Common use of Fair Market Rent Clause in Contracts

Fair Market Rent. (i) If Lessor and Lessee cannot agree on the Fair Market Rent within thirty (30) days prior to the commencement of the Lease Year for which Fair Market Rent applies, each party shall, by notice to the other, appoint a disinterested and licensed M.A.I. Real Estate Appraiser to determine the Fair Market Rent. If any party should fail to appoint an appraiser, the appraiser selected by the other party shall determine the Fair Market Rent. In determining the Fair Market Rent, each appraiser shall give appropriate consideration to, among other things, generally applicable terms and conditions of tenancies for property comparable to the Premises in the general vicinity of the Premises. (ii) If the two appraisers selected pursuant to Paragraph 4.3(i) above cannot agree upon the Fair Market Rent within forty-five (45) days, they shall immediately give written notice of such inability ("Notice of Disagreement") to both Lessor and Lessee setting forth the Fair Market Rent determinations of each of the appraisers. If the determinations of each of the two appraisers differ by less than ten percent (10%) of the lower determination, the Fair Market Rent shall be fixed at an amount equal to the average of the two determinations. (iii) If the determinations of each of the two appraisers selected pursuant to Paragraph 4.3(i) above, differ by ten percent (10%) or more of the lower determination, then within thirty (30) days after the giving of the Notice of Disagreement, the two appraisers shall appoint a third disinterested and licensed M.A.I.

Fair Market Rent. (i) If Lessor and Lessee cannot agree on In the event that it becomes necessary to determine the Fair Market Rent within thirty (30) days prior to of a Facility for any purpose of this Lease, and the commencement of the Lease Year for which parties cannot agree among themselves on such Fair Market Rent applieswithin twenty (20) days after the first request made by one of the parties to do so, then either party may notify the other of a Person selected to act as appraiser (such Person, and each other Person selected as provided herein, an “Appraiser”) on its behalf. Within fifteen (15) days after receipt of any such Notice, the other party shall, by notice to the otherfirst party, appoint a disinterested and licensed M.A.I. second Person as Appraiser on its behalf. The Appraisers thus appointed, each of whom must be a member of The Appraisal Institute/American Institute of Real Estate Appraiser Appraisers (or any successor organization thereto, or, if no such organization exists, a similarly nationally recognized real estate appraisal organization) with at least ten (10) years of experience appraising properties similar to determine the Fair Market Rent. If any party should fail to appoint an appraisersuch Facility, the appraiser selected by the other party shall determine the Fair Market Rent. In determining the Fair Market Rentshall, each appraiser shall give appropriate consideration to, among other things, generally applicable terms and conditions of tenancies for property comparable to the Premises in the general vicinity of the Premises. (ii) If the two appraisers selected pursuant to Paragraph 4.3(i) above cannot agree upon the Fair Market Rent within forty-five (45) daysdays after the date of the notice appointing the first Appraiser, they shall immediately give written notice of such inability ("Notice of Disagreement") proceed to both Lessor and Lessee setting forth appraise the applicable Facility to determine the Fair Market Rent determinations of each thereof as of the appraisersrelevant date; provided, that if one Appraiser shall have been so appointed, or if two Appraisers shall have been so appointed but only one such Appraiser shall have made such determination within fifty (50) days after the making of the initial appointment, then the determination of such Appraiser shall be final and binding upon the parties. If two (2) Appraisers shall have been appointed and shall have made their determinations within the determinations of each of respective requisite periods set forth above and if the two appraisers differ by less than ten difference between the amounts so determined shall not exceed five percent (105%) of the lower determinationlesser of such amounts, then the Fair Market Rent shall be fixed at an amount equal to the average fifty percent (50%) of the two determinations. (iii) sum of the amounts so determined. If the determinations of each difference between the amounts so determined shall exceed five percent (5%) of the two appraisers selected lesser of such amounts, either party may request the appointment of Experts pursuant to Paragraph 4.3(i) above, differ by ten percent (10%) or more of the lower determination, then within thirty (30) days after the giving of the Notice of Disagreement, the two appraisers shall appoint a third disinterested and licensed M.A.I.Article XXXIV to determine Fair Market Rent.

