Common use of Franchise Agreements Clause in Contracts

Franchise Agreements. (a) Each Franchise Agreement, pursuant to which Owner has the right to operate the hotel located on the applicable Individual Property under a name and/or hotel system controlled by the applicable Franchisor, is in full force and effect and there is no material default, breach or violation existing thereunder by any party thereto and, to Borrower’s knowledge, no event has occurred (other than payments due but not yet delinquent) that, with the passage of time or the giving of notice, or both, would constitute a material default, breach or violation by any party thereunder. Neither the execution and delivery of the Mortgage Loan Documents or Owner’s performance thereunder will adversely affect Owner’s rights under any Franchise Agreement. Neither Owner nor any Franchisor has exercised any termination option under the applicable Franchise Agreement, Owner has not given any notice to the applicable Franchisor of Owner’s election to terminate such Franchise Agreement effective as of a date after the date hereof, and Owner has not received from any Franchisor such Franchisor’s notice of its election to terminate such Franchise Agreement effective as of a date after the date hereof. Schedule XII contains a true and correct list, by Individual Property, of (x) each Franchise Agreement under which Owner has the right to operate the applicable Individual Property, and (y) the expiration dates of each Franchise Agreement set forth on Schedule XII.

Franchise Agreements. (a) Each Franchise Agreement, pursuant to which Owner Borrower has the right to operate the hotel located on the applicable Individual Property under a name and/or hotel system controlled by the applicable Franchisor, is in full force and effect and there is no material default, breach or violation existing thereunder by any party thereto and, to Borrower’s knowledge, no event has occurred (other than payments due but not yet delinquent) that, with the passage of time or the giving of notice, or both, would constitute a material default, breach or violation by any party thereunder. Neither the execution and delivery of the Mortgage Loan Documents or OwnerBorrower’s performance thereunder will adversely affect OwnerBorrower’s rights under any Franchise Agreement. Neither Owner Borrower nor any Franchisor has exercised any termination option under the applicable Franchise Agreement, Owner Borrower has not given any notice to the applicable Franchisor of OwnerBorrower’s election to terminate such Franchise Agreement effective as of a date after the date hereof, and Owner Borrower has not received from any Franchisor such Franchisor’s notice of its election to terminate such Franchise Agreement effective as of a date after the date hereof. Schedule XII contains a true and correct list, by Individual Property, of (x) each Franchise Agreement under which Owner Borrower has the right to operate the applicable Individual Property, and (y) the expiration dates of each Franchise Agreement Agreements set forth on Schedule XII.

Franchise Agreements. (a) Each Franchise Agreement, pursuant to which Owner Operating Lesese has the right to operate the hotel located on the applicable Individual Property under a name and/or hotel system controlled by the applicable Franchisor, is in full force and effect and there is no material default, breach or violation existing thereunder by any party thereto and, to Borrower’s and Leasehold Pledgor’s knowledge, no event has occurred (other than payments due but not yet delinquent) that, with the passage of time or the giving of notice, or both, would constitute a material default, breach or violation by any party thereunder. Neither the execution and delivery of the Mortgage Loan Documents or Owner’s or Operating Lessee’s performance thereunder will adversely affect Owner’s or Operating Lessee’s rights under any Franchise Agreement. Neither Owner nor None of Owner, Operating Lessee or any Franchisor has exercised any termination option under the applicable Franchise Agreement, neither Owner nor Operating Lessee has not given any notice to the applicable Franchisor of Owner’s or Operating Lessee’s election to terminate such Franchise Agreement effective as of a date after the date hereof, and neither Owner nor Operating Lessee has not received from any Franchisor such Franchisor’s notice of its election to terminate such Franchise Agreement effective as of a date after the date hereof. Schedule XII contains a true and correct list, by Individual Property, of (x) each Franchise Agreement under which Owner Operating Lessee has the right to operate the applicable Individual Property, and (y) the expiration dates of each Franchise Agreement Agreements set forth on Schedule XII.

