Development of Non-Christian/Non-Sectarian Burial Gardens Sample Clauses

Development of Non-Christian/Non-Sectarian Burial Gardens. (a) Tenant shall have the right to propose to develop non-Christian and/or non-sectarian burial gardens at Holy Savior Cemetery, All Saints Cemetery and All Souls Cemetery. Such gardens shall be sold and conveyed to Tenant prior to commencement of development with a distinct and separate name, sign, internal roadways and entrance determined by Tenant, subject to the consent of Landlord, which consent shall not be unreasonably withheld, conditioned or delayed. Such development shall count as part of the acreage limitations of Section 2.4 above and shall be subject to the consent of the Landlord as provided in Section 2.4. (i.e., if within the acreage limitation, Landlord’s consent shall not be unreasonably withheld, conditioned or delayed by Landlord and above the applicable acreage limitation, Landlord’s consent may be given or denied in Landlord’s sole and absolute discretion). In connection with any request for consent under this Section, Tenant and Landlord each may submit to the other party its good faith estimate and description of Applicable Development Costs (as hereinafter defined) expected to be incurred by such party, which estimate shall be subject to the other party’s consent, not to be unreasonably withheld, conditioned or delayed by the other party. Upon conveyance, Tenant shall pay the Landlord as Additional Rent an amount equal to (i) the average of two appraisals based on an income approach for appraising land for cemetery use (the “Appraisal Average”) plus (ii) 50% of Landlord’s Applicable Development Costs less (ii) less 50% of Tenant’s Applicable Development Costs. Such amount shall be payable in equal installments over ten (10) years with interest at an agreed market interest rate. One appraiser shall be selected by Tenant and one appraiser shall be selected by Landlord; provided, however, that if either party has not selected an appraiser within five (5) business days after Landlord’s consent (or deemed consent pursuant to Section 14.2), the other party shall have the right to select such appraiser upon written notice to the other party. Each appraiser shall be: (i) Independent of, and not an Affiliate of, any party hereto and (ii) MAI certified in good standing and shall have experience in the appraisals of cemeteries and cemetery operations.
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