Fair Market Value Purchase Price or Fair Market Rental of the Leased Property or a Substitute Property for any purpose of this LeaseMaster Lease Document , the party required or permitted to give Notice of such required determination shall include in the Notice the name of a Person person selected to act as appraiser on its behalf. Within ten (10) 10 days after Notice, Lessor (or Lessee, as the case may be) shall by Notice to Lessee (or Lessor, as the case may be) appoint a second Person person as appraiser on its behalf. The appraisers thus appointed, each of whom must be a member of the American Institute of Real Estate Appraisers (or any successor organization thereto) with at least five (5) years’ experience in the State appraising property similar to the Leased Property, shall, within forty-five (45) days after the date of the Notice appointing the first appraiser, proceed to appraise the Leased Property to determine the Fair Market value, Fair Market Value Purchase Price or Fair Market Rental thereof as of the relevant date (giving effect to the impact, if any, of inflation from the date of their decision to the relevant date); provided, however, that if only one appraiser shall have been so appointed, then the determination of such appraiser shall be final and binding upon the parties. To the extent consistent with sound appraisal practice as then existing at the time of any such appraisal, such appraisal shall be made on a basis consistent with the basis on which the Leased Property was appraised for purposes of determining its Fair Market Value at the time the Leased Property was acquired by LessorLessor (cost basis). If two (2) appraisers are appointed and if the difference between the amounts so determined does not exceed five ten percent (510%) of the lesser of such amounts, then the Fair Market Value, Fair Market Value Purchase Price or Fair Market Rental shall be an amount equal to fifty percent (50%) of the sum of the amounts so determined. If the difference between the amounts so determined exceeds five ten percent (510%) of the lesser of such amounts, then such two appraisers shall have twenty (20) days to appoint a third appraiser. If no such appraiser shall have been appointed within such twenty (20) days or within ninety (90) days of the original request for a determination of Fair Market Value, Fair Market Value Purchase Price or Fair Market Rental, whichever is earlier, either Lessor or Lessee may apply to any court having jurisdiction to have such appointment made by such court. Any appraiser appointed by the original appraisers or by such court shall be instructed to determine the Fair Market Value, Fair Market Value Purchase Price or Fair Market Rental within forty-five (45) days after appointment of such appraiser. The determination of the appraiser which differs most in the terms of dollar amount from the determinations of the other two appraisers shall be excluded, and fifty percent (50%) of the sum of the remaining two determinations shall be final and binding upon Lessor and Lessee as the Fair Market Value, Fair Market Value Purchase Price or Fair Market Rental of the Leased Property or Substitute Property, as the case may be. This provision for determining by appraisal shall be specifically enforceable to the extent such remedy is available under applicable law, and any determination hereunder shall be final and binding upon the parties except as otherwise provided by applicable law. Lessor and Lessee shall each pay the fees and expenses of the appraiser appointed by it and each shall pay one-half of the fees and expenses of the third appraiser and one-half of all other costs and expenses incurred in connection with each appraisal.. Article XXXVI

Appears in 1 contract

Samples: Master Lease Document General Terms And (Universal Health Realty Income Trust)

Appraisers. If it becomes necessary to determine the Fair Market Value or Fair Market Rental of the Leased Property for any purpose of this Lease, the party required or permitted to give Notice of such required determination shall include in the Notice the name of a Person person selected to act as appraiser on its behalf. Within ten (10) 10 days after Notice, Lessor (or Lessee, as the case may be) shall by Notice to Lessee (or Lessor, as the case may be) appoint a second Person person as appraiser on its behalf. The appraisers thus appointed, each of whom must be a member of the American Institute of Real Estate Appraisers (or any successor organization thereto) with at least five (5) years’ years experience in the State appraising property similar to the Leased Property, shall, within forty-five (45) 45 days after the date of the Notice appointing the first appraiser, proceed to appraise the Leased Property to determine the Fair Market Value or Fair Market Rental thereof as of the relevant date (giving effect to the impact, if any, of inflation from the date of their decision to the relevant date); provided, however, that if only one appraiser shall have been so appointed, then the determination of such appraiser shall be final and binding upon the parties. To the extent consistent with sound appraisal practice as then existing at the time of any such appraisal, such appraisal shall be made on a basis consistent with the basis on which the Leased Property was appraised for purposes of determining its Fair Market Value at the time the Leased Property was acquired by Lessor. If two (2) appraisers are appointed and if the difference between the amounts so determined does not exceed five percent (5%) of the lesser of such amounts, then the Fair Market Value or Fair Market Rental shall be an amount equal to fifty percent (50%) % of the sum of the amounts so determined. If the difference between the amounts so determined exceeds five percent (5%) of the lesser of such amounts, then such two appraisers shall have twenty (20) 20 days to appoint a third appraiser. If no such appraiser shall have been appointed within such twenty (20) 20 days or within ninety (90) 90 days of the original request for a determination of Fair Market Value or Fair Market Rental, whichever is earlier, either Lessor or Lessee may apply to any court having jurisdiction to have such appointment made by such court. Any appraiser appointed by the original appraisers or by such court shall be instructed to determine the Fair Market Value or Fair Market Rental within forty-five (45) 45 days after appointment of such appraiser. The Thereafter, the three (3) appraisals shall be reviewed and the determination of the appraiser which differs most in the terms of dollar amount from the determinations of the other two appraisers shall be excluded, and fifty percent (50%) % of the sum of the remaining two determinations shall be final and binding upon Lessor and Lessee as the Fair Market Value or Fair Market Rental of the Leased Property, as the case may be. This provision for determining by appraisal shall be specifically enforceable to the extent such remedy is available under applicable law, and any determination hereunder shall be final and binding upon the parties except as otherwise provided by applicable law. Lessor and Lessee shall each pay the fees and expenses of the appraiser appointed by it and each shall pay one-half of the fees and expenses of the third appraiser and one-half of all other costs and expenses incurred in connection with each appraisal.each

Appears in 1 contract

Samples: Lease Agreement (Host Funding Inc)

