Hotel Use. Landlord is the owner of a hotel (the "ESS Hotel") adjacent to the Leased Premises. Subject to room availability, Landlord shall permit Tenant the continuing right throughout the term to rent rooms at the ESS Hotel for Tenant's employees, agents and business invitees at such rates that Landlord shall reasonably determine from time to time; provided, however, that such rates shall be no more than the lowest rate charged to guests of the hotel who are not employees of Landlord during the calendar year.
Hotel Use. The Development may include a hotel use in addition to the residential condominiums, pursuant to a franchise agreement with Hilton International Holdings LLC, a Delaware limited liability company (“Hilton”). Buyer shall review and execute the acknowledgement attached hereto as Exhibit B and incorporated herein by reference, for the benefit of Seller and Hilton.
Hotel Use. The Owner hereby agrees that the Project is to be owned, managed, and operated as a hotel in a first-class manner, and the Project's participation in the Program shall continue in accordance with the terms of the Program, for a term equal to thirty years commencing upon the date Owner first receives from the City the Owner's share of transient occupancy tax revenues pursuant to the Program, or until Owner has received from the City the total sum of fifty million dollars if that occurs prior to the expiration of said thirty years, unless Owner's participation in the Program is terminated prior thereto in accordance with this Agreement (the "Term"). During the Term, City shall pay to Owner, within thirty days after receipt from Owner of each monthly payment made by Owner to the tax administrator per Section 3.24.080 of the Municipal Code, an amount equal to seventy-five percent of each such payment. City acknowledges and agrees that City has reviewed proposed development and operational plans for the Hotel and concluded that such plans are in substantial compliance with and will satisfy first class Hotel requirements of the City and Chapter 5.26 of the Municipal Code.
Hotel Use. The Premises shall be used for the operation of the hotel (the “Hotel”) operated in a manner consistent with its operation prior to the Effective Date (the “Hotel Standard”), and for uses ancillary or related thereto (which may include, without limitation, restaurant(s), bar(s), meeting, conference and/or banquet space, a gift and/or sundries shop, fitness and spa facilities, and parking facilities), and for no other purpose. Tenant shall proceed with diligence and exercise reasonable good faith efforts to obtain and maintain all approvals necessary to operate and use the Hotel for its intended purpose under all applicable Laws. Tenant shall not, and shall not knowingly permit anyone else to, bring into, use, store or dispose of on the Premises any materials or substances in violation of any applicable Laws. The parties acknowledge and agree that TPG Hotels & Resorts, Inc. or an Affiliate thereof shall be the “Hotel Operator”.
