Common use of Appraisals Clause in Contracts

Appraisals. Whenever Fair Market Rental Value or Fair Market Sales Value of the Aircraft is required to be determined by an appraisal under this Section 17, Lessee and Lessor shall appoint a mutually satisfactory Appraiser to conduct such appraisal. If Lessee and Lessor fail to agree upon a satisfactory Appraiser then each shall promptly appoint a separate Appraiser and such Appraisers shall jointly determine such amount. If either Lessee or Lessor fails to so appoint an Appraiser, the determination of the single Appraiser appointed shall be final. If two Appraisers are appointed and within 7 days after the appointment of the latter of such two Appraisers, they cannot agree upon such amount, such two Appraisers shall, within 8 days after such latter appointment, appoint a third Appraiser and such amount shall be determined by such three Appraisers, who shall make their separate appraisals within 7 days following the appointment of the third Appraiser, and any determination so made shall be conclusive and binding upon Lessor and Lessee. If no such third Appraiser is appointed within such 8-day period, either Lessor or Lessee may apply to the American Arbitration Association to make such appointment, and both parties shall be bound by such appointment. The foregoing appraisal procedure shall in any event be completed no less than 125 days before the end of the Base Lease Term or the current Renewal Lease Term, as the case may be. If three Appraisers are appointed and the difference between the determination which is farther from the middle determination and the middle determination is more than 125% of the difference between the middle determination and the third determination, then such farther determination shall be excluded, the remaining two determinations shall be averaged and such average shall be final and binding upon Lessor and Lessee. Otherwise, the average of all three determinations shall be final and binding upon Lessor and Lessee. The fees and expenses of all such Appraisers and such appraisal procedure shall be borne equally by Lessee and Lessor, PROVIDED that if Lessee elects not to renew this Lease or purchase the Aircraft following the conclusion of such appraisal, Lessee shall pay all expenses of such appraisal.

Appraisals. Whenever Fair Market Rental Value or Fair Market Sales Value of the Aircraft is required to be determined by an appraisal under this Section 17, Lessee and Lessor shall appoint a mutually satisfactory Appraiser to conduct such appraisal. If Lessee and Lessor fail to agree upon a satisfactory Appraiser then each shall promptly appoint a separate Appraiser and such Appraisers shall jointly determine such amount. If either Lessee or Lessor fails to so appoint an Appraiser, the determination of the single Appraiser appointed shall be final. If two Appraisers are appointed and within 7 days after the appointment of the latter of such two Appraisers, they cannot agree upon such amount, such two Appraisers shall, within 8 days after such latter appointment, appoint a third Appraiser and such amount shall be determined by such three Appraisers, who shall make their separate appraisals within 7 days following the appointment of the third Appraiser, and any determination so made shall be conclusive and binding upon Lessor and Lessee. If no such third Appraiser is appointed within such 8-day period, either Lessor or Lessee may apply to the American Arbitration Association to make such appointment, and both parties shall be bound by such appointment. The foregoing appraisal procedure shall in any event be completed no less than 125 190 days before the end of the Base Lease Term or the current Renewal Lease Term, as the case may be. If three Appraisers are appointed and the difference between the determination which is farther from the middle determination and the middle determination is more than 125% of the difference between the middle determination and the third determination, then such farther determination shall be excluded, the remaining two determinations shall be averaged and such average shall be final and binding upon Lessor and Lessee. Otherwise, the average of all three determinations shall be final and binding upon Lessor and Lessee. The fees and expenses of all such Appraisers and such appraisal procedure shall be borne equally by Lessee and Lessor, PROVIDED that if Lessee elects not to renew this Lease or purchase the Aircraft following the conclusion of such appraisal, Lessee shall pay all expenses of such appraisal.

Appraisals. Whenever Fair Market Rental Value or Fair Market Sales Value of the Aircraft is required to be determined by an appraisal under this Section ss. 17, Lessee and Lessor shall appoint a mutually mutually-satisfactory Appraiser to conduct such appraisal. If Lessee and Lessor fail to agree upon a satisfactory Appraiser Appraiser, then each shall promptly appoint a separate Appraiser Appraiser, and such Appraisers shall jointly determine such amount. If either Lessee or Lessor fails to does not so appoint an Appraiser, the determination of the single Appraiser appointed shall be final. If two Appraisers are appointed and within 7 seven days after the appointment of the latter of such two Appraisers, they cando not agree upon such amount, such two Appraisers shall, within 8 eight days after such latter appointment, appoint a third Appraiser Appraiser, and such amount shall be determined by such three Appraisers, who shall make their separate appraisals within 7 seven days following the appointment of the third Appraiser, and any determination so made shall be conclusive and binding upon Lessor and Lessee. If no such third Appraiser is appointed within such 8eight-day period, either Lessor or Lessee may apply to the American Arbitration Association to make such appointment, and both parties shall be bound by such appointment. The foregoing appraisal procedure shall in any event be completed no less than 125 days before the end of the Base Lease Term or the current any Renewal Lease TermTerm (unless such procedure is undertaken in connection with ss. 15 or ss. 17.3.1(a), as the in which case may beit shall be completed promptly). If three Appraisers are appointed and the difference between the determination which is farther further from the middle determination and the middle determination is more than 125% of the difference between the middle determination and the third determination, then such farther further determination shall be excluded, the remaining two determinations shall be averaged averaged, and such average shall be final and binding upon Lessor and Lessee. Otherwise, the average of all three determinations shall be final and binding upon Lessor and Lessee. The fees and expenses of all such Appraisers and such appraisal procedure shall be borne equally by Lessee and Lessor, PROVIDED that if Lessee elects not to renew this Lease or purchase the Aircraft following the conclusion of such appraisal, Lessee shall pay all expenses of such appraisal.

Appraisals. Whenever Fair Market Rental Value or Fair Market Sales Value At the time of each Advance by the Lender of any portion of the Aircraft is required proceeds of the Credit Facility relating to the acquisition or refinancing of any Apartment Property, the Lender shall have the right to obtain an appraisal of such Apartment Property from an appraiser designated by the Lender and approved by the Borrowers, addressed to the Lender and its assigns, which, when reviewed by the Lender and by FMMC, must indicate a value in such Apartment Property equal to not less than 1.34 times the amount of the Advance made or to be made by the Lender with respect to such Apartment Property. The basis of the appraisal calculations shown on such appraisal reports and all other aspects of the appraisal reports must be satisfactory to the Lender and FMMC in all respects. The Borrowers shall reimburse the Lender upon demand for all costs and expenses incurred by the Lender and/or FMMC with respect to the preparation and review of each appraisal required pursuant to the terms hereof. If requested by the Borrowers prior to the receipt by the Lender of any such appraisal, and so long as the Borrowers shall execute a release, in a form reasonably acceptable to the Lender, pursuant to which the Lender shall be released in full from any liability arising out of the Borrowers reliance on the conclusions contained therein, the Lender shall endeavor to obtain, at the Borrower's expense, a separate copy of such appraisal addressed to the Borrowers. In the event that, upon the receipt of any such appraisal, the value of the Apartment Property in question, as determined by an appraisal under this Section 17, Lessee and Lessor shall appoint a mutually satisfactory Appraiser to conduct the Lender based upon its review of such appraisal. If Lessee and Lessor fail , is less than that required pursuant to agree upon a satisfactory Appraiser then each shall promptly appoint a separate Appraiser and such Appraisers shall jointly determine such amount. If either Lessee or Lessor fails to so appoint an Appraiserthe terms hereof, the determination of the single Appraiser appointed Borrowers shall be final. If two Appraisers are appointed and within 7 days after the appointment of the latter of such two Appraisers, they cannot agree upon such amount, such two Appraisers shall, within 8 days after such latter appointment, appoint a third Appraiser and such amount shall be determined by such three Appraisers, who shall make their separate appraisals within 7 days following the appointment of the third Appraiser, and any determination so made shall be conclusive and binding upon Lessor and Lessee. If no such third Appraiser is appointed within such 8-day period, either Lessor or Lessee may apply pay to the American Arbitration Association Lender within thirty (30) days of written demand by the Lender, a principal curtailment on the Credit Facility in an amount equal to make such appointment, and both parties shall be bound by such appointment. The foregoing appraisal procedure shall in any event be completed no less than 125 days before the end of the Base Lease Term or the current Renewal Lease Term, as the case may be. If three Appraisers are appointed and the difference between the determination which is farther from the middle determination and the middle determination is more than 125% amount of the difference between Advance made by the middle determination Lender with respect to such Apartment Property and seventy-five percent (75%) of the third determination, then such farther determination shall be excluded, the remaining two determinations shall be averaged and such average shall be final and binding upon Lessor and Lessee. Otherwise, the average of all three determinations shall be final and binding upon Lessor and Lessee. The fees and expenses of all such Appraisers and such appraisal procedure shall be borne equally by Lessee and Lessor, PROVIDED that if Lessee elects not to renew this Lease or purchase the Aircraft following the conclusion actual appraised value of such appraisalApartment Property, Lessee shall pay all expenses of as determined by the Lender based upon such appraisal.

