Common use of NOTICE OF RENOVATION; RENOVATION PLANS Clause in Contracts

NOTICE OF RENOVATION; RENOVATION PLANS. If any Loan Party intends to Renovate any Mortgaged Property and such Renovation is estimated to cost in excess of $1,000,000 (as reasonably determined by Borrower and so certified in an Officers' Certificate delivered to the Agent), Borrower shall, prior to the commencement of any such Renovation, deliver to the Agent the following: (i) a written notice of renovation or restoration with respect thereto, which shall, among other things, describe such Loan Party's plans with respect to such Renovation and the nature and extent of any interruption in leasing, use and other operations caused by the Renovation; (ii) a project budget (as revised and supplemented from time to time in accordance with this Section 5.12.1 (the "RENOVATION BUDGET") satisfactory in form to the Agent and setting forth, among other things, the aggregate costs for such Renovation, and the aggregate cost for each line item in such budget; (iii) an estimated time schedule for such Renovation, satisfactory in form to the Agent and setting forth, among other things, the projected completion date, the square footage of the Mortgaged Property that will be unavailable for leasing as a result of such Renovation and the duration of such unavailability; (iv) a description of such Renovation in reasonable detail as may be requested by the Agent (as revised and supplemented from time to time in accordance with this Section 5.12.1 (the "RENOVATION PLANS"), which shall be reasonably satisfactory in form and substance to the Agent; and (v) all such other information or materials with respect to the Renovation that the Agent may reasonably request. In the event such changes the scope of the intended Renovation, revises the Renovation Budget (including the estimated amounts contained therein), or revises or modifies the Renovation Plans, Borrower shall promptly deliver to the Agent a supplement to the Renovation Budget or Renovation Plans or a revised Renovation Budget or revised Renovation Plans, as applicable, which shall be satisfactory in form and substance to the Agent.

NOTICE OF RENOVATION; RENOVATION PLANS. If any Loan Party intends to Renovate any Mortgaged Property and such Renovation is estimated to cost in excess of $1,000,000 (as reasonably determined by Borrower and so certified in an Officers' Certificate delivered to the Agent), Borrower shall, prior to the commencement of any such Renovation, deliver to the Agent the following: (i) a written notice of renovation or restoration with respect thereto, which shall, among other things, describe such Loan Party's plans with respect to such Renovation and the nature and extent of any interruption in leasing, use and other operations caused by the Renovation; (ii) a project budget (as revised and supplemented from time to time in accordance with this Section 5.12.1 5.16.1 (the "RENOVATION BUDGET") satisfactory in form to the Agent and setting forth, among other things, the aggregate costs for such Renovation, and the aggregate cost for each line item in such budget; (iii) an estimated time schedule for such Renovation, satisfactory in form to the Agent and setting forth, among other things, the projected completion date, the square footage of the Mortgaged Property that will be unavailable for leasing as a result of such Renovation and the duration of such unavailability; (iv) a description of such Renovation in reasonable detail as may be requested by the Agent (as revised and supplemented from time to time in accordance with this Section 5.12.1 5.16.1 (the "RENOVATION PLANS"), which shall be reasonably satisfactory in form and substance to the Agent; and (v) all such other information or materials with respect to the Renovation that the Agent may reasonably request. In the event such changes the scope of the intended Renovation, revises the Renovation Budget (including the estimated amounts contained therein), or revises or modifies the Renovation Plans, Borrower shall promptly deliver to the Agent a supplement to the Renovation Budget or Renovation Plans or a revised Renovation Budget or revised Renovation Plans, as applicable, which shall be satisfactory in form and substance to the Agent.

NOTICE OF RENOVATION; RENOVATION PLANS. If the Company or any Loan Party of its Subsidiaries intends to Renovate any Mortgaged Property and such Renovation is estimated to cost in excess of $1,000,000 (as reasonably determined by Borrower and so certified in an Officers' Certificate delivered to shall constitute a Material Renovation/Restoration, the Agent), Borrower Company shall, prior to the commencement of any such Renovation, deliver to the Agent the following: (i) a written notice of renovation or restoration with respect thereto, which shall, among other things, describe such Loan Partydescribed the Company's plans with respect to such Renovation and the nature and extent of any interruption in leasing, use operations (including the percentage of available rooms that will be out-of-order and other operations the duration of any such unavailability) caused by the Renovation; (ii) a project budget (as revised and supplemented from time to time in accordance with this Section 5.12.1 (subsection 5.12A, the "RENOVATION BUDGET") satisfactory in form to the Agent and setting forth, among other things, the aggregate costs for such Renovation, and the aggregate cost for each line item in such budget; (iii) an estimated time schedule for such Renovation, satisfactory in form to the Agent and setting forth, among other things, the projected completion date, the square footage number of the Mortgaged Property rooms that will be unavailable for leasing business as a result of such Renovation and the duration of such unavailability; (iv) a description of such Renovation in reasonable detail as may be requested by the Agent (as revised and supplemented from time to time in accordance with this Section 5.12.1 (subsection 5.12A, the "RENOVATION PLANS"), ) which shall be reasonably satisfactory in form and substance to the Agent; and (v) all such other information or materials with respect to the Renovation that the Agent may reasonably request. In the event such the Company, or any applicable Subsidiary changes the scope of the intended Renovation, revises the Renovation Budget (including the estimated amounts contained therein), or revises or modifies the Renovation Plans, Borrower the Company shall promptly deliver to the Agent a supplement to the Renovation Budget or Renovation Plans or a revised Renovation Budget or revised Renovation Plans, as applicable, which shall be satisfactory in form and substance to the Agent.

