TRANSFER OF CLAREMONT PROPERTY. Notwithstanding the foregoing provisions of this Article VIII, in connection with Claremont Borrower and Affiliate Tenant entering into a new Management Agreement for the Claremont Property with an Acceptable Manager in accordance with Section 5.2.14, Sole Shareholder shall have the right to transfer up to forty-nine percent (49%) of the beneficial interests in the Claremont Property subject to the following terms and conditions:
Appears in 5 contracts
Samples: Mezzanine Loan and Security Agreement (CNL Hotels & Resorts, Inc.), Loan and Security Agreement (CNL Hotels & Resorts, Inc.), Mezzanine Loan and Security Agreement (CNL Hotels & Resorts, Inc.)
