Property Improvement Plans definition

Property Improvement Plans shall have the meaning given to that term in Section 2.5 of this Agreement.
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Property Improvement Plans means, collectively, the capital or property improvement plan requirements set forth in the Franchise Agreements that require the Borrowers to make certain improvements, upgrades and replacements to the Individual Properties.
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Property Improvement Plans. The property improvement plans detailed for each parcel of Real Estate as further set forth on Schedule PIP.
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Examples of Property Improvement Plans in a sentence

  • Except for the Property Improvement Plans set forth on EXHIBIT G attached hereto, there are no other property improvement plans or similar capital improvement plans or obligations required by any Franchisor pursuant to any Franchise Agreement, in effect for any of the Properties.

  • If the costs of the agreed final Property Improvement Plans are less than the PIP Amount, the PIP Amount will be reduced accordingly.

  • If the parties are able to agree on such final Property Improvement Plans, they shall be deemed to be the Renovation Plans for all purposes of the Hotel Management Agreements.

  • Marriott shall, provide Purchaser for the Long Beach, Westchester and Orlando Hotels prior to Closing, and for the other Hotels subsequent to Closing, with preliminary Property Improvement Plans for each Hotel, together with estimated pricing thereof, describing all of the renovation and property improvement needs that Marriott considers necessary to meet System Standards (as defined in the Hotel Management Agreements) or otherwise desirable (the “Preliminary PIPs”).

  • In the event that, within thirty (30) days following the delivery of the last Preliminary PIP, Purchaser and Marriott are unable to agree on final Property Improvement Plans for the Hotels in an aggregate amount not exceeding the PIP Amount, then Marriott shall determine the scope of the final Property Improvement Plans (which shall be consistent with the Preliminary PIPs and System Standards) provided that the pricing of such scope (as determined by Marriott) shall not be in excess of the PIP Amount.

  • In no event shall Purchaser be required to fund amounts in excess of the PIP Amount for the agreed final Property Improvement Plans.

  • On or prior to the date hereof, Borrower has delivered the current Property Improvement Plans to Lender.

  • Borrower shall deliver to Lender promptly from time to time, any amendments to such initial Property Improvement Plans (which amendments shall be subject to Lender’s reasonable approval).

  • Following the delivery of each of the Preliminary PIPs, Purchaser shall work with Marriott to refine and revise the Preliminary PIPs, in both scope and pricing, with the objective of agreeing upon final Property Improvement Plans that will satisfy all System Standards (as well as any other work mutually agreed upon) for a budgeted amount not in excess of the PIP Amount.

  • Any costs associated with the transfer of any applicable franchise agreement, including franchise fees, royalties or past dues, shall be borne by Seller: provided, however, that Purchaser -------- ------- shall pay for any Property Improvement Plans required by the Franchisor at the time of transfer.