Property Improvement Plans. The Company and each of its subsidiaries is in compliance with all property improvement plans required by franchisors, except for such failures to comply that would not, in the aggregate, have a Material Adverse Effect.
Property Improvement Plans. Attached hereto as Exhibit H is (i) a true, complete and correct copy of all property improvement plans or similar agreements affecting each Individual Property (each, a “Property Improvement Plan”), and (ii) a true, complete and correct description of the estimated amounts to be expended and time frames for required expenditure and completion pursuant to each Property Improvement Plan.
Property Improvement Plans. The most recent “Change of Ownership Property Improvement Plan Report” pertaining to the Hotel is listed on Schedule 9.
Property Improvement Plans. Neither the Company nor any of its Subsidiaries is subject to any material property improvement plan required by franchisors.
Property Improvement Plans. The Company's franchisees are each in compliance with all property improvement plans required by the Company (or any of its Subsidiaries) as franchisors, except for such failures to comply as could not, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect or result in a default under any material agreement.
Property Improvement Plans. Attached hereto as Exhibit I is (a) a true, complete and correct list of all property improvement plans or similar agreements affecting each Individual Property (each, a "Property Improvement Plan"), and (b) a true, complete and correct description of the amounts to be expended and time frames for required expenditure pursuant to each Property Improvement Plan.
Property Improvement Plans. As soon as possible following the Effective Date, Sellers shall arrange with the Franchisor for each Hotel for the inspection and creation of a Product Improvement Plans (each, a “PIP”) for each Hotel and shall endeavor to have each such PIP completed as promptly as possible. Purchaser shall be responsible for paying or reimbursing Seller for any fees or expenses charged by the Franchisor for completing such inspections and preparing the PIPs. To the extent permitted by the Franchisor, the PIP inspections shall be scheduled in coordination with Purchaser, and Purchaser shall have the right to attend such inspections, provided that Purchaser shall not have the right to modify the Franchisor’s inspection schedule or otherwise change the timing of such inspections. In that regard, Sellers hereby agree to request that Franchisor allow Purchaser to attend any such inspections and Sellers shall provide Purchaser notice of any such inspections promptly after receiving notice thereof from Franchisor. Purchaser shall be responsible for completing the work required by each PIP following Closing and for paying all costs associated with any PIP (the “PIP Costs”), provided that, if the aggregate of such PIP Costs exceed Nine Million Dollars ($9,000,000), then Purchaser and Seller shall bear equally the next One Million Dollars ($1,000,000) in PIP Costs. Thereafter, all PIP Costs shall be the sole responsibility of Purchaser.
Property Improvement Plans. Except as disclosed in the Registration Statement, none of the management contracts or franchise license agreements relating to real property owned or leased by the Company or any subsidiary (or to be owned or leased upon consummation of the Formation Transactions) requires or will require the Company or any of the subsidiaries to pay any material property improvement plan fees or charges or requires or will require the Company or any subsidiary to renovate, update, upgrade, repair, enhance, or improve such real property as a result of the Formation Transactions.
Property Improvement Plans. Schedule XVII attached hereto and made a part hereof is a true, correct and complete summary of all property improvement plans or similar agreements (the “Property Improvement Plans”) affecting the Properties as of the Closing Date and sets forth true, complete and correct descriptions of the scope of work and the time frames for completion pursuant to each Property Improvement Plan. Neither Borrower, nor any other Loan Party, nor Mortgage Borrower, nor Operating Lessee nor any other Mortgage Loan Party has received any notice from any Franchisor concerning any pending or required Property Improvement Plan except as set forth on Schedule XVII or in connection with a renewal term by Operating Lessee as set forth in the Franchise Agreements.
Property Improvement Plans. Immediately after the Effective Date, Seller and Purchaser, at Purchaser's expense, shall work together to negotiate with Franchisor the property improvement plan (the “PIP”) for each Hotel. After determining the scope of the PIP, the parties shall cooperate and coordinate with each other to arrange with either (i) MxXxxxxx Hotel Group, Inc., or (ii) an independent nationally recognized third party project management firm mutually approved by Seller and Purchaser (in either case, the “Project Management Firm”), for the completion, at Purchaser's expense (except that Seller shall pay for all initial PIP application, processing and similar fees and charges due or payable to Franchisor) of a property condition inspection and report for each of the Hotels, which report shall include a final PIP pricing estimate for each of the Hotels. If, in the aggregate, the final PIP pricing estimate prepared by the Project Management Firm for all of the Hotels is less than or equal to Five Million Four Hundred Thousand Dollars ($5,400,000) (the “PIP Threshold”), there shall be no adjustment to the Purchase Price on account of PIP. However, if the final PIP pricing estimate prepared by the Project Management Firm is greater than the PIP Threshold, Purchaser shall be entitled to a reduction of the Purchase Price equal to fifty percent (50%) of the amount that the PIP pricing estimate exceeds the PIP Threshold, up to a maximum Purchase Price reduction of Five Hundred Thousand Dollars ($500,000) (i.e., a maximum PIP pricing estimate of $6,400,000). If the PIP pricing estimate exceeds Six Million Four Hundred Thousand Dollars ($6,400,000), then Purchaser may, by written notice to the other party delivered within ten (10) days after receipt of the PIP pricing estimate, terminate this Agreement by written notice to the other party; provided, however, should Purchaser timely elect in writing to terminate this Agreement as provided in this section, Seller shall have a period of five (5) days after receipt of Purchaser's termination notice in which to elect to reduce the Purchase Price in an amount equal to the amount by which the PIP pricing estimate exceeds Six Million Four Hundred Thousand Dollars ($6,400,000), in which case Purchaser's termination notice shall no longer be effective and the parties shall proceed to Closing as otherwise provided herein.
