SUBSTITUTION OF A PROPERTY. The parties agree that during the first five (5) years of this Agreement, in the event any of the Properties is sold or otherwise disposed of pursuant to and in accordance with the terms of the applicable Management Agreement which results in the termination of such applicable Management Agreement, Manager shall have the right, at its election and in its sole and absolute discretion (without obligation) to designate and substitute another management agreement covering another property (the "Substitute"), which is reasonably comparable to the Management Agreement which was terminated, and the Substitute shall thereafter be deemed a Management Agreement, as defined in and for all purposes under, this Agreement.
Appears in 8 contracts
Samples: Management and Consulting Agreement (Ashford Hospitality Trust Inc), Asset Management and Consulting Agreement (Ashford Hospitality Trust Inc), Asset Management and Consulting Agreement (Ashford Hospitality Trust Inc)
