Timber Cruise Sample Clauses

Timber Cruise. Lessee shall cause the Forestry Consultant to perform a cruise (in each case, the "Cruise") of the Property at Lessee's sole expense on or before March 1, 1991 to verify the actual timber volumes and acreages by Category included in the Property as of the Commencement Date of this Lease and thereafter as of December 31, 1995 and December 31, 2000 to verify the actual timber volumes and acreages by Category included in the Property as of each of such dates. Each Cruise shall be conducted in accordance with the cruise specifications set forth on Exhibit E attached hereto and incorporated herein by this reference. The results of each Cruise shall be delivered in report form to Lessor and Lessee on or before the due date thereof and shall include a projected annual growth report for the Property for the five year period commencing on such due date, itemized by Category (in each case, the "Projected Growth Report"). In connection with the initial Cruise, the Forestry Consultant shall also prepare and deliver the Property Appraisal. In the event that Lessor or Lessee disagrees in good faith with any determination (volume and/or acreage) by the Forestry Consultant, such party shall deliver to the other party a written notice of objection (the "Objection Notice") and the parties hereto shall undertake to negotiate in good faith to resolve their differences) or, at the option of either the Lessor or Lessee, a reputable forestry consulting firm shall be appointed by the Lessor and Lessee to resolve such dispute, one-half the cost of which shall be borne by each party. In the event Lessor and Lessee, after good faith negotiations have been attempted by Lessor, do not for any reason agree on a forestry consulting firm within 30 days following the date the objection Notice is delivered by the objecting party, Lessor shall provide to Lessee a list of three forestry consulting firms which are acceptable to Lessor, and Lessee shall have ten Business Days following receipt of such list to select one of the three consulting firms listed thereon to resolve the dispute; provided, however, if Lessee fails to make its selection within said ten-day period, Lessor shall have the right to appoint such reputable forestry consulting firm in its sole discretion.
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Timber Cruise. If Purchaser delivers a Timber Inventory Notice and the Parties are unable to agree on an adjustment to the Purchase Price within 10 days thereafter, an independent third party consultant hired by Purchaser and reasonably acceptable to Seller (the “Cruise Consultant”) shall complete a timber cruise of the Property (the “Timber Cruise”) whereby the Cruise Consultant will determine the Verified Value (with the final calculations collectively referred to as the “Timber Cruise Determinations”). The scope of the Timber Cruise shall be planned and designed in a predetermined manner that is satisfactory to both Seller and Purchaser. The Timber Cruise Determinations by the Cruise Consultant shall be final and binding on the Parties. In connection with the Timber Cruise Determinations, the Cruise Consultant shall use the pricing, product, species, age and other specifications set forth in the Value Tables and the scope of the Timber Cruise shall be planned and designed in a manner that is satisfactory to both Seller and Purchaser. The costs and expenses of the Cruise Consultant shall be shared equally by Purchaser and Seller.
Sample 1

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