Common use of Major Condemnation and Major Casualty Clause in Contracts

Major Condemnation and Major Casualty. If a Condemnation is not a Total Condemnation but it renders the Premises unsuitable for restoration for continued use and occupancy in Tenant's business (a "Major Condemnation"), or if a Casualty shall occur and the Restoration Cost shall exceed 50% of the Stipulated Loss Value ("Major Casualty"), then Tenant may terminate this Lease on the Lease Termination Date (defined below) by delivering to Landlord and if required by an Indenture, Lender, in both cases, not later than thirty days after such Major Condemnation or Major Casualty: (i) notice of its intention to terminate this Lease on the first Payment Date (the "Lease Termination Date") which occurs not less than 120 days and not more than 150 days after the delivery of such notice (it being understood that in all events under this Lease, the Lease Termination Date must be on a Payment Date) and (ii) a certificate of Tenant stating that Tenant has determined in good faith in the case of a Major Casualty, that the Restoration Cost exceeds 50% of the Stipulated Loss Value, or in the case of a Major Condemnation that such Major Condemnation has rendered the Premises unsuitable for restoration for continued use and occupancy in Tenant's business, and (iii) documentation to the effect that termination of this Lease will not be in violation of any agreement then in effect with which Tenant is obligated to comply pursuant to this Lease. If the Lease Termination Date occurs during the Primary Term, such notice must be accompanied by a Rejectable Purchase Offer, as described in Section 3.2(e), in which event the provisions of such Section shall be controlling. If Tenant does not give notice of termination in accordance with this Section 3.2(c), then the Lease shall remain in full force and effect and there shall be no reduction or abatement of rent despite the Major Condemnation or Major Casualty.

Major Condemnation and Major Casualty. If a Condemnation is not shall take more than 20% of the land area of a Total Project or the Net Proceeds of such Condemnation but it renders shall be for an amount in excess of $1,000,000, or if a Casualty shall affect more than 50% of the Premises hotel rooms in a Project, and any such event shall render such Project unsuitable for restoration for continued use and occupancy in Tenant's business, or if such Condemnation or Casualty shall otherwise render such Project unsuitable for restoration for continued use and occupancy in Tenant's business and Tenant shall provide evidence thereof reasonably acceptable to Landlord (herein, a "Major Casualty" and a "Major Condemnation"), or if a Casualty shall occur and the Restoration Cost shall exceed 50% of the Stipulated Loss Value ("Major Casualty"), then Tenant may terminate this Lease on the Lease Termination Date (defined below) by delivering to Landlord and if required by an Indenture, Lender, in both casesshall, not later than thirty (30) days after such Major Condemnation or Major Casualty: , as the case may be, deliver to Landlord (i) notice of its intention to terminate this Lease with respect to such Project on the first Payment Date (herein, with respect to any termination resulting from a Rejectable Offer or a Rejectable Substitution Offer, the "Lease Termination Date") which occurs not less than 120 days and not more than 150 days after the delivery of such notice (it being understood that in all events under this Lease, the Lease Termination Date must be on a Payment Date) and (ii) a certificate of Tenant describing the event giving rise to such termination and stating that Tenant has determined in good faith in the case of a Major Casualty, that the Restoration Cost exceeds 50% of the Stipulated Loss Value, or in the case of a Major Condemnation that such Major Condemnation or Major Casualty, as the case may be, has rendered the Premises applicable Project unsuitable for restoration for continued use and occupancy in Tenant's business, and (iii) documentation to the effect that termination of this Lease with respect to such Project will not be in violation of any agreement then in effect with which Tenant is obligated to comply pursuant to this Lease. If the Lease Termination Date occurs during the Primary Term, such notice must be accompanied by either a Rejectable Purchase Offer or a Rejectable Substitution Offer, as described in Section 3.2(e)3.3, in which event the provisions of such Section shall be controlling. If Tenant does not give notice of termination in accordance with this Section 3.2(c), then the Lease shall remain in full force and effect and there shall be no reduction or abatement of rent despite the Major Condemnation or Major Casualty.

