Key Money definition

Key Money means funds made available by the Borrower, at its discretion, to Persons signing with Borrower or a Subsidiary either a new franchise agreement or new management agreement in connection with a change of brand of the hotel property owned or operated by any such Person to a brand owned by Borrower or a Subsidiary, or a change in management of a hotel property owned or operated by any such Person to Borrower or a Subsidiary as manager, to facilitate the change in brand or management.

Key Money means money that a tenant is to pay, or a benefit that a tenant is to give, that is—

Key Money means money paid or benefit given by a tenant by way of, or in the nature of, a premium to procure the grant, variation, renewal, assignment or subleasing of a lease, where there is no true consideration(s.3 RLA).A landlord may not seek or accept the payment of:(a) key money; or(b) any consideration for goodwill.Fine: 50 penalty units (s.23(1) RLA). 'Key money' means money paid or benefit given to, or at the direction of, the landlord to procure the grant, renewal or assignment of a lease (s.5 RSLA).Landlord cannot seek or accept key money or any consideration for goodwill. Maximum penalty: 100 penalty units (s.39(1) RSLA).Any payment made can be recovered(s.39(3) RSLA). 'Key money' means money paid or benefit given by a tenant to procure the grant, renewal, extension or assignment of a lease (cl.1 CPRT).Key money must not be required (cl.9(1) CPRT). However, the prohibition does not apply to a property owner and a proposed assignee agreeing to a new lease or a rent review, refurbishment or refitting (cl.9(3) CPRT).Penalty: $1,300 (r.4 of the Regulations). Any payment made can be Landlord cannot seek or accept payment of a 'premium' in connection with the grant of a retail shop lease.'Premium' means money paid, or a benefit given, to or as directed by the landlord or its agent in connection with the grant, renewal or assignment of a lease.Any provision of a retail shop lease is void to the extent it requires payment of a premium. Maximum penalty:$15,000. 'Key money' means:(a) money that is to be paid by, or at the request or direction of, a tenant; or(b) any benefit that is to be conferred by, or at the request or direction of, a tenant,by way of a premium or something of a like nature in consideration of the granting of, or agreeing to grant a lease or the renewal of a lease or the consenting to an assignment of a lease or the subletting of premises the subject of a lease (s.3 RSA). 'Key money' means:(a) money paid to or at the direction of a landlord, by way of a premium,non-repayable bond or otherwise; or(b) any benefit conferred at the direction of a landlord to procure the granting, renewal, extension or assignment of a retail shop lease,(s.3 RLA).The landlord cannot seek or accept key money in connection with the granting of: 'Key money' means any money paid by or on behalf of a tenant to a landlord, other than rent, goodwill for a business sold by the landlord to the tenant, a security bond or deposit, money on account of outgoings, money in relatio...

Examples of Key Money in a sentence

• The Advisor and the Company may agree to additional incentive fees based on the performance of any Key Money Asset (“Key Money Incentive Fees”).

• Key Money Key money received in conjunction with entering into hotel management agreements is deferred and amortized over the term of the hotel management agreement.

• If this Agreement is terminated for any reason prior to the tenth (10th) anniversary of the Takeover Date, then Owner shall pay to Operator, concurrent with the effective date of termination of this Agreement the unamortized portion of the Key Money Contribution (the “Unamortized Key Money”).

• Buyer shall be responsible for paying all reasonable and actual costs of the Franchisor related to the assignment or termination, as applicable, of the Existing Franchise Agreement; provided, however, Seller shall be solely responsible for repayment of any Key Money or other franchisor-provided incentives and for any other amounts owed pursuant to the Existing Franchise Agreement.

• Key Money shall not be considered a waiver by Owner of any right to seek any and all damages against Operator if Owner terminates this Agreement due to an Event of Default by Operator.

More Definitions of Key Money

Key Money has the meaning given in Section 2.1.4.

Key Money means any and all funds provided by Franchisor to WPPI as an inducement to enter into an agreement respecting the Hotel.

Key Money means such money as defined in the Management Agreement which is equal to Five Hundred Thousand and No/100 Dollars ($500,000.00)

Key Money shall have the meaning ascribed in Article 3.15.

Key Money. ’ means —

Key Money means any amount of money paid, or contemplated to be paid, by Crestline Hotels & Resorts, LLC or Highgate Hotels, L.P., or any affiliate of Crestline Hotels & Resorts, LLC or Highgate Hotels, L.P., to You or any Person affiliated with You, in connection with entering into a hotel management agreement.

Key Money means any money that is to be paid to or at the direction of a landlord or a landlord’s agent, by way of a premium, non-repayable bond or otherwise, or any benefit that is to be conferred on or at the direction of a landlord or a landlord’s agent in connection with the granting, renewal or assignment of a lease;