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Lessor Lessee
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which Lessor most recently gave written notice to Lessee of its request for appraisal of the land, and that
the Adjustment Date will be each and every second anniversary of the January 1 effective date of the new
appraisal-based Base Rent.
(e) The appraisal shall be made by a board of arbitrators, each of whom shall
be a real estate broker or appraiser, and licensed by the State of New York, with not less than three (3)
years experience in appraising commercial real estate. Within 20 days after written notice from Lessor
requesting appraisal of the land, each party shall give written notice to the other specifying the name and
address of the person designated to act as arbitrator on its behalf. Each party shall pay the fee of the
arbitrator it selects.
If either party fails to notify the other of the appointment of its arbitrator as
aforesaid by the time above specified, then the appointment of its arbitrator shall be made in the same
manner as hereinafter provided for the appointment of a third arbitrator. The two arbitrators so chosen
shall meet within fifteen (15) days after the second arbitrator is appointed and within forty-five (45) days
thereafter shall determine the appraised value.
If within said period either (1) they cannot reach a decision, they shall
appoint a third arbitrator and if they cannot agree on said appointment, or (2) a party fails to notify the
other of the appointment of its arbitrator, then such arbitrator(s) shall be appointed on the application of
either or both parties, by the American Arbitration Association in the City of _________, New York. The
fee of any third arbitrator shall be divided equally between the parties.
The three arbitrators shall meet and determine the appraised value as
defined in paragraph 4.B.(2)(b) above. A decision in which two of the three arbitrators concur shall be
binding and conclusive upon the parties. In designating arbitrators and in determining the appraised
value, the arbitrators shall act in accordance with the rules then in force of the American Arbitration
Association, subject however, to such limitation as may be placed on them by the provisions of this Lease.
(3) In no event shall any adjustment in the Base Rent under Paragraph 4.B(1) or 4.B(2)
reduce the Base Rent below that which was payable hereunder prior to such adjustment.
C. Rent Commencement Date. The Rent Commencement date shall be the earlier of (a) the
first day upon which any portion of the Premises is occupied and Lessee commences its normal business
activities, as reasonably determined by Lessor or (b) __________. If the Rent Commencement Date shall
be a day other than the first day of a month, Base Rent due that month shall be apportioned and shall be
paid on such Rent Commencement Date. Not withstanding the foregoing, Lessee’s obligations to pay
Additional Rent (including without limitation Taxes) and Lessee’s other obligations (including without
limitation insuring and maintaining the Property) under this Lease are effective on the beginning date of
the Term of this Lease.
D. Additional Rent. Lessee shall also pay without notice, except as may otherwise be
required in this Lease, and without abatement, deduction or set-off, as additional rent ("Additional Rent")
all sums, impositions, costs, expenses and other payments which Lessee assumes or agrees to pay in
any of the provisions of this Lease, and in the event of any nonpayment thereof, Lessor shall have (in
addition to all other rights and remedies) all the rights and remedies provided for herein or by law or in
equity in the case of nonpayment of Rent.
E. Rent Payments. All payments of Base Rent, Additional Rent and other payments required
to be made to Lessor shall be in lawful money of the United States of America without abatement, offset
or deduction, and shall be paid to Lessor at the following address: __________ ; or at such other place
as Lessor may designate by notice in writing from time to time and may be made by check or draft
source: stewart.com
