Common use of Rent Dispute Resolution Clause in Contracts

Rent Dispute Resolution. Thereafter, the adjusted Fair Market Rent of the Property will be determined by three (3) arbitrators, each of whom shall be a member of one of the Society of Industrial and Office Realtors, the American Society of Real Estate Counselors or the Washington-British Columbia Chapter of the American Institute of Real Estate Appraisers. The Port and Tenant will each select and fully compensate one of the three arbitrators and the third arbitrator will be selected by the other two and compensated in equal shares by the Port and Tenant. Each party shall select an appraiser to be a member of the arbitration panel within twenty-one (21) days of either party invoking the Rent Dispute Resolution process. Each party shall cooperate to expedite the selection of the three arbitrators and in no case may either party delay the selection of the arbitration panel. In the event that there is a dispute with regard to the selection of the third member of the arbitration panel, either party may apply to the Superior Court of King County for appointment of the third member of the arbitration panel. Neither party may use the court process to delay the appointment of the third arbitrator and each party must cooperate with the party applying for appointment to accomplish the appointment of the third arbitrator by the most expeditious means, including acceptance of service if an action is required to be filed, use of the ex parte department or letter to the presiding judge requesting appointment/designation of arbitrator. The arbitration to achieve Rent Dispute Resolution shall be based on an approach to valuation consistent with the standards of professional appraisal practice. For purposes of the Rent Dispute Resolution, the arbitration panel may ask questions and request further information from each party, but the arbitration panel shall have discretion with respect to what the panel deems comparable properties in light of the requirement in Section 4.3.2.1 that similarly situated industrial property in reasonable proximity to the Property be considered. The arbitrators shall ultimately select one of the Final Offers as the resolution of the dispute, and may not render a compromise decision. Leasehold Mortgagee shall participate in the arbitration process to the extent the Tenant refuses or fails to participate after due written notice by Port of Tenant failure to or refusal to participate.

Rent Dispute Resolution. Thereafter, the adjusted Fair Market Rent of the Property will be determined by three (3) arbitrators, each of whom shall be a member of one of the Society of Industrial and Office Realtors, the Seattle Chapter of the Appraisal Institute (as an MAI Designated member), the American Society of Real Estate Counselors or the Washington-Washington- British Columbia Chapter of the American Institute of Real Estate Appraisers. The Port and Tenant will each select and fully compensate one of the three arbitrators and the third arbitrator will be selected by the other two and compensated in equal shares by the Port and Tenant. Each party shall select an appraiser to be a member of the arbitration panel within twenty-one (21) days of either party invoking the Rent Dispute Resolution process. Each party shall cooperate to expedite the selection of the three arbitrators and in no case may either party delay the selection of the arbitration panel. In the event that there is a dispute with regard to the selection of the third member of the arbitration panel, either party may apply to the Superior Court of King County for appointment of the third member of the arbitration panel. Neither party may use the court process to delay the appointment of the third arbitrator and each party must cooperate with the party applying for appointment to accomplish the appointment of the third arbitrator by the most expeditious means, including acceptance of service if an action is required to be filed, use of the ex parte department or letter to the presiding judge requesting appointment/designation of arbitrator. The arbitration to achieve Rent Dispute Resolution shall be based on an approach to valuation consistent with the standards of professional appraisal practice. For purposes of the Rent Dispute Resolution, the arbitration panel may ask questions and request further information from each party, but the arbitration panel shall have discretion with respect to what the panel deems comparable properties in light of the requirement in Section 4.3.2.1 4.2.4 that similarly situated industrial property in reasonable proximity to the Property be considered. The arbitrators shall ultimately select one of the Final Offers as the resolution of the dispute, dispute and may not render a compromise decision. Leasehold Mortgagee shall participate in the arbitration process to the extent the Tenant refuses or fails to participate after due written notice by Port of Tenant Tenant’s failure to or refusal to participate.

