Restaurant Management Agreement Clause Samples
A Restaurant Management Agreement is a contract that outlines the terms under which a management company operates and oversees a restaurant on behalf of the owner. It typically details the responsibilities of the management company, such as hiring staff, handling day-to-day operations, and managing finances, while specifying the compensation structure, performance standards, and reporting requirements. This agreement serves to clearly allocate operational duties and financial risks between the owner and the management company, ensuring both parties understand their roles and expectations, and helping to prevent disputes over management and profit distribution.
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Restaurant Management Agreement. The Hotel contains a dining area known as ▇▇▇▇▇▇▇’▇ ™ owned by Seller and managed by Restaurant Manager (with the restaurant name licensed from Restaurant Manager). Seller has delivered to Buyer a true, accurate and complete copy of the Restaurant Management Agreement and Seller represents and warrants that the Restaurant Management Agreement is in full force and effect, is unmodified and neither party thereto is in default of its respective obligations thereunder. At Closing, Seller shall assign and Buyer shall assume the Restaurant Management Agreement effective on the date of Closing. Seller shall be responsible for any amounts due or any obligations first arising under the Restaurant Management Agreement up to the date of Closing (pursuant to the income adjustment provisions in Section 12.1(j)). Buyer shall be responsible for any amounts due or any obligations first arising under the Restaurant Management Agreement following Closing (pursuant to the income adjustment provisions in Section 12.1(j)).
Restaurant Management Agreement. As of the Closing Date, the Restaurant Management Agreement is in full force and effect and there is no default 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. The Restaurant Manager is not an Affiliate of Borrower or Operating Lessee.
Restaurant Management Agreement. THIS RESTAURANT MANAGEMENT AGREEMENT (hereinafter referred to as the
Restaurant Management Agreement. Seller has provided a true, correct and complete copy of the Restaurant Management Agreement, as identified on Schedule 7.1.19. The Restaurant Management Agreement is in full force and effect. Except as set forth in Schedule 7.1.19, Seller has not received any written notice of any breach or default under the Restaurant Management Agreement which has not been cured, and to Seller’s Knowledge, no event has occurred or circumstance exists which, with notice or the passage of time, would result in a breach or default of the Restaurant Management Agreement by Seller or the other party thereunder.
Restaurant Management Agreement. Seller shall not, without Purchaser’s prior written consent, amend the Restaurant Management Agreement. At Closing, Seller, at Purchaser’s sole option, shall either (1) terminate the Restaurant Management Agreement at Purchaser’s sole cost and expense, or (2) assign the Restaurant Management Agreement to Purchaser. If Purchaser does not notify Seller in writing by the tenth (10th) day prior to the Closing Date of Purchaser’s election in the preceding sentence, then Purchaser will be deemed to have elected option (2). The provisions of this Section 8.2.5 will survive Closing.
Restaurant Management Agreement. Seller has provided a true, correct and complete copy of the Restaurant Management Agreement, as identified on Schedule 7.1.