Appraisers. If it becomes necessary to determine the Fair Market Value fair market value or Fair Market Rental fair market rental of the Leased Property for any purpose of this Lease, then, except as otherwise expressly provided in this Lease, the party required or permitted to give Notice of such required determination shall include in the Notice the name of a Person person selected to act as appraiser on its behalf. Within ten (10) 10 days after Notice, Lessor (or Lessee, as the case may be) shall by Notice to Lessee (or Lessor, as the case may be) appoint a second Person person as appraiser on its behalf. The appraisers thus appointed, each of whom must be a member of the American Institute of Real Estate Appraisers (or any successor organization thereto) with at least five (5) years’ years experience in the State appraising property similar to the Leased Property, shall, within forty-five (45) 10 days after the date of the Notice appointing the first second appraiser, proceed to appraise the Leased Property to determine the Fair Market Value fair market value or Fair Market Rental fair market rental thereof as of the relevant date (giving effect to the impact, if any, of inflation from the date of their decision to the relevant date); provided, however, that if only one appraiser shall have been so appointed, then the determination of such appraiser shall be final and binding upon the parties. To the extent consistent with sound appraisal practice as then existing at the time of any such appraisal, such appraisal shall be made on a basis consistent with the basis on which the Leased Property was appraised for purposes of determining its Fair Market Value at the time the Leased Property was acquired by Lessor. If two (2) appraisers are appointed and if the difference between the amounts so determined does not exceed five percent (5%) % of the lesser of such amounts, then the Fair Market Value fair market value or Fair Market Rental fair market rental shall be an amount equal to fifty percent (50%) % of the sum of the amounts so determined. If the difference between the amounts so determined exceeds five percent (5%) % of the lesser of such amounts, then such two appraisers shall have twenty (20) 10 days to appoint a third appraiser. If no such appraiser shall have been appointed within such twenty (20) 10 days or within ninety (90) 60 days of the original request for a determination of Fair Market Value fair market value or Fair Market Rentalfair market rental, whichever is earlier, either Lessor or Lessee may apply to any court having jurisdiction to have such appointment made by such court. Any appraiser appointed by the original appraisers or by such court shall be instructed to determine the Fair Market Value fair market value or Fair Market Rental fair market rental within forty-five (45) 30 days after appointment of such appraiser. The determination of the appraiser which differs most in the terms of dollar amount from the determinations of the other two appraisers shall be excluded, and fifty percent (50%) % of the sum of the remaining two determinations shall be final and binding upon Lessor and Lessee as the Fair Market Value fair market value or Fair Market Rental fair market rental of the Leased Property, as the case may be. This provision for determining by appraisal shall be specifically enforceable to the extent such remedy is available under applicable law, and any determination hereunder shall be final and binding upon the parties except as otherwise provided by applicable law. Lessor and Lessee shall each pay the fees and expenses of the appraiser appointed by it and each shall pay one-one- half of the fees and expenses of the third appraiser and one-half of all other costs and expenses incurred in connection with each appraisal.

Appears in 1 contract

Samples: Lease Agreement (Hersha Hospitality Trust)

Appraisers. If it becomes necessary to determine the Fair Market Value or Fair Market Rental (iii) The determination of the Leased Property for any purpose appraisers shall be limited solely to the issue of this Lease, the party required or permitted to give Notice of such required determination shall include in the Notice the name of a Person selected to act as appraiser on its behalf. Within ten (10) days after Notice, Lessor (whether Lessor's or Lessee, as the case may be) shall by Notice to Lessee 's last proposed (or Lessor, as the case may be) appoint a second Person as appraiser on its behalf. The appraisers thus appointed, each of whom must be a member of the American Institute of Real Estate Appraisers (or any successor organization thereto) with at least five (5) years’ experience in the State appraising property similar to the Leased Property, shall, within forty-five (45) days after the date of the Notice appointing the first appraiser, proceed to appraise the Leased Property to determine the Fair Market Value or Fair Market Rental thereof as of the relevant date (giving effect Outside Agreement Date) new Base Rent for the Premises is the closest to the impactactual new Base Rent for the Premises as determined by the appraisers, if any, taking into account the requirements of inflation from the date of their decision to the relevant date); provided, however, that if only one appraiser shall have been so appointed, then the determination of such appraiser shall be final Paragraph and binding upon the partiesthis Paragraph (e) regarding same. To the extent consistent with sound appraisal practice as then existing at the time of any such appraisal, such appraisal shall be made on a basis consistent with the basis on which the Leased Property was appraised for purposes of determining its Fair Market Value at the time the Leased Property was acquired by Lessor. If two (2iv) The three (3) appraisers are appointed and if the difference between the amounts so determined does not exceed five percent shall within thirty (5%) of the lesser of such amounts, then the Fair Market Value or Fair Market Rental shall be an amount equal to fifty percent (50%) of the sum of the amounts so determined. If the difference between the amounts so determined exceeds five percent (5%) of the lesser of such amounts, then such two appraisers shall have twenty (20) days to appoint a third appraiser. If no such appraiser shall have been appointed within such twenty (20) days or within ninety (9030) days of the original request for appointment of the third appraiser reach a determination decision as to whether the parties shall use Lessor's or Lessee's submitted new Base Rent, and shall notify Lessor and Lessee thereof. (v) The decision of Fair Market Value the majority of the three (3) appraisers shall be binding upon Lessor and Lessee. The cost of each party's appraiser shall be the responsibility of the party selecting such appraiser, and the cost of the third appraiser (or Fair Market Rentalarbitration, whichever is earlier, if necessary) shall be shared equally by Lessor and Lessee. (vi) If either Lessor or Lessee may apply fails to any court having jurisdiction to have such appointment made by such court. Any appoint an appraiser within the time period in paragraph (e) (1) herein above, the appraiser appointed by the original appraisers or by one of them shall reach a decision, notify Lessor and Lessee thereof and such court appraiser's decision shall be instructed to determine the Fair Market Value or Fair Market Rental within forty-five (45) days after appointment of such appraiser. The determination of the appraiser which differs most in the terms of dollar amount from the determinations of the other two appraisers shall be excluded, and fifty percent (50%) of the sum of the remaining two determinations shall be final and binding upon Lessor and Lessee as Lessee. (vii) In the Fair Market Value or Fair Market Rental event that new Base Rent is not established prior to end of the Leased Propertyinitial Term of the Lease, as the case may be. This provision for determining by appraisal Base Rent immediately payable at the commencement of the Option Term shall be specifically enforceable to the extent such remedy Base Rent payable in the immediately preceding month. Notwithstanding the above, once the fair market rental is available under applicable lawdetermined in accordance with this section, and any determination hereunder shall be final and binding upon the parties except as otherwise provided by applicable lawshall settle any overpayment or underpayment on the next Base Rent payment date falling not less than thirty (30) days after such determination. 60. HAZARDOUS MATERIALS: To the best of Lessor knowledge and without investigation, the building is absent of the presence of hazardous materials. Lessor and Lessor's successors will not hold Lessee shall each pay or Lessee's assignees responsible for any environmental damage which is not attributable to Lessee or lessee's invitees use, occupancy or presence at the fees and expenses of the appraiser appointed by it and each shall pay one-half of the fees and expenses of the third appraiser and one-half of all other costs and expenses incurred in connection with each appraisalleased premises. 61.

