Continuous Operation. (a) Tenant shall, at all times during the Term and at any other time that Tenant shall be in possession of the Leased Property, continuously use and operate or cause to be used and operated, the Leased Property as a TownePlace Suites by Marriott hotel (or as a hotel under any successor brand name) and any uses incidental thereto in accordance with the terms of the Franchise Agreement. Subject to Section 16.3, Tenant shall not use the Leased Property or any portion thereof for any other use without the prior written consent of Landlord. No use shall be made or permitted to be made of the Leased Property and no acts shall be done thereon which will cause the cancellation of any insurance policy covering the Leased Property or any part thereof (unless another adequate policy is available), nor shall Tenant sell or otherwise provide or permit to be kept, used or sold in or about the Leased Property any article which may be prohibited by law or by the standard form of fire insurance policies, or any other insurance policies required to be carried hereunder, or fire underwriter's regulations. Tenant shall, at its sole cost (except as expressly provided in Section 5.1.4(b)), comply with all Insurance Requirements. Tenant shall not take or omit to take any action, the taking or omission of which materially impairs the value or the usefulness of the Leased Property or any part thereof for its Permitted Use. (b) Notwithstanding the foregoing, in the event that, in the reasonable determination of Landlord and Tenant, it shall no longer be economically practical to operate the Leased Property as a TownePlace Suites by Marriott hotel or if the Franchise Agreement terminates for any reason other than a Tenant default or act of Tenant, and as a result thereof the Franchisor shall terminate the Franchise Agreement, Landlord and Tenant shall negotiate in good faith to agree on an alternative use for the Leased Property (which could include an alternate hotel use if the Franchise Agreement is terminated), appropriate adjustments to the Percentage Rent, the Reserve and other related matters; provided, however, in no such event shall the Minimum Rent be reduced or abated. Upon agreement by Landlord and Tenant on an alternative use, Landlord shall use commercially reasonable efforts, at Tenant's cost and expense, to obtain any approvals or waivers needed pursuant to Legal Requirements. In the event that operating the Leased Property for such alternative use shall be outside of Tenant's expertise as reasonably determined by Tenant, Tenant may engage a third-party Manager, reasonably acceptable to Landlord, for such purpose. In the event Landlord and Tenant agree that it is no longer economically practical to operate the Leased Property as a TownePlace Suites by Marriott hotel, (i) such determination shall not, in and of itself, be and constitute an Event of Default under the Other Leases and (ii) this Agreement shall cease to be one of the "Other Leases" under any of the Other Leases; and (iii) the Leased Property shall cease to be one of the "Collective Leased Properties" under the Other Leases. In addition, in the event that Landlord and Tenant agree to a use of the Leased Property other than as a hotel, the Security Deposit for the Leased Property shall be bifurcated from, held separate and apart from, and no longer commingled with, the Collective Security Deposit and shall constitute security for the observance and performance by Tenant of the terms, covenants and conditions of this Agreement, but not the Other Leases (and the remaining Collective Security Deposit shall not be or constitute security for the Leased Property).
Appears in 3 contracts
Samples: Lease Agreement (CNL Hospitality Properties Inc), Lease Agreement (CNL Hospitality Properties Inc), Lease Agreement (CNL Hospitality Properties Inc)
Continuous Operation. (a) Tenant shallhereby covenants, warrants and represents that it will occupy the Premises on the Commencement Date (or as soon thereafter as Tenant shall have completed its Tenant Work). Tenant shall accept the Premises in their "as is-where is" condition on the Effective Date. Tenant hereby further covenants, warrants and represents that at all times during the Term and at any other time that Tenant shall be in possession of the Leased Property, continuously use and operate or cause to be used and operated, the Leased Property as a TownePlace Suites by Marriott hotel (or as a hotel under any successor brand name) and any uses incidental thereto in accordance with the terms of the Franchise Agreement. Subject to Section 16.3hereof, Tenant shall not use continuously and uninterruptedly operate a full-service, sit-down, white table cloth restaurant from the Leased Property or any portion thereof for any other use without Premises of the prior written consent of Landlordtype described in Paragraph 12.
