Common use of Arbitration of Fair Market Rent Clause in Contracts

Arbitration of Fair Market Rent. In the event that arbitration of the Fair Market Rent shall be required pursuant to this Section, then the following procedures shall apply: 1. If Landlord or Tenant desires to invoke the arbitration procedure set forth in this Section, the party invoking the arbitration procedure shall give a notice to the other party and shall in such notice appoint a person as arbitrator on its behalf. Within twenty (20) days after such notice, the other party by notice to the original party shall appoint a second person as arbitrator on its behalf. The arbitrators thus appointed shall appoint a third person, and such three arbitrators shall as promptly as possible determine such matter, provided, however, that: (a) If the second arbitrator shall not have been appointed within the twenty (20) day period as aforesaid, the first arbitrator shall proceed to determine such matter and shall render his decision and award in writing within thirty (30) days after the expiration of said twenty (20) day period; and (b) If the two arbitrators are appointed by the parties and shall be unable to agree, within ten (10) days after the appointment of the second arbitrator, upon the appointment of a third arbitrator, they shall give written notice to the parties of such failure to agree, and if the parties fail to agree upon the selection of such third arbitrator within ten (10) days after the arbitrators appointed by the parties give notice as aforesaid, then within five (5) days thereafter either of the parties upon notice to the other party may request such appointment by the nearest office of the American Arbitration Association or any organization which is the successor thereof (the "AAA"), or in its absence, refusal, failure or inability to act, may apply to a trial court of the state in which the Demised Premises is located having jurisdiction over the Demised Premises (the "COURT"), for the appointment of such appointment of such arbitrator and the other party shall not raise any question as to the Court's full power and jurisdiction to entertain the application and make the appointment. All such arbitrators shall be competent real estate professionals experienced in and knowledgeable of the North DuPage County, Illinois, industrial real estate market. 2. The arbitration shall be conducted in accordance with the then prevailing rules of the AAA, modified as follows: (a) To the extent that any statute of the state in which the Demised Premises is located imposes requirements different than those of the AAA in order for the decision of the arbitrator or arbitrators to be enforceable in the courts of such state, such requirements shall be complied with in the arbitration; (b) Each arbitrator shall be disinterested and shall not be affiliated with Landlord or Tenant; and (c) The arbitrators, if more than one, shall render their decision and award in writing, upon the concurrence of at least two of their number, within thirty (30) days after the appointment of the third arbitrator. 3. Such decision and award or the decision and award of the single arbitrator as provided in this Section, shall be binding and conclusive on the parties, shall 4 constitute an "award" by the arbitrator within the meaning of the AAA rules and applicable law, and counterpart copies thereof shall be. delivered to each of the parties. In rendering such decision and award, the arbitrators shall not add to, subtract from or otherwise modify the provisions of the Lease. The arbitrators may only elect Landlord's or Tenant's determination of Fair Market Rent and will not elect any number in between. Judgment may be had on the decision and award of the arbitrators so rendered in any court of competent jurisdiction. 4. Each party shall pay the fees and expenses of one of the two original arbitrators appointed by or for such party and the fees and expenses of the third arbitrator and all other expenses of the arbitration (other than the fees and disbursements of attorneys or witnesses for each party) shall be borne by the parties equally.

