Tampa Hotel Sample Clauses

Tampa Hotel. Buyer acknowledges that the Tampa ------------ Agreement requires 90 days notice to Tampa Manager prior to termination thereof. Buyer and Tampa Seller shall use good faith efforts to reach an agreement with Tampa Manager to cause the Tampa Agreement to be terminated prior to the expiration of such 90-day notice provision at no greater expense thereunder than would have been payable if such full 90 days' notice had been given. In the event that Buyer and Tampa Seller are unable so to terminate the Tampa Agreement prior to the Closing Date, Tampa Seller shall give Tampa Manager notice of termination in accordance with the Tampa Agreement within two (2) business days after the expiration of the Review Period, whereupon Buyer and Sellers shall conduct the closing as to the other Hotels on the Closing Date in accordance with the terms of this Contract and Buyer and Tampa Seller shall conduct the Closing with respect to the Tampa Hotel as soon as practicable following the termination of the Tampa Agreement in accordance with the terms of this Contract, but in no event later than the first business day following the expiration of such 90-day notice provision; provided, however, that all -------- ------- prorations with respect to the Tampa Hotel shall nevertheless be calculated as of the Closing Date (and Buyer shall be credited with all revenues and expenses derived from or related to the Tampa Hotel from and after the Closing Date), and Tampa Seller shall be entitled to interest at the rate of 8% per annum on the portion of the Purchase Price allocated to such Hotel pursuant to Section 3.03 for the number of days from and including the Closing Date to but excluding the first business day following the expiration of such 90-day notice provision. Buyer and Tampa Seller each agree to each pay one-half of all fees, charges, expenses and other obligations of any kind based upon, or arising out of, the termination of the Tampa Agreement, including any application fees associated with a new franchise agreement for the Tampa Hotel from the Tampa Manager or any Affiliate thereof but excluding any costs relating to the completion of any "property improvement program" specified by such franchisor in connection with any such new franchise agreement.
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