It is further covenanted and agreed that unless the respective parties herein shall have agreed in writing ninety days before the ........day of........................A. D., 19.., (provided this lease is not sooner determined in any of the ways herein mentioned) upon the actual cash value of any and all buildings and any and all improvements that are situated and standing upon said premises (exclusive of and not including the value of the land or ground) then an appraisal shall be made of the then actual cash value of any and all such buildings and improvements at the time of the appraisal, said appraisal to be made by three disinterested free-holders in the City of...................., owning land in fee in that part of said City, and not related to any of the parties in interest by consanguinity or affinity, and they shall be selected in the following manner, that is to say: The lessee shall select one appraiser and notify the lessor in writing of the person so chosen, and the lessor shall thereupon, or within ten (10) days thereafter, choose one appraiser and notify the lessee in writing of the person chosen, and the two persons so chosen shall, within ten (10) days thereafter, choose a third appraiser,, and the three persons so chosen, or any two of them, shall proceed forthwith to appraise the actual cash value of any and all buildings and improvements aforesaid, exclusive of and not including the value of the land or ground at the time of the appraisement, and shall determine whether or not the buildings have at any time been used for a purpose likely to weaken or injure them beyond ordinary wear and tear and deterioration, and shall, within ten (10) days thereafter notify, in writing, the said lessor and lessee of the appraisal so made by them; and the decision of the said appraisers, or of any two of them, shall be final and binding. And in case of the refusal of either of the parties hereto to appoint an appraiser as herein provided, or, in case of the death, inability, neglect or refusal to act of either of the appraisers so appointed by the said parties hereto, or of the third appraiser appointed by the said appraisers chosen by the parties hereto, as hereinbefore provided, or, in case the appraisers appointed by the said parties hereto shall neglect or refuse to appoint or be unable to agree upon a third appraiser, as hereinbefore provided, or, in case the three appraisers are appointed, that any two of them shall be unable to agree upon an appraisement as hereinbefore provided, then, in any such event, either of the said parties hereto, or the party or parties who shall succeed to the interest of the said parties hereto under the terms of this lease, shall have the right to apply to any judge of any court of Record having chancery Jurisdiction within the said county of ..................................for the appointment of one or two or three appraisers as the circumstances demand; and any judge to whom such application shall have been made, shall, upon satisfactory evidence being furnished that due notice of such application has been given to the other party in interest, have the power to appoint one or two or three appraisers, as the circumstances demand, of like qualifications as herein provided, and the appraisers so appointed shall have the same qualifications, powers and duties as though they had been selected as hereinbefore provided. Said appraisers shall take into consideration, in estimating the value of said building, such sums as may have been expended under any party wall agreements theretofore entered into by the said lessee and the adjacent property owners.
And it is hereby Understood, Covenanted and Agreed that no appraisal shall be invalid by reason of not being made within the time provided by this lease, and that the appraised value shall in no case exceed what it would then cost to erect and complete such buildings and improvements less the then depreciation thereof occasioned by wear and tear, age and decay; but in no event shall said appraisement exceed nor shall said lessor be under any obligation or liability to pay hereunder a sum exceeding ........dollars.
And the said lessor covenants and agrees to purchase on the ......
day of..................., in the year of our Lord one thousand........
hundred and......, (unless this lease is sooner determined in any of the ways herein provided,) the said building and improvements situated and standing upon the said premises, (exclusive of and not including the value of the land or ground) at their actual cash value, so agreed upon and determined as aforesaid; said purchase money to be payable one-half in cash and the balance in one (1) year from the first day of.........., in the year of our Lord one thousand......hundred.........., with interest thereon at the rate of six per cent, per annum, said deferred payment to be secured by a first mortgage on said premises and improvements, or by such other securities as may be satisfactory to the said lessee; or, if the said lessor so desires, he may pay the entire sum of said purchase price in cash.
And the said lessee covenants and agrees that at the time and, upon the day of such purchase to-wit: Upon the......day of......, at twelve o'clock noon, it will convey all of said buildings and improvements to the said lessor, by a good and sufficient deed of conveyance, and will immediately surrender, yield and deliver up, peaceably, said described premises in as good condition as when the same was entered upon by the said lessee, and any and all buildings and improvements thereon in a good and perfect condition, ordinary wear and tear, depreciation and decay, excepted. It being, however, fully understood and agreed by and between the parties hereto that it is a condition of this lease that all buildings and improvements and fixtures upon the said premises at the termination of said demised term, providing this lease is not sooner determined, shall, at and upon the date of the expiration of said demised term, revert to and become the exclusive property of and be vested in the said lessor, after any such deed of conveyance from the said lessee to the said lessor; but this condition is not to be understood or to be so construed as to waive the right of the lessee to the payment to it of the actual cash value of the said improvements upon the said premises, to be ascertained and determined as aforesaid. And it is further understood and agreed, in the event that the value of the buildings shall not have been agreed upon or ascertained prior to the expiration of the said demised term, then and in such case said lessee shall have the first and valid lien upon said premises for the amount of such value notwithstanding the surrender of the possession thereof to the said lessor as above provided, together with interest thereon at the rate of six per cent. (6%) per annum from the date of the determination of said demised term, until so paid or secured; and in default thereof said lessee may enforce its lien therefor.