Common use of Fair Market Rent Determination Clause in Contracts

Fair Market Rent Determination. The process to determine Fair Market Rent is as follows: 5.4.1 No later than 90 days and no more than 120 days before the beginning of a Period the Lessee will obtain an Appraisal (the “Lessee’s Appraisal”) for that Period and deliver a copy of the Lessee’s Appraisal to the Locatee. 5.4.2 If the Locatee does not agree with the Fair Market Rent determination in the Lessee’s Appraisal, then, within 120 days of receipt of the Lessee’s Appraisal, the Locatee will, at its own cost if subsection 5.4.6 does not apply, obtain an Appraisal (the “Locatee’s Appraisal”), a copy of which it will promptly deliver to the Lessee. 5.4.3 If the Fair Market Rent determination in the Lessee’s Appraisal is: 5.4.3.1 equal to or higher than the Locatee’s Appraisal, then Fair Market Rent is determined to be the amount in the Lessee’s Appraisal; 5.4.3.2 no more than 15.0% lower than the Locatee’s Appraisal, then Fair Market Rent is determined to be the amount in the Locatee’s Appraisal; or 5.4.3.3 more than 15.0% lower than the Locatee’s Appraisal, then the Locatee’s Appraiser and the Lessee’s Appraiser will promptly discuss the two appraisals so as to attempt to reconcile the differences between their Appraisals and jointly determine Fair Market Rent within 60 days of the delivery of the Locatee’s Appraisal to the Lessee, and, subject to subsection 5.4.6, the Locatee and the Lessee will each bear the costs for the work of their respective Appraisers under this subsection. 5.4.4 If the Appraisers are unable to jointly determine Fair Market Rent within the 60- day period set out in paragraph 5.4.3.3, then the Lessee and the Locatee will agree upon a third, independent Appraiser to promptly review the two Appraisals and determine Fair Market Rent, which determination is binding upon the Parties. Subject to subsection 5.4.6, the Locatee and the Lessee will each bear 50% of the costs for the work of the Appraiser under this subsection. When Fair Market Rent is determined under this subsection, the Locatee and the Lessee will promptly notify the Lessor of such amount. /Template Version 2019-02-13 5.4.5 If the Lessee fails to comply with subsection 5.4.1 in the time allowed, then the Locatee may at any later time obtain an Appraisal and determine Fair Market Rent based on the valuation in that Appraisal, which determination is binding on the Parties. When Fair Market Rent is determined under this subsection, the Locatee will promptly notify the Lessee and Lessor of such amount.

Fair Market Rent Determination. The process to determine Fair Market Rent is as follows: 5.4.1 4.4.1 No later than 90 days and no more than 120 days before the beginning of a Period Period, the Lessee will obtain an Appraisal (the “Lessee’s Appraisal”) to determine Fair Market Rent for that Period and deliver provide a copy of it to each of the Lessor and the First Nation. The Lessee’s choice of Appraiser (the “Lessee’s Appraiser”) and terms of reference for the Appraisal must be approved of in advance by each of the Lessor and the First Nation. The Lessee’s Appraisal must state that it can be relied on by all Parties. The cost of the Lessee’s Appraisal to will be borne by the LocateeLessee. 5.4.2 If the Locatee does not agree with the Fair Market Rent determination in the Lessee’s Appraisal, then, within 4.4.2 Within 120 days of receipt delivery of the Lessee’s Appraisal, the Locatee will, at its own cost if subsection 5.4.6 does not apply, Lessor or the First Nation may obtain an Appraisal using the same terms of reference used for the Lessee’s Appraisal (the “Locatee’s Second Appraisal”), a copy of which it such Party will promptly deliver provide to each of the other Parties. The Second Appraisal must state that it can be relied on by all Parties. If a Second Appraisal is not obtained in such time, then Fair Market Rent will be the amount determined in the Lessee’s Appraisal. 