Hotel Lease. Manager shall use reasonable efforts to comply with any requirements of the Hotel Lease respecting operation of the Hotel, and Owner shall comply with any other obligations of Owner under the Hotel Lease, including but not limited to payment as and when due, of any and all rental and other payments due under the Hotel Lease. Manager shall have no responsibility for payment of rental or other sums due under the Hotel Lease, from Gross Revenues or otherwise, and such responsibility shall be solely that of Owner.
Hotel Lease. “Hotel Lease” means that certain Lease Agreement dated March 29, 2013, effective as of February 19, 2013 between Grantor, as landlord, and Hotel Lessee, as tenant.
Hotel Lease. The information set forth on Exhibit 3.23 with respect to the Hotel Lease is true, complete, and correct. Borrower has delivered to Lender a fully executed, complete copy of the Hotel Lease. The Hotel Lease is in full force and effect, Tenant is the sole owner of the entire leasehold interest thereunder, and such interest has not been assigned, transferred, subleased, mortgaged, or otherwise encumbered other than pursuant to Liens in Lender’s favor. No notice of default under the Hotel Lease has been received or given by Borrower that has not been cured. To the best of Borrower’s knowledge, no event has occurred and no condition exists, that, with the giving of notice or the lapse of time or both would constitute a default under the Hotel Lease. In the event of any conflict between the terms of the Hotel Lease and the Loan Documents, the terms of the Loan Documents shall control.
Hotel Lease. Borrower will comply with all of its duties and obligations under the Hotel Lease and not permit a default by Borrower to occur and continue (beyond applicable grace or cure periods) under the Hotel Lease. Without the prior written consent of the Agents, Borrower will not modify, extend or in any way alter the terms of the Hotel Lease or any of the Hotel Agreements or cancel, release, terminate or surrender the Hotel Lease, or waive, excuse, condone or in any way release or discharge the Hotel Lessee of or from the obligations, covenants, conditions and agreements by Hotel Lessee to be done and performed under the Hotel Lease. Borrower shall not permit Hotel Lessee to materially change the use and operation of the Project (as contemplated by Section 4.9 of the Hotel Lease) without the prior written consent of the Agents. All rental payments payable by Hotel Lessee to Borrower shall be applied by Borrower to the payment of interest on the Loan and any excess amount remaining after payment of interest may, so long as no Default exists, be used and distributed by Borrower to its members. After the occurrence of a Default hereunder (which is not cured within any applicable notice, grace and/or cure period), Borrower shall make no distributions of any rental or other revenue or income of the Project to any of its members or owners until such Default has been cured or the Loan and all interest accrued thereon and other amounts due to Agents and the Lenders hereunder have been paid in full.
Hotel Lease. A default occurs under the Hotel Lease (after giving effect to notice and cure periods set forth in the Hotel Lease).
Hotel Lease. As soon as practical following the Effective Date, the Seller shall contact the landlord under the Hotel Lease and the Seller and the Buyer shall use their commercially reasonable best efforts, at the Buyer’s sole cost and expense (provided that the Buyer and the Seller will split equally any assignment or transfer fee to assign the Hotel Lease), to obtain such landlord’s or any other required Person’s consent to the assignment of the Hotel Lease contemplated hereunder, together with an assignment and assumption agreement in a form or forms as reasonably acceptable to the Seller and the Buyer to reflect the assignment of the Hotel Lease to the Buyer (without any substantive modification to any of the terms thereof required). The Buyer shall cooperate to timely provide any and all information reasonably requested by the landlord under the Hotel Lease.
Hotel Lease that certain lease dated December 30, 2014 by and between Lessor and Owner, pursuant to which Owner is granted a leasehold estate in, and the right to occupy and utilize the Land and the Hotel.
Hotel Lease that certain lease agreement, effective as of November 9, 2021 by and between Lessor and Owner, pursuant to which Owner is granted a leasehold estate in, and right to occupy and utilize, the Land and the Hotel.
