Franchise Qualification. To Owner JV’s and Lessee JV’s knowledge, each of Owner JV and Lessee JV is qualified to own and operate the Hotel under Franchisor’s current qualifications and standards. Neither Owner JV nor Lessee JV is a “competitor” as such term will be defined in the New Franchise Agreement. Each of the representations and warranties of Owner JV and Lessee JV contained herein (i) is made on the Effective Date, (ii) shall be deemed remade by Owner JV, Lessee JV and/or their assignee(s), as applicable, and shall be true and correct as of the Closing Date, and (iii) shall survive the Closing for a period of twelve (12) months after the Closing Date.
Appears in 7 contracts
Samples: Asset Purchase and Contribution Agreement (Hersha Hospitality Trust), Asset Purchase and Contribution Agreement (Hersha Hospitality Trust), Asset Purchase and Contribution Agreement (Hersha Hospitality Trust)
