Common use of Owner to Restore Clause in Contracts

Owner to Restore. Owner may, in its sole discretion, repair, restore, rebuild or replace any insured damage to, or impairment or destruction of the Hotel from fire or other casualty, provided that Owner shall only be required to spend money to the extent of actual insurance proceeds received by Owner and applicable deductibles. If Owner elects not to repair, restore, rebuild or replace such damage, impairment or destruction of the Hotel, then Operator shall have the option to terminate this Agreement without any liability. An election by Owner not to repair, restore, rebuild or replace such damage, impairment or destruction of the Hotel shall entitle Operator to any Base Fee, Incentive Fee and reimbursements due under Section 3.02, as provided for and computed in Article Three, through the effective date of the termination.