Common use of Mortgages and Pledges to Lending Institutions Clause in Contracts

Mortgages and Pledges to Lending Institutions. 13.2.5.1 You or an equity owner may mortgage or pledge the Hotel or an equity interest to a lender that finances the acquisition, development or operation of the hotel, without notifying us or obtaining our consent, if (i) you or the applicable equity owner are the sole borrower, and (ii) the loan is not secured by any other hotels or other collateral. You must notify us of any other proposed mortgage or pledge. This Agreement may not be pledged as collateral. 13.2.5.2 We will evaluate requests for “lender comfort letters” and issue any such document in a form satisfactory to us (e.g., which may include an estoppel and general release of claims). We charge a fee for the processing of a lender comfort letter.

Mortgages and Pledges to Lending Institutions. 13.2.5.1 You or an equity owner may mortgage or pledge the Hotel or an equity interest to a lender that finances the acquisition, development or operation of the hotel, without notifying us or obtaining our consent, if (i) you or the applicable equity owner are the sole borrower, and (ii) the loan is not secured by any other hotels or other collateral. You must notify us of any other proposed mortgage or pledge. This Agreement may not be pledged as collateral. 13.2.5.2 We will evaluate requests for “lender comfort letters” and issue any such document in a form satisfactory to us (e.g., which may include an estoppel and general release of claims, excepting any claims under an applicable franchise law statute (if any) that cannot be released). We charge a fee for the processing of a lender comfort letter.