Common use of Liquor Licenses Clause in Contracts

Liquor Licenses. To the extent that the Hotel currently sells alcoholic beverages pursuant to a liquor license and/or alcoholic beverage license (collectively, the “Liquor Licenses”), Seller shall cooperate (or cause Manager to so cooperate), at no expense to Seller or Manager, in the processing of any and all necessary forms, applications and other documents with the appropriate liquor and alcoholic beverage authorities prior to Closing so that new Liquor Licenses may be issued to Buyer either upon completion of Closing or shortly thereafter. Issuance of a Liquor License to Buyer shall not be a condition precedent to its obligation to close pursuant to this Contract. To the extent not prohibited by applicable law, Seller and Buyer shall execute an interim beverage agreement in a form reasonably acceptable to Seller and Buyer whereby Buyer or Manager, as the case may be, shall be able to operate under the Liquor Licenses after Closing if necessary or required in order to continue uninterrupted alcohol sales from and after Closing. In such case, Buyer shall defend, indemnify and hold Seller harmless from and against any and all claims, liabilities costs and expenses arising out of post-Closing alcohol sales and service, and provide appropriate insurance.

Liquor Licenses. To the extent that the Hotel currently sells alcoholic beverages pursuant With respect to a each liquor license and/or alcoholic beverage license applicable to the Properties and in the name of Borrower or its related affiliates or operating company owning such liquor licenses (collectively, the “Liquor Licenses”), Seller Borrower acknowledges that: (a) To the extent any assignment or pledge of a liquor license is permissible and enforceable under the Governmental Authority, Lender shall cooperate have a first (or cause Manager and only) lien on the Liquor Licenses and Borrower shall take such steps on a timely basis so as to so cooperate), at no expense to Seller or Manager, insure the same. Borrower and/or any of its operating affiliates having ownership of such Liquor Licenses shall not transfer ownership of such Liquor Licenses (except in the processing of any and all necessary forms, applications and other documents connection with the sale and partial release of the applicable Property as provided herein) or create or permit any lien on such Liquor Licenses at any time during the term of the Loan. (b) Borrower shall maintain compliance with all rules and regulations pertaining to the Liquor Licenses and shall take all appropriate liquor and alcoholic beverage authorities steps so as to renew the Liquor Licenses prior to Closing so the expiration date(s) thereof during the term of the Loan; provided however, that new Liquor Licenses may be issued to Buyer either upon completion of Closing or shortly thereafter. Issuance of nothing contained herein shall preclude an operating affiliate from not renewing a Liquor License if it changes its operations to Buyer a non-alcoholic establishment; provided Borrower shall not be a condition precedent notify Lender in writing as to its obligation to close pursuant to this Contract. To the extent not prohibited by applicable law, Seller and Buyer shall execute an interim beverage agreement in a form reasonably acceptable to Seller and Buyer whereby Buyer or Manager, as the case may be, shall be able to operate under the Liquor Licenses after Closing if necessary or required in order to continue uninterrupted alcohol sales from and after Closing. In such case, Buyer shall defend, indemnify and hold Seller harmless from and against any and all claims, liabilities costs and expenses arising out of post-Closing alcohol sales and service, and provide appropriate insurancechange.