the Land Value definition
Examples of the Land Value in a sentence
If the difference between the dollar amount of Lessor’s Appraisal and the dollar amount of Lessee’s Appraisal is equal to or less than 10%, then the Land Value shall be deemed to be the mathematical average of the two appraisals.
The value so selected shall be conclusively deemed to be the Land Value.
If the parties fail to agree on such Reset Rent within 30 days after the date the Initiating Notice is given, then, within 60 days after the date the Initiating Notice is given, each party shall deliver to the other party a notice designating such party’s Qualified Appraiser and stating its determination of the Land Value together with an appraisal supporting such determination (collectively, the “Valuation Documents”).
If the parties timely deliver their Valuation Documents (or if the Delaying Party delivers its Valuation Documents together with the Late Fee within the 10-business day period set out above) and their Qualified Appraisers reach agreement on the Land Value within 75 days after the Initiating Notice is received by the applicable party, the Reset Rent shall be determined with reference to the agreed Land Value.
The Borrower shall not permit the Land Value to collectively exceed 45% of Tangible Net Worth.
If the parties’ Qualified Appraisers fail to select an Arbitrator to determine the Land Value within such 75-day period, either party may submit the dispute concerning the Land Value to the American Arbitration Association (or its successor) in New York City (the AAAA@) for resolution.
If the parties’ Qualified Appraisers are unable to reach agreement on the Land Value within such 75-day period, the parties’ Qualified Appraisers shall select a third Qualified Appraiser to determine the Land Value (the “Arbitrator”) within such 75-day period.
If Landlord and Tenant do not agree on the Land Value within ten business days after such taking, the Land Value shall be determined by appraisal in accordance with paragraphs (b) through (e) below.
If Landlord and Tenant do not agree on the Land Value within ten business days after such taking, the Land Value shall be determined by appraisal in accordance with paragraphs (ii) through (iv) below.
Rent shall also be adjusted at the beginning of the sixth (6th) Lease Year and every five years thereafter (hereinafter, singularly a “Land Value Adjustment Year“) to an amount equal to the greater of (a) percent ( %) multiplied by the Land Value (as hereinafter defined), or (b) the Rent then in effect.