Common use of Damage Near End of Term Clause in Contracts

Damage Near End of Term. Notwithstanding any provisions of Section 14.2 or 14.3 appearing to the contrary, if damage to or destruction of the Hotel rendering it unsuitable for its Primary Intended Use occurs during the last twenty-four (24) months of the Term, then Lessor or Lessee shall have the right to terminate this Lease by giving Notice, respectively, to Lessee or Lessor within thirty (30) days after the date of damage or destruction, whereupon all accrued Rent shall be paid immediately, and this Lease shall automatically terminate five (5) days after the date of such Notice.

Appears in 31 contracts

Samples: Hotel Lease Agreement, Hotel Lease Agreement (Apple REIT Ten, Inc.), Hotel Lease Agreement (Apple REIT Ten, Inc.)

AutoNDA by SimpleDocs

Damage Near End of Term. Notwithstanding any provisions of Section 14.2 or 14.3 appearing to the contrary, if If damage to or destruction of the Leased Property rendering the Hotel rendering it unsuitable Unsuitable for its Primary Intended Use occurs during the last twenty-four (24) 24 months of the Term, then Lessor or Lessee shall have the right to terminate this Lease by giving Notice, respectively, written notice to Lessee or Lessor the other party within thirty (30) 30 days after the date of damage or destruction, whereupon all accrued Rent shall be paid immediately, and this Lease shall automatically terminate five (5) days after the date of such Noticenotice.

Appears in 6 contracts

Samples: Lease Agreement (American Realty Capital Hospitality Trust, Inc.), Lease Agreement (American Realty Capital Hospitality Trust, Inc.), Lease Agreement (American Realty Capital Hospitality Trust, Inc.)

Damage Near End of Term. Notwithstanding any provisions of Section ------------------------ 14.2 or 14.3 appearing to the contrary, if damage to or destruction of the Hotel rendering it unsuitable for its Primary Intended Use occurs during the last twenty-four (24) months of the Term, then Lessor or Lessee shall have the right to terminate this Lease by giving Notice, respectively, to Lessee or Lessor within thirty (30) days after the date of damage or destruction, whereupon all accrued Rent shall be paid immediately, and this Lease shall automatically terminate five (5) days after the date of such Notice.

Appears in 2 contracts

Samples: Hotel Lease Agreement (Apple Suites Inc), Master Hotel Lease Agreement (Apple Hospitality Two Inc)

Damage Near End of Term. Notwithstanding any provisions of Section ----------------------- 14.2 or 14.3 appearing to the contrary, if damage to or destruction of the Hotel rendering it unsuitable for its Primary Intended Use occurs during the last twenty-four (24) months of the Term, then Lessor or Lessee shall have the right to terminate this Lease by giving Notice, respectively, to Lessee or Lessor within thirty (30) days after the date of damage or destruction, whereupon all accrued Rent shall be paid immediately, and this Lease shall automatically terminate five (5) days after the date of such Notice.

Appears in 1 contract

Samples: Master Hotel Lease Agreement (Apple Hospitality Two Inc)

AutoNDA by SimpleDocs

Damage Near End of Term. Notwithstanding any provisions of ----------------------- Section 14.2 or 14.3 appearing to the contrary, if damage to or destruction of the Hotel rendering it unsuitable for its Primary Intended Use occurs during the last twenty-four (24) months of the Term, then Lessor or Lessee shall have the right to terminate this Lease by giving Notice, respectively, to Lessee or Lessor within thirty (30) days after the date of damage or destruction, whereupon all accrued Rent shall be paid immediately, and this Lease shall automatically terminate five (5) days after the date of such Notice.

Appears in 1 contract

Samples: Hotel Lease Agreement (Apple Suites Inc)

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!