Common use of Appraiser Clause in Contracts

Appraiser. If it becomes necessary to determine the Fair Market Value of the Premises for any purpose of this Lease, the same shall be determined by an independent appraisal firm, in which one or more of the members, officers or principals of such firm are Members of the Appraisal Institute (or any successor organization thereto) and who are expert in valuation of facilities used for the Primary Intended Use, as may be reasonably selected by Landlord and approved by Tenant (the “Appraiser”). Landlord shall cause such Appraiser to determine the Fair Market Value of the Premises as of the relevant date (giving effect to the impact, if any, of inflation from the date of the Appraiser’s decision to the relevant date) and the determination of such Appraiser shall be final and binding upon the parties. A written report of such Appraiser shall be delivered and addressed to each of Landlord and Tenant. To the extent consistent with sound appraisal practice as then existing at the time of any such appraisal, an appraisal of Fair Market Value for purposes of this Lease shall take into account and shall give appropriate consideration to all three customary methods of appraisal (i.e., the cost approach, the sales comparison approach and the income approach), and no one method or approach shall be deemed conclusive simply by reason of the nature of Landlord’s business or because such approach may have been used for purposes of determining the fair market value of the Premises at the time of acquisition thereof by Landlord. This provision for determination by appraisal shall be specifically enforceable to the extent such remedy is available under applicable law, and any determination hereunder shall be final and binding upon the parties except as otherwise provided by applicable law. Tenant shall pay the fees and expenses of the Appraiser and all other costs and expenses incurred in connection with such appraisal. If Landlord and Tenant are unable to agree upon the Appraiser within fifteen (15) days after Landlord notifies Tenant of the identity of Landlord’s selected Appraiser, then the following shall apply:

Appears in 3 contracts

Samples: Lease (Global Medical REIT Inc.), Lease (Global Medical REIT Inc.), Lease (Global Medical REIT Inc.)

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Appraiser. If it becomes necessary to determine the Fair Market Value Value, Fair Market Rental or Leasehold FMV of the Premises any Facility for any purpose of pursuant to this Lease, the same shall be determined by an two independent appraisal firmfirms, in which one or more of the members, officers or principals of such firm are Members members of the Appraisal Institute (or any successor organization thereto) and who are expert such member has a minimum of 10 years of experience in valuation appraising properties similar in size, scope and use as the Facilities (each, an “Appraiser” and collectively, the “Appraisers”), one such Appraiser to be selected by Lessor to act on its behalf 102 Portions of facilities used this exhibit that have been marked by [***] have been omitted pursuant to a request for confidential treatment filed separately with the Primary Intended UseSecurities and Exchange Commission. and the other such Appraiser to be selected by Lessee to act on its behalf. Lessor or Lessee, as may be reasonably selected by Landlord and approved by Tenant applicable, shall cause its Appraiser to, within ninety (90) days (the “AppraiserInitial Appraisal Period). Landlord shall cause ) after the date of the original request for a determination of Fair Market Value, Fair Market Rental or Leasehold FMV of such Appraiser to Facility, determine the Fair Market Value Value, Fair Market Rental or Leasehold FMV of the Premises such Facility as of the relevant date (giving effect to the impact, if any, of inflation from the date of the Appraiser’s decision to the relevant date); provided, however, that if either party shall fail to appoint its Appraiser within the time permitted, or if two Appraisers shall have been so appointed but only one such Appraiser shall have made such determination within such ninety (90) and day period, then the determination of such sole Appraiser shall be final and binding upon the parties. A written report of such each Appraiser shall be delivered and addressed to each of Landlord Lessor and TenantLessee. To the extent consistent with sound appraisal practice as then existing at the time of any such appraisal, an appraisal of Fair Market Value for purposes of this Lease shall take into account and shall give appropriate consideration to all three customary methods of appraisal (i.e., the cost approach, the sales comparison approach and the income approach), and no one method or approach shall be deemed conclusive simply by reason of the nature of LandlordLessor’s business or because such approach may have been used for purposes of determining the fair market value of the Premises applicable Facility at the time of acquisition thereof by LandlordLessor. This provision for determination by appraisal shall be specifically enforceable to the extent such remedy is available under applicable law, and any determination hereunder shall be final and binding upon the parties except as otherwise provided by applicable law. Tenant shall pay the fees and expenses of the Appraiser and all other costs and expenses incurred in connection with such appraisal. If Landlord and Tenant are unable to agree upon the Appraiser within fifteen (15) days after Landlord notifies Tenant of the identity of Landlord’s selected Appraiser, then the following shall apply:.

Appears in 2 contracts

Samples: Master Lease and Security Agreement (Hcp, Inc.), Master Lease and Security Agreement (Brookdale Senior Living Inc.)

