IMPROVEMENTS, ETC. 29 Section 6.1 Improvements to the Leased Property..............................................29 Section 6.2 Salvage..........................................................................29 Section 6.3 Equipment Leases.................................................................29 VII. LIENS......................................................................................................30 VIII. PERMITTED CONTESTS........................................................................................30 IX. INSURANCE...................................................................................................31 Section 9.1 General Insurance Requirements...................................................31 Section 9.2 General Insurance Provisions.....................................................33 Section 9.3 Costs and Expenses...............................................................34 Section 9.4 Indemnification of Landlord......................................................34 Section 9.5 Indemnification of Tenant........................................................35
IMPROVEMENTS, ETC. 34 6.1 Improvements to the Leased Property. ....................................................34 6.2 Salvage...................................................................................35 ARTICLE 7: LIENS................................................................................................35 7.1 Liens.....................................................................................35 7.2 Landlord's Lien...........................................................................35
IMPROVEMENTS, ETC. 39 6.1 Improvements to the Leased Property 39 6.2 Salvage 40 ARTICLE 7 LIENS 40 ARTICLE 8 PERMITTED CONTESTS 40 ARTICLE 9 INSURANCE AND INDEMNIFICATION 41 9.1 General Insurance Requirements 41 9.2 Waiver of Subrogation 42 9.3 Form Satisfactory, Etc. 42 9.4 No Separate Insurance; Self-Insurance 43 9.5 Indemnification of Landlord 43 ARTICLE 10 CASUALTY 44 10.1 Insurance Proceeds 44 10.2 Damage or Destruction 45 10.3 Damage Near End of Term 47 10.4 Tenant’s Property 47 10.5 Restoration of Tenant’s Property 47 10.6 No Abatement of Rent 48 10.7 Waiver 48 ARTICLE 11 CONDEMNATION 48 11.1 Total Condemnation, Etc. 48 11.2 Partial Condemnation 48 11.3 Abatement of Rent 50 11.4 Temporary Condemnation 50 11.5 Allocation of Award 50 ARTICLE 12 DEFAULTS AND REMEDIES 51 12.1 Events of Default 51 12.2 Remedies 53 12.3 Tenant’s Waiver 55 12.4 Application of Funds 55 12.5 Landlord’s Right to Cure Tenant’s Default 55 12.6 Trade Names 56 Table of Contents Page ARTICLE 13 HOLDING OVER 56 ARTICLE 14 LANDLORD DEFAULT 57 ARTICLE 15 PURCHASE RIGHTS 57 ARTICLE 16 SUBLETTING AND ASSIGNMENT 58 16.1 Subletting and Assignment 58 16.2 Required Sublease Provisions 60 16.3 Permitted Sublease 61 16.4 Sublease Limitation 62 ARTICLE 17 ESTOPPEL CERTIFICATES AND FINANCIAL STATEMENTS 62 17.1 Estoppel Certificates 62 17.2 Financial Statements 62 17.3 General Operations 64 ARTICLE 18 LANDLORD’S RIGHT TO INSPECT 65 ARTICLE 19 EASEMENTS 65 19.1 Grant of Easements 65 19.2 Exercise of Rights by Tenant 66 19.3 Permitted Encumbrances 66 ARTICLE 20 FACILITY MORTGAGES 66 20.1 Landlord May Grant Liens 66 20.2 Subordination of Lease 66 20.3 Notice to Mortgagee and Superior Landlord 68 ARTICLE 21 ADDITIONAL COVENANTS OF TENANT 69 21.1 Prompt Payment of Indebtedness 69 21.2 Conduct of Business 69 21.3 Maintenance of Accounts and Records 69 21.4 Notice of Litigation, Etc. 70 21.5 Prohibited Transactions 70 21.6 Notice of Change of Name, Etc. 70 ARTICLE 22 ARBITRATION 70 22.1 Disputes 70 22.2 Selection of Arbitrators 71 22.3 Location of Arbitration 71 22.4 Scope of Discovery 71 22.5 Arbitration Award 71 22.6 Costs 72 22.7 Final Judgment 72 22.8 Payment 72 ARTICLE 23 MISCELLANEOUS 73 23.1 Limitation on Payment of Rent 73 23.2 No Waiver 73 23.3 Remedies Cumulative 73 23.4 Severability 73 23.5 Acceptance of Surrender 74 23.6 No Merger of Title 74 23.7 Conveyance by Landlord 74 23.8 Quiet Enjoyment 74 23.9 No Recordation 75 23.10 Notices 75 23.11 Construction 76 Table of Contents Page
