Second Appraiser definition
Examples of Second Appraiser in a sentence
The First Appraiser, or each of the First Appraiser and the Second Appraiser if the Second Appraiser is timely designated, shall submit its determination of the Fair Market Value to the Parties within thirty (30) days of the date of its selection (or the selection of the Second Appraiser, as applicable).
If the Second Appraiser is not timely designated, the determination of the Fair Market Value shall be made solely by the First Appraiser.
Neither the Tenant nor the Landlord shall provide, and the First Appraiser and Second Appraiser shall be instructed not to provide, any information to the Third Appraiser as to the determinations of the First Appraiser and the Second Appraiser or otherwise influence such Third Appraiser’s determination in any way.
If Optionor fails to timely designate the Second Appraiser, FMV shall be determined by the First Appraiser.
If the appraisal determined by the Third Appraiser is not greater than the highest appraisal nor lower than the lowest appraisal determined by the First Appraiser and Second Appraiser, then the appraisal shall be the sum of the appraisals of the First Appraiser, Second Appraiser and Third Appraiser, divided by three (3).