Appraiser. If it becomes necessary to determine the Fair Market Value Value, Fair Market Rental or Leasehold FMV of the Premises any Facility for any purpose of pursuant to this Lease, the same shall be determined by an two independent appraisal firmfirms, in which one or more of the members, officers or principals of such firm are Members members of the Appraisal Institute (or any successor organization thereto) and who are expert such member has a minimum of 10 years experience in valuation of facilities used for appraising properties similar in size, scope and use as the Primary Intended UseFacilities (each, an “Appraiser” and collectively, the “Appraisers”), one such Appraiser to be selected by Lessor to act on its behalf and the other such Appraiser to be selected by Lessee to act on its behalf. Lessor or Lessee, as may be reasonably selected by Landlord and approved by Tenant applicable, shall cause its Appraiser to, within ninety (90) days (the “AppraiserInitial Appraisal Period). Landlord shall cause ) after the date of the original request for a determination of Fair Market Value, Fair Market Rental or Leasehold FMV of such Appraiser to Facility, determine the Fair Market Value Value, Fair Market Rental or Leasehold FMV of the Premises such Facility as of the relevant date (giving effect to the impact, if any, of inflation from the date of the Appraiser’s decision to the relevant date); provided, however, that if either party shall fail to appoint its Appraiser within the time permitted, or if two Appraisers shall have been so appointed but only one such Appraiser shall have made such determination within such ninety (90) and day period, then the determination of such sole Appraiser shall be final and binding upon the parties. For purposes of clarity, the “relevant date” with respect to any determination of Fair Market Rental for any Extended Term shall be deemed to be the date on which such applicable Extended Term is to commence. A written report of such each Appraiser shall be delivered and addressed to each of Landlord Lessor and TenantLessee. To the extent consistent with sound appraisal practice as then existing at the time of any such appraisal, an appraisal of Fair Market Value for purposes of this Lease shall take into account and shall give appropriate consideration to all three customary methods of appraisal (i.e., the cost approach, the sales comparison approach and the income approach), and no one method or approach shall be deemed conclusive simply by reason of the nature of LandlordLessor’s business or because such approach may have been used for purposes of determining the fair market value of the Premises applicable Facility at the time of acquisition thereof by LandlordLessor. This provision for determination by appraisal shall be specifically enforceable to the extent such remedy is available under applicable law, and any determination hereunder shall be final and binding upon the parties except as otherwise provided by applicable law. Tenant shall pay the fees and expenses of the Appraiser and all other costs and expenses incurred in connection with such appraisal. If Landlord and Tenant are unable to agree upon the Appraiser within fifteen (15) days after Landlord notifies Tenant of the identity of Landlord’s selected Appraiser, then the following shall apply:.

Appears in 2 contracts

Samples: Master Lease and Security Agreement (Emeritus Corp\wa\), Master Lease and Security Agreement (Hcp, Inc.)

Appraiser. (a) If it becomes necessary to determine the Fair Market Value of Renewal Rent and/or the Premises for any purpose of this LeaseSuccessor Tenant Rent pursuant to Section 1.4(b) or Section 36.2(a), and the parties are unable to agree thereon, the same shall be determined by an two independent appraisal firmfirms, in which one or more of the members, officers or principals of such firm are Members members of the Appraisal Institute American Society of Appraisers and such member has a minimum of 10 years’ experience in appraising facilities similar in scope and use as the Leased Property (or any successor organization thereto) each, an “Appraiser” and who are expert in valuation of facilities used for collectively, the Primary Intended Use“Appraisers”), as may one such Appraiser to be reasonably selected by Landlord to act on its behalf and approved the other such Appraiser to be selected by Tenant to act on its behalf. Landlord or Tenant, as applicable, shall cause its Appraiser to, within ninety (90) days after the Appraisal Commencement Date or Tenant’s receipt of the Lease Termination Notice or within ten (10) months prior to the Final Lease Expiration (the “AppraiserInitial Appraisal Period”). Landlord shall cause such Appraiser to , as applicable, determine the Fair Market Value of Renewal Rent or the Premises Successor Tenant Rent, as applicable, as of the relevant date (giving effect to the impact, if any, of inflation from the date of the Appraiser’s decision to the relevant date); provided, however, that if either party shall fail to appoint its Appraiser within the time permitted, or if two Appraisers shall have been so appointed but only one such Appraiser shall have made such determination within such ninety (90) and day period, then the determination of such sole Appraiser shall be final and binding upon the parties. For purposes of clarity, the “relevant date” with respect to any determination of the Renewal Rent or the Successor Tenant Rent, as applicable, shall be deemed to be the date on which such applicable Renewal Term or lease term is to commence. A written report of such each Appraiser shall be delivered and addressed to each of Landlord and Tenant. To ; it being agreed and understood that the extent consistent report delivered in connection with sound the appraisal practice process initiated under Section 1.4(b) shall include the Renewal Rent and/or Successor Tenant Rent, as then existing at the time of any such appraisalapplicable, an appraisal of Fair Market Value for purposes of this Lease shall take into account and shall give appropriate consideration to all three customary methods of appraisal (i.e., the cost approach, the sales comparison approach and the income approach), and no one method or approach shall be deemed conclusive simply by reason each of the nature of Landlord’s business or because such approach may have been used for purposes of determining the fair market value of the Premises at the time of acquisition thereof by LandlordFacilities. This provision for determination by appraisal shall be specifically enforceable to the extent such remedy is available under applicable law, and any determination hereunder shall be final and binding upon the parties except as otherwise provided by applicable law. Tenant shall pay the fees and expenses of the Appraiser and all other costs and expenses incurred in connection with such appraisal. If Landlord and Tenant are unable to agree upon the Appraiser within fifteen (15) days after Landlord notifies Tenant of the identity of Landlord’s selected Appraiser, then the following shall apply:.

Appears in 2 contracts

Samples: Master Lease (Windstream Services, LLC), Master Lease (Communications Sales & Leasing, Inc.)

Appraiser. If it becomes necessary to determine the Fair Market Value or Fair Market Rental of the Premises any Facility for any purpose of this Lease, the same shall be determined by an independent Integra Realty Resources, or in the event Integra Realty Resources no longer exists upon the date the same is to be determined, any other nationally recognized appraisal firm, in which one or more of the members, officers or principals of such firm are Members members of the Appraisal American Institute of Real Estate Appraisers (or any successor organization thereto) and who are expert in valuation of facilities used for the Primary Intended Use), as may be reasonably selected by Landlord and approved by Tenant Lesser in writing to Lessee (the "Appraiser"). Landlord Lessor shall cause such Appraiser to determine the Fair Market Value or Fair Market Rental of the Premises such Facility as of the relevant date (giving effect to the impact, if any, of inflation from the date of the Appraiser’s 's decision to the relevant date) and the determination of such Appraiser shall be final and binding upon the parties. A written report of such Appraiser shall be delivered and addressed to each of Landlord and Tenant. To the extent consistent with sound appraisal practice as then existing at the time of any such appraisal, an appraisal of Fair Market Value for purposes of this Lease shall take into account and shall give appropriate consideration to all three customary methods of appraisal (i.e., the cost approach, the sales comparison approach and the income approach), and no one method or approach shall be deemed conclusive simply by reason of the nature of Landlord’s Lessor's business or because such approach may have been used for purposes of determining the fair market value of the Premises applicable Facility at the time of acquisition thereof by LandlordLessor. This provision for determination by appraisal shall be specifically enforceable to the extent such remedy is available under applicable law, and any determination hereunder shall be final and binding upon the parties except as otherwise provided by applicable law. Tenant Lessor and Lessee shall each pay one-half of the fees and expenses of the Appraiser and one-half of all other costs cost and expenses incurred in connection with such appraisal. If Landlord and Tenant are unable to agree upon the Appraiser within fifteen (15) days after Landlord notifies Tenant of the identity of Landlord’s selected Appraiser, then the following shall apply:ARTICLE XXXV. [

