Common use of Property Employees Clause in Contracts

Property Employees. To the extent that Purchaser or Purchaser’s hotel manager or operator elects to employ any personnel of Manager engaged in the operation of the Property subsequent to the Closing Date, all compensation payable to such employees (including the costs of fringe benefits, discretionary awards specifically granted and awarded by Seller prior to Closing, and earned vacation, sick, and all other benefit pay), worker’s compensation, employee withholding, and COBRA benefits, which accrued or are related to periods of employment prior to the Closing Date will be paid and provided by Seller; provided, however, that Seller will not be responsible or liable for compensation payable to such employees or for any portion of any discretionary awards granted or awarded by Purchaser on or after the Closing Date. All regular compensation payable to such employees (including the costs of fringe benefits and earned vacation, sick, and all other benefit pay) which accrues on or after the Closing Date will be paid by Purchaser. Purchaser will be responsible for, and indemnify Seller with respect to, compliance with the Worker Adjustment and Retraining Notification Act or other similar state or federal laws as a result of the transactions contemplated by this Agreement. Purchaser acknowledges that Seller does not have any employees at the Hotel, all Hotel personnel being employees of the Manager.