Common use of Abatement Procedures Clause in Contracts

Abatement Procedures. In the event of a partial Taking as described in Section 15.5, the Lease shall not terminate, but the Base Rent shall be abated in the manner and to the extent that is fair, just and equitable to both Lessee and Lessor, taking into consideration, among other relevant factors, the number of usable rooms, the amount of square footage, or the revenues affected by such partial Taking. If Lessor and Lessee are unable to agree upon the amount of such abatement within 30 days after such partial Taking, the matter may be submitted by either party to arbitration in accordance with the provisions of Article XLI hereof for resolution.

Appears in 4 contracts

Samples: Consolidated Lease Agreement (Equity Inns Inc), Consolidated Lease Agreement (Equity Inns Inc), Lease Agreement (Equity Inns Inc)

AutoNDA by SimpleDocs

Abatement Procedures. In the event of a partial Taking as described in Section 15.5, the Lease shall not terminate, but the Base Rent shall be abated in the manner and to the extent that is fair, just and equitable to both Lessee and Lessor, taking into consideration, among other relevant factors, the number of usable rooms, the amount of square footage, or the revenues affected by such partial Taking. If Lessor and Lessee are unable to agree upon the amount of such abatement within 30 thirty (30) days after such partial Taking, the matter may be submitted by either party to arbitration in accordance with the provisions a court of Article XLI hereof competent jurisdiction for resolution.

Appears in 4 contracts

Samples: Lease Agreement (MHI Hospitality CORP), Lease Agreement (MHI Hospitality CORP), Lease Agreement (Itt Corp /Nv/)

Abatement Procedures. In the event of a partial Taking as described in Section 15.5, the Lease shall not terminate, but the Base Rent shall be abated in the manner and to the extent that is fair, just and equitable to both Lessee and Lessor, taking into consideration, among other relevant factors, the number of usable rooms, the amount of square footage, or the revenues affected by such partial Taking. If Lessor and Lessee are unable to agree upon the amount of such abatement within 30 days after such partial Taking, the matter may be submitted by either party to arbitration in accordance with the provisions of Article XLI XXXVII hereof for resolution.

Appears in 3 contracts

Samples: Lease Agreement (Strategic Hotel Capital Inc), Lease Agreement (Strategic Hotel Capital Inc), Lease Agreement (Strategic Hotel Capital Inc)

Abatement Procedures. In the event of a partial Taking as described in Section 15.5, the Lease shall not terminate, but the Base Rent shall be abated in the manner and to the extent that is fair, just and equitable to both Lessee and Lessor, taking into consideration, among other relevant factors, the number of usable rooms, the amount of square footage, or the revenues affected by such partial Taking. If Lessor and Lessee are unable to agree upon the amount of such abatement within 30 days after such partial Taking, the matter may be submitted by either party to arbitration in accordance with the provisions a court of Article XLI hereof competent jurisdiction for resolution.

Appears in 2 contracts

Samples: Lease Agreement (RFS Hotel Investors Inc), Lease Agreement (Glenborough Realty Trust Inc)

Abatement Procedures. In the event of a partial Taking as described in Section SECTION 15.5, the Lease shall not terminate, but the Base Rent shall be abated in the manner and to the extent that is fair, just and equitable to both Lessee and Lessor, taking into consideration, among other relevant factors, the number of usable rooms, the amount of square footage, or the revenues affected by such partial Taking. If Lessor and Lessee are unable to agree upon the amount of such abatement within 30 thirty (30) days after such partial Taking, the matter may be submitted by either party to arbitration in accordance with the provisions a court of Article XLI hereof competent jurisdiction for resolution.