Appears in 1 contract

Samples: Master Lease (Emeritus Corp\wa\)

Appraiser. (i) If it becomes necessary to determine Landlord and Tenant do not agree on the Fair Market Value fair market value of the Premises for any purpose within 30 days of this Leasethe giving of the Option Exercise Notice, then the same shall be determined by an two independent appraisal firmfirms, in which one or more of the members, officers or principals of such firm are Members members of the Appraisal Institute (or any successor organization thereto) and who are expert such member has a minimum of 10 years of experience in valuation of facilities used for appraising properties similar in size, scope and use as the Primary Intended UsePremises in the Dallas Metropolitan Area (each, as may an “Appraiser” and collectively, the “Appraisers”), one such Appraiser to be reasonably selected by Landlord to act on its behalf and approved by Tenant (the “Appraiser”). Landlord shall cause other such Appraiser to be selected by Tenant to act on its behalf. Landlord and Tenant, as applicable, shall cause its Appraiser to, within thirty (30) days to determine the Fair Market Value fair market value of the Premises as of taking into account the relevant date assumptions provided for herein; provided, however, that if either party shall fail to appoint its Appraiser within the time permitted, or if two Appraisers shall have been so appointed but only one such Appraiser shall have made such determination within such thirty (giving effect to the impact30) day period, if any, of inflation from the date of the Appraiser’s decision to the relevant date) and then the determination of such sole Appraiser shall be final and binding upon the parties. A written report of such each Appraiser shall be delivered and addressed to each of Landlord and Tenant. To the extent consistent with sound appraisal practice as then existing at the time of any such appraisal, an appraisal of Fair Market Value fair market value for purposes of this Lease shall take into account and shall give appropriate consideration to all three customary methods of appraisal (i.e., the cost approach, the sales comparison approach and the income approach), and no one method or approach shall be deemed conclusive simply by reason of the nature of Landlord’s business or because such approach may have been used for purposes of determining the fair market value of the Premises at the time of acquisition thereof by Landlord. This provision for determination by appraisal shall be specifically enforceable to the extent such remedy is available under applicable law, and any determination hereunder shall be final and binding upon the parties except as otherwise provided by applicable law. Tenant shall pay the fees and expenses of the Appraiser and all other costs and expenses incurred in connection with such appraisal. If Landlord and Tenant are unable to agree upon the Appraiser within fifteen (15) days after Landlord notifies Tenant of the identity of Landlord’s selected Appraiser, then the following shall apply:.

Appears in 1 contract

Samples: Commercial Lease Agreement (Potomac Holding LLC)

Appraiser. (a) If it becomes necessary to determine the Fair Market Value of Renewal Rent and/or the Premises for any purpose of this LeaseSuccessor Tenant Rent pursuant to Section 1.4(b) or Section 36.2(a), and the parties are unable to agree thereon, the same shall be determined by an two independent appraisal firmfirms, in which one or more of the members, officers or principals of such firm are Members members of the Appraisal Institute American Society of Appraisers and such member has a minimum of 10 years' experience in appraising facilities similar in scope and use as the Leased Property (or any successor organization thereto) each, an "Appraiser" and who are expert in valuation of facilities used for collectively, the Primary Intended Use"Appraisers"), as may one such Appraiser to be reasonably selected by Landlord to act on its behalf and approved by Tenant (the “Appraiser”). Landlord shall cause other such Appraiser to be selected by Tenant to act on its behalf. Landlord or Tenant, as applicable, shall cause its Appraiser to, within ninety (90) days after the Appraisal Commencement Date or Tenant's receipt of the Lease Termination Notice or within ten (10) months prior to the Final Lease Expiration (the "Initial Appraisal Period"), as applicable, determine the Fair Market Value of Renewal Rent or the Premises Successor Tenant Rent, as applicable, as of the relevant date (giving effect to the impact, if any, of inflation from the date of the Appraiser’s 's decision to the relevant date); provided, however, that if either party shall fail to appoint its Appraiser within the time permitted, or if two Appraisers shall have been so appointed but only one such Appraiser shall have made such determination within such ninety (90) and day period, then the determination of such sole Appraiser shall be final and binding upon the parties. For purposes of clarity, the "relevant date" with respect to any determination of the Renewal Rent or the Successor Tenant Rent, as applicable, shall be deemed to be the date on which such applicable Renewal Term or lease term is to commence. A written report of such each Appraiser shall be delivered and addressed to each of Landlord and Tenant. To ; it being agreed and understood that the extent consistent report delivered in connection with sound the appraisal practice process initiated under Section 1.4(b) shall include the Renewal Rent and/or Successor Tenant Rent, as then existing at applicable, for all the time of any such appraisal, an appraisal of Fair Market Value for purposes of this Lease shall take into account and shall give appropriate consideration to all three customary methods of appraisal (i.e., the cost approach, the sales comparison approach and the income approach), and no one method or approach shall be deemed conclusive simply by reason of the nature of Landlord’s business or because such approach may have been used for purposes of determining the fair market value of the Premises at the time of acquisition thereof by LandlordLeased Properties. This provision for determination by appraisal shall be specifically enforceable to the extent such remedy is available under applicable law, and any determination hereunder shall be final and binding upon the parties except as otherwise provided by applicable law. Tenant shall pay the fees and expenses of the Appraiser and all other costs and expenses incurred in connection with such appraisal. If Landlord and Tenant are unable to agree upon the Appraiser within fifteen (15) days after Landlord notifies Tenant of the identity of Landlord’s selected Appraiser, then the following shall apply:.

