Examples of Hotel Property in a sentence
To the extent necessary for the full utilization of each Hotel Property in accordance with its current use, telephone services, gas, steam, electric power, storm sewers, sanitary sewers and water facilities and all other utility services are available to each Hotel Property, are adequate to serve each such Hotel Property, exist at the boundaries of the Land and are not subject to any conditions, other than normal charges to the utility supplier, which would limit the use of such utilities.
All streets and easements necessary for the occupancy and operation of each Hotel Property are available to the boundaries of the Land.
The Management Agreement gives Hyatt control over the day-to-day operation of the Hotel Property and will allow Hyatt to share with Mogul in the benefits of any increases in revenues or cost savings in the operation of the Hotel Property.
In order for any income derived by the Operating Partnership from the Hotel Property to constitute either "rents from real property," or in the case of a default under the Lease, "gross income from foreclosure property," the Lease must be treated as a lease for federal income tax purposes and not be treated as a service contract, management contract or other type of arrangement.
This memorandum concludes that, subject to certain assumptions, in our opinion (i) all of the income that the Operating Partnership derives from the Hotel Property will be treated as "qualifying income" for purposes of the 95 percent test and (ii) all of the income the Operating Partnership derives from the Hotel Property, with the exception of certain interest income, will be treated as "qualifying income" for purposes of the 75 percent test.