sec.140Provisional value may be negotiated

### sec.140 Provisional value may be negotiated If a provisional value has been stated in an offer or sale notice, the value may be negotiated (the negotiated value ) between the buyer and previous lessee. With the written agreement of the buyer and previous lessee, the negotiated value becomes the amount to be paid for the improvements. Any difference between the provisional value and the negotiated value must be paid or refunded within the time stated in the written agreement. If the buyer and previous lessee can not agree on a negotiated value, either party may make application to the court to decide the value. To decide the value of the improvements, the court must decide each of the following amounts— the amount that fairly represents the value of the improvements to a prudent buyer, having regard to the buyer’s proposed use of the land; the amount that fairly represents the cost of constructing the improvements, adjusted to allow for depreciation of the improvements since construction. The value mentioned in subsection (5) (a) is the value on the day the offer was made or the sale notice was published. The cost mentioned in subsection (5) (b) is the cost on the day the court decides the value of the improvements. If the amount decided under subsection (5) (a) is equal to or less than the amount decided under subsection (5) (b) , the value of the improvements is the amount decided under subsection (5) (a) . If the amount decided under subsection (5) (a) is more than the amount decided under subsection (5) (b) , the value of the improvements is the amount decided under subsection (5) (b) . The value of the improvements decided by the court under subsections (5) to (9) becomes the negotiated value. s 140 amd 1997 No. 78 s 40 (sec.140-ssec.1) If a provisional value has been stated in an offer or sale notice, the value may be negotiated (the negotiated value ) between the buyer and previous lessee. (sec.140-ssec.2) With the written agreement of the buyer and previous lessee, the negotiated value becomes the amount to be paid for the improvements. (sec.140-ssec.3) Any difference between the provisional value and the negotiated value must be paid or refunded within the time stated in the written agreement. (sec.140-ssec.4) If the buyer and previous lessee can not agree on a negotiated value, either party may make application to the court to decide the value. (sec.140-ssec.5) To decide the value of the improvements, the court must decide each of the following amounts— the amount that fairly represents the value of the improvements to a prudent buyer, having regard to the buyer’s proposed use of the land; the amount that fairly represents the cost of constructing the improvements, adjusted to allow for depreciation of the improvements since construction. (sec.140-ssec.6) The value mentioned in subsection (5) (a) is the value on the day the offer was made or the sale notice was published. (sec.140-ssec.7) The cost mentioned in subsection (5) (b) is the cost on the day the court decides the value of the improvements. (sec.140-ssec.8) If the amount decided under subsection (5) (a) is equal to or less than the amount decided under subsection (5) (b) , the value of the improvements is the amount decided under subsection (5) (a) . (sec.140-ssec.9) If the amount decided under subsection (5) (a) is more than the amount decided under subsection (5) (b) , the value of the improvements is the amount decided under subsection (5) (b) . (sec.140-ssec.10) The value of the improvements decided by the court under subsections (5) to (9) becomes the negotiated value. - (a) the amount that fairly represents the value of the improvements to a prudent buyer, having regard to the buyer’s proposed use of the land; - (b) the amount that fairly represents the cost of constructing the improvements, adjusted to allow for depreciation of the improvements since construction.