Marriott PIP Sample Clauses

Marriott PIP. At Closing Seller shall be obligated to deliver to Escrow Agent, for the benefit of Buyer, an amount equal to one hundred fifty percent (150%) of the difference between (i) the estimated cost of the Required PIP Work as set forth on Exhibit R and (ii) the cost (as set forth on Exhibit R) of any of the Required PIP Work that has been completed through the Closing Date (the “PIP Escrow”). The PIP Escrow shall be held by Escrow Agent and shall be released to Buyer upon submission of paid invoices to Escrow Agent relating to the completion of such outstanding items, provided that such amount shall not exceed the amount of the value of such item or items set forth on Exhibit R. At such time as Seller delivers evidence reasonably satisfactory to Buyer that the all of Required PIP Work has been completed to the satisfaction of Marriott the remaining balance of the PIP Escrow shall be delivered to Seller. In the event that Seller fails to complete the Required PIP Work, the Buyer shall be entitled to the PIP Escrow as its sole and exclusive remedy for any such breach or failure.