Fair Market Rent. (i) If Lessor and Lessee cannot agree on In the event that it becomes necessary to determine the Fair Market Rent within thirty (30) days prior to the commencement of the Lease Year Facility for which any purpose of this Lease, and the parties cannot agree among themselves on such Fair Market Rent applieswithin twenty (20) days after the first request made by one of the parties to do so, then either party may notify the other of a Person selected to act as appraiser (such Person, and each other Person selected as provided herein, an “Appraiser”) on its behalf. Within fifteen (15) days after receipt of any such Notice, the other party shall, by notice to the otherfirst party, appoint a disinterested and licensed M.A.I. second Person as Appraiser on its behalf. The Appraisers thus appointed, each of whom must be a member of The Appraisal Institute/American Institute of Real Estate Appraiser to determine the Fair Market Rent. If Appraisers (or any party should fail to appoint an appraisersuccessor organization thereto, the appraiser selected by the other party shall determine the Fair Market Rent. In determining the Fair Market Rentor, each appraiser shall give appropriate consideration toif no such organization exists, among other things, generally applicable terms and conditions a similarly nationally recognized real estate appraisal organization) with at least ten (10) years of tenancies for property comparable experience appraising properties similar to the Premises in the general vicinity of the Premises. (ii) If the two appraisers selected pursuant to Paragraph 4.3(i) above cannot agree upon the Fair Market Rent Facility, shall, within forty-five (45) daysdays after the date of the notice appointing the first Appraiser, they shall immediately give written notice of such inability ("Notice of Disagreement") proceed to both Lessor and Lessee setting forth appraise the Facility to determine the Fair Market Rent determinations of each thereof as of the appraisersrelevant date; provided, that if one Appraiser shall have been so appointed, or if two Appraisers shall have been so appointed but only one such Appraiser shall have made such determination within fifty (50) days after the making of the initial appointment, then the determination of such Appraiser shall be final and binding upon the parties. If two (2) Appraisers shall have been appointed and shall have made their determinations within the determinations of each of respective requisite periods set forth above and if the two appraisers differ by less than ten difference between the amounts so determined shall not exceed five percent (105%) of the lower determinationlesser of such amounts, then the Fair Market Rent shall be fixed at an amount equal to the average fifty percent (50%) of the two determinations. (iii) sum of the amounts so determined. If the determinations of each difference between the amounts so determined shall exceed five percent (5%) of the two appraisers selected lesser of such amounts, either party may request the appointment of Experts pursuant to Paragraph 4.3(i) above, differ by ten percent (10%) or more of the lower determination, then within thirty (30) days after the giving of the Notice of Disagreement, the two appraisers shall appoint a third disinterested and licensed M.A.I.Article XXXIV to determine Fair Market Rent.

