Examples of New Lease Agreement in a sentence
Once approved, the Hotel Manager shall carry out Capital Additions in accordance with the approval of the Lessor and (during the term of the New Lease Agreement) the Lessee as to the design, construction standard, and other material aspects of the proposed capital alterations or additions.
The Hotel Manager is required to submit a budget in respect of planned capital expenditure (save and except those investments falling within the definition of FF&E) (the “Capital Additions”) for the Lessor’s and/or (during the term of the New Lease Agreement) the Lessee’s approval.
The Lessor and (during the term of the New Lease Agreement) the Lessee will be included as additional insureds.
The Hotel Manager, the Lessor and (during the term of the New Lease Agreement) the Lessee will be included as additional insureds.
The Lessor shall also have the right to terminate the relevant New Lease Agreement in the event of, among other things, failure by the Lessee to make rental payments or breach by the Lessee of certain material undertakings under the relevant New Lease Agreement or relevant New Hotel Management Agreement.