Common use of PASSIVE OWNER Clause in Contracts

PASSIVE OWNER. SELLER (A) DID NOT DEVELOP OR ------------- CONSTRUCT THE PROPERTY; AND (B) HAS DELEGATED THE DAY-TO-DAY MANAGEMENT OF THE PROPERTY TO A THIRD PARTY MANAGER.

Appears in 1 contract

Sources: Purchase Agreement (DiamondRock Hospitality Co)

PASSIVE OWNER. SELLER (A) DID NOT DEVELOP OR ------------- CONSTRUCT THE PROPERTY; AND (B) HAS DELEGATED THE DAY-TO-DAY MANAGEMENT AND OPERATION OF THE PROPERTY TO A THIRD PARTY MANAGERMANAGER OF THE PROPERTY.

Appears in 1 contract

Sources: Purchase Agreement (Jones Lang LaSalle Income Property Trust, Inc.)