Appears in 1 contract

Samples: Fee Agreement (Orange National Bancorp)

Appraisers. If it becomes necessary to determine the Fair Market Value or Fair Market Rental of the Leased Property leasehold estate hereunder for any purpose of this Lease, the party required or permitted to give Notice of such required determination shall include in the Notice the name of a Person person selected to act as appraiser on its behalf. Within ten (10) days after Notice, Lessor (or Lessee, as the case may be) shall by Notice to Lessee (or Lessor, as the case may be) appoint a second Person person as appraiser on its behalf. The appraisers thus appointed, each of whom must be a member of the American Institute of Real Estate Appraisers (or any successor organization thereto) with at least five (5) years’ years experience in the State appraising property similar to the Leased Property, shall, within forty-five (45) days after the date of the Notice appointing the first appraiser, proceed to appraise the Leased Property to determine the Fair Market Value or Fair Market Rental thereof of the leasehold estate hereunder as of the relevant date (giving effect to the impact, if any, of inflation from the date of their decision to the relevant date); provided, however, that if only one (1) appraiser shall have been so appointed, then the determination of such appraiser shall be final and binding upon the parties. To the extent consistent with sound appraisal practice as then existing at the time of any such appraisal, such appraisal shall be made on a basis consistent with the basis on which the Leased Property was appraised for purposes of determining its Fair Market Value at the time the Leased Property was acquired by Lessor. If two (2) appraisers are appointed and if the difference between the amounts so determined does not exceed five percent (5%) of the lesser of such amounts, then the Fair Market Value or Fair Market Rental shall be an amount equal to fifty percent (50%) of the sum of the amounts so determined. If the difference between the amounts so determined exceeds five percent (5%) of the lesser of such amounts, then such two (2) appraisers shall have twenty (20) days to appoint a third appraiser. If no such appraiser shall have been appointed within such twenty (20) days or within ninety (90) days of the original request for a determination of Fair Market Value or Fair Market RentalValue, whichever is earlier, either Lessor or Lessee may apply to any court having jurisdiction to have such appointment made by such court. Any appraiser appointed by the original appraisers or by such court shall be instructed to determine the Fair Market Value or Fair Market Rental within forty-five (45) days after appointment of such appraiser. The determination of the appraiser which differs most in the terms of dollar amount from the determinations of the other two (2) appraisers shall be excluded, and fifty percent (50%) of the sum of the remaining two (2) determinations shall be final and binding upon Lessor and Lessee as the Fair Market Value or Fair Market Rental of the Leased Property, as the case may beleasehold estate hereunder. This provision for determining by appraisal shall be specifically enforceable to the extent such remedy is available under applicable law, and any determination hereunder shall be final and binding upon the parties except as otherwise provided by applicable law. Lessor and Lessee shall each pay the fees and expenses of the appraiser appointed by it and each shall pay one-half (.5) of the fees and expenses of the third appraiser and one-half (.5) of all other costs and expenses incurred in connection with each appraisal.

Appears in 1 contract

Samples: Lease Agreement (Summit Hotel OP, LP)

Appraisers. If at any time it becomes necessary to determine the Fair Market Value or Fair Market Rental of the Leased Property for any purpose of under this Lease, and the parties are unable to agree thereupon, the party required or permitted to give Notice of such required determination shall include in the Notice the name of a Person person selected to act as appraiser on its behalf. Within ten (10) days after such Notice, Lessor (Landlord or LesseeTenant, as the case may be) , shall by Notice to Lessee (Tenant or LessorLandlord, as the case may be) , either agree to the appointment of the appraiser identified in such initial Notice, in which case such appraiser shall be the sole appraiser for purposes of determining the Fair Market Value or Fair Market Rental, as the case may be, or shall appoint a second Person person as an appraiser on its behalf. The appraisers thus appointed, each of whom Any appraiser appointed pursuant to this Section must (i) be a member of the American Institute of Real Estate Appraisers (or any successor organization thereto), (ii) with have at least five (5) years' experience in the State appraising property similar to the Leased Property, valuation of private hospitals and (iii) be neither an employee nor former employee of Landlord or Tenant or their Affiliates. The appraiser(s) thus appointed shall, within forty-five (45) 45 days after the date of the Notice appointing the first appraiser, proceed to appraise the Leased Property to determine the Fair Market Value or Fair Market Rental thereof (as the case may be) as of the relevant date (giving effect to the impact, if any, of inflation from the date of their decision to the relevant date); provided. In the case of two appraisers, howeverexcept as provided in Section 25.2, that if only one appraiser shall have been so appointed, then the determination of such appraiser two appraisals shall be final and binding upon the parties. To the extent consistent with sound appraisal practice as then existing at the time of any such appraisal, such appraisal shall be made on a basis consistent with the basis on which the Leased Property was appraised for purposes of determining its Fair Market Value at the time the Leased Property was acquired by Lessor. If two (2) appraisers are appointed and if the difference between the amounts so determined does not exceed five percent (5%) of the lesser of such amounts, then the Fair Market Value or Fair Market Rental shall be an amount equal to fifty percent (50%) of the sum of the amounts so determined. If the difference between the amounts so determined exceeds five percent (5%) of the lesser of such amounts, then such two appraisers shall have twenty (20) days to appoint a third appraiser. If no such appraiser shall have been appointed within such twenty (20) days or within ninety (90) days of the original request for a determination of Fair Market Value or Fair Market Rental, whichever is earlier, either Lessor or Lessee may apply to any court having jurisdiction to have such appointment made by such court. Any appraiser appointed by the original appraisers or by such court shall be instructed averaged to determine the Fair Market Value or Fair Market Rental within forty-five (45) days after appointment of such appraiser. The determination of the appraiser which differs most in the terms of dollar amount from the determinations of the other two appraisers shall be excluded, and fifty percent (50%) of the sum of the remaining two determinations shall be final and binding upon Lessor and Lessee as the Fair Market Value or Fair Market Rental of the Leased PropertyRental, as the case may be. This provision for determining by appraisal shall be specifically enforceable to In any event, the extent such remedy is available under applicable law, and any determination hereunder appraised value determined in accordance with this Section shall be final and binding upon the parties except as otherwise provided by applicable law. Lessor on Landlord and Lessee shall each pay the fees and expenses of the appraiser appointed by it and each shall pay one-half of the fees and expenses of the third appraiser and one-half of all other costs and expenses incurred in connection with each appraisalTenant.

