Common use of Deadlock Clause in Contracts

Deadlock. In the event the Tenants in Common cannot agree on any matter requiring unanimous approval under this Section, any Tenant in Common shall have the right to invoke the dispute resolution provisions of Exhibit B, and if such Deadlock (as defined in Exhibit B attached hereto) is not resolved under the provisions of Exhibit B then any Tenant in Common may invoke the buy/sell procedures set forth in Section 10.

Appears in 5 contracts

Samples: Tenants in Common Agreement (Medalist Diversified REIT, Inc.), Common Agreement (Medalist Diversified REIT, Inc.), Tenants in Common Agreement (Medalist Diversified REIT, Inc.)

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