[§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, 3.