Franchise. (a) Upon the Effective Date, Seller authorizes Purchaser to contact Hilton to seek assumption or re-issuance (as required by Hilton) of the applicable franchise license for the Hotel at Closing (the “Franchise Approval”). Immediately after the Effective Date, Purchaser shall reasonably promptly and diligently in good faith pursue obtaining, at Purchaser’s sole cost and expense, the written consent of Hilton for the Franchise Approval and the corresponding franchise and related agreements pertaining to the operation of the Hotel as a Home2 Suites Hotel after the Closing (collectively, the “New Franchise Agreement”) and providing for the release of Seller and any guarantors of Seller’s future obligations to Hilton effective as of the Closing.
Appears in 4 contracts
Samples: Purchase and Sale Agreement (Condor Hospitality Trust, Inc.), Purchase and Sale Agreement (Condor Hospitality Trust, Inc.), Purchase and Sale Agreement (Condor Hospitality Trust, Inc.)
