Common use of DESTRUCTION RENDERING PROPERTY UNSUITABLE FOR ITS PRIMARY USE Clause in Contracts

DESTRUCTION 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 and the Property thereby is rendered Unsuitable For Its Primary Intended Use as reasonably determined by Landlord, Tenant shall, at its election, either (i) diligently restore the Property to substantially the same condition as existed immediately before the damage or destruction, or (ii) terminate the Lease as provided in Section 21.2 and assign all of its rights to any insurance proceeds required under this Lease to Landlord.

Appears in 11 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 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 and the Property thereby is rendered Unsuitable For Its Primary Intended Use as reasonably determined by Landlord, Tenant shall, at its election, either (i) diligently restore the Property to substantially the same condition as existed immediately before the damage or destruction, or (ii) terminate the Lease as provided in Section 21.2 20.2 and assign all of its rights to any insurance proceeds required under this Lease to Landlord.

Appears in 1 contract

Samples: Lease (Golf Trust of America Inc)

DESTRUCTION 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 and the Property thereby is rendered Unsuitable For Its Primary Intended Use as reasonably determined by LandlordUse, Tenant shall, at its election, either (i) diligently restore the Property to substantially the same condition as existed immediately before the damage or destruction, or (ii) terminate the Lease as provided in Section 21.2 by delivery of written notice received by Landlord within thirty (30) days of the date of the damage or destruction and assign all of its rights to any insurance proceeds required under this Lease to Landlord.

Appears in 1 contract

Samples: Lease (Golf Trust of America Inc)

DESTRUCTION 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 and the Property thereby is rendered Unsuitable For Its Primary Intended Use as reasonably determined by LandlordUse, Tenant shall, at its election, either (i) diligently restore the Property to substantially the same condition as existed immediately before the damage or destruction, or (ii) terminate the Lease as provided in Section 21.2 and assign all of its rights to any insurance proceeds required under this Lease to Landlord.

Appears in 1 contract

Samples: Secondary Collateral Pledge Agreement (Golf Trust of America Inc)

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DESTRUCTION 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 and the Property thereby is rendered Unsuitable For Its Primary Intended Use as reasonably determined by Landlord, Tenant shall, at its election, either (i) diligently restore the Property to substantially the same condition as existed immediately before the damage or destruction, or (ii) terminate the Lease as provided in Section 21.2 this Lease and assign all of its rights to any insurance proceeds required under this Lease to Landlord.

Appears in 1 contract

Samples: Lease (Golf Trust of America Inc)

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