Obligation to Restore. At its cost, Owner agrees, subject to the provisions of this Article 14 and to the terms of any Authorized Mortgage then in effect, to repair, restore, rebuild or replace any damage to, or impairment or destruction of, the Hotel from fire or other casualty. If Owner fails to undertake such work within one hundred twenty (120) days after the fire or other casualty, or fails to complete the same diligently, Manager may, but will not be obligated to, undertake or complete such work for the account of Owner and will be entitled to be repaid therefor with reasonable interest, and all the proceeds of any insurance covering such loss or other casualty will be payable to Manager for that purpose.
Appears in 6 contracts
Samples: Management Agreement (Capital Lodging), Management Agreement (Capital Lodging), Management Agreement (Capital Lodging)
