INITIAL RESTAURANT Sample Clauses

INITIAL RESTAURANT. (a) On the date hereof, HSF, TC, HPI, and Torrey have executed the Partnership Agreement for the purpose of the development and operation, direct or indirect, of the Initial Restaurant. It is hereby agreed by the parties that the Initial Restaurant will be located in Plantation (Broward County), Florida and will be owned indirectly by the Partnership through a Second-Tier Partnership known as "Hops of Plantation, Ltd." which will initially be owned as follows: HSF will own a 1% interest as the sole general partner; HSF will own a 0.1% as a limited partner; and the Partnership will own a 98.9% interest as a limited partner. The parties hereby acknowledge that at the discretion of Hops and HSF, up to ten percent (10%) of Hops of Plantation, Ltd. may be owned by a manager of the Plantation restaurant at a future date.
Sample 1
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INITIAL RESTAURANT. (a) On the date hereof, HRI, RMRP, HPI, and Manager have executed the Partnership Agreement for the purpose of the development and operation, direct or indirect, of the Initial Restaurant. It is hereby contemplated by the parties, subject to Section 1(b) below, that the Initial Restaurant will be located in the Cherry Creek area of Denver, Colorado and will be owned indirectly by the Partnership through a Second-Tier Partnership known as "Hops of Cherry Creek, Ltd." which will initially be owned as follows: HRI will own a 1.0% interest as the sole general partner; HRI will own a 0.1% interest as a limited partner; and the Partnership will own a 98.9% interest as a limited partner. The parties hereby acknowledge that at the sole discretion of Hops and HRI, up to a ten percent (10.0%) limited partnership interest in Hops of Cherry Creek, Ltd. may be owned by a manager of the Cherry Creek restaurant at a future date.
Sample 1

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