Subordination of Lease. applicable local, state and federal law; (vi) Vehicle liability insurance for owned, non-owned, and hired vehicles, in the the full amounts of Base Rent and Additional Charges. and who have experience in resolving matters of a nature similar to the matter to be resolved by arbitration. enforce the remedies set forth in this Article 16, and (b) the benefit of any laws now or hereafter in force exempting property from liability for rent or for debt and Lessor waives any right to “pierce the corporate veil” of Lessee WARN Act: As defined in Subsection 8.2(b). 27.1. Books and Records. Lessee and the Lessor each shall have the right to designate one panel member and the two. rights hereunder, and at Lessee’s sole expense. Room for additional value creation with sandwich leases and ground leases. any interest and penalties and the same shall be repayable by Lessee to Lessor as Additional Charges at the next Payment Date provided for in this Lease; provided, however, that should Lessor reasonably determine that the giving of such Notice would way discharge or diminish any obligation of any insurer under any policy of title or other insurance held by Lessor. including all components thereof, now and hereafter permanently affixed to or incorporated into the Leased Improvements, including, without limitation, all furnaces, boilers, heaters, electrical equipment, heating, plumbing, lighting, ventilating, Financial Statements. free planner refills. services to the tenants of the Leased Property, or manages or operates the Leased Property) and (b) an officer (or employee) of the Lessor that Person shall not receive any compensation for serving as a director of Lessee (or any Person who (a) Lessee covenants that it will proceed with all due diligence and will exercise reasonable efforts to obtain and to maintain all Licenses and other or releasing any obligation of Lessee, and without waiving or releasing any obligation or default, may (but shall be under no obligation to) at any time thereafter make such payment or perform such act for the account and at the expense of Lessee, generally accepted accounting principles as are at the time applicable, (c) all references in this Lease to designated “Articles,” “Sections” and other subdivisions are to the designated Articles, Sections and other whether now in force or hereafter enacted and in force, including (a) all laws, rules or regulations pertaining to the environment, occupational health and safety and public health, safety or welfare, and (b) any laws, rules or regulations governmental restrictions, war or other enemy or terrorist action, civil commotion, fire, casualty, condemnation or other similar causes, in each case, if such cause is beyond the reasonable control of Lessee; provided that (i) lack of funds The Lessee shall have full possession of the premises on the first day of the lease, and shall extend the right of occupation to employees, agents and clients within … between the Consumer Price Index for the most recent Comparison Month and the average Consumer Price Index for the twelve (12) month period prior thereto shall be divided by the average Consumer Price Index for the twenty four (24) month For an annotated form of retail lease that can be adapted for a restaurant space see Retail Lease Agreement. If Lessor and Lessee are unable to agree that a Force Majeure or a Hotel Market Decline has occurred, within thirty (30) days after the date If title to less than the whole of the Leased Property is condemned, and the Leased Property is not Unsuitable for its survive the expiration or earlier termination of the Term, and a final reconciliation, taking into account, among other relevant adjustments, any adjustments which are accrued after such expiration or termination date but which related to Percentage (b) Lessee is granted the option to extend the Term of this Lease for a period of five (5) years (the “First Extension”), Lessee in the prosecution of any such claim, in Lessor’s or Lessee’s name, all at Lessee’s sole cost and expense. Reconciliation Act of 1985, as amended (“COBRA”); and all alleged and actual obligations and claims arising from or relating to any employment agreement, collective bargaining agreement or employee benefit plans, any grievances, used in connection with, the operation of the Leased Improvements as a hotel, together with all replacements, modifications, alterations and additions thereto; and. (f) The indemnification rights and obligations provided for in this Article 8 With this, your restaurant lease … due and payable and such condition continues for a period of thirty (30) days after the end of the applicable quarter; or, (d) if 3.2 Limitation on Manager’s Authority. assignee shall assume, all leases and concession agreements in effect with respect to the Hotel then in Lessee’s name. paid by Lessee to Lessor promptly after Lessee receives Lessor’s written invoice therefor, to be held in trust in an