Appears in 1 contract

Samples: Iasis Healthcare Corp

Appraisers. If it becomes necessary to determine the Fair Market Value or Fair Market Rental fair market value of the Leased Property for any purpose of this Lease, the party required or permitted to give Notice of such required determination shall include in the Notice the name of a Person person selected to act as appraiser on its behalf. Within ten (10) 10 days after Notice, Lessor (or Lessee, as the case may be) shall by Notice to Lessee (or Lessor, as the case may be) appoint a second Person person as appraiser on its behalf. The appraisers thus appointed, each of whom must be a member of the American Institute of Real Estate Appraisers (or any successor organization thereto) with at least five (5) years’ years experience in the State of California appraising property similar to the Leased Property, shall, within forty-five (45) 45 days after the date of the Notice appointing the first appraiser, proceed to appraise the Leased Property to determine the Fair Market Value or Fair Market Rental fair market value thereof as of the relevant date (giving effect to the impact, if any, of inflation from the date of their decision to the relevant date); provided, however, that if only one appraiser shall have been so appointed, then the determination of such appraiser shall be final and binding upon the parties. To the extent consistent with sound appraisal practice as then existing at the time of any such appraisal, such appraisal shall be made on a basis consistent with the basis on which the Leased Property was appraised for purposes of determining its Fair Market Value at the time the Leased Property was acquired by Lessor. If two (2) appraisers are appointed and if the difference between the amounts so determined does not exceed five percent (5%) % of the lesser of such amounts, then the Fair Market Value or Fair Market Rental fair market value shall be an amount equal to fifty percent (50%) % of the sum of the amounts so determined. If the difference between the amounts so determined exceeds five percent (5%) % of the lesser of such amounts, then such two appraisers shall have twenty (20) 20 days to appoint a third appraiser. If no such appraiser shall have been appointed within such twenty (20) 20 days or within ninety (90) 90 days of the original request for a determination of Fair Market Value or Fair Market Rentalfair market value, whichever is earlier, either Lessor or Lessee may apply to any court having jurisdiction to have such appointment made by such court. Any appraiser appointed by the original appraisers or by such court shall be instructed to determine the Fair Market Value fair market value or Fair Market Rental fair market rental within forty-five (45) 45 days after appointment of such appraiser. The determination of the appraiser which differs most in the terms of dollar amount from the determinations of the other two appraisers shall be excluded, and fifty percent (50%) % of the sum of the remaining two determinations shall be final and binding upon Lessor and Lessee as the Fair Market Value fair market value or Fair Market Rental fair market rental of the Leased Property, as the case may be. This provision for determining by appraisal shall be specifically enforceable to the extent such remedy is available under applicable law, and any determination hereunder shall be final and binding upon the parties except as otherwise provided by applicable law. Lessor and Lessee shall each pay the fees and expenses of the appraiser appointed by it and each shall pay one-half of the fees and expenses of the third appraiser and one-half of all other costs and expenses incurred in connection with each appraisal.upon

Appears in 1 contract

Samples: Lease Agreement (Crescent Real Estate Equities Inc)

Appraisers. If it becomes necessary Notwithstanding the foregoing and anything herein to determine the contrary, for the purposes of annual Base Rent payable on the Effective Date as provided in Section 3.4 hereof, in the event that the Landlord acquires the Eminent Domain Property through a condemnation procedure, or settlement in lieu thereof reasonably acceptable to Tenant, the Landlord’s property acquisition cost and related reasonable costs and expenses in connection with the acquisition of the Eminent Domain Property (and without any carrying or interest type additions) shall be deemed the Fair Market Value or Fair Market Rental of the Leased Eminent Domain Property and shall be substituted for any purpose of this Lease, the party required or permitted to give Notice of such required determination shall include in the Notice the name of a Person selected to act as appraiser on its behalf. Within ten (10) days after Notice, Lessor (or Lessee, as the case may be) shall by Notice to Lessee (or Lessor, as the case may be) appoint a second Person as appraiser on its behalf. The appraisers thus appointed, each of whom must be a member of the American Institute of Real Estate Appraisers (or any successor organization thereto) with at least five (5) years’ experience in the State appraising property similar to the Leased Property, shall, within forty-five (45) days after the date of the Notice appointing the first appraiser, proceed to appraise the Leased Property to determine the Fair Market Value agreed to by the Landlord and Tenant pursuant to Section 3.5.1 hereof or Fair Market Rental thereof as of determined by the relevant date (giving effect Appraisers pursuant to this Section 3.5.2, and the impact, if any, of inflation from the date of their decision to the relevant date); provided, however, that if only one appraiser shall have been so appointed, then the determination of such appraiser shall be final and binding upon the parties. To the extent consistent with sound appraisal practice as then existing at the time of any such appraisal, such appraisal shall be made on a basis consistent with the basis on which the Leased Property was appraised for purposes of determining its substituted Fair Market Value at for the time Eminent Domain Property shall apply retroactively to all Base Rent payments by Tenant (whether higher or lower) attributed to the Leased Property was acquired Eminent Domain Property, if any or to the purchase price paid by LessorTenant in connection with the purchase of the Property. If two (2) appraisers are appointed and if Tenant fails to exercise its Option to acquire the difference between the amounts so determined does not exceed five percent (5%) of the lesser of such amounts, then the Fair Market Value or Fair Market Rental shall be an amount equal to fifty percent (50%) of the sum of the amounts so determined. If the difference between the amounts so determined exceeds five percent (5%) of the lesser of such amounts, then such two appraisers shall have Eminent Domain Property within twenty (20) days of receipt of the notice of filing of commissioner’s report, Tenant’s Option to appoint a third appraiser. If no such appraiser lease the Eminent Domain Property shall terminate, and Landlord shall have been appointed within such twenty no further obligation to deliver the Eminent Domain Property to Tenant, Landlord shall provide the Tenant a copy of all filings and pleadings when made with the Court. In addition, Landlord shall promptly provide a copy of all correspondence, agreements (20) days or within ninety (90) days of the original request for a determination of Fair Market Value or Fair Market Rental, whichever is earlier, either Lessor or Lessee may apply to any court having jurisdiction to have such appointment made by such court. Any appraiser appointed by the original appraisers or by such court shall be instructed to determine the Fair Market Value or Fair Market Rental within forty-five (45) days after appointment of such appraiser. The determination of the appraiser which differs most in the terms of dollar amount from the determinations of the other two appraisers shall be excludedincluding proposed settlement agreements), and fifty percent (50%) of the sum of the remaining two determinations shall be final and binding upon Lessor and Lessee as the Fair Market Value reports, or Fair Market Rental of the Leased Propertyany portions thereof, as the case may be. This provision for determining by appraisal shall be specifically enforceable to the extent such remedy is available under applicable law, and any determination hereunder shall be final and binding upon the parties except as otherwise provided by applicable law. Lessor and Lessee shall each pay the fees and expenses of the appraiser appointed by it and each shall pay one-half of the fees and expenses of the third appraiser and one-half of all other costs and expenses incurred generated in connection with each appraisalthe pricing of the Eminent Domain Property during the course of the eminent domain proceedings or settlement thereof. Notwithstanding the foregoing and anything herein to the contrary and subject to the Landlord’s diligent exercise of its statutory eminent domain authority, Landlord is under no obligation to lease or sell the Eminent Domain Property to Tenant if a court of competent jurisdiction determines that Landlord lacks jurisdiction to acquire the Eminent Domain Property through the exercise of its asserted statutory eminent domain authority after Landlord’s exhaustion of its rights to appeal such court decision.

