The parties' ground lease provides that if the parties cannot agree on the valuation of the property for purposes of establishing the rent to be paid upon renewal, its value shall be determined by arbitration. The clause providing for the selection of arbitrators states that: "The Lessor and Lessee shall each appoint a fit and impartial person as arbiter who shall have had at least ten years' experience in the County of New York in a calling connected with the subject matter...
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