Franchise Agreements. (a) Each Franchise Agreement, pursuant to which Owner Operating Lessee has the right to operate the hotel located on the applicable Individual Property under a name and/or hotel system controlled by the applicable Franchisor, is in full force and effect and there is no material default, breach or violation existing thereunder by any party thereto and, to Borrower’s and Operating Lessee’s knowledge, no event has occurred (other than payments due but not yet delinquent) that, with the passage of time or the giving of notice, or both, would constitute a material default, breach or violation by any party thereunder. Neither the execution and delivery of the Mortgage Loan Documents or OwnerBorrower’s or Operating Lessee’s performance thereunder will adversely affect OwnerBorrower’s or Operating Lessee’s rights under any Franchise Agreement. Neither Owner nor None Borrower, Operating Lessee or any Franchisor has exercised any termination option under the applicable Franchise Agreement, Owner neither Borrower nor Operating Lessee has not given any notice to the applicable Franchisor of OwnerBorrower’s or Operating Lessee’s election to terminate such Franchise Agreement effective as of a date after the date hereof, and Owner neither Borrower nor Operating Lessee has not received from any Franchisor such Franchisor’s notice of its election to terminate such Franchise Agreement effective as of a date after the date hereof. Schedule XII contains a true and correct list, by Individual Property, of (x) each Franchise Agreement under which Owner Operating Lessee has the right to operate the applicable Individual Property, and (y) the expiration dates of each Franchise Agreement Agreements set forth on Schedule XII.

Franchise Agreements. (a) Each Franchise Agreement, pursuant to which Owner Operating Lesese has the right to operate the hotel located on the applicable Individual Property under a name and/or hotel system controlled by the applicable Franchisor, is in full force and effect and there is no material default, breach or violation existing thereunder by any party thereto and, to Borrower’s and Leasehold Pledgor’s knowledge, no event has occurred (other than payments due but not yet delinquent) that, with the passage of time or the giving of notice, or both, would constitute a material default, breach or violation by any party thereunderthereunder (except as disclosed on Schedule XII-A, none of which disclose a current material default. Neither the execution and delivery of the Mortgage Loan Documents or Owner’s or Operating Lessee’s performance thereunder will adversely affect Owner’s or Operating Lessee’s rights under any Franchise Agreement. Neither Owner nor None of Owner, Operating Lessee or any Franchisor has exercised any termination option under the applicable Franchise Agreement, neither Owner nor Operating Lessee has not given any notice to the applicable Franchisor of Owner’s or Operating Lessee’s election to terminate such Franchise Agreement effective as of a date after the date hereof, and neither Owner nor Operating Lessee has not received from any Franchisor such Franchisor’s notice of its election to terminate such Franchise Agreement effective as of a date after the date hereof. Schedule XII contains a true and correct list, by Individual Property, of (x) each Franchise Agreement under which Owner Operating Lessee has the right to operate the applicable Individual Property, and (y) the expiration dates of each Franchise Agreement Agreements set forth on Schedule XII.

Franchise Agreements. (a) Each Franchise Agreement, pursuant to which Owner Operating Lessee has the right to operate the hotel located on the applicable Individual Property under a name and/or hotel system controlled by the applicable Franchisor, is in full force and effect and there is no material default, breach or violation existing thereunder by any party thereto and, to Borrower’s and Operating Lessee’s knowledge, no event has occurred (other than payments due but not yet delinquent) that, with the passage of time or the giving of notice, or both, would constitute a material default, breach or violation by any party thereunderthereunder (except as disclosed on Schedule XII-A, none of which disclose a current material default). Neither the execution and delivery of the Mortgage Loan Documents or OwnerBorrower’s or Operating Lessee’s performance thereunder will adversely affect OwnerBorrower’s or Operating Lessee’s rights under any Franchise Agreement. Neither Owner nor None Borrower, Operating Lessee or any Franchisor has exercised any termination option under the applicable Franchise Agreement, Owner neither Borrower nor Operating Lessee has not given any notice to the applicable Franchisor of OwnerBorrower’s or Operating Lessee’s election to terminate such Franchise Agreement effective as of a date after the date hereof, and Owner neither Borrower nor Operating Lessee has not received from any Franchisor such Franchisor’s notice of its election to terminate such Franchise Agreement effective as of a date after the date hereof. Schedule XII contains a true and correct list, by Individual Property, of (x) each Franchise Agreement under which Owner Operating Lessee has the right to operate the applicable Individual Property, and (y) the expiration dates of each Franchise Agreement Agreements set forth on Schedule XII.

