Common use of Determination of Value Clause in Contracts

Determination of Value. If only one appraiser is appointed, the ---------------------- appraiser must deliver a signed report (an "Appraisal Report") to Owner and Holder within 30 days after his appointment. An Appraisal Report must set forth the appraiser's determination of the Value and the considerations on which his opinion is based. If two appraisers are appointed and they agree on the Value, they must deliver a signed joint Appraisal Report to Owner and Holder within 40 days after the appointment of the second appraiser. If two appraisers are appointed and they fail to agree on the Value, each appraiser must deliver his signed Appraisal Report to Owner and Holder within 35 days after his appointment. If the lower of the two determinations is at least 95% of the higher, the Value will be the average of the two determinations. If not, then within ten days after Owner or Holder requests the two appraisers to do so, they must appoint a third appraiser who is a Qualified Appraiser. Within ten days after his appointment, the third appraiser must select one of the two determinations as being the same as or the closer to the amount that he determines as the Value; and the selected determination will be the Value.