Property Improvement Plans Sample Clauses
The Property Improvement Plans clause outlines the requirements and procedures for making enhancements or upgrades to a property. Typically, it specifies the types of improvements allowed, the approval process for proposed changes, and any standards or guidelines that must be followed, such as obtaining landlord consent or adhering to local building codes. This clause ensures that any modifications maintain the property's value and integrity, while also providing a clear framework for both parties to manage and approve improvements, thereby preventing disputes and misunderstandings.
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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 Operating Lessee nor any other 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. Neither the Company nor any of its Subsidiaries is subject to any material property improvement plan required by franchisors.
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. The most recent “Change of Ownership Property Improvement Plan Report” pertaining to the Hotel is listed on Schedule 9.
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 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. 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) M▇▇▇▇▇▇▇ 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.
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, nor any Mezzanine A 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. The Sellers shall provide documentation to Purchaser that Six Million Four Hundred Thousand Dollars ($6,400,000.00) (the “DIP PIP Payment”) has been spent on the Property Improvement Plan (“PIP”) work at the Existing PIP Work Hotels, provided, however, to the extent the PIP work at the Existing PIP Work Hotels is completed but all of the DIP PIP Payment has not been spent for the PIP work, then the Purchase Price (as otherwise adjusted in accordance with this Agreement) required to be delivered by the Purchaser on the Closing Date will be equal to the Purchase Price less the difference between the DIP PIP Payment and the amount actually spent on the PIP work at the Existing PIP Work Hotels.
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.