Common use of Lease Terms Clause in Contracts

Lease Terms. The Association agrees to lease the Leased Area to the Lessee under terms contained in this Agreement. 1 The Lessee is a resident of the Subdivision and has paid all maintenance fees due and payable by Lessee as of the date of this Agreement. If the Association discovers that the Lessee has not paid all maintenance fees payable by Lessee as of the date of this Agreement, then the Association may cancel this Agreement and retain the Rental Deposit. 2 Lessee may cancel this Agreement any time prior to fourteen (14) days before the Rental Date, in which case the Association will return the Rental Deposit. If Lessee cancels this Agreement on or within fourteen (14) days before the Rental Date, the Association shall be entitled to retain the Rental Deposit and Lessee shall pay to the Association one-half (½) of the Estimated Rental Fee which Lessee will promptly tender. 3 The Rental Deposit is due fourteen (14) days prior to the Rental Date. A MONEY ORDER is the only acceptable method of payment. The Estimated Rental Fee is due on or before the Rental Date. If the Estimated Rental Fee does not accurately reflect the actual rental fee, the Association or Lessee, as the case may be, will refund or tender the difference between the actual rental fee and the Estimated Rental Fee to the other party on or before fourteen (14) days from the Rental Date. 4 Lessee will only use the Leased Area for lawful purposes and in such a manner as is permitted by the deed restrictions, bylaws, rules and regulations governing the Association or the Subdivision, and any written or verbal instructions issued by a member of the Board of the Association. Lessee will be present at the Leased Area at all times during the rental of the Leased Area. The maximum numbers of guests that the Lessee can invite to attend any function at the Leased Area during the rental period, regardless of whether they are residents of the Subdivision or otherwise, is 75 per room for the Clubhouse only rental. Lessee and all guests of Lessee will vacate the Leased Area no later than the Lease Ending Time, with a reasonable amount of time for clean-up.

Lease Terms. The Association agrees Each lease has a fixed term ranging generally from seven to ten years (depending upon the lease), subject to earlier termination upon the occurrence of specified contingencies described in the lease. Effective November 15, 1999, we amended substantially all of our leases with Crestline to give Crestline the right to renew each of these leases for up to four additional terms of seven years each at a fair rental value, to be determined either by agreement between us and Crestline or through arbitration at the time the renewal option is exercised. Crestline is under no obligation to exercise these renewal options, and we have the right to terminate the renewal options during time periods specified in the amendments. In addition, the amendments provide that the fair rental value payable by us to Crestline in connection with the purchase of a lease as described above does not include any amounts relating to any renewal period. Therefore, the Leased Area fair rental value of a lease after expiration of the initial term for such lease would be zero. . Termination of the Leases upon Changes in Tax Laws. In the event that changes in the federal income tax laws such as those included in the REIT Modernization Act allow the lessors, or subsidiaries or affiliates of the lessors, to directly operate the hotels without jeopardizing Host REIT's status as a REIT, the lessors have the right to terminate all, but not less than all, of the leases (excluding leases of hotels that must still be leased following the tax law change) in return for paying the lessees the fair market value of the remaining terms of the leases . Minimum Rent; Percentage Rent. Each lease requires the lessee to pay minimum rent in a fixed dollar amount specified in each lease per annum plus to the Lessee under terms contained extent it exceeds minimum rent, percentage rent based upon specified percentages of aggregate sales from the applicable hotel, including room sales, food and beverage sales and other income in this Agreement. 1 excess of specified thresholds. The Lessee is amount of minimum rent and the percentage rent thresholds are to be adjusted each year. The annual adjustment with respect to minimum rent equals a resident percentage of any increase in the Consumer Price Index during the previous twelve months. Neither minimum rent nor percentage rent thresholds will be decreased because of the Subdivision and has paid all maintenance fees due and payable by Lessee as of the date of this Agreement. If the Association discovers that the Lessee has not paid all maintenance fees payable by Lessee as of the date of this Agreement, then the Association may cancel this Agreement and retain the Rental Depositannual adjustment. 2 Lessee may cancel this Agreement any time prior to fourteen (14) days before the Rental Date, in which case the Association will return the Rental Deposit. If Lessee cancels this Agreement on or within fourteen (14) days before the Rental Date, the Association shall be entitled to retain the Rental Deposit and Lessee shall pay to the Association one-half (½) of the Estimated Rental Fee which Lessee will promptly tender. 3 The Rental Deposit is due fourteen (14) days prior to the Rental Date. A MONEY ORDER is the only acceptable method of payment. The Estimated Rental Fee is due on or before the Rental Date. If the Estimated Rental Fee does not accurately reflect the actual rental fee, the Association or Lessee, as the case may be, will refund or tender the difference between the actual rental fee and the Estimated Rental Fee to the other party on or before fourteen (14) days from the Rental Date. 4 Lessee will only use the Leased Area for lawful purposes and in such a manner as is permitted by the deed restrictions, bylaws, rules and regulations governing the Association or the Subdivision, and any written or verbal instructions issued by a member of the Board of the Association. Lessee will be present at the Leased Area at all times during the rental of the Leased Area. The maximum numbers of guests that the Lessee can invite to attend any function at the Leased Area during the rental period, regardless of whether they are residents of the Subdivision or otherwise, is 75 per room for the Clubhouse only rental. Lessee and all guests of Lessee will vacate the Leased Area no later than the Lease Ending Time, with a reasonable amount of time for clean-up.

