Common use of Allocation Percentage Clause in Contracts

Allocation Percentage. Buyer and Seller have agreed upon the value of each Lot and the resulting initial Allocation Percentage for each Lot in the Property as set forth in EXHIBIT B hereto. As Closings occur for each Lot or group of Lots, the Allocation Percentages for the remaining Lots for which Closings have not occurred shall be recalculated based upon the agreed upon values of such Lots. If at any time the parties are unable to agree upon the Allocation Percentage, the matter shall be conclusively determined by a majority vote of a panel of three arbitrators. Buyer shall appoint one arbitrator; Seller shall appoint another arbitrator; and the two arbitrators so chosen shall appoint a third arbitrator. Each arbitrator must have at least 5 years experience in land development and single family home construction in Minnesota. The arbitration shall be conducted under the Construction Industry Rules of the American Arbitration Association.