Damage or Destruction of Leased Property. If, during the Term, the Leased Property shall be totally or partially destroyed and the Hotel located thereon is thereby rendered Unsuitable for Its Permitted Use, Tenant may, by the giving of Notice thereof to Landlord, terminate this Agreement, whereupon, this Agreement shall terminate and Landlord shall be entitled to retain the insurance proceeds payable on account of such damage.
Appears in 17 contracts
Samples: Lease Agreement (Hospitality Properties Trust), Lease Agreement (Hospitality Properties Trust), Lease Agreement (CNL Hospitality Properties Inc)
Damage or Destruction of Leased Property. If, during the ---------------------------------------- Term, the Leased Property shall be totally or partially destroyed and the Hotel located thereon is thereby rendered Unsuitable for Its Permitted Use, either Landlord or Tenant may, by the giving of Notice thereof to Landlordthe other, terminate this Agreement, whereupon, this Agreement shall terminate and Landlord shall be entitled to retain the insurance proceeds payable on account of such damage.
Appears in 3 contracts
Samples: Lease Agreement (Hospitality Properties Trust), Lease Agreement (Hospitality Properties Trust), Lease Agreement (Crestline Capital Corp)
Damage or Destruction of Leased Property. If, during the Term, the Leased Property shall be totally or partially destroyed and the Hotel Project located thereon is thereby rendered Unsuitable for Its Permitted Use, Tenant may, by the giving of Notice thereof to Landlord, terminate this AgreementLease, whereupon, this Agreement Lease shall terminate and Landlord shall be entitled to retain the insurance proceeds payable on account of such damage.
Appears in 2 contracts
Samples: Master Lease (CNL Income Properties Inc), Master Lease (CNL Income Properties Inc)
Damage or Destruction of Leased Property. If, during the Term, the Leased Property shall be totally or partially destroyed and the Hotel Facility located thereon is thereby rendered Unsuitable for Its Permitted Use, Tenant may, by the giving of Notice thereof to Landlord, terminate this Agreement, whereupon, this Agreement shall terminate and Landlord shall be entitled to retain the insurance proceeds payable on account of such damage.
Appears in 2 contracts
Samples: Lease Agreement (CNL Health Care Properties Inc), Lease Agreement (CNL Health Care Properties Inc)
Damage or Destruction of Leased Property. If, during the Term, the Leased Property shall be totally or partially destroyed and the Hotel located thereon is thereby rendered Unsuitable for Its Permitted Use, either Landlord or Tenant may, by the giving of Notice thereof to Landlordthe other, terminate this Agreement, whereupon, this Agreement shall terminate and terminate, Landlord shall be entitled to retain the insurance proceeds payable on account of such damagedamage and Tenant shall thereafter have no obligation to pay Rent for periods arising after the effective date of termination.
Appears in 2 contracts
Samples: Lease Agreement (Hospitality Properties Trust), Lease Agreement (Wyndham Hotel Corp)
Damage or Destruction of Leased Property. If, during the Term, the any Leased Property shall be totally or partially destroyed and the Hotel located thereon is thereby rendered Unsuitable for Its Permitted Use, either Landlord or Tenant may, by the giving of Notice thereof to Landlordthe other, terminate this AgreementAgreement with respect to such Leased Property, whereupon, this Agreement shall terminate with respect to such Leased Property, the Minimum Rent shall be reduced by the amount thereof allocable to such Leased Property, and Landlord shall be entitled to retain the insurance proceeds payable on account of such damage.
Appears in 1 contract
Samples: Master Lease Agreement (Hospitality Properties Trust)
Damage or Destruction of Leased Property. If, during the Term, the Leased Property and the Resort Personal Property shall be totally or partially destroyed and the Hotel located thereon is thereby rendered Unsuitable for Its Permitted Use, in the reasonable judgment of Landlord, Tenant may, by the giving of Notice thereof to LandlordLandlord and TRS Corp., terminate this AgreementAgreement and the Personal Property Lease, whereupon, this Agreement and the Personal Property Lease shall terminate and Landlord and TRS Corp., as applicable, shall be entitled to retain the insurance proceeds payable on account of such damage.
Appears in 1 contract