1. No use In no event shall Tenant be made or permitted to be made open for business beyond the hours of operating permitted pursuant to the laws of the Leased Property District of Columbia. If Tenant shall fail to (i) open for business within sixty (60) days after the Commencement Date or (ii) remain open for business as herein provided at the hours set forth herein, the same shall constitute a material breach of this Lease giving rise to the remedies provided in this Lease and no acts available at law or in equity, and in addition Landlord shall be done thereon entitled, among its other remedies, to (x) collect from Tenant an amount equal to all Monthly Base Rent due under this Lease PLUS an additional amount (which will cause shall constitute Additional Rent under this Lease) of twelve percent (12%) of the cancellation Monthly Base Rent per day for each and every day until the date Tenant fully utilizes the Premises for Tenant's business pursuant to this Lease, (y) terminate this Lease or exercise any of any insurance policy covering the Leased Property remedies set forth in Xxxxxxxxx 00 xxxxx, xx (x) enjoin the removal or any part thereof (unless another adequate policy is available), nor shall Tenant sell discontinuance of Tenant's business from the Premises by seeking injunctive relief or otherwise provide or permit to be kept, used or sold in or about the Leased Property any article which may be prohibited by law or by the standard form of fire insurance policies, or any other insurance policies required to be carried hereunder, or fire underwriter's regulationsappropriate remedy. Tenant shall, at its sole cost (except as expressly provided in Section 5.1.4(b)), comply with all Insurance Requirements. Tenant The operating covenant set forth herein shall not take be violated on account of closings attributable to Holidays, closings one (1) day a week, one (1) two (2) week vacation period each Lease Year, any casualty or omit condemnation, strike, natural disaster, alterations or refurbishings diligently prosecuted or other events beyond Tenant's reasonable control (such events being referred to take any action, the taking or omission of which materially impairs the value or the usefulness of the Leased Property or any part thereof for its herein as "Permitted UseClosings").
(b) Notwithstanding the foregoing, in the event that, in the reasonable determination of Landlord and Tenant, it shall no longer be economically practical to operate the Leased Property as a TownePlace Suites by Marriott hotel or if the Franchise Agreement terminates for any reason other than a Tenant default or act of Tenant, and as a result thereof the Franchisor shall terminate the Franchise Agreement, Landlord and Tenant shall negotiate in good faith not allow any objectionable odors to agree on an alternative use for emanate from the Leased Property (Premises. With respect to objectionable odors which could include an alternate hotel use if emanate or are dispelled from the Franchise Agreement is terminated), appropriate adjustments to the Percentage Rent, the Reserve and other related matters; provided, however, in no such event shall the Minimum Rent be reduced or abated. Upon agreement by Landlord and Tenant on an alternative usePremises, Landlord shall use commercially reasonable effortshave the right to require Tenant to take all actions which Landlord deems appropriate to eliminate such odors, at Tenant's cost including, without limitation, requiring Tenant to clean and expensemaintain all of its equipment in a first-class manner to assure that it is operating properly, requiring Tenant to obtain comply with operating techniques expected of similar restaurant operations, requiring Tenant to install, repair or replace any approvals exhaust, ventilation, or waivers needed pursuant air filtration systems within the Premises which Landlord deems appropriate, and/or requiring Tenant to Legal Requirements. In make any other capital improvements within the event that operating Premises which Landlord reasonably deems appropriate.
(c) Tenant shall conduct no distress sales, such as `going out of business', fire, or bankruptcy sales on the Leased Property for such alternative use shall be outside Premises or elsewhere in the Building, and default by reason of Tenant's expertise as reasonably determined by Tenant, Tenant may engage conducting such a third-party Manager, reasonably acceptable to Landlord, for such purpose. In the event Landlord and Tenant agree that it is no longer economically practical to operate the Leased Property as a TownePlace Suites by Marriott hotel, (i) such determination shall not, in and of itself, be and constitute an Event of Default under the Other Leases and (ii) this Agreement shall cease to be one of the "Other Leases" under any of the Other Leases; and (iii) the Leased Property shall cease to be one of the "Collective Leased Properties" under the Other Leases. In addition, in the event that Landlord and Tenant agree to a use of the Leased Property other than as a hotel, the Security Deposit for the Leased Property shall be bifurcated from, held separate and apart from, and no longer commingled with, the Collective Security Deposit and sale shall constitute security for a default under this Lease entitling Landlord to the observance remedies provided in this Lease and performance by Tenant of the termsavailable at law or in equity, covenants and conditions of this Agreementincluding, but not the Other Leases (and the remaining Collective Security Deposit shall not be limited to, injunctive relief or constitute security for the Leased Property)other appropriate remedy.
