Total Condemnation, Etc. If either (i) the whole of any Property shall be taken by Condemnation or (ii) a Condemnation of less than the whole of any Property renders any Property Unsuitable for Its Permitted Use, this Agreement shall terminate with respect to such Property, and Tenant and Landlord shall seek the Award for their interests in the applicable Property as provided in Section 11.5. Upon payment to Landlord of any such Award, the Minimum Rent shall thereafter be reduced by an annual amount equal to the product of (a) the Percentage Reduction multiplied by (b) the amount of such Award received by Landlord.
Appears in 6 contracts
Samples: Lease Agreement (Service Properties Trust), Lease Agreement (Service Properties Trust), Lease Agreement (Service Properties Trust)
Total Condemnation, Etc. If either (i) the whole of any Property shall be taken by Condemnation or (ii) a Condemnation of less than the whole of any Property renders any Property Unsuitable for Its Permitted Use, this Agreement shall terminate with respect to such Property, and Tenant and Landlord shall seek the Award for their interests in the applicable Property as provided in Section 11.5. Upon payment to Landlord of any such Award, the Minimum Rent shall thereafter be reduced by an annual amount equal to the product eight and one-half percent (8.5%) of (a) the Percentage Reduction multiplied by (b) the amount of such Award received by Landlord.
Appears in 3 contracts
Samples: Lease Agreement (Service Properties Trust), Lease Agreement (Hospitality Properties Trust), Lease Agreement (Travelcenters of America LLC)