Franchise Agreements. (a) Each Franchise Agreement, pursuant to which Owner Operating Lessee has the right to operate the hotel located on the applicable Individual Property under a name and/or hotel system controlled by the applicable Franchisor, is in full force and effect and there is no material default, breach or violation existing thereunder by any party thereto and, to Borrower’s and Leasehold Pledgor’s knowledge, no event has occurred (other than payments due but not yet delinquent) that, with the passage of time or the giving of notice, or both, would constitute a material default, breach or violation by any party thereunderthereunder (except as disclosed on Schedule XII-A, none of which disclose a current material default). Neither the execution and delivery of the Mortgage Loan Documents or Owner’s or Operating Lessee’s performance thereunder thereunder, nor the execution and delivery of the Loan Documents or Borrower’s and Leasehold Pledgor’s performance thereunder, will adversely affect Owner’s or Operating Lessee’s rights under any Franchise Agreement. Neither Owner nor None of Owner, Operating Lessee or any Franchisor has exercised any termination option under the applicable Franchise Agreement, neither Owner nor Operating Lessee has not given any notice to the applicable Franchisor of Owner’s or Operating Lessee’s election to terminate such Franchise Agreement effective as of a date after the date hereof, and neither Owner nor Operating Lessee has not received from any Franchisor such Franchisor’s notice of its election to terminate such Franchise Agreement effective as of a date after the date hereof. Schedule XII contains a true and correct list, by Individual Property, of (x) each Franchise Agreement under which Owner Operating Lessee has the right to operate the applicable Individual Property, and (y) the expiration dates of each Franchise Agreement Agreements set forth on Schedule XII.

Franchise Agreements. (a) Each Franchise Agreement, pursuant to which Owner Operating Lessee has the right to operate the hotel located on the applicable Individual Property under a name and/or hotel system controlled by the applicable Franchisor, is in full force and effect and there is no material default, breach or violation existing thereunder by any party thereto and, to Borrower’s and Operating Lessee’s knowledge, no event has occurred (other than payments due but not yet delinquent) that, with the passage of time or the giving of notice, or both, would constitute a material default, breach or violation by any party thereunderthereunder (except as disclosed on Schedule XXI, none of which disclose a current material default). Neither the execution and delivery of the Mortgage Loan Documents or OwnerBorrower’s or Operating Lessee’s performance thereunder will adversely affect OwnerBorrower’s or Operating Lessee’s rights under any Franchise Agreement. Neither Owner nor None Borrower, Operating Lessee or any Franchisor has exercised any termination option under the applicable Franchise Agreement, Owner neither Borrower nor Operating Lessee has not given any notice to the applicable Franchisor of OwnerBorrower’s or Operating Lessee’s election to terminate such Franchise Agreement effective as of a date after the date hereof, and Owner neither Borrower nor Operating Lessee has not received from any Franchisor such Franchisor’s notice of its election to terminate such Franchise Agreement effective as of a date after the date hereof. Schedule XII contains a true and correct list, by Individual Property, of (x) each Franchise Agreement under which Owner Operating Lessee has the right to operate the applicable Individual Property, and (y) the expiration dates of each Franchise Agreement Agreements set forth on Schedule XII.

Franchise Agreements. (a) Each Franchise Agreement, pursuant to which Owner Operating Lessee has the right to operate the hotel located on the applicable Individual Property under a name and/or hotel system controlled by the applicable Franchisor, is in full force and effect and there is no material default, breach or violation existing thereunder by any party thereto and, to Borrower’s and Leasehold Pledgor’s knowledge, no event has occurred (other than payments due but not yet delinquent) that, with the passage of time or the giving of notice, or both, would constitute a material default, breach or violation by any party thereunderthereunder (except as disclosed on Schedule XXI, none of which disclose a current material default). Neither the execution and delivery of the Mortgage Loan Documents or Owner’s or Operating Lessee’s performance thereunder thereunder, nor the execution and delivery of the Loan Documents or Borrower’s, Leasehold Pledgor’s, Mezzanine A Borrower’s or Mezzanine A Leasehold Pledgor’s performance thereunder, will adversely affect Owner’s or Operating Lessee’s rights under any Franchise Agreement. Neither Owner nor None of Owner, Operating Lessee or any Franchisor has exercised any termination option under the applicable Franchise Agreement, neither Owner nor Operating Lessee has not given any notice to the applicable Franchisor of Owner’s or Operating Lessee’s election to terminate such Franchise Agreement effective as of a date after the date hereof, and neither Owner nor Operating Lessee has not received from any Franchisor such Franchisor’s notice of its election to terminate such Franchise Agreement effective as of a date after the date hereof. Schedule XII contains a true and correct list, by Individual Property, of (x) each Franchise Agreement under which Owner Operating Lessee has the right to operate the applicable Individual Property, and (y) the expiration dates of each Franchise Agreement Agreements set forth on Schedule XII.