interest-bearing account, together with any other insurance proceeds, for application to the cost of repair and restoration. exterior ordinary or extraordinary, foreseen or unforeseen or arising by reason of a condition existing prior to the commencement of the Term of this Lease (concealed or otherwise), or required by any governmental agency having jurisdiction over the Rent accrued prior to such termination date, and Lessee’s good faith best estimate of the amount of any unresolved contractual allowances, shall be made not later than two (2) years after such expiration or termination date, but Lessee Property; (3) all Releases at, on, in, under or in any way affecting the Leased Property, or any Release known by Lessee at, on, in or under any property adjacent to the Leased Property; and (4) all facts, events or conditions that could SECTION ELEVEN, AS SHOWN ON MAP OR PLAT THEREOF RECORDED UNDER FILM CODE NO. Subject to the provisions of Section 17.1, if Lessor Lessee’s personal property, the terms and conditions of such subordination to be satisfactory to Lessor in the exercise of reasonable discretion. NO. and other insurance. Lessee agrees to give Lessor prompt Notice of (1) all Environmental Liabilities; (2) all pending, threatened or thereafter be available to Lessee at all reasonable times for inspection, audit, examination, and transcription for a period of one (1) year and Lessee may retain (on a confidential basis) copies or computer records thereof. Section 2.3 shall survive the expiration or termination of this Lease until they have been fully performed) and, in general, shall cooperate in good faith to effect an orderly transition of the management and/or lease of the Hotel: (a) Transfer of Licenses. (30) days after Notice of such failure from Lessor shall constitute an Event of Default within the meaning of Section 16.1. cure any such breach within the grace period described above, Lessee, without waiving or releasing any obligations hereunder, and in addition to all other remedies available to Lessee at law or in equity, may purchase the Leased Property from Lessor Year in excess of the applicable Suite Revenue Breakpoint. Solvent: As to any Person, (a) the sum of the assets of such Person exceeds its liabilities and (b) such Person has sufficient capital that may arise by reason of any damage or destruction of the Hotel that Lessor is obligated to restore or may restore under any of the provisions of this Lease. loss is payable under such additional separate insurance in the same manner as losses are payable under this Lease. accounts receivable accrued through the termination date. the interest rate, amortization schedule, maturity date, prepayment penalty and other terms and conditions of any encumbrance that is assumed by the transferee. Lessor shall be under no obligation to, but may if it so chooses, relet the Leased Property or otherwise mitigate Lessor’s damages. Evidence of insurance shall be deposited with Lessor. Upon the expiration or termination of the Term of this Lease, for whatever reason (other than a purchase of the Leased Property by Lessee), Lessor and Lessee shall do the following (and the provisions of this of this Lease and except for ordinary wear and tear (subject to the obligation of Lessee to maintain the Leased Property in good order and repair, as would a prudent owner, during the entire Term of the Lease), or damage by casualty or Condemnation the Leased Property and will pay or cause to be paid all charges for electricity, gas, oil, water, sewer and other utilities used in the Leased Property during the Term. Upon expiration or termination of this lease, Lessee shall return the property to Lessor in substantially the same condition in which the property was received by Lessee. (d) Lessee shall not commit or suffer to be committed any waste on such policies or certificates thereof to Lessor prior to their effective date (and, with respect to any renewal policy, thirty (30) days prior to the expiration of the existing policy), and in the event of the failure of Lessee either to effect following events (individually, an “Event of Default”) occurs: (a) if an Event of Default occurs under any other lease between Notwithstanding the foregoing, Lessee shall have the right by separate and independent action to pursue any claim it may have against foreclosures, attachments, levies or executions (other than those caused by Lessor and those claiming from, through or under Lessor) is assumed by Lessee, and, in the absence of gross negligence, willful misconduct or breach of this Lease by Lessor Leased The term “full replacement cost” as used herein shall mean Lessee designated in this Lease and its respective permitted successors and assigns. hereafter, materially encroach upon any property, street or right-of-way adjacent to the Leased Property, or violate the agreements or conditions contained in any lawful restrictive covenant or other agreement affecting the Leased Property, or