Impartial Appraisal Sample Clauses

The Impartial Appraisal clause establishes a process for resolving disputes over the value of property or the amount of a loss by appointing neutral third-party appraisers. Typically, each party selects an independent appraiser, and those appraisers then choose an umpire to make a binding decision if they cannot agree. This clause ensures that disagreements about valuations are settled fairly and objectively, reducing the likelihood of prolonged disputes and providing a clear mechanism for resolution.
Impartial Appraisal. Within thirty (30) days after its appointment, the third broker (the “Third Party”), shall render its written opinion by selecting the Fair Market Rent made Landlord’s or Tenant’s broker to be the Fair Market Rent for the Extension Period. The Third Party may not offer any different opinion or recommendation of Fair Market Rent. The Fair Market Rent determined in accordance with the foregoing procedure shall be binding on the parties.
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Impartial Appraisal. Within thirty (30) days after its appointment, the third appraiser shall render its written opinion of the Fair Market Rent for the applicable Extension Period (“Third Opinion”). If the fair market rent set forth in the Third Opinion is equidistant from the fair market rent determination of Landlord’s and Tenant’s appraiser, then the fair market rent contained in the Third Opinion shall be the Base Monthly Rent during the applicable Extension Period. If the fair market rent of the Third Opinion is not equidistant from the fair market rent made by Landlord’s and Tenant’s appraiser, then the two closest fair market determinations made by Landlord’s appraiser, Tenant’s appraiser and the Third Opinion shall be average and such average shall be the Base Monthly Rent during the applicable Extension Period. The fair market rent determined in accordance with the foregoing procedure shall be binding on the parties.
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Impartial Appraisal. Within thirty (30) days after its appointment, the third broker (the “Third Party”) shall render its written opinion of the Fair Market Rent for the Extension Period (“Third Opinion”). The appraisal of Fair Market Rent made by Landlord or Tenant’s broker that is the closest to the Fair Market Rent specified in the Third Opinion shall be the Fair Market Rent during the Extension Period. If the Fair Market Rent set forth in the Third Opinion is equidistant from the Fair Market Rent made by Landlord’s or Tenant’s broker, then the Fair Market Rent contained in the Third Opinion shall be the Fair Market Rent during the Extension Period. The Fair Market Rent so determined under this section shall be binding on Landlord and Tenant.
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Impartial Appraisal. Within thirty (30) days after its appointment, the third broker (the “Third Party”), Landlord’s broker and Tenant’s broker shall reach a decision as to whether the parties shall use the appraisal made by the Landlord’s or Tenant’s broker as the Fair Market Rent for the Extension Period, and shall notify Landlord and Tenant thereof. The three brokers may not offer any different opinion or recommendation of Fair Market Rent. The decision of the majority of the three brokers shall be binding upon Landlord and Tenant. The Fair Market Rent determined in accordance with the foregoing procedure shall be binding on the parties.
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Impartial Appraisal. Within thirty (30) days after its appointment, the third broker (the “Third Party”) shall render its written opinion of the Fair Market Rent for the Extension Period (“Third Opinion”). The appraisal of Fair Market Rent made by Landlord or Tenant’s broker that is the closest to the Fair Market Rent specified in the Third Opinion shall be the Fair Market Rent during the Extension Period. If the Fair Market Rent set forth in the Third Opinion is equidistant from the Fair Market Rent made by Landlord’s or Tenant’s broker, then the Fair Market Rent contained in the Third Opinion shall be the Fair Market Rent during the Extension Period. The Fair Market Rent so determined under this section shall be binding on Landlord and Tenant.
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Related to Impartial Appraisal

  • The Appraisal The Mortgage Loan Documents contain an appraisal of the related Mortgaged Property by an appraiser who is licensed in the state where the Mortgaged Property is located, and who had no interest, direct or indirect, in the Mortgaged Property or in any loan made on the security thereof; and whose compensation is not affected by the approval or disapproval of the Mortgage Loan, and the appraisal and the appraiser both satisfy the applicable requirements of Title XI of the Financial Institution Reform, Recovery, and Enforcement Act of 1989 and the regulations promulgated thereunder, all as in effect on the date the Mortgage Loan was originated;

