Common use of Third Appraiser Clause in Contracts

Third Appraiser. The third appraiser shall determine whether the parties shall use Landlord's or Tenant's last submitted (on the Outside Agreement Date) fair market determination, and shall notify Landlord and Tenant thereof. The determination of the third appraiser shall be limited solely to the issue of whether Landlord's or Tenant's last submitted (on the Outside Agreement Date) fair market determination is the closest to the actual fair market for such area as solely determined by the third appraiser, taking into account the requirements specified above. The decision of the third appraiser shall be final and binding upon Landlord and Tenant.