Common use of Operating Lease Clause in Contracts

Operating Lease. SPE Owner is the owner and lessor of landlord’s interest in the Operating Lease. The Operating Lease is in full force and effect and there is no default thereunder by either party and there are no conditions that would constitute defaults thereunder. No rent under the Operating Lease has been paid more than one month in advance of its due date. All security deposits (if any) are held by SPE Owner in accordance with applicable law. All work (if any) to be performed by SPE Owner and TRS Lessee under the Operating Lease has been performed as required and has been accepted by TRS Lessee, and any payments, free rent, partial rent, rebate of rent or other payments, credits, allowances or abatements required to be given by SPE Owner to TRS Lessee has already been received by TRS Lessee. There has been no prior sale, transfer, assignment, hypothecation or pledge of the Operating Lease or of the rent thereunder which is outstanding. TRS Lessee has not assigned the applicable Operating Lease or sublet all or any portion of the premises demised thereby other than pursuant to a Hotel Transaction or Lease. TRS Lessee has no right or option pursuant to the Operating Lease or otherwise to purchase all or any part of the leased premises or the building of which the leased premises are a part. All of the representations and warranties in this Article 4 and elsewhere in the Loan Documents (1) will survive for so long as any portion of the Debt remains owing to Lender and (2) will be deemed to have been relied upon by Lender notwithstanding any investigation heretofore or hereafter made by Lender or on its behalf, provided, however, that the representations, warranties and covenants set forth in Section 4.20 will survive in perpetuity.

Operating Lease. SPE Owner Mortgage Borrower is the owner and lessor of landlord’s interest in the Operating Lease. The current Operating Lease is in full force and effect and there is are no default material defaults thereunder by either party and to Borrower’s knowledge, there are no conditions that that, with the passage of time or the giving of notice, or both, would constitute defaults thereunder. No rent under the Operating Lease Rent has been paid more than one (1) month in advance of its due date. All security deposits (if any) are held by SPE Owner Mortgage Borrower in accordance with applicable law. All work (if any) to be performed by SPE Owner and TRS Lessee Mortgage Borrower under the Operating Lease has been performed as required and has been accepted by TRS Operating Lessee, and any payments, free rent, partial rent, rebate of rent or other payments, credits, allowances or abatements required to be given by SPE Owner Mortgage Borrower to TRS Operating Lessee has already been received by TRS Operating Lessee. There has been no prior sale, transfer, transfer or assignment, hypothecation or pledge of the Operating Lease or of the rent thereunder Operating Rents received therein which is outstanding. TRS Operating Lessee has not assigned the applicable Operating Lease or sublet all or any portion of the premises demised thereby other than pursuant to a Hotel Transaction or Lease. TRS Operating Lessee has no right or option pursuant to the Operating Lease or otherwise to purchase all or any part of the leased premises or the building of which the leased premises are a part. All of the representations and warranties in this Article 4 and elsewhere in the Loan Documents (1) will survive for so long as any portion of the Debt remains owing to Lender and (2) will be deemed to have been relied upon by Lender notwithstanding any investigation heretofore or hereafter made by Lender or on its behalf, provided, however, that the representations, warranties and covenants set forth in Section 4.20 will survive in perpetuity.

Operating Lease. SPE Owner Mortgage Borrower is the owner and lessor of landlord’s interest in the each Operating Lease. The Each Operating Lease is in full force and effect and there is no default thereunder by either party and there are no conditions that would constitute defaults thereunder. No rent under the any Operating Lease has been paid more than one (1) month in advance of its due date. All security deposits (if any) are held by SPE Owner Mortgage Borrower in accordance with applicable law. All work (if any) to be performed by SPE Owner and TRS Lessee Mortgage Borrower under the each Operating Lease has been performed as required and has been accepted by TRS Operating Lessee, and any payments, free rent, partial rent, rebate of rent or other payments, credits, allowances or abatements required to be given by SPE Owner Mortgage Borrower to TRS Operating Lessee has already been received by TRS Operating Lessee. There has been no prior sale, transfer, transfer or assignment, hypothecation or pledge of the any Operating Lease or of the rent thereunder which is outstanding. TRS Each Operating Lessee has not assigned the applicable Operating Lease or sublet all or any portion of the premises demised thereby other than pursuant to a Hotel Transaction or Lease. TRS Operating Lessee has no right or option pursuant to the Operating Lease or otherwise to purchase all or any part of the leased premises or the building of which the leased premises premised are a part. All of the representations and warranties in this Article 4 and elsewhere in the Loan Documents (1) will survive for so long as any portion of the Debt remains owing to Lender and (2) will be deemed to have been relied upon by Lender notwithstanding any investigation heretofore or hereafter made by Lender or on its behalf, provided, however, that the representations, warranties and covenants set forth in Section 4.20 will survive in perpetuity.

