Owner's Election Not to Restore Sample Clauses

Owner's Election Not to Restore. Subject to the rights of the Trustee and obligations of Owner pursuant to the Indenture, anything in Section 10.1 hereof to the contrary contained notwithstanding, if, in connection with any casualty, the cost of restoring the Casino shall equal or exceed (i) twenty-five percent (25%) of the replacement cost thereof immediately prior to such casualty if such casualty shall be covered by insurance or (ii) ten percent (10%) of such replacement cost if such casualty shall not be covered by insurance, or (iii) the casualty occurs within two years of the expiration of the then current Term and Restoration would exceed five percent (5%) of replacement cost, then, and in either event, Owner shall have an election exercisable by notice to Hyatt Gaming, given within one hundred twenty (120) days from the occurrence of such casualty, not to restore the Casino and to terminate this Agreement without payment of a fee.
Sample 1
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Owner's Election Not to Restore. Anything in Section 10.1 to the contrary contained notwithstanding, if in connection with any casualty, the cost of restoring the Hotel shall equal to exceed (x) twenty-five percent (25%) of the replacement cost thereof immediately prior to such casualty if such casualty shall be covered by insurance or (y) ten percent (10%) of such replacement cost if such casualty shall not be covered by insurance, or (ii) Owner elects to terminate the Ground Lease pursuant to the provisions thereof with respect to casualty or condemnation, then, and in either event, Owner shall have an election exercisable by notice to Hyatt, given within ninety (90) days from the occurrence of such casualty, not to restore the Hotel and to terminate this Agreement; provided, however, if at any time after any termination pursuant to this Section 10.2, Owner shall elect to rebuild or restore a first-class hotel on the Site, it shall so notify Hyatt in writing, and Hyatt shall have the right exercisable by written notice to Owner delivered at any time within thirty (30) days following receipt of such notice (but shall not be obligated) to elect to manage and operate the said hotel. In the event Hyatt elects to exercise its right to manage or restore or rebuild any hotel on the Site as provided in the proceeding sentence, then, notwithstanding any previous termination of this Agreement, this Agreement, and the rights and obligations of the parties hereto, shall continue in full force and effect with respect to the restored or rebuilt hotel for all the rest and remainder of the Term (computed from the opening date of the rebuilt or restored hotel).
Sample 1
Owner's Election Not to Restore. Anything in Section 10.1 to the contrary contained notwithstanding, if, in connection with any casualty, the cost of restoring the Hotel shall equal or exceed (i) twenty-five percent (25%) of the replacement cost thereof immediately prior to such casualty if such casualty shall be covered by insurance or (ii) ten percent (10%) of such replacement cost if such casualty shall not be covered by insurance, then, and in either event, Owner shall have an election exercisable by notice to Hyatt, given within ninety (90) days from the occurrence of such casualty, not to restore the Hotel and to terminate this Agreement.
Sample 1

Related to Owner's Election Not to Restore

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  • Right to Refuse Dangerous Work An employee shall have the right to refuse to work in dangerous situations.

  • Right to Relet If the Landlord elects to re-enter the Demised Premises as herein provided, or if it takes possession pursuant to legal proceedings or pursuant to any notice provided for by law, it may either terminate this Lease or it may from time to time without terminating this Lease make such alterations and repairs as are necessary in order to relet the Demised Premises or any part thereof for such term or terms (which may be for a term extending beyond the Term) and at such Rent and upon such other terms, covenants and conditions as the Landlord in its sole discretion considers advisable. Upon each such reletting all rent received by the Landlord from such reletting shall be applied first, to the payment of any indebtedness other than Rent due hereunder from the Tenant to the Landlord; second, to the payment of any costs and expenses of such reletting, including brokerage fees, and solicitor’s fees and of costs of such alterations and repairs; third, to the payment of Rent due and unpaid hereunder; and the residue, if any, shall be held by the Landlord and applied in payment of future rent as the same becomes due and payable hereunder. If such Rent received from such reletting during any month is less than that to be paid during that month by the Tenant hereunder, the Tenant shall pay any such deficiency which shall be calculated and paid monthly in advance on or before the first day of each and every month. No such re-entry or taking possession of the Demised Premises by the Landlord shall be construed as an election on its part to terminate this Lease unless a written notice of such intention is given to the Tenant. Notwithstanding any such reletting without termination the Landlord may at any time thereafter elect to terminate this Lease for such previous breach. If the Landlord at any time terminates this Lease for any breach, in addition to any other remedies it may have, it may recover from the Tenant all damages it incurs by reason of such breach, including the cost of recovering the Demised Premises, solicitor’s fees (on a solicitor and client basis) and including the worth at the time of such termination of the excess, if any, of the amount of Rent and charges equivalent to Rent required to be paid pursuant to this Lease for the remainder of the stated Term over the then reasonable rental value of the Demised Premises for the remainder of the stated Term, all of which amounts shall be immediately due and payable by the Tenant to the Landlord. In any events referred to in Section 11.1(e), in addition to any and all other rights, including the rights referred to in this Section and in Section 11.1(e), the full amount of the current month’s instalment of Additional Rent and any other payments required to be made monthly hereunder, together with the next three months instalments for Additional Rent, all of which shall be deemed to be accruing due on a day-to-day basis, shall immediately become due and payable as accelerated Rent, and the Landlord may immediately distrain for the same, together with any arrears then unpaid.

  • Right to Reject The Department reserves the right to accept or reject all proposals, or separable portions thereof, and to waive any minor irregularity, technicality, or omission if the Department determines that doing so shall serve the Department’s best interests. The Department may reject any proposal not submitted in the manner specified by the solicitation documents.

  • Reservation of Right to Revise Structure Buyer may at any time change the method of effecting the business combination contemplated by this Agreement if and to the extent that it deems such a change to be desirable; provided, however, that no such change shall (a) alter or change the amount of the consideration to be issued to holders of Company Common Stock as merger consideration as currently contemplated in this Agreement, (b) reasonably be expected to materially impede or delay consummation of the Merger, (c) adversely affect the federal income tax treatment of holders of Company Common Stock in connection with the Merger, or (d) require submission to or approval of the Company’s shareholders after the plan of merger set forth in this Agreement has been approved by the Company’s shareholders. In the event that Buyer elects to make such a change, the parties agree to execute appropriate documents to reflect the change.

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  • Right to Revoke Employee may revoke this Agreement by notice to Company, in writing, received within seven (7) days of the date of its execution by Employee (the “Revocation Period”). Employee agrees that Employee will not receive the benefits provided by this Agreement if Employee revokes this Agreement. Employee also acknowledges and agrees that if Company has not received from Employee notice of Employee’s revocation of this Agreement prior to the expiration of the Revocation Period, Employee will have forever waived Employee’s right to revoke this Agreement, and this Agreement shall thereafter be enforceable and have full force and effect.

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  • Right to Refuse Overtime All employees shall have the right to refuse to work overtime, except when required to do so in emergency situations, without being subject to disciplinary action for so refusing.

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