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81-002 Ordinance
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81-002 Ordinance
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1/11/2014 11:45:49 AM
Creation date
12/12/2013 11:30:41 AM
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North Olmsted Legislation
Legislation Number
81-002
Legislation Date
3/17/1981
Year
1981
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?. <br />? <br />? <br />award) in the ratio, as nearly as practicable, <br />which (a) the then value of Lessor's interest in <br />the property (including Lessor's interest <br />hereunder) bears to (b) the then value of Lessee's <br />interest in the property and in the remainder of <br />the lease term, in each case determined by three <br />independent appraisers. Lessor and Lessee shall each appoint one appraiser not. <br />more than thirty (30) days after any total taking, and shall <br />notify the other of such appointment. A third appraiser <br />shall be appointed by each of the previously appointed <br />appraisers. If either party shall fail or refuse to appoint <br />an appraiser within such 30-day period, the Chief Justice of <br />, <br />the Common Pleas Court of Cuyahoga County shall select the <br />appraiser or appraisers not then appointed. The <br />. <br />determination of the appraisers shall be binding upon the <br />parties. Each of the appraisers shall be disinterested and <br />shall be members in good standing in the American Institute <br />of Real Estate Appraisers or its successor. The cost of the <br />appraisal shall be borne equally by Lessor and Lessee. <br />In the event of a partial taking which does not result <br />in a termination of this lease, the rent payable hereunder <br />shall be reduced in the same proportion as the portion of <br />the demised real estate bears to the total demised real <br />estate as of the date_title to the portion taken is no <br />longer in Lessor. <br />15. Repairs. Said Lessee shall at all times during <br />this term, at the Lessee's own expense, maintain the <br />buildings and other improvements which may hereafter be <br />x - - . <br />erected on said real estate in good and constant repair, <br />making'all necessary replacements thereof, regardless of , <br />. - . ; - . - 12 -. ._ . _ , . .
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