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

Damage or Destruction of Leased Property. If, during the Term, any of the Collective Leased Properties shall be totally or partially destroyed and the Facility located thereon is thereby rendered Unsuitable for Its Primary Intended Use, Tenant shall, at its option, exercisable by the giving of Notice thereof to Landlord within sixty (60) days after the date of casualty, elect either (a) to purchase such Leased Property from Landlord for a purchase price equal to the greater of (i) the Adjusted Purchase Price of such Leased Property and (ii) the Fair Market Value Purchase Price of such Leased Property immediately prior to such damage or destruction, or (b) terminate this Agreement with respect to the affected Leased Property. Failure by Tenant to give such Notice prior to the expiration of such 60-day period shall be deemed an election by Tenant to purchase such Leased Property in accordance with clause (a) preceding. In the event Tenant elects to terminate this Agreement with respect to the affected Leased Property, this Agreement shall, thereupon, terminate with respect to the applicable Leased Property and Landlord shall be entitled to retain the insurance proceeds payable on account of such damage. In the event Tenant purchases such Leased Property as provided in this Section 10.2.1, the insurance proceeds payable on account of such damage shall be paid to Tenant. If Tenant purchases the applicable Leased Property as provided herein, the closing with respect thereto shall occur on a date designated by Landlord by Notice to Tenant (but in no event prior to 30 days after such Notice), this Agreement shall terminate as to the applicable Leased Property upon payment of the purchase price therefor, and Landlord shall remit to Tenant all insurance proceeds pertaining to the applicable Leased Property then held by Landlord. Upon termination of this Agreement with respect to such Leased Property as hereinabove provided, the Minimum Rent thereafter payable hereunder shall be reduced by an amount reasonably determined by Landlord in good faith to be that portion of the Minimum Rent allocable to such Leased Property.

Damage or Destruction of Leased Property. IfIn the event (a) the Leased Property is damaged by fire, during explosion or other casualty insured under the fire and extended coverage insurance policy required hereunder (an "Insured Casualty") to the extent of twenty-five percent (25%) or more of the insurable value thereof immediately preceding the casualty, (b) the Leased Property is damaged by a casualty or occurrence other than an Insured Casualty, (c) such damage occurs at anytime within the last six (6) months of the Term, (d) the Leased Property or any portion thereof is damaged by fire, explosion or other casualty and the Leased Property cannot be repaired, rebuilt or restored to the same condition under the terms of the Collective Franchise Agreement, under any Legal Requirements or other governmental order or under any other agreement to which the Leased Properties shall be totally Property is subject or partially destroyed and (e) a casualty occurs to a portion of the Facility located thereon is thereby rendered Hotel which renders the Hotel Unsuitable for Its Primary Intended UsePermitted Use (a "Prohibited Casualty"), then in such event Landlord may terminate this Agreement by giving Tenant shall, at its option, exercisable by the giving written notice of Notice thereof to Landlord termination within sixty thirty (6030) days after the date happening of casualty, elect either (a) to purchase such Leased Property from Landlord for a purchase price equal to the greater of (i) the Adjusted Purchase Price of such Leased Property and (ii) the Fair Market Value Purchase Price of such Leased Property immediately prior to such damage or destruction, or (b) terminate this Agreement with respect to the affected Leased Property. Failure by Tenant to give such Notice prior to the expiration of such 60-day period shall be deemed an election by Tenant to purchase such Leased Property in accordance with clause (a) preceding. In the event Tenant elects to terminate this Agreement with respect to causing the affected Leased Property, this Agreement shall, thereupon, terminate with respect to the applicable Leased Property and Landlord shall be entitled to retain the insurance proceeds payable on account of such damage. In the event Tenant purchases such the damage is not extensive enough to give rise to Landlord's option to terminate this Agreement, a Prohibited Casualty has not occurred, or Landlord does not elect to terminate this Agreement, Landlord, at Landlord's sole cost and expense shall promptly repair and replace the Leased Property as provided in this Section 10.2.1to the condition existing immediately preceding such fire, explosion or other casualty. During any period of reconstruction or repair of the Leased Property, (i) Landlord shall make any business interruption insurance proceeds payable on account of such damage shall be paid to Tenant. If Tenant purchases the applicable Leased Property as provided herein, the closing with respect thereto shall occur on a date designated by Landlord by Notice available to Tenant (but in no event prior to 30 days after such Notice), this Agreement shall terminate as to the applicable Leased Property upon payment of the purchase price therefor, pay necessary operating expenses and Landlord shall remit to Tenant all insurance proceeds pertaining to the applicable Leased Property then held by Landlord. Upon termination of this Agreement Rent with respect to such the Leased Property, (ii) Tenant shall operate its business in the Leased Property as hereinabove providedto the extent practicable, the and (iii) Minimum Rent thereafter payable hereunder under this Agreement by Tenant shall be reduced by an amount reasonably determined by Landlord in good faith abated during the period of such repair and restoration to be that portion of the Minimum Rent allocable to such extent the Leased PropertyProperty is not tenantable.