Appears in 1 contract

Samples: Master Lease

Appraiser. If it becomes necessary to determine the Fair Market Value Value, or Fair Market Rental of the Premises any Facility for any purpose pursuant to this Lease (or the Allocated Value for purposes of determining any Transfer Consideration payable to Lessor in connection with a Sale of Business pursuant to this Lease, ) the same shall be determined by an two independent appraisal firmfirms, in which one or more of the members, officers or principals of such firm are Members members of the Appraisal Institute (or any successor organization thereto) and who are expert such member has a minimum of 10 years experience in valuation of facilities used for appraising properties similar in size, scope and use as the Primary Intended UseFacilities (each, an “Appraiser” and collectively, the “Appraisers”), one such Appraiser to be selected by Lessor to act on its behalf and the other such Appraiser to be selected by Lessee to act on its behalf. Lessor or Lessee, as may be reasonably selected by Landlord and approved by Tenant applicable, shall cause its Appraiser to, within ninety (90) days (the “AppraiserInitial Appraisal Period) after the date of the original request for a determination of Fair Market Value or Fair Market Rental of such Facility (or the Allocated Value for purposes of determining any Transfer Consideration payable to Lessor in connection with a Sale of Business pursuant to this Lease). Landlord shall cause such Appraiser to , determine the Fair Market Value or Fair Market Rental of such Facility (or the Premises Allocated Value for purposes of determining any Transfer Consideration payable to Lessor in connection with a Sale of Business pursuant to this Lease) as of the relevant date (giving effect to the impact, if any, of inflation from the date of the Appraiser’s 's decision to the relevant date); provided, however, that if either party shall fail to appoint its Appraiser within the time permitted, or if two Appraisers shall have been so appointed but only one such Appraiser shall have made such determination within such ninety (90) and day period, then the determination of such sole Appraiser shall be final and binding upon the parties. For purposes of clarity, the “relevant date” with respect to any determination of Fair Market Rental for any Extended Term shall be deemed to be the date on which such applicable Extended Term is to commence. A written report of such each Appraiser shall be delivered and addressed to each of Landlord Lessor and TenantLessee. To the extent consistent with sound appraisal practice as then existing at the time of any such appraisal, an appraisal of Fair Market Value for purposes of this Lease shall take into account and shall give appropriate consideration to all three customary methods of appraisal (i.e., the cost approach, the sales comparison approach and the income approach), and no one method or approach shall be deemed conclusive simply by reason of the nature of Landlord’s Lessor's business or because such approach may have been used for purposes of determining the fair market value of the Premises applicable Facility at the time of acquisition thereof by LandlordLessor. This provision for determination by appraisal shall be specifically enforceable to the extent such remedy is available under applicable law, and any determination hereunder shall be final and binding upon the parties except as otherwise provided by applicable law. Tenant shall pay the fees and expenses of the Appraiser and all other costs and expenses incurred in connection with such appraisal. If Landlord and Tenant are unable to agree upon the Appraiser within fifteen (15) days after Landlord notifies Tenant of the identity of Landlord’s selected Appraiser, then the following shall apply:.

Appears in 1 contract

Samples: Master Lease and Security Agreement (Hcp, Inc.)

Appraiser. If it becomes necessary to determine the Fair Market Value of the Premises Value, Fair Market Rental or Leasehold FMV for any purpose of this Lease, the same party required or permitted to give notice of such required determination shall include in the notice the name of a Person selected to act as appraiser on its behalf. Within ten (10) days after receipt of any such notice, Lessor (or Lessee, as the case may be) shall by notice to Lessee (or Lessor, as the case may be) appoint a second Person as appraiser on its behalf. The appraisers thus appointed, each of whom must be determined by an independent appraisal firm, in which one or more a member of the members, officers or principals American Institute of such firm are Members of the Appraisal Institute Real Estate Appraisers (or any successor organization thereto), shall, within forty-five (45) and who are expert in valuation days after the date of facilities used for the Primary Intended Usenotice appointing the first appraiser, as may be reasonably selected by Landlord and approved by Tenant (the “Appraiser”). Landlord shall cause such Appraiser proceed to determine the Fair Market Value of the Premises Value, Fair Market Rental or Leasehold FMV as of the relevant date (giving effect to the impact, if any, of inflation from the date of the Appraiser’s their decision to the relevant date) and provided, however that if only one appraiser shall have been so appointed, or if two appraisers shall have been so appointed but only one such appraiser shall have made such determination within fifty (50) days after the making of Lessee's or Lessor's request, then the determination of such Appraiser appraiser shall be final and binding upon the parties. A written report of such Appraiser shall be delivered and addressed If the Facility had reached stabilized operations prior to each of Landlord and Tenant. To the Commencement Date, to the extent consistent with sound appraisal practice as then existing at the time of any such appraisal, an appraisal of for Fair Market Value for purposes of this Lease shall take into account and shall give appropriate consideration to all three customary methods of appraisal (i.e., the cost approach, the sales comparison approach and the income approach), and no one method or approach shall be deemed conclusive simply by reason of made on a basis consistent with the nature of Landlord’s business or because such approach may have been used basis on which the Leased Property was appraised for purposes of determining the its fair market value of the Premises at the time the Leased Property was acquired by Lessor. If two appraisers shall have been appointed and shall have made their determinations within the respective requisite periods set forth above and if the difference between the amounts so determined shall not exceed ten percent (10%) of acquisition thereof the lesser of such amounts then the Fair Market Value, Fair Market Rental or Leasehold FMV shall be an amount equal to fifty percent (50%) of the sum of the amounts so determined. If the difference between the amounts so determined shall exceed ten percent (10%) of the lesser of such amounts, then such two appraisers shall have twenty (20) days to appoint a third appraiser, but if such appraisers fail to do so, then either party may request the American Arbitration Association or any successor organization thereto to appoint an appraiser within twenty (20) days of such request, and both parties shall be bound by Landlordany appointment so made within such twenty (20) day period. If no such appraiser shall have been appointed within such twenty (20) days or within ninety (90) days of the original request for a determination of Fair Market Value, Fair Market Rental or Leasehold FMV, whichever is earlier, either Lessor or Lessee may apply to any court having jurisdiction to have such appointment made by such court. Any appraiser appointed by the original appraisers, by the American Arbitration Association or by such court shall be instructed to determine the Fair Market Value, Fair Market Rental or Leasehold FMV within thirty (30) days after appointment of such appraiser. The determination of the appraiser which differs most in terms of dollar amount from the determinations of the other two appraisers shall be excluded, and fifty percent (50%) of the sum of the remaining two determinations shall be final and binding upon Lessor and Lessee as the Fair Market Value, Fair Market Rental or Leasehold FMV. This provision for determination by appraisal shall be specifically enforceable to the extent such remedy is available under applicable law, and any determination hereunder shall be final and binding upon the parties except as otherwise provided by applicable law. Tenant Lessor and Lessee shall each pay the fees and expenses of the Appraiser appraiser appointed by it and each shall pay one-half of the fees and expenses of the third appraiser and one-half of all other costs cost and expenses incurred in connection with such each appraisal. If Landlord and Tenant are unable to agree upon the Appraiser within fifteen (15) days after Landlord notifies Tenant of the identity of Landlord’s selected Appraiser, then the following shall apply:.