Appears in 2 contracts
Samples: Lease Agreement (Smith & Wollensky Restaurant Group Inc), Specific Assignment, Subordination, and Attornment Agreement (New York Restaurant Group Inc)
Continuous Operation. (a) Tenant shall, at all times during the Term and at any other time that Tenant shall be in possession of the Leased Property, continuously use and operate or cause to be used and operated, the Leased Property as a TownePlace Suites Residence Inn by Marriott hotel (or as a hotel under any successor brand name) and any uses incidental thereto in accordance with the terms of the Franchise Agreement. Subject to Section 16.3, Tenant shall not use the Leased Property or any portion thereof for any other use without the prior written consent of Landlord. No use shall be made or permitted to be made of the Leased Property and no acts shall be done thereon which will cause the cancellation of any insurance policy covering the Leased Property or any part thereof (unless another adequate policy is available), nor shall Tenant sell or otherwise provide or permit to be kept, used or sold in or about the Leased Property any article which may be prohibited by law or by the standard form of fire insurance policies, or any other insurance policies required to be carried hereunder, or fire underwriter's regulations. Tenant shall, at its sole cost (except as expressly provided in Section 5.1.4(b)), comply with all Insurance Requirements. Tenant shall not take or omit to take any action, the taking or omission of which materially impairs the value or the usefulness of the Leased Property or any part thereof for its Permitted Use.
(b) Notwithstanding the foregoing, in the event that, in the reasonable determination of Landlord and Tenant, it shall no longer be economically practical to operate the Leased Property as a TownePlace Suites Residence Inn by Marriott hotel or if the Franchise Agreement terminates for any reason other than a Tenant default or act of Tenant, and as a result thereof the Franchisor shall terminate the Franchise Agreement, Landlord and Tenant shall negotiate in good faith to agree on an alternative use for the Leased Property (which could include an alternate hotel use if the Franchise Agreement is terminated), appropriate adjustments to the Percentage Rent, the Reserve and other related matters; provided, however, in no such event shall the Minimum Rent be reduced or abated. Upon agreement by Landlord and Tenant on an alternative use, Landlord shall use commercially reasonable efforts, at Tenant's cost and expense, to obtain any approvals or waivers needed pursuant to Legal Requirements. In the event that operating the Leased Property for such alternative use shall be outside of Tenant's expertise as reasonably determined by Tenant, Tenant may engage a third-party Manager, reasonably acceptable to Landlord, for such purpose. In the event Landlord and Tenant agree that it is no longer economically practical to operate the Leased Property as a TownePlace Suites Residence Inn by Marriott hotel, (i) such determination shall not, in and of itself, be and constitute an Event of Default under the Other Leases and (ii) this Agreement shall cease to be one of the "Other Leases" under any of the Other Leases; and (iii) the Leased Property shall cease to be one of the "Collective Leased Properties" under the Other Leases. In addition, in the event that Landlord and Tenant agree to a use of the Leased Property other than as a hotel, the Security Deposit for the Leased Property shall be bifurcated from, held separate and apart from, and no longer commingled with, the Collective Security Deposit and shall constitute security for the observance and performance by Tenant of the terms, covenants and conditions of this Agreement, but not the Other Leases (and the remaining Collective Security Deposit shall not be or constitute security for the Leased Property).
