Common use of Market Rent Appraisal Procedure Clause in Contracts

Market Rent Appraisal Procedure. (i) If Tenant rejects the Market Rent proposed by Landlord in Landlord’s Rent Notice, Landlord and Tenant shall attempt to agree in good faith upon a single appraiser (the “Mutual Appraiser”) not later than five (5) days after the Landlord receives notice of Tenant’s rejection of Landlord’s proposed Market Rent (“Tenant’s Rejection Notice”), which date of receipt shall be within ten (10) days of Landlord’s delivery of Landlord’s Rent Notice. If Landlord and Tenant are unable to agree upon a Mutual Appraiser within such time period, then Landlord and Tenant shall each appoint one appraiser not later than ten (10) days after Landlord’s receipt of Tenant’s Rejection Notice. Within five (5) days thereafter, the two appointed appraisers shall appoint a third appraiser (the “Additional Appraiser”). Landlord and Tenant shall instruct the appraiser(s) to complete the determination of the Market Rent not later than fifteen (15) days after all appraisers have been appointed.

Market Rent Appraisal Procedure. (i) If Tenant rejects the Market Rent proposed by Landlord in Landlord’s 's Rent Notice, Landlord and Tenant shall attempt to agree in good faith upon a single appraiser (the “Mutual Appraiser”) not later than five seven (57) days after the Landlord receives notice of Tenant’s 's rejection of Landlord’s 's proposed Market Rent (“"Tenant’s 's Rejection Notice”"), which date of receipt shall be within ten fifteen (1015) days of after Landlord’s 's delivery of Landlord’s 's Rent Notice. If Landlord and Tenant are unable to agree upon a Mutual Appraiser single appraiser within such time period, then Landlord and Tenant shall each appoint one appraiser not later than ten fifteen (1015) days after Landlord’s 's receipt of Tenant’s 's Rejection Notice. Within five (5) days thereafter, the two appointed appraisers shall appoint a third appraiser (the “Additional Appraiser”)appraiser. Landlord and Tenant shall instruct the appraiser(s) to complete the determination of the Market Rent not later than fifteen (15) days after all appraisers have been appointed. If the two appraisers are unable to select the third appraiser within such five (5) day period, then Landlord and Tenant shall be entitled to apply to the MAI for the appointment of a third appraiser.

Market Rent Appraisal Procedure. (i) If Tenant rejects the Market Rent proposed by Landlord in Landlord’s 's Rent Notice, Landlord and Tenant shall attempt to agree in good faith upon a single appraiser (the “Mutual Appraiser”) not later than five (5) days after the Landlord receives notice of Tenant’s 's rejection of Landlord’s 's proposed Market Rent (“"Tenant’s 's Rejection Notice”"), which date of receipt shall be within ten (10) days of Landlord’s 's delivery of Landlord’s 's Rent Notice. If Landlord and Tenant are unable to agree upon a Mutual Appraiser single appraiser within such time period, then Landlord and Tenant shall each appoint one appraiser not later than ten (10) days after Landlord’s 's receipt of Tenant’s 's Rejection Notice. Within five (5) days thereafter, the two appointed appraisers shall appoint a third appraiser (the “Additional Appraiser”)appraiser. Landlord and Tenant shall instruct the appraiser(s) to complete the determination of the Market Rent not later than fifteen (15) days after all appraisers have been appointed.