Subordination of Management Agreement. A. This Agreement, and Management Company's right to continue to manage and operate the Hotel pursuant to this Agreement, are and shall be subject and subordinate to the lien of any Qualified Loan (i.e., upon a Foreclosure of any such Qualified Loan, such Qualified Lender, at its option, unless it has otherwise agreed to the contrary in a Non-Disturbance Agreement, shall have the right to terminate this Agreement). Notwithstanding the foregoing, during the Term of this Agreement, all debt service (including increased or accelerated payments after a default) payable with respect to any Qualified Loan shall be paid exclusively from Owner's Distribution.
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Samples: Management Agreement (Crestline Capital Corp), Management Agreement (Desert Springs Marriott Limited Partnership)
Subordination of Management Agreement. A. This Agreement, and Management Company's right to continue to manage and operate the Hotel Inn pursuant to this Agreement, are and shall be subject and subordinate to the lien of any Qualified Loan Loan, (i.e., upon a Foreclosure of any such Qualified Loan, such Qualified Lender, at its option, unless it such Qualified Lender has otherwise agreed to the contrary in a Non-Disturbance Agreement, Agreement shall have the right to terminate this Agreement). Notwithstanding the foregoing, during the Term of this Agreement, all debt service (including increased or accelerated payments after a default) payable with respect to any Qualified Loan shall be paid exclusively from Owner's Distribution.
Appears in 1 contract
Samples: Management Agreement (Hospitality Properties Trust)
Subordination of Management Agreement. A. This Agreement, and Management Company's right to continue to manage and operate the Hotel Inn pursuant to this Agreement, are and shall be subject and subordinate to the lien of any Qualified Loan Loan, (i.e., upon a Foreclosure of any such Qualified Loan, such Qualified Lender, at its option, unless it such Qualified Lender has otherwise agreed to the contrary in a Non-Disturbance Agreement, Agreement shall have the right to terminate this Agreement). Notwithstanding the foregoing, during the Term of this Agreement, all debt service September 13, 1993 75 (including increased or accelerated payments after a default) payable with respect to any Qualified Loan shall be paid exclusively from Owner's Distribution.
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