Common use of Space Leases, Hotel Contracts and Equipment Leases Clause in Contracts

Space Leases, Hotel Contracts and Equipment Leases. Purchaser agrees to assume all obligations under the Space Leases and, to the extent assumable or any requisite consent is obtained, the Hotel Contracts, including any Equipment Leases, accruing from and after the Closing Date, provided that, Seller shall pay all of the actual out-of-pocket fees, costs and expenses incurred in connection with assignment and assumption of the Space Leases and the Hotel Contracts. Seller shall use reasonable efforts to obtain any required consents or satisfy any other requirements in connection with the assignment and assumption of all Space Leases and Hotel Contracts; provided, however, in the event Seller is unable to obtain any such consents or satisfy the requirements to assign any Space Lease or Hotel Contract, (i) such Space Leases and/or Hotel Contracts shall be excluded from the definition of Property, (ii) Seller shall not be in default hereunder, (iii) Seller shall remain solely liable for any and all costs in connection with the termination of any such Space Lease or Hotel Contract (including, without limitation, any break-up fees, termination fees or damages resulting therefrom), and (iv) the parties shall consummate the Closing in accordance with this Agreement without the transfer of such Space Lease and/or Hotel Contract to Purchaser. The provisions of this Section 4.8 shall survive the Closing.

Space Leases, Hotel Contracts and Equipment Leases. Purchaser agrees to assume all obligations under the Space Leases and, to the extent assumable or any requisite consent is obtained, the Hotel Contracts, including any Equipment Leases, to the extent first arising and accruing from and after the Closing Date, provided that, Seller shall pay all of the actual out-of-pocket fees, costs and expenses incurred in connection with assignment and assumption of the Space Leases and the Hotel Contracts. Seller shall use reasonable efforts to obtain any required consents or satisfy any other requirements in connection with the assignment and assumption of all Space Leases and Hotel Contracts; provided, however, in the event Seller is unable to obtain any such consents or satisfy the requirements to assign any Space Lease or Hotel Contract, (i) such Space Leases and/or Hotel Contracts shall be excluded from the definition of Property, (ii) Seller shall not be in default hereunder, (iii) Seller shall remain solely liable for any and all costs in connection with the termination of any such Space Lease or Hotel Contract (including, without limitation, any break-up fees, termination fees or damages resulting therefrom), and (iv) the parties shall consummate the Closing in accordance with this Agreement without the transfer of such Space Lease and/or Hotel Contract to Purchaser. The provisions of this Section 4.8 shall survive the Closing.