Fair Market Rent. (i) If Lessor and Lessee cannot agree on the Fair Market Rent within thirty (30) days prior With respect to the commencement determination of fair market rent, if the Lease Year for which Fair Market Rent appliesparties are unable to agree upon the fair market rent, each party shall, by notice to the other, appoint a disinterested and licensed M.A.I. Real Estate Appraiser to determine the Fair Market Rent. If any party should fail to appoint then an appraiser, the independent MAI appraiser selected by agreement of the other party parties within ten (10) days of said request shall determine prepare an appraisal of the Fair Market Rentfair market rent of the Property, including any additions or renovations thereto. In determining the Fair Market Rentfair market rent of the Property, each the appraiser shall give appropriate consideration to, among other things, generally applicable terms and conditions of tenancies for property comparable to the Premises consider rentals received in the general vicinity market area in which the Property is located for similar buildings of comparable characteristics, including, but not limited to, comparable lease terms, age, condition and classification. If within ten (10) business days after being notified of the Premises. results of such appraisal, Lessee elects to reject that appraisal, then each of the parties shall name an additional independent MAI appraiser within ten (ii10) If days after Lessee’s rejection (failing which the two right to do so shall be waived). In the event the appraisers selected pursuant so named together with the originally named appraiser are unable to Paragraph 4.3(i) above cannot agree upon on the Fair Market Rent fair market rent of the Property, within forty-five twenty (4520) days, they then the determination of said fair market rent shall immediately give written notice be the amount agreed upon by the majority of such inability ("Notice of Disagreement") said appraisers and reported to both Lessor and Lessee setting forth the Fair Market Rent determinations of each of the appraisers. If the determinations of each of the two appraisers differ by less than parties within ten percent (10%) of days thereafter. In the lower determinationevent the parties are unable to select the appraiser in the first instance, the Fair Market Rent each shall be fixed at an amount equal to the average of the two determinations. (iii) If the determinations of each of the two appraisers selected pursuant to Paragraph 4.3(i) above, differ by select one appraiser within ten percent (10%) or more of the lower determination, then within thirty (30) days after the giving of the Notice of Disagreementperiod for having agreed, the and those two appraisers shall appoint select a third disinterested appraiser (in absence of agreement as to the selection of said third independent appraiser, such selection shall be made by a mediation process reasonably agreed upon by the parties or in absence of the same, by a court of competent jurisdiction). Lessee shall pay all costs and licensed M.A.I.expenses incurred by Lessee and Lessor in connection with the determination of fair market rent under this Section 19.

Fair Market Rent. (i) If Lessor and Lessee cannot agree on the Fair Market Rent within thirty (30) days prior to the commencement For purposes of the Lease Year for which Fair Market Rent applies, each party shall, by notice to the other, appoint a disinterested and licensed M.A.I. Real Estate Appraiser to determine the Fair Market Rent. If any party should fail to appoint an appraiser, the appraiser selected by the other party shall determine the Fair Market Rent. In determining the Fair Market Rent, each appraiser shall give appropriate consideration to, among other things, generally applicable terms and conditions of tenancies for property comparable to the Premises in the general vicinity of the Premises. (ii) If the two appraisers selected pursuant to Paragraph 4.3(i) above cannot agree upon the Fair Market Rent within forty-five (45) days, they shall immediately give written notice of such inability ("Notice of Disagreement") to both Lessor and Lessee setting forth the Fair Market Rent determinations of each of the appraisers. If the determinations of each of the two appraisers differ by less than ten percent (10%) of the lower determinationthis Lease, the Fair Market Rent shall be fixed at an amount equal to the average determined by three (3) independent appraisers who are members of the two determinations. (iii) If Appraisal Institute and are recognized as knowledgeable and reputable in the determinations of each of field. Landlord shall select one, Tenant shall select one, and the two appraisers selected pursuant to Paragraph 4.3(i) above, differ by ten percent (10%) or more of Landlord and Tenant shall select the lower determination, then third. Landlord and Tenant each shall select its appraiser within thirty (30) days after Landlord's receipt of Tenant's notice exercising its option to extend the giving Lease Term, and the third appraiser shall be selected within five (5) days after Landlord's and Tenant's selections. Landlord and Tenant each shall be responsible for the fees of its appraiser, and Landlord and Tenant shall share equally the fees of the Notice third appraiser. Each appraiser, within fifteen (15) days after selection of Disagreementthe third (3rd) appraiser, shall deliver to Landlord its written report setting forth the fair market rent for the Premises, which determination shall be based upon the use of the Premises as a retail automobile establishment, taking into consideration the location of the Premises and other properties comparable thereto, and shall assume that such Fair Market Rent shall continue to escalate annually in accordance with Section 4.2 of this Lease. The "FAIR MARKET RENT" shall mean the arithmetic mean of the two appraisers (2) fair market rent determinations that are closest in value. In the event the values of (a) the difference between the highest appraised rent and the next lower appraised rent, and (b) the difference between the lowest appraised rent and the next higher appraised rent, are equal, then the Fair Market Rent shall appoint a third disinterested and licensed M.A.I.be the arithmetic mean of the fair market rent determinations of all of the appraisers.