Renewal Performance Standard Sample Clauses

Renewal Performance Standard. The Renewal Performance Standard with respect to the Leased Property shall be based upon the Leased Property's performance when measured against its competitive set within its market as documented in the annual business plan for the Leased Property taking into consideration changes in supply. Prior to March 1, of each Fiscal Year, Lessee shall deliver to Lessor a Competitive Set Analysis for the Leased Property in the form of Exhibit G hereto. The Renewal Performance Standard shall be considered satisfied with respect to the Leased Property if during the first fourteen (14) Fiscal Years of the Term of this Lease: the year-to-year REVPAR growth for the Leased Property has met or exceeded the year-to-year average REVPAR growth for the hotels in the Leased Property's competitive set for at least eight (8) Fiscal Years. In the event that the Leased Property fails to rate in the top one-third (1/3) of its competitive set in any Fiscal Year when measured in accordance with the criteria set forth on Exhibit G hereto, such Fiscal Year shall be excluded from the computation of the Renewal Performance Standard, and the total number of Fiscal Years during which the Leased Property must meet the Renewal Performance Standard shall be reduced by one (1) for each such disqualified Fiscal Year. If, at any time, Lessor disagrees with the results of Lessee's Competitive Set Analysis with respect to the Leased Property, Lessor may submit any such dispute to arbitration in accordance with Article XLI, provided Lessor provides written notice of such arbitration to Lessee within sixty (60) days of the delivery by Lessee to Lessor of such Competitive Set Analysis.