Common use of General Statement of Explanation and Intent Clause in Contracts

General Statement of Explanation and Intent. This Agreement is not transferable by Licensee, and a change in ownership of the Hotel or the licensed business (i.e., either this Agreement, the Licensee or any indirect ownership interest in the Licensee) is not allowed under this Agreement. Certain intra-family transfers of interest and (in the case of corporate licensees) corporate restructurings are permitted as long as the requirements described below are met. However, Licensor has entered into this Agreement with a particular Licensee or its owners. If the Licensee wants to transfer the Hotel or its interest in the licensed business, such a transfer will constitute a "change of ownership". If the transferee wants to continue to operate the Hotel as a Homewood Suites hotel, the transferee will have to apply for a new license which, if approved, will last at most for the balance of the term of this Agreement. If the change of ownership is not approved, or if the transferee does not want to continue to operate the Hotel as a Homewood Suites hotel, Licensor may refuse to consent to the termination of this Agreement. If Licensor does consent to termination, this Agreement will terminate and Licensee will owe liquidated damages. In addition, if the transfer is to a Competitor, Licensor has the right to buy the Hotel. The foregoing explanation is more fully described and qualified by the following specific provisions.

General Statement of Explanation and Intent. This Agreement is not transferable by Licensee, and a change in ownership of the Hotel or the licensed business (i.e., either this Agreement, the Licensee or any indirect ownership interest in the Licensee) is not allowed under this Agreement. Certain intra-family transfers of interest and (in the case of corporate licensees) corporate restructurings are permitted as long as the requirements described below are met. However, Licensor has entered into this Agreement with a particular Licensee or its owners. If the Licensee wants to transfer the Hotel or its interest in the licensed business, such a transfer will constitute a "change Achange of ownership". If the transferee wants to continue to operate the Hotel as a Homewood Suites hotel, the transferee will have to apply for a new license which, if approved, will last at most for the balance of the term of this Agreement. If the change of ownership is not approved, or if the transferee does not want to continue to operate the Hotel as a Homewood Suites hotel, Licensor may refuse to consent to the termination of this Agreement. If Licensor does consent to termination, this Agreement will terminate and Licensee will owe liquidated damages. In addition, if the transfer is to a Competitor, Licensor has the right to buy the Hotel. The foregoing explanation is more fully described and qualified by the following specific provisions.

General Statement of Explanation and Intent. This Agreement is not transferable by Licensee, and a change in ownership of the Hotel or the licensed business (i.e., either this Agreement, the Licensee or any indirect ownership interest in the Licensee) is not allowed under this Agreement. Certain intra-family transfers of interest and (in the case of corporate licensees) corporate restructurings are permitted as long as the requirements described below are met. However, Licensor has entered into this Agreement with a particular Licensee or its owners. If the Licensee wants to transfer the Hotel or its interest in the licensed business, such a transfer will constitute a "change of ownership"ownership . If the transferee wants to continue to operate the Hotel as a Homewood Suites hotel, the transferee will have to apply for a new license which, if approved, will last at most for the balance of the term of this Agreement. If the change of ownership is not approved, or if the transferee does not want to continue to operate the Hotel as a Homewood Suites hotel, Licensor may refuse to consent to the termination of this Agreement. If Licensor does consent to termination, this Agreement will terminate and Licensee will owe liquidated damages. In addition, if the transfer is to a Competitor, Licensor has the right to buy the Hotel. The foregoing explanation is more fully described and qualified by the following specific provisions.