356. Price.

The price which the tenants are to pay for the freehold comprises three elements:

  1.  

    (1)     market value;

  2.  

    (2)     where the unexpired length of the leases held by participating tenants1 is 80 years or less, one-half of the marriage value;

  3.  

    (3)     compensation2.

The tenants must also pay the landlord's reasonable costs, and the price of any intermediate leases which are to be acquired3.

Market value is the price which might reasonably be expected to be paid if the property was sold on the open market by a willing seller to an arm's length buyer. The following assumptions also apply:

  1.  

    (a)     the seller