Performance Termination. Commencing with the expiration of Fiscal Year 2014, in the event that Adjusted NOI does not equal or exceed the Performance Threshold, then the Tenant shall have the option to terminate this Agreement by providing a ninety (90) day written notice to the Management Company. To terminate this Agreement, Tenant must deliver written notice of such election to Management Company no later than sixty (60) days following Tenant’s receipt of the annual financial reports for such Fiscal Year.
Performance Termination. A. Owner shall have the option to terminate this Agreement after any twelve (12) consecutive Accounting Periods (the “Performance Termination Period”) with respect to which the following occurs:
Performance Termination. A. Owner shall have the option to terminate this Agreement following any Performance Termination Period with respect to which the following occurs:
Performance Termination. A. Subject to the provisions of Section 2.02.B and Section 2.02.C. below, Owner shall have the option to terminate this Agreement and Owner or an operator approved by Marriott in its sole discretion shall enter into a Residence Inn by Marriott franchise agreement in the form as shall have been published by Manager or its Affiliate in its then-current Uniform Franchise Offering Circular (the "Franchise Agreement") if, with respect to any two (2) consecutive Fiscal Years (not including any portion of any Fiscal Year prior to the expiration of the fifth (5th) full Fiscal Year after the Effective Date):
Performance Termination. 4.03 Actions to be Taken on Termination................................ 4.04 Pre-Closing Termination...........................................
Performance Termination. A. TRS shall have the right to terminate this Agreement if:
Performance Termination. (a) Beginning with the Fiscal Year starting January 1, 2003, and so long as Owner is not in default of its obligations under this Agreement, including without limitation, funding of all necessary Capital Replacements under Article 6 of this Agreement, Owner may terminate this Agreement without payment of the Termination Fee described in Section 8.03 upon ninety (90) days prior written notice to Manager (such notice to be sent to Manager within thirty (30) days of Owner’s receipt of the final operating statement for such Fiscal Year) if, following the end of any Fiscal Year, the Hotel’s actual Gross Operating Profit for such Fiscal Year is less than ninety percent (90%) of budgeted Gross Operating Profit as determined pursuant to the Yearly Budget for such Fiscal Year (the “Performance Test”).
Performance Termination. A. Subject to the provisions of Section 4.03 B below, Owner shall have the option to terminate this Agreement if:
Performance Termination. (1). If Executive’s employment is terminated because of a Performance Termination, Executive will receive the following:
Performance Termination. The Board may terminate Executive’s employment with the Company for Executive’s failure to adequately perform his job duties. For the purposes of this Agreement, a “Performance Termination” is a termination of Executive’s employment by the Company for failure to perform at an acceptable level, after the following prerequisites are satisfied: (i) Executive is presented with a written performance review that describes in detail the specific areas that require improvement and the specific actions that are to be taken by Executive to improve in the specified areas; (ii) Executive is allowed a period of 180 days in which to improve his performance, but has failed to do so; and, (iii) Executive’s termination is approved by a 75 percent vote of the Board.
