Common use of Effect of Sale or Lease Clause in Contracts

Effect of Sale or Lease. (1) It is the intent of the parties hereto that the Hotel shall at all times during the Term of this Agreement be operated in accordance with the Hotel System and the terms of this Agreement. Accordingly, in the event that Licensor consents to a sale or lease and assignment of this Agreement pursuant to Section 17(B) above, the prospective purchaser shall deliver to Licensor as a condition to such sale or assignment an executed written instrument, reasonably satisfactory in form and substance to Licensor and its counsel, expressly assuming and agreeing to perform all of the terms and provisions of this Agreement and providing a release by the assigning Licensee. (2) Licensor’s consent to any sale or assignment of this Agreement shall not constitute a waiver of any claims Licensor or any Affiliate of Licensor may have against Licensee, nor shall it be deemed a waiver of Licensor’s right to demand strict compliance with any of the terms or conditions of this Agreement by Licensee. (3) Any sale or transfer in violation of the provisions of this Section 17 shall be void and of no force and effect.

Appears in 2 contracts

Samples: Hotel Trademark License Agreement, Hotel Trademark License Agreement (Melco PBL Entertainment (Macau) LTD)

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Effect of Sale or Lease. (1) It is the intent of the parties hereto that the Hotel Casino shall at all times during the Term of this Agreement be operated in accordance with the Hotel Hard Rock System and the terms of this Agreement. Accordingly, in the event that Licensor consents to a sale or lease and assignment of this Agreement pursuant to Section 17(B) above, the prospective purchaser shall deliver to Licensor as a condition to such sale or assignment an executed written instrument, reasonably satisfactory in form and substance to Licensor and its counsel, expressly assuming and agreeing to perform all of the terms and provisions of this Agreement and providing a release by the assigning Licensee. (2) Licensor’s consent to any sale or assignment of this Agreement shall not constitute a waiver of any claims Licensor or any Affiliate of Licensor may have against Licensee, nor shall it be deemed a waiver of Licensor’s right to demand strict compliance with any of the terms or conditions of this Agreement by Licensee. (3) Any sale or transfer in violation of the provisions of this Section 17 shall be void and an of no force and effect.

Appears in 2 contracts

Samples: Trademark License Agreement, Trademark License Agreement (Melco PBL Entertainment (Macau) LTD)

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