5.4.3 4.4.3 If the Fair Market Rent determination determined in the Lessee’s Appraisal is: 5.4.3.1 4.4.3.1 equal to or higher than in the Locatee’s Second Appraisal, then Fair Market Rent is determined to will be the amount determined in the Lessee’s AppraisalAppraisal and the cost of the Second Appraisal will be borne by the Party who obtained it; 5.4.3.2 4.4.3.2 no more than 15.0% lower than in the Locatee’s Second Appraisal, then Fair Market Rent is determined to will be the amount determined in the Locatee’s AppraisalSecond Appraisal and the cost of the Second Appraisal will be borne by the Party who obtained it; or 5.4.3.3 4.4.3.3 more than 15.0% lower than in the Locatee’s Second Appraisal, then the Locatee’s Appraiser of the Second Appraisal (the “Second Appraiser”) and the Lessee’s Appraiser will promptly discuss the two appraisals so as to attempt to reconcile the differences between their Appraisals and jointly determine Fair Market Rent within 60 days of the delivery of the Locatee’s Second Appraisal to the Lessee and Fair Market Rent will be the jointly determined amount. If the jointly determined amount is closer to the amount determined in the Second Appraisal than to the amount determined in the Lessee’s Appraisal (or where the differences between them are equal), and, subject to subsection 5.4.6, then the Locatee cost of the Second Appraisal and the Lessee will each bear the costs for the work of their respective both Appraisers under this subsectionsection 4.4.3.3 will be borne by the Lessee (any amount of which already paid by the Party who obtained the Second Appraisal will become payable by the Lessee as Additional Rent or First Nation Fees, as the case may be). Otherwise, the cost of the Second Appraisal will be borne by the Party who obtained it and each Party will bear its costs for the work of its own Appraiser under this section 4.4.3.3. When Fair Market Rent is determined under this section 4.4.3, the Lessee and the Party who obtained the Second Appraisal will promptly notify the other Party of such amount. 5.4.4 4.4.4 If the Appraisers are unable to jointly determine Fair Market Rent within the 60- day period set out in paragraph 5.4.3.3section 4.4.3.3, then the Lessee and the Locatee Party who retained the Second Appraiser will agree upon a third, independent Appraiser to promptly review the two Appraisals and determine Fair Market Rent, which determination is final and binding upon on the Parties. Subject If such determination is closer to subsection 5.4.6the amount determined in the Second Appraisal than to the amount determined in the Lessee’s Appraisal (or where the differences between them are equal), then the cost of the Second Appraisal, the Locatee costs for the work of both Appraisers under section 4.4.3.3, and the costs for the work of the third Appraiser under this section 4.4.4 will be borne by the Lessee (any amount of which already paid by the Party who obtained the Second Appraisal will become payable by the Lessee as Additional Rent or First Nation Fees, as the case may be). Otherwise, each Party will bear its costs for its own Appraisal, its costs for the work of its own Appraiser under section 4.4.3.3, and 50% of the costs for the work of the third Appraiser under this subsectionsection 4.4.4. When Fair Market Rent is determined under this subsectionsection 4.4.4, the Locatee Lessee and the Lessee Party who obtained the Second Appraisal will promptly notify the Lessor other Party of such amount. /Template Version 2019-02-13 5.4.5 . 4.4.5 If the Lessee fails to comply with subsection 5.4.1 section 4.4.1 in the time allowed, then the Locatee Lessor may at any later time obtain an Appraisal and determine Fair Market Rent based on the valuation in that the Appraisal, which determination is final and binding on the Parties. When Fair Market Rent is determined under this subsectionsection 4.4.5, the Locatee Lessor will promptly notify the Lessee and Lessor the First Nation of such amountamount and provide a copy of the Appraisal. The cost of the Appraisal will become payable by the Lessee as Additional Rent.

