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Form #1152

Arbitration Or Appraisement to Determine Rent on Renewal

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Arbitration or appraisement to determine rent on renewal.

Provided, and on condition that lessees and their successors in interest have at all times faithfully and punctually performed each and all of agreements and conditions of this lease on part of lessees, lessor grants to lessees, and their successors in interest, the right or option to renew this lease for an additional term of _________ years, on same agreements and conditions as are herein contained, except as modified by this paragraph, and except further that there shall be no right or option to further renew or extend this lease, provided that this option is accepted by a writing delivered to lessor by lessees, or their successors in interest, at least _________ months prior to expiration of term of this lease, and provided further that rent to be paid is agreed on as follows. The parties are to agree in writing on the rent to be paid during such renewed term, if they are able to do so. If within _________ days after acceptance of this option on part of lessees, by delivery of written acceptance aforesaid, parties are still unable to agree on rent to be paid, then lessor or his successor within _________ days shall in writing appoint an appraiser, and lessee or their successors within _________ days shall in writing appoint an appraiser, and the two appraisers so appointed shall determine the rent to be paid for said time. Or, if the two appraisers so appointed are within _________ days unable to agree on such rent, then they shall in writing immediately appoint a third appraiser, and the majority of the three so appointed shall determine such rent. If either of parties fails or refuses to appoint an appraiser within time aforesaid or within _________ days after new appraisers should be appointed by the parties as next provided, then the other party shall appoint both appraisers, who shall determine the amount of such rent; or, if the appraisers so appointed are unable to agree within time aforesaid, and then fail or refuse to appoint a third appraiser as aforesaid, or if they appoint a third within that time, but a majority of three refuses or is unable to agree within _________ days, then the parties within _________ days thereafter shall each in writing appoint a new appraiser, and the two so selected shall determine such rent, or if they are unable to do so, they shall appoint a third appraiser as aforesaid, and the majority of the three so appointed shall determine such rent; and this process of appointing and reappointing appraisers shall be continued, within the time and in the manner aforesaid, until either the parties themselves or appraisers for them determine the amount of such rent. The appraisers so appointed shall in all instances be businessmen of city of _________, and shall reduce to writing and deliver to each party, a statement of the amount of rent determined upon.



 
Contributed by
Legal Concepts LTD
 
Name of Firm Legal Concepts LTD
Total Forms Contributed 63
 

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Terms Of Use

Submissions to this site, including any legal or business forms, posts, responses to questions or other communications by contributors are not intended as and should not be construed as legal advice. You are strongly encouraged to consult competent legal council before engaging in any action based upon content contained on this site.

These downloadable forms are only for personal use. Retransmission, redistribution, or any other commercial use is prohibited. This includes reposting forms from this site to another site offering free legal or other document forms for download.

Please note that the donator may have included different usage terms regarding this form, and you agree to abide by these terms. It is highly recommended that you have a licensed attorney review any legal documents for which you are searching in order to make sure that your needs are being properly and completely satisfied.

Your use of this site constitutes your acceptance of our terms of use and your agreement to hold this site, its officers, employees and any contributors to this site harmless for any damage you might incur from your use of any submissions contained on this site. If you do not agree to the above terms, please do not proceed.

These forms are provided to assist business owners and others in understanding important points to consider in different transactions. They are offered with the understanding that no legal advice, accounting, or other professional service is being offered by these documents or on this website. Laws vary in the different states. Agreements acceptable in one state may not be enforced the same way under the laws of another state. Also, agreements should relate specifically to the particular facts of each situation. Therefore, it is important to consult legal counsel whenever utilizing these forms. The Forms are not a substitute for legal advice YourFreeLegalForms.com is not engaged in recommending or referring members on the site or making claims about the competence, character or qualifications of its participating members.
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