Hotel Disclosures. Buyer acknowledges that the Hotel Unit within the Condominium is intended to be used and operated in accordance with the terms and conditions of a hotel franchise agreement wherein a hotel operator will own, occupy and/or operate all or a portion of the Hotel Unit to conduct hotel operations within the Condominium. Buyer also acknowledges that most portions of the Condominium building that are typically categorized as common elements, are instead deemed to be part of the Hotel Unit, including without limitation hallways, stairwells, elevators, building structure, roof, lobby area, etc. The Hotel Unit will grant to the non-Hotel Unit owners within the Condominium, an easement to use and enjoy all portions of the Condominium that are designated as Shared Components in the Declaration of Condominium, such as hallways, stairwells, elevators, building structure, roof, lobby area, etc. In consideration of the granting of this easement, each non-Hotel Unit owner will be obligated to pay to the Hotel Operator, the applicable unit’s pro-rata share of the costs relating to the operation, upkeep, maintenance, repair and replacement of the Shared Components. The Shared Components expenses are set forth in the Shared Costs budget. It is contemplated that the Seller will not be the hotel operator or licensee and therefore cannot make any representations relating thereto. For purposes of deciding to purchase the Unit, Buyer should assume that hotel operations will change from time to time and may be discontinued at any time at the election of the Hotel Operator and/or the franchisor. The hotel operator has the right to terminate its license agreement from time to time, to enter into a license agreement with a different brand hotel company, to operate its services without a brand name, and/or to terminate all hotel services. There are no assurances that the hotel will be operated under a brand name or any particular brand name. Buyer acknowledges and agrees that owners have the option of participating in any rental management program operated by the Hotel Operator and placing the unit in the hotel rental program. If you, as an owner, decide to participate in the management program operated by the Hotel Operator, you will be required to enter into a residential agency agreement which will set forth the specific terms of the management, rental and maintenance of the Unit. You also have the option of not participating in a management program or participating in another manag...
Hotel Disclosures. It is intended that the Hotel Unit will be used and operated for purposes specifically required by the terms and conditions of a hotel franchise agreement wherein the Hotel Operator will own, occupy and/or operate all of the Hotel Unit to conduct Hotel operations within the Condominium project. There are no assurances that the Hotel will be operated under any other brand hotel “flag.” Any hotel license company, may change the Hotel Standards from time to time, and such changes may impact the financial obligations of the Association. Common Elements and Participating Residential Units will be operated, maintained and repaired in accordance with the Hotel Standards and the budget of the Association will include costs and expenses necessary to maintain the Condominium project in accordance with the Hotel Standards. If the Association fails to maintain the Condominium project in accordance with the Hotel Standards, pursuant to the terms of Section VIII(C) of the Declaration set forth herein, the Hotel Operator has the right to perform such maintenance obligations and to charge the Association for the expenses incurred in connection therewith. No Unit Owner shall have any right, title or interest in the brand name of the Hotel or the Hotel Operator in any manner except as may be specifically set forth by separate agreement between the Hotel Operator and Owner. No Unit may be identified or affiliated in any way with any hotel “flag” (that is, the brand name of any hotel management or franchise company, such as Crowne Plaza, Westin, Marriott, Hyatt or Hilton), other than the brand name (if any) by which the Hotel is identified; provided that the foregoing restriction shall not be construed to prevent the identification or affiliation of a Unit with a local, regional or national rental management company that is not a hotel “flag”.
Hotel Disclosures. (1) It is intended that the Hotel Unit will be used and operated for purposes specifically required by the terms and conditions of a hotel franchise agreement wherein the Hotel Operator will own, occupy and/or operate all of the Hotel Unit to conduct Hotel operations within the Condominium project. There are no assurances that the Hotel will be operated under any other brand hotel “flag.” Any hotel license company, may change the Hotel Standards from time to time, and such changes may impact the financial obligations of the Association.
Hotel Disclosures i. Purchaser acknowledges that the Hotel is independently owned and operated and initially subject to the Hotel License Agreement by which it is being operated as a Viceroy Hotel. Pursuant to the Hotel License Agreement between Viceroy Hotels, L.L.C. (“Viceroy Hotels”) and the Hotel Owner (the “Hotel License Agreement”), the Condominium Project is required to be operated, maintained and repaired in accordance with the hotel standards and guidelines promulgated by Viceroy Hotels (the “Hotel Standards”), and the budget of the Association reflects the corresponding costs to maintain the Condominium Project to the Hotel Standards. If the Association fails to perform the required maintenance and repairs, the Hotel Owner has a self-help right to maintain Project in accordance with the Hotel Standards and to charge the Association for the related expenses.