Fair Market Rent Determination. The process to determine Fair Market Rent is as follows: 5.4.1 No later than 5.8.1 Within 90 days and no more than 120 days before of the beginning happening of a Period any of the events in subsection 5.7.1, the Lessee will obtain an Appraisal (the “Lessee’s Appraisal”) for that Period and deliver a copy of the Lessee’s Appraisal to each of the LocateeLessor and the First Nation. The Lessee’s choice of Appraiser and terms of reference for the Appraisal must be approved by each of the Lessor and the First Nation in advance. 5.4.2 5.8.2 If either the Locatee Lessor or the First Nation does not agree with the Fair Market Rent determination in the Lessee’s Appraisal, then, within 120 days of receipt of the Lessee’s Appraisal, the Locatee will, Lessor (at its own cost expense if subsection 5.4.6 5.8.6 does not apply, ) or the First Nation (at its expense if subsection 5.8.6 does not apply) will obtain an Appraisal (the “Locatee’s Second Appraisal”), a copy of which it such Party will promptly deliver to each of the Lesseeother Parties. 5.4.3 5.8.3 If the Fair Market Rent determination in the Lessee’s Appraisal is: 5.4.3.1 5.8.3.1 equal to or higher than the Locatee’s Second Appraisal, then Fair Market Rent is determined to be the amount in the Lessee’s Appraisal; 5.4.3.2 5.8.3.2 no more than 15.0% lower than the Locatee’s Second Appraisal, then Fair Market Rent is determined to be the amount in the Locatee’s Second Appraisal; or 5.4.3.3 5.8.3.3 more than 15.0% lower than the Locatee’s Second Appraisal, then the Locatee’s Second Appraiser and the Lessee’s Appraiser will promptly discuss the two appraisals so as to attempt to reconcile the differences between their Appraisals and jointly determine Fair Market Rent within 60 days of the delivery of the Locatee’s Second Appraisal to the Lessee, and, subject to subsection 5.4.65.8.6, the Locatee Party who retained the Second Appraiser and the Lessee will each bear the costs for the work of their respective Appraisers under this subsection. 5.4.4 5.8.4 If the Appraisers are unable to jointly determine Fair Market Rent within the 60- day period set out in paragraph 5.4.3.35.8.3.3, then the Lessee and the Locatee Party who retained the Second Appraiser will agree upon a third, independent Appraiser to promptly review the two Appraisals and determine Fair Market Rent, which determination is binding upon the Parties. Subject to subsection 5.4.65.8.6, the Locatee Party who retained the Second Appraiser and the Lessee will each bear 50% of the costs for the work of the Appraiser under this subsection. When Fair Market Rent is determined under this subsection, the Locatee and the Lessee will promptly notify the Lessor of such amount. /Template Version 2019-02-13 5.4.5 . 5.8.5 If the Lessee fails to comply with subsection 5.4.1 section 5.8.1 in the time allowed, then the Locatee Lessor may at any later time obtain an Appraisal and determine Fair Market Rent based on the valuation in that Appraisal, which determination is binding on the Parties. When Fair Market . 5.8.6 If the Lessor obtains an Appraisal under subsection 5.8.5, or either the Lessor or the First Nation obtains an Appraisal under subsection 5.8.2 that is in the category set out in paragraph 5.8.3.3, then: 5.8.6.1 the expense for such Appraisal will, upon notice, be immediately due as Additional Rent is determined under this subsectionor Additional Fees, as the Locatee case may be, which the Lessee will promptly notify pay; and 5.8.6.2 the Lessee costs for the work of the Appraisers in paragraph 5.8.3.3 and Lessor of such amountsubsection 5.8.4 will be paid solely by the Lessee.

Fair Market Rent Determination. The process to determine Fair Market Rent is as follows:follows:‌ 5.4.1 No later than 4.8.1 Within 90 days and no more than 120 days before of the beginning happening of a Period an event referred to in section 4.7.1, the Lessee will obtain an Appraisal (the “Lessee’s Appraisal”) to determine Fair Market Rent for that Period the period from the happening of such event to the end of the Term and deliver provide a copy of it to each of the Lessor and the First Nation. The Lessee’s choice of Appraiser (the “Lessee’s Appraiser”) and terms of reference for the Appraisal must be approved of in advance by each of the Lessor and the First Nation. The Lessee’s Appraisal must state that it can be relied on by all Parties. The cost of the Lessee’s Appraisal to will be borne by the LocateeLessee. 