Common use of Selection of Appraiser Clause in Contracts

Selection of Appraiser. If Optionee and Owner are unable to agree upon the Base Rent pursuant to the meet and confer process, then either party may deliver to the other party a written notice to select an appraiser (the "Appraiser Selection Notice"), and thereafter, Optionee and Owner shall negotiate in good faith to identify a mutually acceptable Qualified Appraiser (as defined below) to determine the Fair Market Rental Value of the Coliseum Property and the Base Rent for the New Lease. If the parties are unable to agree on the Qualified Appraiser within thirty (30) days after the delivery of the Appraiser Selection Notice, each party shall select its own Qualified Appraiser within thirty (30) days thereafter. All appraisers selected pursuant to this Section 4.1 shall deliver written determination of the Fair Market Rental Value and Base Rent to both parties within one hundred twenty (120) days after the date of the delivery of the Appraiser Selection Notice. Each party shall pay the cost of the appraiser selected by such party and one-half of the cost of the mutually accepted appraiser, or the third appraiser (as described in subsection (d), below), as applicable.

Selection of Appraiser. If Optionee Tenant and Owner Landlord are unable to agree upon the Base Rent pursuant to the meet and confer process, then either party may deliver to the other party a written notice to select an appraiser (the "Appraiser Selection Notice"), and thereafter, Optionee Tenant and Owner Landlord shall negotiate in good faith to identify a mutually acceptable Qualified Appraiser (as defined below) to determine the Fair Market Rental Value of the Coliseum Property and the Base Rent for the New Leaseapplicable Extension Term. If the parties are unable to agree on the Qualified Appraiser within thirty (30) days after the delivery of the Appraiser Selection Notice, each party shall select its own Qualified Appraiser within thirty (30) days thereafter. All appraisers selected pursuant to this Section 4.1 shall deliver written determination of the Fair Market Rental Value and Base Rent to both parties within one hundred twenty (120) days after the date of the delivery of the Appraiser Selection Notice. Each party shall pay the cost of the appraiser selected by such party and one-half of the cost of the mutually accepted appraiser, or the third appraiser (as described in subsection (d), below), as applicable.