Common use of Mortgagee Consent Clause in Contracts

Mortgagee Consent. Owner has advised Manager that the Mortgagee of the Hotel as of the Effective Date has consented to Manager’s assumption of management of the Hotel on an interim basis pending such Mortgagee’s review and approval of this Agreement and the negotiation, execution and delivery of an Assignment and Subordination of Management Agreement in substantially the form attached hereto as Schedule 23.30 (and with any such changes thereto as the parties may negotiate in good faith). Notwithstanding any other provision of this Agreement, if such Mortgagee has not approved this Agreement, or if Owner, Manager and such Mortgagee shall not have negotiated, executed and delivered such Assignment and Subordination of Management Agreement on or before December 31, 2001, then Manager may terminate this Agreement upon at least thirty (30) days prior written notice to Owner, with any such notice to be given on or before January 31, 2002. In the event Manager so terminates this Agreement, Owner shall pay to Manager the Special Termination Fee no later than the business day immediately preceding the specified date of such termination of this Agreement (with such payment obligation to survive the termination of this Agreement).

Mortgagee Consent. Owner has advised Manager that the Mortgagee of the Hotel as of the Effective Date has consented to Manager’s assumption of management of the Hotel on an interim basis pending such Mortgagee’s review and approval of this Agreement and the negotiation, execution and delivery of an Assignment and Subordination of Management Agreement in substantially the form attached hereto as Schedule 23.30 (and with any such changes thereto as the parties may negotiate in good faith). Notwithstanding any other provision of this Agreement, if such Mortgagee has not approved this Agreement, or if Owner, Manager and such Mortgagee shall not have negotiated, executed and delivered such Assignment and Subordination of Management Agreement on or before December 31, 2001, then Manager may terminate this Agreement upon at least thirty (30) days prior written notice to Owner, with any such notice to be given on or before January 31, 2002. In the event Manager so terminates this Agreement, Owner shall pay to Manager the Special Termination Fee no later than the business day immediately preceding the specified date of such termination of this Agreement (with such payment obligation to survive the termination of this Agreement). [The remainder of this page is intentionally left blank.]