Property Management and Franchises Sample Clauses

Property Management and Franchises. There is no property management, consulting, franchise or license agreement or other similar contract or agreement (“Management Agreements”) in effect that relates to the Property by and between Borrower and third parties other than the management agreement between Borrower and Kimpton dated as of March, 2007 (the “Hotel Operating Agreement”) and between Borrower and HPT Management Services, LP, effective as of December 1, 2006 (“Retail Agreement”) and Borrower will not enter into any Management Agreements of any kind or character unless and until (i) Administrative Agent approves the form and substance of such Management Agreement except the Retail Agreement may be assigned to an affiliate of Borrower or a new management agreement may be entered into with an affiliate of Borrower in substantially the same form as the Retail Agreement, and (ii) the parties to such Management Agreement enter into a collateral assignment and agreement with Administrative Agent that provides, among other things, that such parties consent to the collateral assignment of such Management Agreement to Administrative Agent as collateral for the Loan, agree to subordinate their respective rights (including rights to any fees or other payments) to the Loan Documents, and grant to Administrative Agent the right to terminate such Management Agreement upon notice given at any time after an Event of Default has occurred. The form and substance of such collateral assignment and agreement shall be satisfactory to Administrative Agent in its good faith business judgment; provided, that the form of the collateral assignment and subordination agreement executed by Kimpton in connection with the closing of the Loan shall be deemed to be satisfactory to Administrative Agent and Lenders. Borrower shall not enter into an agreement with any other sales agent or broker, other than the agreements with Xxxxxxxxxx & Associates currently existing, relating to the sale of Residential Units without Administrative Agent’s prior written consent, which consent will not be unreasonably withheld or delayed.
Sample 1
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Property Management and Franchises. There is no property management, consulting, franchise or license agreement or other similar contract or agreement (each a “Hotel Agreement”) in effect that relates to the Property, except the Existing Property Listing/Management Agreements. Borrower will not enter into any other Hotel Agreement of any kind or character unless and until (i) Administrative Agent approves the form and substance of such Hotel Agreement, and (ii) the parties to such Hotel Agreement enter into a collateral assignment and agreement with Administrative Agent that provides, among other things, that such parties consent to the collateral assignment of such Hotel Agreement to Administrative Agent as collateral for the Loan, agree to subordinate their respective rights (including rights to any fees or other payments) to the Loan Documents, and grant to Administrative Agent the right to terminate such Hotel Agreement upon notice given at any time after a Default has occurred. The form and substance of such collateral assignment and agreement shall be satisfactory to Administrative Agent in its good faith business judgment.
Sample 1

Related to Property Management and Franchises

  • Property Management Borrower will provide for professional management of the Mortgaged Property by the Property Manager at all times under a property management agreement approved by Lender in writing. Borrower will not surrender, terminate, cancel, modify, renew or extend its property management agreement, or enter into any other agreement relating to the management or operation of the Mortgaged Property with Property Manager or any other Person, or consent to the assignment by the Property Manager of its interest under such property management agreement, in each case without the consent of Lender, which consent will not be unreasonably withheld.

  • Existing Management and Franchise Agreements Seller has furnished to Buyer true and complete copies of the Existing Management Agreement and the Existing Franchise Agreement, which constitutes the entire agreement of the parties thereto with respect to the subject matter thereof and which have not been amended or supplemented in any respect. There are no other management agreements, franchise agreements, license agreements or similar agreements for the operation or management of the Hotel or relating to the Brand, to which Seller is a party or which are binding upon the Property, except for the Existing Management Agreement and the Existing Franchise Agreement. The Improvements comply with, and the Hotel is being operated in accordance with, all requirements of such Existing Management Agreement and the Existing Franchise Agreement and all other requirements of the Existing Manager and the Franchisor, including all “brand standard” requirements of the Existing Manager and the Franchisor. The Existing Management Agreement and the Existing Franchise Agreement are in full force and effect, and shall remain in full force and effect until the termination of the Existing Management Agreement and the Existing Franchise Agreement at Closing, as provided in Article V hereof. No default has occurred and is continuing under the Existing Management Agreement or the Existing Franchise Agreement, and no circumstances exist which, with the giving of notice, the lapse of time or both, would constitute such a default.

