Common use of Uneconomic for its Primary Intended Use Clause in Contracts

Uneconomic for its Primary Intended Use. A state or condition of the Facility (after the application of any insurance proceeds if any) such that, in the good faith judgment of Lessee, reasonably exercised and evidenced by the resolution of the board of directors or other governing body of Lessee, the Facility cannot be operated on a commercially practicable basis for its Primary Intended Use, taking into account, among other relevant factors, the number of usable rooms and projected revenues, such that Lessee intends to, and shall, complete the cessation of operations from the Facility.

Appears in 6 contracts

Samples: Master Lease Agreement, Master Lease Agreement (Supertel Hospitality Inc), Master Lease Agreement (Humphrey Hospitality Trust Inc)

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Uneconomic for its Primary Intended Use. A state or condition of the Facility (after the application of any insurance proceeds if any) such that, in the good faith judgment of Lessee, reasonably exercised and evidenced by the resolution of the board of directors or other governing body of Lessee, the Facility cannot be operated on a commercially practicable basis for its Primary Intended Use, taking into account, among other relevant factors, the number of usable rooms and projected revenues, such that Lessee intends to, and shall, complete the cessation of operations from at the Leased Facility.

Appears in 3 contracts

Samples: Lease Agreement (Gadsden Growth Properties, Inc.), Lease Agreement (RFS Hotel Investors Inc), Account Agreement (Ashford Hospitality Trust Inc)

Uneconomic for its Primary Intended Use. A state or condition of the Facility (after the application of any insurance proceeds if any) such that, in the good faith judgment of Lessee, reasonably exercised and evidenced by the resolution of the board of directors or other governing body of Lessee, the Facility cannot be operated on a commercially practicable basis for its Primary Intended Use, taking into account, among other relevant factors, the number of usable rooms and projected revenuesrevenue, such that Lessee intends to, and shall, complete the cessation of operations from at the Leased Facility.

Appears in 1 contract

Samples: Lease Agreement (Summit Hotel OP, LP)

Uneconomic for its Primary Intended Use. A state or condition of the any Facility (after the application of any insurance proceeds if any) such that, in the good faith judgment of Lessee, reasonably exercised and evidenced by the resolution of the board of directors or other governing body of Lessee, the such Facility cannot be operated on a commercially practicable basis for its Primary Intended Use, taking into account, among other relevant factors, the number of usable rooms and projected revenues, such that Lessee intends to, and shall, complete the cessation of operations from the Facility.

Appears in 1 contract

Samples: Lease Agreement (Sunstone Hotel Investors, Inc.)

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Uneconomic for its Primary Intended Use. A state or condition of the Facility (after the application of any insurance proceeds if any) such that, in the good faith judgment of Lessee, reasonably exercised and evidenced by the resolution of the board of directors or other governing body of the entity authorized to act on behalf of the managing member of Lessee, the Facility cannot be operated on a commercially practicable basis for its Primary Intended Use, taking into account, among other relevant factors, the number of usable rooms and projected revenues, such that Lessee intends to, and shall, complete the cessation of operations from the Leased Facility.

Appears in 1 contract

Samples: Consolidated Lease Agreement (Equity Inns Inc)

Uneconomic for its Primary Intended Use. A state or condition of the --------------------------------------- Facility (after the application of any insurance proceeds if any) such that, in the good faith judgment of Lessee, reasonably exercised and evidenced by the resolution of the board of directors or other governing body of Lessee, the Facility cannot be operated on a commercially practicable basis for its Primary Intended Use, taking into account, among other relevant factors, the number of usable rooms and projected revenues, such that Lessee intends to, and shall, complete the cessation of operations from the Facility.

Appears in 1 contract

Samples: Master Lease Agreement (Humphrey Hospitality Trust Inc)

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