Common use of Special Remedies for Landlord Funding Default Clause in Contracts

Special Remedies for Landlord Funding Default. In the event of any Landlord Default arising under Section 5.1.4(b), Tenant shall have the right, in Tenant's sole discretion, in addition to all other remedies of Tenant hereunder, to exercise any one or more of the following remedies: (a) Tenant may fund the deficient amounts and offset the aggregate amount thereof plus interest thereon from the date of funding at the Disbursement Rate against any Rent payable by Tenant subsequent to the date of advance pursuant to this Agreement and the Other Leases until recouped; (b) Tenant may terminate the Franchise Agreement with respect to the Leased Property and the franchise agreements with respect to any of the other Collective Leased Properties; (c) Tenant may, notwithstanding the provisions of Section 5.4 or Article 16, engage a Manager who is not an Affiliated Person as to Tenant or assign this Agreement or sublease all (but not less than all) of the Leased Property to a Person who is not an Affiliated Person as to Tenant; or (d) Tenant may terminate this Agreement and any of the Other Leases, whereupon, (i) any Other Leases remaining in effect shall be amended to (x) eliminate any reference to this Agreement or any of the Other Leases so terminated in the definition therein of "Other Leases" and (y) eliminate any reference to the Leased Property and the leased property covered by any of the Other Leases so terminated in the definition therein of "Collective Leased Properties", (ii) the Limited Rent Guaranty shall terminate with respect to and to the extent applicable to this Agreement and any Other Leases so terminated and (iii) Landlord shall refund to Tenant any unapplied balance of the Security Deposit and shall refund any security deposit under any of the Other Leases so terminated to the tenant under such Other Leases.

Special Remedies for Landlord Funding Default. In the event of any Landlord Default arising under Section 5.1.4(b5.1.3(b), and after a decision in Tenant's favor with respect thereto pursuant to Article 19, Tenant shall have the right, in Tenant's sole discretion, in addition to all other remedies of Tenant hereunder, to exercise any one or more of the following remedies: (a) Tenant may fund the deficient amounts and offset the aggregate amount thereof plus interest thereon from the date of funding at the Disbursement Rate against any Additional Rent payable by Tenant subsequent to the date of advance pursuant to this Agreement and the Other Leases until recouped; (b) Tenant may terminate the Franchise Agreement with respect to the Leased Property and the franchise agreements (but not with respect to any of the other Collective Leased Properties); (c) Tenant may, notwithstanding the provisions of Section 5.4 or Article 16, engage a Manager who is not an Affiliated Person as to Tenant or assign this Agreement or sublease all (but not less than all) of the Leased Property to a Person who is not an Affiliated Person as to TenantTenant provided, in any such case, such Person shall be reasonably acceptable to Landlord, whereupon, this Agreement shall be amended to exclude the Leased Property from the benefits and burdens of the Reserve; or (d) Tenant may may, provided that the Leased Property is not then subject to a Hotel Mortgage or owned by any Person who acquired title by, or any Person claiming by, through or under any Person who acquired title by, foreclosure or deed in lieu thereof, terminate this Agreement and any of the Other LeasesAgreement, whereupon, (i) any the Other Leases remaining in effect shall be amended to (x) eliminate any reference to this Agreement or any of the Other Leases so terminated in the definition therein of "Other Leases" and (y) eliminate any reference to the Leased Property and the leased property covered by any of the Other Leases so terminated in the definition therein of "Collective Leased Properties", (ii) the Limited Rent Guaranty shall terminate with respect to and to the extent applicable to this Agreement and any Other Leases so terminated and (iii) Landlord shall refund to Tenant any unapplied balance of the Security Deposit and shall refund any security deposit under any of the Other Leases so terminated to the tenant under such Other Leases.of

Special Remedies for Landlord Funding Default. In the event of any Landlord Default arising under Section 5.1.4(b), Tenant shall have the right, in Tenant's sole discretion, in addition to all other remedies of Tenant hereunder, to exercise any one or more of the following remedies: (a) Tenant may fund the deficient amounts and offset the aggregate amount thereof plus interest thereon from the date of funding at the Disbursement Rate against any Rent payable by Tenant subsequent to the date of advance pursuant to this Agreement and the Other Leases until recouped; (b) Tenant may terminate the Franchise Agreement with respect to the Leased Property and the franchise agreements with respect to any of the other Collective Leased Properties; (c) Tenant may, notwithstanding the provisions of Section 5.4 or Article 16, engage a Manager who is not an Affiliated Person as to Tenant or assign this Agreement or sublease all (but not less than all) of the Leased Property to a Person who is not an Affiliated Person as to Tenant; or (d) Tenant may terminate this Agreement and any either or both of the Other Leases, whereupon, (i) any Other Leases remaining in effect shall be amended to (x) eliminate any reference to this Agreement or any of the Other Leases so terminated in the definition therein of "Other Leases" and (y) eliminate any reference to the Leased Property and the leased property covered by any of the Other Leases so terminated in the definition therein of "Collective Leased Properties", (ii) the Limited Rent Guaranty shall terminate with respect to and to the extent applicable to this Agreement and any Other Leases so terminated and (iii) Landlord shall refund to Tenant any unapplied balance of the Security Deposit and shall refund any security deposit under any of the Other Leases so terminated to the tenant under such Other Leases.