Operating Lease. SPE Owner Borrower is the owner and lessor of landlord’s interest in the Operating Lease. The current Operating Lease is in full force and effect and there is are no default material defaults thereunder by either party and to Borrower’s knowledge, there are no conditions that that, with the passage of time or the giving of notice, or both, would constitute defaults thereunder. No rent under the Operating Lease Rent has been paid more than one (1) month in advance of its due date. All security deposits (if any) are held by SPE Owner Borrower in accordance with applicable law. All work (if any) to be performed by SPE Owner and TRS Lessee Borrower under the Operating Lease has been performed as required and has been accepted by TRS Operating Lessee, and any payments, free rent, partial rent, rebate of rent or other payments, credits, allowances or abatements required to be given by SPE Owner Borrower to TRS Operating Lessee has already been received by TRS Operating Lessee. There has been no prior sale, transfer, transfer or assignment, hypothecation or pledge of the Operating Lease or of the rent thereunder Operating Rents received therein which is outstanding. TRS Operating Lessee has not assigned the applicable Operating Lease or sublet all or any portion of the premises demised thereby other than pursuant to a Hotel Transaction or Lease. TRS Operating Lessee has no right or option pursuant to the Operating Lease or otherwise to purchase all or any part of the leased premises or the building of which the leased premises are a part. All of the representations and warranties in this Article 4 and elsewhere in the Loan Documents (1) will survive for so long as any portion of the Debt remains owing to Lender and (2) will be deemed to have been relied upon by Lender notwithstanding any investigation heretofore or hereafter made by Lender or on its behalf, provided, however, that the representations, warranties and covenants set forth in Section 4.20 will survive in perpetuity.

Operating Lease. SPE Owner Borrower is the owner and lessor of landlord’s interest in the Operating Lease. The Operating Lease is in full force and effect and there is are no default material defaults thereunder by either party and to Borrower’s and Operating Company’s knowledge, there are no conditions that that, with the passage of time or the giving of notice, or both, would constitute defaults thereunder. No rent under the Operating Lease Rent has been paid more than one (1) month in advance of its due date. All security deposits (if any) are held by SPE Owner Borrower in accordance with applicable law. All work (if any) to be performed by SPE Owner and TRS Lessee Borrower under the Operating Lease has been performed as required and has been accepted by TRS LesseeOperating Company, and any payments, free rent, partial rent, rebate of rent or other payments, credits, allowances or abatements required to be given by SPE Owner Borrower to TRS Lessee Operating Company has already been received by TRS LesseeOperating Company. There has been no prior sale, transfer, transfer or assignment, hypothecation or pledge of the Operating Lease or of the rent thereunder Operating Rents received therein which is outstanding. TRS Lessee Operating Company has not assigned the applicable Operating Lease or sublet all or any portion of the premises demised thereby other than pursuant to a Hotel Transaction or Lease. TRS Lessee Operating Company has no right or option pursuant to the Operating Lease or otherwise to purchase all or any part of the leased premises or the building of which the leased premises are a part. All of the representations and warranties in this Article 4 and elsewhere in the Loan Documents (1) will survive for so long as any portion of the Debt remains owing to Lender and (2) will be deemed to have been relied upon by Lender notwithstanding any investigation heretofore or hereafter made by Lender or on its behalf, provided, however, that the representations, warranties and covenants set forth in Section 4.20 will survive in perpetuity.

Operating Lease. SPE Owner Borrower is the owner and lessor of landlord’s interest in the Operating Lease. The Operating Lease is in full force and effect and there is are no default material defaults thereunder by either party and to each Loan Party’s Actual Knowledge, there are no conditions that that, with the passage of time or the giving of notice, or both, would constitute defaults thereunder. No rent under the Operating Lease Rent has been paid more than one (1) month in advance of its due date. All security deposits (if any) under the Operating Lease are held by SPE Owner Borrower in accordance with applicable lawLegal Requirements. All work (if any) to be performed by SPE Owner and TRS Lessee Borrower under the Operating Lease has been performed as required, and if required to be completed under the Operating Lease as of the date hereof, has been completed, and has been accepted by TRS Operating Lessee, and any payments, free rent, partial rent, rebate of rent or other payments, credits, allowances or abatements required to be given by SPE Owner Borrower to TRS Operating Lessee has already been received by TRS Operating Lessee. There has been no prior sale, transfer, transfer or assignment, hypothecation or pledge of the Operating Lease or of the rent Operating Rents received thereunder which is outstandingstill in effect. TRS Except pursuant to the Loan Documents, Operating Lessee has not assigned the applicable Operating Lease or sublet all or any portion of the premises demised thereby other than pursuant to a Hotel Transaction or Lease. TRS Operating Lessee has no right or option pursuant to the Operating Lease or otherwise to purchase all or any part of the leased premises or the building of which the leased premises are a part. All of the representations and warranties in this Article 4 and elsewhere in the Loan Documents (1) will survive for so long as any portion of the Debt remains owing to Lender and (2) will be deemed to have been relied upon by Lender notwithstanding any investigation heretofore or hereafter made by Lender or on its behalf, provided, however, that the representations, warranties and covenants set forth in Section 4.20 will survive in perpetuity.

