[§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]
Other arbitration procedures, see §§519-2, 519-3.