Rent Arbitration. Rent arbitration as above referred to shall be by a sole arbitrator in accordance with the Commercial Arbitration Act of British Columbia, and the cost of the arbitration shall be borne equally by the Landlord and Tenant. The fair market Basic Annual Rent to be determined by the arbitration shall be based on the then current fair market rent for similar premises in similar locations and shall be based on the best use for which the Property may be used subject to applicable Municipal zoning. Fair market rent shall be the rent which would be paid for the Property as between persons dealing in good faith and at arm's length.
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Sources: Lease (Sparkling Spring Water Group LTD), Lease Agreement (Sparkling Spring Water Holdings LTD)
Rent Arbitration. Rent arbitration as above referred to shall be by a sole arbitrator in accordance with the Commercial Arbitration Act of British Columbia, and the cost of the arbitration shall be borne equally by the Landlord and Tenant. The fair market Basic Annual Rent to be determined by the arbitration shall be based on the then current fair market rent for similar premises in similar locations and shall be based on the best use for which the Property may be used subject to applicable Municipal zoning. Fair market rent shall be the rent which would be paid for the Property as between persons dealing in good faith and at arm's length.
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