Property Improvement Plan. There is currently no PIP or similar requirement imposed under any Franchise Agreement, for calendar year 2014, other than as set forth on Schedule XVIII (the “Scheduled PIP”) and there is currently no PIP or similar requirement imposed under any Franchise Agreement other than Scheduled PIP, other than as set forth on Schedule XXI.
Property Improvement Plan. Purchaser assumes all responsibility for improvements required by any "Property Improvement Plan" of the Franchisor as defined in Section 5.9.
Property Improvement Plan. Seller, at Seller’s sole cost and expense, shall complete all of the work described in Product Improvement Plan dated January 29, 2014 (the “2014 PIP”) and Seller shall provide Purchaser with written documentation from Licensor that Seller has completed the 2014 PIP promptly upon receipt from Licensor.
(a) Seller, at Seller’s sole cost, shall order and ten (10) days prior to the expiration of the Study Period deliver to Purchaser a new property improvement plan (the “2015 PIP”) with respect to the sale of the Hotel to Purchaser. If the 2015 PIP requires any work, Seller shall provide written notice to Purchaser that Seller elects to: (a) complete the work; or (b) agree to provide Purchaser with a credit against the Purchase Price as provided herein.
(b) In the event Seller elects to provide a credit at Closing in the amount of the estimated cost to complete the 2015 PIP, the estimated cost to complete the 2015 PIP shall be subject to Purchaser’s written approval. If Seller and Purchaser are unable to agree on the estimated cost to complete the 2015 PIP, then Seller and Purchaser shall each select a general contractor with at least 10 years of experience in performing hotel renovation work and each contractor shall prepare and deliver to the other a bid to complete the 2015 PIP. If each of the two bids is within 10% of the other, then the estimated cost to complete the 2015 PIP shall be the average of the two bids. If each of the two bids is 10% higher or lower than the other, then the two selected general contractors shall select a third general contractor (who must also have not less than 10 years of experience in performing hotel renovation work) and the third general contractor shall provide a bid. The estimated cost to complete the 2015 PIP shall be the arithmetical average of the three bids; provided, however, if either of the Seller’s or Purchaser’s general contractor’s bid is 10% higher or lower than the third general contractor’s bid, such bid shall be disregarded. The provisions of this Section 6.11 shall survive the Closing. Seller, at Seller’s sole cost, shall perform all obligations of Seller under the License Agreement for the period up to the Closing Date.
Property Improvement Plan. It is contemplated that, as of the Closing Date, Purchaser shall have received from the Licensor a property improvement plan (the “Purchaser’s PIP”) with respect to the Hotel for the remainder of calendar 2013 (and, if applicable, subsequent years). Purchaser shall be responsible for all actions and expenses required by Purchaser’s PIP.
Property Improvement Plan. ADDENDUM
Property Improvement Plan. Based on an inspection of the Hotel, the property improvement plan prepared by Franchisor attached to this Exhibit C as Attachment One outlines the renovation requirements for the Hotel to continue to operate as a System Hotel (the “PIP”). All renovations, furniture, fixtures and equipment will conform to the then-current System specifications at the time such work is completed. Completion of the PIP does not satisfy Franchisee’s obligation to renovate the Hotel under Section 4.3.
Property Improvement Plan. As noted in Section 3.1.38, applicable exceptions are set forth in Schedule XVIII and XXI.
Property Improvement Plan. (i) In connection with the New Franchise Agreement, Franchisor requires Operating Lessee to make certain improvements, repairs, maintenance, alterations and/or renovations to the Property (collectively, the "PIP Improvements") by certain deadlines as more particularly set forth in the Property Improvement Plan dated as of August 23, 2019 (the "PIP"), a copy of which is attached to this Agreement as Exhibit F. New Borrower shall comply, in all material respects, with all terms of the PIP and timely and diligently complete the PIP Improvements in a lien-free manner in accordance with the PIP Budget (as defined below), all Legal Requirements and in compliance with the requirements of the PIP, the New Franchise Agreement, this Agreement and the other Loan Documents on or before the deadlines set forth in the PIP and/or the New Franchise Agreement (or such longer time as the Franchisor may agree in writing). The Hotel shall remain open for business at all times during the PIP Improvements. New Borrower shall promptly provide Lender with written notice of the timely completion of the PIP Improvements and, upon request by Lender from time to time, provide evidence of such timely, lien-free completion and compliance reasonably satisfactory to Lender. New Borrower's failure to complete (or cause to be completed) the PIP Improvements lien-free on or before the deadlines prescribed by, or in conformance with, the PIP, the New Franchise Agreement, this Agreement and/or the other Loan Documents shall be an Event of Default under the Loan Documents.
(ii) On the Effective Date, New Indemnitor shall execute and deliver to Lender a Payment and Completion Guaranty (the “Completion Guaranty”), guaranteeing, among other things, the payment and completion of all PIP Improvements as set forth in the PIP.
(iii) On the Effective Date, New Borrower shall deposit with Lender, by wire transfer of immediately available funds, $68,273.00 (the "First PIP Reserve Deposit"), which shall be transferred to the FF&E Reserve Account held by Lender as additional security for the Loan and disbursed in accordance with Section 6.5.2 of the Loan Agreement. On or prior to December 31, 2020, New Borrower shall deposit with Lender, by wire transfer of immediately available funds, $68,273.00 (the "Second PIP Reserve Deposit"), which shall be transferred to the FF&E Reserve Account held by Lender as additional security for the Loan and disbursed in accordance with Section 6.5.2 of the Loan Agreement. ...
Property Improvement Plan. There is currently no Property Improvement Plan or other similar requirement imposed under the Franchise Agreement.
Property Improvement Plan. To the extent required by any Licensor and provided Purchaser has used commercially reasonable and diligent efforts, the Purchaser shall have obtained a Property Improvement Plan (“PIP”) from Licensor by and at the cost of the Purchaser. As soon as possible following the date hereof, the Sellers shall arrange for the inspection and creation of a PIP by the Licensor for each of the Properties (to the extent such PIP has not already been initiated), and the Sellers shall endeavor to have each such PIP completed as promptly as possible. The Purchaser shall be responsible for paying or reimbursing the Seller for any fees or expenses charged by the franchisors for completing such inspections and preparing the PIPs.
