Damage. If at any time during the Operating Term any Hotel or any portion thereof should be damaged or destroyed, Owner and Lessee shall have the respective rights and obligations set forth in the Lease with respect to damage or destruction. In the event the Hotel is not repaired, rebuilt or replaced, Lessee may terminate this Agreement by written notice to Operator, effective as of the date sent and the parties shall treat such termination as if it were in connection with the sale of the Hotel in accordance with Section 16.03.
Appears in 8 contracts
Samples: Hotel Management Agreement (Supertel Hospitality Inc), Hotel Management Agreement (Supertel Hospitality Inc), Hotel Management Agreement (Supertel Hospitality Inc)
Damage. If at any time during the Operating Term any Hotel or any portion thereof should be damaged or destroyed, Owner and Lessee shall have the respective rights and obligations set forth in the Lease with respect to damage or destruction. In the event the Hotel is not repaired, rebuilt or replaced, Lessee may terminate this Agreement by written notice to Operator, effective as of the date sent and the parties shall treat such termination as if it were in connection with the sale of the Hotel in accordance with Section 16.032.01(b).
Appears in 4 contracts
Samples: Hotel Management Agreement (Supertel Hospitality Inc), Hotel Management Agreement (Humphrey Hospitality Trust Inc), Management Agreement (Humphrey Hospitality Trust Inc)
Damage. If at any time during the Operating Term any the Hotel or any portion thereof should be damaged or destroyed, Owner and Lessee shall have the respective rights and obligations set forth provided in the Lease with respect to damage or destruction. In the event the Hotel is not repaired, rebuilt or replaced, Lessee may terminate this Agreement by written notice to Operator, effective as of the date sent and the parties shall treat such termination as if it were in connection with the sale of the Hotel in accordance with Section 16.03.
Appears in 4 contracts
Samples: Hotel Management Agreement (Condor Hospitality Trust, Inc.), Hotel Management Agreement (Condor Hospitality Trust, Inc.), Hotel Management Agreement (Condor Hospitality Trust, Inc.)
Damage. If at any time during the Operating Term any the Hotel or any portion thereof should be damaged or destroyed, Owner and Lessee shall have the respective rights and obligations set forth provided in the Lease with respect to damage or destruction. In the event the Hotel is not repaired, rebuilt or replaced, Lessee may terminate this Agreement by written notice to Operator, effective as of the date sent and the parties shall treat such termination as if it were in connection with the sale of the Hotel in accordance with Section 16.03.
Appears in 2 contracts
Samples: Hotel Management Agreement (Condor Hospitality Trust, Inc.), Hotel Management Agreement (Condor Hospitality Trust, Inc.)
Damage. If at any time during the Operating Term any Hotel or any portion thereof should be damaged or destroyed, Owner and Lessee shall have the respective rights and obligations set forth in the Lease with respect to damage or destruction. In the event the such Hotel is not repaired, rebuilt or replaced, Lessee may terminate this Agreement as to such Hotel by written notice to Operator, effective as of the date sent and the parties shall treat such termination as if it were in connection with the sale of the Hotel in accordance with Section 16.03sent.
Appears in 1 contract