Appears in 1 contract

Samples: Integrated Living Communities Inc

Appraiser. If it becomes necessary to determine the Fair Market Value Value, Fair Market Rental or Leasehold FMV of the Premises any Facility for any purpose of this Lease, the same shall be determined by an independent appraisal firm, in which one or more of the members, officers or principals of such firm are Members of the Appraisal Institute (or any successor organization thereto) and who are expert in valuation of facilities used for the Primary Intended Use), as may be reasonably selected by Landlord and approved by Tenant Lessor (the “Appraiser”). Landlord Lessor shall cause such Appraiser to determine the Fair Market Value Value, Fair Market Rental or Leasehold FMV of the Premises such Facility as of the relevant date (giving effect to the impact, if any, of inflation from the date of the Appraiser’s decision to the relevant date) and the determination of such Appraiser shall be final and binding upon the parties. A written report of such Appraiser shall be delivered and addressed to each of Landlord Lessor and TenantXxxxxx. To the extent consistent with sound appraisal practice as then existing at the time of any such appraisal, an appraisal of Fair Market Value for purposes of this Lease shall take into account and shall give appropriate consideration to all three customary methods of appraisal (i.e., the cost approach, the sales comparison approach and the income approach), and no one method or approach shall be deemed conclusive simply by reason of the nature of LandlordLessor’s business or because such approach may have been used for purposes of determining the fair market value of the Premises such Facility at the time of acquisition thereof by LandlordLessor. This provision for determination by appraisal shall be specifically enforceable to the extent such remedy is available under applicable law, and any determination hereunder shall be final and binding upon the parties except as otherwise provided by applicable law. Tenant Lessor and Lessee shall each pay one-half (1/2) of the fees and expenses of the Appraiser and one-half (1/2) of all other costs and expenses incurred in connection with such appraisal. If Landlord and Tenant are unable to agree upon the Appraiser within fifteen (15) days after Landlord notifies Tenant of the identity of Landlord’s selected Appraiser, then the following shall apply:.

Appears in 1 contract

Samples: Master Lease and Security Agreement (Emeritus Corp\wa\)

Appraiser. If it becomes necessary to determine the Fair Market Value Value, Fair Market Rental or Leasehold FMV of the Premises any Facility for any purpose of pursuant to this Lease, the same shall be determined by an two independent appraisal firmfirms, in which one or more of the members, officers or principals of such firm are Members members of the Appraisal Institute (or any successor organization thereto) and who are expert such member has a minimum of 10 years of experience in valuation of facilities used for appraising properties similar in size, scope and use as the Primary Intended UseFacilities (each, an “Appraiser” and collectively, the “Appraisers”), one such Appraiser to be selected by Lessor to act on its behalf and the other such Appraiser to be selected by Lessee to act on its behalf. Lessor or Lessee, as may be reasonably selected by Landlord and approved by Tenant applicable, shall cause its Appraiser to, within ninety (90) days (the “AppraiserInitial Appraisal Period). Landlord shall cause ) after the date of the original request for a determination of Fair Market Value, Fair Market Rental or Leasehold FMV of such Appraiser to Facility, determine the Fair Market Value Value, Fair Market Rental or Leasehold FMV of the Premises such Facility as of the relevant date (giving effect to the impact, if any, of inflation from the date of the Appraiser’s decision to the relevant date); provided, however, that if either party shall fail to appoint its Appraiser within the time permitted, or if two Appraisers shall have been so appointed but only one such Appraiser shall have made such determination within such ninety (90) and day period, then the determination of such sole Appraiser shall be final and binding upon the parties. .A written report of such each Appraiser shall be delivered and addressed to each of Landlord Lessor and TenantLessee. To the extent consistent with sound appraisal practice as then existing at the time of any such appraisal, an appraisal of Fair Market Value for purposes of this Lease shall take into account and shall give appropriate consideration to all three customary methods of appraisal (i.e., the cost approach, the sales comparison approach and the income approach), and no one method or approach shall be deemed conclusive simply by reason of the nature of LandlordLessor’s business or because such approach may have been used for purposes of determining the fair market value of the Premises applicable Facility at the time of acquisition thereof by LandlordLessor. This provision for determination by appraisal shall be specifically enforceable to the extent such remedy is available under applicable law, and any determination hereunder shall be final and binding upon the parties except as otherwise provided by applicable law. Tenant shall pay the fees and expenses of the Appraiser and all other costs and expenses incurred in connection with such appraisal. If Landlord and Tenant are unable to agree upon the Appraiser within fifteen (15) days after Landlord notifies Tenant of the identity of Landlord’s selected Appraiser, then the following shall apply:.

