Common use of Director, Officer and Employee Limitation Clause in Contracts

Director, Officer and Employee Limitation. Anything contained in this Lease to the contrary notwithstanding, Lessor and Lessee shall cooperate to ensure that (i) no officers or employees of Lessor or the Company shall be officers or employees of, or own any ownership interest in, any Person who furnishes or renders services to the tenants of the Leased Property, or manages or operates the Leased Property, other than the Lessee and (ii) no officers or employees of any Person who furnishes or renders services to the tenants of the Leased Property, or manages or operates the Leased Property, other than the Lessee shall be officers or employees of Lessor or the Company. Furthermore, if a Person serves as both (a) a director or trustee of Lessor, the Company or any other Affiliate of Lessor and (b) a director and officer (or employee) of the any Person who furnishes or renders services to the tenants of the Leased Property, or manages or operates the Leased Property, other than the Lessee, that Person shall not receive any compensation (excluding reimbursement for expenses) for serving as a trustee of the Lessor, the Company or the other Affiliate of Lessor.

Appears in 5 contracts

Samples: Lease Agreement (Hersha Hospitality Trust), Lease Agreement (Hersha Hospitality Trust), Lease Agreement (Hersha Hospitality Trust)

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Director, Officer and Employee Limitation. Anything contained in this Lease to the contrary notwithstanding, Lessor and Lessee shall cooperate to ensure that (i) no officers or employees of Lessor or the Company shall be officers or employees of, or own any ownership interest in, any Person who furnishes or renders services to the tenants of the Leased Property, or manages or operates the Leased Property, other than the Lessee and (ii) no officers or employees of any Person who furnishes or renders services to the tenants of the Leased Property, or manages or operates the Leased Property, other than the Lessee shall be officers or employees of Lessor or the Company. Furthermore, if a Person serves as both (a) a director or trustee of Lessor, the Company or any other Affiliate of Lessor and (b) a director and officer (or employee) of the any Person who furnishes or renders services to the tenants of the Leased Property, or manages or operates the Leased Property, other than the Lessee, that Person shall not receive any compensation (excluding reimbursement for expenses) for serving as a trustee of the Lessor, the Company or the other Affiliate of Lessor.. ARTICLE ------- 19

Appears in 4 contracts

Samples: Lease Agreement (Hersha Hospitality Trust), Lease Agreement (Hersha Hospitality Trust), Lease Agreement (Hersha Hospitality Trust)

Director, Officer and Employee Limitation. Anything contained in this Lease to the contrary notwithstanding, Lessor and Lessee shall cooperate to ensure that (i) no officers or employees of Lessor or the Company shall be officers or employees of, or own any ownership interest in, any Person who furnishes or renders services to the tenants of the Leased Property, or manages or operates the Leased Property, other than the Lessee and (ii) no officers or employees of any Person who furnishes or renders services to the tenants of the Leased Property, or manages or operates the Leased Property, other than the Lessee shall be officers or employees of Lessor or the Company. Furthermore, if a Person serves as both (a) a director or trustee of Lessor, the Company or any other Affiliate of Lessor and (b) a director and officer (or employee) of the any Person who furnishes or renders services to the tenants of the Leased Property, or manages or operates the Leased Property, other than the Lessee, that Person shall not receive any compensation (excluding reimbursement for expenses) for serving as a trustee of the Lessor, the Company or the other Affiliate of Lessor. Notwithstanding anything to the contrary stated in this paragraph, if Lessor or Lessee engage in any transactions with any affiliates or related parties, such transactions shall not constitute a breach of this section, provided that such transactions are made at arms-length pursuant to reasonable and ordinary financial and other terms as are present in the market at the time.

Appears in 1 contract

Samples: Lease Agreement (Hersha Hospitality Trust)

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Director, Officer and Employee Limitation. Anything contained in this Lease to the contrary notwithstanding, Lessor and Lessee shall cooperate to ensure that (i) no officers or employees of Lessor or the Company shall be officers or employees of, or own any ownership interest in, Lessee or any Affiliate thereof (or any Person who furnishes or renders services to the tenants of the Leased Property, or manages or operates the Leased Property), other than the Lessee and (ii) no officers or employees of Lessee or any Affiliate thereof (or of any Person who furnishes or renders services to the tenants of the Leased Property, or manages or operates the Leased Property, other than the Lessee ) shall be officers or employees of Lessor or the Company. Furthermore, if a Person serves as both (a) a director or trustee of Lessor, the Company or any other Affiliate of Lessor and (b) a director and officer (or employee) of the Lessee (or any Person who furnishes or renders services to the tenants of the Leased Property, or manages or operates the Leased Property, other than the Lessee, ) that Person shall not receive any compensation (excluding reimbursement for expenses) for serving as a trustee of the Lessor, the Company or the other Affiliate of Lessor.

Appears in 1 contract

Samples: Lease Agreement (Innkeepers Usa Trust/Fl)

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