Two Appraisers Clause Samples
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Two Appraisers. Within fifteen (15) days after the expiration of the Negotiation Period, each party, at its own cost and by giving written notice to the other party, shall appoint an independent real estate appraiser who has not previously worked directly or indirectly with either party during the prior five year period, with a membership in the Appraisal Institute and at least five (5) years’ full time commercial appraisal experience in the area where the Premises is located, to appraise and determine the Market Rent (i.e., the rate to be in effect for the first year of the Extended Term and then to be adjusted annually as provided above). If, in the time provided, only one (1) party shall give written notice of appointment of an appraiser, the single appraiser appointed shall determine the Market Rent. If two (2) appraisers are appointed by the parties, the two (2) appraisers shall independently, and without consultation, prepare an appraisal of the Market Rent within thirty (30) days after the expiration of the fifteen (15) day period following expiration of the Negotiation Period. Each appraiser shall seal its respective appraisal after completion. After both appraisals are completed, the resulting appraisals of the Market Rent shall be opened and compared. If the value of the appraisals differ by no more than ten percent (10%) of the value of the higher appraisal, then the Market Rent shall be the average of the two (2) appraisals.
Two Appraisers. If two appraisers are appointed in accordance with Section 1.1(a) and they are unable to agree on the Fair Market Value within thirty (30) days after the second appraiser is appointed, and if the lower appraisal is greater than or equal to eighty percent (80%) of the higher appraisal, then the Fair Market Value shall be the average of the two appraisals. If two appraisers are so appointed and they agree on the Fair Market Value , that Fair Market Value shall be the Fair Market Value, as the case may be.
Two Appraisers. In the event that Lessee elects or is deemed to have elected the appraisal procedure, within fifteen (15) days after receipt of the Appraisal Notice, each party, at its own cost and by giving notice to the other party, shall appoint a real estate appraiser, with a membership in the American Institute of Real Estate Appraisers or the Society of Real Estate Appraisers and at least five (5) years' full-time commercial appraisal experience in the Silicon Valley, to appraise and determine the Market Rent. If, in the time provided, only one (1) party shall give notice of appointment of an appraiser, the single appraiser appointed shall determine the Market Rent. If two (2) appraisers are appointed by the parties, the two (2) appraisers shall independently, and without consultation, prepare a written appraisal of the Market Rent, consistent with the criteria provided in subsection (g) below, within thirty (30) days. Each appraiser shall seal its respective appraisal after completion. After both appraisals are completed, the resulting estimates of the Market Rent shall be opened and compared. If the value of the appraisals differ by no more than ten percent (10%) of the value of the higher appraisal, then the Market Rent shall be the average of the two (2) appraisals.
Two Appraisers. The value of the Shares to be sold as determined under this Section 8 shall be referred to the "Appraisal Value".
Two Appraisers. Within fifteen (15) days after giving written notice to the other party of its intention to have the matter submitted to appraisal, each party, at its own cost and by giving notice to the other party, shall appoint a real estate appraiser, with a membership in the American Institute of Real Estate Appraisers or the Society of Real Estate Appraisers and at least five (5) years' full-time commercial appraisal experience in the hotel and lodging industry, to appraise and determine the Fair Market Value. If, in the time provided, only one (1) party shall give notice of appointment of an appraiser, the single appraiser appointed shall determine the Fair Market Value. If two (2) appraisers are appointed by the parties, the two (2) appraisers shall independently, and without consultation, prepare a written appraisal of the Fair Market Value within sixty (60) days. Each appraiser shall seal its respective appraisal after completion. After both appraisals are completed, the resulting estimates of the Fair Market Value shall be opened by the Partnership and the Hersha Partners and compared. If the value of the appraisals differ by no more than five percent (5%) of the value of the higher appraisal, then the Fair Market Value shall be the average of the two (2) appraisals.