Termination of Existing Management and Leasing Agreements Sample Clauses

Termination of Existing Management and Leasing Agreements. Terminate management and leasing agreements with respect to the Property, if any, as of the Closing Date, at Seller’s sole cost and expense. On the Closing Date, there shall be no contract or agreement in effect between Seller and any party for management or leasing of the Property after the Closing Date. Without limitation on the foregoing, in no event shall Buyer be obligated to employ any of Seller’s employees or property managers from and after Closing.
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Termination of Existing Management and Leasing Agreements. Evidence reasonably satisfactory to Investor LP that all existing management agreements, marketing agreements or ancillary service agreements with any Affiliate of YSI LP or third-party relating to the Locations have been terminated.
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Termination of Existing Management and Leasing Agreements. That certain agreement captioned Management Agreement, by and between Westland Hotel Corporation, an affiliate of Young and Seller (the "HOTEL MANAGEMENT AGREEMENT"), and all other management, franchise and brokerage agreements, if any, shall each be terminated as of the Closing Date, at Seller's sole cost, by a binding agreement (i.e., one for each of the Hotel Management Agreement and each other management, franchise and brokerage agreement) to be executed by the parties to such agreements (each in such form as is satisfactory to Buyer in its sole discretion), pursuant to which the Hotel Management and each other management, franchise and brokerage agreement, respectively, is terminated, cancelled and of no further force or effect of the Closing Date (collectively, the "TERMINATION AGREEMENTS"). All such Termination Agreements shall expressly provide that Buyer is a third party beneficiary of all rights, remedies and benefits thereunder. On the Closing Date, there shall be no contract or agreement in effect between Seller and any party for management, franchising or brokerage of the Property after the Closing Date. There shall be no fees, payments, commissions or other sums due and owing in connection with the Hotel Management Agreement or any other management, franchising or brokerage agreement or any other agreement for the period prior to the Closing Date.
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Termination of Existing Management and Leasing Agreements. Notwithstanding any other provision of this Agreement, Buyer shall not assume any obligations under the Hotel Management Agreement or any other management, franchise or brokerage agreements. In accordance with Section 9C hereof, Seller shall, as a condition to Buyer's obligation to Close, cause all such agreements to be terminated as of the Closing and shall deliver possession of the Hotel to Buyer (or Buyer's nominee) free and clear of any possession by, rights of or any claim by any party under such agreements, including, without limitation, any claim or rights of Westland Hotel Corporation, or its affiliates. Seller shall remain responsible for all amounts due or to become due under the Hotel Management Agreement, any other management, franchise and leasing agreements, and the Termination Agreements and shall indemnify, protect, defend, and hold Buyer harmless from and against all claims, liabilities, indemnities, releases, obligations, liens or encumbrances, losses, damages, costs and expenses, including reasonable attorneys' fees thereunder. Seller will deliver all Termination Agreements to Buyer in accordance with the provisions of Section 6B(1)(k). The provisions of this Section 11B(9) shall survive Closing.
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Related to Termination of Existing Management and Leasing Agreements

  • Termination of Existing Agreements Any previous employment agreement between Executive on the one hand and Employer or any of Employer’s Affiliates (as hereinafter defined) on the other hand is hereby terminated.

  • Termination of Existing Agreement The Existing Agreement is hereby terminated and replaced and superseded by this Agreement, effective August 1, 2001. All payments, of Base Salary or otherwise, made by the Company under the Existing Agreement with respect to any period commencing on or after August 1, 2001 shall be credited against the corresponding payment obligations of the Company under this Agreement.

  • Termination of Management Agreement Evidence of the termination of any and all management agreements affecting the Property, effective as of the Closing Date, and duly executed by Seller and the property manager.

  • Termination of Existing Tax Sharing Agreements Any and all existing Tax sharing agreements (whether written or not) binding upon the Company shall be terminated as of the Closing Date. After such date neither the Company nor any of its Representatives shall have any further rights or liabilities thereunder.

  • Ratification of Existing Agreements All existing Dual Enrollment agreements between the Trustees and the Private School are hereby modified to conform to the terms of this agreement and the appendices of this document.

  • Termination of Existing Credit Agreement Receipt by the Administrative Agent of evidence that the Existing Credit Agreement concurrently with the Closing Date is being terminated and all Liens securing obligations under the Existing Credit Agreement concurrently with the Closing Date are being released.

  • Property Management Agreement The Property Management Agreement is in full force and effect and, to Borrower's Knowledge, there are no defaults thereunder by any party thereto and no event has occurred that, with the passage of time and/or the giving of notice would constitute a default thereunder.

  • Leasing Arrangements From the Effective Date through Closing (the "Contract Period"), without Purchaser's prior written consent in each instance, Seller will not amend or terminate any existing Lease or enter into any new Lease without Purchaser's prior written consent (which may be given or withheld in its sole and absolute discretion). Without limitation thereon, any and all Leases to be entered into during the Contract Period shall be on Seller's standard lease form delivered to Purchaser and otherwise on terms and conditions acceptable to Purchaser. If Purchaser fails to grant or withhold its consent to any proposed Lease within five (5) days of receipt thereof, Purchaser shall be deemed to have consented to such Lease. Notwithstanding anything contained herein to the contrary, Purchaser's consent shall not be required with respect to any renewal Lease or consent to a sublease or assignment of Lease which Seller, as a matter of law or by a Lease, shall be required to deliver. Notwithstanding anything to the contrary contained in this Agreement, Seller reserves the right, but is not obligated, to institute summary proceedings against any Tenant or terminate any Lease as a result of a default by the tenant thereunder prior to the Closing Date. Seller makes no representations and assumes no responsibility with respect to the continued occupancy of the Property or any part thereof by any Tenant. The removal of a Tenant prior to the Closing Date, whether by summary proceedings (or any written agreement accepting surrender or termination of the Lease subsequent to the commencement of such summary proceedings) or unilateral act of such Tenant, shall not give rise to any claim on the part of Purchaser; provided, however, Purchaser shall have the right within ten (10) days of the removal of any Tenant as Purchaser's sole and exclusive remedy, to terminate this Agreement and receive a refund of any portion of the Xxxxxxx Money Deposit previously tendered by Purchaser to the Escrow Agent, whereupon this Agreement shall terminate and the parties shall have no further rights and obligations to one another except for those obligations expressly stated herein to survive. If Purchaser fails to terminate this Agreement within such ten (10) day period, Purchaser shall be deemed to have waived its right to terminate pursuant to this Section 7.1(e) and Purchaser shall proceed to Closing without credit against, or reduction of, the Purchase Price.

  • Management Agreement The Management Agreement is in full force and effect and there is no default thereunder by any party thereto and no event has occurred that, with the passage of time and/or the giving of notice would constitute a default thereunder.

  • Assignment of Management Agreement As additional collateral security for the Loan, Borrower conditionally transfers, sets over, and assigns to Lender all of Borrower’s right, title and interest in and to the Management Agreement and all extensions and renewals. This transfer and assignment will automatically become a present, unconditional assignment, at Lender’s option, upon a default by Borrower under the Note, the Loan Agreement, the Security Instrument or any of the other Loan Documents (each, an “Event of Default”), and the failure of Borrower to cure such Event of Default within any applicable grace period.

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