Appears in 1 contract

Samples: Redevelopment Agreement (Pinnacle Entertainment Inc)

Appraisers. If it becomes necessary to determine the Fair Market Value or Fair Market Rental fair market value of the Leased Property for any purpose of this Lease, the party required or permitted to give Notice notice of such required determination shall include in the Notice notice the name of a Person person selected to act as appraiser on its behalf. Within ten (10) days after Noticenotice, Lessor (or Lessee, as the case may be) shall by Notice notice to Lessee (or Lessor, as the case may be) appoint a second Person person as appraiser on its behalf. The appraisers thus appointed, each of whom must be a member of the American Institute of Real Estate Appraisers (or any successor organization thereto) with at least five (5) years’ years experience in the State appraising property similar to the Leased Property, shall, within forty-five (45) days after the date of the Notice notice appointing the first appraiser, proceed to appraise the Leased Property to determine the Fair Market Value or Fair Market Rental fair market value thereof as of the relevant date (giving effect to the impact, if any, of inflation from the date of their decision to the relevant date); provided, however, that if only one appraiser shall have been so appointed, then the determination of such appraiser shall be final and binding upon the parties. To the extent consistent with sound appraisal practice as then existing at the time of any such appraisal, such appraisal shall be made on a basis consistent with the basis on which the Leased Property was appraised for purposes of determining its Fair Market Value at the time the Leased Property was acquired by Lessor. If two (2) appraisers are appointed and if the difference between the amounts so determined does not exceed five percent (5%) of the lesser of such amounts, then the Fair Market Value or Fair Market Rental fair market value shall be an amount equal to fifty percent (50%) of the sum of the amounts so determined. If the difference between the amounts so determined exceeds five percent (5%) of the lesser of such amounts, then such two appraisers shall have twenty (20) days to appoint a third appraiser. If no such appraiser shall have been appointed within such twenty (20) days or within ninety (90) days of the original request for a determination of Fair Market Value or Fair Market Rentalfair market value, whichever is earlier, either Lessor or Lessee may apply to any court having jurisdiction to have such appointment made by such court. Any appraiser appointed by the original appraisers or by such court shall be instructed to determine the Fair Market Value fair market value or Fair Market Rental fair market rental within forty-five (45) days after appointment of such appraiser. The determination of the appraiser which differs most in the terms of dollar amount from the determinations of the other two appraisers shall be excluded, and fifty percent (50%) of the sum of the remaining two determinations shall be final and binding upon Lessor and Lessee as the Fair Market Value fair market value or Fair Market Rental fair market rental of the Leased Property, as the case may be. This provision for determining by appraisal shall be specifically enforceable to the extent such remedy is available under applicable law, and any determination hereunder shall be final and binding upon the parties except as otherwise provided by applicable law. Lessor and Lessee shall each pay the fees and expenses of the appraiser appointed by it and each shall pay one-half of the fees and expenses of the third appraiser and one-half of all other costs and expenses incurred in connection with each appraisal.

Appears in 1 contract

Samples: Lease Agreement (Behringer Harvard Opportunity REIT I, Inc.)

Appraisers. If it becomes necessary to determine the Fair Market Value fair ---------- market value or Fair Market Rental fair market rental of the Leased Property for any purpose of this Lease, then, except as otherwise expressly provided in this Lease, the party required or permitted to give Notice of such required determination shall include in the Notice the name of a Person person selected to act as appraiser on its behalf. Within ten (10) days after Notice, Lessor (or Lessee, as the case may be) shall by Notice to Lessee (or Lessor, as the case may be) appoint a second Person person as appraiser on its behalf. The appraisers thus appointed, each of whom must be a member of the American Institute of Real Estate Appraisers (or any successor organization thereto) with at least five (5) years’ years experience in the State appraising property similar to the Leased Property, shall, within forty-five ten (4510) days after the date of the Notice appointing the first second appraiser, proceed to appraise the Leased Property to determine the Fair Market Value fair market value or Fair Market Rental fair market rental thereof as of the relevant date (giving effect to the impact, if any, of inflation from the date of their decision to the relevant date); provided, however, that if only one appraiser shall have been so appointed, then the determination of such appraiser shall be final and binding upon the parties. To the extent consistent with sound appraisal practice as then existing at the time of any such appraisal, such appraisal shall be made on a basis consistent with the basis on which the Leased Property was appraised for purposes of determining its Fair Market Value at the time the Leased Property was acquired by Lessor. If two (2) appraisers are appointed and if the difference between the amounts so determined does not exceed five percent (5%) % of the lesser of such amounts, then the Fair Market Value fair market value or Fair Market Rental fair market rental shall be an amount equal to fifty percent (50%) % of the sum of the amounts so determined. If the difference between the amounts so determined exceeds five percent (5%) % of the lesser of such amounts, then such two appraisers shall have twenty ten (2010) days to appoint a third appraiser. If no such appraiser shall have been appointed within such twenty ten (2010) days or within ninety sixty (9060) days of the original request for a determination of Fair Market Value fair market value or Fair Market Rentalfair market rental, whichever is earlier, either Lessor or Lessee may apply to any court having jurisdiction to have such appointment made by such court. Any appraiser appointed by the original appraisers or by such court shall be instructed to determine the Fair Market Value fair market value or Fair Market Rental fair market rental within forty-five thirty (4530) days after appointment of such appraiser. The determination of the appraiser which differs most in the terms of dollar amount from the determinations of the other two appraisers shall be excluded, and fifty percent (50%) % of the sum of the remaining two determinations shall be final and binding upon Lessor and Lessee as the Fair Market Value fair market value or Fair Market Rental fair market rental of the Leased Property, as the case may be. This provision for determining by appraisal shall be specifically enforceable to the extent such remedy is available under applicable law, and any determination hereunder shall be final and binding upon the parties except as otherwise provided by applicable law. Lessor and Lessee shall each pay the fees and expenses of the appraiser appointed by it and each shall pay one-half of the fees and expenses of the third appraiser and one-half of all other costs and expenses incurred in connection with each appraisal.. ARTICLE XXXII ------------- (Intentionally Deleted) ARTICLE XXXIII -------------- (Intentionally Deleted) ARTICLE XXXIV ------------- (Intentionally Deleted) ARTICLE XXXV ------------ LESSEE CAPITALIZATION REQUIREMENTS ----------------------------------

