No Covenants or Restrictions. Owner warrants that there will be on the Management Commencement Date no covenants or restrictions which would prohibit or limit Management Company from operating the Hotel, including cocktail lounges, restaurants and other facilities customarily a part of or related to a first-class hotel facility. Owner agrees upon request by Management Company to sign promptly and without charge applications for licenses, permits or other instruments necessary for operation of the Hotel.
No Covenants or Restrictions. TRS warrants that there will be on the Management Commencement Date no covenants or restrictions that would prohibit or limit Management Company from operating the Hotel, including cocktail lounges, restaurants and other facilities customarily a part of or related to a first-class hotel facility. TRS agrees upon request by Management Company to sign promptly and without charge applications for licenses, permits, or other instruments necessary for operation of the Hotel.
No Covenants or Restrictions. Owners warrant that there will be on the Management Commencement Date no undisclosed covenants or restrictions that would prohibit or limit Management Company from operating the Hotel & Conference Center, including cocktail lounges, restaurants and other facilities customarily a part of or related to a first-class hotel and conference center facility. Management Company acknowledges and agrees to abide by the restrictions contained in Section 7.3 (Hotel Prohibited Uses, attached to this Agreement as Exhibit D and made a part hereof) and Section 8.3 (Conference Center Prohibited Uses, attached to this Agreement as Exhibit D-1 and made a part hereof) of the Operating Agreement. Owners agree upon request by Management Company to sign promptly, without charge, applications for licenses, permits or other instruments necessary for operation of the Hotel & Conference Center as contemplated by this Agreement. As provided in Section 15.1 of the Operating Agreement, within six (6) months after the Management Commencement Date, Owner of the Hotel Facility will allow Hotel & Conference Center guests to utilize either the Miramont Golf Course or a championship golf course to be constructed by said Owner. (The determination as to which course will be made available to Hotel & Conference Center guests will be made by the Owner of the Hotel Facility in its sole discretion.) As further provided in the Operating Agreement, Owner of the Hotel Facility will provide free transportation to and from the Hotel & Conference Center to the designated golf course. The golf course, including advance group tee times will be made available, as provided in the Operating Agreement, to the Hotel & Conference Center as part of the Booking Policy. Management Company shall, at a location approved by Owners, assist Hotel & Conference Center guests with reservations for tee times at the golf course.
No Covenants or Restrictions it has not received written notice, or otherwise is aware, of any written covenants or restrictions that would prohibit or limit in any material regard, the Purchaser from operating the Hotel as currently operated.
No Covenants or Restrictions. Throughout the term of this Agreement, Cypress shall not enter into or cause the imposition of any covenants or restrictions concerning or affecting the Facilities that would prohibit or limit Manager from managing the Facilities in a manner consistent with applicable laws, rules and regulations.
No Covenants or Restrictions. 13 ARTICLE IV - TERM -----------------
No Covenants or Restrictions. Landlord warrants that after the Opening Date the Hotel will not be encumbered by any covenants or restrictions which would adversely affect the operation of the Hotel as a first-class hotel. Landlord agrees upon request by Tenant to sign promptly, and without charge, applications for licenses, permits or other similar instruments necessary for the operation of the Hotel. END OF ARTICLE III
4.01 Term ----
A. The initial term ("Initial Term") of this Lease shall commence on the Opening Date, and unless sooner terminated as herein provided, shall continue for twenty-five (25) Fiscal Years beginning with the first Fiscal Year which occurs after the Opening Date.
B. The term thereafter shall be renewed by Tenant automatically (on the same terms and conditions contained herein) for each of five (5) successive periods of ten (10) Fiscal Years ("Renewal Terms") unless Tenant exercises its option to terminate the Lease by giving Landlord written notice to that effect not less than twenty-four (24) months prior to the expiration of the then current term. Notwithstanding the foregoing, if Tenant provides such notice during such twenty-four (24) month period (and before the expiration of the then current term), the termination shall be effective on a date which is twenty-four (24) months after the giving of such notice. Tenant's renewal shall be effective if and only if Tenant is not in default under the terms and conditions of the Lease at the time of commencement of such Renewal Term.
4.02 Landlord's Right to Terminate -----------------------------
A. Landlord shall have the option to terminate this Lease if in any two of three consecutive Fiscal Years beginning with any Fiscal Year after the conclusion of the fifth (5th) Fiscal Year there is an Operating Loss. Landlord's option to terminate for the reason described in this Section shall be exercised by written notice served upon Tenant in accordance with Section 21.08 within sixty (60) days following receipt of the annual statement as set forth in Section 9.01 for the second Fiscal Year in which there is an Operating Loss in accordance with the foregoing.
B. Notwithstanding the provisions of Section 4.02 A above, Tenant shall have the right to avoid Termination by advancing to Landlord, within thirty (30) days after receipt of the notice of Landlord's exercise of its option to terminate, an amount as additional rental equal to the Operating Losses during such two Fiscal Years. Upon making such payment, the exercis...
No Covenants or Restrictions. Owner warrants that after the Effective Date the Hotel will not be encumbered by any covenants or restrictions which would adversely affect the operation of the Hotel as a first-class hotel. Owner agrees upon request by Management Company to sign promptly, and without charge, applications for licenses, permits or other instruments necessary for operation of the Hotel. END OF ARTICLE III
No Covenants or Restrictions. 13 Article III -- Hotel --------------------
No Covenants or Restrictions. Owner warrants that it has not nor will it allow any covenants or restrictions to be placed on the Hotels, without Manager's prior approval, which would prohibit or limit Manager, after the Manager obtains all necessary licenses and permits, from operating any Hotel, including the operation at individual Hotels of cocktail lounges, restaurants and other facilities customarily a part of or related to Courtyard by Marriott Hotels. Owner agrees upon request by Manager to sign promptly and without charge applications for licenses, permits, or other instruments necessary for operation of the Hotels.
