Alcoholic Beverage License. (a) Purchaser and Seller recognize that the Existing Liquor License and all alcoholic beverages on hand at the Hotel or the Property as of the Effective Date, whether issued to the food and beverage department or held in reserve storage (the “Liquor Inventory” and, together with the Existing Liquor License, the “Liquor Assets”) are currently owned by 8440 LLC, a California limited liability company (the “Liquor Seller”). On or prior to Closing, Wolverines Lessee LLC, a Delaware limited liability company (“Wolverines LLC”), and Liquor Seller (collectively, the “Liquor Designee”) shall execute a separate escrow agreement relating to the transfer of the Liquor Assets to Liquor Designee, as co-licensees, (the “Liquor Assets Escrow Agreement”), in the form of Exhibit I attached hereto, and any other documents required by the California Department of Alcoholic Beverage Control (the “ABC”) and reasonably required by the Liquor Assets Escrow Agent (as defined below) to effectuate such transfer, and the parties shall, at or prior to Closing, deliver a fully executed Liquor Assets Escrow Agreement to Bay Commercial Bank, 0000 Xxxx Xxxxxx Xxxxxx Boulevard—Suite A, Castro Valley, CA 94552, Attention Chloe Flowers (the “Liquor Assets Escrow Agent”) along with the Liquor Assets Purchase Price.
(b) Simultaneously with the Closing, Purchaser shall deposit into the Liquor Assets Escrow, in cash or other immediately available funds, an amount equal to Seventy-Five Thousand and 00/100 Dollars ($75,000.00) (the “Liquor Assets Purchase Price”), which amount shall be allocated as set forth in the Liquor Assets Escrow Agreement. The amount deposited as the Liquor Assets Purchase Price shall be a credit to Purchaser against the Purchase Price at Closing.
(c) The Liquor Assets Escrow Agreement shall close as promptly as possible after the Closing, subject to Applicable Law. Upon the closing of the Liquor Assets Escrow Agreement, the Liquor Assets Escrow Agent shall deliver to Liquor Seller the Liquor Assets Purchase Price (less any amounts disbursed to third parties by the Liquor Assets Escrow Agent from the Liquor Assets Escrow pursuant to the terms of the Liquor Assets Escrow Agreement).
(d) Promptly after the Liquor Assets Escrow Agreement and Liquor Assets Purchase Price has been deposited with the Liquor Assets Escrow Agent, Purchaser shall, at its cost and expense, submit an application to the ABC to transfer of the Existing Liquor License to the Liquor Designee, as co-licen...
Alcoholic Beverage License. Seller’s license to serve alcoholic beverages at the Restaurant to the extent assignable or transferrable.
Alcoholic Beverage License. As soon as reasonably practical, Seller shall cause the Restaurant Owner to apply for and obtain a license (or licenses) for the service of alcoholic beverages at the Condominium (the "Beverage Licenses"), such that at or prior to the Restaurant Opening Date, the Florida Division of Alcoholic Beverages and Tobacco will issue the Beverage Licenses (or a temporary license until such permanent Beverage Licenses is/are issued) to permit the service of alcoholic beverages at the Condominium. The Beverage Licenses shall be required to permit the Restaurant Owner to serve alcoholic beverages at the cabanas comprising LCE Spaces of the Unit on the sixth (6th) floor of the Condominium Property pursuant to the Graphics. Buyer or its Affiliate that is the Lessee under the Lease agrees to cause the Lease to be modified to the extent necessary in order for the Restaurant Owner to serve alcoholic beverages to the leased cabanas provided that the Buyer or its affiliate has the right to use such cabanas as contemplated in the Lease.
Alcoholic Beverage License. At the time of any foreclosure sale under the Instrument, or any deed in lieu of foreclosure, the Borrower shall, at Borrower's expense and without additional consideration to Borrower, immediately take all actions required under applicable laws, regulations, rules, and policies to transfer the Liquor Licenses to the person or entity which acquires title to the Mortgaged Property pursuant to such foreclosure or deed in lieu of foreclosure. Such actions shall include, without limitation, filing with the local division of the State of Florida Department of Business and Professional Regulation, Division of Alcoholic Beverages & Tobacco such affidavits, applications, declarations, documents and other materials to be executed or provided by Borrower as may be necessary or appropriate to effect such transfer, and Borrower shall thereafter diligently pursue such transfer in order to consummate the same as soon as reasonably possible. Borrower’s obligations under this Section 10.8 shall survive any foreclosure of the Instrument or any deed in lieu of foreclosure.
