Modification of Exclusive Territory Sample Clauses

Modification of Exclusive Territory. The Exclusive Territory may be modified at any time, from time to time, and in any manner, by the Operating Partnership, if the Manager Parties fail to meet at least seventy-five percent (75%) of their aggregate property acquisition targets, as set forth in the Operating Partnership's operating budgets during the immediately preceding three (3) year period.

Modification of Exclusive Territory. The Parties hereto acknowledge and agree that the Exclusive Territory as defined in paragraph 2 of the Original Exclusivity Amendment has not been modified since the effective date of the Original Exclusivity Amendment, and that nothing contained in this 2005 Exclusivity Addendum is intended to modify or reduce the Exclusive Territory as it is described in the Original Exclusivity Amendment. Franchisor and Franchisee acknowledge and agree that the provisions of Paragraphs 2, 3 and 4 of this 2005 Exclusivity Addendum provide opportunities for Franchisee to obtain additional territories which are subject to exclusivity arrangements, subject to the satisfaction of the conditions set forth herein with respect to the Orlando Protected Territory (as set forth in Paragraph 2), the Pensacola Protected Territory (as set forth in Paragraph 3), and/or the Indian River/St. Lucie Protected Territory (as set forth in Paragraph 4). Any additional territories made subject to exclusivity arrangements pursuant to this 2005 Exclusivity Addendum shall be grouped together and treated as a second exclusive territory (hereafter referred to as the “2005 Exclusive Territory”), separate and apart from the original Exclusive Territory.