Common use of Valuer Requirements Clause in Contracts

Valuer Requirements. All valuers appointed under this clause 6.6 must be: (a) a registered member of the Australian Property Institute in the State or Territory in which the Property is located; and (b) instructed to assess the market rent of the Property as at the Review Date in accordance with the following principles: (i) have regard to the estimated amount for which the Property should rent, between a willing lessor and a willing lessee in an arms length transaction, in which the parties have acted knowledgeably, prudently and without compulsion, having regard to the usual market terms and conditions for leases of similar premises; (ii) take no account of any higher rent which might be paid by a lessee with a special interest, or any lower rent which might be acceptable to a lessor with a special interest; and (iii) give proper consideration to the impact of fixtures, fittings, furnishing, landscaping and other such items.