Common use of Appraisal Method Clause in Contracts

Appraisal Method. (a) For purposes of Section 16.02 and whenever an appraisal is otherwise required under this Lease, the Appraised Value of the Leased Property shall be determined by (1) an independent appraiser, who is a member of the Appraisal Institute, and will be selected by Landlord, (the "Landlord MAI Appraiser"), (2) a second appraiser, who is a member of the Appraisal Institute, and will be selected by the Tenant (the "Tenant MAI Appraiser"), and (3) a third MAI Appraiser selected by agreement of the Landlord MAI Appraiser and the Tenant MAI Appraiser (the "Third MAI Appraiser") (each an "Appraiser" and, collectively, the "Appraisers"). Landlord and Tenant shall select their respective Appraisers, (i) no later than thirty (30) days after the Tenant notifies Landlord of its intent to exercise the Option to Purchase or (ii) in all other cases, in no event later than ten (10) days following the date an appraisal is required, . The Third MAI Appraiser shall be selected no later than five (5) days after the selection of the other Appraisers. If MAI Appraisers are not reasonably available, then each appraiser shall, at a minimum, hold a state license qualifying him or her to appraise properties of the type being appraised and shall have qualifications and experience equivalent to that required of an MAI Appraiser. The costs of the Appraisers' appraisals shall be shared equally by the parties. As promptly as possible but in no event later than forty-five (45) days after selection of the Third Appraiser, each Appraiser shall deliver his or her written report of the Appraisers' determination of the fair market value of the Leased Properties, which determination shall be based, for each Leased Property, upon the highest and best use of such Leased Property, taking into consideration the location of such Leased Property, other properties comparable thereto and the terms of the Lease provided that in the -------- event and to the extent that the appraisal is an appraisal that is being performed pursuant to Section 16.02, such appraisal may consider that the Lease has been in place in the past, but the appraisal shall also take into consideration that the Lease will terminate upon sale of the Property to Tenant pursuant to Section 16.02 and that there may not be a lease on the Property after the sale. Notwithstanding anything else in this Section 16.03(a), if, during the Term or Extension Term of this Lease, as applicable, Tenant-constructed Improvements have been made, the ownership thereof has not, prior to the date of such appraisal, been transferred to Landlord and the appraisal set forth in Section 8.01 was performed, the Appraisers' determination of fair market value in connection with any appraisal to determine Tenant's rights or obligations under this Agreement including Section 16.02 shall exclude the Tenant Improvement Value.

Appraisal Method. (a) For purposes of Section 16.02 and whenever When an appraisal is otherwise required under this Lease, the Appraised Value Fair Market Rent of the Leased Property shall be determined by (1) an independent appraiser, who is a member of the Appraisal Institute, and will be selected by Landlord, Landlord (the "Landlord LANDLORD MAI AppraiserAPPRAISER"), and (2) a second appraiser, who is a member of the Appraisal Institute, and will be selected by the Tenant (the "Tenant TENANT MAI Appraiser"), and (3) a third MAI Appraiser selected by agreement of the Landlord MAI Appraiser and the Tenant MAI Appraiser (the "Third MAI AppraiserAPPRAISER") (each an "AppraiserAPPRAISER" and, collectively, the "AppraisersAPPRAISERS"). Landlord and Tenant shall select their respective Appraisersshall, (i) as promptly as possible, but in no event later than thirty (30) days after the Tenant notifies Landlord of its intent to exercise the Option to Purchase or (ii) in all other cases, in no event later than ten (10) days following the date an appraisal is requiredTenant exercises its option to extend, . The Third MAI Appraiser shall be selected no later than five (5) days after the selection of the other Appraisers. If MAI Appraisers are not reasonably available, then each appraiser shall, at a minimum, hold a state license qualifying him or her to appraise properties of the type being appraised and shall have qualifications and experience equivalent to that required of an MAI select its respective Appraiser. The costs of the Appraisers' appraisals shall be shared equally by the parties. As promptly as possible but in no event later than forty-five fifteen (4515) days after selection of the Third AppraiserAppraisers, each Appraiser shall deliver his or her written report of the Appraisers' determination of the fair market value Fair Market Rent of the Leased PropertiesProperty, which determination shall be based, for each Leased Property, based upon the highest and best appropriate use of such the Leased Property, Property and taking into consideration the location of such the Leased Property, Property and rentals for other properties comparable thereto and the terms thereto. The Fair Market Rent of the Lease provided that in the -------- event and Leased Property shall be equal to the extent that the appraisal is an appraisal that is being performed pursuant to Section 16.02, such appraisal may consider that the Lease has been in place in the past, but the appraisal shall also take into consideration that the Lease will terminate upon sale average of the Property to Tenant pursuant to Section 16.02 and that there may not be a lease on two (2) Fair Market Rent determinations of the Property after Appraisers. In the sale. Notwithstanding anything else in this Section 16.03(a), if, during the Term or Extension Term of this Lease, as applicable, Tenant-constructed Improvements have been made, the ownership thereof has not, prior to the date of such appraisal, been transferred to event Landlord and the appraisal set forth in Section 8.01 was performed, Tenant do not concur with the Appraisers' determination of fair market value in connection with any appraisal to Fair Market Rent, within five (5) days after such determination, the two Appraisers shall appoint a third MAI appraiser (the "THIRD MAI APPRAISER"). The Third MAI Appraiser shall determine Tenant's rights or obligations under this Agreement including Section 16.02 the Fair Market Rent, which Fair Market Rent shall exclude fall between the two appraisals by the Landlord MAI Appraiser and the Tenant Improvement ValueMAI Appraiser. Notwithstanding the foregoing, in no event shall the Fair Market Rent be less than the Base Annual Report for the Lease Year immediately preceding the year for which the Fair Market Rent is being determined.

