Determination by Valuer Sample Clauses
The 'Determination by Valuer' clause designates an independent expert, known as the valuer, to assess and decide the value of certain assets, liabilities, or interests when parties cannot agree on a figure. Typically, this clause outlines the process for appointing the valuer, the scope of their assessment, and how their determination will be binding on the parties involved. Its core practical function is to provide an impartial and efficient mechanism for resolving valuation disputes, thereby preventing prolonged disagreements and ensuring transactions can proceed smoothly.
Determination by Valuer. In determining the current market rent of the Premises at the relevant Market Review Date the Valuer must (in addition to any other relevant matters):
(i) subject to clause 4.2(f)(v)(C), have regard to current market rents for comparable premises in the vicinity of the Premises (whether such rents are initial or reviewed rents);
(ii) have regard to the terms and conditions of this Lease;
(iii) value the Premises on a floor by floor basis if the Premises consist of more than one floor;
(iv) assume that:
(A) the Premises are available to be leased by a willing landlord to a willing tenant for a term equal to the whole term of this Lease (including any options for renewal) and on the basis that the Tenant is an existing tenant of the Premises;
(B) the Premises are fit for immediate occupation and use by the Tenant; and
(C) the Tenant has met all its obligations under this Lease; and
(v) ignore:
(A) the Tenant’s Property and all improvements which the Tenant has made to the Premises and which the Tenant is required to remove at the end of the Term (except to the extent that the cost of such improvements was paid, or contributed to, by the Landlord); Ref: PJM:1908926 ABL/▇▇▇▇▇▇▇▇▇
(B) the goodwill of the Tenant’s business conducted from the Premises; and
(C) rents payable by subtenants for comparable premises in the vicinity of the Premises; and
(vi) make no deduction on account of any lease incentive, concession or inducement paid, given or provided by the Landlord to or on behalf of the Tenant in relation to the grant of this Lease or by a landlord to a tenant in respect of comparable premises.
Determination by Valuer. 4.4.1 VicTrack and the Tenant must instruct the Valuer to:
(a) determine a market rent for the Premises to apply on and from the Market Review Date;
(b) determine a market rent which is not less than the rent payable immediately prior to the Market Review Date;
(c) act as an expert and not an arbitrator (the Valuer's decision is binding on VicTrack and the Tenant);
(d) consider the matters set out in any written submissions made by the parties provided that such submissions must have been received by the Valuer no later than 14 days from the date of appointment of the Valuer; and
(e) ignore any deleterious condition of the Premises if the condition resulted from a breach of this Lease by the Tenant.
4.4.2 VicTrack and the Tenant must share the costs of the Valuer equally. Either party may pay the costs of the Valuer and the other party must reimburse its share of those costs on demand.
4.4.3 The Rent determined by the Valuer or agreed between the parties will be the Rent which the Tenant must pay from the Market Review Date.
Determination by Valuer. The valuer must:
(a) fix the Revised Annual Rent of the Premises at the current market rental value of the Premises on the basis of the terms and conditions of this Lease (or such of them as are applicable) including the Permitted Use;
(b) call for and if submitted consider submissions made by the parties within 21 days of their being informed of the valuer’s appointment;
(c) in addition to any other relevant matters have regard to current market rental values for comparable premises in the vicinity of the Premises (whether such rentals are initial or reviewed rentals);
(d) assume that the Premises are available to be leased on the same conditions as those contained in this Lease (including any options for renewal) but with a tenant in possession;
(e) assume that the Tenant has met all its obligations under this Lease;
(f) ignore the Tenant’s installations and all improvements made by the Tenant to the Premises without obligation to do so;
(g) ignore the goodwill of the Tenant’s business conducted from the Premises;
(h) ignore any rent free periods or incentives available for new lettings of comparable premises in the vicinity of the Premises; and,
(i) act as an expert and not as an arbitrator and his determination will be final and binding on the parties. Ref: PJM: 1403989 The valuation must:
(j) be in writing;
(k) contain detailed reasons for the valuer’s determination; and,
(l) specify matters to which the valuer had regard in making the determination.