Damage or Destruction of Leased Property. If, during the Term, any of the Collective applicable Leased Properties Property shall be either (a) totally or partially destroyed and the Facility located thereon is thereby rendered Unsuitable for Its Primary Intended Use or (b) totally destroyed, but the Facility located thereon is not thereby rendered Unsuitable for its Primary Intended Use, Tenant shall, at its Tenant's option, exercisable by the giving of Notice thereof to Landlord within sixty thirty (6030) days after the date of casualtysuch damage or destruction, elect either irrevocably offer (ai) to purchase such Leased Property (and the proceeds of any insurance payable as a result of such damage) from Landlord for a purchase price equal to the greater of (i) the x)the Adjusted Purchase Price of such Leased Property and or (iiy) the Fair Market Value Purchase Price of such Leased Property immediately prior to such damage or destruction, destruction or (bii) terminate this Agreement with respect to substitute a new property for the affected Leased Property. Failure by Tenant to give such Notice prior to the expiration of such 60-day period shall be deemed an election by Tenant to purchase such applicable Leased Property in accordance with the provisions of Article 16 hereof. If Tenant shall fail to give such Notice, Tenant shall be deemed to have elected the option provided in clause (ai) precedingabove; provided that in the case of total destruction of the Facility as described in clause (b), Tenant shall be deemed to have elected to restore the Facility as provided in Section 10.2.4. In the event Tenant elects Landlord does not accept Tenant's offer to terminate this Agreement with respect to purchase the affected applicable Leased PropertyProperty or substitute another property for the applicable Leased Property within thirty (30) days after receipt of Tenant's Notice of election, this Agreement shall, thereupon, terminate the applicable Lease with respect to the applicable Leased Property shall terminate without further liability hereunder and Landlord shall be entitled to retain the insurance proceeds payable on account of such damage. In the event Tenant purchases such Leased Property as provided in this Section 10.2.1, the insurance proceeds payable on account of such damage shall be paid to Tenant. If Tenant purchases the applicable Leased Property as provided herein, the closing with respect thereto shall occur on a date designated by Landlord by Notice to Tenant (but in no event prior to 30 days after such Notice), this Agreement shall terminate as to the applicable Leased Property upon payment of the purchase price therefor, and Landlord shall remit to Tenant all insurance proceeds pertaining to the applicable Leased Property then held by Landlord. Upon termination of this Agreement with respect to such Leased Property as hereinabove provided, the Minimum Rent thereafter payable hereunder shall be reduced by an amount reasonably determined by Landlord in good faith to be that portion of the Minimum Rent allocable to such Leased Property.

