Damage Occurring After the 10th Anniversary of Commencement Sample Clauses

Damage Occurring After the 10th Anniversary of Commencement. Date ---- (a) Upon a Major Casualty occurring after the tenth (10th) anniversary of the Commencement Date, Tenant shall have the right to terminate this Lease with respect to the affected Hotel by so notifying Landlord not later than the date which is sixty (60) days after the occurrence of such Major Casualty. If Tenant elects to exercise the right described in the preceding sentence, it shall, simultaneously with its delivery of its Notice of termination, deliver to Landlord its irrevocable offer to purchase the applicable portion of the Premises for an amount equal to the Fair Market Value thereof. (b) Landlord may accept or reject Tenant's irrevocable offer to purchase the applicable portion of the Premises by sending Tenant a Notice of rejection or acceptance within thirty (30) days from the date upon which Landlord received Tenant's Notice of termination. If Landlord fails to send Tenant a Notice of rejection or acceptance within thirty (30) days of its receipt of Tenant's irrevocable offer to purchase the applicable portion of the Premises, Landlord shall be deemed to have rejected such offer. If Landlord accepts Tenant's offer to purchase, this Lease shall terminate with respect to such portion of the Premises upon the closing of such purchase, which shall occur in accordance with the provisions of Article XXI. Upon such termination, Tenant shall pay to Landlord all Rent due with respect to such portion of the Premises through such date of termination, in addition to the Fair Market Value thereof, and Landlord and the Insurance Trustee shall assign to Tenant all their right, title and interest in insurance proceeds payable and shall deliver to Tenant any insurance proceeds previously paid to, or then held by, either Landlord or the Insurance Trustee with respect to such Major Casualty, and Landlord shall convey the Premises to Tenant in accordance with the provisions of Article XXI. (c) If Landlord rejects or is deemed to reject Tenant's irrevocable offer to purchase pursuant to Section 14.3(a), this Lease shall terminate with respect to the applicable portion of the Premises on a Base Rent payment date specified by Tenant in its Notice of termination which occurs not earlier than ninety (90) days nor later than one hundred twenty (120) days after Landlord's receipt of Tenant's irrevocable offer to purchase, provided that this Lease shall not so terminate unless and until Tenant shall have paid all sums due hereunder (including, without limitation,...
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Related to Damage Occurring After the 10th Anniversary of Commencement

  • DATE OF COMMENCEMENT AND SUBSTANTIAL COMPLETION § 3.1 The date of commencement of the Work shall be: § 3.2 The Contract Time shall be measured from the date of commencement of the Work.

  • Tax Periods Beginning Before and Ending After the Closing Date The Company or the Purchaser shall prepare or cause to be prepared and file or cause to be filed any Returns of the Company for Tax periods that begin before the Closing Date and end after the Closing Date. To the extent such Taxes are not fully reserved for in the Company’s financial statements, the Sellers shall pay to the Company an amount equal to the unreserved portion of such Taxes that relates to the portion of the Tax period ending on the Closing Date. Such payment, if any, shall be paid by the Sellers within fifteen (15) days after receipt of written notice from the Company or the Purchaser that such Taxes were paid by the Company or the Purchaser for a period beginning prior to the Closing Date. For purposes of this Section, in the case of any Taxes that are imposed on a periodic basis and are payable for a Taxable period that includes (but does not end on) the Closing Date, the portion of such Tax that relates to the portion of such Tax period ending on the Closing Date shall (i) in the case of any Taxes other than Taxes based upon or related to income or receipts, be deemed to be the amount of such Tax for the entire Tax period multiplied by a fraction the numerator of which is the number of days in the Tax period ending on the Closing Date and the denominator of which is the number of days in the entire Tax period (the “Pro Rata Amount”), and (ii) in the case of any Tax based upon or related to income or receipts, be deemed equal to the amount that would be payable if the relevant Tax period ended on the Closing Date. The Sellers shall pay to the Company with the payment of any taxes due hereunder, the Sellers’ Pro Rata Amount of the costs and expenses incurred by the Purchaser or the Company in the preparation and filing of the Tax Returns. Any net operating losses or credits relating to a Tax period that begins before and ends after the Closing Date shall be taken into account as though the relevant Tax period ended on the Closing Date. All determinations necessary to give effect to the foregoing allocations shall be made in a reasonable manner as agreed to by the parties.

  • COMMENCEMENT/EXPIRATION DATE This agreement is executed as of the date of the last signature and is effective through at which time it will expire. The expiration date is the final date for completion of all work activities under this agreement.

  • Substantial Completion Date Substantial Completion of the Work as defined in Article 6.1.2 of the General Conditions to the Continuing Contract for Construction Management shall be achieved by July 31, 2022.

  • CONTRACT ANNIVERSARY An anniversary of the Effective Date of this Contract.

  • Happen After We Receive Your Letter When we receive your letter, we must do two things:

  • Date of Commencement This Agreement has commenced and shall be deemed to have commenced on and with effect from the date mentioned at the beginning of this Agreement.

  • Commencement Date The Subcontractor shall be permitted to begin the Services on ______________________, 20____ (“Commencement Date”).

  • Happen After We Receive Your Letter When we receive your letter, we must do two things:

  • Final Completion Date Final Completion for the Work as defined in Article 6.1.3 of the General Conditions to the Continuing Contract for Construction Management shall be achieved by October 31, 2024.

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