The purchase price for ArchCo’s Interest (the “ Put/Call Purchase Price ”) in connection with the Call Option or the Put Option shall be determined in the manner set forth below in this Section 15.3 . For a period of thirty (30) days after the effective date of the Put Election Notice or the Call Election Notice (whichever is applicable, the “ Put/Call Election Notice ”), Bluerock and ArchCo shall negotiate in good faith in an effort to agree upon the fair market value of the Property (“ FMV ”). If Bluerock and ArchCo agree upon the FMV within such thirty (30) day period, then the price so agreed upon shall be the FMV. If Bluerock and ArchCo do not so agree upon the FMV within such thirty (30) day period, then Bluerock and ArchCo shall submit to each other a proposed FMV. If the two proposed FMVs that are submitted by Bluerock and ArchCo are within ten percent (10%) of each other (using the lower number as the percentage base), then the FMV shall be the average of the proposed FMVs of Bluerock and ArchCo. If the proposed FMVs of Bluerock and ArchCo are not within ten percent (10%) of each other, then the FMV shall be determined as described below in Section 15.3(b) .