Appraisals. Whenever Fair Market Rental Value or Fair Market Sales Value of the Aircraft is required to be determined by an appraisal under this Section ss. 17, Lessee and Lessor shall appoint a mutually mutually-satisfactory Appraiser to tO conduct such appraisal. If Lessee and Lessor fail to agree upon a satisfactory Appraiser Appraiser, then each shall promptly appoint a separate Appraiser Appraiser, and such Appraisers shall jointly determine such amount. If either Lessee or Lessor fails to does not so appoint an Appraiser, the determination of the single Appraiser appointed shall be final. If two Appraisers are appointed and within 7 seven days after the appointment of the latter of such two Appraisers, they cando not agree upon such amount, such two Appraisers shall, within 8 eight days after such latter appointment, appoint a third Appraiser Appraiser, and such amount shall be determined by such three Appraisers, who shall make their separate appraisals within 7 seven days following the appointment of the third Appraiser, and any determination so made shall be conclusive and binding upon Lessor and Lessee. If no such third Appraiser is appointed within such 8eight-day period, either Lessor or Lessee may apply to the American Arbitration Association to make such appointment, and both parties shall be bound by such appointment. The foregoing appraisal procedure shall in any event be completed no less than 125 days before the end of the Base Lease Term or the current any Renewal Lease TermTerm (unless such procedure is undertaken in connection with ss. 15 or ss. 17.3.1(a), as the in which case may beit shall be completed promptlY). If three Appraisers are appointed and the difference between the determination which is farther further from the middle determination and the middle determination is more than 125% of the difference between the middle determination and the third determination, then such farther further determination shall be excluded, the remaining two determinations shall be averaged averaged, and such average shall be final and binding upon Lessor and Lessee. Otherwise, the average of all three determinations shall be final and binding upon Lessor and Lessee. The fees and expenses of all such Appraisers and such appraisal procedure shall be borne equally by Lessee and Lessor, PROVIDED that if Lessee elects not to renew this Lease or purchase the Aircraft following the conclusion of such appraisal, Lessee shall pay all expenses of such appraisal.

Appraisals. Whenever Fair Market Rental Value or Fair Market Sales Value of the Aircraft is required to be determined by an appraisal under the foregoing provisions of this Section 17, Lessee and Lessor shall shall, within seven days after the expiration of the 35-day period referred to in Section 17.3.2, appoint a mutually satisfactory Appraiser to conduct complete such appraisalappraisal within seven days of the appointment and the determination of such Appraiser shall be final and binding on Lessor and Lessee. If Lessee and Lessor fail to agree within such 7-day period upon a satisfactory Appraiser then each shall promptly within one day thereafter appoint a separate Appraiser and such Appraisers shall within seven days of such appointment jointly determine such amount, and such jointly determined amount shall be final and binding on Lessor and Lessee. If either Lessee or Lessor fails to so appoint an Appraiser, the determination of the single Appraiser appointed shall be finalfinal and binding on Lessor and Lessee. If two Appraisers are appointed and within 7 xxxxx days after the appointment of the latter of such two Appraisers, they cannot agree upon such amount, such two Appraisers shall, within 8 two days after such latter appointmentseventh day, appoint a third Appraiser and such amount shall be determined by such three Appraisers, who shall make their separate appraisals within 7 seven days following the appointment of the third Appraiser, and any determination so made shall be conclusive and binding upon Lessor and Lessee. If no such third Appraiser is appointed within such 8-day period, either Lessor or Lessee may apply to in accordance with the American Arbitration Association to make such appointment, and both parties shall be bound by such appointment. The foregoing appraisal procedure shall in any event be completed no less than 125 days before the end following provisions of the Base Lease Term or the current Renewal Lease Term, as the case may bethis Section 17. If three Appraisers are appointed and the difference between the determination which is farther from the middle determination and the middle determination is more than 125% of the difference between the middle determination and the third determination, then such farther determination shall be excluded, the remaining two determinations shall be averaged and such average shall be final and binding upon Lessor and Lessee. Otherwise, the average of all three determinations shall be final and binding upon Lessor and Lessee. If no such third Appraiser is appoixxxx within such 2-xxx period, either Lessor or Lessee may apply to the American Arbitration Association to make such appointment, and both parties shall cooperate in making, and be bound by, such appointment. The fees and expenses of all such Appraisers and such appraisal procedure shall be borne equally by Lessee and Lessor, PROVIDED that if Lessee elects not to renew this Lease or purchase the Aircraft following the conclusion of such appraisal, Lessee shall pay all expenses of such appraisalLessee.

Appraisals. Whenever Fair Market Rental Value or Fair Market Sales Value of the Aircraft is required to be determined by an appraisal under this Section 17, Lessee and Lessor shall appoint a mutually satisfactory Appraiser to conduct such appraisal. If Lessee and Lessor fail to agree upon a satisfactory Appraiser then each shall promptly appoint a separate Appraiser and such Appraisers shall jointly determine such amount. If either Lessee or Lessor fails to so appoint an Appraiser, the determination of the single LEASE AGREEMENT BASE PAGE 51 245 Appraiser appointed shall be final. If two Appraisers are appointed and within 7 days after the appointment of the latter of such two Appraisers, they cannot agree upon such amount, such two Appraisers shall, within 8 days after such latter appointment, appoint a third Appraiser and such amount shall be determined by such three Appraisers, who shall make their separate appraisals within 7 days following the appointment of the third Appraiser, and any determination so made shall be conclusive and binding upon Lessor and Lessee. If no such third Appraiser is appointed within such 8-day period, either Lessor or Lessee may apply to the American Arbitration Association to make such appointment, and both parties shall be bound by such appointment. The foregoing appraisal procedure shall in any event be completed no less than 125 days before the end of the Base Lease Term or the current Renewal Lease Term, as the case may be. If three Appraisers are appointed and the difference between the determination which is farther from the middle determination and the middle determination is more than 125% of the difference between the middle determination and the third determination, then such farther determination shall be excluded, the remaining two determinations shall be averaged and such average shall be final and binding upon Lessor and Lessee. Otherwise, the average of all three determinations shall be final and binding upon Lessor and Lessee. The fees and expenses of all such Appraisers and such appraisal procedure shall be borne equally by Lessee and Lessor, PROVIDED provided that if Lessee elects not to renew this Lease or purchase the Aircraft following the conclusion of such appraisal, Lessee shall pay all expenses of such appraisal.

