Common use of Bricks and Mortar Transfer Clause in Contracts

Bricks and Mortar Transfer. If you or your Affiliate own the Hotel and/or Hotel Site, you or your Affiliate may sell, lease, transfer or otherwise convey the Hotel and/or the Hotel Site (a “Bricks and Mortar Transfer”), provided that: (i) if in our judgment, after completion of the Bricks and Mortar Transfer, you retain legal possession and control of the Hotel and/or the Hotel Site as ground lessee under a long-term ground lease agreement with an unrelated third-party lessor; (ii) you retain the management control of the Hotel operations, and continue to comply with the requirements of Subparagraphs 6.a.(24), 6.a.(25) and 6.a.(34) of this Agreement; (iii) you are not then in material default under this Agreement; (iv) the Bricks and Mortar Transfer is not, directly or indirectly, to a Competitor; and (v) you otherwise satisfy the conditions in Subparagraphs 11.b.(3)(a) - (g), (i) and (j) below that we may require you to satisfy. If, in our judgment, the Bricks and Mortar Transfer will result in your loss of possession or control of the Hotel or Hotel Site or management of the Hotel, the sale will then be considered a Change of Ownership (as defined below) and you must comply with the provisions of Subparagraph 11.b.(3).

Bricks and Mortar Transfer. If you or your Affiliate own the Hotel and/or Hotel Site, you or your Affiliate may sell, lease, transfer or otherwise convey the Hotel and/or the Hotel Site (a “Bricks and Mortar Transfer”), provided that: (i) if in our judgment, after completion of the Bricks and Mortar Motor Transfer, you retain legal possession and control of the Hotel and/or the Hotel Site as ground lessee under a long-term ground lease agreement with an unrelated third-party lessor; (ii) you retain the management control of the Hotel operations, and continue to comply with the requirements of Subparagraphs 6.a.(24), 6.a.(25) and 6.a.(34) of this Agreement; (iii) you are not then in material default under this Agreement; (iv) the Bricks and Mortar Transfer is not, directly or indirectly, to a Competitor; and (v) you otherwise satisfy the conditions in Subparagraphs 11.b.(3)(a) - – (g), (i) and (j) below that we may require you to satisfy. If, in our judgment, the Bricks and Mortar Transfer will result in your loss of possession or control of the Hotel or Hotel Site or management of the Hotel, the sale will then be considered a Change of Ownership (as defined below) and you must comply with the provisions of Subparagraph 11.b.(3).

Bricks and Mortar Transfer. If you or your Affiliate own the Hotel and/or Hotel Site, you or your Affiliate may sell, lease, transfer or otherwise convey the Hotel and/or the Hotel Site (a “Bricks and Mortar Transfer”), provided that: (i) if in our judgment, after completion of the Bricks and Mortar Transfer, you retain legal possession and control of the Hotel and/or the Hotel Site as ground lessee under a long-term ground lease agreement with an unrelated third-party lessor; (ii) you retain the management control of the Hotel operations, and continue to comply with the requirements of Subparagraphs Subparagraph 6.a.(24), 6.a.(25) and 6.a.(346.a.(25) of this Agreement; (iii) you are not then in material default under this Agreement; (iv) the Bricks and Mortar Transfer is not, directly or indirectly, to a Competitor; and (v) you otherwise satisfy the conditions as set forth in Subparagraphs 11.b.(3)(a) - (g), (i) and (j) below that we may require you to satisfy. If, in our judgment, the Bricks and Mortar Transfer will result in your loss of possession or control of the Hotel or Hotel Site or management of the Hotel, the sale will then be considered a Change of Ownership (as defined below) and you must comply with the provisions of Subparagraph 11.b.(3).

Bricks and Mortar Transfer. If you or your Affiliate own the Hotel and/or Hotel Site, you or your Affiliate may sell, lease, transfer or otherwise convey the Hotel and/or the Hotel Site (a “Bricks and Mortar Transfer”), provided that: (i) if in our judgment, after completion of the Bricks and Mortar Transfer, you retain legal possession and control of the Hotel and/or the Hotel Site as ground lessee under a long-term ground lease agreement with an unrelated third-party lessor; (ii) you retain the management control of the Hotel operations, and continue to comply with the requirements of Subparagraphs 6.a.(24), 6.a.(25) and 6.a.(34) of this Agreement; (iii) you are not then in material default under this Agreement; (iv) the Bricks and Mortar Transfer is not, directly or indirectly, to a Competitor; and (v) you otherwise satisfy the conditions in Subparagraphs 11.b.(3)(a) - – (g), (i) and (j) below that we may require you to satisfy. If, in our judgment, the Bricks and Mortar Transfer will result in your loss of possession or control of the Hotel or Hotel Site or management of the Hotel, the sale will then be considered a Change of Ownership (as defined below) and you must comply with the provisions of Subparagraph 11.b.(3).