Common use of Damage or Destruction of Leased Property Clause in Contracts

Damage or Destruction of Leased Property. If, during the Term, any 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, within ninety (90) days after the date of casualty, terminate this Agreement with respect to such Property, in which event, Landlord shall be entitled to retain the insurance proceeds payable on account of such damage, except that Landlord shall pay to Tenant any net proceeds in excess of the replacement cost of such Property reasonably allocable to the value of Tenant's leasehold, Tenant's Personal Property and Capital Additions paid for by Tenant.