[§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]
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