Operating Lease. SPE Owner With respect to the Viceroy Property, the applicable Mortgage Borrower is the owner and lessor of landlord’s interest in the Operating Lease. Operating Lessee is the owner and lessee of tenant’s interest in the Operating Lease. The Operating Lease is in full force and effect and there is are no default material defaults thereunder by either party Mortgage Borrower or Operating Lessee beyond the expiration of all applicable notice and there are no conditions that would constitute defaults thereundergrace periods. No rent under the Operating Lease Rent has been paid more than one once (1) month in advance of its due date. All security deposits (if any) are held by SPE Owner Mortgage Borrower in accordance with applicable law. All work (if any) to be performed by SPE Owner and TRS Lessee Mortgage Borrower under the Operating Lease has been performed as required and has been accepted by TRS the Operating Lessee, and any payments, free rent, partial partial, rent, rebate of rent or other payments, credits, allowances or abatements required to be given by SPE Owner Mortgage Borrower to TRS Operating Lessee has have already been received by TRS Operating Lessee. There has been no prior sale, transfer, transfer or assignment, hypothecation or pledge of the Operating Lease or of the rent thereunder which is outstanding. TRS Operating Lessee has not assigned the applicable Operating Lease or sublet all or any portion of the premises demised thereby other than pursuant to a Hotel Transaction or Lease. TRS Operating Lessee has no does not have a right or option pursuant to the Operating Lease or otherwise to purchase all or any part of the leased premises or the building of which the leased premises are a part. All A true, correct and complete copy of the representations Operating Lease, together with any amendments thereto and warranties in this Article 4 and elsewhere in the Loan Documents (1) will survive for so long as any portion of the Debt remains owing ancillary agreement related thereto, has been delivered to Lender and (2) will be deemed to have been relied upon by Lender notwithstanding any investigation heretofore or hereafter made by Lender or on its behalf, provided, however, that the representations, warranties and covenants set forth in Section 4.20 will survive in perpetuityLender.

Operating Lease. SPE Owner With respect to the Viceroy Property, the applicable Individual Borrower is the owner and lessor of landlord’s interest in the Operating Lease. Operating Lessee is the owner and lessee of tenant’s interest in the Operating Lease. The Operating Lease is in full force and effect and there is are no default material defaults thereunder by either party Borrower or Operating Lessee beyond the expiration of all applicable notice and there are no conditions that would constitute defaults thereundergrace periods. No rent under the Operating Lease Rent has been paid more than one once (1) month in advance of its due date. All security deposits (if any) are held by SPE Owner Borrower in accordance with applicable law. All work (if any) to be performed by SPE Owner and TRS Lessee Borrower under the Operating Lease has been performed as required and has been accepted by TRS the Operating Lessee, and any payments, free rent, partial partial, rent, rebate of rent or other payments, credits, allowances or abatements required to be given by SPE Owner Borrower to TRS Operating Lessee has have already been received by TRS Operating Lessee. There has been no prior sale, transfer, transfer or assignment, hypothecation or pledge of the Operating Lease or of the rent thereunder which is outstanding. TRS Operating Lessee has not assigned the applicable Operating Lease or sublet all or any portion of the premises demised thereby other than pursuant to a Hotel Transaction or Lease. TRS Operating Lessee has no does not have a right or option pursuant to the Operating Lease or otherwise to purchase all or any part of the leased premises or the building of which the leased premises are a part. All A true, correct and complete copy of the representations Operating Lease, together with any amendments thereto and warranties in this Article 4 and elsewhere in the Loan Documents (1) will survive for so long as any portion of the Debt remains owing ancillary agreement related thereto, has been delivered to Lender and (2) will be deemed to have been relied upon by Lender notwithstanding any investigation heretofore or hereafter made by Lender or on its behalf, provided, however, that the representations, warranties and covenants set forth in Section 4.20 will survive in perpetuityLender.