Appraisals. Whenever Fair Market Rental Value or Fair Market Sales Value For the purpose of determining the appropriate reduction in the Rent payable hereunder in the event of a partial condemnation of the Aircraft Premises as set forth in subparagraph 16.1 of this Paragraph 16 and for the purpose of determining any value or amount which is required to be determined by appraisal pursuant to subparagraph 16.3 of this Paragraph 16, Sublessor and Sublessee shall use good faith efforts to reach an appraisal under this Section 17agreement as to such Rent reduction, Lessee or other value or amount. If Sublessor and Lessor Sublessee are unable to agree on such reduction, value or amount within thirty (30) days from the date of receipt by Sublessee of written notice of such condemnation, Sublessor and Sublessee shall each appoint a mutually satisfactory Appraiser one appraiser to conduct determine the applicable value(s) or amount(s), and each shall promptly notify the other of such appointment. If either party shall fail or refuse so to appoint an appraiser and give notice thereof within thirty (30) days after written request from the other party, the appraiser appointed by such other party shall within an additional thirty (30) days thereafter individually make any such appraisal. If Lessee and Lessor fail to agree upon a satisfactory Appraiser then the parties have each shall promptly appoint a separate Appraiser and such Appraisers shall jointly determine such amount. If either Lessee or Lessor fails to so appoint appointed an Appraiserappraiser, the determination of the single Appraiser two appraisers thus appointed shall be final. If two Appraisers are appointed and make such determination within 7 thirty (30) days after the appointment date of the latter later notice of appointment. If such two Appraisersappraisers are unable to agree on such determination within said thirty (30) days, they cannot agree upon such amount, such two Appraisers shall, within 8 an additional ten (10) days after such latter appointmentthereafter, jointly appoint a third Appraiser and appraiser; if they fail so to appoint such amount third appraiser within said ten (10) days, the third appraiser shall be determined appointed jointly by such three Sublessor and Sublessee (or upon their inability to agree, by the American Institute of Real Estate Appraisers, who or its successor). The three appraisers so appointed shall then promptly make their separate appraisals within 7 days following the appointment such determination by majority vote. Any determination made pursuant to this subparagraph 16.6 shall be binding and conclusive upon Sublessor and Sublessee, without any right of appeal. All appraisers appointed hereunder shall be competent, qualified by training and experience, disinterested, independent, and members in good standing of the third AppraiserAmerican Institute of Real Estate Appraisers, and any determination so made or its successor. All appraisal reports shall be conclusive rendered in writing and binding upon Lessor and Lesseesigned by the appraiser or appraisers making the report. If no such third Appraiser is appointed within such 8-day period, either Lessor or Lessee may apply to the American Arbitration Association to make such appointment, and both parties Each party shall be bound by such appointment. The foregoing appraisal procedure shall in any event be completed no less than 125 days before the end of the Base Lease Term or the current Renewal Lease Term, as the case may be. If three Appraisers are appointed and the difference between the determination which is farther from the middle determination and the middle determination is more than 125% of the difference between the middle determination and the third determination, then such farther determination shall be excluded, the remaining two determinations shall be averaged and such average shall be final and binding upon Lessor and Lessee. Otherwise, the average of pay all three determinations shall be final and binding upon Lessor and Lessee. The fees and expenses of all charged or incurred by the appraiser appointed by such Appraisers party; fees and such appraisal procedure expenses charged or incurred by the third appraiser and fees and expenses which cannot be reasonably attributed to any one appraiser shall be borne equally by Lessee Sublessor and Lessor, PROVIDED that if Lessee elects not to renew this Lease or purchase the Aircraft following the conclusion of such appraisal, Lessee shall pay all expenses of such appraisalSublessee.

Appraisals. Whenever Fair Market Rental Value or Fair Market Sales Value of the Aircraft is required to be determined by an appraisal under the foregoing provisions of this Section 17, Lessee and Lessor shall shall, within seven days after the expiration of the 35-day period referred to in Sections 17.2.2(b), 17.2.3(c) and 17.3.2, appoint a mutually satisfactory Appraiser to conduct complete such appraisalappraisal within seven days of the appointment and the determination of such Appraiser shall be final and binding on Lessor and Lessee. If Lessee and Lessor fail to agree within such 7-day period upon a satisfactory Appraiser then each shall promptly within one day thereafter appoint a separate Appraiser and such Appraisers shall within seven days of such appointment jointly determine such amountamount and such jointly determined amount shall be final and binding on Lessor and Lessee. If either Lessee or Lessor fails to so appoint an Appraiser, the determination of the single Appraiser appointed shall be finalfinal and binding on Lessor and Lessee. If two Appraisers are appointed and within 7 seven days after the appointment of the latter of such two Appraisers, they cannot agree upon such amount, such two Appraisers shall, within 8 two days after such latter appointmentseventh day, appoint a third Appraiser and such amount shall be determined by such three Appraisers, who shall make their separate appraisals within 7 seven days following the appointment of the third Appraiser, and any determination so made shall be conclusive and binding upon Lessor and Lessee. If no such third Appraiser is appointed within such 8-day period, either Lessor or Lessee may apply to in accordance with the American Arbitration Association to make such appointment, and both parties shall be bound by such appointment. The foregoing appraisal procedure shall in any event be completed no less than 125 days before the end following provisions of the Base Lease Term or the current Renewal Lease Term, as the case may bethis Section 17. If three Appraisers are appointed and the difference between the determination which is farther from the middle determination and the middle determination is more than 125% of the difference between the middle determination and the third determination, then such farther determination shall be excluded, the remaining two determinations shall be averaged and such average shall be final and binding upon Lessor and Lessee. Otherwise, the average of all three determinations shall be final and binding upon Lessor and Lessee. If no such third Appraiser is appointed within such 2-day period, either Lessor or Lessee may apply to the American Arbitration Association to make such appointment, and both parties shall cooperate in making, and be bound by, such appointment. The fees and expenses of all such Appraisers and such appraisal procedure shall be borne equally by Lessee and Lessor; provided, PROVIDED that if Lessee elects not to renew this Lease or purchase the Aircraft following the conclusion of such appraisal, Lessee shall pay all such fees and expenses of such appraisal.

Appraisals. Whenever Fair Market Rental Value or Fair Market Sales Value Prior to exercising the Option, Optionee shall obtain a professional appraisal of that portion of the Aircraft is required Subject Property for which Optionee intends to exercise the Option. All appraisals shall be determined prepared by an appraisal under this Section 17independent MAI certified appraiser selected by Optionee and approved by Optionor, Lessee and Lessor which approval shall appoint a not be unreasonably withheld. The parties shall mutually satisfactory Appraiser to conduct such appraisal. If Lessee and Lessor fail to agree upon the factual assumptions, property use assumptions, approach, and method used by the appraiser. The parties acknowledge that the Subject Property is subject to a satisfactory Appraiser then each shall promptly appoint a separate Appraiser and such Appraisers shall jointly determine such amount. If either Lessee or Lessor fails to so appoint an Appraiser, the determination vested application for master plan approval of the single Appraiser appointed establishment of 765 residential dwelling units, that a portion of the Subject Property is subject to vested applications for preliminary plat and planned unit development approvals, and that the fair market value of the Subject Property is enhanced by these applications. All appraisals shall include the additional value conferred upon the Subject Property by these applications unless Optionor either relinquishes or withdraws the applications in writing or expressly waives such enhanced value in writing. All appraisals shall be finalpaid for by Optionee. If two Appraisers are appointed All appraisals shall be complete appraisals in accordance with the Appraisal Institute in their Uniform Standards of Professional Appraisal Practice and within 7 days after the appointment shall establish a fair market value of either Xxxxx 0, Xxxxx 2, or Phase 3, including any and all improvements, fixtures, timber, water and minerals located thereon and any and all rights appurtenant thereto including but not limited to timber rights, water rights, access rights, and mineral rights appurtenant thereto. All appraisals shall be subject to review in a review appraisal, which shall be a desk review of the latter prior appraisal in accordance with Uniform Standards of such two AppraisersProfessional Appraisal Practice. The initial appraisal of Phase 1, they cannot agree upon such amounttogether with the review appraisal thereof, such two Appraisers shallis referred to herein as the “Phase 1 Appraisal.” The appraisal of Phase 2, within 8 days after such latter appointmenttogether with the review appraisal thereof, appoint a third Appraiser and such amount is referred to herein as the “Phase 2 Appraisal.” The appraisal of Phase 3, together with the review appraisal thereof, is referred to herein as the “Phase 3 Appraisal.” Optionee shall be determined by such three Appraiserscause the Xxxxx 0 Xxxxxxxxx, who shall make their separate appraisals within 7 days following the appointment of the third AppraiserXxxxx 0 Appraisal, and any determination so made shall be conclusive and binding upon Lessor and Lessee. If no such third Appraiser is appointed within such 8-day period, either Lessor or Lessee may apply Phase 3 Appraisal to the American Arbitration Association to make such appointment, and both parties shall be bound by such appointment. The foregoing appraisal procedure shall in any event be completed no less than 125 days before the end of the Base Lease Term or the current Renewal Lease Term, as the case may be. If three Appraisers are appointed and the difference between the determination which is farther from the middle determination and the middle determination is more than 125% ninety (90) days prior to the date of closing on the difference between the middle determination and the third determination, then such farther determination shall be excluded, the remaining two determinations shall be averaged and such average shall be final and binding upon Lessor and Lessee. Otherwise, the average of all three determinations shall be final and binding upon Lessor and Lessee. The fees and expenses of all such Appraisers and such appraisal procedure shall be borne equally by Lessee and Lessor, PROVIDED that if Lessee elects not phase to renew this Lease or purchase the Aircraft following the conclusion of such appraisal, Lessee shall pay all expenses of such appraisalwhich they relate.