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Continuous Operation. (a) Tenant shallThroughout the term of this Lease, at all times during the Term and at any other time that Tenant shall be continuously conduct in possession one hundred percent (100%) of the Leased Propertyspace within the Premises, continuously use with a full stock of merchandise and operate or cause to be used and operateda full staff of personnel, the Leased Property as a TownePlace Suites business permitted under this Lease (and no other business, including specifically any business or use prohibited by Marriott hotel (or as a hotel under any successor brand name) and any uses incidental thereto in accordance with the terms of this Lease) on all business days and during such hours as are designated by Landlord from time to time. Tenant acknowledges that its obligation to continuously and actively conduct business in the Franchise Agreement. Subject to Premises in the manner prescribed in this Section 16.3, Tenant shall not use is for the Leased Property or any portion thereof for any other use without purpose of enhancing the prior written consent of Landlord. No use shall be made or permitted to be made business activity and public patronage of the Leased Property Shopping Center in order to enhance the leasability of floor space in the Shopping Center, and no acts Tenant acknowledges that failure on its part to comply with the provisions of this Section shall be done thereon which constitute a default under this Lease and will cause Landlord substantial damages which might be difficult or unsusceptible of exact proof. Accordingly, the cancellation of any insurance policy covering the Leased Property or any part thereof (unless another adequate policy is available)parties have agreed that in addition to all remedies available to Landlord, nor shall if Tenant sell or otherwise provide or permit fails to be kept, used or sold in or about the Leased Property any article which may be prohibited by law or by the standard form of fire insurance policies, or any other insurance policies required to be carried hereunder, or fire underwriter's regulations. Tenant shall, at its sole cost (except as expressly provided in Section 5.1.4(b)), comply with all Insurance Requirements. Tenant shall not take or omit to take any action, the taking or omission provisions of which materially impairs the value or the usefulness of the Leased Property or any part thereof for its Permitted Use.
(b) Notwithstanding the foregoing, in the event that, in the reasonable determination of Landlord and Tenant, it shall no longer be economically practical to operate the Leased Property as a TownePlace Suites by Marriott hotel or if the Franchise Agreement terminates for any reason other than a Tenant default or act of Tenant, and as a result thereof the Franchisor shall terminate the Franchise Agreement, Landlord and Tenant shall negotiate in good faith to agree on an alternative use for the Leased Property (which could include an alternate hotel use if the Franchise Agreement is terminated), appropriate adjustments to the Percentage Rent, the Reserve and other related matters; provided, however, in no such event shall the Minimum Rent be reduced or abated. Upon agreement by Landlord and Tenant on an alternative usethis Article VIII, Landlord shall use commercially reasonable effortsnot be required to prove its actual damages for breach of this Section or Article, at Tenant's cost but in lieu thereof Tenant shall pay Landlord as liquidated damages, and expensenot as a penalty, as additional monthly rent, an amount equal to obtain any approvals the monthly installments of Minimum Rent payable under this Lease, which liquidated damage payments shall continue from the date of breach until such breach is cured or waivers needed pursuant to Legal Requirementsuntil the end of the Lease term, whichever is first. In the event that operating the Leased Property for such alternative use Said liquidated damages shall be outside payable monthly, concurrently with the monthly installments of Tenant's expertise as reasonably determined by Tenant, Tenant may engage a third-party Manager, reasonably acceptable to Landlord, for such purposeMinimum Rent. In the event Landlord and Tenant agree that it is no longer economically practical to operate the Leased Property Nothing in this Article VIII shall be construed as a TownePlace Suites by Marriott hotel, (i) such determination shall not, limitation upon Xxxxxx's obligation to continuously conduct business in and of itself, be and constitute an Event of Default under the Other Leases and (ii) this Agreement shall cease to be one of the "Other Leases" manner herein specified or upon Landlord's remedies under any other provisions of the Other Leases; and (iii) the Leased Property shall cease this Lease, or upon Xxxxxxxx's right to be one of the "Collective Leased Properties" under the Other Leasesrecover any other provable monetary damages. In addition, in the event that Landlord and Tenant agree to a use of the Leased Property other than as a hotel, the Security Deposit for the Leased Property shall be bifurcated from, held separate and apart from, and no longer commingled with, the Collective Security Deposit and shall constitute security for the observance and performance A breach by Tenant of the terms, covenants and conditions its obligations under Section 8.01 shall also constitute a breach of this AgreementSection 8.02 and shall entitle Landlord not only to all rights and remedies available, but not the Other Leases (and the remaining Collective Security Deposit shall not be or constitute security also to liquidated damages under this Section 8.02 for the Leased Property)so long as such breach continues.
