Common use of REASONABLE AMOUNT OF PROPERTY Clause in Contracts

REASONABLE AMOUNT OF PROPERTY. Where an employee elects to purchase a dwelling house on a piece of property that would not be considered a "reasonable amount" (i.e. hobby farm, etc.), the following formula shall be used to determine the value of the private dwelling house for legal fee reimbursement purposes: (i) value of an average serviced lot in or close to the nearest town; (ii) assessed value of actual house on site; (iii) total added value in (i) and (ii).