Lease Terms. The Association agrees to lease the Leased Area to the Lessee under terms contained in this Agreement. 1 1. The Lessee is a resident of the Subdivision and has paid all maintenance fees due and payable by Lessee as of the date of this Agreement. If the Association discovers that the Lessee has not paid all maintenance fees payable by Lessee as of the date of this Agreement, then the Association may cancel this Agreement and retain the Rental Deposit. 2 2. Lessee may cancel this Agreement any time anytime prior to fourteen seven (147) days before the Rental Date, in which case the Association will return be entitled to retain the Rental Deposit. If Lessee cancels this Agreement on or within fourteen seven (147) days before the Rental Date, the Association shall be entitled to retain the Rental Deposit and Lessee shall pay to the Association one-half (½) of the Estimated Rental Fee which Lessee will promptly tender. 3 3. The Rental Deposit is due fourteen (14) days one week prior to the Rental Date. A MONEY ORDER is the only acceptable method of payment. The Estimated Rental Fee is due on or before the Rental Date. If Lessee does not comply with all of the terms of this Agreement, then the Rental Deposit will not be returned and Lessee will automatically be denied the use of the Clubhouse and Pool for two (2) years from the date the violation of the Agreement occurred. If the Estimated Rental Fee does not accurately reflect the actual rental fee, the Association or Lessee, as the case may be, will refund or tender the difference between the actual rental fee and the Estimated Rental Fee to the other party on or before fourteen seven (147) calendar days from the Rental Date. 4 4. Lessee will only use the Leased Area for lawful purposes and in such a manner as is permitted by the deed restrictions, bylaws, rules and regulations governing the Association or the Subdivision, and any written or verbal instructions issued by a member of the Board of the Association. Lessee will be present at the Leased Area at all times during the rental of the Leased Area. The maximum numbers number of guests that the Lessee can invite to attend any function at the Leased Area during the rental period, regardless of whether they are residents of the Subdivision or otherwise, is 75 per room for the Clubhouse only rental. Lessee and all guests of Lessee will vacate the Leased Area no later than the Lease Ending Time, with a reasonable amount of time for clean-up. 5. Should Lessee rent the Leased Area for a children or teen party, Lessee will insure that the party is properly supervised and controlled by someone twenty-one (21) years or older and that all applicable curfew ordinances and laws as well as all other ordinances and laws are followed. In all events, the Lease Ending Time must correspond to the time after which minors must not be out in public pursuant to any applicable curfew ordinance or law. 6. Lessee shall clean the Leased Area immediately after use. Lessee shall sweep floors, vacuum carpeted areas, clean counters and restrooms, empty the refrigerator, dispose of all trash into receptacles outside the building and clean any tables, chairs, or other Leased Area equipment that the Lessee’s guests used and return them to their original positions. Lessee shall turn off all lights turned on during the rental of the Leased Area; set the thermostat in the Clubhouse at 78F, except in the winter months, when the thermostat will be set at 68F. Finally, Lessee will lock all doors, gates and windows of the Clubhouse. 7. Lessee is responsible for the Leased Area and for any damage to the Leased Area that occurs during Lessee’s rental. The Association shall inspect the Leased Area after Lessee is through cleaning. If the Association discovers that the Leased Area was not properly cleaned following Lessee’s rental or that damage has occurred, then the Association shall notify Lessee of such condition within fifteen (15) days. The Association’s notice shall contain an invoice for the costs to clean the Leased Area and/or the cost to make the needed repairs. The Association may retain all or part of the Rental Deposit to cover the cleaning and/or repair cost if Lessee does not clean the Leased Area as required by this Agreement or if damage has occurred. Any remaining Rental Deposit shall be returned to Lessee. If the cleaning cost or repair cost exceeds the Rental Deposit, then Lessee agrees to immediately pay such amount to the Association. 