Appears in 1 contract

Samples: Master Lease and Security Agreement (Hcp, Inc.)

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Appraiser. If it becomes necessary to determine the Fair Market Value Value, Fair Market Rental or Leasehold FMV of the Premises any Facility for any purpose of pursuant to this Lease, the same shall be determined by an two independent appraisal firmfirms, in which one or more of the members, officers or principals of such firm are Members members of the Appraisal Institute (or any successor organization thereto) and who are expert such member has a minimum of 10 years of experience in valuation of facilities used for appraising properties similar in size, scope and use as the Primary Intended UseFacilities (each, an “Appraiser” and collectively, the “Appraisers”), one such Appraiser to be selected by Lessor to act on its behalf and the other such Appraiser to be selected by Lessee to act on its behalf. Lessor or Lessee, as may be reasonably selected by Landlord and approved by Tenant applicable, shall cause its Appraiser to, within ninety (90) days (the “AppraiserInitial Appraisal Period). Landlord shall cause ) after the date of the original request for a determination of Fair Market Value, Fair Market Rental or Leasehold FMV of such Appraiser to Facility, determine the Fair Market Value Value, Fair Market Rental or Leasehold FMV of the Premises such Facility as of the relevant date (giving effect to the impact, if any, of inflation from the date of the Appraiser’s decision to the relevant date); provided, however, that if either party shall fail to appoint its Appraiser within the time permitted, or if two Appraisersshall have been so appointed but only one such Appraiser shall have made such determination within such ninety (90) and day period, then the determination of such sole Appraiser shall be final and binding upon the parties. .A written report of such each Appraiser shall be delivered and addressed to each of Landlord Lessor and TenantLessee. To the extent consistent with sound appraisal practice as then existing at the time of any such appraisal, an appraisal of Fair Market Value for purposes of this Lease shall take into account and shall give appropriate consideration to all three customary methods of appraisal (i.e., the cost approach, the sales comparison approach and the income approach), and no one method or approach shall be deemed conclusive simply by reason of the nature of LandlordLessor’s business or because such approach may have been used for purposes of determining the fair market value of the Premises applicable Facility at the time of acquisition thereof by LandlordLessor. This provision for determination by appraisal shall be specifically enforceable to the extent such remedy is available under applicable law, and any determination hereunder shall be final and binding upon the parties except as otherwise provided by applicable law. Tenant shall pay the fees and expenses of the Appraiser and all other costs and expenses incurred in connection with such appraisal. If Landlord and Tenant are unable to agree upon the Appraiser within fifteen (15) days after Landlord notifies Tenant of the identity of Landlord’s selected Appraiser, then the following shall apply:.

Appears in 1 contract

Samples: Master Lease and Security Agreement (Brookdale Senior Living Inc.)

Appraiser. If it becomes necessary to determine the Fair Market Value of the Premises or Fair Market Rental for any purpose of this Lease, the same shall be determined by agreement between Lessor and Lessee or, failing such agreement, by an independent appraisal firm, in which one or more of the members, officers or principals of such firm are Members members of the Appraisal American Institute of Real Estate Appraisers (or any successor organization thereto) and who are expert in valuation of facilities used for the Primary Intended Use), as may be reasonably selected by Landlord and approved Lessor from a list of three such appraisers furnished by Tenant Lessee (the “Appraiser”). Landlord Any such Appraiser shall be independent and impartial person and shall not be directed or influenced by Lessor or Lessee to return any particular result. Lessor shall cause such Appraiser to determine the Fair Market Value of the Premises or Fair Market Rental as of the relevant date (giving effect to the impact, if any, of inflation from the date of the Appraiser’s decision to the relevant date) and the determination of such Appraiser shall be final and binding upon the parties. A written report of such Appraiser shall be delivered and addressed If the Facility had reached stabilized operations prior to each of Landlord and Tenant. To the Commencement Date, to the extent consistent with sound appraisal practice as then existing at the time of any such appraisal, an appraisal of for Fair Market Value for purposes of this Lease shall take into account and shall give appropriate consideration to all three customary methods of appraisal (i.e., the cost approach, the sales comparison approach and the income approach), and no one method or approach shall be deemed conclusive simply by reason of made on a basis consistent with the nature of Landlord’s business or because such approach may have been used basis on which the Leased Property was appraised for purposes of determining the its fair market value of the Premises at the time of acquisition thereof the Leased Property was acquired by LandlordLessor. This provision for determination by appraisal shall be specifically enforceable to the extent such remedy is available under applicable law, and any determination hereunder shall be final and binding upon the parties except as otherwise provided by applicable law. Tenant Lessor and Lessee shall each pay one-half of the fees and expenses of the Appraiser and one-half of all other costs cost and expenses incurred in connection with such appraisal. If Landlord and Tenant are unable to agree upon the Appraiser within fifteen (15) days after Landlord notifies Tenant of the identity of Landlord’s selected Appraiser, then the following shall apply:.

