Rent Arbitration Sample Clauses
The Rent Arbitration clause establishes a process for resolving disputes over the amount of rent payable under a lease or rental agreement. Typically, if the landlord and tenant cannot agree on a new rent amount—often during rent review periods—an independent arbitrator is appointed to determine a fair market rent. This mechanism ensures that disagreements over rent do not lead to prolonged conflict or litigation, providing a neutral and efficient way to settle disputes and maintain the continuity of the tenancy.
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Rent Arbitration. In the event of arbitration, the judgment or the award rendered in any such arbitration may be entered in any court having jurisdiction and shall be final and binding between the parties. The arbitration shall be conducted and determined in the City and County of San Francisco in accordance with the then prevailing rules of the American Arbitration Association or its successor for arbitration of commercial disputes except to the extent that the procedures mandated by such rules shall be modified as follows:
i. Subtenant shall make demand for arbitration in writing within thirty (30) days after service of Landlord’s determination of Fair Market Rent given under Paragraph (d) above, specifying therein the name and address of the person to act as the arbitrator on its behalf. The arbitrator shall be a real estate broker with at least ten (10) years of experience in the City of Santa ▇▇▇▇▇ market area, or a qualified as a real estate appraiser familiar with the Fair Market Rent of similar industrial, research and development, or office space in the City of Santa ▇▇▇▇▇ area who would qualify as an expert witness over objection to give opinion testimony addressed to the issue in a court of competent jurisdiction. Failure on the part of Subtenant to make a proper demand in a timely manner for such arbitration shall constitute a waiver of the right thereto. Within fifteen (15) days after the service of the demand for arbitration, Landlord shall give notice to Subtenant, specifying the name and address of the person designated by Landlord to act as arbitrator on its behalf who shall be similarly qualified. If Landlord fails to notify Subtenant of the appointment of its arbitrator, within or by the time above specified, then the arbitrator appointed by Subtenant shall be the arbitrator to determine the issue.
ii. In the event that two arbitrators are chosen pursuant to Paragraph (e)(i) above, the arbitrators so chosen shall, within fifteen (15) days after the second arbitrator is appointed determine the Fair Market Rent. If the two arbitrators shall be unable to agree upon a determination of Fair Market Rent within such 15-day period, they, themselves, shall appoint a third arbitrator, who shall be a competent and impartial person with qualifications similar to those required of the first two arbitrators pursuant to Paragraph (e)(i). In the event they are unable to agree upon such appointment within seven days after expiration of such 15-day period, the third arbitr...
Rent Arbitration. If Landlord and Tenant are unable to reach agreement on Fair Market Rent in any situation, then prior to submitting their dispute to the arbitrator(s) (which arbitrators shall, in the event of a dispute on Fair Market Rent, be MAI Appraisers who shall have at least ten (10) years experience in appraising office space in the downtown Chicago area), Landlord and Tenant shall each simultaneously submit to the other its good faith estimate of Fair Market Rent in such situation. If the higher estimate is not more than one hundred five percent (105%) of the lower, then the Fair Market Rent shall be the average of the two estimates. If the higher estimate is more than one hundred five percent (105%) of the lower, then the arbitrators shall select from the two estimates of Fair Market Rent submitted by Landlord and Tenant the one that is closer to the Fair Market Rent as determined by the arbitrators.
Rent Arbitration. In the event of arbitration, the judgment or the award rendered in any such arbitration may be entered in any court having jurisdiction and shall be final and binding between the parties. The arbitration shall be conducted and determined in the City and County of Santa ▇▇▇▇▇ in accordance with the then prevailing rules of JAMS or its successor for arbitration of commercial disputes except to the extent that the procedures mandated by such rules shall be modified as follows:
(a) Tenant shall make demand for arbitration in writing within thirty (30) days after service of Landlord’s determination of Fair Market Rent given under Paragraph 15.3 above, specifying therein the name and address of the person to act as the arbitrator on its behalf. The arbitrator shall be qualified as a real estate appraiser or broker familiar with the Fair Market Rent of comparable buildings in the Santa ▇▇▇▇▇ or Sunnyvale area who would qualify as an expert witness over objection to give opinion testimony addressed to the issue in a court of competent jurisdiction. Failure on the part of Tenant to make a proper demand in a timely manner for such arbitration shall constitute a waiver of the right thereto. Within fifteen (15) days after the service of the demand for arbitration, Landlord shall give notice to Tenant, specifying the name and address of the person designated by Landlord to act as arbitrator on its behalf who shall be similarly qualified. If Landlord fails to notify Tenant of the appointment of its arbitrator, within or by the time above specified, then the arbitrator appointed by Tenant shall be the arbitrator to determine the issue.
(b) In the event that two arbitrators are chosen pursuant to Paragraph 15.4(a) above, the arbitrators so chosen shall, within fifteen (15) days after the second arbitrator is appointed determine the Fair Market Rent. If the two arbitrators shall be unable to agree upon a determination of Fair Market Rent within such fifteen (15) day period, they, themselves, shall appoint a third arbitrator, who shall be a competent and impartial person with qualifications similar to those required of the first two arbitrators pursuant to Paragraph 15.4(a). In the event they are unable to agree upon such appointment within seven (7) days after expiration of such fifteen (15) day period, the third arbitrator shall be selected by the parties themselves, if they can agree thereon, within a further period of fifteen (15) days. If the parties do not so agree, t...
