Property Improvement Plan. There is currently no PIP or similar requirement imposed under any Franchise Agreement, for calendar year 2014, other than as set forth on Schedule XVIII (the “Scheduled PIP”) and there is currently no PIP or similar requirement imposed under any Franchise Agreement other than Scheduled PIP, other than as set forth on Schedule XXI.
Property Improvement Plan. Purchaser assumes all responsibility for improvements required by any "Property Improvement Plan" of the Franchisor as defined in Section 5.9.
Property Improvement Plan. It is contemplated that, as of the Closing Date, the Purchaser shall have received from the Licensor a property improvement plan (the “Purchaser’s PIP”) with respect to the Hotel. Seller shall be responsible for cost of obtaining/issuing Purchaser’s PIP. Purchaser shall be responsible for all actions and expenses required to implement Purchaser’s PIP. The provisions of this Section 7.12 shall survive the Closing.
Property Improvement Plan. ADDENDUM Franchisee agrees to upgrade and/or remodel the Hotel in accordance with the following terms and provisions:
Property Improvement Plan. Based on an inspection of the Hotel, the property improvement plan prepared by Franchisor attached to this Exhibit C as Attachment One outlines the renovation requirements for the Hotel to continue to operate as a System Hotel (the “PIP”). All renovations, furniture, fixtures and equipment will conform to the then-current System specifications at the time such work is completed. Completion of the PIP does not satisfy Franchisee’s obligation to renovate the Hotel under Section 4.3.
Property Improvement Plan. Seller, at Seller’s sole cost and expense, shall complete all of the work described in Product Improvement Plan dated January 29, 2014 (the “2014 PIP”) and Seller shall provide Purchaser with written documentation from Licensor that Seller has completed the 2014 PIP promptly upon receipt from Licensor.
Property Improvement Plan. As noted in Section 3.1.38, applicable exceptions are set forth in Schedule XVIII and XXI.
Property Improvement Plan. As soon as possible following the date hereof, the Seller shall arrange for the inspection and creation of a Property Improvement Plan (“PIP”) by the Licensor, and the Seller shall endeavor to have such PIP prepared as promptly as possible. The Seller shall notify the Purchaser of any inspections to be made in connection with the preparation of a PIP promptly after the Seller receives notice thereof from the Licensor. The Seller shall request that the Licensor permit the Purchaser to attend any such inspections, and, to the extent permitted by the Licensor, the Purchaser shall have the right to attend such inspections; provided that the Purchaser shall not have the right to modifying the timing or schedules for any such inspections. The Purchaser shall be responsible for the costs to complete the work identified in the PIP in an amount not to exceed One Million and No/100 Dollars ($1,000,000.00). The Purchaser shall notify the Seller if the costs to complete the work identified in the PIP exceed One Million and No/100 Dollars ($1,000,000.00), as reasonably determined by the Purchaser and presented to the Seller in a budget. Within two (2) business days following receipt of such notice from the Purchaser, the Seller shall notify the Purchaser whether the Seller will (i) credit such costs in excess of One Million and No/100 Dollars ($1,000,000.00) against the Purchase Price at Closing; in which case the parties shall proceed to Closing in accordance with this Agreement or (ii) not credit such costs against the Purchase Price at Closing. If the Seller elects not to credit such costs against the Purchase Price at Closing, the Purchaser may either pay such costs and proceed to Closing, or, within five (5) business days of receipt of Seller’s notice of its election to credit or not credit such costs, terminate this Agreement, in which case the Deposit shall be returned to Purchaser and neither party shall have any further obligation to the other hereunder.
Property Improvement Plan. To the extent required by the Licensor and provided that Purchaser has used commercially reasonable and diligent efforts, the Purchaser shall have obtained a Property Improvement Plan (“PIP”) from Licensor by and at the cost of the Purchaser. As soon as possible following the Effective Date, the Seller shall arrange for the inspection and creation of a PIP by the Licensor for the Property (to the extent such PIP has not already been initiated), and the Seller shall endeavor to have each such PIP document (but not the work specified therein) completed as promptly as possible and delivered to Purchaser within fifteen (15) days following the Effective Date (“PIP Delivery Date”). The Purchaser shall be responsible for any fees or expenses charged by the franchisors for completing such inspections and preparing the PIPs except that if Purchaser shall terminate this Agreement due to a material breach by Seller, Seller shall reimburse Purchaser all such costs. The Purchaser shall be responsible for the completion of such PIP work and all costs associated therewith (“PIP Costs”).
Property Improvement Plan. It is contemplated that, as of the Closing Date, the Purchaser shall have received from the Licensor a property improvement plan (the “Purchaser’s PIP”) with respect to the Hotel for the remainder of calendar 2013 (and, if applicable, subsequent years). The Purchaser shall be responsible for all actions and expenses required by the Purchaser’s PIP, except as specifically stated otherwise herein. Notwithstanding anything herein to the contrary, in no event shall Purchaser be responsible for the cost outstanding Hotel improvement deficiencies which are not in compliance with current Licensor standards other than the requirement for Guest Bedroom (2510.05), which obligation Buyer shall assume. The provisions of this Section 7.11 shall survive the Closing.
