Common use of Officer’s Certificates; Financial Statements; Budgets; Lessor’s Estoppel Certificates and Covenants Clause in Contracts

Officer’s Certificates; Financial Statements; Budgets; Lessor’s Estoppel Certificates and Covenants. (a) At any time and from time to time upon not less than twenty (20) days Notice by Lessor, Lessee will furnish to Lessor an Officer’s Certificate certifying that this Lease is unmodified and in full force and effect (or that this Lease is in full force and effect as modified and setting forth the modifications), the date to which the Rent has been paid, whether to the knowledge of Lessee there is any existing default or Event of Default exists thereunder by Lessor or Lessee, and such other information as may be reasonably requested by Lessor. Any such certificate furnished pursuant to this Section may be relied upon by Lessor, any lender and any prospective purchaser of the Leased Property. (b) Throughout the Term, Lessee will furnish to Lessor such historical financial information of Lessee and the Facility as Lessor may reasonably request and shall provide Lessor access to Lessee’s books and records with respect thereto. (c) Within five (5) days of Lessee’s receipt thereof, any inspection reports received from the franchisor under the Franchise Agreement. (d) At any time and from time to time upon not less than twenty (20) days notice by Lessee, Lessor will furnish to Lessee or to any person designated by Lessee an estoppel certificate certifying that this Lease is unmodified and in full force and effect (or that this Lease is in full force and effect as modified and setting forth the modifications), the date to which Rent has been paid, whether to the knowledge of Lessor there is any existing default or Event of Default on Lessee’s part hereunder, and such other information as may be reasonably requested by Lessee.

Officer’s Certificates; Financial Statements; Budgets; Lessor’s Estoppel Certificates and Covenants. (a) At any time and from time to time upon not less than twenty (20) days Notice by Lessor, Lessee will furnish to Lessor an Officer’s 's Certificate certifying that this Lease is unmodified and in full force and effect (or that this Lease is in full force and effect as modified and setting forth the modifications), the date to which the Rent has been paid, whether to the knowledge of Lessee there is any existing default or Event of Default exists thereunder by Lessor or Lessee, and such other information as may be reasonably requested by Lessor. Any such certificate furnished pursuant to this Section may be relied upon by Lessor, any lender and any prospective purchaser of the Leased Property. (b) Throughout the Term, Lessee will furnish to Lessor such historical financial information of Lessee and the Facility as Lessor may reasonably request and shall provide Lessor access to Lessee’s 's books and records with respect thereto. (c) Within five (5) days of Lessee’s 's receipt thereof, any inspection reports received from the franchisor under the Franchise Agreement. (d) At any time and from time to time upon not less than twenty (20) days notice by Lessee, Lessor will furnish to Lessee or to any person designated by Lessee an estoppel certificate certifying that this Lease is unmodified and in full force and effect (or that this Lease is in full force and effect as modified and setting forth the modifications), the date to which Rent has been paid, whether to the knowledge of Lessor there is any existing default or Event of Default on Lessee’s 's part hereunder, and such other information as may be reasonably requested by Lessee.. ----------------------- Lease Agreement

Officer’s Certificates; Financial Statements; Budgets; Lessor’s Estoppel Certificates and Covenants. (a) At any time and from time to time upon not less than twenty (20) days Notice by Lessor, Lessee will furnish to Lessor an Officer’s 's Certificate certifying that this Lease is unmodified and in full force and effect (or that this Lease is in full force and effect as modified and setting forth the modifications), the date to which the Rent has been paid, whether to the knowledge of Lessee there is any existing default or Event of Default exists thereunder by Lessor or Lessee, and such other information as may be reasonably requested by Lessor. Any such certificate furnished pursuant to this Section may be relied upon by Lessor, any lender and any prospective purchaser of the Leased Property. (b) Throughout the Term, Lessee will furnish to Lessor such historical financial information of Lessee and the Facility as Lessor may reasonably request and shall provide Lessor access to Lessee’s 's books and records with respect thereto. (c) Within five (5) days of Lessee’s 's receipt thereof, any inspection reports received from the franchisor under the Franchise Agreement.. Lease Agreement Ashford TRS Corporation Lease Agreement Ashford TRS Corporation (d) At any time and from time to time upon not less than twenty (20) days notice by Lessee, Lessor will furnish to Lessee or to any person designated by Lessee an estoppel certificate certifying that this Lease is unmodified and in full force and effect (or that this Lease is in full force and effect as modified and setting forth the modifications), the date to which Rent has been paid, whether to the knowledge of Lessor there is any existing default or Event of Default on Lessee’s 's part hereunder, and such other information as may be reasonably requested by Lessee.