Arbitration of Fair Market Rent. In the event that arbitration of the Fair Market Rent shall be required pursuant to this SectionArticle, then the following procedures shall apply: 1. (i) If Landlord or Tenant desires to invoke the arbitration procedure set forth in this SectionArticle, the party invoking the arbitration procedure shall give a notice to the other party and shall in such notice appoint a person as arbitrator on its behalf. Within twenty thirty (2030) days after such notice, the other party by notice to the original party shall appoint a second person as arbitrator on its behalf. The arbitrators thus appointed shall appoint a third person, and such three arbitrators shall as promptly as possible determine such matter, ; provided, however, that: (aA) If the second arbitrator shall not have been appointed within the twenty thirty (2030) day period as aforesaid, the first arbitrator shall proceed to determine such matter and shall render his decision and award in writing within thirty (30) days after the expiration of said twenty thirty (2030) day period; and (bB) If the two arbitrators are appointed by the parties and shall be unable to agree, within ten (10) days after the appointment of the second arbitrator, upon the appointment of a third arbitrator, they shall give written notice to the parties of such failure to agree, and if the parties fail to agree upon the selection of such third arbitrator within ten (10) days after the arbitrators appointed by the parties give notice as aforesaid, then within five (5) days thereafter either of the parties upon notice to the other party may request such appointment by the nearest office of the American Arbitration Association or any organization which is the successor thereof (the "“AAA"”), or in its absence, refusal, failure or inability to act, may apply to a trial court of the state in which the Demised Premises Building is located having jurisdiction over the Demised Premises Land (the "COURT"“Court”), for the appointment of such appointment of such arbitrator and the other party shall not raise any question as to the Court's ’s full power and jurisdiction to entertain the application and make the appointment. All such arbitrators shall be competent real estate professionals experienced in and knowledgeable of the North DuPage County, Illinois, industrial real estate market. 2. (ii) The arbitration shall be conducted in accordance with the then prevailing rules of the AAA, modified as follows: (aA) To the extent that any statute of the state in which the Demised Premises Property is located imposes requirements different than those of the AAA in order for the decision of the arbitrator or arbitrators to be enforceable in the courts of such state, such requirements shall be complied with in the arbitration; (bB) Each arbitrator shall be disinterested and shall not be affiliated with Landlord or Tenant; and (cC) The arbitrators, if more than one, shall render their decision and award in writing, upon the concurrence of at least two of their number, within thirty (30) days after the appointment of the third arbitrator. 3. (iii) Such decision and award or the decision and award of the single arbitrator arbitrators, if more than one, as provided in this SectionArticle, shall be binding and conclusive on the parties, shall 4 constitute an "“award" ” by the arbitrator within the meaning of the AAA rules and applicable law, and counterpart copies thereof shall be. be delivered to each of the parties. In rendering such decision and award, the arbitrators shall not add to, subtract from or otherwise modify the provisions of the this Lease. The arbitrators may only elect Landlord's or Tenant's determination of Fair Market Rent and will not elect any number in between. Judgment may be had on the decision and award of the arbitrators so rendered in any court of competent jurisdiction. 4. (iv) Each party shall pay the fees and expenses of one of the two original arbitrators appointed by or for such party and the fees and expenses of the third arbitrator and all other expenses of the arbitration (other than the fees and disbursements of attorneys or witnesses for each party) shall be borne by the parties equally.

Arbitration of Fair Market Rent. In the event that arbitration of the Fair Market Rent shall be required pursuant to this SectionArticle, then the following procedures shall apply: 1. (a) If Landlord or Tenant desires to invoke the arbitration procedure set forth in this SectionArticle, the party invoking the arbitration procedure shall give a notice to the other party and shall in such notice appoint a person as arbitrator on its behalf. Within twenty thirty (2030) days after such notice, the other party by notice to the original party shall appoint a second person as arbitrator on its behalf. The arbitrators thus appointed shall appoint a third person, and such three arbitrators shall as promptly as possible determine such matter, ; provided, however, that: (ai) If the second arbitrator shall not have been appointed within the twenty thirty (2030) day period as aforesaid, the first arbitrator shall proceed to determine such matter and shall render his decision and award in writing within thirty (30) days after the expiration of said twenty thirty (2030) day period; and (bii) If the two arbitrators are appointed by the parties and shall be unable to agree, within ten (10) days after the appointment of the second arbitrator, upon the appointment of a third arbitrator, they shall give written notice to the parties of such failure to agree, and if the parties fail to agree upon the selection of such third arbitrator within ten (10) days after the arbitrators appointed by the parties give notice as aforesaid, then within five (5) days thereafter either of the parties upon notice to the other party may request such appointment by the nearest office of the American Arbitration Association or any organization which is the successor thereof (the "AAA"), or in its absence, refusal, failure or inability to act, may apply to a trial court of the state in which the Demised Premises Building is located having jurisdiction over the Demised Premises Building (the "COURT"), for the appointment of such appointment of such arbitrator and the other party shall not raise any question as to the Court's full power and jurisdiction to entertain the application and make the appointment. All such arbitrators shall be competent real estate professionals experienced in and knowledgeable of the North DuPage County, Illinois, industrial real estate market. 2. (b) The arbitration shall be conducted in accordance with the then prevailing rules of the AAA, modified as follows: (ai) To the extent that any statute of the state in which the Demised Premises Building is located imposes requirements different than those of the AAA in order for the decision of the arbitrator or arbitrators to be enforceable in the courts of such state, such requirements shall be complied with in the arbitration; (bii) Each arbitrator shall be disinterested and shall not be affiliated with Landlord or Tenant; and (ciii) The arbitrators, if more than one, shall render their decision and award in writing, upon the concurrence of at least two of their number, within thirty (30) days after the appointment of the third arbitrator. 3. (c) Such decision and award or the decision and award of the single arbitrator as provided in this SectionArticle, shall be binding and conclusive on the parties, shall 4 constitute an "award" by the arbitrator within the meaning of the AAA rules and applicable law, and counterpart copies thereof shall be. be delivered to each of the parties. In rendering such decision and award, the arbitrators shall not add to, subtract from or otherwise modify the provisions of the this Lease. The arbitrators may only elect Landlord's or Tenant's determination of Fair Market Rent and will not elect any number in between. Judgment may be had on the decision and award of the arbitrators so rendered in any court of competent jurisdiction. 4. (d) Each party shall pay the fees and expenses of one of the two original arbitrators appointed by or for such party and the fees and expenses of the third arbitrator and all other expenses of the arbitration (other than the fees and disbursements of attorneys or witnesses for each party) shall be borne by the parties equally.

