Arbitration from Lease
THIS LEASE (Lease) is made as of this 29th day of June, 2005, and is effective as of May 1, 2005, between AMSDELL AND AMSDELL, an Ohio general partnership (Landlord) and U-Store-lt, L.P., a Delaware Limited Partnership (Tenant).
Arbitration. Any disagreement arising out of this Lease or from any breach hereof which shall involve a claim in excess of One Thousand Five Hundred Dollars ($1,500.00) shall, at Landlords election, be decided by arbitration in Cleveland, Ohio, in accordance with the Arbitration Rules of the American Arbitration Association then in effect. This agreement to arbitrate shall be specifically enforceable under the prevailing arbitration law and the award rendered by the arbitrator shall be final and judgment may be entered upon it in accordance with applicable law in any court having jurisdiction thereof. Notice of the demand for arbitration shall be filed in writing with the other party to this Lease and with the American Arbitration Association. The demand for arbitration shall be made within a reasonable time after the subject claim or dispute arises and in no event shall be made after the date when institution of legal or equitable proceedings based on such claim or dispute would be barred by any applicable statue of limitations.