5.4.2 If the Locatee does not agree with the Fair Market Rent determination in the Lessee’s Appraisal, then, within 4.8.2 Within 120 days of receipt delivery of the Lessee’s Appraisal, the Locatee will, at its own cost if subsection 5.4.6 does not apply, Lessor or the First Nation may obtain an Appraisal using the same terms of reference used for the Lessee’s Appraisal (the “Locatee’s Second Appraisal”), a copy of which it such Party will promptly deliver provide to each of the other Parties. The Second Appraisal must state that it can be relied on by all Parties. If a Second Appraisal is not obtained in such time, then Fair Market Rent will be the amount determined in the Lessee’s Appraisal. 5.4.3 4.8.3 If the Fair Market Rent determination determined in the Lessee’s Appraisal is: 5.4.3.1 4.8.3.1 equal to or higher than in the Locatee’s Second Appraisal, then Fair Market Rent is determined to will be the amount determined in the Lessee’s AppraisalAppraisal and the cost of the Second Appraisal will be borne by the Party who obtained it; 5.4.3.2 4.8.3.2 no more than 15.0% lower than in the Locatee’s Second Appraisal, then Fair Market Rent is determined to will be the amount determined in the Locatee’s AppraisalSecond Appraisal and the cost of the Second Appraisal will be borne by the Party who obtained it; or 5.4.3.3 4.8.3.3 more than 15.0% lower than in the Locatee’s Second Appraisal, then the Locatee’s Appraiser of the Second Appraisal (the “Second Appraiser”) and the Lessee’s Appraiser will promptly discuss the two appraisals so as to attempt to reconcile the differences between their Appraisals and jointly determine Fair Market Rent within 60 days of the delivery of the Locatee’s Second Appraisal to the Lessee and Fair Market Rent will be the jointly determined amount. If the jointly determined amount is closer to the amount determined in the Second Appraisal than to the amount determined in the Lessee’s Appraisal (or where the differences between them are equal), and, subject to subsection 5.4.6, then the Locatee cost of the Second Appraisal and the Lessee will each bear the costs for the work of their respective both Appraisers under this subsectionsection 4.8.3.3 will be borne by the Lessee (any amount of which already paid by the Party who obtained the Second Appraisal will become payable by the Lessee as Additional Rent or First Nation Fees, as the case may be). Otherwise, the cost of the Second Appraisal will be borne by the Party who obtained it and each Party will bear its costs for the work of its own Appraiser under this section 4.8.3.3. When Fair Market Rent is determined under this section 4.8.3.3, the Lessee and the Party who obtained the Second Appraisal will promptly notify the other Party of such amount. 5.4.4 4.8.4 If the Appraisers are unable to jointly determine Fair Market Rent within the 60- day period set out in paragraph 5.4.3.3section 4.8.3.3, then the Lessee and the Locatee Party who retained the Second Appraiser will agree upon a third, independent Appraiser to promptly review the two Appraisals and determine Fair Market Rent, which determination is final and binding upon on the Parties. Subject If such determination is closer to subsection 5.4.6the amount determined in the Second Appraisal than the amount determined in the Lessee’s Appraisal (or where the differences between them are equal), then the cost of the Second Appraisal, the Locatee costs for the work of both Appraisers under section 4.8.3.3, and the costs for the work of the third Appraiser under this section 4.8.4 will be borne by the Lessee (any amount of which already paid by the Party who obtained the Second Appraisal will become payable by the Lessee as Additional Rent or First Nation Fees, as the case may be). Otherwise, each Party will bear its costs for its own Appraisal, its costs for the work of its own Appraiser under section 4.8.3.3, and 50% of the costs for the work of the third Appraiser under this subsectionsection 4.8.4. When Fair Market Rent is determined under this subsectionsection 4.8.4, the Locatee Lessee and the Lessee Party who obtained the Second Appraisal will promptly notify the Lessor other Party of such amount. /Template Version 2019-02-13 5.4.5 . 4.8.5 If the Lessee fails to comply with subsection 5.4.1 section 4.8.1 in the time allowed, then the Locatee Lessor may at any later time obtain an Appraisal and determine Fair Market Rent based on the valuation in that Appraisal, which determination is final and binding on the Parties. When Fair Market Rent is determined under this subsectionsection 4.8.5, the Locatee Lessor will promptly notify the Lessee and Lessor the First Nation of such amountamount and provide a copy of the Appraisal. The cost of the Appraisal will become payable by the Lessee as Additional Rent.

