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Form #1152Arbitration 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.
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legal council before engaging in any action based upon content contained on this
site.
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or any other commercial use is prohibited. This includes reposting forms from this
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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
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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
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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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