Hotel Leases definition
Examples of Hotel Leases in a sentence
This Agreement, the Hotel Leases, the FF&E Leases and the 1998 Noncompetition Agreement constitute the entire agreement of the parties concerning the subject matter hereof.
Borrower shall permit agents, representatives and employees of Lender to inspect the Individual Properties or any part thereof at reasonable hours upon reasonable advance notice, subject to the provisions of the Hotel Leases and Management Agreements.
Borrower shall not cancel or otherwise forgive or release any material claim or debt (other than termination of Leases or Hotel Leases in accordance herewith) owed to Borrower by any Person, except for adequate consideration and in the ordinary course of Borrower’s business.
In the event any one Hotel Lessee operates more than one Individual Property, each related Hotel Lease is and shall be cross defaulted with the Hotel Leases covering any of the other Properties entered into with such Hotel Lessee.
All of the Hotel Leases included within the Companies' Assets shall be amended and restated by all of the parties thereto (simultaneously with the Closing) to be in substantially the form of Exhibit A to the Master Agreement.
The Funds or the Fund Subsidiaries have in place the public liability, casualty and other insurance coverage with respect to each Property as required under the Hotel Leases, Franchise Agreements and all other agreements related to the use and operation of each Property, including flood insurance where applicable, and as the Funds reasonably deem necessary.
No Person other than Lender has any interest in or assignment of Borrower’s interest in the Leases or Hotel Leases or any portion of Borrower’s interest in the Rents or the Hotel Lease Rents.
The Hotel Leases shall each be subordinate to the related Mortgage and shall provide that they may be terminated without penalty to Lender, at Lender’s option, upon foreclosure of the related Mortgage or delivery of a deed in lieu of foreclosure.
There are no prior assignments of the Hotel Leases or any portion of the Hotel Lease Rents due and payable or to become due and payable which are presently outstanding, except in connection with indebtedness to be repaid in full from the proceeds of the Loan concurrently with the Closing Date.
All of the representations and warranties with respect to the Hotel Leases and Management Agreements set forth in Article VII of this Agreement are true and correct in all respects.