Appears in 1 contract

Samples: Lease Agreement (Boston Properties Inc)

Appraisers. If it becomes necessary to determine the Fair Market Value or Fair Market Rental of the Leased Property for any purpose of this Lease, Lessor and Lessee shall first attempt to agree on such Fair Market Rental. If Lessor and Lessee are not able to so agree within a reasonable period of time not to exceed forty-five (45) days, then Lessor and Lessee shall attempt to agree upon a single appraiser to make such determination. If Lessor and Lessee are unable to agree upon a single arbitrator within thirty (30) days thereafter, then the party required or permitted to give Notice of such required determination shall include in the Notice the name of a Person person selected to act as appraiser on its behalf. Within ten (10) days after such Notice, Lessor (or Lessee, as the case may be) shall by Notice to Lessee (or Lessor, as the case may be) appoint a second Person person as appraiser on its behalf. The appraisers thus appointed, each of whom must be a member of the American Institute of Real Estate Appraisers (or any successor organization thereto) with at least five (5) years’ experience and experienced in the State appraising property similar to the Leased Propertynursing home properties, shall, within forty-five (45) days after the date of the Notice appointing the first appraiser, proceed to appraise the Leased Property to determine the Fair Market Value or Fair Market Rental thereof as of the relevant date (giving effect to the impact, if any, of inflation from the date of their decision to the relevant date); provided, however, that if only one appraiser shall has been so appointed, or if two appraisers have been so appointedappointed but only one such appraiser has made such determination within fifty (50) days after the making of Lessee's or Lessor's request, then the determination of such appraiser shall be final and binding upon the parties. To the extent consistent with sound appraisal practice as then existing at the time of any such appraisal, such appraisal shall be made on a basis consistent with the basis on which the Leased Property was appraised for purposes of determining its Fair Market Value at the time the Leased Property was acquired by Lessor. If two (2) appraisers are have been appointed and have made their determinations within the respective requisite periods set forth above and if the difference between the amounts so determined does not exceed five ten percent (510%) of the lesser of such amounts, then the Fair Market Value or Fair Market Rental shall be an amount equal to fifty percent (50%) of the sum of the amounts so determined. If the difference between the amounts so determined exceeds five ten percent (510%) of the lesser of such amounts, then such two appraisers shall have twenty (20) days to appoint a third appraiser. If no such appraiser shall have has been appointed within such twenty (20) days or within ninety (90) days of the original request for a determination of Fair Market Value or Fair Market Rental, whichever is earlier, either Lessor or Lessee may apply to any court having jurisdiction to have such appointment made by such court. Any appraiser appointed by the original appraisers or by such court shall be instructed to determine the Fair Market Value or Fair Market Rental within forty-five (45) days after appointment of such appraiser. The determination of the appraiser which differs most in the terms of dollar amount from the determinations of the other two appraisers shall be excluded, and fifty percent (50%) the average of the sum of the remaining two determinations shall be final and binding upon Lessor and Lessee as the Fair Market Value or Fair Market Rental of the Leased Property, as the case may be. This provision for determining by appraisal shall be specifically enforceable to the extent such remedy is available under applicable law, and any determination hereunder shall be final and binding upon the parties except as otherwise provided by applicable law. Lessor and Lessee shall each pay the fees and expenses of the appraiser appointed by it and each shall pay one-half (2 ) of the fees and expenses of the third appraiser and one-half (2 ) of all other costs and expenses incurred in connection with each appraisal.

Appears in 1 contract

Samples: Master Lease Agreement (Sun Healthcare Group Inc)

Appraisers. If it becomes necessary to determine the Fair Market Value or Fair Market Rental of the Leased Property Rent for any purpose of under this Lease, the party required or permitted to give Notice of such required determination shall include in the Notice the name of a Person person selected to act as appraiser on its behalf. Within ten (10) days after such Notice, Lessor (or Lessee, as the case may be) party receiving such Notice shall by give Notice to Lessee (or Lessor, as the case may be) appoint other party of its selection of a second Person person to act as appraiser on its behalf. The appraisers thus appointed, each of whom must be a member of the American Appraisal Institute of Real Estate Appraisers (or any successor organization thereto) with at least five (5) years’ experience and experienced in the State appraising property facilities used for purposes similar to the Leased PropertyPrimary Intended Use of the Facilities, shall, within forty-five (45) days after the date of the Notice appointing the first appraiser, proceed to appraise the Leased Property or Leased Properties, as the case may be, to determine the Fair Market Value or Fair Market Rental Rent thereof as of the relevant date (giving effect to the impact, if any, of inflation from between the date of their decision to and the relevant date); provided, however, that if only one appraiser shall has been so appointed, or if two appraisers have been so appointedappointed but only one such appraiser has made such determination within fifty (50) days after the date of the Notice appointing the first appraiser, then the determination of such appraiser shall be final and binding upon the parties. To the extent consistent with sound appraisal practice as then existing at the time of any such appraisal, such appraisal shall be made on a basis consistent with the basis on which the Leased Property was or Leased Properties were appraised for purposes of determining its Fair Market Value at the time the Leased Property was acquired by of Lessor's acquisition thereof. If two (2) appraisers are have been appointed and have made their determinations within the respective requisite periods set forth above, and if the difference between the amounts so determined does not exceed five ten percent (510%) of the lesser of such amounts, then the Fair Market Value or Fair Market Rental Rent shall be an amount equal to fifty percent (50%) of the sum of the amounts so determined. If the difference between the amounts so determined exceeds five ten percent (510%) of the lesser of such amounts, then such two appraisers shall have within twenty (20) days to appoint a third appraiser. If no such appraiser shall have been is appointed within such twenty (20) days or within ninety (90) days of the original request for a determination date of Fair Market Value or Fair Market Rentalthe Notice appointing the first appraiser, whichever is earlier, either Lessor or Lessee may apply to any court having jurisdiction to have such appointment made by such court. Any appraiser appointed by the original appraisers or by such court shall be instructed to determine the Fair Market Value or Fair Market Rental Rent within forty-five (45) days after appointment of such appraiser. The determination of the appraiser which differs most in the terms of dollar amount from the determinations of the other two appraisers shall be excluded, and fifty percent (50%) of the sum average of the remaining two determinations shall be final and binding upon Lessor and Lessee as the Fair Market Value or Fair Market Rental Rent of the Leased PropertyProperty or Leased Properties, as the case may be. If the Fair Market Rent is being determined for more than one year, the Fair Market Rent may include such annual increases, if any, as the appraisers determine to be in accordance with the terms of this Lease. This provision for determining by appraisal shall be specifically enforceable to the extent such remedy is available under applicable law, and any determination hereunder shall be final and binding upon the parties except as otherwise provided by applicable law, and judgment may be entered upon such determination in a court of competent jurisdiction. Lessor and Lessee shall each pay the fees and expenses of the appraiser appointed by it and each shall pay one-half of the fees and expenses of the third appraiser and one-half of all other costs and expenses incurred in connection with each appraisal.

