Common use of Transfer of Leased Property Clause in Contracts

Transfer of Leased Property. Except as otherwise provided in Article 20, Landlord shall not transfer the Leased Property, or any interest therein, directly or indirectly, to any Person which: (i) does not have sufficient financial resources to fulfill Landlord's obligations hereunder; (ii) is in control of or controlled by Persons who have been convicted of felonies; (iii) is engaged in the business of operating or franchising (as distinguished from owning) a branded hotel chain having fifteen hundred (1,500) or more guest rooms in competition with Tenant, the Guarantor or their Affiliated Persons or (iv) fails expressly to assume, in writing, the obligations of Landlord under this Agreement without the prior written consent of Tenant, which consent may be given or withheld by Tenant in Tenant's sole and absolute discretion. For purposes of this Section 5.1, a Person shall not be deemed to be in the business of operating hotels in competition with Tenant, the Guarantor or their Affiliated Persons solely by virtue of (x) the ownership of such hotels, either directly or indirectly through Subsidiaries, Affiliated Persons and Entities, or (y) holding a mortgage or mortgages secured by one or more hotels. Otherwise, subject to the provisions of Section 15.2, Landlord may transfer the Leased Property, or an interest therein, to any Person without the consent of, but upon not less than ten (10) Business Days prior Notice to, Tenant.