ANY SUCH DEFAULT OR EVENT OF DEFAULT
OR OF EITHER PARTY'S RIGHT TO STRICT PERFORMANCE OF SUCH COVENANT, AGREEMENT,
TERM OR CONDITION.
SECTION 15.4
RIGHT TO ENJOIN DEFAULTS OR THREATENED
DEFAULTS.
IN THE EVENT OF ANY BREACH OR THREATENED BREACH BY EITHER PARTY OF
ANY OF THE COVENANTS, AGREEMENTS, TERMS OR CONDITIONS CONTAINED IN THIS LEASE,
THE OTHER PARTY SHALL BE ENTITLED TO BRING AN ACTION TO ENJOIN SUCH BREACH OR
THREATENED BREACH OR TO COMPEL SPECIFIC PERFORMANCE OF ANY COVENANT, AGREEMENT,
TERM OR CONDITION HEREIN, WHICH RIGHT SHALL BE CUMULATIVE WITH SUCH PARTY'S
OTHER RIGHTS AND REMEDIES.
122
ARTICLE XVI
ARBITRATION
SECTION 16.1
GENERALLY.
UNLESS OTHERWISE EXPRESSLY
PERMITTED HEREUNDER, ALL DISPUTES HEREUNDER TO BE RESOLVED BY ARBITRATION SHALL
BE RESOLVED IN ACCORDANCE WITH THIS ARTICLE XVI.
SECTION 16.2
STANDARD ARBITRATION.
(A)
IF EITHER
PARTY HERETO DESIRES TO INVOKE THE ARBITRATION PROCEDURE SET FORTH IN THIS
SECTION 16.2, THE PARTY INVOKING THE ARBITRATION PROCEDURE SHALL GIVE A NOTICE
(THE "ARBITRATION NOTICE") TO THE OTHER PARTY STATING THAT THE PARTY SENDING THE
ARBITRATION NOTICE DESIRES TO MEET WITHIN SEVEN (7) BUSINESS DAYS TO ATTEMPT TO
AGREE ON A SINGLE ARBITRATOR (THE "ARBITRATOR") TO DETERMINE THE QUESTION AT
ISSUE.
THE ARBITRATOR APPOINTED SHALL BE COMPETENT, QUALIFIED BY TRAINING AND
EXPERIENCE, DISINTERESTED AND INDEPENDENT, AND AN INDIVIDUAL HAVING NOT LESS
THAN TEN (10) YEARS EXPERIENCE RELATING TO COMMERCIAL REAL ESTATE IN NEW YORK
CITY.
IF THE PARTIES HERETO HAVE NOT AGREED ON THE ARBITRATOR WITHIN TEN
(10) BUSINESS DAYS AFTER THE GIVING OF THE ARBITRATION NOTICE, THEN EITHER PARTY
HERETO, ON BEHALF OF BOTH, MAY APPLY TO THE NEW YORK CITY OFFICE OF THE AMERICAN
ARBITRATION ASSOCIATION OR ANY ORGANIZATION WHICH IS THE SUCCESSOR THERETO (THE
"AAA") FOR APPOINTMENT OF THE ARBITRATOR, OR, IF THE AAA SHALL NOT THEN EXIST OR
SHALL FAIL, REFUSE OR BE UNABLE TO ACT SUCH THAT THE ARBITRATOR IS NOT APPOINTED
BY THE AAA WITHIN TWENTY-THREE (23) BUSINESS DAYS AFTER APPLICATION THEREFOR,
THEN EITHER PARTY MAY APPLY TO THE PRESIDING JUSTICE OF THE APPELLATE DIVISION
OF THE SUPREME COURT OF THE STATE OF NEW YORK, FIRST DEPARTMENT (THE "COURT"),
FOR THE APPOINTMENT OF THE ARBITRATOR AND THE OTHER PARTY SHALL NOT RAISE ANY
QUESTION AS TO THE COURT'S FULL POWER AND JURISDICTION TO ENTERTAIN THE
APPLICATION AND MAKE THE APPOINTMENT.
THE DATE ON WHICH THE ARBITRATOR IS
APPOINTED BY THE AGREEMENT OF THE PARTIES, BY APPOINTMENT BY THE AAA OR BY
APPOINTMENT BY SUCH COURT IS REFERRED TO HEREIN AS THE "APPOINTMENT DATE".
IF
ANY ARBITRATOR APPOINTED HEREUNDER SHALL BE UNWILLING OR UNABLE, FOR ANY REASON,
TO SERVE, OR CONTINUE TO SERVE, A REPLACEMENT ARBITRATOR SHALL BE APPOINTED IN
THE SAME MANNER AS THE ORIGINAL ARBITRATOR.
(B)
THE ARBITRATION SHALL BE CONDUCTED IN ACCORDANCE WITH THE THEN
PREVAILING COMMERCIAL ARBITRATION RULES OF THE AAA, MODIFIED AS FOLLOWS:
(I)
TO THE EXTENT THAT THE NEW YORK STATE CIVIL PRACTICE AND LAW
RULES (THE "CPLR"), OR ANY SUCCESSOR STATUTE, IMPOSES REQUIREMENTS DIFFERENT
FROM THOSE OF THE AAA IN ORDER