Common use of Property Improvement Plan Clause in Contracts

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. 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. The Purchaser shall be responsible for all actions and expenses required to implement by the Purchaser’s PIP, except as specifically stated otherwise herein. The provisions of this Section 7.12 shall survive the Closing.

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 Hotel for cost the remainder of obtaining/issuing Purchaser’s PIPcalendar 2013 (and, if applicable, subsequent years). Purchaser shall be responsible for all actions and expenses required to implement by Purchaser’s PIP. The provisions of this Section 7.12 shall survive the Closing.

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 HotelHotel for the remainder of calendar 2015 (and, if applicable, subsequent years). Seller shall be responsible for cost of obtaining/issuing Purchaser’s PIP. The Purchaser shall be responsible for all actions and expenses required to implement by the Purchaser’s PIP, except as specifically stated otherwise herein. The provisions of this Section 7.12 shall survive the Closing.