Common use of Selection of More Accurate Estimate Clause in Contracts

Selection of More Accurate Estimate. Each broker selected pursuant to this Article shall have had at least ten (10) years’ experience within the previous ten (10) years as a commercial office real estate broker working in the Charlotte, North Carolina market, with working knowledge of current rental rates and market practices. (a) Upon selection, Landlord’s and Tenant’s brokers shall work together in good faith to agree upon which of the two Renewal Term Estimates most closely reflects the fair market rental rate. The Renewal Term Estimate chosen by such brokers shall be binding on both Landlord and Tenant as the fair market rental rate to be used in calculating the Base Rent for the Renewal Term. (b) If either Landlord or Tenant fails to appoint brokers within the fifteen (15) Business Day period referred to above and such failure continues for fifteen (15) Business Days after notice thereof is received by the Party so failing, a broker appointed by the other Party shall be the sole broker for the purposes hereof. (c) If the two (2) brokers fail to agree upon which of the two Renewal Term Estimates most closely reflects the fair market rental rate within twenty (20) days after their appointment, then, within ten (10) days after the expiration of such twenty (20) day period, the two (2) two brokers shall select a third (3rd) broker meeting the aforementioned criteria (or, if such two (2) brokers are unable to select a third (3rd) broker, such selection shall be made by the President of the Charlotte, North Carolina chapter of American Appraisal Institute (or its successor organization)). Once the third (3rd) broker has been selected as provided for above, then, as soon thereafter as practicable but in any case within fourteen (14) days, the broker shall make his determination of which of the two Renewal Term Estimates most closely reflects the fair market rental rate and such broker shall not select anything other than one of the two Renewal Term Estimates from Landlord and Tenant, and such Renewal Term Estimate shall be binding on both Landlord and Tenant as the fair market rental rate for the Renewal Term. (d) Each Party shall pay one-half (1/2) of the costs of the third (3rd) broker and of any experts retained by the third (3rd) broker. Any fees of any broker, counsel or experts engaged directly by Landlord or Tenant, however, shall be borne by the Party retaining such broker, counsel or expert.

Selection of More Accurate Estimate. Each broker selected pursuant to this Article 36 shall have had at least ten five (105) years’ years experience within the previous ten (10) years as a commercial office real estate broker working in the Charlottedowntown Chicago, North Carolina Illinois office market, with working knowledge of current rental rates and market practices. (a) . Upon selection, Landlord’s and Tenant’s brokers shall work together in good faith to agree upon which of the two Renewal Term Estimates most closely reflects the fair market rental rateFair Market Rental Value. The Renewal Term Estimate chosen by such brokers shall be binding on both Landlord and Tenant as the fair market rental rate to be used in calculating the Base Net Rent for the Accepted Offer Space or the Renewal Term. (b) Period in question. If either Landlord or Tenant fails to appoint brokers within the fifteen (15) Business Day period referred to above and such failure continues for fifteen (15) Business Days after notice thereof is received by the Party party so failing, a broker appointed by the other Party party shall be the sole broker for the purposes hereof. (c) . If the two (2) brokers fail to agree upon which of the two Renewal Term Estimates most closely reflects the fair market rental rate Fair Market Rental Value within twenty (20) days after their appointment, then, within ten (10) days after the expiration of such twenty (20) day period, the two (2) two brokers shall select a third (3rd) broker meeting the aforementioned criteria (or, if such two (2) brokers are unable to select a third (3rd) broker, such selection shall be made by the President of the Charlotte, North Carolina Chicago chapter of American Appraisal Institute (or its successor organization)). Once the third (3rd) broker has been selected as provided for above, then, as soon thereafter as practicable but in any case within fourteen (14) days, the broker shall make his determination of which of the two Renewal Term Estimates most closely reflects the fair market rental rate Fair Market Rental Value and such broker shall not select anything other than one of the two Renewal Term Estimates from Landlord and Tenant, Tenant and such Renewal Term Estimate shall be binding on both Landlord and Tenant as the fair market rental rate Fair Market Rental Value for the Renewal Term. Accepted Offer Space . If the third (d3rd) broker believes that expert advice would materially assist him/her, such broker may retain one or more qualified persons, to provide such expert advice. Each Party party shall pay one-half (1/2) of the costs of the third (3rd) broker and of any experts retained by the third (3rd) broker. Any fees of any broker, counsel or experts engaged directly by Landlord or Tenant, however, shall be borne by the Party party retaining such broker, counsel or expert.