Examples of Operating Lessor in a sentence
Such damage or destruction shall not terminate this Lease, and the insurance proceeds shall be paid out by Operating Lessor from time to time for the reasonable costs of such restoration upon satisfaction of reasonable terms and conditions specified by Operating Lessor, and any excess proceeds remaining after such restoration shall be retained by Operating Lessor.
In the event that REIT terminates its status as a real estate investment trust ("REIT") for tax purposes, or in the event that the Internal Revenue Code provisions are amended so that REITs are permitted to operate hotels, Operating Lessor may elect to terminate this Lease.
The Operating Lessor may negotiate with the applicable Operating Lessee additional exceptions and qualifications which are consistent with the Standard.
If required by Operating Lessor, the policies must name Operating Lessor or Lender as additional insureds, as applicable.
The Operating Lessor hereby agrees to defend, indemnify and hold harmless the Operating Lessee for any defaults under the Franchise Agreements resulting from the Operating Lessor's failure to pay for capital expenditures required under any Franchise Agreements.
If title to the fee of less than the whole of the Leased Property is so taken or condemned, which nevertheless renders the Leased Property Unsuitable or Uneconomic for its Primary Intended Use, Operating Lessee and Operating Lessor shall each have the option, by notice to the other, at any time prior to the Date of Taking, to terminate this Lease as of the Date of Taking.
Any additions to or replacements of furniture, fixtures, and equipment located at the Leased Property shall become part of the FF&E which is owned by Operating Lessor, subject to the limitations set forth in Schedule 22.2 hereof.
In the event of a partial Condemnation as described in Article 13 which does not result in a termination of this Lease by Operating Lessor pursuant to Section 13.4, the Rent shall be abated in the manner and to the extent provided in Section 13.4.
All such reports shall be timely filed with the insurance company as required under the terms of the insurance policy involved, and a final copy of such report shall be furnished to Operating Lessor.
Operating Lessor and Operating Lessee agree to cooperate fully with each other in the event it becomes necessary to obtain a franchise extension or modification or a new franchise for the Leased Property, provided, however, that Operating Lessor shall pay the entire cost of any upgrades required by any franchisor.