Common use of Casualty of Initial Hotel Clause in Contracts

Casualty of Initial Hotel. Notwithstanding anything contained in this Agreement to the contrary, if any of the Initial Hotels is damaged due to a casualty as set forth in Section 18.01 hereof, and Lessee elects, for any reason, not to rebuild the applicable Initial Hotel, Lessee agrees to pay to Manager (provided there does not then exist an Event of Default by Manager under this Agreement, beyond any applicable grace and cure periods), a termination fee as liquidated damages and not as a penalty in an amount as if such Initial Hotel was being sold, as set forth in Section 2.03(a)(ii) above.

Casualty of Initial Hotel. Notwithstanding anything contained in this Agreement to the contrary, if any of the Initial Hotels is damaged due to a casualty as set forth in Section SECTION 18.01 hereof, and Lessee elects, for any reason, not to rebuild the applicable Initial Hotel, Lessee agrees to pay to Manager (provided there does not then exist an Event of Default by Manager under this Agreement, beyond any applicable grace and cure periods), a termination fee as liquidated damages and not as a penalty in an amount as if such Initial Hotel was being sold, as set forth in Section 2.03(a)(iiSECTION 2.03(a)(II) above.