Common use of Hotels Clause in Contracts

Hotels. (a) The Borrower and each of its Subsidiaries, ------ and to the best knowledge of the Borrower, its Joint Ventures, has good and marketable fee simple absolute title to all material Real Property purported to be owned by them, and has good and marketable title to, or valid leasehold interests in, all other material Real Property purported to be leased by them, free and clear of all Liens, other than Permitted Liens. Schedule X contains a true and complete list of each Hotel owned or leased by the Borrower, any of its Subsidiaries, or any of its Joint Ventures on the Effective Date, and the type of interest therein held by the Borrower or any of its Subsidiaries. (b) All material Real Property leased on the Effective Date by the Borrower or any of its Subsidiaries as tenant, or any of their Joint Ventures is listed on Schedule X. To the best knowledge of the Borrower, each of such leases is valid and enforceable in accordance with its terms and is in full force and effect in all material respects. None of the Borrower, nor its Subsidiaries, nor, to the best knowledge of the Borrower, any of its Joint Ventures, or any other party to any such lease is in default of its obligations thereunder or has delivered or received any notice of default under any such lease, nor has any event occurred which, with the giving of notice, the passage of time or both, would constitute a default under any such lease, except for defaults which would not reasonably be expected to have a Material Adverse Effect. (c) Each ground lease with respect to any Hotel which is located on a Leasehold is in full force and effect and no party thereto has denied or disaffirmed any of its material obligations thereunder or has defaulted (beyond applicable cure and notice periods) in the due performance or observance of any material term, covenant or agreement on its part to be performed or observed pursuant thereto, except in the case of any ground leases such denials, disaffirmations and defaults as would not reasonably be expected to have a Material Adverse Effect. (d) Each Hotel complies in all material respects with (i) all Requirements of Law, (ii) all material consents, licenses (including liquor licenses), certificates and permits required by all Requirements of Law for the operation of each Hotel have been obtained and are in full force and effect and (iii) all utility services and facilities necessary for the operation of each Hotel are available at such Hotel, except in the case of clauses (i), (ii) and (iii) such non-compliances or failures to comply, obtain or have in full force and effect and available as would not reasonably be expected to have a Material Adverse Effect.

Hotels. (a) The Borrower and each of its Subsidiaries, ------ and to the best knowledge of the Borrower, its Joint Ventures, has good and marketable fee simple absolute title to all material Real Property purported to be owned by them, and has good and marketable title to, or valid leasehold interests in, all other material Real Property purported to be specified on Schedule 3.17 as leased by them, free and clear of all Liens, other than Permitted Liens, provided that with respect to Mortgaged Properties, free and clear of all Liens, other than Permitted Encumbrances. Schedule X 3.17 contains a true and complete list of each Hotel owned or leased by the Borrower, any of its Subsidiaries, or any of its Joint Ventures on the Effective Date, and the type of interest therein held by the Borrower or any of its Subsidiaries. (b) All material Real Property leased on the Effective Date by the Borrower or any of its Subsidiaries as tenant, or any of their Joint Ventures is listed on Schedule X. 3.17. To the best knowledge of the Borrower, each of such leases is valid and enforceable in accordance with its terms and is in full force and effect in all material respects. None of the Borrower, nor its Subsidiaries, nor, to the best knowledge of the Borrower, any of its Joint Ventures, or any other party to any such lease is in default of its obligations thereunder or has delivered or received any notice of default under any such lease, nor has any event occurred which, with the giving of notice, the passage of time or both, would constitute a default under any such lease, except for defaults which would could not reasonably be expected to have a Material Adverse Effect. (c) Each ground lease with respect to any Hotel which is located on a Leasehold is in full force and effect and no party thereto has denied or disaffirmed any of its material obligations thereunder or has defaulted (beyond applicable cure and notice periods) in the due performance or observance of any material term, covenant or agreement on its part to be performed or observed pursuant thereto, except in the case of any ground leases such denials, disaffirmations and defaults as would could not reasonably be expected to have a Material Adverse Effect. (d) Each Hotel complies in all material respects with (i) all Requirements of Law, (ii) all material consents, licenses (including liquor licenses), certificates and permits required by all Requirements of Law for the operation of each Hotel have been obtained and are in full force and effect and (iii) all utility services and facilities necessary for the operation of each Hotel are available at such Hotel, except in the case of clauses (i), (ii) and (iii) such non-compliances or failures to comply, obtain or have in full force and effect and available as would could not reasonably be expected to have a Material Adverse Effect.