Common use of Interest Owner’s Costs Clause in Contracts

Interest Owner’s Costs. Interest Owners shall be responsible for all transfer, recordation, sales, use, income, bulk transfer taxes or like taxes in connection with the sale of the Interests hereunder and for all sales and use, hotel occupancy and other taxes of the Company or the Hotel for the period prior to Closing. Interest Owners shall be responsible for all costs related to the termination of the Existing Management Agreement and the Existing Franchise Agreement. Interest Owners shall also be responsible for the costs and expenses of their and the Company’s attorneys, accountants, appraisers and other professionals, consultants and representatives. Interest Owners shall also be responsible for payment of all prepayment penalties, premiums and other charges or amounts payable in connection with the pay-off of any Property Liens encumbering the Property, other than Property Lien securing the Assumed Loan, if any. Interest Owners shall be responsible for all costs to complete all PIP improvements required by the Franchisor to the extent provided in Schedule 2.