Covenant to Operate Golf Course Sample Clauses

Covenant to Operate Golf Course. Notwithstanding anything in this Agreement to the contrary, Owner covenants to operate the Golf Course in a manner consistent with a typical par 3 golf course in Maricopa County, or existing and historical operations, for the benefit of guests and invitees of the Resort Hotel and members of the Resort Residence Association, for a minimum period of seven (7) years from and after the Effective Date, whether or not Owner performs the renovation permitted under the 2013 SUP. During this seven (7)-year period, Owner may temporarily discontinue operation of the Golf Course (i) during periods of repair or renovation, (ii) during periods of Enforced Delay, or (iii) for a period of up to one (1) year as determined by Owner. If, during the seven (7)-year period golf course operations are discontinued for reasons other than those listed in the preceding sentence, the sole and exclusive remedy shall be for Owner to pay to the Town, as liquidated damages and not as a penalty, six hundred twenty-five dollars ($625.00) for each continuous 24-hour period that the Golf Course is not operating; the Parties acknowledging and agreeing that computation of the Town’s actual damages in the event of such a breach are difficult to determine with precision and that the foregoing provision reflects a reasonable estimate of such damages. After this seven (7)- year period, Owner may either continue to operate the Golf Course or at any time cease operating the Golf Course as a golf course upon not less than sixty (60) days written notice to the Town. Nothing in this Agreement shall limit the right of Owner to establish one or more classes of membership, rules and regulations, dues and fees for use of the Golf Course as a golf course as Owner may promulgate in its sole discretion from time to time. This covenant runs with the Golf Course Property and unconditionally binds Owner or its successors (including assignees and mortgagees) with respect to any legal or beneficial interest held by any of them with respect to all or any portion of the Golf Course Property. No person or entity shall be a third party beneficiary of this covenant, which can only be enforced by the Town.
Sample 1
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