the Succeeding Period. If each party shall have so appointed an appraiser, the two appraisers shall meet promptly and attempt to set Basic Rant for the Succeeding Period. If the two appraisers are unable to agree within thirty (30) days after the second appraiser has been appointed, they shall attempt to select a third appraiser meeting the qualifications herein stated within ten (10) days after the last day the two appraisers are given to set Basic Rent. If the two appraisers are unable to agree on the third appraiser within such ten (10) day period, either of the parties to this Lease, by giving ten (10) days notice to the other party, may apply to the then
presiding judge of the Superior Court of County for the selection of a third _______________ appraiser meeting the/qualifications stated in this paragraph. Each of the parties shall bear one-half (1/2) of the cost of appointing the thud appraiser and of paying the third appraiser's fee. The third appraiser, however selected, shall be a person who has not previously acted in any capacity for either party.
Within thirty (30) days after the selection of the third appraiser, a majority of the
appraisers shall set Basic Rent for the Succeeding Period. If a majority of the appraisers are
unable to set Basic Rent within the stipulated period of time, the three appraisals shall be added together and their total divided by three (3). The resulting quotient shall be the Annual Basic Rent for the Premises during the Succeeding Period. If, however, the low appraisal and/or the high appraisal is/are more than five percent (5%) lower and/or higher than the middle appraisal, the low appraisal and/or the high appraisal shall be disregarded. If only one (1) appraisal is disregarded, the remaining two (2) appraisals shall be added together and their total divided by two (2), and the resulting quotient shall be basic Rent for the Premises during the Succeeding Period. If both the low appraisal and the high appraisal are disregarded as stated in this Paragraph, the middle appraisal shall be the Basic Rent for the Premises during the Succeeding
Period. In setting Basic Rent, the appraiser or appraisers shall not take into consideration any properties located outside the greater area.
For purposes of the appraisal, the term "fair rental value" shall mean the price that a ready
and willing tenant would pay, as of the Rent Adjustment Date, as annual rent to a ready and willing landlord of premises comparable to the Premises if such premises were exposed for lease
on the open market for a reasonable period of time.
After Basic Rent for the Succeeding Period has been set,, the appraisers shall
immediately notify the parties hereto in writing by certified mail, return receipt requested.
In addition, Basic Rent during any extended term shall be further adjusted in accordance
with the terms and conditions of this Lease.
In the event Tenant does not exercise its right to extend the-Lease for any extended term provided hereunder, Tenant shall have no right to exercise its right to extend the Lease for any successive extended term.