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Form #1153Arbitration 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.
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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.
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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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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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