Arbitration of Fair Market Rent. In the event that arbitration of the Fair Market Rent shall be required pursuant to this SectionArticle, then the following procedures shall apply: 1. (i) If Landlord or Tenant desires to invoke the arbitration procedure set forth in this SectionArticle, the party invoking the arbitration procedure shall give a notice to the other party and shall in such notice appoint a person as arbitrator on its behalf. Within twenty thirty (2030) days after such notice, the other party by notice to the original party shall appoint a second person as arbitrator on its behalf. The arbitrators thus appointed shall appoint a third person, and such three arbitrators shall as promptly as possible determine such matter, ; provided, however, that: (aA) If the second arbitrator shall not have been appointed within the twenty thirty (2030) day period as aforesaid, the first arbitrator shall proceed to determine such matter and shall render his decision and award in writing within thirty (30) days after the expiration of said twenty thirty (2030) day period; and (bB) If the two arbitrators are appointed by the parties and shall be unable to agree, within ten (10) days after the appointment of the second arbitrator, upon the appointment of a third arbitrator, they shall give written notice to the parties of such failure to agree, and if the parties fail to agree upon the selection of such third arbitrator within ten (10) days after the arbitrators appointed by the parties give notice as aforesaid, then within five (5) days thereafter either of the parties upon notice to the other party may request such appointment by the nearest office of the American Arbitration Association or any organization which is the successor thereof (the "AAA"), or in its absence, refusal, failure or inability to act, may apply to a trial court of the state in which the Demised Premises Building is located having jurisdiction over the Demised Premises Land (the "COURTCourt"), for the appointment of such appointment of such arbitrator and the other party shall not raise any question as to the Court's full power and jurisdiction to entertain the application and make the appointment. All such arbitrators shall be competent real estate professionals experienced in and knowledgeable of the North DuPage County, Illinois, industrial real estate market. 2. (ii) The arbitration shall be conducted in accordance with the then prevailing rules of the AAA, modified as follows: (aA) To the extent that any statute of the state in which the Demised Premises Property is located imposes requirements different than those of the AAA in order for the decision of the arbitrator or arbitrators to be enforceable in the courts of such state, such requirements shall be complied with in the arbitration; (bB) Each arbitrator shall be disinterested and shall not be affiliated with Landlord or Tenant; and (cC) The arbitrators, if more than one, shall render their decision and award in writing, upon the concurrence of at least two of their number, within thirty (30) days after the appointment of the third arbitrator. 3. (iii) Such decision and award or the decision and award of the single arbitrator as provided in this SectionArticle, shall be binding and conclusive on the parties, shall 4 constitute an "award" by the arbitrator within the meaning of the AAA rules and applicable law, and counterpart copies thereof shall be. be delivered to each of the parties. In rendering such decision and award, the arbitrators shall not add to, subtract from or otherwise modify the provisions of the this Lease. The arbitrators may only elect Landlord's or Tenant's determination of Fair Market Rent and will not elect any number in between. Judgment may be had on the decision and award of the arbitrators so rendered in any court of competent jurisdiction. 4. (iv) Each party shall pay the fees and expenses of one of the two original arbitrators appointed by or for such party and the fees and expenses of the third arbitrator and all other expenses of the arbitration (other than the fees and disbursements of attorneys or witnesses for each party) shall be borne by the parties equally.