Appears in 1 contract
Samples: Lease Agreement
Continuous Operation. (a) Tenant shall, at all times during the Term and at any other time that Tenant shall be in possession of the Leased Property, continuously use and operate or cause to be used and operated, the Leased Property as a TownePlace Suites Courtyard by Marriott hotel (or as a hotel under any successor brand name) and any uses incidental thereto in accordance with the terms of the Franchise Agreement. Subject to Section 16.3, Tenant shall not use the Leased Property or any portion thereof for any other use without the prior written consent of Landlord. No use shall be made or permitted to be made of the Leased Property and no acts shall be done thereon which will cause the cancellation of any insurance policy covering the Leased Property or any part thereof (unless another adequate policy is available), nor shall Tenant sell or otherwise provide or permit to be kept, used or sold in or about the Leased Property any article which may be prohibited by law or by the standard form of fire insurance policies, or any other insurance policies required to be carried hereunder, or fire underwriter's regulations. Tenant shall, at its sole cost (except as expressly provided in Section 5.1.4(b)), comply with all Insurance Requirements. Tenant shall not take or omit to take any action, the taking or omission of which materially impairs the value or the usefulness of the Leased Property or any part thereof for its Permitted Use.
(b) Notwithstanding the foregoing, in the event that, in the reasonable determination of Landlord and Tenant, it shall no longer be economically practical to operate the Leased Property as a TownePlace Suites Courtyard by Marriott hotel or if the Franchise Agreement terminates for any reason other than a Tenant default or act of Tenant, and as a result thereof the Franchisor shall terminate the Franchise Agreement, Landlord and Tenant shall negotiate in good faith to agree on an alternative use for the Leased Property (which could include an alternate hotel use if the Franchise Agreement is terminated), appropriate adjustments to the Percentage Rent, the Reserve and other related matters; provided, however, in no such event shall the Minimum Rent be reduced or abated. Upon agreement by Landlord and Tenant on an alternative use, Landlord shall use commercially reasonable efforts, at Tenant's cost and expense, to obtain any approvals or waivers needed pursuant to Legal Requirements. In the event that operating the Leased Property for such alternative use shall be outside of Tenant's expertise as reasonably determined by Tenant, Tenant may engage a third-party Manager, reasonably acceptable to Landlord, for such purpose. In the event Landlord and Tenant agree that it is no longer economically practical to operate the Leased Property as a TownePlace Suites Courtyard by Marriott hotel, (i) such determination shall not, in and of itself, be and constitute an Event of Default under the Other Leases and (ii) this Agreement shall cease to be one of the "Other Leases" under any of the Other Leases; and (iii) the Leased Property shall cease to be one of the "Collective Leased Properties" under the Other Leases. In addition, in the event that Landlord and Tenant agree to a use of the Leased Property other than as a hotel, the Security Deposit for the Leased Property shall be bifurcated from, held separate and apart from, and no longer commingled with, the Collective Security Deposit and shall constitute security for the observance and performance by Tenant of the terms, covenants and conditions of this Agreement, but not the Other Leases (and the remaining Collective Security Deposit shall not be or constitute security for the Leased Property).
