Common use of Effect of Lease Termination Clause in Contracts

Effect of Lease Termination. If Tenant so elects to terminate this Lease as provided in paragraphs (B) or (C) of this Article, Landlord shall nevertheless have the option of negating such notice of termination by giving notice to Tenant of such negation, which notice, if given at all, shall be given within 60 days of Landlord’s receipt of Tenant’s notice of termination. If Landlord elects to negate Tenant’s notice of termination, then (i) this Lease shall not terminate, and (ii) Landlord shall, with due diligence, repair and restore the Ski Facility in its entirety at Landlord’s sole cost and expense. If Landlord elects to negate Tenant’s notice of termination as provided herein, then all insurance proceeds payable as a result of such damage or destruction (except for proceeds payable with respect to Tenant’s Property) shall belong to Landlord, and Tenant’s Annual Fixed Rent shall xxxxx (i) during the period of restoration, to the extent that Landlord receives compensation for lost rents by policies of insurance described in Section 16(E); and (ii) following restoration, in proportion to the portion of the Ski Facility that is rendered unusable by reason of the casualty and not restored by Landlord.

Effect of Lease Termination. If Tenant so elects to terminate this Lease as provided in paragraphs (B) or (C) of this Article, Landlord shall nevertheless have the option of negating such notice of termination by giving notice to Tenant of such negation, which notice, if given at all, shall be given within 60 days of Landlord’s receipt of Tenant’s notice of termination. If Landlord elects to negate Tenant’s notice of termination, then (i) this Lease shall not terminate, and (ii) Landlord shall, with due diligence, repair and restore the Ski Facility in its entirety at Landlord’s sole cost and expense. If Landlord elects to negate Tenant’s notice of termination as provided herein, then all insurance proceeds payable as a result of such damage or destruction (except for proceeds payable with respect to Tenant’s Property) shall belong to EPT Ski Properties, Inc. Lease Landlord, and Tenant’s Annual Fixed Rent shall xxxxx (i) during the period of restoration, to the extent that Landlord receives compensation for lost rents by policies of insurance described in Section 16(E15(E); and (ii) following restoration, in proportion to the portion of the Ski Facility that is rendered unusable by reason of the casualty and not restored by Landlord.

Effect of Lease Termination. If Tenant so elects to terminate this Lease as provided in paragraphs (B) or (C) of this Article, Landlord shall nevertheless have the option of negating such notice of termination by giving notice to Tenant of such negation, which notice, if given at all, shall be given within 60 days of Landlord’s receipt of Tenant’s notice of termination. If Landlord elects to negate Tenant’s notice of termination, then (i) this Lease shall not terminate, and (ii) Landlord shall, with due diligence, repair and restore the Ski Facility in its entirety at Landlord’s sole cost and expense. If Landlord elects to negate Tenant’s notice of termination as provided herein, then all insurance proceeds payable as a result of such damage or destruction (except for proceeds payable with respect to Tenant’s Property) shall belong to Landlord, and Tenant’s Annual Fixed Rent shall xxxxx (i) during the period of restoration, to the extent that Landlord receives compensation for lost rents by policies of insurance described in Section 16(E15(E); and (ii) following restoration, in proportion to the portion of the Ski Facility that is rendered unusable by reason of the casualty and not restored by Landlord.