Unsuitable for its Primary Intended Use. A state or condition of the Facility such that, in the good faith judgment of Lessee, reasonably exercised and evidenced by the resolution of the board of directors or other governing body of Lessee, due to casualty damage or loss through Condemnation, the Facility cannot function as an integrated hotel facility consistent with standards applicable to a well maintained and operated hotel.
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Sources: Lease Agreement (Gadsden Growth Properties, Inc.), Lease Agreement (Summit Hotel OP, LP), Credit Agreement (Ashford Hospitality Trust Inc)
Unsuitable for its Primary Intended Use. A state or condition of the any Facility such that, in the good faith judgment of Lessee, reasonably exercised and evidenced by the resolution of the board of directors or other governing body of Lessee, due to casualty damage or loss through Condemnation, the Facility cannot function as an integrated hotel facility consistent with standards applicable to a well maintained and operated hotel.
Appears in 1 contract
Unsuitable for its Primary Intended Use. A state or condition of the any Facility such that, in the good faith judgment of Operating Lessee, reasonably exercised and evidenced by the resolution of the board of directors or other governing body of Operating Lessee, due to casualty damage or loss through Condemnation, the Facility cannot function as an integrated hotel facility consistent with standards applicable to a well maintained and operated hotel.
Appears in 1 contract
Unsuitable for its Primary Intended Use. A state or condition of the Facility such that, in the good faith judgment of Lessee, reasonably exercised and evidenced by the resolution of the board of directors or other governing body of the entity authorized to act on behalf of the managing member of Lessee, due to casualty damage or loss through Condemnation, the Facility cannot function as an integrated hotel facility consistent with standards applicable to a well maintained and operated hotel.
Appears in 1 contract