Host O. P. agrees to guarantee Landlord's obligation to pay to Tenant the compensation for (i) termination by a Superior Mortgagee or Superior Landlord under Section 20.2, (ii) termination of this Lease following a Casualty pursuant to Section 10.2.3, or (iii) termination of this Lease by Tenant by reason of Landlord's election not to make an Award available to Tenant for restoration following a Condemnation pursuant to Section 11.2; provided that at the time of any such termination Landlord is a wholly owned direct or indirect subsidiary of Host O.P., and if Landlord is then partially owned, directly or indirectly, by Host O.P., Host O.P. shall guaranty that portion of such compensation that represents the same percentage of the total compensation payable as Host O.P.'s direct or indirect percentage ownership interest in Landlord. Landlord agrees to be exclusively responsible for (and shall reimburse Tenant for any payment Tenant otherwise might be required to make) the Manager's termination fee (if any) payable to Manager because of the termination of the Management Agreement in connection with the sale of the Leased Property.
Appears in 4 contracts
Samples: Lease Agreement (HMC Merger Corp), Lease Agreement (Crestline Capital Corp), Lease Agreement (HMC Merger Corp)
Host O. P. agrees to guarantee Landlord's obligation to pay to Tenant the compensation for (i) termination by a Superior Mortgagee or Superior Landlord under Section 20.2, (ii) termination of this Lease following a Casualty pursuant to Section 10.2.3, or (iii) termination of this Lease by Tenant by reason of Landlord's election not to make an Award available to Tenant for restoration following a Condemnation pursuant to Section 11.2; provided that at the time of any such termination Landlord is a wholly owned direct or indirect subsidiary of Host O.P., and if Landlord is then partially owned, directly or indirectly, by Host O.P., Host O.P. shall guaranty that portion of such compensation that represents the same percentage of the total compensation payable as Host O.P.'s direct or indirect percentage ownership interest in Landlord. Landlord agrees to be exclusively responsible for (and shall reimburse Tenant for any payment Tenant otherwise might be required to make) the Manager's termination fee (if any) payable to Manager because of the termination of the Management Agreement in connection with the sale of the Leased Property.
Appears in 2 contracts
Samples: Lease Agreement (Host Marriott L P), Lease Agreement (Host Marriott Corp/)