Rent Dispute Resolution. In the event Tenant disputes the Fair Market Rent proposed by the Port and the Port and Tenant cannot agree on the adjusted Fair Market Rent for the Property within ninety (90) days prior to the applicable Adjustment Date, the Port and Tenant shall each deliver to the other a final proposal for the Fair Market Rent (the "Final Offers"). Thereafter, the adjusted Fair Market Rent of the Property will be determined by three (3) arbitrators, each of whom shall be a member of one of the Society of Industrial and Office Realtors, the American Society of Real Estate Counselors or the Washington-British Columbia Chapter of the American Institute of Real Estate Appraisers. The Port and Tenant will each select and fully compensate one of the three arbitrators and the third arbitrator will be selected by the other two and compensated in equal shares by the Port and Tenant. The arbitrators shall select one of the Final Offers as the resolution of the dispute, and may not render a compromise decision. If either the Port or Tenant fails to timely appoint an arbitrator to the panel, the party failing to meet the deadline prescribed in this section or extended with the consent of the other party, shall not object to the appointment of any arbitrator chosen by the other party as long as the arbitrator meets the minimum qualifications of this section. The party failing to timely appoint an arbitrator shall nevertheless be responsible for the fees and expenses of at least one arbitrator and half the fees and expenses of another arbitrator. Each party shall select an appraiser to be a bear the expense of its own counsel, experts and preparation and presentation of proof. The third member of the arbitration panel shall be chosen by consensus of the first two panel members. If the two panel members are unable to agree on a third arbitrator within twenty-one thirty (2130) days of either party invoking the Rent Dispute Resolution process. Each party shall cooperate to expedite the selection after appointment of the three arbitrators and in no case may either party delay the selection of the arbitration panel. In the event that there is a dispute with regard to the selection of the third member of the arbitration panelsecond arbitrator, then either party may apply to the Superior Court of King County for appointment of the third member of the arbitration panel. Neither arbitrator; provided, however, neither party may use the court process to delay the appointment of the third arbitrator and each party must cooperate with the party applying for appointment to accomplish the appointment of the third arbitrator by the most expeditious means, including acceptance of service if an action is required to be filed, use of the ex parte department or letter to the presiding judge requesting appointment/designation of arbitrator. The arbitration to achieve Rent Dispute Resolution shall be based on an approach to valuation consistent with the standards of professional appraisal practice. For purposes of the Rent Dispute Resolution, the arbitration panel may ask questions and request further information from each party, but the arbitration panel shall have discretion with respect to what the panel deems comparable properties in light of the requirement in Section 4.3.2.1 that similarly situated industrial property in reasonable proximity to the Property be considered. The arbitrators shall ultimately select one of the Final Offers as the resolution of the dispute, and may not render a compromise decision. Leasehold Mortgagee shall participate in the arbitration process to the extent the Tenant refuses or fails to participate after due written notice by Port of Tenant failure to or refusal to participate.

Rent Dispute Resolution. Thereafter, the adjusted Fair Market Rent of the Property will be determined by three (3) arbitrators, each of whom shall be a member of one of the Society of Industrial and Office Realtors, the American Society of Real Estate Counselors or the Washington-British Columbia Chapter of the American Institute of Real Estate Appraisers. The Port and Tenant will each select and fully compensate one of the three arbitrators and the third arbitrator will be selected by the other two and compensated in equal shares by the Port and Tenant. Each party shall select an appraiser to be a member of the arbitration panel within twenty-one (21) days of either party invoking the Rent Dispute Resolution process. Each party shall cooperate to expedite the selection of the three arbitrators and in no case may either party delay the selection of the arbitration panel. In the event that there is a dispute with regard to the selection of the third member of the arbitration panel, either party may apply to the Superior Court of King County for appointment of the third member of the arbitration panel. Neither party may use the court process to delay the appointment of the third arbitrator and each party must cooperate with the party applying for appointment to accomplish the appointment of the third arbitrator by the most expeditious means, including acceptance of service if an action is required to be filed, use of the ex parte department or letter to the presiding judge requesting appointment/designation of arbitrator. The arbitration to achieve Rent Dispute Resolution shall be based on an approach to valuation consistent with the standards of professional appraisal practice. For purposes of the Rent Dispute Resolution, the arbitration panel may ask questions and request further information from each party, but the arbitration panel shall have discretion with respect to what the panel deems comparable properties in light of the requirement in Section 4.3.2.1 4.2.5 that similarly situated industrial property in reasonable proximity to the Property be considered. The arbitrators shall ultimately select one of the Final Offers as the resolution of the dispute, and may not render a compromise decision. Leasehold Mortgagee shall participate in the arbitration process to the extent the Tenant refuses or fails to participate after due written notice by Port of Tenant failure to or refusal to participate.