IMPROVEMENTS, ETC. 6.1 Improvements to the Leased Property. Prior to commencing construction of any Capital Addition constituting additions or modifications to any structural elements of the Hotel, the cost of which is reasonably estimated to exceed $250,000 (as adjusted as provided below) (other than any Capital Addition which is reasonably required to be made immediately in order to prevent imminent damage or danger to person or property), Tenant shall submit to Landlord, in writing, a proposal setting forth, in reasonable detail, any such proposed improvement and cost estimate therefor and shall provide to Landlord such plans and specifications, and such permits, licenses, contracts and such other information concerning the same as Landlord may reasonably request. Landlord shall have twenty (20) Business Days to review all materials submitted to Landlord in connection with any such proposal. Failure of Landlord to respond to Tenant's proposal within twenty (20) Business Days after receipt of all information and materials requested by Landlord in connection with the proposed improvement shall be deemed to constitute approval of the same. Landlord's approval shall not be withheld as to any such Capital Addition that is required to comply with the Franchise Agreement. In the event that any dispute shall arise with respect to Landlord's withholding of its approval pursuant to this Section 6.1, such dispute shall be resolved in accordance with the applicable provisions of Article 19. No Capital Addition shall be made which would tie in or connect any Leased Improvement with any other improvements on property adjacent to the Leased Property (and not part of the Land) including, without limitation, tie-ins of buildings or other structures or utilities. Tenant shall not finance the cost of any construction of such improvement by the granting of a lien on or security interest in the Leased Property or such improvement, or Tenant's interest therein, without the prior written consent of Landlord, which consent may be withheld by Landlord in Landlord's sole discretion. Any such improvements shall, upon the expiration or sooner termination of this Agreement, remain or pass to and become the property of Landlord, free and clear of all encumbrances other than Permitted Encumbrances. The $250,000 limit referred to above shall be increased from time to time to an amount equal to $250,000 multiplied by a fraction, the denominator of which shall be the Index for the nearest month prior to t...
IMPROVEMENTS, ETC. 28 6.1 Prohibition.....................................................................................................28 6.2
IMPROVEMENTS, ETC. Tenant may make, construct or install (or permit to be made, constructed or installed) any Capital Additions provided that construction or installation of the same will not adversely affect or violate any material Legal Requirement or Insurance Requirement applicable to any Property and shall not adversely affect the market value of the applicable Property. No Capital Addition shall be made which would tie in or connect any Leased Improvements with any other improvements on property adjacent to any Property (and not part of the Land) including, without limitation, tie-ins of buildings or other structures or utilities. Any improvements shall, upon the expiration or sooner termination of this Agreement, remain or pass to and become the property of Landlord, free and clear of all encumbrances other than Permitted Encumbrances.
IMPROVEMENTS, ETC. 26 6.1 Improvements to the Leased Property 26 6.2 Salvage 26 ARTICLE 7 LIENS 26 ARTICLE 8 PERMITTED CONTESTS 27
IMPROVEMENTS, ETC. Tenant shall not finance the cost of any construction by the granting of a lien on, or security interest in, the Leased Property, or Tenant’s interest therein, without the prior written consent of Landlord, which consent may be withheld by Landlord in Landlord’s sole discretion. Any such improvements shall, upon the expiration or sooner termination of this Lease, remain or pass to and become the property of Landlord, free and clear of any encumbrance permitted to be created by Landlord.
IMPROVEMENTS, ETC. 27 6.1. Improvements to the Leased Property............................27 6.2. Salvage........................................................28
IMPROVEMENTS, ETC. 32 6.1 Prohibition..........................................................................................32 6.2 Permitted Renovations................................................................................32 6.3 Conditions to Reserve Expenditures, Permitted Renovations and Major Alterations......................33 6.4 Salvage..............................................................................................34