Appraisal Method. (a) For purposes of Section 16.02 and whenever an appraisal is otherwise required under this Lease, the Appraised Value of the Leased Property shall be determined by (1) an independent appraiser, who is a member of the Appraisal Institute, and will be selected by Landlord, (the "Landlord LANDLORD MAI AppraiserAPPRAISER"), (2) a second appraiser, who is a member of the Appraisal Institute, and will be selected by the Tenant (the "Tenant TENANT MAI AppraiserAPPRAISER"), and (3) a third MAI Appraiser selected by agreement of the Landlord MAI Appraiser and the Tenant MAI Appraiser (the "Third THIRD MAI AppraiserAPPRAISER") (each an "AppraiserAPPRAISER" and, collectively, the "AppraisersAPPRAISERS"). Landlord and Tenant shall select their respective Appraisers, (i) no later than thirty (30) days after the Tenant notifies Landlord of its intent to exercise the Option to Purchase or (ii) in all other cases, in no event later than ten (10) days following the date an appraisal is required, . The Third MAI Appraiser shall be selected no later than five (5) days after the selection of the other Appraisers. If MAI Appraisers are not reasonably seasonably available, then each appraiser shall, at a minimum, hold a state license qualifying him or her to appraise properties of the type being appraised and shall have qualifications and experience equivalent to that required of an MAI Appraiser. The costs of the Appraisers' appraisals shall be shared equally borne by the partiesTenant. As promptly as possible but in no event later than forty-five (45) days after selection of the Third Appraiser, each Appraiser shall deliver his or her written report of the Appraisers' determination of the fair market value of the Leased Properties, which determination shall be based, for each Leased Property, upon the highest and best use of such Leased Property, taking into consideration the location of such Leased Property, other properties comparable thereto and the terms of the Lease provided that in the -------- event and to the extent that the appraisal is an appraisal that is being performed pursuant to Section 16.02, such appraisal may consider that the Lease has been in place in the past, but the appraisal shall also take into consideration that the Lease will terminate upon sale of the Leased Property to Tenant pursuant to Section 16.02 and that there may not be a lease on the Leased Property after the sale. Notwithstanding anything else in this Section 16.03(a), if, during the Term or Extension Term of this Lease, as applicable, Tenant-constructed Improvements have been made, the ownership thereof has not, prior to the date of such appraisal, been transferred to Landlord and the appraisal set forth in Section 8.01 was performed, the Appraisers' determination of fair market value in connection with any appraisal to determine Tenant's rights or obligations under this Agreement including Section 16.02 shall exclude the Tenant Improvement Value.

Appraisal Method. (a) For purposes of Section 16.02 and whenever When an appraisal is otherwise required under this Lease, the Appraised Value of the Leased Property shall be determined by (1) an independent appraiser, who is a member of the Appraisal Institute, and will be selected by Landlord, (the "Landlord MAI Appraiser"), (2) a second appraiser, who is a member of the Appraisal Institute, and will be selected by the Tenant (the "Tenant MAI Appraiser"), and (3) a third MAI Appraiser selected by agreement of the Landlord MAI Appraiser and the Tenant MAI Appraiser (the "Third MAI Appraiser") (each an "Appraiser" and, collectively, the "Appraisers"). Landlord and Tenant shall select their respective Appraisersshall, (i) no later than thirty (30) days after the Tenant notifies Landlord of its intent to exercise the Option to Purchase or (ii) in all other casesas promptly as possible, but in no event later than ten (10) days following the date an appraisal is required, select its respective Appraiser. The Third MAI MM Appraiser shall be selected no later than five (5) days after the selection of the other Appraisers. If MAI Appraisers are not reasonably available, then each appraiser shall, at a minimum, hold a state license qualifying him or her to appraise properties of the type being appraised and shall have qualifications and experience equivalent to that required of an MAI Appraiser. The costs of the Appraisers' appraisals shall be shared equally by the parties. As promptly as possible but in no event later than forty-five fifteen (4515) days after selection of the Third Appraiser, each Appraiser shall deliver his or her written report of the Appraisers' determination of the fair market value of the Leased PropertiesProperty, which determination shall be based, for each Leased Property, upon the highest and best use of such Leased Property, taking into consideration the location of such Leased Property, Property and other properties comparable thereto and the terms thereto. The "Appraised Value" of the Lease provided that in the -------- event and Real Property shall be equal to the extent that the appraisal is an appraisal that is being performed pursuant to Section 16.02, such appraisal may consider that the Lease has been in place in the past, but the appraisal shall also take into consideration that the Lease will terminate upon sale arithmetic mean of the Property to Tenant pursuant to Section 16.02 and that there may not be a lease on the Property after the sale. Notwithstanding anything else in this Section 16.03(a), if, during the Term or Extension Term of this Lease, as applicable, Tenant-constructed Improvements have been made, the ownership thereof has not, prior to the date of such appraisal, been transferred to Landlord and the appraisal set forth in Section 8.01 was performed, the Appraisers' determination of two (2) fair market value determinations of the Appraisers that are closest in connection with any value. In the event that the values of (i) the difference between the highest appraisal value and the next lower appraisal value, and (ii) the difference between the lowest appraisal value and the next higher appraisal value, are equal, then the "Appraised Value" shall be equal to determine Tenant's rights or obligations under this Agreement including Section 16.02 shall exclude the Tenant Improvement Valuearithmetic mean of the fair market value determinations of all Appraisers.