  • Property Management Agreement The Property Management Agreement is in full force and effect and, to Borrower's Knowledge, there are no defaults thereunder by any party thereto and no event has occurred that, with the passage of time and/or the giving of notice would constitute a default thereunder.

  • Real Property Matters The Company does not own any real property as of the date hereof and has not owned any real property during the three years preceding the date hereof.

  • MANAGEMENT AGREEMENT AND FRANCHISE AGREEMENT At or prior to the Closing, Seller shall terminate the Existing Management Agreement and the Existing Franchise Agreement, and Seller shall be solely responsible for all claims and liabilities arising thereunder on, prior to or following the Closing Date. As a condition to Closing, Buyer shall enter into the New Management Agreement and the New Franchise Agreement, effective as of the Closing Date, containing terms and conditions acceptable to Buyer (including, without limitation, such terms and conditions as may be required to accommodate Buyer’s and/or Buyer’s Affiliates’ REIT structure). Seller shall be responsible for paying all costs related to the termination of the Existing Management Agreement. Buyer shall be responsible for paying all reasonable and actual costs of the Franchisor related to the assignment or termination, as applicable, of the Existing Franchise Agreement. Seller shall use best efforts to promptly provide all information required by the Franchisor in connection with the New Franchise Agreement, and Seller and Buyer shall diligently pursue obtaining the same. As a condition to Buyer’s and Seller’s obligation to close under this Contract, Buyer and Manager shall agree, on or before the expiration of the Review Period, on the form and substance of the New Management Agreement.

  • PERMITS, FRANCHISES Borrower possesses, and will hereafter possess, all permits, consents, approvals, franchises and licenses required and rights to all trademarks, trade names, patents, and fictitious names, if any, necessary to enable it to conduct the business in which it is now engaged in compliance with applicable law.

  • Property Agreements A complete list of all FF&E Leases, Service Contracts and Leases (other than those entered into by the Existing Manager on its own behalf) used in or otherwise relating to the operation and business of the Hotel is attached hereto as Exhibit C-1, and, to Seller’s knowledge, a complete list of all other FF&E Leases, Service Contracts and Leases used in or otherwise relating to the operation and business of the Hotel is attached hereto as Exhibit C-2. The assets constituting the Property to be conveyed to Buyer hereunder constitute all of the property and assets of Seller used in connection with the operation and business of the Hotel. There are no leases, license agreements, leasing agent’s agreements, equipment leases, building service agreements, maintenance contracts, suppliers contracts, warranty contracts, operating agreements, or other agreements (i) to which Seller is a party or an assignee, or (ii) to Seller’s knowledge, binding upon the Hotel, relating to the ownership, occupancy, operation, management or maintenance of the Real Property, FF&E, Supplies or Tradenames, except for those Service Contracts, Leases, Warranties and FF&E Leases disclosed on Exhibit C or to be delivered to Buyer pursuant to Section 3.1. The Service Contracts, Leases, Warranties and FF&E Leases disclosed on Exhibit C or to be delivered to Buyer pursuant to Section 3.1 are in full force and effect, and no default has occurred and is continuing thereunder and no circumstances exist which, with the giving of notice, the lapse of time or both, would constitute such a default. No party has any right or option to acquire the Hotel or any portion thereof, other than Buyer.

  • Personnel, Office Space, and Facilities of Manager The Manager at its own expense shall furnish or provide and pay the cost of such office space, office equipment, office personnel, and office services as the Manager requires in the performance of its investment advisory and other obligations under this Agreement.

  • Operating Leases Not permit the aggregate amount of all rental payments under Operating Leases made (or scheduled to be made) by the Loan Parties (on a consolidated basis) to exceed $1,000,000 in any Fiscal Year.

  • Property Manager Any entity that has been retained to perform and carry out property rental, leasing, operation and management services at one or more of the Properties, excluding persons, entities or independent contractors retained or hired to perform facility management or other services or tasks at a particular Property.

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