[§516D-12] Mandatory arbitration of rent renegotiation.
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[§516D-12] Mandatory arbitration of rent renegotiation.
(a)Every residential lease shall contain a provision for the mandatory arbitration of any rent renegotiation reopening.
(b)In the event that a residential lease does not contain a mandatory arbitration provision, the following arbitration procedure shall apply:
(1)Rent shall be determined by three impartial arbitrators, who shall be recognized real estate appraisers;
(2)Each party shall select an arbitrator, both of whom shall select the third arbitrator;
(3)The three arbitrators shall determine the rent renegotiation which shall be final, conclusive, and binding on both parties; and
(4)Lessor and lessee shall each pay one-half of all proper costs and expenses other than attorneys' fees. [L 1989, c 168, pt of §4; ree L 1990, c 277, pt of §1]
Cross References
Other arbitration procedures, see §§519-2, 519-3.