Appears in 2 contracts

Samples: Lease Agreement (Capital Lodging), Account Agreement (Ashford Hospitality Trust Inc)

Abatement Procedures. In the event of a partial Taking as described in Section 15.5, the Lease shall not terminate, but the Base Rent shall be abated in the manner and to the extent that is fair, just and equitable to both Lessee and Lessor, taking into consideration, among other relevant factors, the number of usable rooms, the amount of square footage, or the revenues affected by such partial Taking. If Lessor and Lessee are unable to agree upon the amount of such abatement within 30 days after such partial Taking, the matter may be submitted by either party to arbitration in accordance with the provisions a court of Article XLI hereof competent jurisdiction for resolution.

Appears in 2 contracts

Samples: Lease Agreement (Humphrey Hospitality Trust Inc), Lease Agreement (Humphrey Hospitality Trust Inc)

Abatement Procedures. In the event of a partial Taking as described in Section 15.515.5 below, the Lease shall not terminate, but the Base Rent shall be abated in the manner and to the extent that is fair, just and equitable to both Lessee and Lessor, taking into consideration, among other relevant factors, the number of usable rooms, the amount of square footage, or the revenues affected by such partial Taking. If Lessor and Lessee are unable to agree upon the amount of such abatement within 30 thirty (30) days after such partial Taking, the matter may be submitted by either party to arbitration in accordance with the provisions of Article XLI hereof 41 below for resolution.

Appears in 1 contract

Samples: Lease Agreement (Equity Inns Inc)

AutoNDA by SimpleDocs

Abatement Procedures. In the event of a partial Taking as described in Section 15.5, the Lease shall not terminate, but the Base Rent shall be abated in the manner and to the extent that is fair, just and equitable to both Lessee and Lessor, taking into consideration, among other relevant factors, the number of usable roomsRooms, the amount of square footage, or the revenues affected by such partial Taking. If Lessor and Lessee are unable to agree upon the amount of such abatement within 30 days after such partial Taking, the matter may be submitted by either party to arbitration in accordance with the provisions a court of Article XLI hereof competent jurisdiction for resolution.

Appears in 1 contract

Samples: Master Lease Agreement (Jameson Inns Inc)

Abatement Procedures. In the event of a partial Taking as described in Section 15.515.05, the this Lease shall not terminateterminate for Taking, but the Base Rent shall be abated in the manner and to the extent that is fair, just and equitable to both Lessee and Lessor, taking into consideration, among other relevant factors, the number of usable rooms, the amount of square footage, or the revenues affected by such partial Taking. If Lessor and Lessee are unable to agree upon the amount of such abatement within 30 thirty (30) days after such partial Taking, the matter may be submitted by either party to arbitration in accordance with the provisions a court of Article XLI hereof competent jurisdiction for resolution.

Appears in 1 contract

Samples: Lease Agreement (Hammons John Q Hotels Inc)

Abatement Procedures. In the event of a partial Taking as described in Section 15.5, the this Lease shall not terminate, but the Base Rent shall be abated in the manner and to the extent that is fair, just and equitable to both Lessee and Lessor, taking into consideration, among other relevant factors, the number of usable rooms, the amount of square footage, or the revenues affected by such partial Taking. If Lessor and Lessee are unable to agree upon the amount of such abatement within 30 days after such partial Taking, the matter may be submitted by either party to arbitration in accordance with the provisions a court of Article XLI hereof competent jurisdiction for resolution.

Appears in 1 contract

Samples: Revolving Credit Agreement (Sunstone Hotel Investors Inc)

Abatement Procedures. In the event of a partial Taking as described in Section 15.5, the this Lease shall not terminateterminate for Taking, but the Base Rent shall be abated in the manner and to the extent that is fair, just and equitable to both Lessee and Lessor, taking into consideration, among other relevant factors, the number of usable rooms, the amount of square footage, or the revenues affected by such partial Taking. If Lessor and Lessee are unable to agree upon the amount of such abatement within 30 thirty (30) days after such partial Taking, the matter may be submitted by either party to arbitration in accordance with the provisions a court of Article XLI hereof competent jurisdiction for resolution.

Appears in 1 contract

Samples: Lease Agreement (Sunstone Hotel Investors, Inc.)

Time is Money Join Law Insider Premium to draft better contracts faster.