NOTICE OF RENOVATION; RENOVATION PLANS. If the Borrower or any Loan Party of its Subsidiaries intends to Renovate any Mortgaged Pool A Property and such Renovation is estimated (including any expansion of Improvements to increase the number of available rooms) in a project or series of related projects (other than the replacement of FF&E in the ordinary course of business), the cost in excess of which will exceed (or may reasonably be expected to exceed) $1,000,000 (250,000, as reasonably determined by the Borrower and as so certified in an Officers' Certificate delivered to the Agent), the Borrower shall, not less than 20 days prior to the commencement of any such RenovationRenovation (or, if such approval shall be sought by the Borrower in connection with the approval by the Agent of the Acquisition of such Pool A Property pursuant to subsection 2.9A, not less than 20 days prior to the proposed closing date of such Acquisition), deliver to the Agent the following: (i) a written notice Notice of renovation or restoration Renovation/Restoration with respect thereto, which shall, among other things, describe such Loan Party's plans with respect to such Renovation and in the nature and extent form of any interruption in leasing, use and other operations caused by the RenovationEXHIBIT XVII attached hereto; (ii) a project budget for such Renovation (as revised and supplemented from time to time in accordance with this Section 5.12.1 (subsection 6.12A, the "``RENOVATION BUDGET") ''), reasonably satisfactory in form to the Agent and setting forth, among other things, the aggregate costs for such Renovation, and the aggregate cost for each line item in such budget; (iii) an estimated time schedule for such Renovation, reasonably satisfactory in form to the Agent and setting forth, among other things, the projected completion date, the square footage number of the Mortgaged Property rooms that will be unavailable for leasing business as a result of such Renovation and the duration of such unavailability; (iv) a description of such the final plans and specifications for the Renovation in reasonable detail as may be requested by the Agent (as revised and supplemented from time to time in accordance with this Section 5.12.1 (subsection 6.12A, the "``RENOVATION PLANS"''), which to the extent appropriate for such project, which, shall be reasonably satisfactory in form and substance to the Agent; and (v) all such other information or materials with respect to the Renovation that the Agent may reasonably request. The Agent has approved the Renovation Budgets and Renovation Plans with respect to the Properties specified on SCHEDULE 6.12A annexed hereto. In the event such the Borrower, or any applicable Subsidiary changes the scope of the intended Renovation, materially revises the Renovation Budget (including the estimated amounts contained therein), or materially revises or modifies the Renovation Plans, the Borrower shall promptly deliver to the Agent a supplement to the Renovation Budget or Renovation Plans or a revised Renovation Budget or revised Renovation Plans, as applicable, ; which shall be reasonably satisfactory in form and substance to the Agent; PROVIDED that, notwithstanding anything contained in this Section 6.12A, all expenditures for Renovations shall be in compliance with subsection 7.16. Upon the reasonable request of the Agent, and in any event not less frequently than quarterly, the Borrower shall provide to the Agent a written report with respect to the progress and status of each Renovation, in scope and detail reasonably satisfactory to the Agent.

NOTICE OF RENOVATION; RENOVATION PLANS. If any Loan Party intends to Renovate any Mortgaged Property and such Renovation is estimated to cost in excess of $1,000,000 (as reasonably determined by Borrower and so certified in an Officers' Certificate delivered to the Agent), Borrower shall, prior to the commencement of any such Renovation, deliver to the Agent the following: (i) a written notice of renovation or restoration with respect thereto, which shall, among other things, describe such Loan Party's plans with respect to such Renovation and the nature and extent of any interruption in leasing, use and other operations caused by the Renovation; (ii) a project budget (as revised and supplemented from time to time in accordance with this Section 5.12.1 (the "RENOVATION BUDGETRenovation Budget") satisfactory in form to the Agent and setting forth, among other things, the aggregate costs for such Renovation, and the aggregate cost for each line item in such budget; (iii) an estimated time schedule for such Renovation, satisfactory in form to the Agent and setting forth, among other things, the projected completion date, the square footage of the Mortgaged Property that will be unavailable for leasing as a result of such Renovation and the duration of such unavailability; (iv) a description of such Renovation in reasonable detail as may be requested by the Agent (as revised and supplemented from time to time in accordance with this Section 5.12.1 (the "RENOVATION PLANSRenovation Plans"), which shall be reasonably satisfactory in form and substance to the Agent; and (v) all such other information or materials with respect to the Renovation that the Agent may reasonably request. In the event such changes the scope of the intended Renovation, revises the Renovation Budget (including the estimated amounts contained therein), or revises or modifies the Renovation Plans, Borrower shall promptly deliver to the Agent a supplement to the Renovation Budget or Renovation Plans or a revised Renovation Budget or revised Renovation Plans, as applicable, which shall be satisfactory in form and substance to the Agent.