Special Right of Owner to Terminate Without Cause. Owner shall have the right to terminate this Agreement, without cause, at any time upon at least ninety (90) days prior written notice to Manager and the payment to Manager of an amount equal to the sum of (i) the Special Termination Fee and (ii) an amount equal to three (3) times the Average Monthly Base Management Fee. Such payment shall be made no later than, and shall be a condition precedent (which may be waived by Manager) to, the termination of this Agreement. In addition, upon any such termination of this Agreement, all accrued and unpaid Management Fees and other accrued and unpaid amounts payable to Manager under this Agreement shall be immediately due and payable. The Right of First Offer provided for in Section 21.4 hereof also shall survive any such termination until the date that is six months after such termination, as provided in such Section. The provisions of this Section shall survive any termination of this Agreement.
Appears in 4 contracts
Samples: Management Agreement, Management Agreement (Capital Lodging), Management Agreement (Capital Lodging)