any NORTHEAST CORNER OF A CALLED 1.0910 ACRE TRACT OF LAND, CONVEYED TO ELDRIDGE PARTNERS, LTD., AS FILED FOR RECORD UNDER H.C.C.F. Billings for reimbursement of Personal Property Taxes by Lessee to Lessor shall be accompanied by copies of a bill therefor and payments thereof which identify the personal property with respect to which such payments are made. otherwise has knowledge of the condition of the Leased Property and has found the same to be satisfactory for its purposes hereunder. reserves the right to effect any such protest, appeal or other action and, upon Notice to Lessee, shall control any such activity, which shall then go forward at Lessor’s sole expense. Lessee agrees to indemnify and defend and hold harmless Lessor from and against any claims relating to any of the Lessee may (and shall as provided including, without limitation, any and all books, records, files, licenses, permits and keys relating thereto, and quit the same and Lessor may enter upon and repossess the Leased Property by summary proceedings, ejectment or otherwise, and may Lessee hereby waives, to the extent and timely written report to the appropriate insurance company as to all accidents, claims for damage relating to the ownership, operation, and maintenance of the Hotel, any damage or destruction to the Hotel and the estimated cost of repair thereof the Term, (b) all Additional Charges accruing during the applicable month and (c) all other sums, if any, payable by Lessee under this Lease with respect to the Leased Property. Property, each installment of Rent (including Percentage Rent as determined below) and other sums payable by Lessee to Lessor under the Lease as the same becomes due and payable, which Rent and other sums shall bear interest at the Overdue Rate, and Lessee shall be entitled to any refund of any Claims and such (a) Lessor represents and warrants that the Leased Improvements do not 17.2. marketing, reservation systems and any and all other operating expenses as are reasonably necessary for the proper and efficient operation of the Hotel and the Leased Property incurred by Lessee in accordance with the provisions hereof (excluding, greater than the maximum rate then permitted under applicable law. (c) Except as provided in Section 14.6, if during the Term the Leased Property is partially destroyed by a risk covered by the insurance described 19.2. CERCLA: The Comprehensive Environmental Response, Compensation and Liability Act of 1980, as amended. trustee of such Person or any Person controlling, controlled by or under common control with such Person or any Person that owns, beneficially, directly or indirectly, ten percent (10%) or more of the outstanding capital stock, shares or equity and (ii) any such occurrence is an extraordinary, as opposed to a routine or cyclical, material event that was not reasonably foreseeable when the then-applicable Annual Budget was prepared. Each lease must reflect distinctions such as different landlords, different nei ghborhoods, different space, and different cotenants. Insurance Premiums. Lessor, signed by the chief financial officer or another officer authorized so to sign by the board of directors or other governing body of Lessee, or bylaws or limited liability company agreement of Lessee, or any other Person whose power and Lessor agrees to join in any such proceedings if the same be required legally to prosecute such contest of the validity of such Claims; provided, however, that Lessor shall not thereby be subjected to any liability or loss for the payment of any Temporary Taking. Market Decline, Lessor and Lessee shall, in good faith, negotiate (i) possible modifications to the Base Rent and Percentage Rent to reduce such Base Rent and Percentage Rent to recent market rates for hotel REIT leases for similar hotel Fair Market Value: The fair market value of the Leased Property means an amount equal to the price that a willing buyer not compelled to buy would If any lien, charge or civil or criminal liability would be incurred by reason of any such delay, Lessee, on the prior written consent of Lessor, which consent shall not be unreasonably withheld or Lessee hereby agrees to indemnify, defend and hold harmless Lessor from and against any claims, obligations and Notwithstanding the above, Lessee may assign the Lease to an Affiliate without the consent of Lessor; provided that any such assignee assumes in writing and agrees to keep and perform all of the terms Section 25.2 hereof for resolution (during which period Lessee shall continue to pay Base Rent and Percentage Rent as required under Section 3.1 of this Lease). against the other party for breach of its obligations under this Lease, the party against whom such claim is made shall be liable to the other party only for actual damages and not for consequential, punitive or exemplary damages. excluding windows and plate glass, mechanical, electrical and plumbing systems and equipment, including conduit and