Sale of Hotel. Lessee may sell or otherwise dispose of the Hotel to any other person, partnership, firm or corporation at any time. In such event during the Operating Term, Lessee may notify Operator in writing no less than sixty (60) days prior to any such sale of the Hotel and this Agreement shall terminate with respect to the Hotel upon the closing of the sale. Upon the sale of the hotel by the Lessee, Operator will be entitled to an Operator Fee equivalent to the monthly average of the preceding twelve (12) months Operator Fee for a sixty (60) day period after the sale.
Sale of Hotel. Lessee may sell or otherwise dispose of the Hotel to any other person, partnership, firm or corporation at any time. In such event during the Operating Term, Lessee may notify Operator in writing no less than sixty (60) days prior to any such sale of the Hotel and this Agreement shall terminate with respect to the Hotel upon the closing of the sale. Upon the sale of the hotel by the Lessee, Operator will be entitled to an Operator Fee equivalent to the monthly average of the preceding twelve (12) months Operator Fee for a sixty (60) day period after the sale. Bad Acts This agreement may be terminated with a sixty (60) day notice should Operator commit an act of fraud, criminal conduct, misappropriation of funds, dishonesty, or willful misconduct of the manager in connection with the management and operation of the Hotel. Such acts will be considered “bad person” acts and will result in immediate termination of Operator with no recourse against Lessee or Owner.
Sale of Hotel. During the Operating Term, Lessee may sell or otherwise dispose of the Hotel to any other person, partnership, firm or corporation at any time. In such event, and provided the sale is to a bona fide third party purchaser, not affiliated with Lessee, Lessee may notify Operator in writing no less than thirty (30) days prior to any such sale of the Hotel and this Agreement shall terminate with respect to the Hotel upon the closing of the sale. Upon the sale of the hotel by the Lessee and provided the sale is to a bona fide third party purchaser, not affiliated with Lessee, and provided Operator is not hired by the new Owner of the Hotel or Operator elects to terminate the Agreement, Operator will be entitled to a termination fee payable at the closing of the sale equivalent to the monthly average of the preceding twelve (12) months Base Fee multiplied by two (2).
Sale of Hotel. 19.01 Sale of Hotel -------------
A. If Owner receives a bona fide written offer to purchase the Hotel and desires to accept such offer, Owner shall give written notice thereof to Management Company stating the name of the prospective purchaser, the price and the terms and conditions of such proposed sale, together with all other information requested by Management Company and reasonably available to Owner. Within thirty (30) days after the date of receipt of Owner's written notice and such other information, Management Company shall elect, by written notice to Owner, one of the following two alternatives:
1. To consent to such sale and to the assignment of this Agreement to such purchaser, provided that concurrently with the finalization thereof the purchaser shall, by appropriate instrument in form satisfactory to Management Company, assume all of Owner's obligations hereunder and provided that such sale must be finalized within one hundred eighty (180) days following the receipt of written notice from Owner given pursuant to Section 19.01 A. Consent by Management Company shall not relieve Owner from its obligations under this Agreement for any acts or omissions of Owner prior to such approved sale and assignment. An executed copy of such assumption agreement shall be delivered to Management Company.
2. To terminate this Agreement by written notice to Owner, which notice will set an effective date for such Termination not earlier than thirty (30) days, nor more than sixty (60) days, following the date of the giving of such notice. Owner or Management Company shall have the right to change such effective date of Termination to coincide with the date of the finalization of the proposed sale. Said notice of Termination shall not be effective if such sale is not finalized. Notwithstanding the foregoing, Management Company agrees that if the proposed purchaser, in the reasonable opinion of Management Company, (i) is financially responsible and has sufficient assets to fulfill the obligations of Owner hereunder, and (ii) is not a party which has itself been connected with, or is either controlled by persons known to be engaged in, criminal activities, or known as an associate or agent of criminals, and (iii) does not directly or indirectly operate or manage hotels or restaurants in competition with Management Company or Marriott or their affiliates, Management Company shall not exercise its right to terminate this Agreement pursuant to this Section 19.01 A 2 a...
Sale of Hotel. Section 16.04. Bad Acts
Sale of Hotel. The Partnership's fee estate in the Hotel is sold and transferred to an unaffiliated third party and in connection with such transaction the Percentage Lease is terminated and neither Lessee, nor any of the Principals (as hereinafter defined) nor any person
Sale of Hotel. In addition to any termination right that Owner may have under any other provision of this Agreement, Owner shall have the right to terminate this Agreement upon a sale of the majority of its ownership interest in the Hotel to an unrelated bona fide third-party purchaser at any time by providing Manager with written notice not less than thirty (30) days prior to the closing date of such sale. Such notice shall specify the effective termination date of this Agreement, which shall not be earlier than the closing date of such sale. Notwithstanding the foregoing, if Owner shall terminate this Agreement pursuant to this Section 13.3.2 at any time prior December 31, 2023, Owner shall pay the Termination Fee to Manager. As used herein, “Termination Fee” shall mean an amount equal to $150,000. The Termination Fee will be payable in full to Manager not later than thirty (30) days after the effective date of termination of this Agreement.
Sale of Hotel. Lender shall permit Borrower to consummate the Sale generally in accordance with the terms of the Purchase Agreement, as the same may be amended or otherwise modified from time to time in Borrower's sole and absolute discretion, provided, however, that no such modification shall reduce the Gross Purchase Price to an amount which is not sufficient to yield Net Sales Proceeds in cash in an amount at least equal to the Pay- Off Amount, as defined below. Lender acknowledges that, pursuant to the Purchase Agreement, the Gross Purchase Price may be increased to a maximum of $132,000,000 under certain circumstances. Borrower shall deliver to Lender a fully executed copy of the Purchase Agreement within three (3) business days following the execution thereof by Buyer and Borrower. As used herein, the term, "Effective Date" shall mean the date that the Purchase Agree- ment becomes effective, as more particularly set forth therein. Borrower shall notify Lender of the Effective Date promptly following notification thereof to Borrower.
Sale of Hotel. Right of First Refusal.............................. 64 ARTICLE XX - ARBITRATION ------------------------
Sale of Hotel. Intentionally omitted.
