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Form #1153

Arbitration Or Appraisement to Determine Rent on Renewal 2

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Arbitration or appraisement to determine rent on renewal.

If lessee, its successors or assigns, shall during the whole term of _________ years and _________ months, faithfully keep and perform all and singular the agreements herein contained, on its and their part to be kept and performed, then lessor, lessor's successors and assigns shall and will, if lessee, its successors and assigns, shall so elect, grant a further lease of lots hereby demised, to and at the expense of lessee, its successors or assigns, for a further term of _________ years from and after expiration of term hereby granted at and for a yearly rental, payable in equal monthly installments, on _________ day of each and every month, to be ascertained as herein provided, and to be in addition to all taxes, assessments and other charges on premises which also lessees are to pay; such lease to contain the like agreements and conditions as are herein contained, except as to any further renewal or extension of the term thereby granted.

In order to ascertain what augmentation of rent, if any, should take place in granting any such further lease, the amount of such rent shall be ascertained as follows; that is to say: The parties, their successors or assigns, shall each nominate one fit and impartial person to determine the full and fair worth of such lots of land at private sale, which nomination shall be made and signified by each party to the other at least _________ months before the expiration of the terms of _________ years and _________ months hereby demised, and in default of such nomination by either party for space of _________ days after the time above limited for making of same, the person who shall have been so nominated by other party shall appoint and associate with one other fit and impartial person for purposes aforesaid, and if the two persons to be so nominated or appointed shall differ in judgment thereon, they shall appoint a fit and impartial person to be umpire between them, if they can agree upon such person, or if they cannot so agree, then each of them shall nominate two fit and impartial persons, and from the names of the four persons so nominated, that of one shall be drawn by ballot, who shall be umpire, and the decision of such two persons, or, in case of their disagreement, of the umpire, as to the value of such lots, shall in all cases be final and conclusive, and the rent to be reserved therein for such further term shall be estimated for the lots alone, without any buildings thereon and _____% on such estimated value of such lots shall be the annual rent to be reserved in the new lease during the further term to be granted.



 
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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Keywords: Arbitration Or Appraisement to Determine Rent on Renewal 2, Real Estate, contract form

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