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stated hereinabove, Licensee ' s appraiser shall complete his <br /> appraisal and the two appraisers shall then exchange their <br /> reports within forty-five (45) days from the date of Licensee ' s <br /> appointment of the appraiser. <br /> The two appraisers shall review each other ' s reports <br /> and make every effort to resolve whatever differences they may <br /> have . However, should differences still exist fourteen (14) days <br /> after the exchange, the two appraisers shall within seven (7) <br /> days thereafter appoint a third appraiser who shall also prepare <br /> an independent appraisal report based on the review of the two <br /> appraisal reports prepared and any other data . Copies thereof <br /> shall be furnished to the first two appraisers within forty-five <br /> (45) days of the appointment . Within twenty (20) days after <br /> receiving the third appraisal report, all three shall meet and <br /> determine the fair market rental in issue . The fair market rental <br /> as determined by a majority of the appraisers shall be final and <br /> binding upon both Licensor and Licensee, subject to vacation, <br /> modification or correction in accordance with the provisions of <br /> chapter 658A, Hawaii Revised Statutes . Each party shall pay for <br /> its own appraiser and the cost of the services of the third <br /> appraiser shall be borne equally by the Licensor and the <br /> Licensee . All appraisal reports shall become part of the public <br /> record of the Licensor . <br /> In the event that the appraisers are unable to <br /> determine the fair market rental before the reopening date, or by <br /> the foregoing prescribed time, whichever is later, the Licensee <br /> shall pay the fair market rental as determined by Licensor ' s new <br /> appraised value until the new license fee is determined and the <br /> fee paid by Licensee shall then be subject to retroactive <br /> adjustments as appropriate to reflect the fair market rental <br /> determined as set forth hereinabove or material removed under <br /> this License . However, Licensee or Licensee ' s appraiser' s failure <br /> to comply with the procedures set forth above shall constitute a <br /> waiver of Licensee ' s right to contest the new license fee, and <br /> the Licensee shall pay the greater fee as determined by <br /> Licensor' s appraiser without any retroactive adjustments or <br /> royalty rate based on material removed. Alternatively, Licensor <br /> may treat this failure as a breach of this License and terminate <br /> the License . <br /> D. The interest rate on any and all unpaid or <br /> delinquent license fee shall be at one percent (1%) per month, <br /> plus a service charge of FIFTY AND N01100 DOLLARS ($50 . 00) a <br /> month for each delinquent payment . <br /> 1 . The Licensee shall confine operations strictly to <br /> Juw <br /> 824680_I.DOC 3 <br /> PRELIM.APPR'D. <br /> p.poriment of the <br /> Attorney General <br />