Appears in 1 contract
Continuous Operation. (a) During the term of this Lease Tenant shallcovenants to continuously conduct in the Premises the business specified in Article 8 with due diligence and efficiency so as to provide a maximum volume of Gross Sales, unless prevented from doing so by causes beyond Tenant’s reasonable control, such as strikes, lockouts, fire or other damage, civil commotion, or similar causes. Subject to inability by reason of strikes or labor disputes, Tenant shall keep and maintain at all time within and upon the Premises such a stock of merchandise as shall be reasonably designed to produce the maximum volume or gross sales and shall keep on the Premises at all times sufficient personnel to service the usual and ordinary requirements of its customers. Tenant shall conduct its business on the Premises with due diligence and without interruption during the Term regular and at any other time that customary days and hours for such type of business in the city or trade area in which the Shopping Center is located. Tenant shall be install and maintain at all times displays of merchandise in possession the display windows (if any) on the Premises, and shall keep the display windows and signs (if any) on the Premises well lighted during the hours from sundown to 10:00 o’clock p.m. Tenant shall also comply with the rules and regulations established and modified from time to time by Landlord for the operation of the Leased PropertyPremises, continuously use Common Area and operate or cause Shopping Center. The current form of rules and regulations are attached hereto as Exhibit “B”, which form may be modified by Landlord in its discretion without notice to be used and operated, Tenant. As liquidated damages for the Leased Property as a TownePlace Suites by Marriott hotel (or as a hotel under any successor brand name) and any uses incidental thereto in accordance failure of Tenant to comply with the terms of the Franchise Agreement. Subject to Section 16.3, Tenant shall not use the Leased Property or any portion thereof for any other use without the prior written consent of Landlord. No use shall be made or permitted to be made of the Leased Property and no acts shall be done thereon which will cause the cancellation of any insurance policy covering the Leased Property or any part thereof (unless another adequate policy is available), nor shall Tenant sell or otherwise provide or permit to be kept, used or sold in or about the Leased Property any article which may be prohibited by law or by the standard form of fire insurance policies, or any other insurance policies required to be carried hereunder, or fire underwriter's regulations. Tenant shall, at its sole cost (except as expressly provided in Section 5.1.4(b)), comply with all Insurance Requirements. Tenant shall not take or omit to take any action, the taking or omission of which materially impairs the value or the usefulness of the Leased Property or any part thereof for its Permitted Use.
(b) Notwithstanding the foregoing, in the event that, in the reasonable determination of Landlord and Tenant, it shall no longer be economically practical to operate the Leased Property as a TownePlace Suites by Marriott hotel or if the Franchise Agreement terminates for any reason other than a Tenant default or act of Tenantthis Section, and as a result thereof the Franchisor shall terminate the Franchise Agreement, in addition to all other remedies Landlord and Tenant shall negotiate in good faith to agree on an alternative use for the Leased Property (which could include an alternate hotel use if the Franchise Agreement is terminated), appropriate adjustments to the Percentage Rent, the Reserve and other related matters; provided, however, in no such event shall the Minimum Rent be reduced or abated. Upon agreement by Landlord and Tenant on an alternative usemay have hereunder, Landlord shall use commercially reasonable effortshave the right at its option to collect not only the Minimum Monthly Rent, at Tenant's cost and expense, but additional rent equal to obtain any approvals or waivers needed pursuant to Legal Requirements. In the event that operating the Leased Property for such alternative use shall be outside greater of Tenant's expertise as reasonably determined by Tenant, Tenant may engage a third-party Manager, reasonably acceptable to Landlord, for such purpose. In the event Landlord and Tenant agree that it is no longer economically practical to operate the Leased Property as a TownePlace Suites by Marriott hotel, (i) such determination shall notone-thirtieth (1/30th) of the Minimum Monthly Rent, in and of itself, be and constitute an Event of Default under the Other Leases and (ii) this Agreement shall cease to be one 1/360th of the "Other Leases" under any of the Other Leases; and (iii) the Leased Property shall cease to be one of the "Collective Leased Properties" under the Other Leases. In addition, in the event that Landlord and Tenant agree to a use of the Leased Property other than as a hotel, the Security Deposit Percentage Rent due for the Leased Property prior calendar year, for each and every day that Tenant shall fail to conduct its business as herein provided. Said additional rent shall be bifurcated fromin addition to any Percentage Rent as calculated and assessed , held separate and apart from, and no longer commingled with, the Collective Security Deposit and shall constitute security as liquidated damages for the observance and performance by Tenant of the terms, covenants and conditions of this Agreement, but not the Other Leases (and the remaining Collective Security Deposit shall not be or constitute security for the Leased Property)Tenant’s failure to conduct its business as agreed.
Appears in 1 contract
Samples: Lease Agreement (Finwise Bancorp)