Fair Market Rent Determination. The process to determine Fair Market Rent is as follows: 5.4.1 4.4.1 No later than 90 days and no more than 120 days before the beginning of a Period Period, the Lessee will obtain an Appraisal (the “Lessee’s Appraisal”) to determine Fair Market Rent for that Period and deliver provide a copy of it to each of the Lessor and the Locatee. The Lessee’s choice of Appraiser (the “Lessee’s Appraiser”) and terms of reference for the Appraisal must be approved of in advance by each of the Lessor and the Locatee. The Lessee’s Appraisal must state that it can be relied on by all Parties. The cost of the Lessee’s Appraisal to will be borne by the LocateeLessee. 5.4.2 If the Locatee does not agree with the Fair Market Rent determination in the Lessee’s Appraisal, then, within 4.4.2 Within 120 days of receipt delivery of the Lessee’s Appraisal, the Lessor or the Locatee will, at its own cost if subsection 5.4.6 does not apply, may obtain an Appraisal using the same terms of reference used for the Lessee’s Appraisal (the “Locatee’s Second Appraisal”), a copy of which it such Party will promptly deliver provide to each of the other Parties. The Second Appraisal must state that it can be relied on by all Parties. If a Second Appraisal is not obtained in such time, then Fair Market Rent will be the amount determined in the Lessee’s Appraisal. 5.4.3 4.4.3 If the Fair Market Rent determination determined in the Lessee’s Appraisal is: 5.4.3.1 4.4.3.1 equal to or higher than in the Locatee’s Second Appraisal, then Fair Market Rent is determined to will be the amount determined in the Lessee’s AppraisalAppraisal and the cost of the Second Appraisal will be borne by the Party who obtained it; 5.4.3.2 4.4.3.2 no more than 15.0% lower than in the Locatee’s Second Appraisal, then Fair Market Rent is determined to will be the amount determined in the Locatee’s AppraisalSecond Appraisal and the cost of the Second Appraisal will be borne by the Party who obtained it; or 5.4.3.3 4.4.3.3 more than 15.0% lower than in the Locatee’s Second Appraisal, then the Locatee’s Appraiser of the Second Appraisal (the “Second Appraiser”) and the Lessee’s Appraiser will promptly discuss the two appraisals so as to attempt to reconcile the differences between their Appraisals and jointly determine Fair Market Rent within 60 days of the delivery of the Locatee’s Second Appraisal to the Lessee and Fair Market Rent will be the jointly determined amount. If the jointly determined amount is closer to the amount determined in the Second Appraisal than to the amount determined in the Lessee’s Appraisal (or where the differences between them are equal), and, subject to subsection 5.4.6, then the Locatee cost of the Second Appraisal and the Lessee will each bear the costs for the work of their respective both Appraisers under this subsectionsection 4.4.3.3 will be borne by the Lessee (any amount of which already paid by the Party who obtained the Second Appraisal will become payable by the Lessee as Additional Rent or Locatee Fees, as the case may be). Otherwise, the cost of the Second Appraisal will be borne by the Party who obtained it and each Party will bear its costs for the work of its own Appraiser under this section 4.4.3.3. When Fair Market Rent is determined under this section 4.4.3.3, the Lessee and the Party who obtained the Second Appraisal will promptly notify the other Party of such amount. 5.4.4 4.4.4 If the Appraisers are unable to jointly determine Fair Market Rent within the 60- day period set out in paragraph 5.4.3.3section 4.4.3.3, then the Lessee and the Locatee Party who retained the Second Appraiser will agree upon a third, independent Appraiser to promptly review the two Appraisals and determine Fair Market Rent, which determination is final and binding upon on the Parties. Subject If such determination is closer to subsection 5.4.6the amount determined in the Second Appraisal than to the amount determined in the Lessee’s Appraisal (or where the differences between them are equal), then the cost of the Second Appraisal, the Locatee costs for the work of both Appraisers under section 4.4.3.3, and the costs for the work of the third Appraiser under this section 4.4.4 will be borne by the Lessee (any amount of which already paid by the Party who obtained the Second Appraisal will become payable by the Lessee as Additional Rent or Locatee Fees, as the case may be). Otherwise, each Party will bear its costs for its own Appraisal, its costs for the work of its own Appraiser under section 4.4.3.3, and 50% of the costs for the work of the third Appraiser under this subsectionsection 4.4.4. When Fair Market Rent is determined under this subsectionsection 4.4.4, the Locatee Lessee and the Lessee Party who obtained the Second Appraisal will promptly notify the Lessor other Party of such amount. /Template Version 2019-02-13 5.4.5 . 4.4.5 If the Lessee fails to comply with subsection 5.4.1 section 4.4.1 in the time allowed, then the Locatee Lessor may at any later time obtain an Appraisal and determine Fair Market Rent based on the valuation in that the Appraisal, which determination is final and binding on the Parties. When Fair Market Rent is determined under this subsectionsection 4.4.5, the Locatee Lessor will promptly notify the Lessee and Lessor Locatee of such amountamount and provide a copy of the Appraisal. The cost of the Appraisal will become payable by the Lessee as Additional Rent.

