Common use of Performance Failure Clause in Contracts

Performance Failure. (a) If a Hotel fails to achieve as of the end of any Fiscal Quarter (i) actual NOI of at least 90% of the budgeted NOI for such Hotel for such Fiscal Quarter, and (ii) 100% of such Hotel’s previous years running (12) month RevPAR index (as measured by STR) for such twelve (12) month period (collectively, an “Individual Hotel Performance Failure”), subject to the cure periods below, Lessee may terminate this Agreement with respect to such Hotel upon sixty (60) days prior written notice to Operator. The effectiveness of any such notice of termination, however, shall be stayed until completion of the following applicable cure periods. If an Individual Hotel Performance Failure occurs with respect to a Fiscal Quarter, but the Hotel achieves as of the end of the immediately following three (3) months actual NOI of at least 100% of the budgeted NOI for such Hotel for three (3) months, and 100% of such Hotel’s previous years running (3) month RevPAR index (as measured by STR), then the Individual Hotel Performance Failure shall be deemed cured and Lessee shall have no right to terminate for such Individual Hotel Performance Failure (and any notice of termination with respect thereto shall be deemed null and void).

Performance Failure. (a) If a Hotel fails to achieve as of the end of any Fiscal Quarter Year (i) actual NOI of at least 90% of the budgeted NOI for such Hotel for such Fiscal QuarterNOI, and (ii) 10090% of such Hotel’s previous years running (12) month RevPAR index (as measured by STR) for such twelve (12) month period Fiscal Year (collectively, an “Individual Hotel Performance Failure”), subject to the cure periods below, Lessee may terminate this Agreement with respect to such Hotel upon sixty (60) days prior written notice to Operator. The effectiveness of any such notice of termination, however, shall be stayed until completion of the following applicable cure periods. If an Individual the Hotel Performance Failure occurs with respect to a Fiscal QuarterYear, but the Hotel achieves as of the end of the immediately following three (3) months actual NOI of at least 100% of the budgeted NOI for such Hotel for such three (3) months, and 100% of such Hotel’s previous years running (3) month RevPAR index (as measured by STR), then the Individual Hotel Performance Failure shall be deemed cured and Lessee shall have no right to terminate for such Individual Hotel Performance Failure (and any notice of termination with respect thereto shall be deemed null and void).

Performance Failure. (a) If a Hotel fails to achieve as of the end of any Fiscal Quarter Year (i) actual NOI of at least 90% of the budgeted NOI for such Hotel for such Fiscal QuarterYear, and (ii) 100% of such Hotel’s previous years running (12) month RevPAR index (as measured by STR) for such twelve (12) month period Fiscal Year (collectively, an “Individual Hotel Performance Failure”), subject to the cure periods below, Lessee may terminate this Agreement with respect to such Hotel upon sixty (60) days prior written notice to Operator. The effectiveness of any such notice of termination, however, shall be stayed until completion of the following applicable cure periods. If an Individual Hotel Performance Failure occurs with respect to a Fiscal QuarterYear, but the Hotel achieves as of the end of the immediately following three (3) months actual NOI of at least 100% of the budgeted NOI for such Hotel for such three (3) months, and 100% of such Hotel’s previous years running (3) month RevPAR index (as measured by STR), then the Individual Hotel Performance Failure shall be deemed cured and Lessee shall have no right to terminate for such Individual Hotel Performance Failure (and any notice of termination with respect thereto shall be deemed null and void).

Performance Failure. (a) If Beginning with Fiscal Year 2012, if a Hotel fails to achieve as of the end of any Fiscal Quarter Year (i) actual NOI of at least 9080% of the budgeted NOI for such Hotel for such Fiscal QuarterYear, and (ii) 10090% of such Hotel’s previous years running (12) month RevPAR index (as measured by STR) Benchmark for such twelve (12) month period Fiscal Year (collectively, an “Individual Hotel Performance Failure”), subject to the cure periods below, Lessee may terminate this Agreement with respect to such Hotel upon sixty (60) days prior written notice to Operator. The effectiveness of any such notice of termination, however, shall be stayed until completion of the following applicable cure periods. If an Individual Hotel Performance Failure occurs with respect to a Fiscal QuarterYear, but the Hotel achieves as of the end of the immediately following three (3) months (x) actual NOI of at least 10085% of the budgeted NOI for such Hotel for such three (3) months, and 100or (y) 95% of such Hotel’s previous years running RevPAR Benchmark for such three (3) month RevPAR index (as measured by STR)months, then the Individual Hotel Performance Failure shall be deemed cured and Lessee shall have no right to terminate for such Individual Hotel Performance Failure (and any notice of termination with respect thereto shall be deemed null and void).