Appraisals. Whenever Except as otherwise provided in the applicable resolution for the Fair Market Rental Value Adjustment of Rent, this Section governs the process for all appraisals required or Fair Market Sales Value permitted in this Agreement. Any time an appraisal is required or permitted by this Agreement, Lessor and Lessee shall each select an independent appraiser with qualifications of MAI to appraise Tidelands properties. Each party shall pay the costs of their selected appraiser. If the two (2) appraisals return with a fair market value that is within five percent (5%) of each other the two (2) appraisal fair market values shall be averaged to produce the fair market value of the Aircraft affected Premises. For clarity, if one (1) appraiser concludes thirteen percent (13%) and one (1) appraiser concludes fifteen percent (15%) the difference in their conclusions is required to thirteen and 333/1,000ths percent (13.333%) and therefore a third appraisal would be determined by an appraisal under this Section 17, Lessee and Lessor shall appoint a mutually satisfactory Appraiser to conduct such appraisalneeded. If Lessee and Lessor the two (2) appraisers should fail to agree upon a satisfactory Appraiser then each shall promptly appoint a separate Appraiser and such Appraisers shall jointly determine such amount. If either Lessee or Lessor fails to so appoint an Appraiseron the fair market value, the determination of the single Appraiser appointed shall be final. If two Appraisers are appointed and within 7 days after the appointment of the latter of such two Appraisers, they cannot agree upon such amount, such two Appraisers shall, within 8 days after such latter appointment, appoint a third Appraiser and such amount shall be determined by such three Appraisers, who shall make their separate appraisals within 7 days following the appointment of the third Appraiser, and any determination so made shall be conclusive and binding upon Lessor and Lessee. If no such third Appraiser is appointed within such 8-day period, either Lessor or Lessee may apply to the American Arbitration Association to make such appointment, and both parties shall be bound by such appointment. The foregoing appraisal procedure shall in any event be completed no less than 125 days before the end of the Base Lease Term or the current Renewal Lease Term, as the case may be. If three Appraisers are appointed and the difference between the two appraisals exceeds five percent (5%), then the two (2) appraisers thus appointed shall mutually appoint a third MAI designated appraiser, and in case of their failure to agree on a third appraiser within thirty (30) calendar days after their individual determination which is farther from of the middle determination fair market value, either party may apply to the Presiding Judge of the Superior Court for Orange County, requesting said Judge to appoint the third MAI designated appraiser. The costs of the third appraiser, if any, shall be split equally between the Lessor and the middle determination is more than 125% Lessee. The third appraiser so appointed shall meet and confer with the two (2) other appraisers and then conduct its own analysis to determine the fair market value of the difference between the middle determination affected Premises within sixty (60) calendar days of their appointment and the third determination, then such farther determination shall be excluded, the remaining two determinations shall be averaged and such average shall be final and binding upon Lessor and Lessee. Otherwise, the average of all three determinations the fair market value per square foot as set forth in the appraisals of the two (2) closest appraisers shall be final used as the fair market value. All MAI appraisers appointed or selected pursuant to this subsection shall have at least ten (10) years experience appraising Tidelands in the Southern California area and binding upon Lessor and Lessee. The fees and expenses of all such Appraisers and such appraisal procedure shall be borne equally by Lessee and Lessorfree of conflicts (i.e., PROVIDED that if Lessee elects not to renew this Lease no appraisers shall rent a boat slip or purchase the Aircraft following the conclusion of such appraisaloffice space from Lessor or lessees, Lessee shall pay all expenses of such appraisaletc.).

Appraisals. Whenever Fair Market Rental Value or Fair Market Sales Value of the Aircraft is required to be determined by an appraisal under this Section 17, Lessee and Lessor shall appoint a mutually satisfactory Appraiser to conduct such appraisal. If Lessee and Lessor fail to agree upon a satisfactory Appraiser then each shall promptly appoint a separate Appraiser and such Appraisers shall jointly determine such amount. If either Lessee or Lessor fails to so appoint an Appraiser, the determination of the single Appraiser appointed shall be final. If two Appraisers are appointed and within 7 days after the appointment of the latter of such two Appraisers, they cannot agree upon such amount, such two Appraisers shall, within 8 days after such latter appointment, appoint a third Appraiser and such amount shall be determined by such three Appraisers, who shall make their separate appraisals within 7 days following the appointment of the third Appraiser, and any determination so made shall be conclusive and binding upon Lessor and Lessee. If no such third Appraiser is appointed within such 8-day period, either Lessor or Lessee may apply to the American Arbitration Association to make such appointment, and both parties shall be bound by such appointment. The foregoing appraisal procedure shall in any event be completed no less than 125 190 days before the end of the Base Lease Term or the current Renewal Lease Term, as the case may be. If three Appraisers are appointed and the difference between the determination which is farther from the middle determination and the middle determination is more than 125% of the difference between the middle determination and the third determination, then such farther determination shall be excluded, the remaining two determinations shall be averaged and such average shall be final and binding upon Lessor and Lessee. Otherwise, the average of all three determinations shall be final and binding upon Lessor and Lessee. The fees and expenses of all such Appraisers and such appraisal procedure shall be borne equally by Lessee and Lessor, PROVIDED provided that if Lessee elects not to renew this Lease or purchase the Aircraft following the conclusion of such appraisal, Lessee shall pay all expenses of such appraisal.. Table of Contents

Appraisals. Whenever Fair Market Rental Value or Fair Market Sales Value Mortgagor covenants and agrees that Mortgagee may obtain an appraisal of the Aircraft Mortgaged Property when required by the regulations of the Federal Reserve Board of the Office of the Comptroller of the Currency or at such other times as the Mortgagee may reasonably require, but no more than once per year, if Mortgagee has reasonable belief that the value of the Mortgaged Property may have declined, or if the loan is required to in default. Such appraisals shall be determined performed by an independent third party appraiser selected by the Mortgagee and Mortgagor shall provide Lender, at Mortgagor's sole cost and expense, the current appraisal under this Section 17of the Mortgaged Property within seventy-five (75) days of Mortgagee's written request for the same. The cost of such appraisal shall be borne by the Mortgagor. If requested by Mortgagee, Lessee and Lessor the Mortgagor shall appoint a mutually satisfactory Appraiser execute an engagement letter addressed to conduct the appraiser selected by the Mortgagee. Mortgagor's failure or refusal to sign such an engagement letter however shall not impair Mortgagee's right to obtain such an appraisal. Mortgagor agrees to pay the cost of such appraisal within ten (10) days after receiving an invoice for such appraisal. If Lessee and Lessor fail Mortgagor's failure to agree upon a satisfactory Appraiser then each shall promptly appoint a separate Appraiser and such Appraisers shall jointly determine such amount. If either Lessee or Lessor fails to so appoint an Appraiser, comply with the determination of the single Appraiser appointed terms herein shall be final. If two Appraisers are appointed and within 7 days after the appointment deemed an Event of the latter of such two Appraisers, they cannot agree upon such amount, such two Appraisers shall, within 8 days after such latter appointment, appoint a third Appraiser and such amount shall be determined by such three Appraisers, who shall make their separate appraisals within 7 days following the appointment of the third Appraiser, and any determination so made shall be conclusive and binding upon Lessor and Lessee. If no such third Appraiser is appointed within such 8-day period, either Lessor or Lessee may apply to the American Arbitration Association to make such appointment, and both parties shall be bound by such appointment. The foregoing appraisal procedure shall in any event be completed no less than 125 days before the end of the Base Lease Term or the current Renewal Lease Term, as the case may be. If three Appraisers are appointed and the difference between the determination which is farther from the middle determination and the middle determination is more than 125% of the difference between the middle determination and the third determination, then such farther determination shall be excluded, the remaining two determinations shall be averaged and such average shall be final and binding upon Lessor and Lessee. Otherwise, the average of all three determinations shall be final and binding upon Lessor and Lessee. The fees and expenses of all such Appraisers and such appraisal procedure shall be borne equally by Lessee and Lessor, PROVIDED that if Lessee elects not to renew this Lease or purchase the Aircraft following the conclusion of such appraisal, Lessee shall pay all expenses of such appraisalDefault hereunder.

