Hotel Operating Standard Sample Clauses

Hotel Operating Standard. 32.1 The City Agreements provide that the operator of the Hotel must operate and maintain the Hotel as a Four Star Lodging Establishment (“Four Star Standard”) (as rated by the Forbes Travel Guide or by an alternative nationally recognized hotel rating service, collectively “Rating System”). The initial Four Star Standard rating, as published by the Rating System, must be achieved within twenty-four (24) months after the Hotel Opening Date (i.e., when the Hotel is officially open for business to the general public). The parties acknowledge that if the Hotel has not achieved the Four Star Standard rating from the Rating System by the expiration of twenty-four (24) months after the Hotel Opening Date, or thereafter fails to maintain its Four Star Standard rating by the Rating System (each, “Rating Failure”), default provisions and remedies as specified in the City Agreements shall apply (collectively, the “City Remedies”). 32.2 If, at any time during the term of this Lease, the City Agreements are no longer in effect (or if the City Agreements no longer include the City Remedies referenced above and Authority has not consented to such change in the City Remedies), then Authority shall have the following rights hereunder in the case of a Rating Failure regarding the Hotel that will apply in lieu of the City Remedies: Following any such Rating Failure, Authority may give notice at any time to Lessee of such Rating Failure (“Authority Notice”). Lessee shall attempt to cure any such Rating Failure by taking one or more of the following efforts and/or other measures (collectively, the “Efforts to Cure”): (i) Lessee may initiate specific steps to address the matters identified by the Rating Agency as to the reasons for the Rating Failure and seek to obtain the Four Star rating from the Rating Agency following resolution of such matters; (ii) Lessee may obtain a review of the Hotel by an alternative Rating System that is a nationally recognized hotel rating service to meet the Four Star Standard; (iii) Lessee may enforce its rights under the Hotel Management Agreement to cause the Hotel Operator to achieve and maintain the Four Star Standard for the Hotel; and/or (iv) Lessee may elect to replace Hotel Operator with another hotel operator that meets the Four Star Standard for the Hotel. Within sixty (60) days after receipt of the Authority Notice, Lessee shall notify Authority of the specific Efforts to Cure being undertaken by Lessee and the time frame for resolvin...