  • Inspections; Appraisals (a) Permit Agent, or its representatives or designees, from time to time, subject (except when a Default or Event of Default exists) to reasonable notice and normal business hours, to visit and inspect the Properties of any Obligor or Subsidiary, inspect, audit and make extracts from any Obligor’s or Subsidiary’s books and records, and discuss with its officers, employees, agents, advisors and independent accountants such Obligor’s or Subsidiary’s business, financial condition, assets, prospects and results of operations. Lenders may participate in any such visit or inspection, at their own expense. Neither Agent nor any Lender shall have any duty to any Obligor to make any inspection, nor to share any results of any inspection, appraisal or report with any Obligor. Obligors acknowledge that all inspections, appraisals and reports are prepared by Agent and Lenders for their purposes, and Obligors shall not be entitled to rely upon them. (b) Reimburse Agent for all charges, costs and expenses of Agent in connection with (i) examinations of any Obligor’s books and records or any other financial or Collateral matters as Agent deems appropriate, up to three times per Loan Year; and (ii) appraisals of Inventory and Equipment up to one time per Loan Year; provided, however, that if an examination or appraisal is initiated during a Default or Event of Default, all charges, costs and expenses therefor shall be reimbursed by Borrowers without regard to such limits. Subject to and without limiting the foregoing, Obligors specifically agree to pay Agent’s then standard charges for each day that an employee of Agent or its Affiliates is engaged in any examination activities, and shall pay the standard charges of Agent’s internal appraisal group. (The current standard per diem charge for an employee of Agent or the third party currently utilized by Agent is $850 per day or part thereof.) This Section shall not be construed to limit Agent’s right to conduct examinations or to obtain appraisals at any time in its discretion, nor to use third parties for such purposes.

  • Qualified Appraiser An appraiser, duly appointed by the Seller or the Originator, who had no interest, direct or indirect, in the Mortgaged Property or in any loan made on the security thereof, and whose compensation was not affected by the approval or disapproval of the Mortgage Loan, and such appraiser and the appraisal made by such appraiser both satisfied the requirements of Title XI of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 and the regulations promulgated thereunder, all as in effect on the date the Mortgage Loan was originated.

  • Performance Appraisal Section 1. The employee will be rated by his/her immediate supervisor. The performance appraisal will be reviewed by the next higher level supervisor. The rater will discuss the performance appraisal with the employee. The employee shall have the opportunity to provide his/her comments to be attached to the performance appraisal. The employee shall sign the performance appraisal and that signature shall only indicate that the employee has read the performance appraisal. A copy shall be provided the employee at this time. If there are any changes or recommendations to be made in the performance appraisal after the rater has discussed it with the employee, the performance appraisal shall be returned to the rater for discussion with the employee before these changes can be made. The employee shall have the opportunity to comment on these changes. The employee shall sign the new performance appraisal and that signature shall only indicate that the employee has read the performance appraisal. A copy shall be provided the employee at this time. All written comments provided by the employee within thirty (30) days shall be attached to the performance appraisal. Performance evaluations are not grievable nor arbitrable under this Agreement. Section 2. Every employee shall receive a performance appraisal at the end of a trial service period, and at least annually thereafter by the employee's eligibility date even if the employee is at the maximum rate for his/her class. Performance shall be measured using the following criteria: A) Classification specifications developed and promulgated by the Human Resource Services Division of the Department of Administrative Services; B) An individual position description, reduced to writing; C) A written work plan when applicable; D) Written memorandum, when necessary; and E) Disciplinary action under Article 55 (Discipline and Discharge). These criteria shall be the primary factors upon which an employee's performance is judged and upon which annual performance pay decisions are determined. Section 3. No salary denial may be based upon any factor other than those listed above, except a denial based upon a disciplinary action.

  • Waiver of Appraisal Rights Each Stockholder hereby waives any rights of appraisal or rights to dissent from the Merger.