Determination by Valuer. (a) When determining the current market rent of the Premises as at the relevant Review Date the Valuer must observe all relevant valuation principles and:
(i) take the following into account:
(A) the terms of this Lease;
(B) the Term, including the expired part of the Term; and
(C) the value of the Lessor's Property in or on the Premises;
(ii) make a determination on the basis that the Premises are offered with vacant possession;
(iii) not take account of:
(A) the value of the Lessee's Property in or on the Premises;
(B) any condition of the Premises resulting from the Lessee's default under this Lease; or
(C) any rent incentive or reduction; rent free period or other incentive or benefit applicable to the Lessee's occupation of the Premises under this Lease or to any other lease considered by the Valuer when making a determination under this Lease.
(b) The Valuer acts as an expert and not as an arbitrator and the Valuer's decision is final and binding. The Lessor and the Lessee may make written submissions to the Valuer, but the Valuer is not obliged to take account of the submissions.
Determination by Valuer. If the Tenant disagrees with the amount stated in the Market Review Notice and notifies the Landlord within the time and in the way specified in clause 13.2(c) then: the current annual market rental value of the Premises will be determined by a Valuer to be appointed by the Landlord and the Tenant (or failing agreement within 28 days of the Landlord’s receipt of the Tenant’s notice under clause 13.2(c)) then appointed by the President for the time being of the Relevant Law Society or its successor (or his or her nominee); each party may make submissions to the Valuer; the Landlord (unless the Tenant has initiated the market review under clause 13.2(b)(ii), in which case the Tenant) must procure a reputable and suitably qualified surveyor having not less than 5 years' experience and who is approved by both parties (or failing agreement within 44 days of the service of the Market Review Notice, appointed by the President of the Relevant Law Society) to prepare a survey plan (in electronic and hard copy) of the Lettable Area of the Premises and provide a hard and electronic copy to the parties and the Valuer within 28 days of the Valuer’s appointment. Where the parties agree that there is already a current survey of the Lettable Area of the Premises then the parties may agree to waive this requirement, and either party must then provide the Valuer with a copy of that survey plan; and subject to clauses 13.5 and 13.6, the current annual market rental value so determined will become the Rent reserved by this Lease with effect as from the relevant Market Review Date.
Determination by Valuer. 4.8.1 When determining the current market licence fee of the Licence Area as at the relevant Review Date the Valuer must observe all relevant valuation principles and:
(a) take into account:
(i) the terms of this Agreement;
(ii) the Term, including the expired part of the Term, and any option term;
(iii) the value of the Licensor’s Property in, on or servicing the Licence Area; and
(iv) the licence fee currently paid for comparable premises;
(b) make a determination on the basis that the Licence Area are fit for immediate occupation and offered with vacant possession;
(c) value the Licence Area as being available to be licensed by a willing licensor to a willing licensee as a whole without a premium but with vacant possession and subject to the provisions of this Agreement for a term equal to the original term of this Agreement;
(d) any licence- free period or other incentive or benefit applicable to the Licensee’s occupation of the Licence Area under this Agreement; and
(e) not take into account:
(i) the Licence Fee paid by the Licensee at the time of review;
(ii) the value of the Licensee’s Property or the Licensee’s goodwill;
(iii) any condition of the Licence Area resulting from the Licensee’s default under this Agreement; or when making a determination under this Agreement.
4.8.2 The Valuer acts as an expert and not as an arbitrator and the Valuer’s decision is final and binding.
4.8.3 The parties may make written submissions to the Valuer, and the Valuer is obliged to consider the reasonable submissions of the parties.
4.8.4 The parties must comply with the requirements of the Valuer which relate to the Valuer’s appointment or determination.