Appraisals. Whenever Fair Market Rental Value or Fair Market Sales Value Any valuations of the Aircraft Property which the Venturers have agreed is required to be determined by an appraisal under this Section 17appraisals shall be determined in Boston, Lessee and Lessor Massachusetts as follows: The initiating Venturer shall appoint designate by notice to the other Venturer a mutually satisfactory disinterested member of the American Institute of Real Estate Appraisers ("MAI Appraiser") to serve on the Appraisal Panel (as defined below). Upon receipt of such notice from the initiating Venturer, the other Venturer shall have fourteen (14) days in which to designate its own disinterested MAI Appraiser to conduct serve on the Appraisal Panel by serving notice of such appraisaldesignation to the other Venturer. In the event that any Venturer shall fail to designate an MAI Appraiser within such fourteen-day period, only those MAI Appraiser(s) who have been properly selected by the Venturers shall serve on the Appraisal Panel. The MAI Appraisers so designated by the Venturers in accordance with the foregoing shall then have ten (10) days in which to designate a final MAI Appraiser (the "Final Appraiser"). If Lessee and Lessor fail the MAI Appraisers designated by the Venturers are unable to unanimously agree upon a satisfactory Appraiser then each shall promptly appoint a separate Appraiser and on such Appraisers shall jointly determine such amount. If either Lessee or Lessor fails to so appoint an Final Appraiser, any Venturer may request the determination Suffolk Superior Court Judge in Suffolk County to appoint such Final Appraiser, and the MAI Appraisers designated by the Venturers and the Final Appraiser (the "Appraisal Panel") shall each appraise the Property taking into account appropriate indicators of the single Appraiser appointed shall be finalvalue of such Property. If two Appraisers are appointed and within 7 Within 30 days after the appointment of the latter of Final Appraiser, each MAI Appraiser designated by a Venturer shall submit his findings in writing to the Final Appraiser. Any such two Appraisers, they canfindings which are not agree upon such amount, such two Appraisers shall, within 8 days after such latter appointment, appoint a third timely submitted to the Final Appraiser and such amount shall be determined by such three Appraisers, who shall make their separate appraisals within 7 days following disregarded for purposes of calculating the appointment fair market value of the third Appraiser, and any determination so made shall be conclusive and binding upon Lessor and Lessee. If no such third Appraiser is appointed within such 8-day period, either Lessor or Lessee may apply to the American Arbitration Association to make such appointment, and both parties shall be bound by such appointmentProperty. The foregoing appraisal procedure Final Appraiser shall in any event be completed no less than 125 days before then submit his findings along with the end findings of all of the Base Lease Term or the current Renewal Lease Term, as the case may be. If three other MAI Appraisers are appointed which have been timely submitted to each Venturer and the difference between the determination which is farther from the middle determination and the middle determination is more than 125% of the difference between the middle determination and the third determination, then such farther determination shall be excluded, the remaining two determinations shall be averaged and such average shall be final and binding upon Lessor and Lessee. Otherwise, the average of all three determinations the appraisal value of the Final Appraiser and the appraisal value closest thereto shall be final and binding upon Lessor and Lesseedeemed the fair market value of the Property. The Each Venturer shall pay the fees and expenses of all the MAI Appraiser appointed by it, or in whose stead, as above provided, such Appraisers appraiser was appointed, and such appraisal procedure the fees and expenses of the Final Appraiser, if any, shall be borne equally by Lessee and Lessorthe Venturers; provided, PROVIDED however, that if Lessee elects not the foregoing appraisal procedure is used to renew determine the value of the Property pursuant to Section 6.02(d), all such fees and expenses shall be borne by the Company. To be qualified to be selected or designated as an MAI Appraiser for purposes of this Lease or purchase Paragraph, such MAI Appraiser must demonstrate (1) current good standing in the Aircraft following American Institute of Real Estate Appraisers as evidenced by a certificate from such institute, and (2) past appraising experience in the conclusion Metropolitan Boston market of such appraisal, Lessee shall pay all expenses of such appraisalat least seven (7) years for comparable commercial properties.

Appraisals. Whenever Fair Market Rental Value or Fair Market Sales Value of the Aircraft is required to be determined by an appraisal under this Section 17, Lessee and Lessor shall within 7 days after the expiration of the 35-day period referred to in Sections 17.2.2(b), 17.2.3.(c) and 17.3.2 appoint a mutually satisfactory Appraiser to conduct such appraisal. If Lessee and Lessor fail to agree upon a satisfactory Appraiser then each shall promptly appoint a separate Appraiser and such Appraisers shall jointly determine such amount. If either Lessee or Lessor fails to so appoint an Appraiser, the determination of the single Appraiser appointed shall be final. If two Appraisers are appointed and within 7 days after the appointment of the latter of such two Appraisers, they cannot agree upon such amount, such two Appraisers shall, within 8 days after such latter appointment, appoint a third Appraiser and such amount shall be determined by such three Appraisers, who shall make their separate appraisals within 7 days following the appointment of the third Appraiser, and any determination so made shall be conclusive and binding upon Lessor and Lessee. If no such third Appraiser is appointed within such 8-day period, either Lessor or Lessee may apply to the American Arbitration Association to make such appointment, and both parties shall be bound by such appointment. The foregoing appraisal procedure shall in any event be completed no less than 125 days before the end of the Base Lease Term or the current Renewal Lease Term, as the case may be. If three Appraisers are appointed and the difference between the determination which is farther from the middle determination and the middle determination is more than 125% of the difference between the middle determination and the third determination, then such farther determination shall be excluded, the remaining two determinations shall be averaged and such average shall be final and binding upon Lessor and Lessee. Otherwise, the average of all three determinations shall be final and binding upon Lessor and Lessee. The fees and expenses of all such Appraisers and such appraisal procedure shall be borne equally by Lessee and Lessor, PROVIDED provided that if Lessee elects not to renew this Lease or purchase the Aircraft following the conclusion of such appraisal, Lessee shall pay all expenses of such appraisal. The foregoing appraisal procedure shall in any event be completed no less than 97 days prior to the Scheduled Expiration Date or Renewal Term Expiration Date, or, if a Renewal Lease Term of six months or less is then in effect, no less than 35 days before the end of such Renewal Lease Term. It is understood that if such appraisal process shall not have been completed by such time due to any delays or lateness caused by Lessor with respect to the time constraints set forth in this Section 17, then the notice requirements for the delivery by Lessee of any Renewal Notice under Section 17.2.1(a) or any Purchase Notice under Section 17.3.1(b) shall each be reduced from their present number by the same number of days as the completion of the appraisal procedure shall have been delayed in each case past such 97-day time limit.

