Examples of Hotel Work in a sentence
Borrower shall cause Redevelopment LLC to use commercially reasonable efforts to complete all Hotel Work as required under the Hotel Purchase Agreement prior to the date on which Borrower will begin to incur the "Daily Late Payment" described therein.
All Hotel Work shall be completed pursuant to contracts entered into by 330 Redevelopment LLC, a Delaware limited liability company ("Redevelopment LLC"), which is affiliated with Borrower by common ownership.
You will perform or cause the Hotel Work to be performed in accordance with this Agreement, the approved Plans and Designs, the Manual and, for Renovation Work, the PIP.
All monies on deposit in the Hotel Work Reserve shall be held by Collateral Agent, with interest in accordance with Section 5.8, in one or more Collateral Agent Accounts.
You are solely responsible for obtaining all necessary licenses, permits and zoning variances required for the Hotel Work.
You will bear the entire cost of the Hotel Work, including the cost of the Plans and Designs, professional fees, licenses, permits, equipment, furniture, furnishings and supplies.
Once commenced, the Hotel Work will continue uninterrupted except to the extent continuation is prevented by events of Force Majeure.
On the Closing Date, Borrower shall deposit $2,140,000 into a reserve with Collateral Agent (the "Hotel Work Reserve"), out of its own funds (not Loan proceeds).
Borrower grants to Collateral Agent (on behalf of the Lenders) a security interest in all funds on deposit in the Hotel Work Reserve.
While an Event of Default or Potential Default exists, Collateral Agent shall not be obligated to release to Borrower any portion of the Hotel Work Reserve, and while an Event of Default exists, Collateral Agent shall be entitled, without notice to Borrower, to apply any funds in the Hotel Work Reserve to satisfy Borrower's obligations under the Loan Documents.