Special Remedies for Landlord Funding Default. In the event of any Landlord Default arising under Section 5.1.4(b5.1.3(b), and after a decision in Tenant's favor with respect thereto pursuant to Article 19, Tenant shall have the right, in Tenant's sole discretion, in addition to all other remedies of Tenant hereunder, to exercise any one or more of the following remedies: (a) Tenant may fund the deficient amounts and offset the aggregate amount thereof plus interest thereon from the date of funding at the Disbursement Rate against any Additional Rent payable by Tenant subsequent to the date of advance pursuant to this Agreement and the Other Leases until recouped; (b) Tenant may terminate the Franchise Agreement with respect to the Leased Property and the franchise agreements (but not with respect to any of the other Collective Leased Properties); (c) Tenant may, notwithstanding the provisions of Section 5.4 or Article 16, engage a Manager who is not an Affiliated Person as to Tenant or assign this Agreement or sublease all (but not less than all) of the Leased Property to a Person who is not an Affiliated Person as to TenantTenant provided, in any such case, such Person shall be reasonably acceptable to Landlord, whereupon, this Agreement shall be amended to exclude the Leased Property from the benefits and burdens of the Reserve; or (d) Tenant may may, provided that the Leased Property is not then subject to a Hotel Mortgage or owned by any Person who acquired title by, or any Person claiming by, through or under any Person who acquired title by, foreclosure or deed in lieu thereof, terminate this Agreement and any of the Other LeasesAgreement, whereupon, (i) any the Other Leases remaining in effect shall be amended to (x) eliminate any reference to this Agreement or any of the Other Leases so terminated in the definition therein of "Other Leases" and (y) eliminate any reference to the Leased Property and the leased property covered by any of the Other Leases so terminated in the definition therein of "Collective Leased Properties", (ii) the Limited Rent Guaranty shall terminate only with respect to and only to the extent applicable to this Agreement and any Other Leases so terminated and (iii) Landlord shall refund to Tenant pay any unapplied balance of the Security Deposit and shall refund any security deposit under any of the Other Leases so terminated Retained Funds allocable to the tenant under such Other LeasesLeased Property as provided in the Purchase Agreement.

Special Remedies for Landlord Funding Default. In the event of any Landlord Default arising under Section 5.1.4(b), Tenant shall have the right, in Tenant's sole discretion, in addition to all other remedies of Tenant hereunder, to exercise any one or more of the following remedies: (a) Tenant may fund the deficient amounts and offset the aggregate amount thereof plus interest thereon from the date of funding at the Disbursement Rate against any Rent payable by Tenant subsequent to the date of advance pursuant to this Agreement and the Other Leases until recouped; (b) Tenant may terminate the RI Franchise Agreement and/or the CY Franchise Agreement with respect to the Leased Property and the franchise agreements with respect to any of the other Collective Leased Properties; (c) Tenant may, notwithstanding the provisions of Section 5.4 or Article 16, engage a Manager who is not an Affiliated Person as to Tenant or assign this Agreement or sublease all (but not less than all) of the Leased Property to a Person who is not an Affiliated Person as to Tenant; or (d) Tenant may terminate this Agreement and any of the Other Leases, whereupon, (i) any Other Leases remaining in effect shall be amended to (x) eliminate any reference to this Agreement or any of the Other Leases so terminated in the definition therein of "Other Leases" and (y) eliminate any reference to the Leased Property and the leased property covered by any of the Other Leases so terminated in the definition therein of "Collective Leased Properties", (ii) the Limited Rent Guaranty shall terminate with respect to and to the extent applicable to this Agreement and any Other Leases so terminated and (iii) Landlord shall refund to Tenant any unapplied balance of the Security Deposit and shall refund any security deposit under any of the Other Leases so terminated to the tenant under such Other Leases.