ductware, and non-load bearing walls, and parking lot surfaces). PIPE FOUND FOR THE NORTHERLY CUT BACK CORNER OF THE INTERSECTION OF THE SOUTHERLY RIGHT OF WAY LINE OF ENCLAVE PARKWAY (CALLED 90 FEET WIDE) AND THE WESTERLY RIGHT OF WAY LINE OF ELDR1DGE PARKWAY (CALLED 100 FEET WIDE), ALSO BEING THE MOST NORTHERLY The Indemnified Party, at its expense, shall be entitled to participate in any such PROPERTY IS DEMISED IN ITS PRESENT CONDITION WITHOUT REPRESENTATION OR WARRANTY (EXPRESSED OR IMPLIED) BY LESSOR AND SUBJECT TO THE RIGHTS OF PARTIES IN POSSESSION, AND TO THE EXISTING STATE OF TITLE INCLUDING ALL COVENANTS, CONDITIONS, days or within ninety (90) days of the original request for a determination of Fair Market Value or Fair Market Rental, whichever is earlier, either provide Lessor with copies of assessment notices in sufficient time for Lessor to file a protest. 15.6. Date of Taking: As defined in Subsection 15.1(d). thereon. Payments to Affiliates of Lessee. (ii) the quotient obtained in subparagraph (d)(1)(A) above. All materials which are scrapped or removed in connection with the making of repairs required by Articles 9 or 10 shall be or all obligations to pay the amount of any judgment or settlement, the cost of complying with any settlement, judgment or order for injunctive or other equitable relief, the cost of compliance or corrective action in response to any notice, demand or Lessor as a result of a breach by Lessor of the covenant of quiet enjoyment contained in this Section. Any proprietary information obtained by Lessor pursuant to the provisions of this Expenses and such Persons shall be afforded reasonable accommodations, food, beverages, laundry, valet and other such services by and at the Hotel without charge to such Persons or Lessee. that the proposed mortgagee executes a non-disturbance agreement recognizing this Lease in accordance with the provisions of Section 22.2, and agreeing, for itself and its successors and assigns, to comply with the provisions of this Article arbitration’s, or unfair labor practice charges, and relating to compliance with any applicable state or federal labor employment law, including but not limited to all laws pertaining to discrimination, workers’ compensation, unemployment control, as applicable. indemnifying a Lessor Indemnified Party against its own (or Lessor’s) grossly negligent acts or omissions or willful misconduct. Unsuitable for Lessee shall withdraw such offer, in which event this Lease shall remain in full force and effect and Lessee shall immediately proceed to restore the Hotel to substantially the same condition as existed immediately before such damage or destruction all reasonable actions necessary to prevent breaches or defaults under, the provisions of the Franchise Agreement and the Management Agreement. If such damage or destruction is not material, Lessee shall restore the Hotel to substantially the same condition as existed immediately before the damage or the date of such conveyance or transfer, Lessor or such successor owner, as the case may be, shall thereupon be released from all future liabilities and obligations of Lessor under this Lease arising or accruing from and after the date of such Suite Revenue Breakpoint: As defined in Subsection 3.1(b). “Award” means all compensation, sums or anything of value awarded, paid or received on a total or partial Condemnation. Application of Funds. It shall be a breach of this Lease if Lessor fails to observe or perform any term, covenant or condition of this Lease on its part to be performed and such failure continues for a period of thirty Lessee acknowledges receipt and delivery of possession of the Leased Property. permitted from time to time hereunder. If Lessor elects and complies with the option described in (b) above, regardless of whether Lessee enters into the lease(s) described therein, Lessor shall have no terms defined in this Article have the meanings assigned to them in this Article and include the plural as well as the singular, (b) all accounting terms not otherwise defined herein have the meanings assigned to them in accordance with the time of award plus one percent (1%). DISPUTE RESOLUTION PROCEDURES. the expiration or termination of this Lease for an amount (payable in cash on the expiration date of this Lease) equal to the fair market value thereof as appraised in conformity with Article 24, except that the appraisers need not be members of the its sole cost and expense (subject to Lessor’s contribution as set forth below), restore the Leased Property as nearly as may be reasonably possible to the condition in which the same was immediately prior to such Condemnation, unless such Working Capital: Funds reasonably necessary for Lessee shall have the right to contest the amount or validity of any THIS HOTEL LEASE AGREEMENT (hereinafter called “Lease”), is dated the 26th of April, 2006, by and between Apple Seven Hospitality Texas, L.P., The party desiring such arbitration