Fair Market Rent Determination. The process to determine Fair Market Rent is as follows:follows:70‌ 5.4.1 No later than 4.8.1 Within 90 days and no more than 120 days before of the beginning happening of a Period an event referred to in section 4.7.1, the Lessee will obtain an Appraisal (the “Lessee’s Appraisal”) to determine Fair Market Rent for that Period the period from the happening of such event to the end of the Term and deliver provide a copy of it to each of the Lessor and the First Nation. The Lessee’s choice of Appraiser (the “Lessee’s Appraiser”) and terms of reference for the Appraisal must be approved of in advance by each of the Lessor and the First Nation. The Lessee’s Appraisal must state that it can be relied on by all Parties. The cost of the Lessee’s Appraisal to will be borne by the LocateeLessee. 5.4.2 If the Locatee does not agree with the Fair Market Rent determination in the Lessee’s Appraisal, then, within 4.8.2 Within 120 days of receipt delivery of the Lessee’s Appraisal, the Locatee will, at its own cost if subsection 5.4.6 does not apply, Lessor or the First Nation may obtain an Appraisal using the same terms of reference used for the Lessee’s Appraisal (the “Locatee’s Second Appraisal”), a copy of which it such Party will promptly deliver provide to each of the other Parties. The Second Appraisal must state that it can be relied on by all Parties. If a Second Appraisal is not obtained in such time, then Fair Market Rent will be the amount determined in the Lessee’s Appraisal. 5.4.3 4.8.3 If the Fair Market Rent determination determined in the Lessee’s Appraisal is: 5.4.3.1 4.8.3.1 equal to or higher than in the Locatee’s Second Appraisal, then Fair Market Rent is determined to will be the amount determined in the Lessee’s AppraisalAppraisal and the cost of the Second Appraisal will be borne by the Party who obtained it; 5.4.3.2 4.8.3.2 no more than 15.0% lower than in the Locatee’s Second Appraisal, then Fair Market Rent is determined to will be the amount determined in the LocateeSecond Appraisal and the cost of the Second Appraisal will be borne by the Party who obtained it; or 69 This clause used to be an option that FN’s Appraisal; orchose if they wished to help protect their potential revenue generating abilities on the Lands. It is now a requirement under ISC’s policy. 70 See note 67. 5.4.3.3 4.8.3.3 more than 15.0% lower than in the Locatee’s Second Appraisal, then the Locatee’s Appraiser of the Second Appraisal (the “Second Appraiser”) and the Lessee’s Appraiser will promptly discuss the two appraisals so as to attempt to reconcile the differences between their Appraisals and jointly determine Fair Market Rent within 60 days of the delivery of the Locatee’s Second Appraisal to the Lessee and Fair Market Rent will be the jointly determined amount. If the jointly determined amount is closer to the amount determined in the Second Appraisal than to the amount determined in the Lessee’s Appraisal (or where the differences between them are equal), and, subject to subsection 5.4.6, then the Locatee cost of the Second Appraisal and the Lessee will each bear the costs for the work of their respective both Appraisers under this subsectionsection 4.8.3.3 will be borne by the Lessee (any amount of which already paid by the Party who obtained the Second Appraisal will become payable by the Lessee as Additional Rent or First Nation Fees, as the case may be). Otherwise, the cost of the Second Appraisal will be borne by the Party who obtained it and each Party will bear its costs for the work of its own Appraiser under this section 4.8.3.3. When Fair Market Rent is determined under this section 4.8.3.3, the Lessee and the Party who obtained the Second Appraisal will promptly notify the other Party of such amount. 5.4.4 4.8.4 If the Appraisers are unable to jointly determine Fair Market Rent within the 60- day period set out in paragraph 5.4.3.3section 4.8.3.3, then the Lessee and the Locatee Party who retained the Second Appraiser will agree upon a third, independent Appraiser to promptly review the two Appraisals and determine Fair Market Rent, which determination is final and binding upon on the Parties. Subject If such determination is closer to subsection 5.4.6the amount determined in the Second Appraisal than the amount determined in the Lessee’s Appraisal (or where the differences between them are equal), then the cost of the Second Appraisal, the Locatee costs for the work of both Appraisers under section 4.8.3.3, and the costs for the work of the third Appraiser under this section 4.8.4 will be borne by the Lessee (any amount of which already paid by the Party who obtained the Second Appraisal will become payable by the Lessee as Additional Rent or First Nation Fees, as the case may be). Otherwise, each Party will bear its costs for its own Appraisal, its costs for the work of its own Appraiser under section 4.8.3.3, and 50% of the costs for the work of the third Appraiser under this subsectionsection 4.8.4. When Fair Market Rent is determined under this subsectionsection 4.8.4, the Locatee Lessee and the Lessee Party who obtained the Second Appraisal will promptly notify the Lessor other Party of such amount. /Template Version 2019-02-13 5.4.5 . 4.8.5 If the Lessee fails to comply with subsection 5.4.1 section 4.8.1 in the time allowed, then the Locatee Lessor may at any later time obtain an Appraisal and determine Fair Market Rent based on the valuation in that Appraisal, which determination is final and binding on the Parties. When Fair Market Rent is determined under this subsectionsection 4.8.5, the Locatee Lessor will promptly notify the Lessee and Lessor the First Nation of such amountamount and provide a copy of the Appraisal. The cost of the Appraisal will become payable by the Lessee as Additional Rent.

