Common use of Interest in Real Estate and Injunctive Relief Clause in Contracts

Interest in Real Estate and Injunctive Relief. Franchisee acknowledges that Franchisor’s rights under Section 17.4 are real estate rights with respect to the Hotel. Franchisor is entitled to file a record of such interest in and among the appropriate real estate records of the jurisdiction in which the Hotel is located, and Franchisee will cooperate as requested by Franchisor in such filing. Such filing will indicate that Franchisor’s rights in real estate under Section 17.4 will be subordinate only to the exercise of the rights of bona fide lenders under a mortgage or security deed secured by the Hotel if and for so long as: (i) the lender is not a Competitor or Affiliate of a Competitor; (ii) any such mortgage or security deed is and remains validly recorded and in full force and effect; and (iii) the indebtedness underlying such mortgage or security deed complies with the requirements of Section 5.

Appears in 2 contracts

Samples: Franchise Agreement (Apple REIT Ten, Inc.), Franchise Agreement (Apple REIT Ten, Inc.)

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Interest in Real Estate and Injunctive Relief. Franchisee acknowledges that Franchisor’s rights under Section 17.4 are real estate rights with respect to the Hotel. Franchisor is entitled to file a record of such interest in and among the appropriate real estate records of the jurisdiction in which the Hotel is located, and Franchisee will cooperate as requested by Franchisor in such filing. Such filing will indicate that Franchisor’s rights in real estate under Section 17.4 will be subordinate only to the exercise of the rights of bona fide lenders Lenders under a mortgage or security deed secured by the Hotel if and for so long as: (i) the lender Lender is not a Competitor or Affiliate of a Competitor; (ii) any such mortgage or security deed is and remains validly recorded and in full force and effect; and (iii) the indebtedness underlying such mortgage or security deed complies with the requirements of Section 5.

Appears in 2 contracts

Samples: Franchise Agreement (American Realty Capital Hospitality Trust, Inc.), Franchise Agreement (American Realty Capital Hospitality Trust, Inc.)

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