Appraisals. Whenever Fair Market Rental Value or Fair Market Sales Value Lender shall have the right during the term of the Aircraft Loan to commission new Appraisals or updates to existing Appraisals for one or more Real Property Assets. Prior to the first Advance after the Syndication, Borrower shall have delivered satisfactory Appraisals for all of the Real Property Assets (the cost of which, with respect to the Initial Assets only, shall be subject to the Expense Cap). Borrower shall only be obligated to pay for Appraisals or updated Appraisals or Lender's internal valuations or updates thereof in connection with (i) an increase in the Available Facility Amount (other than as a result of the Syndication, provided that such increase is based on the Initial Assets), (ii) the addition of a 95 -88- Substitute Property or New Property, (iii) a Default or an Event of Default, (iv) the first update of any Appraisal and (v) any Appraisal delivered pursuant to Section 2.26. All other Appraisals, updates of Appraisals, internal valuations or updates thereof shall be performed at Lender's sole cost and expense. Borrower shall reasonably cooperate with the appraisers performing the Appraisals of the Real Property Assets and, with respect to those Appraisals requested by Lender, any Co- Lender or any Participant, shall deliver copies of such Appraisals to Lender promptly after receipt but in no event later than five days after written notice from Lender (provided Borrower has theretofore received such Appraisal). In Lender's sole discretion, Lender may elect to update and review its own internal valuation, or prepare its own internal valuation in lieu of one or more of the Appraisals which may be required to be determined by an appraisal under this Section 175.25. Borrower shall pay, Lessee and Lessor shall appoint a mutually satisfactory Appraiser to conduct such appraisal. If Lessee and Lessor fail the extent required pursuant to agree upon a satisfactory Appraiser then each shall promptly appoint a separate Appraiser and such Appraisers shall jointly determine such amount. If either Lessee or Lessor fails to so appoint an Appraiser, the determination provisions of the single Appraiser appointed shall be final. If two Appraisers are appointed and within 7 days after the appointment of the latter of such two Appraisers, they cannot agree upon such amount, such two Appraisers shallthis Section 5.25, within 8 days after five (5) Business Days of Lender's request therefor, Lender's out-of-pocket costs and expenses for each such latter appointment, appoint a third Appraiser internal valuation or review or update thereof and such amount each Appraisal or update thereof for each Real Property Asset. Borrower shall be determined by such three Appraisers, who shall make their separate appraisals within 7 days following reimburse Lender for its out-of-pocket costs and expenses in accordance with the appointment of preceding sentence in connection with the third Appraiser, and any determination so made shall be conclusive and binding upon Lessor and Lessee. If internal valuations done pursuant to Section 3.1(n) no such third Appraiser is appointed within such 8-day period, either Lessor or Lessee may apply later than the Closing Date (subject to the American Arbitration Association to make such appointmentExpense Cap). Notwithstanding the foregoing, and both parties shall be bound by such appointment. The foregoing appraisal procedure shall in any event be completed no less than 125 days before the end of the Base Lease Term or the current Renewal Lease Termhowever, as the case may be. If three Appraisers are appointed if an internal valuation has been prepared and the difference between the determination which Loan to Value Ratio is farther from the middle determination in dispute, Borrower shall deliver to Lender Appraisals, at Borrower's sole cost and the middle determination is more than 125% expense, of the difference between the middle determination and the third determination, then such farther determination shall be excluded, the remaining two determinations shall be averaged and such average shall be final and binding upon Lessor and Lessee. Otherwise, the average of all three determinations shall be final and binding upon Lessor and Lessee. The fees and expenses of all such Appraisers and such appraisal procedure shall be borne equally by Lessee and Lessor, PROVIDED that if Lessee elects not to renew this Lease or purchase the Aircraft following the conclusion of such appraisal, Lessee shall pay all expenses of such appraisaleach Real Property Asset.

Appraisals. Whenever Fair Market Rental Value or Fair Market Sales Value Upon delivery of the Aircraft is required Continuation Notice, Lxxx and Bank shall each select a qualified real estate appraiser with not less than ten (10) years experience appraising commercial real estate in King County, Washington to determine the fair market value of the Bank Property, which valuation shall not take into consideration (i) the Lxxx Purchase Option or (ii) the height restriction applicable to the Bank Property pursuant to Section 2.4 of this Declaration, but shall take into consideration the prohibited uses set forth in Section 3.2 of this Declaration. Both appraisals shall be determined by an appraisal under this Section 17, Lessee completed and Lessor shall appoint a mutually satisfactory Appraiser delivered to conduct such appraisalboth Lxxx and Bank within thirty (30) days after delivery of the Continuation Notice. If Lessee and Lessor fail to agree upon a satisfactory Appraiser then each shall promptly appoint a separate Appraiser and such Appraisers shall jointly determine such amount. If either Lessee or Lessor one party fails to so appoint an Appraiserits appraiser within the time period set forth herein, then the determination of the single Appraiser appointed shall be final. If two Appraisers are appointed and within 7 days after the appointment of the latter of such two Appraisers, they cannot agree upon such amount, such two Appraisers shall, within 8 days after such latter appointment, appoint a third Appraiser and such amount Sale Price shall be determined by such three Appraisersthe appraiser appointed by the other party If the appraised fair market values differ by ten percent or less, they shall be added together and the average of the two appraised fair market values shall be deemed the “Sale Price” hereunder. If the appraised fair market values differ by more than ten percent (10%) then the two appraisers within twenty (20) days thereafter shall select a third appraiser who shall make their separate appraisals within 7 days following also determine the appointment appraised fair market value of the third AppraiserBank Property (without considering the Lxxx Purchase Option), and any determination so made shall be conclusive and binding upon Lessor and Lessee. If no with such third Appraiser is appointed appraiser’s appraisal to be completed and delivered to both Lxxx and Bank within thirty (30) days after such 8-day periodappraiser’s selection If the two appraisers are unable to agree upon the third appraiser within twenty (20) days, then either Lessor or Lessee party may apply to the American Arbitration Association presiding judge of the King County Superior Court to make such appointment, appoint the third appraiser. The two appraised fair market values which are closest shall then be added together and the average of the two closest appraised fair market values shall be deemed the “Sale Price” hereunder. Each party shall pay for its own appraisal and both parties shall be bound by such appointment. The foregoing appraisal procedure shall in any event be completed no less than 125 days before split equally the end cost of the Base Lease Term or the current Renewal Lease Termthird appraiser, as the case may be. If three Appraisers are appointed and the difference between the determination which is farther from the middle determination and the middle determination is more than 125% of the difference between the middle determination and the third determination, then such farther determination shall be excluded, the remaining two determinations shall be averaged and such average shall be final and binding upon Lessor and Lessee. Otherwise, the average of all three determinations shall be final and binding upon Lessor and Lessee. The fees and expenses of all such Appraisers and such appraisal procedure shall be borne equally by Lessee and Lessor, PROVIDED that if Lessee elects not to renew this Lease or purchase the Aircraft following the conclusion of such appraisal, Lessee shall pay all expenses of such appraisalnecessary.

Appraisals. Whenever Fair Market Rental Value or Fair Market Sales Value of the Aircraft is required to be determined by an appraisal under this Section (S) 17, Lessee and Lessor shall appoint a mutually mutually-satisfactory Appraiser to conduct such appraisal. If Lessee and Lessor fail to agree upon a satisfactory Appraiser Appraiser, then each shall promptly appoint a separate Appraiser Appraiser, and such Appraisers shall jointly determine such amount. If either Lessee or Lessor fails to does not so appoint an Appraiser, the determination of the single Appraiser appointed shall be final. If two Appraisers are appointed and within 7 seven days after the appointment of the latter of such two Appraisers, they cando not agree upon such amount, such two Appraisers shall, within 8 eight days after such latter appointment, appoint a third Appraiser Appraiser, and such amount shall be determined by such three Appraisers, who shall make their separate appraisals within 7 seven days following the appointment of the third Appraiser, and any determination so made shall be conclusive and binding upon Lessor and Lessee. If no such third Appraiser is appointed within such 8eight-day period, either Lessor or Lessee may apply to the American Arbitration Association to make such appointment, and both parties shall be bound by such appointment. The foregoing appraisal procedure shall in any event be completed no less than 125 days before the end of the Base Lease Term or the current Renewal Lease Term, as the case may beapplicable. If three Appraisers are appointed and the difference between the determination which is farther further from the middle determination and the middle determination is more than 125% of the difference between the middle determination and the third determination, then such farther further determination shall be excluded, the remaining two determinations shall be averaged averaged, and such average shall be final and binding upon Lessor and Lessee. Otherwise, the average of all three determinations shall be final and binding upon Lessor and Lessee. The fees and expenses of all such Appraisers and such appraisal procedure shall be borne equally by Lessee and Lessor, PROVIDED that if Lessee elects not to renew this Lease or purchase the Aircraft following the conclusion of such appraisal, Lessee shall pay all expenses of such appraisal.

