Conversion of Property. If, during the Term, Lessee desires to provide food and beverage operations at the Facility (other than complimentary continental breakfast), Lessee shall give notice of such desire to Lessor. Lessor and Lessee shall then commence negotiations to adjust Rent to reflect the proposed change to the operation of the Facility, each acting reasonably and in good faith. All other terms of this Lease will remain substantially the same. During negotiations, which shall not extend beyond 60 days, Lessee shall not "convert" the Facility and shall continue fulfilling its obligations under the existing terms of this Lease. If no agreement is reached after such 60-day period, Lessee shall withdraw such notice and this Lease shall continue in full force. Once the "conversion" is approved or the Lessor has approved such operations, the Lessee may lease such converted facilities. If the Lessee desires to relet such facilities, the Lessor shall approve the terms of such lease unless its terms are the same or more advantageous to the Lessor than those of the prior lease.
Conversion of Property. If, during the Term, Lessee wishes to cease food and beverage operations or institute food and beverage operations at the Facility (all in accordance with the requirements of any applicable Franchise Agreement), Lessee shall give Notice of such desire to Lessor. If, during the Term, Lessor wishes (a) Lessee to cease food and beverage operations or to institute food and beverage operations at the Facility (all in accordance with the requirements of any applicable Franchise Agreement), or (b) to change the franchise affiliation of the Facility or to make substantial renovations to the Facility, Lessor shall give Notice thereof to Lessee. Following any such notice, Lessor and Lessee shall commence negotiations to adjust Rent to reflect the proposed renovation or change to the operation of the Facility, each acting reasonably and in good faith, and subject to Lessor's reasonable satisfaction that any Rent adjustment will not adversely affect AHT's status as a real estate investment trust under the Code. All other terms of this Lease will remain substantially the same. During negotiations, which shall not extend beyond sixty (60) days, Lessee shall not "convert" the Facility and Lessor shall not change the franchise or commence substantial renovations and Lessee shall continue fulfilling its obligations under the existing terms of this Lease. If no agreement is reached after such 60-day period, Lessee or Lessor, as appropriate, shall withdraw such notice and this Lease shall continue in full force.
Conversion of Property. If, during the Term, Lessee desires to provide food and beverage operations at the Hotel which differ materially from the food and beverage operations provided at the commencement of the Term (for example, eliminating full service food and beverage operations), Lessee shall give notice of such desire to Lessor. Lessor and Lessee shall then commence negotiations to adjust Rent to reflect the proposed change to the operation of the Hotel, each acting reasonably and in good faith. All other terms of this Lease will remain substantially the same. During negotiations, which shall not extend beyond 60 days, Lessee shall not “convert” the Hotel and shall continue fulfilling its obligations under the existing terms of this Lease. If no agreement is reached after such 60-day period, Lessee shall withdraw such notice and this Lease shall continue in full force.
Conversion of Property. If, during the Term, Lessee desires to provide food and beverage operations at the Facility (other than complimentary continental breakfast), Lessee shall give notice of such desire to Lessor. Lessor and Lessee shall then commence negotiations to adjust Rent to reflect the proposed change to the operation of the Facility, each acting reasonably and in good faith. All other terms of this Lease will remain substantially the same. During negotiations, which shall not extend beyond 60 days, Lessee shall not "convert" the Facility and shall continue fulfilling its obligations under the existing terms of this Lease. If no agreement is reached after such 60-day period, Lessee shall withdraw such notice and this Lease shall continue in full force.
Conversion of Property. Grantee further warrants that if the Grantee converts lands within the Project boundary to a use other than as described in the grant application or disposes of such land by sale or any other means (“Converted Land”), the Grantee must provide replacement land acceptable to OPRD within 24 months of the date of the conversion or disposal or, if the conversion or disposal is not discovered by OPRD until a later date, within 24 months after the discovery of the conversion or disposal. If replacement land cannot be obtained within the 24 month period, the Grantee will provide payment of the grant program’s prorated share of the current fair market value of the Converted Land to the State. The prorated share is measured by that percentage of the original grant (plus any amendments) as compared to the original Project cost(s). The replacement land must be equal to the current fair market value of the Converted Land, as determined by an appraisal. The recreation utility of the replacement land must also be equal to that of the Converted Land. If conversion occurs through processes outside of the Grantee’s control such as condemnation or road replacement or realignment, the Grantee must pay to the State a prorated share of the consideration paid to the Grantee by the entity that caused the conversion. The State’s prorated share is measured by the percentage of the original grant (plus any amendments) as compared to the original Project cost(s). The warranties set forth in Section 6 and this Section 7 of this Agreement are in addition to, and not in lieu of, any other warranties set forth in this Agreement or implied by law.
Conversion of Property. Lessee represents and warrants to Lessor that ---------------------- (a) it does not contemplate that there will be any material revenues from sales of food or beverages in connection with the operation of the Leased Property and (b) all revenues currently generated by the Leased Property are included within the definition of Room Revenues. Lessee further covenants that it will not engage in any operations involving the sale of food or beverages (other than providing continental breakfasts as part of the room rental and vending machine services) or providing other ancillary services not being provided at the date of this Lease without the prior written consent of the Lessor, which consent Lessor may withhold or condition upon, without limitation, adjustment to the Rent payable under this Lease.
Conversion of Property. If, during the Term, Tenant wishes to cease ---------------------- food and beverage operations (other than complimentary breakfast or complimentary food and beverage, which Tenant may cease without Landlord's consent) or institute food and beverage operations at the Facility (all in accordance with the requirements of any applicable Franchise Agreement), Tenant shall give notice of such desire to Landlord. If, during the Term, Landlord wishes Tenant to cease food and beverage operations or to institute food and beverage operations at the Facility (all in accordance with the requirements of any applicable Franchise Agreement), Landlord shall give notice of such desire to Tenant. Landlord and Tenant shall then commence negotiations to adjust Rent to reflect the proposed change to the operation of the Facility, each acting reasonably and in good faith, and subject to Landlord's reasonable satisfaction that any Rent adjustment will not adversely affect Xxxxxx'x or its Affiliate's status as a real estate investment trust under the Code. All other terms of this Lease will remain substantially the same. During negotiations, which shall not extend beyond sixty (60) days, Tenant shall not "convert" the Facility and shall continue fulfilling its obligations under the existing terms of this Lease. If no agreement is reached after such 60-day period, Tenant or Landlord, as appropriate, shall withdraw such notice and this Lease shall continue in full force.
Conversion of Property. 19 3.6. Budgets.............................................................19 3.7.
Conversion of Property. 18 3.6 Annual Revenue Projections.........................18 3.7 Annual Capital Expenditures Budget.................18 3.8
Conversion of Property. If, during the Term, Lessee wishes to cease food and beverage operations at the Facility, Lessee shall give notice of such desire to Lessor, which shall require the approval of Lessor which Lessor may grant or withhold in its sole and absolute discretion. Lessor and Lessee shall, if such cessation is to occur, commence negotiations to adjust Rent to reflect the proposed change to the operation of the Facility, each acting reasonably and in good faith; provided, however, that any such adjustment shall conform with normal business practice and shall not result in the creation of a Rent formula based on the income or profits of Lessee. All other terms of this Lease will remain substantially the same. During negotiations, which shall not extend beyond 60 days, Lessee shall not "convert" the Facility and shall continue fulfilling its obligations under the existing terms of this Lease. If no agreement is reached after such 60-day period, Lessee shall withdraw such notice and this Lease shall continue in full force.
