Lease of Texas Property. The lease of the Texas Property from Southeast to the Prime Texas Subsidiary shall be effected by lease (the "Texas Lease") which contains terms and provisions reasonably satisfactory to Prime, but Prime shall not have reason to object to any terms and provisions which are in the HPT Lease unless an objection to such terms and provisions is made in accordance with the provisions of Section 12.1; provided, however, (i) the Prime Texas Subsidiary shall be deemed to have deposited "Retained Funds" in an amount equal to the same multiple of the minimum annual rent under such lease with respect to the Texas Property as is required by Landlord with respect to the Additional Property pursuant to an amendment to the HPT Lease or a separate lease as contemplated in Section 3.3, and (ii) the minimum annual rent under such lease with respect to the Texas Property shall be Three Million Fifty-Eight Thousand and No/100 Dollars ($3,058,000.00), allocated as set forth in Exhibit P attached hereto and incorporated herein by this reference. Notwithstanding the foregoing, ShoLodge, by written notice to Prime, may adjust the minimum annual rent for the Texas Property and the allocation thereof by up to ten percent (10%) of the amount thereof per Hotel as long as (i) the aggregate minimum annual rent for the Additional Property and the Texas Property does not exceed Seven Million Four Hundred Twenty-Three Thousand and No/100 Dollars ($7,423,000.00), and (ii) the lease of the Additional Property and the Texas Property shall have the same initial term and renewal options as provided in the HPT Lease. The obligations of the Prime Texas Subsidiary under the Texas Lease shall be secured by a security interest in the personal property located at the Texas Real Property and in the "FF&E Reserve" created pursuant to the Texas Lease and by a pledge of the stock of the Prime Texas Subsidiary pursuant to documents which contain terms and provisions reasonably satisfactory to Prime, but Prime shall not have reason to object to any terms and provisions which are in the HPT Security Agreement, the HPT Assignment and Security Agreement or the HPT Stock Pledge unless an objection to such terms and provisions is made in accordance with the provisions of Section 12.1. The Texas Property shall be leased by the Prime Texas Subsidiary free and clear of all Encumbrances, but subject to the Permitted Exceptions which relate to the Texas Property and to the Texas Operating Agreements. From and after...
Lease of Texas Property. ShoLodge hereby agrees to cause Southeast, at the Closing and in the manner specified in Section 4.3 of this Agreement, to lease to the Prime Texas Subsidiary, and Prime hereby agrees to cause the Prime Texas Subsidiary, at the Closing and in the manner specified in Section 4.3 of this Agreement, to lease from Southeast, (A) that certain real property more particularly described on Exhibit C attached hereto and incorporated herein by this reference (the "Texas Land"); (B) any and all buildings, structures and similar improvements erected on, over, upon or under the Texas Land on the Closing Date (the "Texas Buildings"); and (C) all furniture, fixtures and equipment located thereon or therein on the Closing Date (the "Texas Equipment") (the Texas Land, the Texas Buildings and the Texas Equipment are referred to herein collectively as the "Texas Property").
