Examples of Sale of the Inn in a sentence
Furthermore, Owner shall not enter into a Sale of the Inn if Owner is at the time in Default under the terms of this Agreement.
If, in connection with any Sale of the Inn, the selling Owner intends to withdraw, for its own use, any of the cash deposits described in the preceding sentence, the selling Owner must obtain the contractual obligation of the buying Owner to replenish those deposits (in the identical amounts) simultaneously with such withdrawal.
The obligations described in this Section 10.02.F. shall survive such Sale of the Inn and shall survive Termination.
In connection with any Sale of the Inn which includes a transfer of Lessor's and/or Lessee's title in the Site and/or the Inn, Lessor and Lessee agree that the successors to their respective titles in the Site and/or the Inn shall also assume their respective rights and obligations under this Agreement and shall cause such successor(s) to assume such rights and obligations pursuant to an assumption of this Agreement reasonably acceptable to Manager.
Owner and Landlord shall deliver a written notice (the "Notice of Proposed Sale") (which Notice of Proposed Sale may be given concurrently with the Notice of Intent to Sell), of the proposed Sale of the Inn to Manager stating: (i) the name of the prospective purchaser or tenant, as the case may be; (ii) the price or rental; and (iii) the terms and conditions of such proposed Sale of the Inn, together with all other information reasonably requested by Manager.
In connection with a "Sale of the Inn" that is consented to by Manager under Article X of the Management Agreement, Lessor and Lessee agree that an agreement in form and substance similar to this Agreement will be required in order to ensure that Manager will incur no greater liability, cost or risk of termination of the Management Agreement as a result of such "Sale of the Inn".
Any successor to Lessee under clause (c)(ii) above shall be subject to Manager's prior written approval, which approval shall not be withheld or delayed if such successor to Lessee is (i) a direct or indirect wholly-owned subsidiary of Lessor, (ii) a person or entity to whom a Sale of the Inn is permitted under Section 10.02.A. of the Management Agreement, or (iii) a person or entity who otherwise is approved by Manager in its sole discretion (an "Approved Lessee").
To consent to such Sale of the Inn and to the assignment of this Agreement to such purchaser or tenant, provided that concurrently with the closing thereof, the purchaser or tenant, as the case may be, shall, by appropriate instrument in form satisfactory to Manager, assume all of Owner's obligations under this Agreement.
To not consent to such proposed Sale of the Inn, based upon such Sale of the Inn not being in compliance with Section 10.02.A. above, specifying in reasonable detail the reasons for such decision, in which event such Sale of the Inn shall not be permitted hereunder and it shall be an Event of Default for Owner to proceed with such Sale of the Inn.
Any proposed Sale of the Inn with respect to which a Notice of Proposed Sale has been delivered by Owner to Manager hereunder must be finalized within one hundred eighty (180) days following the date of Manager's written notice in response to such Notice of Proposed Sale.