Appears in 1 contract

Samples: Lease Agreement (Sunlink Health Systems Inc)

Appraiser. If it becomes necessary to determine the Fair Market Value Value, Fair Market Rental of the Premises any Facility for any purpose of this LeaseLease or the Allocated Value for purposes of determining any Transfer Consideration payable to Lessor in connection with a Sale of Business pursuant to this Lease or the Negative FMV for purposes of Section 16.9, the same shall be determined by an independent appraisal firm, in which one or more of the members, officers or principals of such firm are Members of the Appraisal Institute (or any successor organization thereto) and who are expert in valuation of facilities used for the Primary Intended Use), as may be reasonably selected by Landlord and approved by Tenant Lessor (the "Appraiser"). Landlord Lessor shall cause such Appraiser to determine the Fair Market Value, Fair Market Rental or Allocated Value or Negative FMV of the Premises such Facility as of the relevant date (giving effect to the impact, if any, of inflation from the date of the Appraiser’s 's decision to the relevant date) and the determination of such Appraiser shall be final and binding upon the parties. A written report of such Appraiser shall be delivered and addressed to each of Landlord Lessor and TenantLessee. To the extent consistent with sound appraisal practice as then existing at the time of any such appraisal, an appraisal of Fair Market Value for purposes of this Lease shall take into account and shall give appropriate consideration to all three customary methods of appraisal (i.e., the cost approach, the sales comparison approach and the income approach), and no one method or approach shall be deemed conclusive simply by reason of the nature of Landlord’s Lessor's business or because such approach may have been used for purposes of determining the fair market value of the Premises such Facility at the time of acquisition thereof by LandlordLessor. This provision for determination by appraisal shall be specifically enforceable to the extent such remedy is available under applicable law, and any determination hereunder shall be final and binding upon the parties except as otherwise provided by applicable law. Tenant Except as otherwise provided in Section 16.9, Lessor and Lessee shall each pay one-half of the fees and expenses of the Appraiser and one-half of all other costs and expenses incurred in connection with such appraisal. If Landlord and Tenant are unable to agree upon the Appraiser within fifteen (15) days after Landlord notifies Tenant of the identity of Landlord’s selected Appraiser, then the following shall apply:.

Appears in 1 contract

Samples: Master Lease (Emeritus Corp\wa\)

Appraiser. If it becomes necessary to determine the Fair Market Value of the Premises Value, Fair Market Rental or Leasehold FMV for any purpose of this Lease, the same shall be determined by an independent Valuation Counselors Group, Inc., or in the event Valuation Counselors Group, Inc. no longer exists upon the date the same is to be determined, any other nationally recognized appraisal firm, in which one or more of the members, officers or principals of such firm are Members members of the Appraisal American Institute of Real Estate Appraisers (or any successor organization thereto) and who are expert in valuation of facilities used for the Primary Intended Use), as may be reasonably selected by Landlord and approved by Tenant Lessor (the "Appraiser"). Landlord Lessor shall cause such Appraiser to determine the Fair Market Value of the Premises Value, Fair Market Rental or Leasehold FMV as of the relevant date (giving effect to the impact, if any, of inflation from the date of the Appraiser’s 's decision to the relevant date) and the determination of such Appraiser shall be final and binding upon the parties. A written report of such Appraiser shall be delivered and addressed If the Facility had reached stabilized operations prior to each of Landlord and Tenant. To the Commencement Date, to the extent consistent with sound appraisal practice as then existing at the time of any such appraisal, an appraisal of for Fair Market Value for purposes of this Lease shall take into account and shall give appropriate consideration to all three customary methods of appraisal (i.e., the cost approach, the sales comparison approach and the income approach), and no one method or approach shall be deemed conclusive simply by reason of made on a basis consistent with the nature of Landlord’s business or because such approach may have been used basis on which the Leased Property was appraised for purposes of determining the its fair market value of the Premises at the time of acquisition thereof the Leased Property was acquired by LandlordLessor. This provision for determination by appraisal shall be specifically enforceable to the extent such remedy is available under applicable law, and any determination hereunder shall be final and binding upon the parties except as otherwise provided by applicable law. Tenant Lessor and Lessee shall each pay one-half of the fees and expenses of the Appraiser and one-half of all other costs cost and expenses incurred in connection with such appraisal. If Landlord and Tenant are unable to agree upon the Appraiser within fifteen (15) days after Landlord notifies Tenant of the identity of Landlord’s selected Appraiser, then the following shall apply:.

Appears in 1 contract

Samples: Balanced Care Corp

Appraiser. If it becomes necessary to determine the Fair Market Value Value, Fair Market Rental or Leasehold FMV of the Premises any Facility for any purpose of pursuant to this Lease, the same shall be determined by an two independent appraisal firmfirms, in which one or more of the members, officers or principals of such firm are Members members of the Appraisal Institute (or any successor organization thereto) and who are expert such member has a minimum of 10 years of experience in valuation of facilities used for appraising properties similar in size, scope and use as the Primary Intended UseFacilities (each, as may be reasonably selected by Landlord an “Appraiser” and approved by Tenant (collectively, the “AppraiserAppraisers”). Landlord shall cause , one such Appraiser to be selected by Lessor to act on its behalf and the other such Appraiser to be selected by Lessee to act on its behalf. Lessor or Lessee, as applicable, shall cause its Appraiser to, within ninety (90) days after the date of the original request for a determination of Fair Market Value, Fair Market Rental or Leasehold FMV of such Facility, determine the Fair Market Value Value, Fair Market Rental or Leasehold FMV of the Premises such Facility as of the relevant date (giving effect to the impact, if any, of inflation from the date of the Appraiser’s decision to the relevant date); provided, however, that if either party shall fail to appoint its Appraiser within the time permitted, or if two Appraisers shall have been so appointed but only one such Appraiser shall have made such determination within such ninety (90) and day period, then the determination of such sole Appraiser shall be final and binding upon the parties. A written report of such each Appraiser shall be delivered and addressed to each of Landlord Lessor and TenantLessee. To the extent consistent with sound appraisal practice as then existing at the time of any such appraisal, an appraisal of Fair Market Value for purposes of this Lease shall take into account and shall give appropriate consideration to all three customary methods of appraisal (i.e., the cost approach, the sales comparison approach and the income approach), and no one method or approach shall be deemed conclusive simply by reason of the nature of LandlordLessor’s business or because such approach may have been used for purposes of determining the fair market value of the Premises applicable Facility at the time of acquisition thereof by LandlordLessor. This provision for determination by appraisal shall be specifically enforceable to the extent such remedy is available under applicable law, and any determination hereunder shall be final and binding upon the parties except as otherwise provided by applicable law. Tenant shall pay the fees and expenses of the Appraiser and all other costs and expenses incurred in connection with such appraisal. If Landlord and Tenant are unable to agree upon the Appraiser within fifteen (15) days after Landlord notifies Tenant of the identity of Landlord’s selected Appraiser, then the following shall apply:.