Damage or Destruction of Leased Property. If, during the Term, any of the Collective applicable Leased Properties Property shall be totally or partially destroyed and the Facility located thereon is thereby rendered Unsuitable for Its Primary Intended Use, Tenant shall, at its Tenant's option, exercisable by the giving of Notice thereof to Landlord within sixty (60) days after the date of casualtysuch damage or destruction, elect irrevocably offer either (a) to purchase such Leased Property from Landlord within one hundred twenty (120) of such Notice for a purchase price equal to the greater of (i) the Adjusted Purchase Price of such Leased Property and or (ii) the Fair Market Value Purchase Price of such Leased Property immediately prior to such damage or destruction, destruction or (b) terminate this Agreement with respect to restore the affected Leased PropertyFacility to substantially the same condition as existed immediately before the damage or destruction. Failure by If Tenant shall fail to give such Notice prior to the expiration of such 60-day period Notice, Tenant shall be deemed an election by Tenant to purchase such Leased Property have elected the option provided in accordance with clause (a) precedingabove. In the event Tenant elects Landlord does not accept Tenant's offer to terminate this Agreement with respect to purchase the affected applicable Leased PropertyProperty within thirty (30) days after receipt of Tenant's Notice of election, this Agreement shall, thereupon, terminate the applicable Lease with respect to the applicable Leased Property shall terminate without further liability hereunder and Landlord shall be entitled to retain the insurance proceeds payable on account of such damage. In the event Tenant purchases such Leased Property as provided in this Section 10.2.1, the insurance proceeds payable on account of such damage shall be paid to Tenant. If Tenant purchases the applicable Leased Property as provided herein, the closing with respect thereto shall occur on a date designated by Landlord by Notice to Tenant (but in no event prior to 30 days after such Notice), this Agreement shall terminate as to the applicable Leased Property upon payment of the purchase price therefor, and Landlord shall remit to Tenant all insurance proceeds pertaining to the applicable Leased Property then held by Landlord. Upon termination of this Agreement with respect to such Leased Property as hereinabove provided, the Minimum Rent thereafter payable hereunder shall be reduced by an amount reasonably determined by Landlord in good faith to be that portion of the Minimum Rent allocable to such Leased Property.

Damage or Destruction of Leased Property. IfIn the event (a) the ------ ---------------------------------------- Leased Property is damaged by fire, during explosion or other casualty insured under the fire and extended coverage insurance policy required hereunder (an "Insured Casualty") to the extent of twenty-five percent (25%) or more ---------------- of the insurable value thereof immediately preceding the casualty, (b) the Leased Property is damaged by a casualty or occurrence other than an Insured Casualty, (c) such damage occurs at anytime within the last six (6) months of the Term, (d) the Leased Property or any portion thereof is damaged by fire, explosion or other casualty and the Leased Property cannot be repaired, rebuilt or restored to the same condition under the terms of the Collective Franchise Agreement, under any Legal Requirements or other governmental order or under any other agreement to which the Leased Properties shall be totally Property is subject or partially destroyed and (e) a casualty occurs to a portion of the Facility located thereon is thereby rendered Hotel which renders the Hotel Unsuitable for Its Primary Intended UsePermitted Use (a "Prohibited Casualty"), then in such ------------------- event Landlord or Tenant shall, at its option, exercisable may terminate this Agreement by giving written notice of termination to the giving of Notice thereof to Landlord other party within sixty thirty (6030) days after the date happening of casualty, elect either (a) to purchase such Leased Property from Landlord for a purchase price equal to the greater of (i) the Adjusted Purchase Price of such Leased Property and (ii) the Fair Market Value Purchase Price of such Leased Property immediately prior to such damage or destruction, or (b) terminate this Agreement with respect to the affected Leased Property. Failure by Tenant to give such Notice prior to the expiration of such 60-day period shall be deemed an election by Tenant to purchase such Leased Property in accordance with clause (a) preceding. In the event Tenant elects to terminate this Agreement with respect to causing the affected Leased Property, this Agreement shall, thereupon, terminate with respect to the applicable Leased Property and Landlord shall be entitled to retain the insurance proceeds payable on account of such damage. In the event Tenant purchases such the damage is not extensive enough to give rise to Landlord's option to terminate this Agreement, a Prohibited Casualty has not occurred, or Landlord does not elect to terminate this Agreement, Landlord, at Landlord's sole cost and expense shall promptly repair and replace the Leased Property as provided in this Section 10.2.1to the condition existing immediately preceding such fire, explosion or other casualty. During any period of reconstruction or repair of the Leased Property, (i) Landlord shall make any business interruption insurance proceeds payable on account of such damage shall be paid to Tenant. If Tenant purchases the applicable Leased Property as provided herein, the closing with respect thereto shall occur on a date designated by Landlord by Notice available to Tenant (but in no event prior to 30 days after such Notice), this Agreement shall terminate as to the applicable Leased Property upon payment of the purchase price therefor, pay necessary operating expenses and Landlord shall remit to Tenant all insurance proceeds pertaining to the applicable Leased Property then held by Landlord. Upon termination of this Agreement Rent with respect to such the Leased Property, (ii) Tenant shall operate its business in the Leased Property as hereinabove providedto the extent practicable, the and (iii) Minimum Rent thereafter payable hereunder under this Agreement by Tenant shall be reduced by an amount reasonably determined by Landlord in good faith abated during the period of such repair and restoration to be that portion of the Minimum Rent allocable to such extent the Leased PropertyProperty is not tenantable.