Appraisals. Whenever Fair Market Rental Value Administrative Agent shall have the right from time to time to obtain a new or Fair Market Sales Value updated Appraisal of all the Borrowing Base Properties. However, in the event that Agent reasonably believes that there has been a material diminution of the Aircraft is required value of, or other material adverse change in the business, condition (financial or otherwise), results of operations or prospects of a Borrowing Base Property, Administrative Agent shall have the right to be determined by an appraisal under this Section 17, Lessee and Lessor shall appoint obtain a mutually satisfactory Appraiser new or updated Appraisal of the individual Borrowing Base Property without having to conduct such appraisalobtain Appraisals of all the Borrowing Base Properties. If Lessee and Lessor fail to agree Administrative Agent has not obtained a new or updated Appraisal within the previous twelve (12) calendar months, then, upon a satisfactory Appraiser then each shall promptly appoint a separate Appraiser and such Appraisers shall jointly determine such amount. If either Lessee or Lessor fails to so appoint an Appraiser, the determination direction of the single Appraiser appointed Required Lenders, Administrative Agent shall obtain a new or updated Appraisal of all the Borrowing Base Properties. The reasonable actual out-of-pocket costs and expenses incurred by the Administrative Agent in obtaining such Appraisals shall be finalpaid by the Borrower forthwith upon billing or request by the Agent for reimbursement therefor. If two Appraisers are appointed Borrower and within 7 days after Subsidiary Guarantors shall cooperate with Administrative Agent in this regard. Notwithstanding anything herein to the appointment contrary, all Appraisals of the latter of such two Appraisers, they cannot agree upon such amount, such two Appraisers shall, within 8 days after such latter appointment, appoint a third Appraiser and such amount Borrowing Base Properties shall be determined by such three Appraisers, who shall make their separate appraisals within 7 days following at the appointment of the third Appraiser, and any determination so made shall be conclusive and binding upon Lessor and Lessee. If no such third Appraiser is appointed within such 8-day period, either Lessor or Lessee may apply to the American Arbitration Association to make such appointment, and both parties shall be bound by such appointment. The foregoing appraisal procedure shall in any event be completed no less than 125 days before the end of the Base Lease Term or the current Renewal Lease Term, as the case may be. If three Appraisers are appointed and the difference between the determination which is farther from the middle determination and the middle determination is more than 125% of the difference between the middle determination and the third determination, then such farther determination shall be excluded, the remaining two determinations shall be averaged and such average shall be final and binding upon Lessor and Lessee. Otherwise, the average of all three determinations shall be final and binding upon Lessor and Lessee. The fees sole cost and expenses of all such Appraisers and such appraisal procedure shall be borne equally by Lessee and LessorBorrower, PROVIDED that if Lessee elects not provided, however, so long as no Default exists or the Appraisal is obtained to renew this Lease comply with any applicable law or purchase the Aircraft following the conclusion of such appraisalregulatory requirement, Lessee or bank policy promulgated in connection therewith, Borrower shall pay for any such Appraisal upon Administrative Agent’s request. Borrower shall only be required to pay for one Appraisal of each Borrowing Base Property in any twelve (12) month period unless it elects on its own to request that Agent order updated Appraisals. Borrower shall have the right, at its sole cost and expense, to request that Agent obtain a new or updated Appraisal of all expenses the Borrowing Base Properties; provided that the Agent and the Required Lenders shall retain their independent right to obtain Appraisals as provided above notwithstanding any Appraisals obtained at the request of such appraisalBorrower.

Appraisals. Whenever Fair Market Rental Value or Fair Market Sales Value of the Aircraft is required to be determined by an appraisal under this Section 17, Lessee and Lessor shall appoint a mutually satisfactory Appraiser to conduct such appraisal. If Lessee and Lessor fail to agree upon a satisfactory Appraiser then each shall promptly appoint a separate Appraiser and such Appraisers shall jointly determine such amount. If either Lessee or Lessor fails to so appoint an Appraiser, the determination of the single Appraiser appointed shall be final. If two Appraisers are appointed and within 7 days after the appointment of the latter of such two Appraisers, they cannot agree upon such amount, such two Appraisers shall, within 8 days after such latter appointment, appoint a third Appraiser and such amount shall be determined by such three Appraisers, who shall make their separate appraisals within 7 days following the appointment of the third Appraiser, and any determination so made shall be conclusive and binding upon Lessor and Lessee. If no such third Appraiser is appointed within such 8-day period, either Lessor or Lessee may apply to the American Arbitration Association to make such appointment, and both parties shall be bound by such appointment. The foregoing appraisal procedure shall in any event be completed no less than 125 190 days before the end of the Base Lease Term or the current Renewal Lease Term, as the case may be. If three Appraisers are appointed and the difference between the determination which is farther from the middle determination and the middle determination is more than 125% of the difference between the middle determination and the third determination, then such farther determination shall be excluded, the remaining two determinations shall be averaged and such average shall be final and binding upon Lessor and Lessee. Otherwise, the average of all three determinations shall be final and binding upon Lessor and Lessee. The fees and expenses of all such Appraisers and such appraisal procedure shall be borne equally by Lessee and Lessor, PROVIDED that if Lessee elects not to renew this Lease or purchase the Aircraft following the conclusion of such appraisal, Lessee shall pay all expenses of such appraisal.

Appraisals. Whenever Fair Market Rental Value or Fair Market Sales Value Any valuations of the Aircraft Property which the Venturers have agreed is required to be determined by an appraisal under this Section 17appraisals shall be determined in Boston, Lessee and Lessor Massachusetts as follows: The initiating Venturer shall appoint designate by notice to the other Venturer a mutually satisfactory disinterested member of the American Institute of Real Estate Appraisers ("MAI Appraiser") to serve on the Appraisal Panel (as defined below). Upon receipt of such notice from the initiating Venturer, the other Venturer shall have fourteen (14) days in which to designate its own disinterested MAI Appraiser to conduct serve on the Appraisal Panel by serving notice of such appraisaldesignation to the other Venturer. In the event that any Venturer shall fail to designate an MAI Appraiser within such fourteen-day period, only those MAI Appraiser(s) who have been properly selected by the Venturers shall serve on the Appraisal Panel. The MAI Appraisers so designated by the Venturers in accordance with the foregoing shall then have ten (10) days in which to designate a final MAI Appraiser (the "Final Appraiser"). If Lessee and Lessor fail the MAI Appraisers designated by the Venturers are unable to unanimously agree upon a satisfactory Appraiser then each shall promptly appoint a separate Appraiser and on such Appraisers shall jointly determine such amount. If either Lessee or Lessor fails to so appoint an Final Appraiser, any Venturer may request the determination Suffolk Superior Court Judge in Suffolk County to appoint such Final Appraiser, and the MAI Appraisers designated by the Venturers and the Final Appraiser (the "Appraisal Panel") shall each appraise the Property taking into account appropriate indicators of the single Appraiser appointed shall be finalvalue of such Property. If two Appraisers are appointed and within 7 Within 30 days after the appointment of the latter of Final Appraiser, each MAI Appraiser designated by a Venturer shall submit his findings in writing to the Final Appraiser. Any such two Appraisers, they canfindings which are not agree upon such amount, such two Appraisers shall, within 8 days after such latter appointment, appoint a third timely submitted to the Final Appraiser and such amount shall be determined by such three Appraisers, who shall make their separate appraisals within 7 days following disregarded for purposes of calculating the appointment fair market value of the third Appraiser, and any determination so made shall be conclusive and binding upon Lessor and Lessee. If no such third Appraiser is appointed within such 8-day period, either Lessor or Lessee may apply to the American Arbitration Association to make such appointment, and both parties shall be bound by such appointmentProperty. The foregoing appraisal procedure Final Appraiser shall in any event be completed no less than 125 days before then submit his findings along with the end findings of all of the Base Lease Term or the current Renewal Lease Term, as the case may be. If three other MAI Appraisers are appointed which have been timely submitted to each Venturer and the difference between the determination which is farther from the middle determination and the middle determination is more than 125% of the difference between the middle determination and the third determination, then such farther determination shall be excluded, the remaining two determinations shall be averaged and such average shall be final and binding upon Lessor and Lessee. Otherwise, the average of all three determinations the appraisal value of the Final Appraiser and the appraisal value closest thereto shall be final and binding upon Lessor and Lesseedeemed the fair market value of the Property. The Each Venturer shall pay the fees and expenses of all the MAI Appraiser appointed by it, or in whose stead, as above provided, such Appraisers appraiser was appointed, and such appraisal procedure the fees and expenses of the Final Appraiser, if any, shall be borne equally by Lessee and Lessorall the Venturers; provided, PROVIDED however, that if Lessee elects not the foregoing appraisal procedure is used to renew determine the value of the Property pursuant to Section 6.02(d), all such fees and expenses shall be borne by the Company. To be qualified to be selected or designated as an MAI Appraiser for purposes of this Lease or purchase Paragraph, such MAI Appraiser must demonstrate (1) current good standing in the Aircraft following American Institute of Real Estate Appraisers as evidenced by a certificate from such institute, and (2) past appraising experience in the conclusion Metropolitan Boston market of such appraisal, Lessee shall pay all expenses of such appraisalat least seven (7) years for comparable commercial properties.

