Damage or Destruction of Leased Property. If, during the Term, any Property shall be totally or partially destroyed and the Facility located thereon is thereby rendered Unsuitable for Its Permitted Use, either Landlord or Tenant may, by the giving of Notice thereof to the other, terminate this Agreement with respect to such affected Property, whereupon, this Agreement shall terminate with respect to such affected Property and Landlord shall be entitled to retain the insurance proceeds payable on account of such damage. In such event, Tenant shall pay to Landlord the amount of any deductible under the insurance policies covering such Facility, the amount of any uninsured loss and any difference between the replacement cost of the affected Property and the casualty insurance proceeds therefor.
Damage or Destruction of Leased Property. If, during the Term, the Leased Property shall be totally or partially destroyed and the Hotel located thereon is thereby rendered Unsuitable for Its Permitted Use, Tenant may, by the giving of Notice thereof to Landlord, terminate this Agreement, whereupon, this Agreement shall terminate and Landlord shall be entitled to retain the insurance proceeds payable on account of such damage.
Damage or Destruction of Leased Property. If, during the Term, any Property shall be totally or partially destroyed and the Travel Center located thereon is thereby rendered Unsuitable for Its Permitted Use, either Landlord or Tenant may, by the giving of Notice thereof to the other, terminate this Agreement with respect to such affected Property, whereupon, this Agreement shall terminate with respect to such affected Property, Landlord shall be entitled to retain the insurance proceeds payable on account of such damage, Tenant shall pay to Landlord the amount of any deductible under the insurance policies covering such Travel Center, the amount of any uninsured loss and any difference between the replacement cost of the affected Property and the casualty insurance proceeds therefor, and the Minimum Rent shall be reduced by, at Landlord’s option, (x) the applicable Percentage Reduction of the total amount received by Landlord or (y) the Fair Market Value Rent of the applicable Property on the Commencement Date, such Fair Market Value Rent to be determined by agreement of the parties or, absent agreement, an appraiser designated by Landlord.
Damage or Destruction of Leased Property. If, during the Term, any Property shall be totally or partially destroyed and the Hotel located thereon is thereby rendered Unsuitable for Its Permitted Use, Tenant may, by the giving of Notice thereof to Landlord, within ninety (90) days after the date of casualty, terminate this Agreement with respect to such Property, in which event, Landlord shall be entitled to retain the insurance proceeds payable on account of such damage, except that Landlord shall pay to Tenant any net proceeds in excess of the replacement cost of such Property reasonably allocable to the value of Tenant's leasehold, Tenant's Personal Property and Capital Additions paid for by Tenant.
Damage or Destruction of Leased Property. If, during the Term, the Leased Property shall be totally or partially destroyed and the Facility is thereby rendered Unsuitable for Its Permitted Use, either Landlord or Tenant may, by the giving of Notice thereof to the other, terminate this Agreement, whereupon, this Agreement shall terminate and Landlord shall be entitled to retain the insurance proceeds payable on account of such damage. In such event, Tenant shall pay to Landlord the amount of any deductible under the insurance policies covering the Facility, the amount of any uninsured loss and any difference between the replacement cost of the Leased Property and the casualty insurance proceeds therefor.
Damage or Destruction of Leased Property. If, during the Term, any of the Collective Leased Properties shall be totally or partially destroyed and the Facility located thereon is thereby rendered Unsuitable for Its Primary Intended Use, Tenant shall, at its option, exercisable by the giving of Notice thereof to Landlord within sixty (60) days after the date of casualty, elect either (a) to purchase such Leased Property from Landlord for a purchase price equal to the greater of (i) the Adjusted Purchase Price of such Leased Property and (ii) the Fair Market Value Purchase Price of such Leased Property immediately prior to such damage or destruction, or (b) terminate this Agreement with respect to the affected Leased Property. Failure by Tenant to give such Notice prior to the expiration of such 60-day period shall be deemed an election by Tenant to purchase such Leased Property in accordance with clause (a) preceding. In the event Tenant elects to terminate this Agreement with respect to the affected Leased Property, this Agreement shall, thereupon, terminate with respect to the applicable Leased Property and Landlord shall be entitled to retain the insurance proceeds payable on account of such damage. In the event Tenant purchases such Leased Property as provided in this Section 10.2.1, the insurance proceeds payable on account of such damage shall be paid to Tenant. If Tenant purchases the applicable Leased Property as provided herein, the closing with respect thereto shall occur on a date designated by Landlord by Notice to Tenant (but in no event prior to 30 days after such Notice), this Agreement shall terminate as to the applicable Leased Property upon payment of the purchase price therefor, and Landlord shall remit to Tenant all insurance proceeds pertaining to the applicable Leased Property then held by Landlord. Upon termination of this Agreement with respect to such Leased Property as hereinabove provided, the Minimum Rent thereafter payable hereunder shall be reduced by an amount reasonably determined by Landlord in good faith to be that portion of the Minimum Rent allocable to such Leased Property.
