Paragraph, they shall meet promptly and attempt to set Annual Basic Rent 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 stated in this Paragraph within ten (10) days after the last day the two appraisers are given to set Annual Basic Rent. If the two appraisers are unable to agree on the third appraiser with such ten (10)-day period, either of the Parties to this Lease, by giving ten (10)-days notice to the other party, can
apply to the then president of the County Real Estate Board, or ___________________________ to the 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 of the cost of appointing the third 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 Annual Basic Rent for the Succeeding Period. If a majority of the appraisers are unable to set Annual Basic Rent within the stipulated Period of time, the three appraisals shall be added together and their total divided by three. 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 Annual 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 Annual Basic Rent for the Premises during the Succeeding Period. In setting Annual Basic Rent, the appraiser or appraisers shall not take into consideration any properties located outside of the immediate geographical location of the Premises.
After Annual Basic Rent for the Succeeding Period has been set, the appraisers shall immediately notify the parties thereof in writing, certified nail, return receipt requested. Thereafter, Tenant shall have twenty (20) days within which to notify Landlord in writing as to whether or not Tenant desires to rescind its notice of exercise of the then current option to extend.
In addition, Annual Basic Rent shall be further adjusted annually, each twelve (12) months following the Rent Adjustment Date in accordance with the terms of Paragraph ____of the Lease.
In no event shall any appraisal procedures provided for herein, nor any determination by the parties hereto, result in Annual Basic Rent for any period being less than Annual Basic Rent for the immediately preceding period.