Major Condemnation and Major Casualty. If (x) a Condemnation is not shall affect all or a Total Condemnation but it substantial portion of the Premises which renders the Premises unsuitable for restoration for continued use and occupancy in Tenant's business Business, (y) a Condemnation or Casualty shall result in a loss affecting or which is estimated to have a cost to repair and restore of fifty (50%) percent or more of the then fair market value of the Premises as determined by Landlord or solely by Lender (if the Indenture is then outstanding) in the exercise of their sole discretion, or (z) a Condemnation or Casualty shall result in a loss affecting or which is estimated to have a cost to repair and restore in excess of twenty-five (25%) but less than fifty (50%) of the then fair market value of the Premises as determined by Landlord or solely by Lender (if the Identure is then outstanding) in the exercise of their sole discretion (herein, a "Major CondemnationMAJOR CASUALTY" and a "), or if a Casualty shall occur and the Restoration Cost shall exceed 50% of the Stipulated Loss Value ("Major CasualtyMAJOR CONDEMNATION"), then (a) in the case of (x) or (y) above, Tenant may terminate this Lease on the Lease Termination Date (defined below) by delivering to Landlord and if required by an Indenture, Lender, in both casesshall, not later than thirty sixty (60) days after such Major Condemnation or Major Casualty: , and (b) in the case of (z) above, Tenant may, not later than sixty (60) days after such Major Condemnation or Major Casualty, as the case may be, deliver to Landlord (i) notice of its intention to terminate this Lease on a Payment Date(or if such day is not a Business Day, on the first Payment Date (next following Business Day)(herein, with respect to any termination resulting from a Rejectable Offer, the "Lease Termination DateLEASE TERMINATION DATE") which occurs not less than 120 150 days and not more than 150 180 days after the delivery of such notice (it being understood that in all events under this Lease, the Lease Termination Date must be on the first Business Day of a Payment Datecalendar month) and (ii) a certificate of Tenant describing the event giving rise to such termination and stating that Tenant has determined in good faith in the case of that such a Major Condemnation or Major Casualty, that the Restoration Cost exceeds 50% of the Stipulated Loss Value, or in as the case of a Major Condemnation that such Major Condemnation may be, has rendered the Premises unsuitable for restoration for continued use and occupancy in Tenant's businessoccurred, and (iii) documentation to the effect that termination of this Lease will not be in violation of any agreement then in effect with which Tenant is obligated to comply pursuant to this Lease. If the Lease Termination Date occurs during the Primary Term, such notice must be accompanied by a Rejectable Purchase Offer, as described in Section 3.2(e)3.3, in which event the provisions of such Section shall be controlling. If Notwithstanding the foregoing, in the event of a Condemnation (other than a Condemnation of the type described in clause (x) above) or a Casualty which is estimated to have a cost to repair and restore of fifty (50%) percent or more of the fair market value of the Premises as determined by Landlord or solely by Lender (if the Indenture is then outstanding) in the exercise of their sole discretion, Tenant does shall not give be required to deliver a notice of termination in accordance with Tenant's intention to terminate this Section 3.2(c)Lease provided Tenant shall have delivered to Landlord and Lender (if the Indenture is then outstanding) evidence satisfactory to Landlord and Lender (if the Indenture is then outstanding) that: (i) adequate Net Proceeds are available to fully restore the Premises, then (ii) the Lease Premises are susceptible of being fully restored within a period of fifteen months following the occurrence of such Condemnation or Casualty, (iii) the Premises are capable of being restored to substantially the same condition as the Premises as of the date immediately prior to such Casualty or Condemnation and as a functional architectural unit which will, upon completion, have a fair market value equal to or greater than the market value of the Premises immediately prior to the occurrence of such Condemnation or Casualty, (iv) no Event of Default shall remain have occurred and be continuing under this Lease, and (v) Tenant's rental interruption insurance is in full force and effect and there shall will fully cover all Basic Rent and Additional Rent which will be no reduction or abatement of rent despite due and payable by Tenant hereunder during the Major Condemnation or Major Casualtyperiod the Premises are being restored.

Major Condemnation and Major Casualty. If a Condemnation is not a Total Condemnation but it renders the Premises unsuitable for restoration for continued use and occupancy in Tenant's business (a "Major Condemnation"), or if a Casualty shall occur and the Restoration Cost shall exceed 50% of the Stipulated Loss Value ("Major Casualty"), then Tenant may terminate this Lease on the Lease Termination Date (defined below) by delivering to Landlord and if required by an Indenture, Lender, in both cases, not later than thirty days after such Major Condemnation or Major Casualty: (i) notice of its intention to terminate this Lease on the first Payment Date (the "Lease Termination Date") which occurs not less than 120 days and not more than 150 days after the delivery of such notice (it being understood that in all events under this Lease, the Lease Termination Date must be on a Payment Date) and (ii) a certificate of Tenant stating that Tenant has determined in good faith in the case of a Major Casualty, that the Restoration Cost exceeds 50% of the Stipulated Loss Value, or in the case of a Major Condemnation that such Major major Condemnation has rendered the Premises unsuitable for restoration for continued use and occupancy in Tenant's business, and (iii) documentation to the effect that termination of this Lease will not be in violation of any agreement then in effect with which Tenant is obligated to comply pursuant to this Lease. If the Lease Termination Date occurs during the Primary Term, such notice must be accompanied by a Rejectable Purchase Offer, as described in Section 3.2(e), in which event the provisions of such Section shall be controlling. If Tenant does not give notice of termination in accordance with this Section 3.2(c), then the Lease shall remain in full force and effect and there shall be no reduction or abatement of rent despite the Major Condemnation or Major Casualty.

Major Condemnation and Major Casualty. If a Condemnation is not a Total Condemnation but it renders the Premises unsuitable for restoration for continued use and occupancy in Tenant's business (a "Major Condemnation", ), or if a Casualty shall occur and the Restoration Cost shall exceed 50% of the Stipulated Loss Value ("Major Casualty"), then Tenant may terminate this Lease on the Lease Termination Date (defined below) by delivering to Landlord and if required by an Indenture, Lender, in both cases, not later than thirty days after such Major Condemnation or Major Casualty: (i) notice of its intention to terminate this Lease on the first Payment Date (the "Lease Termination Date") which occurs not less than 120 days and not more than 150 days after the delivery of such notice (it being understood that in all events under this Lease, the Lease Termination Date must be on a Payment Date) and (ii) a certificate of Tenant stating that Tenant has determined in good faith in the case of a Major Casualty, that the Restoration Cost exceeds 50% of the Stipulated Loss Value, or in the case of a Major Condemnation that such Major Condemnation has rendered the Premises unsuitable for restoration for continued use and occupancy in Tenant's business, and (iii) documentation to the effect that termination of this Lease will not be in violation of any agreement then in effect with which Tenant is obligated to comply pursuant to this Lease. If the Lease Termination Date occurs during the Primary Term, such notice must be accompanied by a Rejectable Purchase Offer, as described in Section 3.2(e), in which event the provisions of such Section shall be controlling. If Tenant does not give notice of termination in accordance with this Section 3.2(c), then the Lease shall remain in full force and effect and there shall be no reduction or abatement of rent despite the Major Condemnation or Major Casualty.