Examples of Hotel Parcel in a sentence
The Hotel Parcel is currently being leased to OFAHA through a 99-year ground lease (the “Ground Lease”) for $200,000 per year through the construction period and increasing to $290,000 per year upon the issuance of a temporary occupancy permit to OFAHA.
PAALC is the title holder of record for the Club Parcel and Hotel Parcel, as described below.The Club Parcel is located at 4215 Fifth Avenue, Pittsburgh, Pennsylvania 15213, bearing tax parcel identification number 27-R-138 and contains approximately 33,136 square feet of land.
The Hotel Parcel is currently being developed by Oakland Fifth Avenue Hotel Associates, L.P. (“OFAHA”) into an approximately 160 room Marriott Autograph hotel.
The provisions of the Master Parking Agreement, to the extent applicable to the Hotel Parcel, are incorporated herein by reference; provided, however, that notwithstanding Section 4.1(c) of the Master Parking Agreement to the contrary, Hotel Developer’s share of Operating Expenses, if any, for the Hotel Deck is set forth in the Hotel Deck Parking Agreement.
Master Developer shall have no rights or obligations under the Master Parking Agreement with respect to the Hotel Parcel accruing from and after the date of this Agreement.