Officer’s Certificates; Financial Statements; Budgets; Lessor’s Estoppel Certificates and Covenants. (a) At any time and from time to time upon not less than twenty (20) 20 days Notice by Lessor, Lessee will furnish to Lessor an Officer’s 's Certificate certifying that this Lease is unmodified and in full force and effect (or that this Lease is in full force and effect as modified and setting forth the modifications), the date to which the Rent has been paid, whether to the knowledge of Lessee there is any existing default or Event of Default exists thereunder by Lessor or Lessee, and such other information as may be reasonably requested by Lessor. Any such certificate furnished pursuant to this Section may be relied upon by Lessor, any lender and any prospective purchaser of the Leased Property. (b) Throughout the Term, Lessee will furnish to Lessor such historical financial information of Lessee and the Facility as Lessor may reasonably request and shall provide Lessor access to Lessee’s 's books and records with respect thereto. (c) Within five (5) days of Lessee’s receipt thereof, any inspection reports received from the franchisor under the Franchise Agreement. (d) At any time and from time to time upon not less than twenty (20) 20 days notice by Lessee, Lessor will furnish to Lessee or to any person designated by Lessee an estoppel certificate certifying that this Lease is unmodified and in full force and effect (or that this Lease is in full force and effect as modified and setting forth the modifications), the date to which Rent has been paid, whether to the knowledge of Lessor there is any existing default or Event of Default on Lessee’s 's part hereunder, and such other information as may be reasonably requested by Lessee. (d) Lessee covenants that during the Term it will maintain a ratio of debt-to-Net Worth of 50% or less, exclusive of capitalized leases. (e) During the Term, Lessee will maintain a net worth of not less than $11 million.

Officer’s Certificates; Financial Statements; Budgets; Lessor’s Estoppel Certificates and Covenants. (a) At any time and from time to time upon not less than twenty (20) days Notice by Lessor, Lessee will furnish to Lessor an Officer’s Certificate certifying that this Lease is unmodified and in full force and effect (or that this Lease is in full force and effect as modified and setting forth the modifications), the date to which the Rent has been paid, whether to the knowledge of Lessee there is any existing default or Event of Default exists thereunder by Lessor or Lessee, and such other information as may be reasonably requested by Lessor. Any such certificate furnished pursuant to this Section may be relied upon by Lessor, any lender and any prospective purchaser of the Leased Property. (b) Throughout the Term, Lessee will furnish to Lessor such historical financial information of Lessee and the Facility as Lessor may reasonably request and shall provide Lessor access to Lessee’s books and records with respect thereto. (c) Within five (5) days of Lessee’s receipt thereof, any inspection reports received from the franchisor under the Franchise Agreement.. Lease Agreement Ashford TRS Corporation (d) At any time and from time to time upon not less than twenty (20) days notice by Lessee, Lessor will furnish to Lessee or to any person designated by Lessee an estoppel certificate certifying that this Lease is unmodified and in full force and effect (or that this Lease is in full force and effect as modified and setting forth the modifications), the date to which Rent has been paid, whether to the knowledge of Lessor there is any existing default or Event of Default on Lessee’s part hereunder, and such other information as may be reasonably requested by Lessee.

Officer’s Certificates; Financial Statements; Budgets; Lessor’s Estoppel Certificates and Covenants. (a) At any time and from time to time upon not less than twenty (20) days Notice by Lessor, Lessee will furnish to Lessor an Officer’s Certificate certifying that this Lease is unmodified and in full force and effect (or that this Lease is in full force and effect as modified and setting forth the modifications), the date to which the Rent has been paid, whether to the knowledge of Lessee there is any existing default or Event of Default exists thereunder by Lessor or Lessee, and such other information as may be reasonably requested by Lessor. Any such certificate furnished pursuant to this Section may be relied upon by Lessor, any lender and any prospective purchaser of the Leased Property. (b) Throughout the Term, Lessee will furnish to Lessor such historical financial information of Lessee and the Facility as Lessor may reasonably request and shall provide Lessor access to Lessee’s books and records with respect thereto. (c) Within five (5) days of Lessee’s receipt thereof, any inspection reports received from the franchisor under the Franchise Agreement. (d) At any time and from time to time upon not less than twenty (20) days notice by Lessee, Lessor will furnish to Lessee or to any person designated by Lessee an estoppel certificate certifying that this Lease is unmodified and in full force and effect (or that this Lease is in full force and effect as modified and setting forth the modifications), the date to which Rent has been paid, whether to the knowledge of Lessor there is any existing default or Event of Default on Lessee’s part hereunder, and such other information as may be reasonably requested by Lessee. (d) Lessee covenants that during the Term it will maintain a ratio of debt-to-Net Worth of fifty percent (50%) or less, exclusive of capitalized leases. (e) During the Term, Lessee will maintain a net worth sufficient to cover reasonably anticipated working capital requirements. Lessee shall be treated as having satisfied this requirement so long as (i) Lessee maintains a net worth of not less than One Hundred Thousand Dollars ($100,000.00) or (ii) Summit Hotel TRS, Inc. owns 100% of the membership interests in Lessee and maintains a net worth of not less than Two Million and Five Hundred Thousand Dollars ($2,500,000).