Common use of Third Appraiser Clause in Contracts

Third Appraiser. If the two (2) Qualified Appraisers are unable to agree upon a joint written determination of the Prevailing Market Rate within the Appraiser’s Determination Period, then each Qualified Appraiser will issue its own determination of the Prevailing Market Rate (each being that Qualified Appraiser’s “Original Appraiser Determination”), and the two (2) Qualified Appraisers shall jointly select a 3rd Qualified Appraiser (the “Third Appraiser”) to resolve the discrepancy by selecting, without change, the Original Appraisal Determination that most closely reflects the Third Appraiser’s own determination of the Prevailing Market Rate. The Prevailing Market Rate set forth in the Original Appraisal Determination selected by the Third Appraiser shall be final, conclusive and binding as the Prevailing Market Rate for purposes of subsection (d) below.