Damage or Destruction of Leased Property. IfIn the event (a) the Leased Property is damaged by fire, during explosion or other casualty insured under the fire and extended coverage insurance policy required hereunder (an "INSURED CASUALTY") to the extent of twenty-five percent (25%) or more of the insurable value thereof immediately preceding the casualty, (b) the Leased Property is damaged by a casualty or occurrence other than an Insured Casualty, (c) such damage occurs at anytime within the last six (6) months of the Term, (d) the Leased Property or any portion thereof is damaged by fire, explosion or other casualty and the Leased Property cannot be repaired, rebuilt or restored to the same condition under the terms of the Collective Franchise Agreement, under any Legal Requirements or other governmental order or under any other agreement to which the Leased Properties shall be totally Property is subject or partially destroyed and (e) a casualty occurs to a portion of the Facility located thereon is thereby rendered Hotel which renders the Hotel Unsuitable for Its Primary Intended UsePermitted Use (a "PROHIBITED CASUALTY"), then in such event Landlord or Tenant shall, at its option, exercisable may terminate this Agreement by giving written notice of termination to the giving of Notice thereof to Landlord other party within sixty thirty (6030) days after the date happening of casualty, elect either (a) to purchase such Leased Property from Landlord for a purchase price equal to the greater of (i) the Adjusted Purchase Price of such Leased Property and (ii) the Fair Market Value Purchase Price of such Leased Property immediately prior to such damage or destruction, or (b) terminate this Agreement with respect to the affected Leased Property. Failure by Tenant to give such Notice prior to the expiration of such 60-day period shall be deemed an election by Tenant to purchase such Leased Property in accordance with clause (a) preceding. In the event Tenant elects to terminate this Agreement with respect to causing the affected Leased Property, this Agreement shall, thereupon, terminate with respect to the applicable Leased Property and Landlord shall be entitled to retain the insurance proceeds payable on account of such damage. In the event Tenant purchases such the damage is not extensive enough to give rise to Landlord's option to terminate this Agreement, a Prohibited Casualty has not occurred, or Landlord does not elect to terminate this Agreement, Landlord, at Landlord's sole cost and expense shall promptly repair and replace the Leased Property as provided in this Section 10.2.1to the condition existing immediately preceding such fire, explosion or other casualty. During any period of reconstruction or repair of the Leased Property, (i) Landlord shall make any business interruption insurance proceeds payable on account of such damage shall be paid to Tenant. If Tenant purchases the applicable Leased Property as provided herein, the closing with respect thereto shall occur on a date designated by Landlord by Notice available to Tenant (but in no event prior to 30 days after such Notice), this Agreement shall terminate as to the applicable Leased Property upon payment of the purchase price therefor, pay necessary operating expenses and Landlord shall remit to Tenant all insurance proceeds pertaining to the applicable Leased Property then held by Landlord. Upon termination of this Agreement Rent with respect to such the Leased Property, (ii) Tenant shall operate its business in the Leased Property as hereinabove providedto the extent practicable, the and (iii) Minimum Rent thereafter payable hereunder under this Agreement by Tenant shall be reduced by an amount reasonably determined by Landlord in good faith abated during the period of such repair and restoration to be that portion of the Minimum Rent allocable to such extent the Leased PropertyProperty is not tenantable.