Valuation of Improved Land or After Expiration of City’s Exclusive Option Sample Clauses

Valuation of Improved Land or After Expiration of City’s Exclusive Option. If at the time of offering the ROFO Option, the University has commenced constructing any infrastructure or vertical improvements on or to the ROFO Parcel, then the purchase price for the ROFO Parcel shall be determined by the appraisal method set forth in this Section 45.b. The Parties will each select an appraiser. The selected appraisers will, within 45 days of being retained, provide their respective opinions of the fair market value of the ROFO Parcel (“Appraised Value”). In their determinations of Appraised Value, each appraiser will determine the fair market value of the ROFO Parcel based on customary appraisal practices and methods most applicable to the ROFO Parcel. If the two Appraised Values are within 10 percent of each other, the purchase price will be the average of the two Appraised Values. If the two Appraised Values are not within 10 percent of each other, the two selected appraisers will mutually agree upon a third appraiser. The third appraiser will determine an opinion of the Appraised Value. The purchase price will be the average of the three Appraised Values obtained pursuant to this section.
Sample 1
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