OPERATING LESSEE. Acknowledged and agreed to with respect to its obligations set forth in Articles 4, 5 and 6 hereof and Section 2.13:
OPERATING LESSEE. LF3 LUBBOCK CASA TRS, LLC, a Delaware limited liability company By: Lodging Fund REIT III TRS, Inc., a Delaware corporation, as its Sole Member By: Lodging Fund REIT III OP, LP, a Delaware limited partnership, as its Sole Shareholder By: Lodging Fund REIT III, Inc., a Maryland corporation, as its General Partner By: /s/ Xxxxx Xxx Name: Xxxxx Xxx Title: Chief Financial Officer FEE BORROWER: LF3 LUBBOCK CASA, LLC, a Delaware limited liability company By: Lodging Fund REIT III OP, LP, a Delaware limited partnership, as its Sole Member By: Lodging Fund REIT III, Inc., a Maryland corporation, as its General Partner By: /s/ Xxxxx Xxx Name: Xxxxx Xxx Title: Chief Financial Officer
OPERATING LESSEE. Borrower acknowledges that its responsibilities hereunder to cause the Operating Lessee to take action or to not take action (the “Operating Lessee Obligations”) are absolute and not contingent on Operating Lessee agreeing to take or not take such actions. Borrower shall have no cure periods (other than those cure periods specifically provided for in the Loan Documents) with respect to such the Operating Lessee Obligations and Xxxxxxxx’s failure to comply with the Operating Lessee Obligations hereunder shall have the same force and effect as if the action (or failure to act) of the Operating Lessee was performed (or not performed, as applicable) by Borrower.
OPERATING LESSEE. With respect to Operating Lessee’s operation of the Properties, Borrower shall cause each Operating Lessee to comply with all of the negative covenants set forth in this Agreement, and no default hereunder shall be excused by virtue of the fact that such default was caused by an Operating Lessee (by way of example, if any Operating Lessee initiated a zoning change not permitted hereunder, the same shall constitute a violation of Section 6.16).
OPERATING LESSEE. Operating Lessee will, at the time of Closing, be an Affiliate of Seller. EXCEPT AS EXPRESSLY SET FORTH IN THIS AGREEMENT, THE ASSETS ARE HEREBY SOLD ON AN “AS IS, WHERE IS, WITH ALL FAULTS” BASIS AND SELLER HAS NOT MADE, DOES NOT MAKE, AND EXPRESSLY DISCLAIMS ANY WARRANTIES, REPRESENTATIONS, COVENANTS, OR GUARANTEES, EITHER EXPRESS OR IMPLIED, WHETHER ARISING BY OPERATION OF LAW OR OTHERWISE, AS TO THE MERCHANTABILITY, QUANTITY, QUALITY, ENVIRONMENTAL CONDITION, OR PHYSICAL CONDITION OF THE ASSETS OR THEIR SUITABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OR USE. Purchaser acknowledges that the individuals referenced in the definition of “Seller’s Knowledge” are named solely for the purpose of defining and narrowing the scope of Seller’s Knowledge and not for the purpose of imposing any liability on or creating any duties running from such individuals to Purchaser. Purchaser covenants that it will bring no action of any kind against such individuals or any member of a Seller related to or arising out of the representations and warranties set forth in this Section 5.1.
OPERATING LESSEE. DTRS SANTA XXXXXX, L.L.C., a Delaware limited liability company
OPERATING LESSEE. DTRS SCOTTSDALE, L.L.C, a Delaware limited liability company
OPERATING LESSEE. Operating Lessee is a duly organized, validly existing limited liability company in good standing under the laws of the State of Delaware and is qualified to transact business in the State of Texas. Lodging Fund REIT III TRS, Inc. ("Operating Lessee Member") is the sole member of Operating Lessee. Operating Lessee Member, acting alone without the joinder of any other manager or member of Operating Lessee or any other party, has the power and authority to execute this Agreement on behalf of and to duly bind Operating Lessee under this Agreement and the Loan Documents. The execution and delivery of, and performance under, this Agreement and the Loan Documents by Operating Lessee have been duly and properly authorized pursuant to all requisite limited liability company action of Operating Lessee and will not (x) violate any provision of any law, rule, regulation, order, writ, judgment, injunction, decree, determination or award presently in effect having applicability to Operating Lessee or the articles of organization, certificate of formation, operating agreement, limited liability company agreement, or any other organizational document of Operating Lessee or (y) result in a breach of or constitute or cause a default under any indenture, agreement, lease or instrument to which Operating Lessee is a party or by which the Property may be bound or affected.
OPERATING LESSEE. DTRS SCOTTSDALE, L.L.C, a Delaware limited liability company By: /s/ Xxxx X. Xxxxx Name: Xxxx X. Xxxxx Title: Assistant Treasurer LENDER: CITIGROUP GLOBAL MARKETS REALTY CORP., a New York corporation By: /s/ Xxxx Xxxxxxxx Name: Xxxx Xxxxxxxx Title: Authorized Signatory
OPERATING LESSEE. DTRS SANTA XXXXXX, L.L.C., a Delaware limited liability company By: /s/ Xxxx X. Xxxxx Name: Xxxx X. Xxxxx Title: Vice President & Treasurer JPMORGAN CHASE BANK N.A., a banking association chartered under the laws of the United States of America By: /s/ Xxxxxxx Xxxxxx Name: Xxxxxxx Xxxxxx Title: VP
