Hotel/Tower I Canopy Sample Clauses

Hotel/Tower I Canopy. (a) Subject to the provisions of this REA, for as long as the Hotel/Condo Improvements constitute a Hotel, and only if both Tower I Owner and Hotel/Condo Owner consent to and approve the construction of the Hotel/Tower I Canopy, Tower I Owner grants to Hotel/Condo Owner for the benefit of Hotel/Condo Owner and the Hotel/Condo Tract, and the Hotel/Condo Owner grants to Tower I Owner for the benefit of Tower I Owner and the Tower I Tract, non-exclusive easements to connect the Tower I Owner's portion of the Hotel/Tower I Canopy and the Hotel/Condo Owner's portion of the Hotel/Tower I Canopy. (b) The Hotel/Tower I Canopy will be removed by Tower I Owner and Hotel/Condo Owner, each paying one-half of such removal costs, at the election of Tower I Owner only, in its sole discretion, if at any time the Hotel/Condo Improvements ceases to operate as a hotel, is damaged or destroyed and not restored, or ceases to be a hotel operating in accordance with First Class Standards as a Four Diamond Hotel. (c) The Easements granted by this Section shall terminate upon the expiration of the Term of this REA.
Sample 1
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