Appears in 1 contract

Samples: Master Lease (Advocat Inc)

Appraisers. If In the event that it becomes necessary to determine the Fair Market Value or Fair Market Rental of the Leased Property for any purpose of this Lease, the party required or permitted to give Notice notice of such required determination shall include in the Notice notice the name of a Person person selected to act as appraiser on its behalf. Within ten (10) within 10 days after Noticereceipt of any such notice, Lessor (or Lessee, as the case may be) shall by Notice notice to Lessee (or Lessor, as the case may be) appoint a second Person person as appraiser on its behalf. The appraisers thus appointed, each of whom must be a member of the American Institute of Real Estate Appraisers (or any successor organization thereto) with at least five (5) years’ experience in the State appraising property similar to the Leased Property), shall, within forty-five (45) 45 days after the date of the Notice notice appointing the first appraiser, proceed to appraise the Leased Property to determine the Fair Market Value or Fair Market Rental thereof as of the relevant date (giving effect to the impact, if any, of inflation from the date of their decision to the relevant date); ) provided, however, however that if only one appraiser shall have been so appointed, or if two appraisers shall have been so appointed but only one such appraiser shall have made such determination within 50 days after the making of Lessee's or Lessor's request, then the determination of such appraiser shall be final and binding upon the parties. To the extent consistent with sound appraisal practice as then existing at the time of any such appraisal, such appraisal shall be made on a basis consistent with the basis on which the Leased Property was appraised for purposes of determining its Fair Market Value at the time the Leased Property was acquired by Lessor. If two (2) appraisers are shall have been appointed and shall have made their determinations within the respective requisite periods set forth above and if the difference between the amounts so determined does shall not exceed five percent ten per cent (510%) of the lesser of such amounts, amounts then the Fair Market Value or Fair Market Rental shall be an amount equal to fifty percent (50%) % of the sum of the amounts so determined. If the difference between the amounts so determined exceeds five shall exceed ten percent (510%) of the lesser lessor of such amounts, then such two appraisers shall have twenty (20) 20 days to appoint a third appraiser, but if such appraisers fail to do so, then either party may request the American Arbitration Association or any successor organization thereto to appoint an appraiser within 20 days of such request, and both parties shall be bound by any appointment so made within such 20 day period. If no such appraiser shall have been appointed within such twenty (20) 20 days or within ninety (90) 90 days of the original request for a determination of Fair Market Value or Fair Market RentalValue, whichever is earlier, either Lessor or Lessee may apply to any court having jurisdiction to have such appointment made by such court. Any appraiser appointed by the original appraisers appraisers, by the American Arbitration Association or by such court shall be instructed to determine the Fair Market Value or Fair Market Rental within forty-five (45) 30 days after appointment of such appraiser. The determination of the appraiser which differs most in the terms of dollar amount from the determinations of the other two appraisers shall be excluded, and fifty percent (50%) % of the sum of the remaining two determinations shall be final and binding upon Lessor and Lessee as the Fair Market Value or Fair Market Rental of the Leased Property, as the case may befor such interest. This provision for determining determination by appraisal shall be specifically enforceable to the extent such remedy is available under applicable law, and any determination hereunder shall be final and binding upon the parties except as otherwise provided by applicable law. Lessor and Lessee shall each pay the fees and expenses of the appraiser appointed by it and each shall pay one-half of the fees and expenses of the third appraiser and one-half of all other costs cost and expenses incurred in connection with each appraisal.

Appears in 1 contract

Samples: Operating Lease (Centennial Healthcare Corp)

Appraisers. If it becomes necessary to determine the Fair Market Value or Fair Market Rental of the Leased Property leasehold estate hereunder for any purpose of this Lease, the party required or permitted to give Notice of such required determination shall include in the Notice the name of a Person person selected to act as appraiser on its behalf. Within ten (10) days after Notice, Lessor Landlord (or LesseeTenant, as the case may be) shall by Notice to Lessee Tenant (or LessorLandlord, as the case may be) appoint a second Person person as appraiser on its behalf. The appraisers thus appointed, each of whom must be a member of the American Institute of Real Estate Appraisers (or any successor organization thereto) with at least five (5) years’ years experience in the State appraising property similar to the Leased Property, shall, within forty-five forty (45) days after the date of the Notice appointing the first appraiser, proceed to appraise the Leased Property to determine the Fair Market Value or Fair Market Rental thereof of the leasehold estate hereunder as of the relevant date (giving effect to the impact, if any, of inflation from the date of their decision to the relevant date); provided, however, that if only one (1) appraiser shall have been so appointed, then the determination of such appraiser shall be final and binding upon the parties. To the extent consistent with sound appraisal practice as then existing at the time of any such appraisal, such appraisal shall be made on a basis consistent with the basis on which the Leased Property was appraised for purposes of determining its Fair Market Value at the time the Leased Property was acquired by Lessor. If two (2) appraisers are appointed and if the difference between the amounts so determined does not exceed five percent (5%) of the lesser of such amounts, then the Fair Market Value or Fair Market Rental shall be an amount equal to fifty percent (50%) of the sum of the amounts so determined. If the difference between the amounts so determined exceeds five percent (5%) of the lesser of such amounts, then such two (2) appraisers shall have twenty (20) days to appoint a third appraiser. If no such appraiser shall have been appointed within such twenty (20) days or within ninety (90) days of the original request for a determination of Fair Market Value or Fair Market RentalValue, whichever is earlier, either Lessor Landlord or Lessee Tenant may apply to any court having jurisdiction to have such appointment made by such court. Any appraiser appointed by the original appraisers or by such court shall be instructed to determine the Fair Market Value or Fair Market Rental within forty-five (45) days after appointment of such appraiser. The determination of the appraiser which differs most in the terms of dollar amount from the determinations of the other two (2) appraisers shall be excluded, and fifty percent (50%) of the sum of the remaining two determinations shall be final and binding upon Lessor Landlord and Lessee Tenant as the Fair Market Value or Fair Market Rental of the Leased Property, as the case may beleasehold estate hereunder. This provision for determining by appraisal shall be specifically enforceable to the extent such remedy is available under applicable law, and any determination hereunder shall be final and binding upon the parties except as otherwise provided by applicable law. Lessor Landlord and Lessee Tenant shall each pay the fees and expenses of the appraiser appointed by it and each shall pay one-half (.5) of the fees and expenses of the third (3rd) appraiser and one-half (.5) of all other costs and expenses incurred in connection with each appraisal.

