Renewal Period. If at the time of Manager’s exercise of a renewal period with respect to any Hotel, such hotel is a Subject Hotel within a Performance Cure Period, the exercise of such renewal period shall be conditional upon timely cure of the Performance Failure, and if such Performance Failure is not timely cured, then, notwithstanding the foregoing provisions, Lessee may elect to terminate this Agreement with respect to such Subject Hotel pursuant to the terms of this Section 2.03(b) without payment of any termination fee.
Appears in 7 contracts
Samples: Management Agreement (Ashford Hospitality Prime, Inc.), Management Agreement (Ashford Hospitality Prime, Inc.), Hotel Master Management Agreement (Ashford Hospitality Trust Inc)
Renewal Period. If at the time of Manager’s exercise of a renewal period with respect to any Hotel, such hotel is a Subject Hotel within a Performance Cure Period, the exercise of such renewal period shall be conditional upon timely cure of the Performance Failure, and if such Performance Failure is not timely cured, then, notwithstanding the foregoing provisions, Lessee may elect to terminate this Agreement with respect to such Subject Hotel pursuant to the terms of this Section 2.03(b) without payment of any termination fee2.3(b).
Appears in 3 contracts
Samples: Master Management Agreement (MHI Hospitality CORP), Management Agreement, Hotel Master Management Agreement (MHI Hospitality CORP)
Renewal Period. If at the time of Manager’s exercise of a renewal period with respect to any a Hotel, such hotel Hotel is a Subject Hotel within a Performance Cure Period, the exercise of such renewal period shall be conditional upon timely cure of the Performance Failure, and if such Performance Failure is not timely cured, then, notwithstanding the foregoing provisions, Lessee may elect to terminate this Agreement with respect to such Subject Hotel pursuant to the terms of this Section 2.03(b) without payment of any termination fee.
Appears in 3 contracts
Samples: Hotel Master Management Agreement (Ashford Inc.), Hotel Master Management Agreement (Ashford Hospitality Trust Inc), Hotel Master Management Agreement (Stirling Hotels & Resorts, Inc.)
Renewal Period. If at the time of Manager’s exercise of a renewal period with respect to any Hotel, such hotel is a Subject Hotel within a Hotel Master Management Agreement Ashford TRS Corporation File No. 145765 Performance Cure Period, the exercise of such renewal period shall be conditional upon timely cure of the Performance Failure, and if such Performance Failure is not timely cured, then, notwithstanding the foregoing provisions, Lessee may elect to terminate this Agreement with respect to such Subject Hotel pursuant to the terms of this Section 2.03(b) without payment of any termination fee.
Appears in 1 contract
Samples: Hotel Master Management Agreement (Ashford Hospitality Trust Inc)
Renewal Period. If at the time of Manager’s 's exercise of a renewal period with respect to any Hotel, such hotel is a Subject Hotel within a Performance Cure Period, the exercise of such renewal period shall be conditional upon timely cure of the Performance Failure, and if such Performance Failure is not timely cured, then, notwithstanding the foregoing provisions, Lessee may elect to terminate this Agreement with respect to such Subject Hotel pursuant to the terms of this Section SECTION 2.03(b) without payment of any termination fee.
Appears in 1 contract
Samples: Master Management Agreement (Ashford Hospitality Trust Inc)