Appears in 1 contract

Samples: Master Lease and Security Agreement (Brookdale Senior Living Inc.)

Appraiser. If it becomes necessary to determine the Fair Market Value or Fair Market Rental of the Premises any Facility for any purpose of this LeaseLease or the Negative FMV of any Facility for purposes of Section 16.9, the same shall be determined by an independent appraisal firm, in which one or more of the members, officers or principals of such firm are Members of the Appraisal Institute (or any successor organization thereto) and who are expert in valuation of facilities used for the Primary Intended Use), as may be reasonably selected by Landlord and approved by Tenant Lessor (the "Appraiser"). Landlord Lessor shall cause such Appraiser to determine the Fair Market Value Value, Fair Market Rental or Negative FMV of the Premises such Facility as of the relevant date (giving effect to the impact, if any, of inflation from the date of the Appraiser’s 's decision to the relevant date) and the determination of such Appraiser shall be final and binding upon the parties. A written report of such Appraiser shall be delivered and addressed to each of Landlord Lessor and TenantLessee. To the extent consistent with sound appraisal practice as then existing at the time of any such appraisal, an appraisal of Fair Market Value for purposes of this Lease shall take into account and shall give appropriate consideration to all three customary methods of appraisal (i.e., the cost approach, the sales comparison approach and the income approach), and no one method or approach shall be deemed conclusive simply by reason of the nature of Landlord’s Lessor's business or because such approach may have been used for purposes of determining the fair market value of the Premises applicable Facility at the time of acquisition thereof by LandlordLessor. This provision for determination by appraisal shall be specifically enforceable to the extent such remedy is available under applicable law, and any determination hereunder shall be final and binding upon the parties except as otherwise provided by applicable law. Tenant Except as otherwise provided in Section 16.9, Lessor and Lessee shall each pay one-half of the fees and expenses of the Appraiser and one-half of all other costs and expenses incurred in connection with such appraisal. If Landlord and Tenant are unable to agree upon the Appraiser within fifteen (15) days after Landlord notifies Tenant of the identity of Landlord’s selected Appraiser, then the following shall apply:.

Appears in 1 contract

Samples: Master Lease (Ensign Group, Inc)

Appraiser. If it becomes necessary to determine the Fair Market Value Value, or Fair Market Rental of the Premises any Facility for any purpose pursuant to this Lease (or the Allocated Value for purposes of determining any Transfer Consideration payable to Lessor in connection with a Sale of Business pursuant to this Lease, ) the same shall be determined by an two independent appraisal firmfirms, in which one or more of the members, officers or principals of such firm are Members members of the Appraisal Institute (or any successor organization thereto) and who are expert such member has a minimum of 10 years experience in valuation of facilities used for appraising properties similar in size, scope and use as the Primary Intended UseFacilities (each, an “Appraiser” and collectively, the “Appraisers”), one such Appraiser to be selected by Lessor to act on its behalf and the other such Appraiser to be selected by Lessee to act on its behalf. Lessor or Lessee, as may be reasonably selected by Landlord and approved by Tenant applicable, shall cause its Appraiser to, within ninety (90) days (the “AppraiserInitial Appraisal Period) after the date of the original request for a determination of Fair Market Value or Fair Market Rental of such Facility (or the Allocated Value for purposes of determining any Transfer Consideration payable to Lessor in connection with a Sale of Business pursuant to this Lease). Landlord shall cause such Appraiser to , determine the Fair Market Value or Fair Market Rental of such Facility (or the Premises Allocated Value for purposes of determining any Transfer Consideration payable to Lessor in connection with a Sale of Business pursuant to this Lease) as of the relevant date (giving effect to the impact, if any, of inflation from the date of the Appraiser’s decision to the relevant date); provided, however, that if either party shall fail to appoint its Appraiser within the time permitted, or if two Appraisers shall have been so appointed but only one such Appraiser shall have made such determination within such ninety (90) and day period, then the determination of such sole Appraiser shall be final and binding upon the parties. For purposes of clarity, the “relevant date” with respect to any determination of Fair Market Rental for any Extended Term shall be deemed to be the date on which such applicable Extended Term is to commence. A written report of such each Appraiser shall be delivered and addressed to each of Landlord Lessor and TenantLessee. To the extent consistent with sound appraisal practice as then existing at the time of any such appraisal, an appraisal of Fair Market Value for purposes of this Lease shall take into account and shall give appropriate consideration to all three customary methods of appraisal (i.e., the cost approach, the sales comparison approach and the income approach), and no one method or approach shall be deemed conclusive simply by reason of the nature of LandlordLessor’s business or because such approach may have been used for purposes of determining the fair market value of the Premises applicable Facility at the time of acquisition thereof by LandlordLessor. This provision for determination by appraisal shall be specifically enforceable to the extent such remedy is available under applicable law, and any determination hereunder shall be final and binding upon the parties except as otherwise provided by applicable law. Tenant shall pay the fees and expenses of the Appraiser and all other costs and expenses incurred in connection with such appraisal. If Landlord and Tenant are unable to agree upon the Appraiser within fifteen (15) days after Landlord notifies Tenant of the identity of Landlord’s selected Appraiser, then the following shall apply:.

Appears in 1 contract

Samples: Master Lease and Security Agreement (Hcp, Inc.)

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