Rent Arbitration. Rent arbitration as above referred to shall be by a sole arbitrator in accordance with the Commercial Arbitration Act of British Columbia, and the cost of the arbitration shall be borne equally by the Landlord and Tenant. The fair market Basic Annual Rent to be determined by the arbitration shall be based on the then current fair market rent for similar premises in similar locations and shall be based on the best use for which the Property may be used subject to applicable Municipal zoning. Fair market rent shall be the rent which would be paid for the Property as between persons dealing in good faith and at arm's length.
Rent Arbitration. In the vent that Lessor and Lessee are unable to agree upon adjusted Monthly Base Rent for any extension term of this Lease, as a condition precedent to suit, the dispute shall be submitted to arbitration in the following manner: The party seeking arbitration shall submit to the other party a statement that it intends to arbitrate the dispute and shall designate such party's nominated arbitrator. The responding party shall designate the responding party's arbitrator within fourteen (14) days after receipt of the initial notice. The two arbitrators thus nominated shall proceed promptly, and in event within ten (10) days, to select a third arbitrator. The third arbitrator shall have either a C.C.I.M. or an M.A.I. designation and shall not have less then ten (10) years experience in industrial real estate in the Spokane area. The arbitrators shall, as promptly as the circumstances allow and within a time established by a majority vote of the arbitrators, conduct a hearing on the issues submitted to them, and shall render their decision in writing. The arbitrators shall determine the rent for the entire extension term and shall include in this determination, (a) provision for annual or other periodic adjustments in Monthly Base Rent, which may be based upon indices published by the Bureau of Labor Statistics or others; (b) the level, quality and proportion of office and other improvements to the Premises; and (c) the arbitrators shall take into account rental terms for comparable and/or
Rent Arbitration. If the parties cannot reach agreement with respect to the rent for subsequent five-year segments of the term thirty (30) days prior to the beginning of the next segment, the matter may at the discretion of either party be submitted to binding arbitration. Each party, at its cost, shall appoint a real estate appraiser licensed by the State of California with at least five (5) years' full time commercial and/or industrial appraisal experience in the Long Beach and Los Angeles harbor areas. If a party does not appoint an appraiser within twenty (20) business days after the other party has given notice of the name of its appraiser, the single appraiser appointed shall be the sole appraiser and shall determine the rent within sixty (60) days after his or her appointment. If two (2) appraisers are appointed, each within sixty (60) days after the selection of the second appraiser shall state his or her opinion as provided in subparagraph 8.2.1 as to the compensation payable by Lessee to the City.
Rent Arbitration. In the event of arbitration, the judgment or the award rendered in any such arbitration may be entered in any court having jurisdiction and shall be final and binding between the parties. The arbitration shall be conducted and determined in the City and County of San Francisco in accordance with the procedure set forth below. Arbitration as described herein shall mean a proceeding as described below utilizing real estate professionals meeting the below criteria who resolve the matter among themselves as described below, and is not intended to refer to an arbitration as used in the context of litigation or requiring the involvement of JAMS or AAA.
Rent Arbitration. In the event of arbitration, the judgment or the award rendered in any such arbitration may be entered in any court having jurisdiction and shall be final and binding between the parties. The arbitration shall be conducted and determined in the City and County of Santa C▇▇▇▇ in accordance with the then prevailing rules of the American Arbitration Association or its successor for arbitration of commercial disputes except to the extent that the procedures mandated by such rules shall be modified as follows:
(a) Each party shall appoint an arbitrator on its behalf, in accordance with this Paragraph 15.4, and notify the other party of the name and address of its appointed arbitrator within fifteen (15) days of Tenant's election or deemed election to arbitrate the issue of Fair Market Rent. Each arbitrator shall be qualified as a real estate appraiser familiar with the Fair Market Rent of similar office space in the Santa C▇▇▇▇ area who would qualify as an expert witness over objection to give opinion testimony addressed to the issue in a court of competent jurisdiction. If either party fails to notify the other party of the appointment of its arbitrator, within or by the time above specified, then the arbitrator appointed by the other party shall be the arbitrator to determine the issue.
(b) In the event that two arbitrators are chosen pursuant to Paragraph 15.4(a) above, the arbitrators so chosen shall, within fifteen (15) days after the second arbitrator is appointed determine the Fair Market Rent. The two arbitrators shall be engaged solely to determine the amount of the Fair Market Rent for the Leased Premises for the Extension Period. If the two arbitrators shall be unable to agree upon a determination of Fair Market Rent within such fifteen (15) day period, they, themselves, shall appoint a third arbitrator, who shall be a competent and impartial person with qualifications similar to those required of the first two arbitrators pursuant to Paragraph 15.4(a). In the event they are unable to agree upon such appointment within seven (7) days after expiration of such fifteen (15) day period, the third arbitrator shall be selected by the parties themselves, if they can agree thereon, within a further period of fifteen (15) days. If the parties do not so agree, then either party, on behalf of both, may request appointment of such a qualified person by the then Presiding Judge of the California Superior Court acting in such Judge's private and not such Judge's o...