shall give Notice to that effect to the other party, and an arbitrator shall Lessor, however, actions, as Lessee in the good faith exercise of its judgment deems reasonably practicable to remove such encroachment, and to end such violation or impairment, including, if necessary, the alteration of any of the Leased Improvements, and in any own initiative or pursuant to the request or requirement of any third party, take out separate insurance concurrent in form or contributing in the event of loss with that required in this Article to be furnished, or increase the amount of any then In the event of Lessee’s failure to deliver such subordination and if the Mortgage does not change any term of the Lease, Lessor may, in addition to any other remedies for breach of covenant hereunder, Y212898, BEING MORE PARTICULARLY DESCRIBED AS FOLLOWS: BEING 0.0614 OF ONE ACRE (2,673 SQUARE FEET) OF LAND SITUATED IN THE JOEL WHEATON SURVEY, ABSTRACT NO. Partial Taking. fees and expenses of the arbitrator shall be shared equally by Lessor and Lessee except as otherwise specified above in this Section 25.3. Statistics of the United States Department of Labor (Base: 1982-1984=100), or any successor index thereto. all reasonable legal fees and other costs and expenses, including without limitation expert witness fees, incurred by Lessor in connection with obtaining any such proceeds or award) of all insurance proceeds received by Lessor and awards received by Lessee leasehold estates that have an aggregate fair market value of no less than the fair market value of the original leasehold estate, both such values as determined as of the Optional Termination Date. If the location is a busy downtown sector full of thriving businesses, you may not have any wiggle room with a lease. Lessee will permit the inclusion of Requirements; provided, however that Lessor may only inspect or audit records in Manager’s possession subject to the terms of Lessee’s access thereto under the Management Agreement. STR Reports or, if the STR Reports are not longer published, other reputable national economic data regarding the hospitality industry. Lessee shall keep full and adequate books of account and 4, actually paid as Percentage Rent for the applicable Fiscal Year, Lessor, at its option, shall reimburse such amount to Lessee or credit such amount against subsequent months’ Base Rent, and with respect to Percentage Rent, to the extent Unavoidable Occurrence. 25.3. prior to the execution of this Lease (the “Environmental Audit”), and (ii) Environmental Liabilities which were caused by the acts or negligent failures to act of Lessee. If Lessor and Lessee are unable to agree, within thirty Lessor reserves the right to contest any of the Claims at its expense not pursued by Lessee. for the Hotel’s Competitive Set from the average hotel occupancy levels for the same period during the prior calendar year, as published in the applicable STR Reports. (b) any failure on the part of Lessor to perform or comply with any of the terms of this Lease. Lessor shall give prompt Notice to Lessee of all Impositions Buying a Restaurant vs Leasing a Restaurant observe all of the terms, covenants and conditions of this Lease, but shall have no rights hereunder other than the right, to the extent given by law to tenancies at sufferance, to continue its occupancy and use of the Leased Property. PROPERTY RENTAL AGREEMENT . Section 8.1 to obtain and maintain all permits and licenses required for the use of the Leased Property, and without limiting any obligations of Lessee hereunder, if (i) applicable law requires that the owner (rather than a lessee) of a termination of this Lease. all closing costs associated with such purchase by Lessee following default by Lessor. Environmental Audit: As defined in Subsection Notwithstanding any such purchase, Lessor shall obtain no rights to any trade name or logo shall be added to the Base Rent. State: The state or commonwealth in which the Hotel is located. The total Award made with respect to the Leased Property or for loss of In any arbitration commenced pursuant to Sections 25.1 or 25.2, a single arbitrator Y-212897, AND ALSO BEING THE SOUTHEAST CORNER OF THE HEREIN DESCRIBED TRACT; THENCE NORTH 58 DEGREES 24 MINUTES 53 SECONDS WEST, ALONG AND WITH THE NORTHERLY LINE OF SAID 1.0910 ACRE TRACT, A, directors, stockholders, members, managers, employees, agents and representatives of Lessee, and the respective heirs, personal representatives, successors and assigns of any such officer, director, stockholder, member, manager, employee, agent or (b) Notwithstanding Lessee’s obligations under Subsection 9.1(a) above, except to the extent of damage caused by Lessee’s negligence or willful Printablecontracts.Com are not to be paid in monthly installments in the amount will be paid in monthly installments the... To make such restoration vii ) such other rate as Lessor may assign this if! 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