Damage or Destruction of Leased Property. If, during the Term, any Property shall be totally or partially destroyed and the Hotel located thereon is thereby rendered Unsuitable for Its Permitted Use, either Landlord or Tenant may, by the giving of Notice thereof to the other, terminate this Agreement with respect to such Property, in which event, whereupon, this Agreement shall terminate with respect to the affected Property, Landlord shall be entitled to retain the insurance proceeds payable on account of such damage and Tenant shall thereafter have no obligation to pay Rent as to such Property for periods arising after the effective date of termination.
Damage or Destruction of Leased Property. If, during the Term, any Project shall be totally or partially destroyed and (i) is thereby rendered Unsuitable for its Permitted Use, and (ii) in Tenant’s reasonable estimate, based on the evaluation of an independent architect engaged by Landlord to evaluate such damage, cannot reasonably be expected to be restored to substantially the same condition as existed immediately before such damage or destruction within twelve (12) months following such damage or destruction, then in such event Tenant may, by the giving of Notice thereof to the Landlord, terminate this Agreement with respect to such Property, in which event this Agreement shall terminate with respect to the affected Property, Landlord shall be entitled to retain the insurance proceeds payable on account of such damage, and Tenant shall pay to Landlord on demand as an Operating Expense the amount of any deductible in connection therewith; and Tenant shall thereafter have no obligation to pay the Base Rent allocable to such Property, as determined in accordance with Section 3.3(c) hereof, for periods arising after the effective date of such termination, and the Additional Rent Base shall be adjusted in accordance with Section 3.4(b).
Damage or Destruction of Leased Property. If, during the Term, the applicable Leased Property shall be totally or partially destroyed and the Facility located thereon is thereby rendered Unsuitable for Its Primary Intended Use, Tenant shall, at Tenant's option, exercisable by Notice to Landlord within thirty (30) days after the date of such damage or destruction, either irrevocably offer (a) to purchase such Leased Property from Landlord for a purchase price equal to the greater of (i) the Adjusted Purchase Price of such Leased Property or (ii) the Fair Market Value Purchase Price of such Leased Property immediately prior to such damage or destruction or (b) to substitute a new property for the applicable Leased Property in accordance with the provisions of Article 16 hereof. If Tenant shall fail to give such Notice, Tenant shall be deemed to have elected the option provided in clause (a) above. In the event Landlord does not accept Tenant's offer to purchase the applicable Leased Properxx xx substitute another property for the applicable Leased Property within thirty (30) days after receipt of Tenant's Notice of election, the applicable Lease with respect to the applicable Leased Property shall terminate without further liability hereunder and Landlord shall be entitled to retain the insurance proceeds payable on account of such damage. In the event Tenant purchases such Leased Property as provided in this Section 10.2.1, the insurance proceeds payable on account of such damage shall be paid to Tenant.
Damage or Destruction of Leased Property. If the Leased Property is totally or partially destroyed by any cause so as to be totally or partially unusable, Rent shall xxxxx and Landlord shall to the extent insurance proceeds are available restore the Leased Property to substantially the same condition as before damage as speedily as practicable, but in all events within six (6) months. On completion, Rent shall recommence. However, if the damage is so extensive that it cannot be reasonably repaired and restored within six (6) months from the date of casualty, then Landlord or Tenant may elect to cancel this Lease by the giving of written notice within thirty (30) days from the date of such casualty. The provisions of this paragraph with respect to rebuilding and application of insurance proceeds are subject to any requirements or consents by mortgage holders as specified in mortgages of record as of the date of casualty. Landlord shall have no obligation to restore or rebuild the Leased Property if the cost of rebuilding or reconstruction exceeds the amount of available insurance proceeds.
