Common use of Hotels Clause in Contracts

Hotels. The Selling Partnerships that currently own the Hotels have, and on the Closing Date the Partnership will have, good and marketable title in fee simple to all real property owned by them, including the Hotels, free and clear of all liens, encumbrances, claims, security interests, restrictions, and defects, except such as are described in the Prospectus and the policies of title insurance previously provided to you. The Company does not own or lease any real property. No person other than the Company has an option or right of first refusal to purchase all or part of any Hotel or any interest therein. Each of the Hotels complies with all applicable codes, laws, and regulations (including, without limitation, building and zoning codes, laws and regulations, and laws relating to access to Hotels), except if and to the extent disclosed in the Prospectus and except for such failures to comply that would not individually or in the aggregate have a material adverse impact on the condition (financial or otherwise) or on the earnings, assets, business affairs, or business prospects of such Hotel, the Partnership, the Company or any Selling Entity, taken as a whole. Neither the Company nor the Partnership has knowledge of any pending or threatened condemnation proceedings, zoning change, or other proceeding or action that will in any manner effect the size of, use of, improvements on, construction on, or access to any of the Hotels, except such proceedings or actions that would not have a material adverse effect on the condition (financial or otherwise) or on the earnings, assets, business affairs, or business prospects of such Hotel, the Partnership, the Company or any Selling Entity, taken as a whole.

Hotels. The Selling Partnerships that currently own Partnership and the Hotels have, and on the Closing Date the Subsidiary Partnership will have, have good and marketable title in fee simple to all real property owned by them, including the Hotels, free and clear of all liens, encumbrances, claims, security interests, restrictions, and defects, defects except such as are described in the Prospectus and the policies of title insurance previously provided to you. The Neither the Company does not own nor the General Partner owns or lease leases any real property. No Except as disclosed in the Prospectus, no person other than the Company has an option or right of first refusal to purchase all or part of any Hotel or any interest therein. Each of the Hotels complies with all applicable codes, laws, and regulations (including, without limitation, building and zoning codes, laws and regulations, and laws relating to access to Hotels), except if and to the extent disclosed in the Prospectus and except for such failures to comply that would not individually or in the aggregate have a material adverse impact on the condition (financial or otherwise) or on the earnings, assets, business affairs, or business prospects of such Hotel, the General Partner, the Partnership, the Company Subsidiary Partnership or any Selling Entitythe Company. None of the Company, taken as a whole. Neither the Company nor General Partner, the Partnership or the Subsidiary Partnership has knowledge of any pending or threatened condemnation proceedings, zoning change, or other proceeding or action that will in any manner effect the size of, use of, improvements on, construction on, or access to any of the Hotels, except such proceedings or actions that would not have a material adverse effect on the condition (financial or otherwise) or on the earnings, assets, business affairs, or business prospects of or with respect to such Hotel, the General Partner, the Partnership, the Company Subsidiary Partnership or any Selling Entity, taken as a wholethe Company.

Hotels. The Selling Partnerships that currently own Partnership and the Hotels have, and on the Closing Date the Subsidiary Partnership will have, have good and marketable title in fee simple to all real property owned by them, including the Hotels, free and clear of all liens, encumbrances, claims, security interests, restrictions, and defects, defects except such as are described in the Prospectus and the policies of title insurance previously provided to you. The Company does not own or lease any real property. No Except as disclosed in the Prospectus, no person other than the Company has an option or right of first refusal to purchase all or part of any Hotel or any interest therein. Each of the Hotels complies with all applicable codes, laws, and regulations (including, without limitation, building and zoning codes, laws and regulations, and laws relating to access to Hotels), except if and to the extent disclosed in the Prospectus and except for such failures to comply that would not individually or in the aggregate have a material adverse impact on the condition (financial or otherwise) or on the earnings, assets, business affairs, or business prospects of such Hotel, the Partnership, the Company Subsidiary Partnership or any Selling Entitythe Company. None of the Company, taken as a whole. Neither the Company nor Partnership or the Subsidiary Partnership has knowledge of any pending or threatened condemnation proceedings, zoning change, or other proceeding or action that will in any manner effect the size of, use of, improvements on, construction on, or access to any of the Hotels, except such proceedings or actions that would not have a material adverse effect on the condition (financial or otherwise) or on the earnings, assets, business affairs, or business prospects of or with respect to such Hotel, the Partnership, the Company Subsidiary Partnership or any Selling Entity, taken as a wholethe Company.