FMV Amount definition
Examples of FMV Amount in a sentence
The initial determination of the FMV Amount shall be made by Landlord.
If Landlord and Tenant fail to execute and deliver an Offer FMV Agreement within thirty (30) days after the Offer Determination Date, the Offer FMV Amount shall be determined by arbitration pursuant to Section 42.04 below.
Landlord shall give notice (a "Rent Notice") to Tenant of the proposed FMV Amount on or before the date which is six (6) months prior to the Extension Term Commencement Date.
The first two (2) arbitrators appointed as above provided shall each determine the FMV Amount, and if such determinations are not identical, the third (3rd) arbitrator shall select the determination of one of the two (2) other arbitrators that such third (3rd) arbitrator determines is closest to its valuation.
Landlord shall give notice (a “Rent Notice”) to Tenant of Landlord’s good faith determination of the proposed FMV Amount on or before the date which is thirty (30) days of Landlord’s receipt of the Renewal Notice.
Landlord shall give notice (a "RENT Notice") to Tenant of the proposed FMV Amount on or before the date which is three (3)) months prior to the Extension Term Commencement Date.
If on or before the Determination Date Tenant gives to Landlord a FMV Dispute Notice or fails to respond to the Rent Notice, then Tenant shall be deemed to have disputed Landlord’s determination of the FMV Amount, whereupon Landlord and Tenant shall have thirty (30) days after the Determination Date to negotiate, execute and deliver a written agreement (an “FMV Agreement”) setting forth the Base Rent for the Extension Term.
If on or before the Offer Determination Date Tenant gives to Landlord an Offer FMV Dispute Notice or fails to respond to the Offer Rent Notice, then Tenant shall be deemed to have disputed Landlord’s determination of the Offer FMV Amount, whereupon Landlord and Tenant shall have thirty (30) days after the Offer Determination Date to negotiate, execute and deliver a written agreement (an “Offer FMV Agreement”) setting forth the Base Rent for the Extension Term.
If Tenant sends to Landlord a Dispute Notice within the time and in the manner hereinbefore provided, and if Landlord and Tenant fail to so agree upon the fixed rent for the Extension Term, the FMV Amount for the Extension Term shall be determined by arbitration pursuant to Section 41.06 below.
If the difference between the two (2) determinations is two percent (2%) or less of the higher appraisal, then the average between the two determinations will be the FMV Amount.