Acknowledgement of Lease. Manager hereby acknowledges and consents to the lease of the Inn from Lessor to Lessee pursuant to the Lease in the form attached hereto as Exhibit B. The Lease shall not be construed to impose any additional obligations or liabilities upon Manager, and shall not be construed to modify or amend any of the rights and duties of the parties under the Management Agreement. To the extent that any of the provisions of the Management Agreement impose a greater or inconsistent obligation on Lessee than the corresponding provisions of the Lease, then Lessee shall be obligated to comply with, and to take all actions necessary to prevent breaches or defaults under, the relevant provisions of the Management Agreement. Manager acknowledges that Lessor and Lessee have, pursuant to the terms of the Lease, agreed that Lessor shall pay, among other things (i) land, building and personal property taxes and assessments applicable to the Inn, (ii) premiums and charges for the casualty insurance coverages specified in the Management Agreement (iii) expenditures for capital replacements, (iv) expenditures for maintenance and repair of underground utilities and structural elements of the Inn and (v) the payments of principal, interest and other sums payable under the Loan Agreement (collectively, "Ownership Costs"). Manager shall have no duty, obligation or liability to Lessor or Lessee (i) to make any determination as to whether any expense required to be paid by Manager hereunder is an Ownership Cost or a cost of Lessee, (ii) to require that Ownership Costs be paid from funds which can be identified as belonging to Lessor, or that other costs and expenses required to be paid by Lessee be paid from funds which can be identified as belonging to Lessee; it being the intent of the parties to this Agreement that (i) Lessee and Lessor shall look only to each other and not to Manager with respect to moneys that may be owed one to the other under the Management Agreement and (ii) Manager need only look to Lessee to pay operating costs of the Inn and other such obligations under the Management Agreement, including, without limitation, those designated herein as Ownership Costs.
Acknowledgement of Lease. Guarantor shall not challenge the validity, enforceability or characterization of the Transaction, and Guarantor shall support the intent of Guarantor, Xxxxxx and Lessor that the Lease does not create a joint venture, partnership, equitable mortgage, trust, trust agreement, security interest or the like. Guarantor acknowledges that Xxxxxx did not prepare or assist in the preparation of any of the projected financial figures used by Xxxxxx in analyzing the economic viability and feasibility of the Transaction.
Acknowledgement of Lease. To the extent required pursuant to the terms of the Management Agreement, Manager hereby consents to the Fee Transfer, the lease of the Leased Premises from Landlord to Tenant under the Lease and the Assumption. The Lease will not be construed to (i) impose any additional obligations or liabilities on Manager or (ii) modify or amend any of the rights and duties of the parties under the Management Agreement. If any of the terms of the Management Agreement impose a greater or inconsistent obligation on Tenant than the corresponding terms of the Lease, then Tenant will comply with, and take all actions necessary to prevent breaches of or defaults under, the relevant terms of the Management Agreement. Manager has no obligation to (a) determine whether any cost required to be paid by Manager is a cost of Landlord or a cost of Tenant or (b) require that costs of Landlord or Tenant be paid from funds that can be identified as belonging to the party that incurred such costs. Tenant and Landlord will look only to each other for the moneys that may be owed one to the other under the Management Agreement or the Lease. Manager may look only to Tenant to pay operating costs of the Leased Premises and other “Owner” obligations under the Management Agreement.
Acknowledgement of Lease. The Trustee has received a copy of, and acknowledges the terms of, the Lease.
Acknowledgement of Lease. Guarantor hereby represents and warrants to Lessor that Guarantor has received a copy of the Lease, has read or had the opportunity to read the Lease, and understands the terms of the Lease.
Acknowledgement of Lease. Upon commencement of this lease, Lessor and Xxxxxx shall execute a recordable acknowledgment of this lease which is attached as Exhibit "D" and which will ----------- confirm the Commencement Date, ending date, annual anniversary date of the lease, and rentable square footage in Xxxxxx's Office Space.
Acknowledgement of Lease. At Lessor’s option, Lessor and Lessee shall execute a recordable acknowledgment of this Lease which will confirm the actual Commencement Date, Lease Expiration Date, and Lease Anniversary Date. This executed acknowledgement will become part of the Lease.
Acknowledgement of Lease. Guarantor intends for the Lease to be a “true lease” and not a financing lease, capital lease, mortgage, equitable mortgage, deed of trust, security agreement or other financing or trust arrangement, and the economic realities of the Lease are those of a true lease. Guarantor shall not challenge the validity, enforceability or characterization of the Transaction, and Guarantor shall support the intent of Guarantor, Lessee and Lessor that the Lease is a “true lease” and does not create a joint venture, partnership, equitable mortgage, trust, financing device or arrangement, trust agreement, security interest or the like. Guarantor acknowledges that Lessor did not prepare or assist in the preparation of any of the projected financial figures used by Lessee in analyzing the economic viability and feasibility of the Transaction.
Acknowledgement of Lease. The Lease shall not be construed to impose any additional obligations or liabilities upon Manager, and shall not be construed to modify or amend any of the rights and duties of the parties under the Management Agreement. To the extent that any of the provisions of the Management Agreement impose a greater or inconsistent obligation on Lessee than the corresponding provisions of the Lease, Lessee shall be obligated to comply with the relevant provisions of the Management Agreement. Manager shall have no duty, obligation or liability to Lessor or Lessee to (i) make any determination as to whether any expense required to be paid by Manager hereunder is a cost of Lessor or a cost of Lessee or (ii) require that any costs or expenses of Lessor be paid from funds that can be identified as belonging to Lessor, or that other costs and expenses required to be paid by Lessee be paid from funds that can be identified as belonging to Lessee; it being the intent of the parties to this Agreement that (x) Lessee and Lessor shall look only to each other and not to Manager with respect to moneys that may be owed one to the other under the Management Agreement or the Lease and (y) Manager need only look to Lessee to perform "Owner" obligations under the Management Agreement.
Acknowledgement of Lease. Upon commencement of this lease, Lessor and Lessee shall execute a recordable acknowledgement of this lease in a form which is attached as Exhibit D and which will confirm the commencement date, ending date, annual anniversary date of the lease, Rentable Area and Usable Area in Lessee's Office Space.
