Hotel Deposits definition
Hotel Deposits means all prepaid rents and deposits (including, without limitation, any reserves for replacement of FF&E and for capital repairs and/or improvements), refundable security deposits and rental deposits (including, without limitation, rental deposits under Leases), and all unexpended and/or unearned deposits for advance reservations, banquets or future services, made in connection with the use or occupancy of the Improvements; provided, however, that “Hotel Deposits” shall exclude (i) reserves for real property taxes and insurance paid by tenants under Leases, in each case, to the extent prorated on the settlement statement at Closing such that Buyer receives a credit for accrued but unpaid taxes and premiums in respect of any period prior to Closing and (ii) utility deposits.
Examples of Hotel Deposits in a sentence
On and subject to the terms and conditions set forth in this Agreement, Seller shall sell, convey, assign and transfer to Buyer, and Buyer shall purchase and accept from Seller, the leasehold interest in the Hotel Premises under the Ground Lease and all of Seller’s interest (including any fee simple interest, as applicable) in and to the Hotel Improvements, FF&E, Inventory, Hotel Deposits, Hotel Records, Leases, Cash Banks, Intangibles and all Assumed Contracts (collectively, the “Property”).