Damage Condemnation and Force Majeure Sample Clauses

Damage Condemnation and Force Majeure. 15.01 Damage and Repair 15.02 Condemnation 15.03
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Damage Condemnation and Force Majeure. Under the First Mortgage --------------------------------------------------------------- Notwithstanding any other provision of this Article XV, (i) for so long as the First Mortgage shall remain in place, the provisions on damage, condemnation and force majeure contained in the First Mortgage shall take precedence over this Article XV and (ii) for so long as the lender under the First Mortgage shall have any interest in the Hotel, whether as landlord under this Lease, as a mortgagee or otherwise, Tenant shall not be entitled to receive any amounts representing the present value of the portion of the Operating Profit which would have been retained by the Tenant prior to receipt by the lender under the First Mortgage of all amounts outstanding under the First Mortgage or amounts which would have been outstanding under the First Mortgage had no foreclosure of the First Mortgage occurred or a deed in lieu of foreclosure been accepted by such lender. END OF ARTICLE XV
Sample 1
Damage Condemnation and Force Majeure. Under First Mortgage ----------------------------------------------------------- Notwithstanding any other provision of this Article XV, for so long as the First Mortgage shall remain in place, the provisions on damage, condemnation and force majeure contained in the First Mortgage shall take precedence over this Article XV.
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Damage Condemnation and Force Majeure 
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Related to Damage Condemnation and Force Majeure

  • Damage or Destruction If, during the Term of this Agreement, the entire Parking Facility or such portion thereof as shall render the Premises unsuitable for the continued conduct of the Tenant’s and its invitees activities thereon, shall be damaged or destroyed by fire or other casualty, then Landlord shall be entitled to retain all insurance proceeds payable by reason of and with respect to the damage or destruction to the Premises and Landlord shall rebuild or reconstruct the Parking Facility in a commercially reasonable and efficient manner subject to the following terms and conditions: (i) the casualty must be insured under Landlord's insurance policies, and Landlord’s obligation is limited to the extent of the insurance proceeds received by Landlord, (ii) Landlord’s duty to repair and restore the Premises shall not begin until receipt of the insurance proceeds, (iii) Landlord’s lender(s) must permit the insurance proceeds to be used for such repair and restoration, (iv) Landlord shall have no obligation to repair and restore any personal property on the Premises belonging to Tenant or any of Tenant’s employees, contractors, agents or invitees, (v) Landlord shall have no obligation to restore the damage or destruction (or to complete any restoration) during the last year of the Term or of any Option Period if Tenant has delivered notice that it is not renewing the Term of this Agreement pursuant to Section 2.2 or if Tenant has no more extension options pursuant to this Agreement, and (vi) Landlord shall rebuild or reconstruct the Parking Facility to a configuration substantially equivalent to that configuration which existed as of the Commencement Date. During the period in which the Parking is unavailable to a Tenant for any reason caused by Landlord during the Term of this Agreement for a period of more than thirty (30) consecutive days, including, without limitation, any such period during which Landlord is repairing and restoring the Parking Facility, the rental payable by Tenant shall xxxxx. The abatement of the rent shall be the exclusive remedy of Tenant against Landlord in the event of a casualty involving the Premises. Tenant hereby waives all claims against Landlord for any compensation or damage for loss of use of the whole or any part of the Premises and/or for any inconvenience or annoyance occasioned by any casualty and any resulting damage, destruction, repair, or restoration.

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