Common use of DESTRUCTION NOT RENDERING PROPERTY UNSUITABLE FOR ITS PRIMARY USE Clause in Contracts

DESTRUCTION NOT RENDERING PROPERTY UNSUITABLE FOR ITS PRIMARY USE. If during the term, the Property is totally or partially destroyed from a risk covered by the insurance described in Article 15, but the Real Property is not thereby rendered Unsuitable For Its Primary Intended Use, Tenant shall diligently restore the Property to substantially the same condition as existed immediately before the damage or destruction; PROVIDED, HOWEVER, Tenant shall not be required to restore certain Tangible Personal Property and/or any Tenant Improvements if failure to do so does not adversely affect the amount of Rent payable hereunder or the Primary Intended Use in substantially the same manner immediately prior to such damage or destruction. Such damage or destruction shall not terminate this Lease; PROVIDED FURTHER, HOWEVER, if Tenant cannot within eighteen (18) months obtain all necessary governmental approvals, including building permits, licenses, conditional use permits and any certificates of need, after diligent efforts to do so in order to be able to perform all required repair and restoration work and to operate the Property for its Primary Intended Use in substantially the same manner immediately prior to such damage or destruction, Tenant may terminate the Lease.

Appears in 6 contracts

Samples: Lease (Golf Trust of America Inc), Lease (Golf Trust of America Inc), Lease (Golf Trust of America Inc)

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DESTRUCTION NOT RENDERING PROPERTY UNSUITABLE FOR ITS PRIMARY USE. If during the term, the Property is totally or partially destroyed from a risk covered by the insurance described in Article 15, but the Real Property is not thereby rendered Unsuitable For Its Primary Intended Use, Tenant shall diligently restore the Property to substantially the same condition as existed immediately before the damage or destruction; PROVIDED, HOWEVER, Tenant shall not be required to restore certain Tangible Personal Property and/or any Tenant Improvements if failure to do so does not adversely affect the amount of Rent payable hereunder or the Primary Intended Use in substantially the same manner immediately prior to such damage or destruction. Such damage or destruction shall not terminate this Lease; PROVIDED FURTHER, HOWEVER, if Tenant cannot within eighteen (18) months obtain all necessary governmental approvals, including building permits, licenses, conditional use permits and any certificates of need, . after diligent efforts to do so in order to be able to perform all required repair and restoration work and to operate the Property for its Primary Intended Use in substantially the same manner immediately prior to such damage or destruction, Tenant may terminate the Lease.

Appears in 3 contracts

Samples: Pledge Agreement (Golf Trust of America Inc), Lease (Golf Trust of America Inc), Lease (Golf Trust of America Inc)

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DESTRUCTION NOT RENDERING PROPERTY UNSUITABLE FOR ITS PRIMARY USE. If during the term, the Property is totally or partially destroyed from a risk covered by the insurance described in Article 15VII, but the Real Property is not thereby rendered Unsuitable For Its Primary Intended Use, Tenant Borrower shall diligently restore the Property to substantially the same condition as existed immediately before the damage or destruction; PROVIDEDprovided, HOWEVERhowever, Tenant Borrower shall not be required to restore certain Tangible Personal Property and/or any Tenant Borrower Improvements if failure to do so does not adversely affect the amount of Rent Interest payable hereunder or the Primary Intended Use in substantially the same manner immediately prior to such damage or destruction. Such damage or destruction shall not terminate this LeaseAgreement; PROVIDED FURTHERprovided further, HOWEVERhowever, if Tenant Borrower cannot within eighteen (18) months obtain all necessary governmental approvals, including building permits, licenses, conditional use permits and any certificates of need, after diligent efforts to do so in order to be able to perform all required repair and restoration work and to operate the Property for its Primary Intended Use in substantially the same manner immediately prior to such damage or destruction, Tenant Borrower may terminate prepay the LeaseLoans.

Appears in 2 contracts

Samples: Loan Agreement (Gta-Ib, LLC), Loan Agreement (Golf Trust of America Inc)

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