Alcoholic Beverage License. At the time of any foreclosure sale under the Instrument, or any deed in lieu of foreclosure, the Borrower shall, at Borrower's expense and without additional consideration to Borrower, immediately take all actions required under applicable laws, regulations, rules, and policies to transfer the Liquor Licenses to the person or entity which acquires title to the Property pursuant to such foreclosure or deed in lieu of foreclosure. Such actions shall include, without limitation, filing with the local division of the State of Michigan Liquor Control Commission such affidavits, applications, declarations, documents and other materials to be executed or provided by Borrower as may be necessary or appropriate to effect such transfer, and Borrower shall thereafter diligently pursue such transfer in order to consummate the same as soon as reasonably possible. Borrower’s obligations under this Section 10.05 shall survive any foreclosure of the Instrument or any deed in lieu of foreclosure.
Alcoholic Beverage License. Each of Purchaser and Seller acknowledge that the liquor license and the liquor inventory for the Hotel (collectively, the “Liquor License Assets”) are not held by Seller but are currently held by Manager (as hereinafter defined).
Alcoholic Beverage License. Prior to closing, Buyer shall apply for and obtain a license (or licenses) for the service of alcoholic beverages at the Condominium (the “Beverage Licenses”), such that upon delivery of proof of ownership of the Unit by Buyer to the Florida Division of Alcoholic Beverages and Tobacco as soon as is reasonably practicable after closing, Buyer will obtain the Beverage Licenses (or a temporary license until such permanent Beverage Licenses is/are issued) to permit the service of alcoholic beverages at the Condominium. At or prior to closing, Buyer agrees to enter into a long term management agreement (the “Beverage Agreement”) with the Unit Owners of Units CU-1 and CU-4 (and to the extent necessary, the Association) to enable the restaurant on the 9th floor of the Condominium as well as the lobby café space to utilize the Beverage License to serve alcoholic beverages to hotel guests in their rooms as well as to serve patrons of the spa, also located on the 9th floor of the Condominium. Notwithstanding the foregoing, all liquor purchased for such service shall be undertaken solely by the restaurant operator pursuant to its own liquor license. The Beverage Agreement shall require all such users of the Beverage License to carry insurance in such coverage and amounts as are consistent with industry custom for the sale and service of alcoholic beverages. The terms of the Beverage Agreement shall be subject to the applicable provisions of Chapter 718, Florida Statutes.
Alcoholic Beverage License. (a) Purchaser acknowledges that Operating Company is the holder of the current alcoholic beverage license(s) for the Hotel (collectively, the "Existing Liquor License"). Operating Company shall cooperate with Purchaser in arranging for the transfer of the Existing Liquor License to Purchaser, provided that such transfer and cooperation shall (i) not create any potential liability for Seller and (ii) be at no cost or expense to Seller; provided that in no event shall Seller be required to transfer to Purchaser any alcoholic beverage inventory which is located at or held for use in the Hotel unless and until Purchaser has obtained a valid and effective license entitling Purchaser to sell alcoholic beverages at the Hotel.
(b) Within five (5) days following the Effective Date, Purchaser shall file all necessary applications and supporting materials with the Department of Liquor Control - County of Maui as may be required to obtain a permanent or temporary liquor license for the Hotel, and shall diligently pursue in good faith the issuance of such liquor license by the Outside Closing Date (including, without limitation, promptly responding to all requests and questions from the Department of Liquor Control - County of Maui). Concurrently with submission of such applications and materials, Purchaser shall provide Seller with a copy thereof (provided that, unless a dispute arises between Seller and Purchaser under this Agreement with respect to Purchaser's efforts to obtain a liquor license, Purchaser shall be entitled to redact any personal information on any application submitted by an individual). Purchaser shall also provide Seller with copies of any correspondence to and from the Department of Liquor Control - County of Maui in connection with the liquor license application. Time is of the essence with respect to the provisions of this Section.4.9(b).
(c) Notwithstanding anything herein to the contrary, if, despite Purchaser's compliance with Section 4.9(b) above, the Department of Liquor Control - County of Maui is not prepared, as of the Outside Closing Date, to issue to Purchaser or Purchaser's designee, promptly following Closing upon receipt of evidence of the transfer of the Hotel, either a temporary liquor license or a permanent liquor license that allows the service of alcohol at the Hotel, Purchaser shall have the one-time right, by providing Seller and Escrow Agent with prior written notice delivered not less than five (5) business days prior to t...
Alcoholic Beverage License. 28 SECTION 13. SEVERABILITY...................................................................................28 SECTION 14. NOTICES........................................................................................28
Alcoholic Beverage License. In the event that the Tribal Council passes an ordinance approved by the Secretary that allows sales of alcoholic beverages on or about Casino premises or adjacent property on Tribal lands designated by the Tribal Council as a resort area, then the State will designate the same Tribal lands as a resort area and shall authorize sales of liquor from the State warehouse to the Tribe and persons or entities as may be authorized by the Tribe to sell alcoholic beverages on designated Tribal lands, and the Tribe and such persons or entities as it may authorize to sell alcoholic beverages will purchase liquor exclusively from the State warehouse.
