Immaterial. If the Property is not Materially Damaged, then neither Owner JV nor Hersha Owner shall have the right to terminate this Agreement, and Hersha Owner shall, at its option, either (i) repair the damage before the Closing to the reasonable, good faith satisfaction of Owner JV, or (ii) credit Owner JV at Closing to the good faith satisfaction of Owner JV for the reasonable costs to complete the repair as reviewed and confirmed in good faith by Owner JV (in which case Hersha Owner shall retain all insurance proceeds and Owner JV shall assume full responsibility for all needed repairs).
Appears in 7 contracts
Samples: Asset Purchase and Contribution Agreement (Hersha Hospitality Trust), Asset Purchase and Contribution Agreement (Hersha Hospitality Trust), Asset Purchase and Contribution Agreement (Hersha Hospitality Trust)
