Hotel Time Periods / Option for Extensions Sample Clauses

Hotel Time Periods / Option for Extensions. None of the time periods in this Agreement set forth above in Section 4.2, 4.3, 5.7.7.2, 5.7.7.3, 5.7.7.4 or 5.7.7.5 shall be enforceable against SED in the event that the City extends the term of the Phase Two Property Lease and/or the Phase Two Property Vacation. In the event that the City has not extended the term of the Phase Two Property Lease and/or the Phase Two Property Vacation and SED does not obtain a building permit for construction of the Hotel within the time required by this Agreement, then SED may at its sole and absolute discretion, extend the time period it has to apply for and obtain a building permit for construction of the Hotel for two (2) consecutive one (1) year periods. In order for SED to extend the time period as stated herein, SED must, prior to the expiration of the time period it intends to extend, provide the City with written notice of its election to exercise its option to extend together with a pre-payment in the amount of One Hundred Thousand Dollars ($100,000.00) for the first one year option to extend and Two Hundred Thousand Dollars ($200,000.00) for the second one year option to extend.
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Related to Hotel Time Periods / Option for Extensions

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