Property Improvement Plan definition

Property Improvement Plan has the meaning provided in Section 4.1(QQ).

Property Improvement Plan means, collectively, those certain property improvement plans for the Properties described on EXHIBIT G and any future Property Improvement Plans required to be implemented by the applicable Franchisor.

Property Improvement Plan or "PIP" shall mean the requirements established by the Franchisor for the Property as a condition of the transfer of the Franchise.

Examples of Property Improvement Plan in a sentence

• The Contributor represents that to its Knowledge that the hotel operated at the Property is within brand standards, and that any future Property Improvement Plan (“PIP”) items that have been negotiated for delayed implementation have been disclosed to the Operating Partnership.

• On or before the Closing Date, Lender shall have received copies of the existing Franchise Agreements (including any Property Improvement Plan) and Franchisor Letters for each of the Properties duly executed by the applicable Franchisors.

• Attached hereto as Exhibit H is (i) a true, complete and correct copy of all property improvement plans or similar agreements affecting each Individual Property (each, a “Property Improvement Plan”), and (ii) a true, complete and correct description of the estimated amounts to be expended and time frames for required expenditure and completion pursuant to each Property Improvement Plan.

• Biomass is biological material derived from living or recently living organisms.

• Franchisor and Franchisee have agreed to the construction, upgrading, and renovation requirements set forth in Attachment One to this Property Improvement Plan Addendum (the “Scope of Work”) in order for Franchisee to use the System and continue to operate the Hotel as a System Hotel.

More Definitions of Property Improvement Plan

Property Improvement Plan means any property improvement plan implemented with respect to any Borrowing Base Property that is a Hotel Asset pursuant to the terms of any Hotel Agreements.

Property Improvement Plan or “PIP” means, individually and collectively, the property improvement plan for the Hotel executed by Purchaser and Franchisor at or before the Closing.

Property Improvement Plan has the meaning provided in Section 4.1.40 hereof.

Property Improvement Plan means the plan attached hereto as Exhibit R, excluding the Signage, the corrective action of Purchaser required by Section 9.1 and the obligations of Seller in accordance with the Pre-Opening Budget.

Property Improvement Plan means any property improvement plan entered into after the date hereof required under the Franchise Agreement or any Replacement Franchise Agreement.

Property Improvement Plan or “PIP” means any property improvement plan implemented with respect to the Property pursuant to the terms of the Management Agreement or any Franchise Agreement, including, without limitation, the Required PIP.

Property Improvement Plan means any future property improvement plan relating to the Property.