8. The Association and Lessee agree that the Association will not be liable to Lessee or any other party for any injury to any person using the Leased Area or its surrounding facilities during Lessee’s rental. Lessee shall defend, indemnify and hold harmless the Association, the Board of Directors of the Association, and their agents, representatives, officers, directors, members, and contractors from and against any and all claims, actions, suits, damages, demands, losses, costs, expenses and disbursements, including court costs and attorneys’ fees, resulting from any injuries to or death of any person or damage to any property (including, without limitation, damage to the Leased Area by Lessee or any other real or personal property owned by the Association or the Subdivision) arising out of, relating to or in connection with the rental or use of the Leased Area by Lessee, the failure of Lessee to perform any of its obligations hereunder, or the negligence or willful actions of Lessee and Lessee’s guests, invitees or others at the Leased Area or Subdivision in connection with Lessee’s rental of the Leased Area, even if caused or alleged to be caused by the sole, joint, comparative, concurrent negligence or fault of the Association, and even if any such claim, cause of action or suit is based upon or alleged to be based upon strict liability of the Association. THIS INDEMNITY AND RELEASE PROVISION IS INTENDED TO INDEMNIFY AND RELEASE THE ASSOCIATION AGAINST THE CONSEQUENCES OF ITS OWN NEGLIGENCE OR FAULT AS PROVIDED ABOVE WHEN THE ASSOCIATION IS SOLELY, JOINTLY, COMPARATIVELY OR CONCURRENTLY NEGLIGENT OR OTHERWISE STRICTLY LIABLE. To the extent permitted by applicable law, any statutory or common law remedies, which are inconsistent with the provisions of the foregoing indemnity and waiver, are waived by the Lessee. This indemnity and release provision shall survive the termination or expiration of this Agreement. 9. Smoking or the use of tobacco is strictly prohibited. 10. No alcoholic beverages may be brought or consumed in or around the Clubhouse, Pool and Clubhouse and Pool area. 11. Noise must be kept to a minimum in consideration of other residents. 12. Lessee is responsible for returning any keys provided in connection with this Agreement and Lessee acknowledges and agrees that if Lessee does not return such keys on the Rental Date, the Association may replace the corresponding locks and keys at Lessee’s sole expense. 13. This Agreement shall be construed under and in accordance with the laws of the State of Texas, and all obligations of the parties to this Agreement are performable in Xxxxxx County, Texas. 14. In the event the Association is compelled to retain the services of an attorney to enforce any of the provisions of or collect any sums due under this Agreement, the Association shall be entitled to recover such attorneys’ fees from the Lessee. 15. This Agreement shall not be assigned by the Lessee for any reason and any such assignment is void and of no legal effect. 16. The rights and obligations of this Agreement shall survive the termination of the rental period and this Agreement. 17. The Association reserves the right to terminate this Agreement and the rental period at any time for any reason, in its sole discretion. In the event of termination, the Lessee shall take all actions normally required at the end of the rental period. 18. Any notice, tender, or delivery to be given by either party to the other under this Agreement shall be sufficient in writing and sent via hand delivery or by registered or certified mail, postage paid, return receipt requested, and shall be deemed received the earlier of actual receipt, or deposit in the United States mail. If to Lessee, notices shall be sent to Lessee’s address herein and if to the Association, notices shall be sent to .

Lease Terms. The Association agrees to lease the Leased Area to the Lessee under terms contained in this Agreement. 1 The Lessee is a resident of the Subdivision and has paid all maintenance fees due and payable by Lessee as of the date of this Agreement. If the Association discovers that the Lessee has not paid all maintenance fees fess payable by Lessee as of the date of this Agreement, then the Association may cancel this Agreement and retain the Rental Deposit. 2 Lessee may cancel this Agreement any time prior to fourteen (14) days before the Rental Date, in which case the Association will return the Rental Deposit. If Lessee cancels this Agreement on or within fourteen (14) days before the Rental Date, the Association shall be entitled to retain the Rental Deposit and Lessee shall pay to the Association one-half (½1/2) of the Estimated Rental Fee which Lessee will promptly tender. 3 The Rental Deposit is due fourteen (14) days prior to the Rental Date. A MONEY ORDER is the only acceptable method of payment. The Estimated Rental Fee is due on or before the Rental DateDat. If the Estimated Rental Fee does not accurately reflect the actual rental fee, the Association or Lessee, as the case may be, will refund or tender the difference between the actual rental fee and the Estimated Rental Fee to the other party on or before fourteen (14) days from the Rental Date. 4 Lessee will only use the Leased Area for lawful purposes and in such a manner as is permitted by the deed restrictions, bylawsby laws, rules and regulations governing the Association or the Subdivision, and any written or verbal instructions issued by a member of the Board of the Association. Lessee will be present at the Leased Area at all times during the rental of the Leased Area. The maximum numbers of guests that the Lessee can invite to attend any function at the Leased Area during the rental period, regardless of whether they are residents of the Subdivision or otherwise, is 75 per room for the Clubhouse only rental. Lessee and all guests of Lessee will vacate the Leased Area no later than the Lease Ending Time, with a reasonable amount of time for clean-up.