Common use of Binding Effect; Miscellaneous Clause in Contracts

Binding Effect; Miscellaneous. A. This Agreement shall be binding upon and shall inure to the parties hereto, their respective heirs, successors, legal representatives and assigns. This Agreement sets forth the entire Agreement between the parties hereto and no other prior written or oral statement or agreement or understanding shall be recognized or enforced. All modifications or amendments shall be in writing and signed by the parties. This Agreement is to be construed according to the laws of the State of Florida. This Agreement may be executed in two or more counterparts all of which shall constitute one and the same instrument. The singular shall include the plural and vice versa. B. The Purchaser may assign this Agreement. C. For a period of five (5) years immediately following the Closing, Seller, including any and all entities and individuals owning at least a twenty five percent (25%) ownership interest in Seller, agrees that it shall not, directly or indirectly, for its own account or as agent, employee, officer, director, trustee, lessor, sublessor, consultant or as a stockholder of any corporation or any other entity, or as a member of any firm or otherwise, (i) engage or attempt to engage within the Restricted Area (as hereinafter defined), in the hotel, motel or other business which is the same as, substantially similar to or competitive with the operation of the Premises purchased pursuant to this Agreement, or (ii) employ or solicit the employment of any employees of Seller at the Premises. For purposes of this Agreement, the term "Restricted Area" shall mean an area which shall consists of a circle the radius of which is 10 miles with the center point being located at the Premises in Clearwater, Florida. Each of the Seller, including any and all entities and individuals owning at least a twenty five percent (25%) ownership interest in Seller, and Purchaser acknowledges and agrees that the foregoing territorial, time and other limitations and restrictions contained in this Article XV are

Binding Effect; Miscellaneous. A. This Agreement shall be binding upon and shall inure to the parties hereto, their respective heirs, successors, legal representatives and assigns. This Agreement sets forth the entire Agreement between the parties hereto and no other prior written or oral statement or agreement or understanding shall be recognized or enforced. All modifications or amendments shall be in writing and signed by the parties. This Agreement is to be construed according to the laws of the State of Florida. This Agreement may be executed in two or more counterparts all of which shall constitute one and the same instrument. The singular shall include the plural and vice versa. B. The Purchaser may assign this Agreement. C. For a period of five (5five(5) years immediately following the Closing, Seller, including any and all entities and individuals owning at least a twenty five percent (25%) ownership interest in Seller, agrees that it shall not, directly or indirectly, for its own account or as agent, employee, officer, director, trustee, lessor, sublessor, consultant or as a stockholder of any corporation or any other entity, or as a member of any firm or otherwise, (i) engage or attempt to engage within the Restricted Area (as hereinafter defined), in the hotel, motel or other business which is the same as, substantially similar to or competitive with the operation of the Premises purchased pursuant to this Agreement, or (ii) employ or solicit the employment of any employees of Seller at the Premises. For purposes of this Agreement, the term "Restricted Area" shall mean an area which shall consists of a circle the radius of which is 10 miles with the center point being located at the Premises in Clearwater, Florida. Each of the Seller, including any and all entities and individuals owning at least a twenty five percent (25%) ownership interest in Seller, and Purchaser acknowledges and agrees that the foregoing territorial, time and other limitations and restrictions contained in this Article XV are