Hotel Standard Revision Sample Clauses

Hotel Standard Revision. Notwithstanding anything to the contrary herein, Owner’s obligation to implement or fund a change in the Hotel Standard after Operator’s approval of the Hotel or any Operating Plan shall be subject to the following: (a) Owner shall not be required to alter the Hotel until the earlier to occur of when a structural element comprising the Hotel (i) becomes unserviceable, inoperable, or beyond acceptable wear and tear or (ii) reaches the end of its useful life as determined by generally accepted accounting principles. (b) With respect to furniture, fixtures and equipment that constitute part of the Hotel Standard or is otherwise required under this Agreement, Owner shall not be obligated to replace any individual item of furniture, fixtures and equipment which at the time of purchase had a cost of greater than Five Hundred Dollars ($500) until the earlier to occur of when such item (i) becomes unserviceable, inoperable, or beyond acceptable wear and tear or (ii) reaches the end of its useful life as determined by generally accepted accounting principles.