Permitted Franchise Agreements. Borrower shall be permitted to permit or cause a Mortgage Loan Borrower or Maryland Owner (i) to terminate any Franchise Agreement and enter into a replacement Franchise Agreement with respect to any Individual Property or (ii) enter into a new Franchise Agreement with respect to an Individual Property that was previously operated and branded solely under the terms of a Management Agreement, provided in each case, that the following conditions are satisfied:
Appears in 4 contracts
Samples: Management Agreement (Ashford Hospitality Trust Inc), Management Agreement (Ashford Hospitality Trust Inc), Letter Agreement (Ashford Hospitality Trust Inc)
Permitted Franchise Agreements. Borrower and Maryland Owner shall be permitted to permit or cause a Mortgage Loan Borrower or Maryland Owner (iy) to terminate any Franchise Agreement and enter into a replacement Franchise Agreement with respect to any Individual Property or Property, and (iiz) to enter into a new Franchise Agreement with respect to an Individual Property that was previously operated and branded solely under the terms of a Management Agreement, provided in each case, case that the following conditions are satisfied:
Appears in 1 contract
Samples: Mortgage Loan Agreement (Ashford Hospitality Trust Inc)