Appraisals. Whenever (a) If Lessee and Lessor are unable to agree upon the Fair Market Value or Fair Market Rental Value (each a "Value") of Equipment at any time, and the parties are unable to resolve such dispute pursuant to reasonable negotiations among themselves and if either Lessor or Fair Market Sales Lessee shall have given written notice to the other requesting determination of such Value by appraisal (provided, however, no such notice shall be given earlier than 12 months prior to the end of the Aircraft is required to be determined by an appraisal under this Section 17Initial Term for such Item), Lessor and Lessee and Lessor shall appoint consult for the purpose of appointing a mutually satisfactory Appraiser to conduct such appraisalacceptable independent appraiser. If Lessee and Lessor fail they are unable to agree upon a satisfactory Appraiser then each shall promptly appoint a separate Appraiser and such Appraisers shall jointly determine such amount. If either Lessee or Lessor fails to so appoint on an Appraiser, the determination appraiser within 30 days of the single Appraiser appointed shall be final. If two Appraisers are appointed and within 7 days after the appointment of the latter giving of such two Appraisersnotice, they cannot agree upon such amount, such two Appraisers shall, within 8 days after such latter appointment, appoint a third Appraiser and such amount shall be determined by such three Appraisers, who shall make their separate appraisals within 7 days following the appointment of the third Appraiser, and any determination so made shall be conclusive and binding upon Lessor and Lessee. If no such third Appraiser is appointed within such 8-day period, either then Lessor or Lessee may apply to the American Arbitration Association (or its successor, the "Association") for a list of independent appraisers qualified to make determine such appointmentValue. If either Lessor or Lessee does not find an acceptable appraiser on such list, it may request a second list from the Association. The Lessor and both parties Lessee shall each select one appraiser from the list. The Association will be asked to commission the two appraisers so chosen to determine such Value, with identical instructions being given to each and without revealing (and Lessor and Lessee shall not reveal) which party chose which appraiser. The appraiser or appraisers appointed pursuant to the foregoing procedure shall be bound by instructed to determine such appointment. The foregoing appraisal procedure shall in any event be completed no less than 125 Value within 20 days before the end of the Base Lease Term or the current Renewal Lease Term, as the case may be. If three Appraisers are appointed and the difference between the determination which is farther from the middle determination and the middle determination is more than 125% of the difference between the middle determination and the third determination, then after such farther determination shall be excluded, the remaining two determinations shall be averaged appointment and such average determination shall be final and binding upon Lessor and Lesseethe parties. OtherwiseIf two appraisers shall be appointed, the average of all three their determinations shall be final reported only to the Association, which shall be asked to average them and binding upon report only the average (and not the individual determinations) to the Lessee and Lessor and Lesseesuch average shall constitute the determination of the appraisers. The fees and expenses of all such Appraisers and such appraisal procedure the appraiser or appraisers shall be borne shared equally by Lessor and Lessee and unless either (i) the Value so determined shall be greater than 110% of the Value proposed by Lessor, PROVIDED that if Lessee elects not to renew this Lease or purchase in which event the Aircraft following the conclusion of such appraisal, Lessee shall pay all expenses such costs, or (ii) the Value so determined shall be less than 90% of the Value proposed by Lessor, in which event Lessor shall pay such appraisalcosts.

Appraisals. Whenever Fair Market Rental Value or Fair Market Sales Value When a formal appraisal of an employee's performance is carried out, the employee shall be given up to five working days after discussion with the immediate supervisor to review and respond to the appraisal. Provision shall be made on the performance appraisal form for an employee to sign and add comments if desired. The form shall provide for the employee's signature in two places, one indicating that the employee has read and accepts the appraisal, and the other indicating that the employee disagrees with the appraisal. The employee shall sign in one of the Aircraft is required to be determined by an places provided. No employee may initiate a grievance regarding the contents of a performance appraisal under this Section 17, Lessee and Lessor shall appoint a mutually satisfactory Appraiser to conduct such unless the employee has signed in the space indicating disagreement with the appraisal. If Lessee An employee shall receive a copy of the performance appraisal at the time of signing. SENIORITY for Regular Seniority for employees on regular appointments shall be defined as the length of accumulated full-time equivalent service with subject to section (4) of this clause and Lessor fail clause (5) in the case of those employees with previous service in auxiliary appointments, and shall operate on a bargaining unit wide basis. Employees on regular appointments shall be credited with seniority when they have successfully completed the required probationary period, after which seniority will be backdated to agree the date of appointment. earned during the probationary period will be included in the total seniority calculation upon a satisfactory Appraiser then each the completion of the probationary period. will maintain seniority lists in keeping with section (1) of this clause. Seniority lists as of the last March 1" and October 1" shall promptly appoint a separate Appraiser be sent to the Union and such Appraisers shall jointly determine such amountposted on all bulletin boards November of the ensuing year. If either Lessee employees on regular appointments are absent from work because of sickness, accident, or Lessor fails to so appoint an Appraiserleave of absence approved by the employer, they shall not lose seniority. Employees on regular appointment shall lose seniority only in the determination event: they are discharged for just cause and are not reinstated; they resign and are not reinstatedwithin days; in the case of layoff, where clause does not take effect. Employees shall not accumulate seniority for the duration of the single Appraiser appointed shall be final. If two Appraisers are appointed and within 7 days after the appointment of the latter of such two Appraisers, they cannot agree upon such amount, such two Appraisers shall, within 8 days after such latter appointment, appoint a third Appraiser and such amount shall be determined by such three Appraisers, who shall make their separate appraisals within 7 days following the appointment of the third Appraiser, and any determination so made shall be conclusive and binding upon Lessor and Lessee. If no such third Appraiser is appointed within such 8-day layoff period, either Lessor or Lessee may apply to the American Arbitration Association to make such appointment, and both parties shall be bound by such appointment. The foregoing appraisal procedure shall in any event be completed no less than 125 days before the end of the Base Lease Term or the current Renewal Lease Term, as the case may be. If three Appraisers are appointed and the difference between the determination which is farther from the middle determination and the middle determination is more than 125% of the difference between the middle determination and the third determination, then such farther determination shall be excluded, the remaining two determinations shall be averaged and such average shall be final and binding upon Lessor and Lessee. Otherwise, the average of all three determinations shall be final and binding upon Lessor and Lessee. The fees and expenses of all such Appraisers and such appraisal procedure shall be borne equally by Lessee and Lessor, PROVIDED that if Lessee elects not to renew this Lease or purchase the Aircraft following the conclusion of such appraisal, Lessee shall pay all expenses of such appraisal.