Common use of Permanent Taking Clause in Contracts

Permanent Taking. a. In the event of a Taking of an entire Hotel, this Agreement shall terminate as of the date of Taking with respect to such Hotel. b. In the event of a Taking of less than the entire portion of a Hotel, if Manager or Westboy reasonably determines that the remaining land and building or buildings, after necessary repairs, cannot economically and feasibly be operated as a hotel as contemplated in this Agreement, then either Westboy or Manager may terminate this Agreement with respect to such Hotel. c. Upon any Taking of a Hotel, whether or not this Agreement is terminated with respect to such Hotel, Manager shall, if applicable law permits, undertake separate proceedings with respect to the determination of its loss resulting from the Taking. If such separate proceedings cannot be undertaken, Manager shall nonetheless be entitled to a fair and equitable share of the award or other proceeds of the Taking paid to Westboy to the extent of Manager's loss; provided, however, that Westboy shall receive the entire proceeds attributable to the Taking of all land, the Hotel, the Furniture, Fixtures and Equipment, Operating Supplies, Inventories and Capital Improvements. d. If this Agreement is not terminated with respect to a Hotel following a partial Taking under this Section 8.1, then this Agreement shall remain in full force and effect with respect to the remainder of the Hotel so taken, and Westboy shall repair, restore, replace or rebuild the remainder of such Hotel to the extent condemnation proceeds are made available to Westboy for such repair, restoration, replacement or rebuilding as nearly as possible to its value, condition and character immediately prior to the Taking. Westboy shall commence the work promptly after the date of the Taking and shall complete the same with diligence.