Fair Market Rent Determination. The process to determine Fair Market Rent is as follows: 5.4.1 No later than 90 days and no more than 120 days before the beginning of a Period the Lessee will obtain an Appraisal (the “Lessee’s Appraisal”) for that Period and deliver a copy of the Lessee’s Appraisal to each of the LocateeLessor and the First Nation. The Lessee’s choice of Appraiser and terms of reference for the Appraisal must be approved by each of the Lessor and the First Nation in advance. 5.4.2 If either the Locatee Lessor or the First Nation does not agree with the Fair Market Rent determination in the Lessee’s Appraisal, then, within 120 days of receipt of the Lessee’s Appraisal, the Locatee will, such Party (at its own cost expense if subsection 5.4.6 does not apply, ) or the First Nation (at its expense if subsection 5.4.6 does not apply) will obtain an Appraisal (the “Locatee’s Second Appraisal”), a copy of which it such Party will promptly deliver to each of the Lesseeother Parties. 5.4.3 If the Fair Market Rent determination in the Lessee’s Appraisal is: 5.4.3.1 equal to or higher than the Locatee’s Second Appraisal, then Fair Market Rent is determined to be the amount in the Lessee’s Appraisal; 5.4.3.2 no more than 15.0% lower than the Locatee’s Second Appraisal, then Fair Market Rent is determined to be the amount in the Locatee’s Second Appraisal; or 5.4.3.3 more than 15.0% lower than the Locatee’s Second Appraisal, then the Locatee’s Second Appraiser and the Lessee’s Appraiser will promptly discuss the two appraisals so as to attempt to reconcile the differences between their Appraisals and jointly determine Fair Market Rent within 60 days of the delivery of the Locatee’s Second Appraisal to the Lessee, and, subject to subsection 5.4.6, the Locatee Party who retained the Second Appraiser and the Lessee will each bear the costs for the work of their respective Appraisers under this subsection. 5.4.4 If the Appraisers are unable to jointly determine Fair Market Rent within the 60- day period set out in paragraph 5.4.3.3, then the Lessee and the Locatee Party who retained the Second Appraiser will agree upon a third, independent Appraiser to promptly review the two Appraisals and determine Fair Market Rent, which determination is binding upon the Parties. Subject to subsection 5.4.6, the Locatee Party who retained the Second Appraiser and the Lessee will each bear 50% of the costs for the work of the Appraiser under this subsection. When Fair Market Rent is determined under this subsection, the Locatee Lessee and the Lessee Party who retained the Second Appraiser will promptly notify the Lessor of such amount. /Template Version 2019-02-13 . 5.4.5 If the Lessee fails to comply with subsection 5.4.1 in the time allowed, then the Locatee Lessor may at any later time obtain an Appraisal and determine Fair Market Rent based on the valuation in that Appraisal, which determination is binding on the Parties. When Fair Market Rent is determined under this subsection, the Locatee Lessor will promptly notify the Lessee and Lessor First Nation of such amount. 5.4.6 If the Lessor obtains an Appraisal under subsection 5.4.5, or either the Lessor or the First Nation obtains an Appraisal under subsection 5.4.2 that is in the category set out in paragraph 5.4.3.3, then: 5.4.6.1 the expense for such Appraisal will, upon notice, be immediately due as Additional Rent or Additional Fees, as the case may be, which the Lessee will promptly pay; and 5.4.6.2 the costs for the work of the Appraisers in paragraph 5.4.3.3 and subsection 5.4.4 will be paid solely by the Lessee.