Common use of Disputed Appraisals Clause in Contracts

Disputed Appraisals. If either Member disagrees with an appraisal of a Project, it shall have fifteen (15) days after both Members have received the appraisal to appoint its own Qualified Appraiser (which need not meet the requirement set forth in clause (b) of the definition of “Qualified Appraiser”), and that appraiser shall have thirty (30) days after the date of its appointment to render its own appraisal of the Project. If the appraised value in the second appraisal differs from the appraised value in the first appraisal by three percent (3%) or less, the average of the two appraised values shall be the final appraised value. If the appraised value in the second appraisal differs from the appraised value in the first appraisal by more than three percent (3%), the second Qualified Appraiser and the first Qualified Appraiser shall select a mutually acceptable third Qualified Appraiser. If the two appraisers are not able to agree on the appointment of a third Qualified Appraiser, the third Qualified Appraiser shall be selected by the American Arbitration Association, or any successor organization thereto. The third Qualified Appraiser shall have thirty (30) days from the date of its appointment to render its own third appraisal of the Project which shall be binding on the Company. If the appraised value in the third appraisal differs from the first appraised value by five percent (5%) or less, the Member that disagreed with the first appraisal and requested the additional appraisals shall pay the costs of the two additional appraisers. If the appraised value in the third appraisal differs from the first appraised value by more than five percent (5%), the Company shall pay the costs of all of the appraisers.

Disputed Appraisals. If either Member party disagrees with an appraisal of a ProjectDevelopment Property, it shall have fifteen (15) days after both Members parties have received the appraisal to appoint its own Qualified Appraiser (which need not meet the requirement set forth in clause (b) of the definition of “Qualified Appraiser”), and that appraiser shall have thirty (30) days after the date of its appointment to render its own appraisal of the ProjectDevelopment Property. If the appraised value in the second appraisal differs from the appraised value in the first appraisal by three percent (3%) or less, the average of the two appraised values shall be the final appraised value. If the appraised value in the second appraisal differs from the appraised value in the first appraisal by more than three percent (3%), the second Qualified Appraiser and the first Qualified Appraiser shall select a mutually acceptable third Qualified Appraiser. If the two appraisers are not able to agree on the appointment of a third Qualified Appraiser, the third Qualified Appraiser shall be selected by the American Arbitration Association, or any successor organization thereto. The third Qualified Appraiser shall have thirty (30) days from the date of its appointment to render its own third appraisal of the Project Development Property which shall be binding on the Companyparties. If the appraised value in the third appraisal differs from the first appraised value by five percent (5%) or less, the Member party that disagreed with the first appraisal and requested the additional appraisals shall pay the costs of the two additional appraisers. If the appraised value in the third appraisal differs from the first appraised value by more than five percent (5%), the Company parties shall pay equally the costs of all of the appraisers.

Disputed Appraisals. If either any Member disagrees with the determination of the Fair Market Value in an appraisal of a ProjectProject undertaken by the Company, it such Member shall have the right, by giving a Notification to the other Members within fifteen (15) days after both the Members have received the completed appraisal from the Manager, to appoint its own another Qualified Appraiser (which need not meet Appraiser. If more than one Member so disagrees and exercises such right to appoint another Qualified Appraiser, then the requirement set forth in clause (b) disputing Member with the highest Percentage Interest alone shall take responsibility for the required process and assume the rights, duties and obligations of the definition disputing Member to the exclusion of “the other disputing Member(s). Such disputing Member shall exercise commercially reasonable efforts to cause such Qualified Appraiser”), and that appraiser shall have thirty within forty-five (3045) days after the date of its appointment appointment, to render perform its own appraisal of the Project. If the appraised value in the second appraisal differs from the appraised value in the first appraisal by three percent (3%) or less, the average Fair Market Value of the two appraised values shall be Project and to select, together with the final appraised value. If the appraised value in the second appraisal differs from the appraised value in the first appraisal by more than three percent (3%)Company’s initial Qualified Appraiser, the second Qualified Appraiser and the first Qualified Appraiser shall select a mutually acceptable third Qualified Appraiser. If the first two appraisers Qualified Appraisers are not able to agree on the appointment of a third Qualified Appraiser, the third Qualified Appraiser shall be selected by the American Arbitration Association, or any successor organization theretoGRI. The disputing Member shall exercise commercially reasonable efforts to cause the third Qualified Appraiser shall have to, within thirty (30) days from the date of its appointment to render its own third appraisal appointment, select either one of the Fair Market Values in the first two appraisals (and not any other Fair Market Value) as the one that most closely approximates the Fair Market Value of the Project which in the opinion of the third Qualified Appraiser, and such Fair Market Value selected by the third Qualified Appraiser shall be final and binding on the CompanyMembers. If the appraised value in third Qualified Appraiser selects the third appraisal differs from Fair Market Value of the first appraised value initial Qualified Appraiser engaged by five percent (5%) or lessthe Company, the disputing Member that disagreed with the first appraisal and requested the additional appraisals shall pay the costs cost of the two additional appraisersappraisals. If the appraised value in the third appraisal differs from the first appraised value by more than five percent (5%)Otherwise, the Company shall pay the costs of all cost of the appraiserstwo additional appraisals.