Columbus West Courtyard by Marriott Sample Clauses

Columbus West Courtyard by Marriott. Purchaser, in its sole discretion, may elect to cause CSC to cause its Affiliate to sell to Purchaser (or Purchaser’s designee) the property commonly known as the Columbus West Courtyard by Marriott (the “Columbus Property”), in lieu of acquiring the Hotel commonly known as the Marriott Knoxville (the “Knoxville Property”), by providing CSC with written notice of such election within thirty (30) days after the execution of this Agreement. In the event that Purchaser provides CSC such notice electing to acquire the Columbus Property, in lieu of the Knoxville Property, the Parties shall amend and restate this Agreement in its entirety to incorporate the addition of the Columbus Property and removal of the Knoxville Property, including making the following revisions: (i) the definition of 2010 Earnout Threshold shall be modified by deleting “Forty-Seven Million Dollars ($47,000,000)” and replacing it with “Forty-Five Million Three Hundred Thousand Dollars ($45,300,000)” and the definition of 2010 Earnings Threshold in the Hotel Management Agreement shall be modified by deleting “Forty-Six Million Dollars ($46,000,000)” and replacing it with “Forty-Four Million Three Hundred Thousand Dollars ($44,300,000); (ii) the definition of 2011 Earnout Threshold (and the definition of 2011 Earnings Threshold in the Hotel Management Agreement) shall be modified by deleting “Fifty-One Million Seven Hundred Thousand Dollars ($51,700,000)” and replacing it with “Forty Nine Million Eight Hundred Thirty Thousand Dollars ($49,830,000)”; (iii) Schedule 2 shall be amended by deleting the Knoxville Property and adding the Columbus Property; (iv) the definition of “Excess Equity Raise” shall be modified by deleting “Three Hundred Seventy One Million Dollars ($371,000,000)” and replacing it with “Three Hundred Seventy-Six Million Seven Hundred Thousand Dollars ($376,700,000)”; and (v) the Aggregate Purchase Price set forth in Section 3.1 shall be modified by deleting “Five Hundred Eighteen Million Dollars ($518,000,000)” and replacing it with “Four Hundred Ninety-Four Million Two Hundred Thousand Dollars ($494,200,000)”.
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