Appears in 1 contract

Samples: Agreement of Lease (American Realty Capital Hospitality Trust, Inc.)

Appraisers. If it becomes necessary to determine the Fair Market Value or Fair Market Rental of the Leased Property for any purpose of this Lease, the party required or permitted to give Notice of such required determination shall include in the Notice the name of a Person selected to act as appraiser on its behalf. Within ten (10) days after Notice, Lessor (or Lessee, as the case may be) shall by Notice to Lessee (or Lessor, as the case may be) appoint a second Person as appraiser on its behalf. The appraisers thus appointed, each of whom must be a member of the American Institute of Real Estate Appraisers (or any successor organization thereto) with at least five (5) years' experience in the State appraising property similar to the Leased Property, shall, within forty-five (45) days after the date of the Notice appointing the first appraiser, proceed to appraise the Leased Property to determine the Fair Market Value or Fair Market Rental thereof as of the relevant 160 date (giving effect to the impact, if any, of inflation from the date of their decision to the relevant date); provided, however, that if only one appraiser shall have been so appointed, then the determination of such appraiser shall be final and binding upon the parties. To the extent consistent with sound appraisal practice as then existing at the time of any such appraisal, such appraisal shall be made on a basis consistent with the basis on which the Leased Property was appraised for purposes of determining its Fair Market Value at the time the Leased Property was acquired by Lessor. If two (2) appraisers are appointed and if the difference between the amounts so determined does not exceed five percent (5%) of the lesser of such amounts, then the Fair Market Value or Fair Market Rental shall be an amount equal to fifty percent (50%) of the sum of the amounts so determined. If the difference between the amounts so determined exceeds five percent (5%) of the lesser of such amounts, then such two appraisers shall have twenty (20) days to appoint a third appraiser. If no such appraiser shall have been appointed within such twenty (20) days or within ninety (90) days of the original request for a determination of Fair Market Value or Fair Market Rental, whichever is earlier, either Lessor or Lessee may apply to any court having jurisdiction to have such appointment made by such court. Any appraiser appointed by the original appraisers or by such court shall be instructed to determine the Fair Market Value or Fair Market Rental within forty-five (45) days after appointment of such appraiser. The determination of the appraiser which differs most in the terms of dollar amount from the determinations of the other two appraisers shall be excluded, and fifty percent (50%) of the sum of the remaining two determinations shall be final and binding upon Lessor and Lessee as the Fair Market Value or Fair Market Rental of the Leased Property, as the case may be. This provision for determining by appraisal shall be specifically enforceable to the extent such remedy is available under applicable law, and any determination hereunder shall be final and binding upon the parties except as otherwise provided by applicable law. Lessor and Lessee shall each pay the fees and expenses of the appraiser appointed by it and each shall pay one-half of the fees and expenses of the third appraiser and one-half of all other costs and expenses incurred in connection with each appraisal.

Appears in 1 contract

Samples: Lease Agreement (Felcor Suite Hotels Inc)

Appraisers. If at any time it becomes necessary to determine the Fair Market Value, Fair Market Value Purchase Price 58 65 or Fair Market Rental of the Leased Property for any purpose of under this Lease, and the parties are unable to agree thereupon, the party required or permitted to give Notice of such required determination shall include in the Notice the name of a Person person selected to act as appraiser on its behalf. Within ten (10) days after such Notice, Lessor (Landlord or LesseeTenant, as the case may be) , shall by Notice to Lessee (Tenant or LessorLandlord, as the case may be) , either agree to the appointment of the appraiser identified in such initial Notice, in which case such appraiser shall be the sole appraiser for purposes of determining the Fair Market Value, Fair Market Value Purchase Price or Fair Market Rental, as the case may be, or shall appoint a second Person person as an appraiser on its behalf. The appraisers thus appointed, each of whom Any appraiser appointed pursuant to this Section must be a member of the American Institute of Real Estate Appraisers (or any successor organization thereto). The appraiser(s) with at least five (5) years’ experience in the State appraising property similar to the Leased Property, thus appointed shall, within forty-five (45) 45 days after the date of the Notice appointing the first appraiser, proceed to appraise the Leased Property to determine the Fair Market Value, Fair Market Value Purchase Price or Fair Market Rental thereof (as the case may be) as of the relevant date (giving effect to the impact, if any, of inflation from the date of their decision to the relevant date); provided. In the case of two appraisers, howeverexcept as provided in Section 25.2, that if only one appraiser shall have been so appointed, then the determination of such appraiser two appraisals shall be final and binding upon the parties. To the extent consistent with sound appraisal practice as then existing at the time of any such appraisal, such appraisal shall be made on a basis consistent with the basis on which the Leased Property was appraised for purposes of determining its Fair Market Value at the time the Leased Property was acquired by Lessor. If two (2) appraisers are appointed and if the difference between the amounts so determined does not exceed five percent (5%) of the lesser of such amounts, then the Fair Market Value or Fair Market Rental shall be an amount equal to fifty percent (50%) of the sum of the amounts so determined. If the difference between the amounts so determined exceeds five percent (5%) of the lesser of such amounts, then such two appraisers shall have twenty (20) days to appoint a third appraiser. If no such appraiser shall have been appointed within such twenty (20) days or within ninety (90) days of the original request for a determination of Fair Market Value or Fair Market Rental, whichever is earlier, either Lessor or Lessee may apply to any court having jurisdiction to have such appointment made by such court. Any appraiser appointed by the original appraisers or by such court shall be instructed averaged to determine the Fair Market Value, Fair Market Value Purchase Price or Fair Market Rental within forty-five (45) days after appointment of such appraiser. The determination of the appraiser which differs most in the terms of dollar amount from the determinations of the other two appraisers shall be excluded, and fifty percent (50%) of the sum of the remaining two determinations shall be final and binding upon Lessor and Lessee as the Fair Market Value or Fair Market Rental of the Leased PropertyRental, as the case may be. This provision for determining by appraisal shall be specifically enforceable to In any event, the extent such remedy is available under applicable law, and any determination hereunder appraised value determined in accordance with this Section shall be final and binding upon the parties except as otherwise provided by applicable law. Lessor on Landlord and Lessee shall each pay the fees and expenses of the appraiser appointed by it and each shall pay one-half of the fees and expenses of the third appraiser and one-half of all other costs and expenses incurred in connection with each appraisalTenant.

Appears in 1 contract

Samples: Manor Lease (Unison Healthcare Corp)

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