Additional Hotels Clause Samples
The "Additional Hotels" clause allows for the inclusion of extra hotel properties under the terms of an existing agreement. This clause typically outlines the process by which new hotels can be added, such as requiring written notice or mutual consent, and specifies whether the same rates, terms, and conditions will apply to these additional properties. Its core practical function is to provide flexibility for expanding the scope of the agreement to cover more locations without the need to renegotiate a new contract for each hotel, thereby streamlining operations and ensuring consistency across multiple properties.
Additional Hotels. Lessor and Lessee may also from time to time agree to the lease of Additional Hotels (herein so called) to Lessee. The lease of Additional Hotels shall be by mutual agreement of Lessor and Lessee and upon such terms and conditions as are contained in form of the Property Lease attached hereto as Exhibit B and such Additional Hotels shall become subject to the terms and conditions of this Agreement as amended to reference such Additional Hotels and the Amerihost Guaranty (as hereinafter defined).
Additional Hotels. The Company will use the net proceeds of the Offering to acquire or develop hotels only to the extent that the Company would expect to receive rental income with respect to each such hotel, net of insurance paid by the Company, reserves for furniture, fixtures and capital expenditures and real estate taxes, in an amount greater than or equal to twelve percent (12%) of the purchase price or development costs paid by the Company for such hotel.
Additional Hotels. The Borrower owns hotels not securing repayment of the Loans. In addition, subsequent to the date hereof, the Borrower may acquire additional hotel properties. Such hotels now owned by the Borrower (but not constituting Initial Hotels) and such other hotels hereafter acquired are included within the definition of "Additional Hotels." The Borrower shall be entitled to utilize Loan proceeds at the time of acquisition of an Additional Hotel, without contemporaneously granting a first lien to the Agent on such Additional Hotel and without providing to the Agent or the Banks any information with respect to such Additional Hotel except as otherwise required hereby. If the Borrower elects to submit such Additional Hotel (specifically including the Supplemental Borrowing Base Hotels) for consideration as a Borrowing Base Hotel, however, the Borrower shall provide to the Agent the information and documentation (e.g., cost breakdown, operating statements, budgets, survey, title insurance commitment, environmental report, appraisals, etc.), in form and scope meeting the requirements for Borrowing Base Hotels and as may be requested by the Banks at the time of such request by the Borrower. If all of Banks agree that such Additional Hotel (specifically including the Supplemental Borrowing Base Hotels) is to be accepted as a Borrowing Base Hotel, the Borrower shall execute and cause to be recorded Collateral Documents (as the Agent deems necessary) with respect to such Additional Hotel, and shall thereafter promptly provide such related documentation (for example, the title policy) that can be obtained only after recordation of a Deed of Trust.
Additional Hotels. 1 1.4 Affiliate.......................................................1 1.5
Additional Hotels. The Borrower owns hotels not securing repayment of the Loans. In addition, subsequent to the date hereof, the Borrower may acquire additional hotel properties. Such hotels now owned by the Borrower (but not constituting Initial Hotels) and such other hotels hereafter acquired are included within the definition of "Additional Hotels." The Borrower shall be entitled to utilize Loan proceeds at the time of acquisition of an Additional Hotel, without contemporaneously granting a first lien to the Agent on such Additional Hotel and without providing to the Agent or the Banks any information with respect to such Additional Hotel except as otherwise required hereby. If the Borrower elects to submit such Additional Hotel for consideration as a Borrowing Base Hotel, however, the Borrower shall provide to the Agent the information and documentation (e.g., cost breakdown, operating statements, budgets, survey, title insurance commitment, environmental report, appraisals, etc.), in form and scope meeting the requirements for Borrowing Base Hotels and as may be requested by the Banks at the time of such request by the Borrower. If all of Banks agree that such Additional Hotel is to be accepted as a Borrowing Base Hotel, the Borrower shall execute and cause to be recorded Collateral Documents (as the Agent deems necessary) with respect to such Additional Hotel, and shall thereafter promptly provide such related documentation (for example, the title policy) that can be obtained only after recordation of a Deed of Trust.